-----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, Jeii8BwJL3wErSgsAUapsdncbWGuFQ3VSJhkBy3LbZapsfZbq0aIobcmqg+CEK0B aHRShKcI6bYWTUbObr1+6Q== 0000950137-06-009876.txt : 20060908 0000950137-06-009876.hdr.sgml : 20060908 20060908110019 ACCESSION NUMBER: 0000950137-06-009876 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060630 FILED AS OF DATE: 20060908 DATE AS OF CHANGE: 20060908 EFFECTIVENESS DATE: 20060908 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: 061080715 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 c07085bnvcsrs.txt FORM N-CSRS 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, 2006 --------------------- Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. SS. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. SEMIANNUAL REPORT JUNE 30, 2006 NUVEEN INVESTMENTS EXCHANGE-TRADED CLOSED-END FUNDS NUVEEN EQUITY PREMIUM INCOME FUND JPZ NUVEEN EQUITY PREMIUM OPPORTUNITY FUND JSN NUVEEN EQUITY PREMIUM ADVANTAGE FUND JLA NUVEEN EQUITY PREMIUM AND GROWTH FUND JPG ATTRACTIVE MONTHLY DISTRIBUTIONS AND A MEASURE OF DOWNSIDE PROTECTION FROM AN INTEGRATED INDEX OPTION AND EQUITY STRATEGY NUVEEN LOGO COVER PHOTO INSIDE COVER PHOTO 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. IT'S FAST, EASY & FREE: DELIVERY DIRECT TO YOUR E-MAIL IN-BOX WWW.INVESTORDELIVERY.COM OR WWW.NUVEEN.COM/ACCOUNTACCESS if you get your Nuveen Fund if you get your Nuveen Fund dividends and statements from dividends and statements directly your financial advisor or from Nuveen. brokerage account. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.)
NUVEEN LOGO (TIMOTHY SCHWERTFEGER PHOTO) Timothy R. Schwertfeger Chairman of the Board CHAIRMAN'S LETTER TO SHAREHOLDERS Dear Shareholder: I am very pleased to report that over the six-month period covered by this report, your Fund continued to provide you with attractive monthly income from a portfolio well positioned to play an important role in a well-balanced portfolio. For more information on your Fund's performance, please read the Portfolio Managers' Comments, the Distribution and Share Price Information, and the Performance Overview sections of this report. Portfolio diversification is a recognized way to try to reduce some of the risk that comes with investing. Since one part of your portfolio may be going up when another is going down, portfolio diversification may help smooth your investment returns over time. In addition to providing regular monthly income, an investment like your Fund may help you achieve and benefit from greater portfolio diversification. Your financial advisor can explain these potential advantages in more detail. I urge you to contact him or her soon for more information on this important investment strategy. "IN ADDITION TO PROVIDING REGULAR MONTHLY INCOME, AN INVESTMENT LIKE YOUR FUND MAY HELP YOU ACHIEVE AND BENEFIT FROM GREATER PORTFOLIO DIVERSIFICATION." At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives. We are grateful that you have chosen us as a partner as you pursue your financial goals, and we look forward to continuing to earn your trust in the months and years ahead. Sincerely, (TIMOTHY SCHWERTFEGER SIG) Timothy R. Schwertfeger Chairman of the Board August 11, 2006 Nuveen Investments Exchange-Traded Closed-End Funds (JPZ, JSN, JLA, JPG) PORTFOLIO MANAGERS' COMMENTS These Funds feature portfolio management by Gateway Investment Advisers, L.P. (Gateway). J. Patrick Rogers and Kenneth H. Toft are the portfolio managers at Gateway responsible for investing the Funds' assets. Patrick joined Gateway in 1989. He has been President and a Director of Gateway since 1995 and is the firm's Chief Executive Officer. Ken joined Gateway in 1992 and has been Vice President and Portfolio Manager since 1997. Here Patrick and Ken talk about their management strategy and the performance of the Funds for the six months ended June 30, 2006. WHAT IS YOUR OVERALL MANAGEMENT STRATEGY FOR THE SIX MONTHS ENDED JUNE 30, 2006? The core investment strategy employed in each of the closed-end funds consists of an investment in a broadly diversified portfolio of equity securities that seeks to substantially track the price movement of a stock market index or a custom blend of stock market indices. The purpose of the equity portfolio is to support the index option strategy. For JPZ, the equity portfolio seeks to track the price movements of the S&P 500 index. Over the course of the first half of 2006, the Fund actively sold listed S&P 500 index call options. These call options generated a meaningful amount of regular cash flow, which serves to both reduce the risk of owning the stock portfolio and also to generate much of the return of the combined strategy. The third component of the strategy is the purchase of listed S&P 500 index put options to help protect the value of the stock portfolio in the event of a severe and unexpected pullback in the market. For JSN, the equity portfolio is invested to replicate the price performance of a custom benchmark consisting of 75% S&P 500 index and 25% NASDAQ-100 index. JSN employs an option strategy similar to JPZ with roughly 75% of the call and put options being S&P 500 index options and the remaining 25% being NASDAQ-100 index options. For JLA, the overall equity and option strategy is similar to JSN. The differentiating feature of JLA is its underlying equity portfolio, which tracks a custom benchmark of 50% S&P 500 and 50% NASDAQ-100, with a matching option portfolio of S&P 500 and NASDAQ-100 index options. JPG, the newest of the four closed-end funds, employs a strategy that seeks to track the price movement of the S&P 500 index. The unique feature of JPG is found in the option strategy. Call options are sold and put options are purchased to cover roughly 80% of the value of the portfolio. No options are written or purchased for the remaining 4 20% of the value of the portfolio, affording the investor a measure of exposure to the broad equity market. HOW DID THE FUNDS PERFORM OVER THIS SIX-MONTH PERIOD? The performance of JPZ, JSN, JLA and JPG, as well as the performance of comparative indexes or benchmarks, is shown in the nearby chart: TOTAL RETURN ON NET ASSET VALUE For the six-month period ended June 30, 2006 - ---------------------------------------------------------------------------------------------------- JPZ 3.94% S&P 500 2.70% - ---------------------------------------------------------------------------------------------------- JSN 2.28% Comparative benchmark(1) 0.99% - ---------------------------------------------------------------------------------------------------- JLA 1.85% Comparative benchmark(2) -.70% - ---------------------------------------------------------------------------------------------------- JPG 4.06% S&P 500 2.70% - ----------------------------------------------------------------------------------------------------
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. We are pleased with the performance of the Funds during the six-month period. The JPZ NAV return of 3.94% bested the return of the S&P 500 Index by 1.24%. Similarly, JPG, the Fund which is designed to track the S&P 500, posted an NAV return of 4.06%. The two Funds with a NASDAQ-100 component, JSN and JLA, both posted returns that exceeded their blended stock benchmarks. We believe that it is important to remember that these Funds use an index option strategy in conjunction 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. - -------------------------------------------------------------------------------- 1 JSN comparative benchmark performance is a blended return consisting of: 1) 75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100 Index, which includes 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index reflects companies across major industry groups including computer hardware and software, tele-communications, retail/wholesale trade and biotechnology. 2 JLA comparative benchmark performance is a blended return consisting of: 1) 50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100 Index. - -------------------------------------------------------------------------------- Domestic Equity Markets over the course of the year have struggled to find direction. During the first quarter, the broad equity markets posted solid performance against a backdrop of continued strong consumer spending and solid corporate profits, with the S&P 500 up 4.21% and the more tech-heavy NASDAQ-100 Index up 3.68%. The rally 5 continued in April, but in May, stock markets across the world sold off in response to fears of both a global slowdown and rising inflation. Volatility, a key factor in the Funds' option cash flow strategy, headed in the opposite direction, climbing to its highest levels in four years. At the end of the six-month period the S&P 500 ended up 2.70%. The volatility in the market, particularly when markets struggled in May and June, proved to be a benefit to the Funds. Volatility is a key component in the pricing of cash flow that the Funds can earn through their call writing activity. When volatility is higher, cash flow from the sale of call options rises, which gives the Funds the potential to earn greater returns from the hedging activity as well as to support the dividend distribution. This higher cash flow also provides the potential of cushioning the overall portfolio from losses when the stock portfolio is under pressure. Going forward, each of the closed-end funds will strive to achieve their respective investment objectives by maintaining a diversified core portfolio of stocks and generating a reliable stream of cash flow from their option activity. 6 DISTRIBUTION AND SHARE PRICE INFORMATION Each Fund has a managed distribution policy designed to provide relatively stable monthly cash flow to investors. JPZ, JSN, JLA and JPG each paid steady monthly distributions over the course of the period. Under this managed distribution policy, each Fund seeks to provide a relatively stable monthly distribution paid in part out of the Fund's net investment income (primarily generated by dividends on the stocks in the Fund's portfolio), with the remainder being paid out of a combination of net realized capital gains on the Fund's portfolio investments plus the cash flows generated by each Fund's index option strategy. This portion of the distributions will consist of either net realized capital gains (a combination of long-term and short-term), a return of capital (representing in most cases, to at least a large extent, net unrealized gains), or some combination of the two. The final composition of the characteristics of the distributions cannot be determined with certainty until after the end of the Fund's fiscal year. That final composition will depend on several factors, most importantly the amount of realized gains and losses on the Fund's portfolio securities, and the amount of gains and losses realized in connection with the call options sold by the Fund and the put options purchased by the Fund. At the end of the reporting period, the Funds' share prices were trading relative to their NAVs as shown in the accompanying table:
6/30/06 AVERAGE PERIOD DISCOUNT/PREMIUM DISCOUNT/PREMIUM - ------------------------------------------------------------------------------- JPZ -5.72% -2.90% - ------------------------------------------------------------------------------- JSN -1.10% -1.38% - ------------------------------------------------------------------------------- JLA -0.77% -1.59% - ------------------------------------------------------------------------------- JPG -7.74% -8.00% - -------------------------------------------------------------------------------
We are providing shareholders with an estimate of the source of each Fund's monthly distribution as of June 30, 2006. These estimates may, and likely will, vary over time based on the investment activities of each Fund and changes in the value of portfolio investments. The final determination of the source and tax characteristics of all distributions will be made after December 31, 2006 and reported to you on Form 1099-DIV early in 2007. More details about each Fund's distributions are available monthly on www.nuveen.com/cef. 7 JPZ, JSN, JLA, and JPG estimate that 24%, 17%, 10%, and 28% of their monthly distribution will be comprised of net investment income, respectively. The remaining portion of each Fund's monthly distribution is estimated to come from each Fund's index option strategy, which for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of each Fund's index option strategy is largely determined by movements in the underlying equity portfolios. Under the Internal Revenue Code, gains and losses on open option positions are deemed realized on December 31st of each year. In estimating the year-end tax characteristics of these Fund's distributions, it was assumed that the current unrealized gain/loss on open option positions were deemed realized. Based on this assumption, the remaining portion of the monthly distribution for all four Funds would currently be considered a return of capital. The foregoing presents information about the expected tax characteristics of the Funds' distributions, to conform to a federal securities law requirement that any fund paying distributions from any sources other than net income disclose to shareholders the distribution portions attributable to such other sources. The Funds provide this type of information on a tax basis, instead of on a generally accepted accounting principles (GAAP) basis, because experience has shown that Fund shareholders are most concerned about the tax character of their distributions (and might well be confused by information about distribution characteristics that differed from the tax-based characteristics), and because the Funds also believe that the distributions' tax characteristics fairly represent the economic basis of each Fund's distributions and returns. The breakdown of distribution characteristics according to GAAP likely would differ from the expected tax characteristics shown above. 8 Nuveen Equity Premium Income Fund JPZ PERFORMANCE OVERVIEW As of June 30, 2006 PORTFOLIO ALLOCATION (as a % of total investments) - -------------------------------------------------------------------------------------- Common Stocks 94.3% - -------------------------------------------------------------------------------------- Put Options 0.2% - -------------------------------------------------------------------------------------- Short-Term Investments 5.5% - --------------------------------------------------------------------------------------
Bar Chart: 2005-2006 MONTHLY DISTRIBUTIONS PER SHARE Jul 0.1420 Aug 0.1420 Sep 0.1420 Oct 0.1420 Nov 0.1420 Dec 0.1420 Jan 0.1420 Feb 0.1420 Mar 0.1420 Apr 0.1420 May 0.1420 Jun 0.1420
Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 7/01/05 20.25 20.49 20.61 20.59 20.44 20.65 20.55 20.40 20.38 20.50 20.50 20.21 20.04 19.88 20.15 19.81 19.46 19.26 19.29 18.90 18.47 18.50 17.76 17.46 17.01 16.94 17.38 18.05 18.10 18.10 18.30 18.20 18.30 18.24 18.48 18.94 18.61 18.29 18.39 18.58 18.63 18.06 17.66 17.72 18.10 17.65 17.40 17.44 17.83 17.50 17.23 17.14 6/30/06 17.30
FUND SNAPSHOT - ---------------------------------------------------------------------- Share Price $17.30 - ---------------------------------------------------------------------- Net Asset Value $18.35 - ---------------------------------------------------------------------- Premium/(Discount) to NAV -5.72% - ---------------------------------------------------------------------- Current Distribution Rate(1) 9.85% - ---------------------------------------------------------------------- Net Assets ($000) $703,386 - ----------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 10/26/04)
- ------------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - ------------------------------------------------------------------------------------- 6-Month (Cumulative) 4.32% 3.94% - ------------------------------------------------------------------------------------- 1-Year -6.28% 6.01% - ------------------------------------------------------------------------------------- Since Inception -0.06% 6.32% - -------------------------------------------------------------------------------------
INDUSTRIES (as a % of total investments) - ------------------------------------------------------------------- Pharmaceuticals 8.4% - ------------------------------------------------------------------- Commercial Banks 7.3% - ------------------------------------------------------------------- Oil, Gas & Consumable Fuels 6.8% - ------------------------------------------------------------------- Diversified Financial Services 6.0% - ------------------------------------------------------------------- Industrial Conglomerates 4.6% - ------------------------------------------------------------------- Insurance 3.3% - ------------------------------------------------------------------- Diversified Telecommunication Services 3.2% - ------------------------------------------------------------------- Semiconductors & Equipment 2.9% - ------------------------------------------------------------------- Specialty Retail 2.9% - ------------------------------------------------------------------- Tobacco 2.8% - ------------------------------------------------------------------- Software 2.5% - ------------------------------------------------------------------- Aerospace & Defense 2.4% - ------------------------------------------------------------------- Computers & Peripherals 2.4% - ------------------------------------------------------------------- Household Products 2.3% - ------------------------------------------------------------------- Communications Equipment 2.3% - ------------------------------------------------------------------- Energy Equipment & Services 2.3% - ------------------------------------------------------------------- Real Estate 2.2% - ------------------------------------------------------------------- Internet Software & Services 2.1% - ------------------------------------------------------------------- Commercial Services & Supplies 2.1% - ------------------------------------------------------------------- Chemicals 2.0% - ------------------------------------------------------------------- Health Care Providers & Services 1.8% - ------------------------------------------------------------------- Machinery 1.7% - ------------------------------------------------------------------- Gas Utilities 1.7% - ------------------------------------------------------------------- Put Options 0.2% - ------------------------------------------------------------------- Short-Term Investments 5.5% - ------------------------------------------------------------------- Other 18.3% - -------------------------------------------------------------------
1 Current Distribution Rate is based on the Fund's current annualized monthly distribution divided by the Fund's current market price. The Fund's monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 9 Nuveen Equity Premium Opportunity Fund JSN PERFORMANCE OVERVIEW As of June 30, 2006 PORTFOLIO ALLOCATION (as a % of total investments) - -------------------------------------------------------------------------------------- Common Stocks 94.9% - -------------------------------------------------------------------------------------- Put Options 0.2% - -------------------------------------------------------------------------------------- Short-Term Investments 4.9% - --------------------------------------------------------------------------------------
Bar Chart: 2005-2006 MONTHLY DISTRIBUTIONS PER SHARE Jul 0.148 Aug 0.148 Sep 0.148 Oct 0.148 Nov 0.148 Dec 0.148 Jan 0.148 Feb 0.148 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. 7/01/05 19.74 19.93 19.97 19.97 19.95 19.99 19.98 19.75 19.80 19.92 19.94 19.86 19.53 19.46 19.79 19.50 19.19 19.11 19.44 19.16 18.83 18.31 18.20 17.67 17.36 16.99 17.39 18.12 18.19 18.04 18.19 18.54 18.57 18.40 18.54 18.89 18.84 18.58 18.92 18.90 18.90 18.57 18.25 18.32 18.48 17.96 17.79 17.86 18.34 18.25 18.00 17.89 6/30/06 18.00
FUND SNAPSHOT - ------------------------------------------------------------------------ Share Price $18.00 - ------------------------------------------------------------------------ Net Asset Value $18.20 - ------------------------------------------------------------------------ Premium/(Discount) to NAV -1.10% - ------------------------------------------------------------------------ Current Distribution Rate(1) 9.87% - ------------------------------------------------------------------------ Net Assets ($000) $1,195,442 - ------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 1/26/05)
- ------------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - ------------------------------------------------------------------------------------- 6-Month (Cumulative) 8.59% 2.28% - ------------------------------------------------------------------------------------- 1-Year 0.40% 5.83% - ------------------------------------------------------------------------------------- Since Inception 1.53% 5.58% - -------------------------------------------------------------------------------------
INDUSTRIES (as a % of total investments) - ------------------------------------------------------------------- Pharmaceuticals 6.6% - ------------------------------------------------------------------- Software 6.0% - ------------------------------------------------------------------- Semiconductors & Equipment 5.3% - ------------------------------------------------------------------- Commercial Banks 5.2% - ------------------------------------------------------------------- Diversified Financial Services 4.9% - ------------------------------------------------------------------- Communications Equipment 4.9% - ------------------------------------------------------------------- Oil, Gas & Consumable Fuels 4.9% - ------------------------------------------------------------------- Computers & Peripherals 3.7% - ------------------------------------------------------------------- Industrial Conglomerates 3.6% - ------------------------------------------------------------------- Diversified Telecommunication Services 3.3% - ------------------------------------------------------------------- Internet Software & Services 2.6% - ------------------------------------------------------------------- Biotechnology 2.5% - ------------------------------------------------------------------- Specialty Retail 2.5% - ------------------------------------------------------------------- Insurance 2.3% - ------------------------------------------------------------------- Aerospace & Defense 2.3% - ------------------------------------------------------------------- Media 2.1% - ------------------------------------------------------------------- Commercial Services & Supplies 2.1% - ------------------------------------------------------------------- Energy Equipment & Services 2.0% - ------------------------------------------------------------------- Tobacco 2.0% - ------------------------------------------------------------------- Capital Markets 1.8% - ------------------------------------------------------------------- Real Estate 1.8% - ------------------------------------------------------------------- Health Care Providers & Services 1.7% - ------------------------------------------------------------------- Chemicals 1.6% - ------------------------------------------------------------------- Machinery 1.6% - ------------------------------------------------------------------- Put Options 0.2% - ------------------------------------------------------------------- Short-Term Investments 4.9% - ------------------------------------------------------------------- Other 17.6% - -------------------------------------------------------------------
1 Current Distribution Rate is based on the Fund's current annualized monthly distribution divided by the Fund's current market price. The Fund's monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 10 Nuveen Equity Premium Advantage Fund JLA PERFORMANCE OVERVIEW As of June 30, 2006 PORTFOLIO ALLOCATION (as a % of total investments) - -------------------------------------------------------------------------------------- Common Stocks 94.5% - -------------------------------------------------------------------------------------- Put Options 0.2% - -------------------------------------------------------------------------------------- Short-Term Investments 5.3% - --------------------------------------------------------------------------------------
Bar Chart: 2005-2006 MONTHLY DISTRIBUTIONS PER SHARE Jul 0.151 Aug 0.151 Sep 0.151 Oct 0.151 Nov 0.151 Dec 0.151 Jan 0.151 Feb 0.151 Mar 0.151 Apr 0.151 May 0.151 Jun 0.151
Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 7/01/05 19.75 20.00 20.00 19.99 20.07 20.09 20.00 20.07 20.04 20.18 20.34 20.10 19.91 19.76 19.87 19.92 19.35 19.43 19.39 19.18 18.99 18.52 18.82 18.42 17.58 17.45 17.56 18.37 18.45 18.45 18.37 18.81 18.90 18.63 18.64 19.00 18.92 18.78 18.62 18.95 19.06 18.88 18.35 18.47 18.75 17.87 17.97 18.44 18.47 18.26 17.88 18.13 6/30/06 18.15
FUND SNAPSHOT - ---------------------------------------------------------------------- Share Price $18.15 - ---------------------------------------------------------------------- Net Asset Value $18.29 - ---------------------------------------------------------------------- Premium/(Discount) to NAV -0.77% - ---------------------------------------------------------------------- Current Distribution Rate(1) 9.98% - ---------------------------------------------------------------------- Net Assets ($000) $468,719 - ----------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/25/05)
- ------------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - ------------------------------------------------------------------------------------- 6-Month (Cumulative) 8.49% 1.85% - ------------------------------------------------------------------------------------- 1-Year 1.34% 5.28% - ------------------------------------------------------------------------------------- Since Inception -0.03% 4.83% - -------------------------------------------------------------------------------------
INDUSTRIES (as a % of total investments) - ------------------------------------------------------------------- Software 8.7% - ------------------------------------------------------------------- Communications Equipment 6.9% - ------------------------------------------------------------------- Semiconductors & Equipment 6.3% - ------------------------------------------------------------------- Pharmaceuticals 5.4% - ------------------------------------------------------------------- Computers & Peripherals 5.2% - ------------------------------------------------------------------- Internet Software & Services 4.7% - ------------------------------------------------------------------- Biotechnology 4.4% - ------------------------------------------------------------------- Commercial Banks 3.6% - ------------------------------------------------------------------- Oil, Gas & Consumable Fuels 3.6% - ------------------------------------------------------------------- Media 3.4% - ------------------------------------------------------------------- Diversified Financial Services 2.8% - ------------------------------------------------------------------- Commercial Services & Supplies 2.8% - ------------------------------------------------------------------- Hotels, Restaurants & Leisure 2.4% - ------------------------------------------------------------------- Industrial Conglomerates 2.3% - ------------------------------------------------------------------- Diversified Telecommunication Services 2.1% - ------------------------------------------------------------------- Specialty Retail 2.0% - ------------------------------------------------------------------- Insurance 1.8% - ------------------------------------------------------------------- Energy Equipment & Services 1.6% - ------------------------------------------------------------------- Capital Markets 1.5% - ------------------------------------------------------------------- Machinery 1.5% - ------------------------------------------------------------------- Multiline Retail 1.4% - ------------------------------------------------------------------- Aerospace & Defense 1.2% - ------------------------------------------------------------------- Electrical Equipment 1.2% - ------------------------------------------------------------------- Put Options 0.2% - ------------------------------------------------------------------- Short-Term Investments 5.3% - ------------------------------------------------------------------- Other 17.7% - -------------------------------------------------------------------
1 Current Distribution Rate is based on the Fund's current annualized monthly distribution divided by the Fund's current market price. The Fund's monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 11 Nuveen Equity Premium and Growth Fund JPG PERFORMANCE OVERVIEW As of June 30, 2006 PORTFOLIO ALLOCATION (as a % of total investments) - -------------------------------------------------------------------------------------- Common Stocks 95.0% - -------------------------------------------------------------------------------------- Put Options 0.1% - -------------------------------------------------------------------------------------- Short-Term Investments 4.9% - --------------------------------------------------------------------------------------
Bar Chart: 2006 MONTHLY DISTRIBUTIONS PER SHARE Jan 0.135 Feb 0.135 Mar 0.135 Apr 0.135 May 0.135 Jun 0.135
Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 11/22/05 20.00 20.00 20.00 20.00 20.00 17.45 17.25 17.74 17.70 17.40 17.71 17.80 17.63 17.89 17.91 17.95 17.99 17.92 17.93 18.12 18.14 17.81 17.63 17.55 17.86 17.33 17.06 17.24 17.78 17.66 17.40 17.16 6/30/06 17.53
FUND SNAPSHOT - ---------------------------------------------------------------------- Share Price $17.53 - ---------------------------------------------------------------------- Net Asset Value $19.00 - ---------------------------------------------------------------------- Premium/(Discount) to NAV -7.74% - ---------------------------------------------------------------------- Current Distribution Rate(1) 9.24% - ---------------------------------------------------------------------- Net Assets ($000) $313,559 - ----------------------------------------------------------------------
CUMULATIVE TOTAL RETURN (Inception 11/22/05)
- ------------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - ------------------------------------------------------------------------------------- 6-Month (Cumulative) 6.34% 4.06% - ------------------------------------------------------------------------------------- Since Inception -8.28% 3.73% - -------------------------------------------------------------------------------------
INDUSTRIES (as a % of total investments) - ------------------------------------------------------------------- Commercial Banks 9.4% - ------------------------------------------------------------------- Pharmaceuticals 8.8% - ------------------------------------------------------------------- Oil, Gas & Consumable Fuels 7.7% - ------------------------------------------------------------------- Industrial Conglomerates 4.9% - ------------------------------------------------------------------- Diversified Financial Services 4.7% - ------------------------------------------------------------------- Diversified Telecommunication Services 4.5% - ------------------------------------------------------------------- Insurance 3.6% - ------------------------------------------------------------------- Real Estate 3.4% - ------------------------------------------------------------------- Semiconductors & Equipment 2.7% - ------------------------------------------------------------------- Software 2.7% - ------------------------------------------------------------------- Specialty Retail 2.3% - ------------------------------------------------------------------- Gas Utilities 2.3% - ------------------------------------------------------------------- Tobacco 2.3% - ------------------------------------------------------------------- Computers & Peripherals 2.2% - ------------------------------------------------------------------- Communications Equipment 2.1% - ------------------------------------------------------------------- Household Products 1.9% - ------------------------------------------------------------------- Energy Equipment & Services 1.9% - ------------------------------------------------------------------- Internet Software & Services 1.8% - ------------------------------------------------------------------- Capital Markets 1.8% - ------------------------------------------------------------------- Chemicals 1.8% - ------------------------------------------------------------------- Metals & Mining 1.7% - ------------------------------------------------------------------- Aerospace & Defense 1.5% - ------------------------------------------------------------------- Put Options 0.1% - ------------------------------------------------------------------- Short-Term Investments 4.9% - ------------------------------------------------------------------- Other 19.0% - -------------------------------------------------------------------
1 Current Distribution Rate is based on the Fund's current annualized monthly distribution divided by the Fund's current market price. The Fund's monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 12 Shareholder MEETING REPORT The shareholder meeting was held in the offices of Nuveen Investments on March 29, 2006.
JPZ JSN JLA - -------------------------------------------------------------------------------------------------------------------------------- APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common Shares Common Shares Common Shares - -------------------------------------------------------------------------------------------------------------------------------- Robert P. Bremner For 18,898,037 32,215,032 12,616,703 Withhold 434,975 823,384 308,850 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - -------------------------------------------------------------------------------------------------------------------------------- Lawrence H. Brown For 18,892,445 32,204,350 12,608,055 Withhold 440,567 834,066 317,498 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - -------------------------------------------------------------------------------------------------------------------------------- Jack B. Evans For 18,901,587 32,216,160 12,623,207 Withhold 431,425 822,256 302,346 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - -------------------------------------------------------------------------------------------------------------------------------- William C. Hunter For 18,908,356 32,220,220 12,621,890 Withhold 424,656 818,196 303,663 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - -------------------------------------------------------------------------------------------------------------------------------- David J. Kundert For 18,904,269 32,232,175 12,627,500 Withhold 428,743 806,241 298,053 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - -------------------------------------------------------------------------------------------------------------------------------- William J. Schneider For 18,907,166 32,226,545 12,616,306 Withhold 425,846 811,871 309,247 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - -------------------------------------------------------------------------------------------------------------------------------- Timothy R. Schwertfeger For 18,899,796 32,225,738 12,621,279 Withhold 433,216 812,678 304,274 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - -------------------------------------------------------------------------------------------------------------------------------- Judith M. Stockdale For 18,904,376 32,223,032 12,628,182 Withhold 428,636 815,384 297,371 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - -------------------------------------------------------------------------------------------------------------------------------- Eugene S. Sunshine For 18,891,154 32,161,408 12,625,047 Withhold 441,858 877,008 300,506 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - -------------------------------------------------------------------------------------------------------------------------------- APPROVAL OF THE NEW SUB-ADVISORY AGREEMENT BETWEEN NUVEEN ASSET MANAGEMENT AND GATEWAY INVESTMENT ADVISERS, L.P. For 13,302,795 22,580,873 8,734,212 Against 373,539 649,385 282,626 Abstain 401,972 725,074 291,110 Broker Non-Votes 5,254,706 9,083,084 3,617,605 - -------------------------------------------------------------------------------------------------------------------------------- Total 19,333,012 33,038,416 12,925,553 - --------------------------------------------------------------------------------------------------------------------------------
13 Nuveen Equity Premium Income Fund (JPZ) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 95.1% AEROSPACE & DEFENSE - 2.4% 71,400 Boeing Company $ 5,848,374 100,000 Honeywell International Inc. 4,030,000 32,000 Raytheon Company 1,426,240 89,400 United Technologies Corporation 5,669,748 - --------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 16,974,362 -------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS - 0.7% 61,400 United Parcel Service, Inc., Class B 5,055,062 - --------------------------------------------------------------------------------------------------------------------------- AIRLINES - 0.2% 22,200 AMR Corporation, (1) 564,324 14,800 Continental Airlines, Inc., (1) 441,040 28,000 Southwest Airlines Co. 458,360 1,000 US Airways Group Inc., (1) 50,540 - --------------------------------------------------------------------------------------------------------------------------- Total Airlines 1,514,264 -------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS - 0.1% 32,000 American Axle and Manufacturing Holdings Inc. 547,520 - --------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.7% 392,200 Ford Motor Company 2,717,946 55,700 General Motors Corporation 1,659,303 4,000 Harley-Davidson Inc. 219,560 - --------------------------------------------------------------------------------------------------------------------------- Total Automobiles 4,596,809 -------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.0% 106,600 Coca-Cola Company 4,585,932 40,500 PepsiCo, Inc. 2,431,620 - --------------------------------------------------------------------------------------------------------------------------- Total Beverages 7,017,552 -------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY - 0.2% 23,500 Amgen Inc., (1) 1,532,905 2,500 Genentech, Inc., (1) 204,500 - --------------------------------------------------------------------------------------------------------------------------- Total Biotechnology 1,737,405 -------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS - 1.5% 39,400 Charles Schwab Corporation 629,612 19,900 Goldman Sachs Group, Inc. 2,993,557 10,200 Jefferies Group, Inc. 302,226 20,300 Legg Mason, Inc. 2,020,256 26,500 Merrill Lynch & Co., Inc. 1,843,340 21,000 Morgan Stanley 1,327,410 59,100 Waddell & Reed Financial, Inc., Class A 1,215,096 - --------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 10,331,497 -------------------------------------------------------------------------------------------------------------- CHEMICALS - 2.0% 25,300 Dow Chemical Company 987,459 160,100 E.I. Du Pont de Nemours and Company 6,660,160 40,400 Eastman Chemical Company 2,181,600 47,800 Lubrizol Corporation 1,904,830 36,100 Lyondell Chemical Company 818,026 72,200 RPM International, Inc. 1,299,600 -- Tronox Incorporated, Class B 1 - --------------------------------------------------------------------------------------------------------------------------- Total Chemicals 13,851,676 -------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS - 7.4% 3,500 Australia and New Zealand Banking Group Limited, 347,305 Sponsored ADR 413,181 Bank of America Corporation 19,874,006
14
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS (continued) 18,000 Comerica Incorporated $ 935,820 3,000 Federated Investors Inc. 94,500 46,900 HSBC Holdings PLC, Sponsored ADR 4,143,615 145,300 Lloyds TSB Group PLC, Sponsored ADR 5,734,991 7,600 National Australia Bank Limited, Sponsored ADR 990,280 175,300 U.S. Bancorp 5,413,264 106,300 Wachovia Corporation 5,748,704 34,100 Washington Mutual, Inc. 1,554,278 100,900 Wells Fargo & Company 6,768,372 1,900 Westpac Banking Corporation, ADR 164,065 - --------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 51,769,200 -------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES - 2.1% 74,500 Automatic Data Processing, Inc. 3,378,575 3,800 Avery Dennison Corporation 220,628 4,000 Career Education Corporation, (1) 119,560 2,000 CheckFree Corp., (1) 99,120 165,100 Deluxe Corporation 2,885,948 3,900 Fair Isaac Corporation 141,609 1,600 ITT Educational Services, Inc., (1) 105,296 3,000 Manpower Inc. 193,800 35,000 Paychex, Inc. 1,364,300 23,000 Pitney Bowes Inc. 949,900 5,800 Priceline.com Incorporated, (1) 173,188 8,500 R.R. Donnelley & Sons Company 271,575 182,800 ServiceMaster Company 1,888,324 27,700 Standard Register Company 328,245 78,600 Synagro Technologies, Inc. 308,898 72,000 Waste Management, Inc. 2,583,360 - --------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 15,012,326 -------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT - 2.3% 16,300 ADTRAN, Inc. 365,609 30,600 Avaya Inc., (1) 349,452 61,800 Ciena Corporation, (1) 297,258 279,500 Cisco Systems, Inc., (1) 5,458,635 78,200 Corning Incorporated, (1) 1,891,658 108,200 JDS Uniphase Corporation, (1) 273,746 149,100 Motorola, Inc. 3,004,365 118,300 QUALCOMM Inc. 4,740,281 - --------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 16,381,004 -------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS - 2.4% 50,000 Apple Computer, Inc., (1) 2,856,000 24,300 EMC Corporation, (1) 266,571 129,100 Hewlett-Packard Company 4,089,888 118,100 International Business Machines Corporation (IBM) 9,072,442 9,200 McAfee Inc., (1) 223,284 7,000 SanDisk Corporation, (1) 356,860 23,000 Sun Microsystems Inc., (1) 95,450 - --------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 16,960,495 -------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE - 0.1% 12,000 American Express Company 638,640 - --------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING - 0.8% 9,900 Chesapeake Corporation 162,459 35,000 Longview Fibre Company 668,150 65,300 Packaging Corp. of America 1,437,906 106,700 Sonoco Products Company 3,377,055 - --------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 5,645,570 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES - 6.0% 16,900 A. G. Edwards, Inc. 934,908 8,700 Chicago Merchantile Exchange 4,273,005 458,000 Citigroup Inc. 22,093,920 20,700 Freddie Mac 1,180,107 24,300 Gladstone Capital Corporation 519,777
15 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES (continued) 314,050 JPMorgan Chase & Co. $ 13,190,100 2,500 Moody's Corporation 136,150 - --------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 42,327,967 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES - 3.3% 359,379 AT&T Inc. 10,023,080 183,600 BellSouth Corporation 6,646,320 220,900 Citizens Communications Company 2,882,745 104,987 Sprint Nextel Corporation 2,098,690 39,500 Verizon Communications Inc. 1,322,855 - --------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 22,973,690 -------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.5% 27,000 Ameren Corporation 1,363,500 33,900 Consolidated Edison, Inc. 1,506,516 21,900 DPL Inc. 586,920 38,300 Great Plains Energy Incorporated 1,067,038 60,600 OGE Energy Corp. 2,122,818 80,800 Pepco Holdings, Inc. 1,905,264 33,400 Progress Energy, Inc. 1,431,858 27,000 Southern Company 865,350 - --------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 10,849,264 -------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.1% 61,200 Emerson Electric Co. 5,129,172 27,400 Hubbell Incorporated, Class B 1,305,610 13,800 Rockwell Automation, Inc. 993,738 - --------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 7,428,520 -------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1% 5,700 Parker Hannifin Corporation 442,320 - --------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES - 2.3% 21,300 Diamond Offshore Drilling, Inc. 1,787,709 29,900 ENSCO International Incorporated 1,375,998 55,800 Halliburton Company 4,140,918 2,000 National-Oilwell Varco Inc., (1) 126,640 11,600 Patterson-UTI Energy, Inc. 328,396 79,200 Schlumberger Limited 5,156,712 17,600 Smith International, Inc. 782,672 46,500 Tidewater Inc. 2,287,800 3,000 Transocean Inc., (1) 240,960 - --------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 16,227,805 -------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING - 0.9% 4,800 Longs Drug Stores Corporation 218,976 18,236 SUPERVALU Inc. 559,857 62,300 Wal-Mart Stores, Inc. 3,000,991 34,400 Whole Foods Market, Inc. 2,223,616 - --------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 6,003,440 -------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS - 0.6% 33,000 H.J. Heinz Company 1,360,260 166,400 Sara Lee Corporation 2,665,728 - --------------------------------------------------------------------------------------------------------------------------- Total Food Products 4,025,988 -------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 1.7% 28,200 AGL Resources Inc. 1,074,984 64,000 Atmos Energy Corporation 1,786,240 18,200 KeySpan Corporation 735,280 81,800 Nicor Inc. 3,394,700 137,700 Peoples Energy Corporation 4,944,807 - --------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 11,936,011 --------------------------------------------------------------------------------------------------------------
16
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES - 0.4% 35,700 Baxter International Inc. $ 1,312,332 29,206 Boston Scientific Corporation, (1) 491,829 28,900 Medtronic, Inc. 1,355,988 - --------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 3,160,149 -------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES - 1.8% 18,000 Aetna Inc. 718,740 21,800 Caremark Rx, Inc. 1,087,166 15,450 Coventry Health Care, Inc., (1) 848,823 33,900 HCA, Inc. 1,462,785 7,000 Humana Inc., (1) 375,900 15,200 Manor Care, Inc. 713,184 6,700 Mentor Corporation 291,450 2,100 Omnicare, Inc. 99,582 92,170 UnitedHealth Group Incorporated 4,127,373 7,900 Universal Health Services, Inc., Class B 397,054 36,800 Wellpoint Inc., (1) 2,677,936 - --------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 12,799,993 -------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE - 0.9% 17,000 Carnival Corporation 709,580 23,300 GTECH Holdings Corporation 810,374 8,200 Harrah's Entertainment, Inc. 583,676 28,800 International Game Technology 1,092,672 86,900 McDonald's Corporation 2,919,840 6,000 Starwood Hotels & Resorts Worldwide, Inc. 362,040 - --------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 6,478,182 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES - 1.4% 3,400 Black & Decker Corporation 287,164 12,000 Furniture Brands International, Inc. 250,080 107,400 Newell Rubbermaid Inc. 2,774,142 12,400 Snap-on Incorporated 501,208 25,600 Stanley Works 1,208,832 106,700 Tupperware Corporation 2,100,923 29,936 Whirlpool Corporation 2,474,210 - --------------------------------------------------------------------------------------------------------------------------- Total Household Durables 9,596,559 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS - 2.4% 53,200 Colgate-Palmolive Company 3,186,680 22,000 Kimberly-Clark Corporation 1,357,400 216,287 Procter & Gamble Company 12,025,557 - --------------------------------------------------------------------------------------------------------------------------- Total Household Products 16,569,637 -------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES - 4.6% 64,800 3M Company 5,233,896 2,000 American Standard Companies Inc. 86,540 754,300 General Electric Company 24,861,728 52,800 Genuine Parts Company 2,199,648 7,400 Tomkins PLC, Sponsored ADR 159,470 - --------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 32,541,282 -------------------------------------------------------------------------------------------------------------- INSURANCE - 3.4% 36,800 Allstate Corporation 2,014,064 117,300 American International Group, Inc. 6,926,565 2,400 Arthur J. Gallagher & Co. 60,816 2,500 Converium Holding AG, ADR 13,775 35,200 Fidelity National Financial, Inc. 1,371,040 12,500 Hartford Financial Services Group, Inc. 1,057,500 80,445 Lincoln National Corporation 4,540,322 72,500 Marsh & McLennan Companies, Inc. 1,949,525 19,200 Mercury General Corporation 1,082,304 46,000 St. Paul Travelers Companies, Inc. 2,050,680 57,800 Unitrin, Inc. 2,519,502 - --------------------------------------------------------------------------------------------------------------------------- Total Insurance 23,586,093 --------------------------------------------------------------------------------------------------------------
17 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL - 0.1% 17,100 Amazon.com, Inc., (1) $ 661,428 9,437 IAC/InterActiveCorp., (1) 249,986 - --------------------------------------------------------------------------------------------------------------------------- Total Internet & Catalog Retail 911,414 -------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES - 2.1% 82,000 eBay Inc., (1) 2,401,780 8,200 F5 Networks, Inc., (1) 438,536 15,400 Google Inc., Class A, (1) 6,457,682 9,000 Openwave Systems Inc., (1) 103,860 195,000 United Online, Inc. 2,340,000 101,700 Yahoo! Inc., (1) 3,356,100 - --------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 15,097,958 -------------------------------------------------------------------------------------------------------------- IT SERVICES - 0.1% 2,050 FactSet Research Systems Inc. 96,965 8,900 WebEx Communications, Inc., (1) 316,306 - --------------------------------------------------------------------------------------------------------------------------- Total IT Services 413,271 -------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS - 0.0% 7,000 Polaris Industries Inc. 303,100 - --------------------------------------------------------------------------------------------------------------------------- MACHINERY - 1.7% 75,600 Caterpillar Inc. 5,630,688 1,000 Cummins Inc. 122,250 18,000 Deere & Company 1,502,820 13,600 Graco Inc. 625,328 11,800 Ingersoll-Rand Company - Class A 504,804 2,000 Joy Global Inc. 104,180 59,400 SPX Corporation 3,323,430 12,000 Timken Company 402,120 - --------------------------------------------------------------------------------------------------------------------------- Total Machinery 12,215,620 -------------------------------------------------------------------------------------------------------------- MEDIA - 1.5% 67,800 Clear Channel Communications, Inc. 2,098,410 15,000 Dow Jones & Company, Inc. 525,150 1,000 Monster Worldwide Inc., (1) 42,660 13,000 Omnicom Group Inc. 1,158,170 183,600 Regal Entertainment Group, Class A 3,730,752 115,100 Sirius Satellite Radio Inc., (1) 546,725 5,600 ValueClick, Inc., (1) 85,960 48,000 Walt Disney Company 1,440,000 126,600 Westwood One, Inc. 949,500 17,000 XM Satellite Radio Holdings Inc., Class A, (1) 249,050 - --------------------------------------------------------------------------------------------------------------------------- Total Media 10,826,377 -------------------------------------------------------------------------------------------------------------- METALS & MINING - 1.1% 16,400 Alcoa Inc. 530,704 28,800 CONSOL Energy Inc. 1,345,536 54,000 Nucor Corporation 2,929,500 2,600 Phelps Dodge Corporation 213,616 31,700 Southern Copper Corporation 2,825,421 - --------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 7,844,777 -------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL - 0.9% 13,000 Family Dollar Stores 317,590 38,002 Federated Department Stores, Inc. 1,390,873 55,400 Nordstrom, Inc. 2,022,100 7,900 Sears Holding Corporation, (1) 1,223,236 26,000 Target Corporation 1,270,620 - --------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 6,224,419 -------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES - 1.4% 125,900 Duke Energy Corporation 3,697,683 28,500 National Fuel Gas Company 1,001,490 49,100 ONEOK, Inc. 1,671,364 32,100 Public Service Enterprise Group Incorporated 2,122,452
18
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES (continued) 59,100 United Utilities PLC, Sponsored ADR $ 1,401,261 10,300 Vectren Corporation 280,675 - --------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 10,174,925 -------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS - 6.9% 167,900 Chevron Corporation 10,419,874 58,749 ConocoPhillips 3,849,822 432,200 ExxonMobil Corporation 26,515,470 78,000 Kerr-McGee Corporation 5,409,300 5,000 Kinder Morgan Inc. 499,450 25,600 Valero Energy Corporation 1,702,912 6,000 Williams Companies Inc. 140,160 - --------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 48,536,988 -------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS - 0.2% 20,000 Weyerhaeuser Company 1,245,000 - --------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS - 8.4% 112,700 Abbott Laboratories 4,914,847 350,400 Bristol-Myers Squibb Company 9,061,344 83,800 Eli Lilly and Company 4,631,626 36,200 GlaxoSmithKline PLC, ADR 2,019,960 207,300 Johnson & Johnson 12,421,416 249,900 Merck & Co. Inc. 9,103,857 583,200 Pfizer Inc. 13,687,704 22,700 Schering-Plough Corporation 431,981 67,600 Wyeth 3,002,116 - --------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 59,274,851 -------------------------------------------------------------------------------------------------------------- REAL ESTATE - 2.2% 9,500 American Financial Realty Trust 91,960 57,700 American Home Mortgage Investment Corp. 2,126,822 154,100 Crescent Real Estate Equities Company 2,860,096 19,900 Equity Office Properties Trust 726,549 39,900 First Industrial Realty Trust, Inc. 1,513,806 19,800 Health Care REIT, Inc. 692,010 58,500 Healthcare Realty Trust, Inc. 1,863,225 117,900 HRPT Properties Trust 1,362,924 22,000 Lexington Corporate Properties Trust 475,200 3,500 Liberty Property Trust 154,700 42,500 Nationwide Health Properties, Inc. 956,675 29,800 New Century Financial Corporation 1,363,350 9,800 Newcastle Investment Corporation 248,136 11,700 Reckson Associates Realty Corporation 484,146 27,000 Senior Housing Properties Trust 483,570 - --------------------------------------------------------------------------------------------------------------------------- Total Real Estate 15,403,169 -------------------------------------------------------------------------------------------------------------- ROAD & RAIL - 0.3% 17,000 Burlington Northern Santa Fe Corporation 1,347,250 14,000 Norfolk Southern Corporation 745,080 - --------------------------------------------------------------------------------------------------------------------------- Total Road & Rail 2,092,330 -------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & EQUIPMENT - 3.0% 28,500 Advanced Micro Devices, Inc., (1) 695,970 62,000 Analog Devices, Inc. 1,992,680 97,200 Applied Materials, Inc. 1,582,416 45,300 Broadcom Corporation, Class A, (1) 1,361,265 466,700 Intel Corporation 8,843,965 9,700 Intersil Holding Corporation, Class A 225,525 6,600 Lam Research Corporation, (1) 307,692 4,800 Linear Technology Corporation 160,752 34,300 Microchip Technology Incorporated 1,150,765 24,800 National Semiconductor Corporation 591,480 19,800 NVIDIA Corporation, (1) 421,542 4,100 Omnivision Technologies, Inc., (1) 86,592
19 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & EQUIPMENT (continued) 100 Silicon Laboratories Inc., (1) $ 3,515 115,500 Texas Instruments Incorporated 3,498,495 - --------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 20,922,654 -------------------------------------------------------------------------------------------------------------- SOFTWARE - 2.5% 42,852 Adobe Systems Incorporated, (1) 1,300,987 5,000 Akamai Technologies, Inc., (1) 180,950 11,400 Autodesk, Inc., (1) 392,844 34,800 BEA Systems, Inc., (1) 455,532 10,000 Citrix Systems, (1) 401,400 18,500 Cognizant Technology Solutions Corporation, Class 1,246,345 A, (1) 419,600 Microsoft Corporation 9,776,680 251,177 Oracle Corporation, (1) 3,639,569 6,100 Red Hat, Inc., (1) 142,740 10,300 Salesforce.com, Inc., (1) 274,598 - --------------------------------------------------------------------------------------------------------------------------- Total Software 17,811,645 -------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL - 2.9% 33,100 Abercrombie & Fitch Co., Class A 1,834,733 31,800 American Eagle Outfitters, Inc. 1,082,472 53,700 Best Buy Co., Inc. 2,944,908 39,600 Chico's FAS, Inc., (1) 1,068,408 10,600 Christopher & Banks Corporation 307,400 44,800 Claire's Stores, Inc. 1,142,848 14,500 Foot Locker, Inc. 355,105 153,000 Home Depot, Inc. 5,475,870 68,800 Limited Brands, Inc. 1,760,592 25,800 Lowe's Companies, Inc. 1,565,286 20,200 Michaels Stores, Inc. 833,048 99,000 Pier 1 Imports, Inc. 691,020 500 Sherwin-Williams Company 23,740 5,000 Tiffany & Co 165,100 19,700 TJX Companies, Inc. 450,342 51,000 Tuesday Morning Corporation 670,650 - --------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 20,371,522 -------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS - 0.3% 36,000 VF Corporation 2,445,120 - --------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE - 0.2% 2,000 Capitol Federal Financial 68,580 10,500 Countrywide Financial Corporation 399,840 57,600 New York Community Bancorp, Inc. 950,976 - --------------------------------------------------------------------------------------------------------------------------- Total Thrifts & Mortgage Finance 1,419,396 -------------------------------------------------------------------------------------------------------------- TOBACCO - 2.8% 219,700 Altria Group, Inc. 16,132,572 19,000 Loews Corp - Carolina Group 976,030 16,100 Reynolds American Inc. 1,856,330 4,300 UST Inc. 194,317 32,785 Vector Group Ltd. 532,756 - --------------------------------------------------------------------------------------------------------------------------- Total Tobacco 19,692,005 -------------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE - 0.1% 24,100 Stolt-Nielsen S.A., Sponsored ADR 567,555 - --------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES - 0.1% 40,000 Vodafone Group PLC 852,000 - --------------------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (COST $600,269,040) 669,626,378 --------------------------------------------------------------------------------------------------------------
20
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE - ---------------------------------------------------------------------------------------------------------------------------- PUT OPTIONS - 0.2% 807 S&P 500 Index $92,805,000 7/22/06 $1150 $ 44,385 767 S&P 500 Index 90,122,500 7/22/06 1175 72,865 1,397 S&P 500 Index 167,640,000 7/22/06 1200 237,490 630 S&P 500 Index 77,175,000 7/22/06 1225 207,900 802 S&P 500 Index 92,230,000 8/19/06 1150 204,510 807 S&P 500 Index 94,822,500 8/19/06 1175 314,730 - ---------------------------------------------------------------------------------------------------------------------------- 5,210 TOTAL PUT OPTIONS (COST $3,062,925) 614,795,000 1,081,880 - ---------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 5.6% $ 39,068 Repurchase Agreement with State Street Bank, dated 4.130% 7/03/06 $ 39,068,227 6/30/06, repurchase price $39,081,673, collateralized by $42,305,000 U.S. Treasury Notes, 4.250%, due 11/15/14, value $39,852,621 - ---------- - ---------------------------------------------------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (COST $39,068,227) 39,068,227 --------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $642,400,192) - 100.9% 709,776,485 --------------------------------------------------------------------------------------------------------------- NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE - ---------------------------------------------------------------------------------------------------------------------------- CALL OPTIONS - (1.4)% (3) (648) S&P 500 Index $(81,000,000) 7/22/06 $1250 $ (1,927,800) (1,323) S&P 500 Index (168,682,500) 7/22/06 1275 (1,680,210) (604) S&P 500 Index (78,520,000) 7/22/06 1300 (179,992) (604) S&P 500 Index (75,500,000) 8/19/06 1250 (2,400,900) (674) S&P 500 Index (85,935,000) 8/19/06 1275 (1,546,830) (692) S&P 500 Index (89,960,000) 8/19/06 1300 (733,520) (665) S&P 500 Index (86,450,000) 9/16/06 1300 (1,210,300) - ---------------------------------------------------------------------------------------------------------------------------- (5,210) TOTAL CALL OPTIONS (PREMIUMS RECEIVED $11,898,588) (666,047,500) (9,679,552) - ---------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES - 0.5% 3,289,496 --------------------------------------------------------------------------------------------------------------- NET ASSETS - 100% $ 703,386,429 ---------------------------------------------------------------------------------------------------------------
(1) Non-income producing. (2) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by Strike Price by 100. (3) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options. ADR American Depositary Receipt.
See accompanying notes to financial statements. 21 Nuveen Equity Premium Opportunity Fund (JSN) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 95.8% AEROSPACE & DEFENSE - 2.3% 26,400 Aviall Inc., (1) $ 1,254,528 88,200 Boeing Company 7,224,462 133,500 Honeywell International Inc. 5,380,050 26,000 Lockheed Martin Corporation 1,865,240 41,700 Northrop Grumman Corporation 2,671,302 46,000 Raytheon Company 2,050,220 107,600 United Technologies Corporation 6,823,992 - --------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 27,269,794 -------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS - 0.7% 98,500 United Parcel Service, Inc., Class B 8,109,505 - --------------------------------------------------------------------------------------------------------------------------- AIRLINES - 0.2% 93,200 AMR Corporation, (1) 2,369,144 - --------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS - 0.1% 31,200 Lear Corporation 692,952 - --------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.6% 302,500 Ford Motor Company 2,096,325 103,800 General Motors Corporation 3,092,202 34,500 Harley-Davidson Inc. 1,893,705 - --------------------------------------------------------------------------------------------------------------------------- Total Automobiles 7,082,232 -------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.0% 171,450 Coca-Cola Company 7,375,779 83,200 PepsiCo, Inc. 4,995,328 - --------------------------------------------------------------------------------------------------------------------------- Total Beverages 12,371,107 -------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY - 2.6% 166,650 Amgen Inc., (1) 10,870,580 121,150 Biogen Idec Inc., (1) 5,612,880 53,400 Genentech, Inc., (1) 4,368,120 46,900 Genzyme Corporation, (1) 2,863,245 92,100 Gilead Sciences, Inc., (1) 5,448,636 23,750 Sepracor Inc., (1) 1,357,075 - --------------------------------------------------------------------------------------------------------------------------- Total Biotechnology 30,520,536 -------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS - 1.9% 34,400 American Capital Strategies Limited 1,151,712 156,050 Charles Schwab Corporation 2,493,679 26,800 Goldman Sachs Group, Inc. 4,031,524 33,700 Legg Mason, Inc. 3,353,824 132,250 Morgan Stanley 8,359,523 136,400 Waddell & Reed Financial, Inc., Class A 2,804,384 - --------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 22,194,646 -------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.7% 920 Arkema, (1) 35,891 112,500 Dow Chemical Company 4,390,875 137,700 E.I. Du Pont de Nemours and Company 5,728,320 46,050 Eastman Chemical Company 2,486,700 72,000 Lubrizol Corporation 2,869,200 26,400 Lyondell Chemical Company 598,224 23,600 NL Industries Inc. 253,700
22
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- CHEMICALS (continued) 37,650 Olin Corporation $ 675,065 152,650 RPM International, Inc. 2,747,700 - --------------------------------------------------------------------------------------------------------------------------- Total Chemicals 19,785,675 -------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS - 5.2% 14,500 Allied Capital Corporation 417,165 485,129 Bank of America Corporation 23,334,750 116,800 Commerce Bancorp, Inc. 4,166,256 30,000 F.N.B. Corporation PA 473,100 45,100 HSBC Holdings PLC, Sponsored ADR 3,984,585 121,500 Lloyds TSB Group PLC, Sponsored ADR 4,795,605 64,900 North Fork Bancorporation Inc. 1,958,033 283,700 U.S. Bancorp 8,760,656 135,250 Wachovia Corporation 7,314,320 108,950 Wells Fargo & Company 7,308,366 - --------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 62,512,836 -------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES - 2.1% 95,800 Automatic Data Processing, Inc. 4,344,530 18,900 CheckFree Corp., (1) 936,684 28,100 Corporate Executive Board Company 2,815,620 46,400 Fair Isaac Corporation 1,684,784 17,300 Getty Images Inc., (1) 1,098,723 23,800 ITT Educational Services, Inc., (1) 1,566,278 57,150 Manpower Inc. 3,691,890 49,100 R.R. Donnelley & Sons Company 1,568,745 267,200 ServiceMaster Company 2,760,176 96,200 Sirva Inc., (1) 622,414 57,400 Synagro Technologies, Inc. 225,582 95,550 Waste Management, Inc. 3,428,334 - --------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 24,743,760 -------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT - 4.9% 68,500 ADTRAN, Inc. 1,536,455 72,000 Avanex Corporation, (1) 126,720 919,400 Cisco Systems, Inc., (1) 17,955,882 184,500 Corning Incorporated, (1) 4,463,055 99,800 Finisar Corporation, (1) 326,346 57,000 Harris Corporation 2,366,070 150,000 JDS Uniphase Corporation, (1) 379,500 73,000 Juniper Networks Inc., (1) 1,167,270 243,800 Motorola, Inc. 4,912,570 569,150 QUALCOMM Inc. 22,805,841 44,900 Research In Motion Limited, (1) 3,132,673 - --------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 59,172,382 -------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS - 3.7% 331,300 Apple Computer, Inc., (1) 18,923,856 81,600 Dell Inc., (1) 1,991,856 191,800 EMC Corporation, (1) 2,104,046 317,700 Hewlett-Packard Company 10,064,736 100,600 International Business Machines Corporation (IBM) 7,728,092 56,750 McAfee Inc., (1) 1,377,323 23,000 Network Appliance Inc., (1) 811,900 23,100 SanDisk Corporation, (1) 1,177,638 - --------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 44,179,447 -------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE - 0.2% 31,000 American Express Company 1,649,820 - --------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING - 0.7% 206,200 Packaging Corp. of America 4,540,524 127,450 Sonoco Products Company 4,033,793 - --------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 8,574,317 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES - 0.2% 76,300 Alderwoods Group Inc., (1) 1,484,798 - ---------------------------------------------------------------------------------------------------------------------------
23 Nuveen Equity Premium Opportunity Fund (JSN) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES - 5.0% 56,200 A. G. Edwards, Inc. $ 3,108,984 11,900 Chicago Merchantile Exchange 5,844,685 549,300 Citigroup Inc. 26,498,229 71,300 Eaton Vance Corporation 1,779,648 126,150 ING Groep N.V., Sponsored ADR 4,960,218 408,650 JPMorgan Chase & Co. 17,163,300 - --------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 59,355,064 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES - 3.3% 439,300 AT&T Inc. 12,252,077 245,900 BellSouth Corporation 8,901,580 28,200 Broadwing Communications Inc., (1) 291,870 262,750 Citizens Communications Company 3,428,888 9,935 Embarq Corporation, (1) 407,236 198,706 Sprint Nextel Corporation 3,972,133 302,400 Verizon Communications Inc. 10,127,376 - --------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 39,381,160 -------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.1% 38,400 Ameren Corporation 1,939,200 98,700 Duquesne Light Holdings Inc. 1,622,628 129,350 Great Plains Energy Incorporated 3,603,691 92,500 OGE Energy Corp. 3,240,275 118,050 Pepco Holdings, Inc. 2,783,619 - --------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 13,189,413 -------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.2% 124,000 Capstone Turbine Corporation, (1) 282,720 26,000 Cooper Industries, Ltd., Class A 2,415,920 80,400 Emerson Electric Co. 6,738,324 47,150 Hubbell Incorporated, Class B 2,246,698 39,000 Rockwell Automation, Inc. 2,808,390 - --------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 14,492,052 -------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3% 123,100 Gentex Corporation 1,723,400 52,500 Roper Industries Inc. 2,454,375 - --------------------------------------------------------------------------------------------------------------------------- Total Electronic Equipment & Instruments 4,177,775 -------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES - 2.0% 45,800 Diamond Offshore Drilling, Inc. 3,843,994 51,150 ENSCO International Incorporated 2,353,923 97,250 Halliburton Company 7,216,922 76,950 Patterson-UTI Energy, Inc. 2,178,455 75,000 Schlumberger Limited 4,883,250 77,800 Tidewater Inc. 3,827,760 - --------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 24,304,304 -------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING - 0.9% 32,614 SUPERVALU Inc. 1,001,250 61,400 Walgreen Co. 2,753,176 142,100 Wal-Mart Stores, Inc. 6,844,957 - --------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 10,599,383 -------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS - 0.4% 30,500 Monsanto Company 2,567,795 109,500 Sara Lee Corporation 1,754,190 - --------------------------------------------------------------------------------------------------------------------------- Total Food Products 4,321,985 -------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 1.2% 63,900 AGL Resources Inc. 2,435,868 179,450 Atmos Energy Corporation 5,008,450 122,400 Nicor Inc. 5,079,600 84,600 Piedmont Natural Gas Company 2,055,780 - --------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 14,579,698 --------------------------------------------------------------------------------------------------------------
24
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES - 0.5% 80,600 Baxter International Inc. $ 2,962,856 60,980 Boston Scientific Corporation, (1) 1,026,903 35,400 Hillenbrand Industries 1,716,900 16,500 Lincare Holdings, (1) 624,360 - --------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 6,331,019 -------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES - 1.7% 49,000 Aetna Inc. 1,956,570 46,800 American Retirement Corporation, (1) 1,533,636 8,400 AmericGroup Corporation, (1) 260,736 51,800 Caremark Rx, Inc. 2,583,266 39,000 Coventry Health Care, Inc., (1) 2,142,660 43,000 Mentor Corporation 1,870,500 113,600 UnitedHealth Group Incorporated 5,087,008 66,800 Wellpoint Inc., (1) 4,861,036 - --------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 20,295,412 -------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE - 1.5% 32,000 Aztar Corporation, (1) 1,662,720 84,350 GTECH Holdings Corporation 2,933,693 68,500 International Game Technology 2,598,890 215,800 McDonald's Corporation 7,250,880 31,000 Starwood Hotels & Resorts Worldwide, Inc. 1,870,540 14,900 Wynn Resorts Ltd, (1) 1,092,170 - --------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 17,408,893 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES - 0.9% 184,850 Newell Rubbermaid Inc. 4,774,676 44,700 Stanley Works 2,110,734 52,780 Whirlpool Corporation 4,362,267 - --------------------------------------------------------------------------------------------------------------------------- Total Household Durables 11,247,677 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS - 1.4% 59,100 Colgate-Palmolive Company 3,540,090 229,375 Procter & Gamble Company 12,753,250 - --------------------------------------------------------------------------------------------------------------------------- Total Household Products 16,293,340 -------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES - 3.7% 83,000 3M Company 6,703,910 958,350 General Electric Company 31,587,213 57,500 Genuine Parts Company 2,395,450 115,050 Tyco International Ltd. 3,163,875 - --------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 43,850,448 -------------------------------------------------------------------------------------------------------------- INSURANCE - 2.3% 41,400 Allstate Corporation 2,265,822 202,500 American International Group, Inc. 11,957,625 118,050 Arthur J. Gallagher & Co. 2,991,387 51,050 Fidelity National Financial, Inc. 1,988,398 105,900 Marsh & McLennan Companies, Inc. 2,847,651 35,150 Mercury General Corporation 1,981,406 81,750 Unitrin, Inc. 3,563,483 - --------------------------------------------------------------------------------------------------------------------------- Total Insurance 27,595,772 -------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL - 0.3% 72,750 Amazon.com, Inc., (1) 2,813,970 43,650 IAC/InterActiveCorp., (1) 1,156,289 - --------------------------------------------------------------------------------------------------------------------------- Total Internet & Catalog Retail 3,970,259 -------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES - 2.6% 341,600 eBay Inc., (1) 10,005,464 27,200 Google Inc., Class A, (1) 11,405,776 112,200 United Online, Inc. 1,346,400 267,900 Yahoo! Inc., (1) 8,840,700 - --------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 31,598,340 --------------------------------------------------------------------------------------------------------------
25 Nuveen Equity Premium Opportunity Fund (JSN) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- IT SERVICES - 0.4% 86,700 Electronic Data Systems Corporation $ 2,086,002 52,800 First Data Corporation 2,378,112 52,600 Sify Limited, (1) 524,948 - --------------------------------------------------------------------------------------------------------------------------- Total IT Services 4,989,062 -------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS - 0.2% 85,100 Mattel, Inc. 1,405,001 34,500 Polaris Industries Inc. 1,493,850 - --------------------------------------------------------------------------------------------------------------------------- Total Leisure Equipment & Products 2,898,851 -------------------------------------------------------------------------------------------------------------- LIFE SCIENCES TOOLS & SERVICES - 0.1% 23,400 Serologicals Corporation, (1) 735,696 - --------------------------------------------------------------------------------------------------------------------------- MACHINERY - 1.6% 49,050 Briggs & Stratton Corporation 1,525,946 112,400 Caterpillar Inc. 8,371,552 52,750 Graco Inc. 2,425,445 24,400 Pentair, Inc. 834,236 76,400 SPX Corporation 4,274,580 67,000 Timken Company 2,245,170 - --------------------------------------------------------------------------------------------------------------------------- Total Machinery 19,676,929 -------------------------------------------------------------------------------------------------------------- MEDIA - 2.1% 20,550 Catalina Marketing Corporation 584,853 69,500 Clear Channel Communications, Inc. 2,151,025 8,687 Live Nation Inc., (1) 176,867 125,000 Napster Inc., (1) 385,000 144,450 News Corporation, Class A 2,770,551 28,100 Omnicom Group Inc. 2,503,429 234,500 Regal Entertainment Group, Class A 4,765,040 495,250 Sirius Satellite Radio Inc., (1) 2,352,438 161,900 Time Warner Inc. 2,800,870 46,400 Viamcom Inc., Class B, (1) 1,662,976 129,700 Walt Disney Company 3,891,000 108,400 XM Satellite Radio Holdings Inc., Class A, (1) 1,588,060 - --------------------------------------------------------------------------------------------------------------------------- Total Media 25,632,109 -------------------------------------------------------------------------------------------------------------- METALS & MINING - 0.9% 121,500 Alcoa Inc. 3,931,740 140,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 4,508,000 25,000 Southern Copper Corporation 2,228,250 - --------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 10,667,990 -------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL - 0.9% 66,192 Federated Department Stores, Inc. 2,422,627 93,000 Nordstrom, Inc. 3,394,500 20,877 Sears Holding Corporation, (1) 3,232,595 41,500 Target Corporation 2,028,105 - --------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 11,077,827 -------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES - 1.2% 181,250 Duke Energy Corporation 5,323,313 88,300 National Fuel Gas Company 3,102,862 6,600 National Grid PLC, Sponsored ADR 356,796 95,800 ONEOK, Inc. 3,261,032 42,100 Public Service Enterprise Group Incorporated 2,783,652 - --------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 14,827,655 -------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS - 4.9% 12,800 BP Prudhoe Bay Royalty Trust 1,022,720 183,650 Chevron Corporation 11,397,319 74,000 ConocoPhillips 4,849,220 545,550 ExxonMobil Corporation 33,469,490 87,200 Royal Dutch Shell PLC, Class A, ADR 5,840,656 36,800 Total SA, Sponsored ADR 2,411,136 - --------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 58,990,541 --------------------------------------------------------------------------------------------------------------
26
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS - 0.1% 37,000 Bowater Incorporated $ 841,750 - --------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS - 6.7% 152,900 Abbott Laboratories 6,667,969 16,000 Amylin Pharmaceuticals Inc., (1) 789,920 406,450 Bristol-Myers Squibb Company 10,510,797 113,000 Celgene Corporation, (1) 5,359,590 116,450 Eli Lilly and Company 6,436,192 49,700 GlaxoSmithKline PLC, ADR 2,773,260 95,750 Johnson & Johnson 5,737,340 381,350 Merck & Co. Inc. 13,892,581 698,250 Pfizer Inc. 16,387,928 124,050 Schering-Plough Corporation 2,360,672 96,400 Teva Pharmaceutical Industries Limited 3,045,276 139,850 Wyeth 6,210,738 - --------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 80,172,263 -------------------------------------------------------------------------------------------------------------- REAL ESTATE - 1.8% 125,350 American Financial Realty Trust 1,213,388 22,000 American Home Mortgage Investment Corp. 810,920 277,600 Crescent Real Estate Equities Company 5,152,256 56,800 First Industrial Realty Trust, Inc. 2,154,992 64,300 Friedman, Billings, Ramsey Group, Inc., Class A 705,371 59,500 Health Care REIT, Inc. 2,079,525 86,200 Hospitality Properties Trust 3,785,904 18,978 Host Marriott Corporation 415,049 246,550 HRPT Properties Trust 2,850,118 112,500 Nationwide Health Properties, Inc. 2,532,375 - --------------------------------------------------------------------------------------------------------------------------- Total Real Estate 21,699,898 -------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & EQUIPMENT - 5.3% 84,500 Advanced Micro Devices, Inc., (1) 2,063,490 81,900 Altera Corporation, (1) 1,437,345 30,000 Amkor Technology Inc., (1) 283,800 109,800 Analog Devices, Inc. 3,528,972 292,300 Applied Materials, Inc. 4,758,644 129,900 Broadcom Corporation, Class A, (1) 3,903,495 130,000 Conexant Systems Inc., (1) 325,000 42,400 Cree, Inc., (1) 1,007,424 60,200 Freescale Semiconductor, Inc., (1) 1,745,800 1,023,350 Intel Corporation 19,392,483 14,200 International Rectifier Corporation, (1) 554,936 51,550 KLA-Tencor Corporation 2,142,934 72,550 Linear Technology Corporation 2,429,700 82,550 Marvell Technology Group Ltd., (1) 3,659,442 123,350 Maxim Integrated Products, Inc. 3,960,769 123,350 National Semiconductor Corporation 2,941,898 213,250 Texas Instruments Incorporated 6,459,343 129,000 Vitesse Semiconductor Corporation, (1) 185,760 130,650 Xilinx, Inc. 2,959,223 - --------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 63,740,458 -------------------------------------------------------------------------------------------------------------- SOFTWARE - 6.0% 76,353 Activision Inc., (1) 868,908 190,764 Adobe Systems Incorporated, (1) 5,791,595 53,200 Akamai Technologies, Inc., (1) 1,925,308 71,500 Autodesk, Inc., (1) 2,463,890 102,500 CA Inc. 2,106,375 1,666,550 Microsoft Corporation 38,830,611 746,691 Oracle Corporation, (1) 10,819,567 24,100 Red Hat, Inc., (1) 563,940 52,500 SAP AG, Sponsored ADR 2,757,300 303,021 Symantec Corporation, (1) 4,708,946 58,650 VeriSign, Inc., (1) 1,358,921 - --------------------------------------------------------------------------------------------------------------------------- Total Software 72,195,361 --------------------------------------------------------------------------------------------------------------
27 Nuveen Equity Premium Opportunity Fund (JSN) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL - 2.5% 20,300 Abercrombie & Fitch Co., Class A $ 1,125,229 37,400 American Eagle Outfitters, Inc. 1,273,096 88,950 Best Buy Co., Inc. 4,878,018 13,700 Cabela's Incorporated, (1) 263,862 34,100 CarMax, Inc., (1) 1,209,186 56,400 Chico's FAS, Inc., (1) 1,521,672 81,900 Claire's Stores, Inc. 2,089,269 64,150 Gap, Inc. 1,116,210 210,000 Home Depot, Inc. 7,515,900 126,450 Limited Brands, Inc. 3,235,856 53,150 Lowe's Companies, Inc. 3,224,611 66,200 Michaels Stores, Inc. 2,730,088 24,000 Pier 1 Imports, Inc. 167,520 - --------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 30,350,517 -------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE - 0.4% 261,200 New York Community Bancorp, Inc. 4,312,412 - --------------------------------------------------------------------------------------------------------------------------- TOBACCO - 2.0% 249,400 Altria Group, Inc. 18,313,442 56,950 Loews Corp - Carolina Group 2,925,522 22,700 Reynolds American Inc. 2,617,310 - --------------------------------------------------------------------------------------------------------------------------- Total Tobacco 23,856,274 -------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES - 0.3% 84,500 China Mobile Limited, Sponsored ADR 2,417,545 61,200 UbiquiTel Inc., (1) 632,808 - --------------------------------------------------------------------------------------------------------------------------- Total Wireless Telecommunication Services 3,050,353 -------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (COST $1,066,994,344) 1,145,420,891 -------------------------------------------------------------------------------------------------------------- NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE - ---------------------------------------------------------------------------------------------------------------------------- PUT OPTIONS - 0.2% 439 Nasdaq 100 Index $61,460,000 7/22/06 $1400 $ 44,778 430 Nasdaq 100 Index 62,350,000 7/22/06 1450 79,550 439 Nasdaq 100 Index 63,655,000 8/19/06 1450 324,860 490 Nasdaq 100 Index 72,275,000 8/19/06 1475 490,000 1,000 S&P 500 Index 115,000,000 7/22/06 1150 55,000 995 S&P 500 Index 116,912,500 7/22/06 1175 94,525 1,773 S&P 500 Index 212,760,000 7/22/06 1200 301,410 833 S&P 500 Index 102,042,500 7/22/06 1225 274,890 1,056 S&P 500 Index 121,440,000 8/19/06 1150 269,280 997 S&P 500 Index 117,147,500 8/19/06 1175 388,830 - ---------------------------------------------------------------------------------------------------------------------------- 8,452 TOTAL PUT OPTIONS (COST $7,303,648) 1,045,042,500 2,323,123 - ----------------------------------------------------------------------------------------------------------------------------
28
PRINCIPAL AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------------------------------------------ SHORT-TERM INVESTMENTS - 5.0% $ 59,184 Repurchase Agreement with State Street Bank, dated 4.130% 7/03/06 $ 59,184,335 6/30/06, repurchase price $59,204,704, collateralized by $46,870,000 U.S. Treasury Bonds, 8.125%, due 5/15/21, value $60,374,419 - ----------- - ------------------------------------------------------------------------------------------------------------------------------ TOTAL SHORT-TERM INVESTMENTS (COST $59,184,335) 59,184,335 --------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $1,133,482,327) - 101.0% 1,206,928,349 --------------------------------------------------------------------------------------------------------------- NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE - ------------------------------------------------------------------------------------------------------------------------------ CALL OPTIONS - (1.3)% (3) (435) Mini-NDX 100 Index $(7,177,500) 7/22/06 $165.0 $ (9,570) (1,410) Mini-NDX 100 Index (23,970,000) 7/22/06 170.0 (7,050) (1,920) Mini-NDX 100 Index (30,720,000) 8/19/06 160.0 (595,200) (2,393) Mini-NDX 100 Index (38,886,250) 8/19/06 162.5 (471,421) (1,820) Mini-NDX 100 Index (29,120,000) 9/16/06 160.0 (800,800) (183) Nasdaq 100 Index (29,737,500) 7/22/06 1625 (124,440) (335) Nasdaq 100 Index (55,275,000) 7/22/06 1650 (84,420) (34) Nasdaq 100 Index (5,780,000) 7/22/06 1700 (1,428) (82) Nasdaq 100 Index (13,120,000) 8/19/06 1600 (252,560) (173) Nasdaq 100 Index (28,112,500) 8/19/06 1625 (345,135) (193) Nasdaq 100 Index (31,845,000) 8/19/06 1650 (223,880) (826) S&P 500 Index (103,250,000) 7/22/06 1250 (2,457,350) (1,680) S&P 500 Index (214,200,000) 7/22/06 1275 (2,133,600) (748) S&P 500 Index (97,240,000) 7/22/06 1300 (222,904) (794) S&P 500 Index (99,250,000) 8/19/06 1250 (3,156,150) (878) S&P 500 Index (111,945,000) 8/19/06 1275 (2,015,010) (873) S&P 500 Index (113,490,000) 8/19/06 1300 (925,380) (855) S&P 500 Index (111,150,000) 9/16/06 1300 (1,556,100) - ------------------------------------------------------------------------------------------------------------------------------ (15,632) TOTAL CALL OPTIONS (PREMIUMS RECEIVED $22,760,724) (1,144,268,750) (15,382,398) - ------------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS LESS LIABILITIES - 0.3% 3,896,474 --------------------------------------------------------------------------------------------------------------- NET ASSETS - 100% $1,195,442,425 ---------------------------------------------------------------------------------------------------------------
(1) Non-income producing. (2) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by Strike Price by 100. (3) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options. ADR American Depositary Receipt.
See accompanying notes to financial statements. 29 Nuveen Equity Premium Advantage Fund (JLA) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 95.4% AEROSPACE & DEFENSE - 1.2% 26,200 Boeing Company $ 2,146,042 41,300 Honeywell International Inc. 1,664,390 29,900 United Technologies Corporation 1,896,258 - --------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 5,706,690 -------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS - 0.6% 33,700 United Parcel Service, Inc., Class B 2,774,521 - --------------------------------------------------------------------------------------------------------------------------- AIRLINES - 0.2% 60,900 Southwest Airlines Co. 996,933 - --------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS - 0.1% 22,700 Lear Corporation 504,167 - --------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.4% 89,000 Ford Motor Company 616,770 13,500 General Motors Corporation 402,165 14,900 Harley-Davidson Inc. 817,861 - --------------------------------------------------------------------------------------------------------------------------- Total Automobiles 1,836,796 -------------------------------------------------------------------------------------------------------------- BEVERAGES - 0.6% 32,700 Coca-Cola Company 1,406,754 23,200 PepsiCo, Inc. 1,392,928 - --------------------------------------------------------------------------------------------------------------------------- Total Beverages 2,799,682 -------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY - 4.5% 99,900 Amgen Inc., (1) 6,516,477 73,600 Biogen Idec Inc., (1) 3,409,888 12,500 Cephalon, Inc., (1) 751,250 11,700 Genentech, Inc., (1) 957,060 56,100 Genzyme Corporation, (1) 3,424,905 80,200 Gilead Sciences, Inc., (1) 4,744,632 19,500 Sepracor Inc., (1) 1,114,230 - --------------------------------------------------------------------------------------------------------------------------- Total Biotechnology 20,918,442 -------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS - 1.5% 74,000 Charles Schwab Corporation 1,182,520 9,100 Goldman Sachs Group, Inc. 1,368,913 13,200 Legg Mason, Inc. 1,313,664 35,700 Morgan Stanley 2,256,597 51,000 Waddell & Reed Financial, Inc., Class A 1,048,560 - --------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 7,170,254 -------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.5% 23,800 Dow Chemical Company 928,914 26,100 Lyondell Chemical Company 591,426 22,000 Olin Corporation 394,460 34,800 RPM International, Inc. 626,400 - --------------------------------------------------------------------------------------------------------------------------- Total Chemicals 2,541,200 -------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS - 3.7% 118,691 Bank of America Corporation 5,709,085 23,800 Bank of New York Company, Inc. 766,360 33,600 Commerce Bancorp, Inc. 1,198,512 82,400 Lloyds TSB Group PLC, Sponsored ADR 3,252,328 63,800 U.S. Bancorp 1,970,144
30
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS (continued) 38,800 Wachovia Corporation $ 2,098,304 32,600 Wells Fargo & Company 2,186,808 - --------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 17,181,541 -------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES - 2.8% 38,800 Automatic Data Processing, Inc. 1,759,580 28,200 CheckFree Corp., (1) 1,397,592 13,800 Corporate Executive Board Company 1,382,760 36,000 Deluxe Corporation 629,280 23,400 Global Payments Inc. 1,136,070 15,900 ITT Educational Services, Inc., (1) 1,046,379 20,400 Manpower Inc. 1,317,840 65,500 Paychex, Inc. 2,553,190 26,600 Pitney Bowes Inc. 1,098,580 88,800 ServiceMaster Company 917,304 - --------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 13,238,575 -------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT - 7.0% 101,000 Ciena Corporation, (1) 485,810 467,900 Cisco Systems, Inc., (1) 9,138,087 14,000 Comverse Technology, Inc., (1) 276,780 68,300 Corning Incorporated, (1) 1,652,177 29,400 Harris Corporation 1,220,394 339,500 JDS Uniphase Corporation, (1) 858,935 63,600 Juniper Networks Inc., (1) 1,016,964 150,600 Lucent Technologies Inc., (1) 364,452 72,900 Motorola, Inc. 1,468,935 374,500 QUALCOMM Inc. 15,006,215 19,100 Research In Motion Limited, (1) 1,332,607 - --------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 32,821,356 -------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS - 5.3% 226,500 Apple Computer, Inc., (1) 12,937,680 21,500 ATI Technologies Inc., (1) 313,900 66,500 EMC Corporation, (1) 729,505 100,200 Hewlett-Packard Company 3,174,336 36,800 International Business Machines Corporation (IBM) 2,826,976 59,000 Network Appliance Inc., (1) 2,082,700 31,500 SanDisk Corporation, (1) 1,605,870 242,000 Sun Microsystems Inc., (1) 1,004,300 - --------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 24,675,267 -------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE - 0.2% 18,700 American Express Company 995,214 - --------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING - 0.5% 74,200 Packaging Corp. of America 1,633,884 24,900 Sonoco Products Company 788,085 - --------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 2,421,969 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES - 2.9% 4,400 Chicago Merchantile Exchange 2,161,060 115,400 Citigroup Inc. 5,566,896 36,000 Eaton Vance Corporation 898,560 89,700 JPMorgan Chase & Co. 3,767,400 20,000 Moody's Corporation 1,089,200 - --------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 13,483,116 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES - 2.1% 149,013 AT&T Inc. 4,155,973 54,100 BellSouth Corporation 1,958,420 70,914 Sprint Nextel Corporation 1,417,571 75,700 Verizon Communications Inc. 2,535,193 - --------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 10,067,157 --------------------------------------------------------------------------------------------------------------
31 Nuveen Equity Premium Advantage Fund (JLA) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.6% 21,600 Exelon Corporation $ 1,227,528 30,400 OGE Energy Corp. 1,064,912 42,000 TECO Energy, Inc. 627,480 - --------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 2,919,920 -------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.2% 13,000 Cooper Industries, Ltd., Class A 1,207,960 29,900 Emerson Electric Co. 2,505,919 13,500 Hubbell Incorporated, Class B 643,275 15,500 Rockwell Automation, Inc. 1,116,155 - --------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 5,473,309 -------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6% 16,300 Amphenol Corporation, Class A 912,148 20,300 Arrow Electronics, Inc., (1) 653,660 23,200 Roper Industries Inc. 1,084,600 - --------------------------------------------------------------------------------------------------------------------------- Total Electronic Equipment & Instruments 2,650,408 -------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES - 1.6% 15,000 Cooper Cameron Corporation, (1) 716,550 21,300 Diamond Offshore Drilling, Inc. 1,787,709 9,000 ENSCO International Incorporated 414,180 26,400 Halliburton Company 1,959,144 14,600 Schlumberger Limited 950,606 35,000 Smith International, Inc. 1,556,450 - --------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 7,384,639 -------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING - 1.0% 33,900 CVS Corporation 1,040,730 10,956 SUPERVALU Inc. 336,361 25,700 Walgreen Co. 1,152,388 46,000 Wal-Mart Stores, Inc. 2,215,820 - --------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 4,745,299 -------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS - 0.4% 22,800 ConAgra Foods, Inc. 504,108 13,900 Monsanto Company 1,170,241 - --------------------------------------------------------------------------------------------------------------------------- Total Food Products 1,674,349 -------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.9% 36,400 Atmos Energy Corporation 1,015,924 50,200 Nicor Inc. 2,083,300 18,000 Peoples Energy Corporation 646,380 26,700 Piedmont Natural Gas Company 648,810 - --------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 4,394,414 -------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES - 1.1% 33,800 Applera Corporation-Applied Biosystems Group 1,093,430 34,400 Baxter International Inc. 1,264,544 17,638 Boston Scientific Corporation, (1) 297,024 4,600 Intuitive Surgical, Inc., (1) 542,662 34,300 Medtronic, Inc. 1,609,356 10,000 Stryker Corporation 421,100 - --------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 5,228,116 -------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES - 1.0% 19,800 Caremark Rx, Inc. 987,426 8,900 HealthExtras, Inc., (1) 268,958 9,100 Humana Inc., (1) 488,670 15,100 Medco Health Solutions, Inc., (1) 864,928 8,200 UnitedHealth Group Incorporated 367,196 11,200 Universal Health Services, Inc., Class B 562,912 16,600 Wellpoint Inc., (1) 1,207,982 - --------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 4,748,072 -------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE - 2.5% 27,600 International Game Technology 1,047,144 45,500 McDonald's Corporation 1,528,800
32
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE (continued) 182,400 Starbucks Corporation, (1) $ 6,887,424 15,700 Starwood Hotels & Resorts Worldwide, Inc. 947,338 20,300 Wendy's International, Inc. 1,183,287 - --------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 11,593,993 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES - 0.8% 5,000 Black & Decker Corporation 422,300 37,300 Furniture Brands International, Inc. 777,332 38,500 Newell Rubbermaid Inc. 994,455 24,600 Tupperware Corporation 484,374 12,700 Whirlpool Corporation 1,049,655 - --------------------------------------------------------------------------------------------------------------------------- Total Household Durables 3,728,116 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS - 0.9% 76,565 Procter & Gamble Company 4,257,014 - --------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES - 2.3% 24,900 3M Company 2,011,173 233,000 General Electric Company 7,679,680 42,100 Tyco International Ltd. 1,157,750 - --------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 10,848,603 -------------------------------------------------------------------------------------------------------------- INSURANCE - 1.8% 24,500 AFLAC Incorporated 1,135,575 63,400 American International Group, Inc. 3,743,770 29,600 Arthur J. Gallagher & Co. 750,064 32,700 Fidelity National Financial, Inc. 1,273,665 13,600 Prudential Financial, Inc. 1,056,720 14,400 Unitrin, Inc. 627,696 - --------------------------------------------------------------------------------------------------------------------------- Total Insurance 8,587,490 -------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL - 0.7% 39,200 Amazon.com, Inc., (1) 1,516,256 45,750 IAC/InterActiveCorp., (1) 1,211,918 15,900 Stamps.com Inc., (1) 442,338 - --------------------------------------------------------------------------------------------------------------------------- Total Internet & Catalog Retail 3,170,512 -------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES - 4.7% 207,600 eBay Inc., (1) 6,080,604 21,500 Google Inc., Class A, (1) 9,015,595 37,800 j2 Global Communications, Inc., (1) 1,180,116 19,300 Sohu.com Inc., (1) 497,747 77,200 United Online, Inc. 926,400 134,400 Yahoo! Inc., (1) 4,435,200 - --------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 22,135,662 -------------------------------------------------------------------------------------------------------------- IT SERVICES - 0.7% 11,800 Digital River, Inc., (1) 476,602 41,600 Electronic Data Systems Corporation 1,000,896 29,700 First Data Corporation 1,337,688 7,300 Infosys Technologies Limited, Sponsored ADR 557,793 - --------------------------------------------------------------------------------------------------------------------------- Total IT Services 3,372,979 -------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS - 0.1% 11,000 Polaris Industries Inc. 476,300 - --------------------------------------------------------------------------------------------------------------------------- MACHINERY - 1.5% 23,900 Briggs & Stratton Corporation 743,529 29,600 Caterpillar Inc. 2,204,608 11,100 Danaher Corporation 713,952 15,700 Eaton Corporation 1,183,780 18,700 Graco Inc. 859,826 23,300 SPX Corporation 1,303,635 - --------------------------------------------------------------------------------------------------------------------------- Total Machinery 7,009,330 -------------------------------------------------------------------------------------------------------------- MEDIA - 3.4% 32,300 Clear Channel Communications, Inc. 999,685 149,100 Comcast Corporation, Special Class A, (1) 4,887,498
33 Nuveen Equity Premium Advantage Fund (JLA) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- MEDIA (continued) 22,900 Dow Jones & Company, Inc. $ 801,729 62,500 News Corporation, Class A 1,198,750 12,800 Omnicom Group Inc. 1,140,352 76,300 Regal Entertainment Group, Class A 1,550,416 304,900 Sirius Satellite Radio Inc., (1) 1,448,275 121,600 Time Warner Inc. 2,103,680 24,500 ValueClick, Inc., (1) 376,075 34,600 Walt Disney Company 1,038,000 73,100 Westwood One, Inc. 548,250 - --------------------------------------------------------------------------------------------------------------------------- Total Media 16,092,710 -------------------------------------------------------------------------------------------------------------- METALS & MINING - 1.0% 29,600 Alcoa Inc. 957,856 56,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 1,803,200 18,000 Phelps Dodge Corporation 1,478,880 6,500 Southern Copper Corporation 579,345 - --------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 4,819,281 -------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL - 1.5% 22,662 Federated Department Stores, Inc. 829,429 16,800 J.C. Penney Company, Inc. 1,134,168 19,500 Nordstrom, Inc. 711,750 19,400 Sears Holding Corporation, (1) 3,003,896 23,300 Target Corporation 1,138,671 - --------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 6,817,914 -------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES - 0.7% 61,600 Duke Energy Corporation 1,809,192 12,700 National Grid PLC, Sponsored ADR 686,562 30,500 Vectren Corporation 831,125 - --------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 3,326,879 -------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS - 3.6% 71,100 Chevron Corporation 4,412,466 35,300 ConocoPhillips 2,313,209 151,700 ExxonMobil Corporation 9,306,795 12,500 Valero Energy Corporation 831,500 - --------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 16,863,970 -------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS - 0.6% 18,000 International Paper Company 581,400 31,500 Potlatch Corporation 1,189,125 20,300 Weyerhaeuser Company 1,263,675 - --------------------------------------------------------------------------------------------------------------------------- Total Paper & Forest Products 3,034,200 -------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS - 5.5% 34,800 Abbott Laboratories 1,517,628 90,700 Bristol-Myers Squibb Company 2,345,502 58,000 Celgene Corporation, (1) 2,750,940 48,800 Eli Lilly and Company 2,697,176 20,700 GlaxoSmithKline PLC, ADR 1,155,060 53,500 Johnson & Johnson 3,205,720 110,300 Merck & Co. Inc. 4,018,229 174,300 Pfizer Inc. 4,090,821 55,400 Schering-Plough Corporation 1,054,262 42,900 Telik, Inc., (1) 707,850 46,200 Wyeth 2,051,742 - --------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 25,594,930 -------------------------------------------------------------------------------------------------------------- REAL ESTATE - 1.2% 65,000 American Financial Realty Trust 629,200 67,400 Health Care REIT, Inc. 2,355,630 9,611 Host Marriott Corporation 210,193 66,600 Nationwide Health Properties, Inc. 1,499,166 49,550 Trustreet Properties, Inc. 653,565 - --------------------------------------------------------------------------------------------------------------------------- Total Real Estate 5,347,754 --------------------------------------------------------------------------------------------------------------
34
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- ROAD & RAIL - 0.4% 17,500 Burlington Northern Santa Fe Corporation $ 1,386,875 17,500 Laidlaw International Inc. 441,000 - --------------------------------------------------------------------------------------------------------------------------- Total Road & Rail 1,827,875 -------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & EQUIPMENT - 6.4% 46,200 Advanced Micro Devices, Inc., (1) 1,128,204 57,000 Altera Corporation, (1) 1,000,350 50,600 Analog Devices, Inc. 1,626,284 124,800 Applied Materials, Inc. 2,031,744 74,400 Broadcom Corporation, Class A, (1) 2,235,720 18,900 Cymer, Inc., (1) 878,094 55,600 Fairchild Semiconductor International Inc., Class 1,010,252 A, (1) 46,600 Freescale Semiconductor, Inc., (1) 1,351,400 60,580 Integrated Device Technology, Inc., (1) 859,024 24,700 KLA-Tencor Corporation 1,026,779 55,500 Linear Technology Corporation 1,858,695 35,300 Marvell Technology Group Ltd., (1) 1,564,849 81,900 Maxim Integrated Products, Inc. 2,629,809 30,100 Micrel, Incorporated, (1) 301,301 73,000 Micron Technology, Inc., (1) 1,099,380 53,400 National Semiconductor Corporation 1,273,590 41,000 NVIDIA Corporation, (1) 872,890 102,000 Sigmatel Incorporated, (1) 419,220 116,202 Taiwan Semiconductor Manufacturing Company Ltd., 1,066,738 Sponsored ADR 85,100 Texas Instruments Incorporated 2,577,679 30,150 Varian Semiconductor Equipment Associate, (1) 983,192 92,500 Xilinx, Inc. 2,095,125 - --------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 29,890,319 -------------------------------------------------------------------------------------------------------------- SOFTWARE - 8.8% 92,500 Adobe Systems Incorporated, (1) 2,808,300 22,100 Akamai Technologies, Inc., (1) 799,799 39,700 Autodesk, Inc., (1) 1,368,062 23,500 CA Inc. 482,925 73,400 Cadence Design Systems, Inc., (1) 1,258,810 28,850 Hyperion Solutions Corporation, (1) 796,260 18,600 Internet Security Systems, Inc., (1) 350,610 834,600 Microsoft Corporation 19,446,180 506,650 Oracle Corporation, (1) 7,341,373 17,600 Red Hat, Inc., (1) 411,840 18,900 Reynolds and Reynolds Company 579,663 16,800 SAP AG, Sponsored ADR 882,336 32,000 Satyam Computer Services Limited, ADR 1,060,480 25,400 Sybase, Inc., (1) 492,760 157,610 Symantec Corporation, (1) 2,449,259 33,900 VeriSign, Inc., (1) 785,463 - --------------------------------------------------------------------------------------------------------------------------- Total Software 41,314,120 -------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL - 2.0% 6,500 Abercrombie & Fitch Co., Class A 360,295 28,650 Best Buy Co., Inc. 1,571,166 32,600 Claire's Stores, Inc. 831,626 25,700 Gap, Inc. 447,180 60,100 Home Depot, Inc. 2,150,979 40,900 Limited Brands, Inc. 1,046,631 24,500 Lowe's Companies, Inc. 1,486,415 14,100 Office Depot, Inc., (1) 535,800 46,200 Pier 1 Imports, Inc. 322,476 22,800 TJX Companies, Inc. 521,208 - --------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 9,273,776 -------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS - 0.1% 15,000 Coach, Inc., (1) 448,500 - --------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE - 0.3% 13,800 Fannie Mae 663,780 53,100 New York Community Bancorp, Inc. 876,681 - --------------------------------------------------------------------------------------------------------------------------- Total Thrifts & Mortgage Finance 1,540,461 --------------------------------------------------------------------------------------------------------------
35 Nuveen Equity Premium Advantage Fund (JLA) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- TOBACCO - 1.1% 69,700 Altria Group, Inc. $ 5,118,071 - --------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES - 0.3% 46,400 China Mobile Limited, Sponsored ADR 1,327,504 - --------------------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (COST $413,530,959) 447,169,669 -------------------------------------------------------------------------------------------------------------- NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE - ---------------------------------------------------------------------------------------------------------------------------- PUT OPTIONS - 0.2% 335 Nasdaq 100 Index $46,900,000 7/22/06 $1400 $ 34,170 339 Nasdaq 100 Index 49,155,000 7/22/06 1450 62,715 336 Nasdaq 100 Index 48,720,000 8/19/06 1450 248,640 389 Nasdaq 100 Index 57,377,500 8/19/06 1475 389,000 261 S&P 500 Index 30,015,000 7/22/06 1150 14,355 273 S&P 500 Index 32,077,500 7/22/06 1175 25,935 453 S&P 500 Index 54,360,000 7/22/06 1200 77,010 207 S&P 500 Index 25,357,500 7/22/06 1225 68,310 289 S&P 500 Index 33,235,000 8/19/06 1150 73,695 261 S&P 500 Index 30,667,500 8/19/06 1175 101,790 - ---------------------------------------------------------------------------------------------------------------------------- 3,143 TOTAL PUT OPTIONS (COST $3,668,818) 407,865,000 1,095,620 - ---------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 5.4% $ 25,088 Repurchase Agreement with State Street Bank, dated 4.130% 7/03/06 $ 25,088,171 6/30/06, repurchase price $25,096,806, collateralized by $19,870,000 U.S. Treasury Bonds, 8.125%, due 5/15/21, value $25,595,044 - ---------- - ---------------------------------------------------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (COST $25,088,171) 25,088,171 --------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $442,287,948) - 101.0% 473,353,460 --------------------------------------------------------------------------------------------------------------- NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE - ---------------------------------------------------------------------------------------------------------------------------- CALL OPTIONS - (1.2)% (3) (200) Mini-NDX 100 Index $(3,250,000) 7/22/06 $162.5 $ (13,400) (1,430) Mini-NDX 100 Index (23,595,000) 7/22/06 165.0 (31,460) (120) Mini-NDX 100 Index (2,040,000) 7/22/06 170.0 (600) (1,540) Mini-NDX 100 Index (24,640,000) 8/19/06 160.0 (477,400) (1,420) Mini-NDX 100 Index (23,075,000) 8/19/06 162.5 (279,740) (1,750) Mini-NDX 100 Index (28,000,000) 9/16/06 160.0 (770,000) (138) Nasdaq 100 Index (22,425,000) 7/22/06 1625 (93,840) (147) Nasdaq 100 Index (24,255,000) 7/22/06 1650 (37,044) (128) Nasdaq 100 Index (21,760,000) 7/22/06 1700 (5,376) (190) Nasdaq 100 Index (30,875,000) 8/19/06 1625 (379,050) (154) Nasdaq 100 Index (25,410,000) 8/19/06 1650 (178,640) (212) S&P 500 Index (26,500,000) 7/22/06 1250 (630,700) (442) S&P 500 Index (56,355,000) 7/22/06 1275 (561,340) (210) S&P 500 Index (27,300,000) 7/22/06 1300 (62,580) (197) S&P 500 Index (24,625,000) 8/19/06 1250 (783,075) (227) S&P 500 Index (28,942,500) 8/19/06 1275 (520,965) (226) S&P 500 Index (29,380,000) 8/19/06 1300 (239,560) (230) S&P 500 Index (29,900,000) 9/16/06 1300 (418,600) - ---------------------------------------------------------------------------------------------------------------------------- (8,961) TOTAL CALL OPTIONS (PREMIUMS RECEIVED $10,358,095) (452,327,500) (5,483,370) - ---------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES - 0.2% 848,722 --------------------------------------------------------------------------------------------------------------- NET ASSETS - 100% $ 468,718,812 ---------------------------------------------------------------------------------------------------------------
(1) Non-income producing. (2) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by Strike Price by 100. (3) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options. ADR American Depositary Receipt.
See accompanying notes to financial statements. 36 Nuveen Equity Premium and Growth Fund (JPG) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 95.7% AEROSPACE & DEFENSE - 1.6% 20,500 Boeing Company $ 1,679,155 4,500 Goodrich Corporation 181,305 28,500 Honeywell International Inc. 1,148,550 29,400 United Technologies Corporation 1,864,548 - --------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 4,873,558 -------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS - 0.7% 25,200 United Parcel Service, Inc., Class B 2,074,716 - --------------------------------------------------------------------------------------------------------------------------- AIRLINES - 0.4% 14,900 AMR Corporation, (1) 378,758 9,600 Continental Airlines, Inc., (1) 286,080 20,000 Southwest Airlines Co. 327,400 3,800 US Airways Group Inc., (1) 192,052 - --------------------------------------------------------------------------------------------------------------------------- Total Airlines 1,184,290 -------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS - 0.3% 24,800 American Axle and Manufacturing Holdings Inc. 424,328 18,500 Cooper Tire & Rubber 206,090 14,000 Lear Corporation 310,940 - --------------------------------------------------------------------------------------------------------------------------- Total Auto Components 941,358 -------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.6% 82,400 Ford Motor Company 571,032 35,600 General Motors Corporation 1,060,524 2,500 Harley-Davidson Inc. 137,225 - --------------------------------------------------------------------------------------------------------------------------- Total Automobiles 1,768,781 -------------------------------------------------------------------------------------------------------------- BEVERAGES - 0.6% 35,000 Coca-Cola Company 1,505,700 7,500 PepsiCo, Inc. 450,300 - --------------------------------------------------------------------------------------------------------------------------- Total Beverages 1,956,000 -------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY - 0.1% 4,100 Amgen Inc., (1) 267,443 - --------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS - 0.0% 4,000 Masco Corporation 118,560 - --------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS - 1.8% 9,700 Administradora de Fondos de Pensiones Provida SA 234,255 16,000 American Capital Strategies Limited 535,680 35,000 Charles Schwab Corporation 559,300 8,500 Goldman Sachs Group, Inc. 1,278,655 6,500 Jefferies Group, Inc. 192,595 3,500 Legg Mason, Inc. 348,320 4,200 Merrill Lynch & Co., Inc. 292,152 31,000 Morgan Stanley 1,959,510 18,800 Waddell & Reed Financial, Inc., Class A 386,528 - --------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 5,786,995 -------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.8% 25,000 Dow Chemical Company 975,750 74,200 E.I. Du Pont de Nemours and Company 3,086,720 2,700 Eastman Chemical Company 145,800 5,300 Lyondell Chemical Company 120,098 15,200 NL Industries Inc. 163,400 5,900 Olin Corporation 105,787
37 Nuveen Equity Premium and Growth Fund (JPG) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- CHEMICALS (continued) 13,000 PPG Industries, Inc. $ 858,000 9,600 RPM International, Inc. 172,800 - --------------------------------------------------------------------------------------------------------------------------- Total Chemicals 5,628,355 -------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS - 9.4% 167,514 Bank of America Corporation 8,057,472 15,500 Comerica Incorporated 805,845 27,000 F.N.B. Corporation PA 425,790 9,000 Federated Investors Inc. 283,500 12,900 Fifth Third Bancorp 476,655 53,500 First Horizon National Corporation 2,150,700 30,000 HSBC Holdings PLC, Sponsored ADR 2,650,500 48,400 Lloyds TSB Group PLC, Sponsored ADR 1,910,348 4,500 National Australia Bank Limited, Sponsored ADR 586,350 28,500 National City Corporation 1,031,415 20,000 North Fork Bancorporation Inc. 603,400 28,200 Regions Financial Corporation 933,984 93,000 U.S. Bancorp 2,871,840 51,300 Wachovia Corporation 2,774,304 28,800 Washington Mutual, Inc. 1,312,704 40,800 Wells Fargo & Company 2,736,864 - --------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 29,611,671 -------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES - 1.2% 22,000 Automatic Data Processing, Inc. 997,700 2,000 Avery Dennison Corporation 116,120 67,100 Deluxe Corporation 1,172,908 13,000 Paychex, Inc. 506,740 56,500 ServiceMaster Company 583,645 118,800 Synagro Technologies, Inc. 466,884 - --------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 3,843,997 -------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT - 2.1% 29,800 Ciena Corporation, (1) 143,338 125,800 Cisco Systems, Inc., (1) 2,456,874 41,900 Corning Incorporated, (1) 1,013,561 50,000 JDS Uniphase Corporation, (1) 126,500 59,700 Motorola, Inc. 1,202,955 42,400 QUALCOMM Inc. 1,698,968 - --------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 6,642,196 -------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS - 2.3% 18,000 Apple Computer, Inc., (1) 1,028,160 32,000 Dell Inc., (1) 781,120 65,500 Hewlett-Packard Company 2,075,040 39,700 International Business Machines Corporation (IBM) 3,049,754 3,400 SanDisk Corporation, (1) 173,332 - --------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 7,107,406 -------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING - 0.3% 22,600 Chesapeake Corporation 370,866 32,000 Packaging Corp. of America 704,640 - --------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 1,075,506 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES - 4.7% 2,000 Chicago Merchantile Exchange 982,300 177,500 Citigroup Inc. 8,562,600 4,000 Freddie Mac 228,040 27,800 Gladstone Capital Corporation 594,642 104,500 JPMorgan Chase & Co. 4,389,000 - --------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 14,756,582 -------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES - 4.5% 23,500 Alaska Communications Systems Group Inc. 297,275 118,000 AT&T Inc. 3,291,020 16,000 BellSouth Corporation 579,200 97,700 Chunghwa Telecom Co., Ltd., Sponsored ADR 1,804,519
38
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES (continued) 104,800 Citizens Communications Company $ 1,367,640 7,200 Compania Anonima Nacional Telefonos de Venezuela 141,480 78,200 Compania de Telecomunicaciones de Chile S.A., 534,888 Sponsored ADR 15,600 FairPoint Communications Inc. 224,640 7,000 Magyar Telekom Telecommunications, (1) 132,580 21,000 Portugal Telecom SA 253,050 9,600 PT Telekomunikasi Indonesia 308,160 8,500 Sprint Nextel Corporation 169,915 35,600 Telstra Corporation Limited, ADR 487,720 25,100 Valor Communications Group Inc. 287,395 129,500 Verizon Communications Inc. 4,336,955 - --------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 14,216,437 -------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.3% 5,400 Ameren Corporation 272,700 26,500 Centerpoint Energy Inc. 331,250 17,000 Consolidated Edison, Inc. 755,480 12,000 Duquesne Light Holdings Inc. 197,280 6,000 Enel SpA, Sponsored ADR 258,120 14,700 Great Plains Energy Incorporated 409,542 21,000 Progress Energy, Inc. 900,270 15,200 TXU Corporation 908,808 - --------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 4,033,450 -------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.1% 2,500 Cooper Industries, Ltd., Class A 232,300 30,000 Emerson Electric Co. 2,514,300 5,000 Hubbell Incorporated, Class B 238,250 6,000 Rockwell Automation, Inc. 432,060 - --------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 3,416,910 -------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1% 3,800 MEMC Electronic Materials, (1) 142,500 - --------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES - 1.9% 10,700 Baker Hughes Incorporated 875,795 9,000 BJ Services Company 335,340 2,500 Diamond Offshore Drilling, Inc. 209,825 19,200 Halliburton Company 1,424,832 2,500 National-Oilwell Varco Inc., (1) 158,300 32,200 Schlumberger Limited 2,096,542 7,000 Transocean Inc., (1) 562,240 3,800 Weatherford International Ltd, (1) 188,556 - --------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 5,851,430 -------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING - 1.1% 14,000 CVS Corporation 429,800 11,375 SUPERVALU Inc. 349,213 49,400 Wal-Mart Stores, Inc. 2,379,598 4,500 Whole Foods Market, Inc. 290,880 - --------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 3,449,491 -------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS - 0.7% 41,300 ConAgra Foods, Inc. 913,143 80,000 Sara Lee Corporation 1,281,600 - --------------------------------------------------------------------------------------------------------------------------- Total Food Products 2,194,743 -------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 2.3% 77,000 KeySpan Corporation 3,110,800 41,000 Nicor Inc. 1,701,500 71,000 Peoples Energy Corporation 2,549,610 - --------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 7,361,910 --------------------------------------------------------------------------------------------------------------
39 Nuveen Equity Premium and Growth Fund (JPG) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES - 0.4% 5,200 Baxter International Inc. $ 191,152 17,079 Boston Scientific Corporation, (1) 287,610 19,000 Medtronic, Inc. 891,480 - --------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 1,370,242 -------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES - 0.8% 16,000 Aetna Inc. 638,880 13,500 HCA, Inc. 582,525 4,500 Humana Inc., (1) 241,650 3,000 LCA-Vision Inc. 158,730 3,600 UnitedHealth Group Incorporated 161,208 10,100 Wellpoint Inc., (1) 734,977 - --------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 2,517,970 -------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE - 0.8% 9,600 Harrah's Entertainment, Inc. 683,328 5,500 International Game Technology 208,670 31,900 McDonald's Corporation 1,071,840 10,200 Wendy's International, Inc. 594,558 - --------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 2,558,396 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES - 1.3% 11,600 Furniture Brands International, Inc. 241,744 13,500 Kimball International Inc., Class B 266,085 5,000 Leggett and Platt Inc. 124,900 55,500 Newell Rubbermaid Inc. 1,433,565 12,000 Snap-on Incorporated 485,040 13,500 Stanley Works 637,470 8,998 Whirlpool Corporation 743,685 - --------------------------------------------------------------------------------------------------------------------------- Total Household Durables 3,932,489 -------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS - 1.9% 20,000 Kimberly-Clark Corporation 1,234,000 85,500 Procter & Gamble Company 4,753,800 - --------------------------------------------------------------------------------------------------------------------------- Total Household Products 5,987,800 -------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES - 4.9% 32,000 3M Company 2,584,640 6,700 American Standard Companies Inc. 289,909 325,900 General Electric Company 10,741,664 15,200 Genuine Parts Company 633,232 39,500 Tyco International Ltd. 1,086,250 - --------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 15,335,695 -------------------------------------------------------------------------------------------------------------- INSURANCE - 3.7% 20,000 Allstate Corporation 1,094,600 33,500 American International Group, Inc. 1,978,175 21,000 Arthur J. Gallagher & Co. 532,140 29,000 AXA, Sponsored ADR 950,620 12,000 Fidelity National Financial, Inc. 467,400 7,000 Hartford Financial Services Group, Inc. 592,200 74,333 Lincoln National Corporation 4,195,405 8,000 Marsh & McLennan Companies, Inc. 215,120 16,400 St. Paul Travelers Companies, Inc. 731,112 9,900 Unitrin, Inc. 431,541 5,100 XL Capital Ltd, Class A 312,630 - --------------------------------------------------------------------------------------------------------------------------- Total Insurance 11,500,943 -------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL - 0.1% 8,500 Amazon.com, Inc., (1) 328,780 - --------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES - 1.9% 20,000 eBay Inc., (1) 585,800 7,100 Google Inc., Class A, (1) 2,977,243 103,600 United Online, Inc. 1,243,200 30,700 Yahoo! Inc., (1) 1,013,100 - --------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 5,819,343 --------------------------------------------------------------------------------------------------------------
40
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS - 0.3% 11,500 Eastman Kodak Company $ 273,470 39,200 Mattel, Inc. 647,192 - --------------------------------------------------------------------------------------------------------------------------- Total Leisure Equipment & Products 920,662 -------------------------------------------------------------------------------------------------------------- MACHINERY - 1.3% 35,000 Barnes Group Inc. 698,250 30,000 Caterpillar Inc. 2,234,400 9,600 Deere & Company 801,504 2,300 Joy Global Inc. 119,807 2,100 Volvo AB, Sponsored ADR 102,921 - --------------------------------------------------------------------------------------------------------------------------- Total Machinery 3,956,882 -------------------------------------------------------------------------------------------------------------- MEDIA - 0.9% 4,500 Clear Channel Communications, Inc. 139,275 15,600 Dow Jones & Company, Inc. 546,156 25 Live Nation Inc., (1) 509 88,300 Regal Entertainment Group, Class A 1,794,256 37,000 Sirius Satellite Radio Inc., (1) 175,750 18,500 World Wrestling Entertainment Inc. 312,465 - --------------------------------------------------------------------------------------------------------------------------- Total Media 2,968,411 -------------------------------------------------------------------------------------------------------------- METALS & MINING - 1.7% 9,200 Alcoa Inc. 297,712 7,000 Aluminum Corporation of China Limited 522,900 47,500 Companhia Siderurgica Nacional S.A., Sponsored ADR 1,529,500 8,550 Gerdau SA 127,481 2,600 Phelps Dodge Corporation 213,616 30,900 Southern Copper Corporation 2,754,117 - --------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 5,445,326 -------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL - 0.5% 19,200 Federated Department Stores, Inc. 702,720 5,500 J.C. Penney Company, Inc. 371,305 12,800 Nordstrom, Inc. 467,200 - --------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 1,541,225 -------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES - 1.2% 4,800 Dominion Resources, Inc. 358,992 76,000 Duke Energy Corporation 2,232,120 10,500 National Grid PLC, Sponsored ADR 567,630 10,500 ONEOK, Inc. 357,420 13,200 United Utilities PLC, Sponsored ADR 312,972 - --------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 3,829,134 -------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS - 7.8% 68,900 Chevron Corporation 4,275,934 41,828 ConocoPhillips 2,740,989 185,000 ExxonMobil Corporation 11,349,750 3,600 Frontline Limited 136,260 4,800 General Maritime Corporation 177,408 7,800 Marathon Oil Corporation 649,740 103,000 Norsk Hydro ASA 2,751,130 13,000 Occidental Petroleum Corporation 1,333,150 3,500 Sinopec Shanghai Petrochemical Company, Limited 172,725 12,000 Valero Energy Corporation 798,240 2,000 YPF Sociedad Anonima 81,660 - --------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 24,466,986 -------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS - 0.9% 5,000 Bowater Incorporated 113,750 11,500 International Paper Company 371,450 6,300 MeadWestvaco Corporation 175,959 42,000 Potlatch Corporation 1,585,500 8,400 Weyerhaeuser Company 522,900 - --------------------------------------------------------------------------------------------------------------------------- Total Paper & Forest Products 2,769,559 --------------------------------------------------------------------------------------------------------------
41 Nuveen Equity Premium and Growth Fund (JPG) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS - 0.2% 23,000 Avon Products, Inc. $ 713,000 - --------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS - 8.9% 65,000 Abbott Laboratories 2,834,650 169,000 Bristol-Myers Squibb Company 4,370,340 35,300 Eli Lilly and Company 1,951,031 89,900 Johnson & Johnson 5,386,808 140,500 Merck & Co. Inc. 5,118,415 277,500 Pfizer Inc. 6,512,925 36,000 Wyeth 1,598,760 - --------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 27,772,929 -------------------------------------------------------------------------------------------------------------- REAL ESTATE - 3.4% 18,200 American Home Mortgage Investment Corp. 670,852 68,000 Apartment Investment & Management Company, Class A 2,954,600 3,500 Colonial Properties Trust 172,900 10,000 Glimcher Realty Trust 248,100 57,500 Healthcare Realty Trust, Inc. 1,831,375 47,000 Hospitality Properties Trust 2,064,240 30,500 Lexington Corporate Properties Trust 658,800 53,300 Nationwide Health Properties, Inc. 1,199,783 10,000 New Century Financial Corporation 457,500 10,500 Omega Healthcare Investors Inc. 138,810 20,000 Senior Housing Properties Trust 358,200 - --------------------------------------------------------------------------------------------------------------------------- Total Real Estate 10,755,160 -------------------------------------------------------------------------------------------------------------- ROAD & RAIL - 0.3% 4,500 Burlington Northern Santa Fe Corporation 356,625 18,500 Laidlaw International Inc. 466,200 2,000 Norfolk Southern Corporation 106,440 - --------------------------------------------------------------------------------------------------------------------------- Total Road & Rail 929,265 -------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & EQUIPMENT - 2.8% 16,000 Advanced Micro Devices, Inc., (1) 390,720 16,000 Analog Devices, Inc. 514,240 36,200 Applied Materials, Inc. 589,336 16,800 Broadcom Corporation, Class A, (1) 504,840 184,500 Intel Corporation 3,496,275 4,800 Linear Technology Corporation 160,752 27,000 Microchip Technology Incorporated 905,850 15,900 National Semiconductor Corporation 379,215 13,400 NVIDIA Corporation, (1) 285,286 34,200 Texas Instruments Incorporated 1,035,918 17,800 Xilinx, Inc. 403,170 - --------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 8,665,602 -------------------------------------------------------------------------------------------------------------- SOFTWARE - 2.7% 12,400 Adobe Systems Incorporated, (1) 376,464 6,000 Akamai Technologies, Inc., (1) 217,140 3,000 Citrix Systems, (1) 120,420 232,500 Microsoft Corporation 5,417,250 99,975 Oracle Corporation, (1) 1,448,652 5,500 Red Hat, Inc., (1) 128,700 7,500 Salesforce.com, Inc., (1) 199,950 20,200 Symantec Corporation, (1) 313,908 6,500 VeriSign, Inc., (1) 150,605 - --------------------------------------------------------------------------------------------------------------------------- Total Software 8,373,089 -------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL - 2.3% 6,450 Abercrombie & Fitch Co., Class A 357,524 17,000 American Eagle Outfitters, Inc. 578,680 17,000 Best Buy Co., Inc. 932,280 4,000 Circuit City Stores, Inc. 108,880 39,500 Gap, Inc. 687,300 59,000 Home Depot, Inc. 2,111,610 30,700 Limited Brands, Inc. 785,613 7,000 Office Depot, Inc., (1) 266,000 88,600 Pier 1 Imports, Inc. 618,428
42
SHARES DESCRIPTION VALUE - --------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL (continued) 7,300 Sherwin-Williams Company $ 346,604 12,000 TJX Companies, Inc. 274,320 22,900 Tuesday Morning Corporation 301,135 - --------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 7,368,374 -------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS - 0.5% 7,500 Cherokee Inc. 310,200 20,000 VF Corporation 1,358,400 - --------------------------------------------------------------------------------------------------------------------------- Total Textiles, Apparel & Luxury Goods 1,668,600 -------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE - 0.9% 18,900 Fannie Mae 909,090 5,100 Great Lakes Bancorp Inc., (1) 89,148 113,200 New York Community Bancorp, Inc. 1,868,932 - --------------------------------------------------------------------------------------------------------------------------- Total Thrifts & Mortgage Finance 2,867,170 -------------------------------------------------------------------------------------------------------------- TOBACCO - 2.3% 72,700 Altria Group, Inc. 5,338,361 1,500 Reynolds American Inc. 172,950 30,000 UST Inc. 1,355,700 16,900 Vector Group Ltd. 274,625 - --------------------------------------------------------------------------------------------------------------------------- Total Tobacco 7,141,636 -------------------------------------------------------------------------------------------------------------- TRANSPORTATION INFRASTRUCTURE - 0.1% 2,800 Grupo Aeroportuario del Sureste SA de CV 94,050 2,700 Stolt-Nielsen S.A., Sponsored ADR 63,585 - --------------------------------------------------------------------------------------------------------------------------- Total Transportation Infrastructure 157,635 -------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (COST $291,387,226) 299,966,588 -------------------------------------------------------------------------------------------------------------- NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE - ---------------------------------------------------------------------------------------------------------------------------- PUT OPTIONS - 0.1% 285 S&P 500 Index $32,775,000 7/22/06 $1150 $ 15,675 285 S&P 500 Index 33,487,500 7/22/06 1175 27,075 512 S&P 500 Index 61,440,000 7/22/06 1200 87,040 222 S&P 500 Index 27,195,000 7/22/06 1225 73,260 299 S&P 500 Index 34,385,000 8/19/06 1150 76,245 282 S&P 500 Index 33,135,000 8/19/06 1175 109,980 - ---------------------------------------------------------------------------------------------------------------------------- 1,885 TOTAL PUT OPTIONS (COST $1,107,343) 222,417,500 389,275 - ---------------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ------------------------------------------------------------------------------------------------------------------------------ SHORT-TERM INVESTMENTS - 5.0% $ 15,593 Repurchase Agreement with State Street Bank, dated 4.130% 7/03/06 $ 15,592,876 6/30/06, repurchase price $15,598,243, collateralized by: $11,710,000 U.S. Treasury Bonds, 9.875%, due 11/15/15, value $15,846,921 $5,000 U.S. Treasury Bonds, 7.500%, due 11/15/16, value $5,935 $20,000 U.S. Treasury Bonds, 8.500%, due 2/15/20, value $26,637 $20,000 U.S. Treasury Bonds, 7.875%, due 2/15/21, value $25,525 - ----------- - ------------------------------------------------------------------------------------------------------------------------------ TOTAL SHORT-TERM INVESTMENTS (COST $15,592,876) 15,592,876 --------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST $308,087,445) - 100.8% 315,948,739 ---------------------------------------------------------------------------------------------------------------
43 Nuveen Equity Premium and Growth Fund (JPG) (continued) Portfolio of INVESTMENTS June 30, 2006 (Unaudited)
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE - ------------------------------------------------------------------------------------------------------------------------------ CALL OPTIONS - (1.1)% (3) (235) S&P 500 Index $(29,375,000) 7/22/06 $1250 $ (699,125) (470) S&P 500 Index (59,925,000) 7/22/06 1275 (596,900) (218) S&P 500 Index (28,340,000) 7/22/06 1300 (64,964) (218) S&P 500 Index (27,250,000) 8/19/06 1250 (866,550) (248) S&P 500 Index (31,620,000) 8/19/06 1275 (569,160) (252) S&P 500 Index (32,760,000) 8/19/06 1300 (267,120) (244) S&P 500 Index (31,720,000) 9/16/06 1300 (444,080) - ------------------------------------------------------------------------------------------------------------------------------ (1,885) TOTAL CALL OPTIONS (PREMIUMS RECEIVED $4,489,242) (240,990,000) (3,507,899) - ------------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS LESS LIABILITIES - 0.3% 1,117,745 --------------------------------------------------------------------------------------------------------------- NET ASSETS - 100% $ 313,558,585 ---------------------------------------------------------------------------------------------------------------
(1) Non-income producing. (2) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by Strike Price by 100. (3) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options. ADR American Depositary Receipt.
See accompanying notes to financial statements. 44 Statement of ASSETS AND LIABILITIES June 30, 2006 (Unaudited)
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) - -------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments, at value (cost $642,400,192, $1,133,482,327, $442,287,948 and $308,087,445, respectively) $709,776,485 $1,206,928,349 $473,353,460 $315,948,739 Receivables: Dividends 1,549,070 1,607,816 476,297 621,359 Interest 4,482 6,790 2,878 1,789 Options sold 2,198,495 2,993,465 711,268 779,056 Reclaims 296 27,472 472 1,989 Other assets 18,840 34,606 9,010 5,992 - -------------------------------------------------------------------------------------------------------------------------------- Total assets 713,547,668 1,211,598,498 474,553,385 317,358,924 - -------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Call options written, at value (premiums received $11,898,588, $22,760,724, $10,358,095 and $4,489,242, respectively) 9,679,552 15,382,398 5,483,370 3,507,899 Accrued expenses: Management fees 334,292 557,692 259,969 222,321 Offering costs -- -- -- 6,000 Other 147,395 215,983 91,234 64,119 - -------------------------------------------------------------------------------------------------------------------------------- Total liabilities 10,161,239 16,156,073 5,834,573 3,800,339 - -------------------------------------------------------------------------------------------------------------------------------- Net assets $703,386,429 $1,195,442,425 $468,718,812 $313,558,585 - -------------------------------------------------------------------------------------------------------------------------------- Shares outstanding 38,321,275 65,679,911 25,632,480 16,505,240 - -------------------------------------------------------------------------------------------------------------------------------- Net asset value per share outstanding $ 18.35 $ 18.20 $ 18.29 $ 19.00 - -------------------------------------------------------------------------------------------------------------------------------- NET ASSETS CONSIST OF: - -------------------------------------------------------------------------------------------------------------------------------- Shares, $.01 par value per share $ 383,213 $ 656,799 $ 256,325 $ 165,052 Paid-in surplus 681,151,850 1,184,766,102 471,064,113 314,425,031 Undistributed (Over-distribution of) net investment income (24,392,703) (47,892,846) (20,698,138) (8,924,811) Accumulated net realized gain (loss) from investments and derivative transactions (23,351,260) (22,911,978) (17,843,725) (949,324) Net unrealized appreciation (depreciation) of investments and derivative transactions 69,595,329 80,824,348 35,940,237 8,842,637 - -------------------------------------------------------------------------------------------------------------------------------- Net assets $703,386,429 $1,195,442,425 $468,718,812 $313,558,585 - -------------------------------------------------------------------------------------------------------------------------------- Authorized shares Unlimited Unlimited Unlimited Unlimited - --------------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. 45 Statement of OPERATIONS Six Months Ended June 30, 2006 (Unaudited)
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) - ----------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Dividends (net of foreign taxes withheld of $3,880, $41,219, $14,177 and $13,376, respectively) $ 9,720,350 $12,930,273 $ 3,792,783 $ 4,921,464 Interest 847,300 1,420,817 581,260 359,533 - ----------------------------------------------------------------------------------------------------------------------------- Total investment income 10,567,650 14,351,090 4,374,043 5,280,997 - ----------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 3,102,755 5,263,917 2,123,270 1,365,228 Shareholders' servicing agent fees and expenses 1,368 1,665 421 427 Custodian's fees and expenses 81,265 148,249 66,700 68,125 Trustees' fees and expenses 7,916 14,835 5,198 7,970 Professional fees 37,797 28,600 11,984 14,616 Shareholders' reports - printing and mailing expenses 67,594 141,004 42,333 738 Stock exchange listing fees 8,552 24,355 4,871 4,871 Investor relations expense 22,175 43,838 26,766 18,620 Organization expenses -- -- 4,500 -- Other expenses 47,865 102,593 69,756 32,951 - ----------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 3,377,287 5,769,056 2,355,799 1,513,546 Custodian fee credit (10,623) (32,788) (24,376) (67,173) Expense reimbursement (1,056,036) (1,816,094) (482,269) -- - ----------------------------------------------------------------------------------------------------------------------------- Net expenses 2,310,628 3,920,174 1,849,154 1,446,373 - ----------------------------------------------------------------------------------------------------------------------------- Net investment income 8,257,022 10,430,916 2,524,889 3,834,624 - ----------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments (13,353,054) (17,217,422) (11,673,280) (6,998,864) Option contracts written 17,019,337 36,208,823 17,158,279 6,354,270 Change in net unrealized appreciation (depreciation) of: Investments 20,988,445 6,560,051 3,560,074 11,110,733 Option contracts written (4,920,111) (8,006,894) (2,649,988) (1,574,650) - ----------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) 19,734,617 17,544,558 6,395,085 8,891,489 - ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations $ 27,991,639 $27,975,474 $ 8,919,974 $12,726,113 - -----------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. 46 Statement of CHANGES IN NET ASSETS (Unaudited)
EQUITY PREMIUM OPPORTUNITY (JSN) EQUITY PREMIUM ---------------------------------- INCOME (JPZ) FOR THE PERIOD ------------------------------- 1/26/05 (COMMENCEMENT SIX MONTHS YEAR SIX MONTHS OF OPERATIONS) ENDED ENDED ENDED THROUGH 6/30/06 12/31/05 6/30/06 12/31/05 - --------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 8,257,022 $ 16,060,048 $ 10,430,916 $ 19,262,032 Net realized gain (loss) from: Investments (13,353,054) (18,142,299) (17,217,422) (36,918,822) Option contracts written 17,019,337 16,747,831 36,208,823 4,493,069 Change in net unrealized appreciation (depreciation) of: Investments 20,988,445 9,016,071 6,560,051 66,885,971 Option contracts written (4,920,111) 10,174,269 (8,006,894) 15,385,220 - --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 27,991,639 33,855,920 27,975,474 69,107,470 - --------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From and in excess of net investment income (32,649,725) -- (58,323,762) -- From net investment income -- (15,325,480) -- (19,262,032) From accumulated net realized gains -- -- -- (9,477,626) Tax return of capital -- (49,390,391) -- (67,663,695) - --------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (32,649,725) (64,715,871) (58,323,762) (96,403,353) - --------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Net proceeds from sale of shares and offering costs adjustments (4,982) 67,480 256,067 1,228,579,554 Net proceeds from shares issued to shareholders due to reinvestment of distributions -- 14,947,821 -- 24,150,891 - --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions (4,982) 15,015,301 256,067 1,252,730,445 - --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (4,663,068) (15,844,650) (30,092,221) 1,225,434,562 - --------------------------------------------------------------------------------------------------------------------------------- Net assets at the beginning of period 708,049,497 723,894,147 1,225,534,646 100,084 - --------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $703,386,429 $708,049,497 $1,195,442,425 $1,225,534,646 - --------------------------------------------------------------------------------------------------------------------------------- Undistributed (Over-distribution of) net investment income at the end of period $(24,392,703) $ -- $ (47,892,846) $ -- - ---------------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. 47 Statement of CHANGES IN NET ASSETS (Unaudited) (continued)
EQUITY PREMIUM EQUITY PREMIUM ADVANTAGE (JLA) AND GROWTH (JPG) ------------------------------- -------------------------------- FOR THE PERIOD FOR THE PERIOD 5/25/05 11/22/05 (COMMENCEMENT (COMMENCEMENT SIX MONTHS OF OPERATIONS) SIX MONTHS OF OPERATIONS) ENDED THROUGH ENDED THROUGH 6/30/06 12/31/05 6/30/06 12/31/05 - --------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 2,524,889 $ 2,638,831 $ 3,834,624 $ 609,808 Net realized gain (loss) from: Investments (11,673,280) (11,273,386) (6,998,864) (48,900) Option contracts written 17,158,279 (8,846,038) 6,354,270 (255,830) Change in net unrealized appreciation (depreciation) of: Investments 3,560,074 27,505,438 11,110,733 (3,249,440) Option contracts written (2,649,988) 7,524,713 (1,574,650) 2,555,993 - --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 8,919,974 17,549,558 12,726,113 (388,369) - --------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From and in excess of net investment income (23,223,027) -- (13,369,243) -- From net investment income -- (2,638,831) -- -- From accumulated net realized gains -- (3,209,300) -- -- Tax return of capital -- (17,292,115) -- -- - --------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (23,223,027) (23,140,246) (13,369,243) -- - --------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Net proceeds from sale of shares and offering costs adjustments 42,694 484,128,408 -- 314,490,000 Net proceeds from shares issued to shareholders due to reinvestment of distributions -- 4,341,367 -- -- - --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions 42,694 488,469,775 -- 314,490,000 - --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (14,260,359) 482,879,087 (643,130) 314,101,631 - --------------------------------------------------------------------------------------------------------------------------------- Net assets at the beginning of period 482,979,171 100,084 314,201,715 100,084 - --------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $468,718,812 $ 482,979,171 $313,558,585 $ 314,201,715 - --------------------------------------------------------------------------------------------------------------------------------- Undistributed (Over-distribution of) net investment income at the end of period $(20,698,138) $ -- $ (8,924,811) $ 609,808 - ---------------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. 48 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), Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG). The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. Prior to the commencement of operations, each Fund had no operations other than those related to organizational matters, the initial capital contribution of $100,084 by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), the recording of the organization expenses ($11,500 for Equity Premium Income (JPZ) and $13,500 per Fund for Equity Premium Opportunity (JSN), Equity Premium Advantage (JLA) and Equity Premium and Growth (JPG)) and their reimbursement by Nuveen Investments, LLC, also a wholly owned subsidiary of Nuveen. Each Fund seeks to provide a high level of current income and gains by investing primarily in a diversified equity portfolio that seeks to substantially replicate price movements of either the Standard & Poor's 500 Stock Index or a weighted average of the Standard & Poor's 500 Stock Index and the NASDAQ-100 Index and is designed to support the Funds' index option strategies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Investment Valuation Exchange-listed equity securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Equity securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price. Prices of index options are provided through an independent pricing service approved by the Funds' Board of Trustees. If the pricing service is unable to supply a price for a derivative investment the Funds may use a market quote provided by a major broker/dealer in such investments. If it is determined that market prices for an investment are unavailable or inappropriate, the Board of Trustees of the Funds, or its designee, may establish fair value in accordance with procedures established in good faith by the Board of Trustees. In establishing fair value, the Board of Trustees, or its designee, will use a wide variety of market data including prices of comparable securities, indications of value from security dealers, general market conditions and other information and analysis. Short-term investments are valued at amortized cost, which approximates market value. Index options are generally valued at the average of the closing bid and asked quotations. The close of trading of index options traded on the Chicago Board Options Exchange normally occurs at 4:15 ET, which is different from the normal 4:00 ET close of the NYSE (the time of day as of which each Fund's NAV is calculated). Under normal market circumstances, closing index option quotations are considered to reflect the index option contract values as of the close of the NYSE and will be used to value the option contracts. However, a significant change in the S&P 500 or NASDAQ-100 futures contracts between the NYSE close and the options market close will be considered as an indication that closing market quotations for index options do not reflect the value of the contracts as of the stock market close. In the event of such a significant change, the Board of Trustees, or its designee, will determine a fair value for the options. Any such fair valuation will likely take into account any information that may be available about the actual trading price of the affected option as of 4:00 ET, and if no such information is reliably available, the fair valuation of the option may take into account various option pricing methodologies, as determined to be appropriate under the circumstances. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method. Option Transactions Each Fund purchases index put options and writes (sells) index call options. The purchase of put options involves the risk of loss of all or part of the cash paid for the options. Put options purchased are accounted for in the same manner as portfolio securities. 49 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. Federal Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Dividends and Distributions to Shareholders Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. The Funds make monthly cash distributions to shareholders of a stated dollar amount per share. Subject to approval and oversight by the Funds' Board of Trustees, each Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of each Fund's investment strategy through regular monthly distributions (a "Managed Distribution Policy"). Total distributions during a calendar year generally will be made from each Fund's net investment income, net realized capital gains and net unrealized capital gains in the Fund's portfolio, if any. The portion of distributions paid from net unrealized gains, if any, would be distributed from the Fund's assets and would be treated by shareholders as a non-taxable distribution for tax purposes. If a Fund's total return on net asset value exceeds total distributions during a calendar year, the excess will be reflected as an increase in net asset value per share. In the event that total distributions during a calendar year exceed a Fund's total return on net asset value, the difference will be treated as a return of capital for tax purposes and will reduce net asset value per share. The final determination of the source and character of all distributions for the fiscal year are made after the end of the fiscal year and reflected in the financial statements contained in the annual report as of December 31 each year. Real Estate Investment Trust ("REIT") distributions received by the Funds are generally comprised of ordinary income, long-term and short-term capital gains, and a return of REIT capital. The actual character of amounts received during the period are not known until after the fiscal year-end. For the fiscal year ended December 31, 2005, the character of distributions to the Funds from the REITs was as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) - ----------------------------------------------------------------------------------------------------------------------- Ordinary income 60.14% 46.28% 49.62% 46.66% Long-term and short-term capital gains 21.75 20.99 1.75 17.49 Return of REIT capital 18.11 32.73 48.63 35.85 - -----------------------------------------------------------------------------------------------------------------------
50 For the fiscal year ended December 31, 2005, the Funds applied the actual character of distributions reported by the REITs in which the Funds invest to their receipts from the REITs. If a REIT held in the portfolio of investments did not report the actual character of its distributions during the period, the Funds treated the distributions as ordinary income. For the six months ended June 30, 2006, the Funds applied the actual distribution characteristic percentages for the twelve months ended December 31, 2005, described above, to its receipts from the REITs and treated as income in the Statement of Operations only the amount of ordinary income so calculated. The Funds adjust that estimated breakdown of income type (and consequently their net investment income) as necessary early in the following calendar year when the REITs inform their shareholders of the actual breakdown of income type. The actual character of distributions made by the Funds during the fiscal year ended December 31, 2005, are reflected in the accompanying financial statements. The distributions made by the Funds during the six months ended June 30, 2006, are provisionally classified as being "From and in excess of net investment income", and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end. For purposes of calculating "Undistributed (Over- distribution of) net investment income as of June 30, 2006, the distribution amounts provisionally classified as "From and in excess of net investment income" were treated as being entirely from net investment income. Consequently, the financial statements at June 30, 2006, reflect an over-distribution of net investment income. Organization and Offering Costs Nuveen Investments, LLC has agreed to reimburse all organization expenses (approximately $11,500 for Equity Premium Income (JPZ) and $13,500 per Fund for Equity Premium Opportunity (JSN), Equity Premium Advantage (JLA) and Equity Premium and Growth (JPG)) and pay all offering costs (other than the sales load) that exceed $.04 per share for each of the Funds. Equity Premium Income's (JPZ), Equity Premium Opportunity's (JSN), Equity Premium Advantage's (JLA) and Equity Premium and Growth's (JPG) share of offering costs ($1,033,270, $1,095,509, $968,898 and $660,000, respectively) were recorded as reductions of the proceeds from the sale of shares. Repurchase Agreements In connection with transactions in repurchase agreements, it is the Funds' policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Indemnifications Under the Funds' organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in shares were as follows:
EQUITY PREMIUM OPPORTUNITY (JSN) EQUITY PREMIUM ------------------------------------ INCOME (JPZ) FOR THE PERIOD ---------------------------------- 1/26/05 YEAR (COMMENCEMENT SIX MONTHS ENDED SIX MONTHS OF OPERATIONS) ENDED 6/30/06 12/31/05 ENDED 6/30/06 THROUGH 12/31/05 - ---------------------------------------------------------------------------------------------------------------------- Shares sold -- -- -- 64,394,300 Shares issued to shareholders due to reinvestment of distributions -- 778,657 -- 1,280,371 - ---------------------------------------------------------------------------------------------------------------------- -- 778,657 -- 65,674,671 - ----------------------------------------------------------------------------------------------------------------------
51 Notes to FINANCIAL STATEMENTS (Unaudited) (continued)
EQUITY PREMIUM EQUITY PREMIUM ADVANTAGE (JLA) AND GROWTH (JPG) ------------------------------------ ------------------------------------ FOR THE PERIOD FOR THE PERIOD 5/25/05 11/22/05 (COMMENCEMENT (COMMENCEMENT SIX MONTHS OF OPERATIONS) SIX MONTHS OF OPERATIONS) ENDED 6/30/06 THROUGH 12/31/05 ENDED 6/30/06 THROUGH 12/31/05 - ------------------------------------------------------------------------------------------------------------------------ Shares sold -- 25,400,000 -- 16,500,000 Shares issued to shareholders due to reinvestment of distributions -- 227,240 -- -- - ------------------------------------------------------------------------------------------------------------------------ -- 25,627,240 -- 16,500,000 - ------------------------------------------------------------------------------------------------------------------------
3. INVESTMENT TRANSACTIONS Purchases and sales (excluding put and call options and short-term investments) during the six months ended June 30, 2006, were as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) - ----------------------------------------------------------------------------------------------------------------------- Purchases $ 86,123,573 $43,860,007 $51,336,990 $56,767,400 Sales 103,813,952 68,484,618 68,948,335 61,350,767 - -----------------------------------------------------------------------------------------------------------------------
Transactions in index option contracts written during the six months ended June 30, 2006, were as follows:
EQUITY PREMIUM EQUITY PREMIUM INCOME (JPZ) OPPORTUNITY (JSN) ---------------------------------- ---------------------------------- NUMBER OF PREMIUMS NUMBER OF PREMIUMS CONTRACTS RECEIVED CONTRACTS RECEIVED - ----------------------------------------------------------------------------------------------------------------------- Outstanding, beginning of period 5,370 $ 17,469,697 14,758 $ 32,582,025 Options written 19,818 59,807,016 53,188 105,708,446 Options terminated in closing purchase transactions (18,215) (61,433,097) (46,403) (108,961,382) Options expired (1,763) (3,945,028) (5,911) (6,568,365) - ----------------------------------------------------------------------------------------------------------------------- Outstanding, end of period 5,210 $ 11,898,588 15,632 $ 22,760,724 - -----------------------------------------------------------------------------------------------------------------------
EQUITY PREMIUM EQUITY PREMIUM ADVANTAGE (JLA) AND GROWTH (JPG) ---------------------------------- ---------------------------------- NUMBER OF PREMIUMS NUMBER OF PREMIUMS CONTRACTS RECEIVED CONTRACTS RECEIVED - ----------------------------------------------------------------------------------------------------------------------- Outstanding, beginning of period 7,512 $ 13,854,368 1,931 $ 6,274,596 Options written 27,286 42,354,858 7,159 21,761,756 Options terminated in closing purchase transactions (21,091) (42,366,135) (6,713) (22,509,041) Options expired (4,746) (3,484,996) (492) (1,038,069) - ----------------------------------------------------------------------------------------------------------------------- Outstanding, end of period 8,961 $10,358,095 1,885 $4,489,242 - -----------------------------------------------------------------------------------------------------------------------
52 4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to recognition of income on REIT investments and timing differences in recognizing certain gains and losses on investment transactions. At June 30, 2006, the cost of investments (excluding call options written) was as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) - ----------------------------------------------------------------------------------------------------------------------- Cost of investments $642,400,298 $1,133,482,327 $442,287,948 $308,087,445 - -----------------------------------------------------------------------------------------------------------------------
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding call options written) at June 30, 2006, were as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) - ----------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $ 86,791,209 $124,833,722 $ 48,389,911 $16,854,743 Depreciation (19,415,022) (51,387,700) (17,324,399) (8,993,449) - ----------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $67,376,187 $ 73,446,022 $ 31,065,512 $ 7,861,294 - -----------------------------------------------------------------------------------------------------------------------
The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2005, the Fund's last tax year end, were as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) - ----------------------------------------------------------------------------------------------------------------------- Undistributed net ordinary income * $ -- $ -- $ -- $1,496,076 Undistributed net long-term capital gains -- -- -- 1,343,890 - -----------------------------------------------------------------------------------------------------------------------
* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. The tax character of distributions paid during the Funds' last tax year ended December 31, 2005, was designated for purposes of the dividends paid deduction as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM AND INCOME OPPORTUNITY** ADVANTAGE*** GROWTH**** (JPZ) (JSN) (JLA) (JPG) - ----------------------------------------------------------------------------------------------------------------------- Distributions from net ordinary income * $15,325,480 $19,262,032 $2,638,831 $ -- Distributions from net long-term capital gains -- 9,477,626 3,209,300 -- Tax return of capital 49,390,391 67,663,695 17,292,115 -- - -----------------------------------------------------------------------------------------------------------------------
* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. ** For the period January 26, 2005 (commencement of operations) through December 31, 2005. *** For the period May 25, 2005 (commencement of operations) through December 31, 2005. **** For the period November 22, 2005 (commencement of operations) through December 31, 2005. At December 31, 2005, the Funds' last tax year end, Equity Premium Income (JPZ) had an unused capital loss carryforward of $7,414,945 available for federal income tax purposes to be applied against future capital gains, if any. If not applied the carryforward will expire in 2013. 53 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) The following Funds elected to defer net realized losses from investments incurred from November 1, 2005 though December 31, 2005 ("post-October losses") in accordance with Federal income tax regulations. The post-October losses were treated as having arisen on the first day of the current tax year:
EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE (JPZ) (JSN) (JLA) - -------------------------------------------------------------------------------------------------------------------- $12,706,689 $27,335,047 $16,291,808 - --------------------------------------------------------------------------------------------------------------------
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a complex-level component, based on the aggregate amount of all fund assets managed by the Adviser, and a specific fund-level component, based only on the amount of assets within each individual fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. The annual fund-level fee, payable monthly, for each Fund is based upon the average daily Managed Assets of each Fund as follows:
EQUITY PREMIUM INCOME (JPZ) EQUITY PREMIUM OPPORTUNITY (JSN) EQUITY PREMIUM ADVANTAGE (JLA) AVERAGE DAILY MANAGED ASSETS FUND-LEVEL FEE RATE - ---------------------------------------------------------------------------------------------- For the first $500 million .7000% For the next $500 million .6750 For the next $500 million .6500 For the next $500 million .6250 For Managed Assets over $2 billion .6000 - ----------------------------------------------------------------------------------------------
EQUITY PREMIUM AND GROWTH (JPG) AVERAGE DAILY MANAGED ASSETS FUND-LEVEL FEE RATE - --------------------------------------------------------------------------------------------- For the first $500 million .6800% For the next $500 million .6550 For the next $500 million .6300 For the next $500 million .6050 For Managed Assets over $2 billion .5800 - ---------------------------------------------------------------------------------------------
54 The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the table below. As of June 30, 2006, the complex-level fee rate was .1887%.
COMPLEX-LEVEL ASSETS (1) COMPLEX-LEVEL FEE RATE - --------------------------------------------------------------------------------------------- For the first $55 billion .2000% For the next $1 billion .1800 For the next $1 billion .1600 For the next $3 billion .1425 For the next $3 billion .1325 For the next $3 billion .1250 For the next $5 billion .1200 For the next $5 billion .1175 For the next $15 billion .1150 For Managed Assets over $91 billion (2) .1400 - ---------------------------------------------------------------------------------------------
(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets ("Managed Assets" means the average daily net assets of each fund including assets attributable to all types of leverage used by the Nuveen funds) of Nuveen sponsored funds in the U.S. (2) With respect to the complex-wide Managed Assets over $91 billion, the fee rate or rates that will apply to such assets will be determined at a later date. In the unlikely event that complex-wide Managed Assets reach $91 billion prior to a determination of the complex-level fee rate or rates to be applied to Managed Assets in excess of $91 billion, the complex-level fee rate for such complex-wide Managed Assets shall be .1400% until such time as a different rate or rates is determined. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into Sub-Advisory Agreements with Gateway Investment Advisers, L.P. ("Gateway") under which Gateway manages the investment portfolios of the Funds. Gateway is compensated for its services to the Funds from the management fees paid to the Adviser. The Funds pay no compensation directly to those of its Trustees who are affiliated with the Adviser or to their Officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised Funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised Funds. For the first eight years of Equity Premium Income's (JPZ) operations, the Adviser has agreed to reimburse the Fund, as a percent-age of average daily Managed Assets, for fees and expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING OCTOBER 31, OCTOBER 31, - ----------------------------------------------------------------------------------- 2004 * .30% 2009 .30% 2005 .30 2010 .22 2006 .30 2011 .14 2007 .30 2012 .07 2008 .30 - -----------------------------------------------------------------------------------
* From the commencement of operations. The Adviser has not agreed to reimburse Equity Premium Income (JPZ) for any portion of its fees and expenses beyond October 31, 2012. For the first eight years of Equity Premium Opportunity's (JSN) operations, the Adviser has agreed to reimburse the Fund, as a per-centage 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. 55 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) For the first six years of Equity Premium Advantage's (JLA) operations, the Adviser has agreed to reimburse the Fund, as a percent-age 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. NEW ACCOUNTING PRONOUNCEMENT Financial Accounting Standards Board Interpretation No. 48 On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined with finality, but management is not presently aware of any specific matters that will need to be addressed differently as a result of FIN 48. At this time, management is evaluating the implications of FIN 48 and does not expect the adoption of FIN 48 will have a significant impact on the net assets or results of operations of the Funds. 7. SUBSEQUENT EVENTS Distributions to Shareholders The Funds declared distributions were paid on August 1, 2006, to shareholders of record on July 15, 2006, as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND (JPZ) (JSN) (JLA) GROWTH (JPG) - ----------------------------------------------------------------------------------------------------------------------- Distributions per share $.1420 $.1480 $.1510 $.1350 - -----------------------------------------------------------------------------------------------------------------------
56 Financial HIGHLIGHTS (unaudited) 57 Financial HIGHLIGHTS (Unaudited) Selected data for a share outstanding throughout each period:
Investment Operations Less Distributions ------------------------------------- ----------------------------------------------- Net Beginning Net Realized/ Net Tax Net Asset Investment Unrealized Investment Capital Return of Value Income(a) Gain (Loss) Total Income Gains Capital Total - --------------------------------------------------------------------------------------------------------------------------------- EQUITY PREMIUM INCOME (JPZ) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 12/31: 2006(f) $ 18.48 $ .22 $ .50 $ .72 $ (.85)* $ -- $ -- $ (.85) 2005 19.28 .42 .48 .90 (.40) -- (1.30) (1.70) 2004(b) 19.10 .12 .24 .36 (.15) -- --** (.15) EQUITY PREMIUM OPPORTUNITY (JSN) - --------------------------------------------------------------------------------------------------------------------------------- 2006(f) 18.66 .16 .27 .43 (.89)* -- -- (.89) 2005(c) 19.10 .30 .78 1.08 (.30) (.15) (1.05) (1.50) EQUITY PREMIUM ADVANTAGE (JLA) - --------------------------------------------------------------------------------------------------------------------------------- 2006(f) 18.84 .10 .26 .36 (.91)* -- -- (.91) 2005(d) 19.10 .10 .60 .70 (.10) (.13) (.69) (.92) EQUITY PREMIUM AND GROWTH (JPG) - --------------------------------------------------------------------------------------------------------------------------------- 2006(f) 19.04 .23 .54 .77 (.81)* -- -- (.81) 2005(e) 19.10 .04 (.06) (.02) -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Ending Ending Offering Net Asset Market Costs Value Value - --------------------- ---------------------------------- EQUITY PREMIUM INCOME (JPZ) - --------------------------------------------------------- Year Ended 12/31: 2006(f) $ -- $ 18.35 $ 17.30 2005 -- 18.48 17.38 2004(b) (.03) 19.28 20.25 EQUITY PREMIUM OPPORTUNITY (JSN) - --------------------------------------------------------- 2006(f) -- 18.20 $ 18.00 2005(c) (.02) 18.66 17.39 EQUITY PREMIUM ADVANTAGE (JLA) - --------------------------------------------------------- 2006(f) -- 18.29 $ 18.15 2005(d) (.04) 18.84 17.56 EQUITY PREMIUM AND GROWTH (JPG) - --------------------------------------------------------- 2006(f) -- 19.00 $ 17.53 2005(e) (.04) 19.04 17.25 - ---------------------------------------------------------
* Represents distributions paid "From and in excess of net investment income" for the six months ended June 30, 2006. ** Per share Tax Return of Capital rounds to less than $.01 per share. *** Annualized. **** Total Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. Total Return on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. ***** After custodian fee credit and expense reimbursement, where applicable. (a) Per share Net Investment Income is calculated using the average daily shares method. (b) For the period October 26, 2004 (commencement of operations) through December 31, 2004. (c) For the period January 26, 2005 (commencement of operations) through December 31, 2005. (d) For the period May 25, 2005 (commencement of operations) through December 31, 2005. (e) For the period November 22, 2005 (commencement of operations) through December 31, 2005. (f) For the six months ended June 30, 2006. 58
Ratios/Supplemental Data ---------------------------------------------------------------------------------------- Total Returns Before Credit/Reimbursement After Credit/Reimbursement***** --------------------- ---------------------------- -------------------------------- Based Ratio of Net Ratio of Net on Ratio of Investment Ratio of Investment Based on Net Ending Expenses to Income to Expenses to Income to Portfolio Market Asset Net Assets Average Average Average Average Turnover Value**** Value**** (000) Net Assets Net Assets Net Assets Net Assets Rate - --------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- 4.32% 3.94% $ 703,386 .96%*** 2.04%*** .66%*** 2.35%*** 13% (6.12) 4.88 708,049 .96 1.93 .65 2.25 29 1.96 1.68 723,894 1.07*** 3.49*** .73*** 3.82*** 1 - --------------------------------------------------------------------------------------------------------------------- 8.59 2.28 1,195,442 .95*** 1.42*** .65*** 1.72*** 4 (5.90) 5.65 1,225,535 .95*** 1.40*** .63*** 1.72*** 16 - --------------------------------------------------------------------------------------------------------------------- 8.49 1.85% 468,719 .99*** .84*** .77*** 1.06*** 11 (7.87) 3.43 482,979 1.01*** .71*** .78*** .93*** 9 - --------------------------------------------------------------------------------------------------------------------- 6.34 4.06% 313,559 .96*** 2.40*** .92*** 2.44*** 19 (13.75) (.31) 314,202 1.11*** 2.08*** 1.11*** 2.08*** -- - ---------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. 59 ANNUAL INVESTMENT MANAGEMENT AGREEMENT APPROVAL PROCESS The Board of Trustees is responsible for overseeing the performance of the investment adviser to the Funds and determining whether to continue the advisory arrangements. At a meeting held on May 23-25, 2006 (the "May Meeting"), the Board of Trustees of the Funds, including the independent Trustees, unanimously approved the continuance of the Investment Management Agreement between the Nuveen Equity Premium Income Fund, Nuveen Equity Premium Opportunity Fund, and Nuveen Equity Premium Advantage Fund (collectively, the "Reviewed Funds") and NAM, and the Sub-Advisory Agreements between NAM and Gateway (the "Sub-Adviser") with respect to the Reviewed Funds. The Investment Management Agreement and Sub-Advisory Agreement with respect to the Nuveen Equity Premium and Growth Fund were not up for renewal, and therefore the Board did not review such agreements at the May Meeting on behalf of such Fund. NAM and the Sub-Adviser are each a "Fund Adviser." THE APPROVAL PROCESS During the course of the year, the Board received a wide variety of materials relating to the services provided by the Fund Advisers and the performance of the Reviewed Funds. To assist the Board in its evaluation of the advisory contract with a Fund Adviser at the May Meeting, the independent Trustees received extensive materials in advance of their meeting which outlined, among other things: - the nature, extent and quality of services provided by the Fund Adviser; - the organization and business operations of the Fund Adviser, including the responsibilities of various departments and key personnel; - the Reviewed Fund's past performance, the Reviewed Fund's performance compared to funds of similar investment objectives compiled by an independent third party and with recognized and/or customized benchmarks (as appropriate); - the profitability of the Fund Adviser and certain industry profitability analyses for unaffiliated advisers; - the expenses of the Fund Adviser in providing the various services; - the advisory fees (gross and net management fees) and total expense ratios of the Reviewed Fund, including comparisons of such fees and expenses with those of comparable, unaffiliated funds based on information and data provided by Lipper (the "Peer Universe") as well as compared to a subset of funds within the Peer Universe (the "Peer Group") to the respective Reviewed Fund (as applicable); - the advisory fees the Fund Adviser assesses to other types of investment products or clients; - the soft dollar practices of the Fund Adviser, if any; and - from independent legal counsel, a legal memorandum describing, among other things, the duties of the Trustees under the Investment Company Act of 1940 (the "1940 Act") as well as the general principles of relevant state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; an adviser's fiduciary duty with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and factors to be considered by the board in voting on advisory agreements. At the May Meeting, NAM made a presentation to and responded to questions from the Board. After the presentations and after reviewing the written materials, the independent Trustees met privately with their legal counsel to review the Board's duties in reviewing advisory contracts and consider the renewal of the advisory contracts. It is with this background that the Trustees considered each advisory contract (which includes the Sub-Advisory Agreements) with the respective Fund Adviser. The independent Trustees, in consultation with independent counsel, reviewed the factors set out in judicial decisions and SEC directives relating to the renewal of advisory contracts. As outlined in more detail below, the Trustees considered all factors they believed relevant with respect to each Reviewed Fund, including the following: (a) the nature, extent and quality of the services to be provided by the Fund Adviser; (b) the investment performance of the Reviewed Fund and the Fund Adviser; (c) the costs of the services to be provided and profitability of the Fund Adviser and its affiliates; (d) the extent to which economies of scale would be realized as the Reviewed Fund grows; and (e) whether fee levels reflect these economies of scale for the benefit of Reviewed Fund investors. A. NATURE, EXTENT AND QUALITY OF SERVICES In reviewing the Fund Advisers, the Trustees considered the nature, extent and quality of the respective Fund Adviser's services. The Trustees reviewed materials outlining, among other things, the Fund Adviser's organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Reviewed Funds; the performance record of the applicable Reviewed Fund (as described in further detail below); and any initiatives Nuveen has taken for its fund product line. In connection with their continued service as Trustees, the Trustees also have a good understanding of each Fund Adviser's organization, operations and 60 personnel. In this regard, the Trustees are familiar with and have evaluated the professional experience, qualifications and credentials of the Fund Adviser's personnel. With respect to the Sub-Adviser, the Trustees also received and reviewed an evaluation of the Sub-Adviser from NAM. Such evaluation outlined, among other things, the Sub-Adviser's organizational history, client base, product mix, investment team and any changes thereto, investment process and any changes to its investment strategy, the Reviewed Fund's investment objectives and performance (as applicable). The Trustees noted that NAM recommended the renewal of the Sub-Advisory Agreements and considered the basis for such recommendation and any qualifications in connection therewith. Given the Trustees' experience with the Reviewed Funds (including any other Nuveen funds advised by a Fund Adviser) and each Fund Adviser, the Trustees recognized and considered the quality of their investment processes in making portfolio management decisions as well as any refinements or improvements thereto. In this regard, the Trustees considered the continued quality of the Fund Adviser's investment process in making portfolio management decisions as well as any additional refinements and improvements adopted to the portfolio management processes. In addition to advisory services, the independent Trustees considered the quality of any administrative or non-advisory services provided. With respect to the Sub-Adviser, the independent Trustees noted that the Sub-Advisory Agreements were essentially agreements for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Reviewed Funds. With respect to NAM, NAM provides the Reviewed Funds with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Reviewed Funds) and officers and other personnel as are necessary for the operations of the respective Reviewed Fund. In connection with the review of the Investment Management Agreement, the Trustees considered the extent and quality of these other services which include, among other things, providing: product management (e.g., product positioning, performance benchmarking, risk management); fund administration (e.g., daily net asset value pricing and reconciliation, tax reporting, fulfilling regulatory filing requirements); oversight of third party service providers; administration of board relations (e.g., organizing board meetings and preparing related materials); compliance (e.g., monitoring compliance with investment policies and guidelines and regulatory requirements); and legal support (e.g., helping prepare and file registration statements, amendments thereto, proxy statements and responding to regulatory requests and/or inquiries). As the Reviewed Funds operate in a highly regulated industry and given the importance of compliance, the Trustees considered, in particular, the additions of experienced personnel to the compliance teams and the enhancements to technology and related systems to support the compliance activities for the Reviewed Funds (including a new reporting system for quarterly portfolio holdings). In addition to the above, because the Reviewed Funds utilize a Sub-Adviser, the Trustees also considered NAM's ability and procedures to monitor the Sub-Adviser's performance, business practices and compliance policies and procedures. In this regard, the Trustees noted the enhancements in the investment oversight process, including increased site visits and departments participating in investment oversight. In addition to the foregoing, the Trustees also noted the additional services that the Fund Adviser or its affiliates provide to closed-end funds, including, in particular, secondary market support activities. The Trustees recognized Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of initiatives designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include providing advertising and other media relations programs, continued contact with analysts, maintaining and enhancing its website for closed-end funds, and targeted advisor communication programs. With respect to Nuveen closed-end funds that utilize leverage through the issuance of preferred shares, the Trustees noted Nuveen's continued support for the preferred shares by maintaining, among other things, an in-house preferred trading desk; designating a product manager whose responsibilities include creating and disseminating product information and managing relations in connection with the preferred share auction; and maintaining systems necessary to test compliance with rating agency requirements. Based on their review, the Trustees found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Reviewed Fund under the Investment Management Agreement or Sub-Advisory Agreement, as applicable, were of a high level and were satisfactory. B. THE INVESTMENT PERFORMANCE OF THE REVIEWED FUNDS AND THE FUND ADVISERS The Board considered the investment performance for each Reviewed Fund, including the Reviewed Fund's historic performance as well as its performance compared to funds with similar investment objectives identified by an independent third party (the "Performance Peer Group") and recognized and/or customized benchmarks (as applicable). In evaluating the performance information, in certain instances, the Trustees noted that the closest Performance Peer Group for a fund still may not adequately reflect such fund's investment objectives, strategies and portfolio duration, thereby limiting the usefulness of the comparisons of such fund's performance with that of the Performance Peer Group (such as, the Nuveen Diversified Dividend and Income Fund, Nuveen Preferred and Convertible Income Fund, Nuveen Preferred and Convertible Income Fund 2, Nuveen Tax-Advantaged Floating Rate Fund, and the Nuveen Real Estate Income Fund). In reviewing performance, the Trustees reviewed performance information including, among other things, total return information compared with the Reviewed Fund's Performance Peer Group as well as recognized and/or customized benchmarks (as appropriate) for the one-, three- and five-year periods (as applicable) ending December 31, 2005. This information supplements the fund performance information provided to the Board at each of their quarterly meetings. Based on their review, the Trustees determined that the respective Reviewed Fund's absolute and relative investment performance over time had been satisfactory. 61 ANNUAL INVESTMENT MANAGEMENT AGREEMENT APPROVAL PROCESS (continued) C. FEES, EXPENSES AND PROFITABILITY 1. FEES AND EXPENSES In evaluating the management fees and expenses of a Reviewed Fund, the Board reviewed, among other things, the Reviewed Fund's advisory fees (net and gross management fees) and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as comparisons to the gross management fees (before waivers), net management fees (after waivers) and total expense ratios (before and after waivers) of comparable funds in the Peer Universe and the Peer Group. The Trustees reviewed data regarding the construction of Peer Groups as well as the methods of measurement for the fee and expense analysis and the performance analysis. In certain cases, due to the small number of peers in the Peer Universe, the Peer Universe and the Peer Group may be the same. Further, the Trustees recognized that in certain cases the closest Peer Universe and/or Peer Group may not adequately reflect a fund's investment objectives and strategies limiting the usefulness of comparisons. In reviewing comparisons, the Trustees also considered the size of the Peer Universe and/or Peer Group, the composition of the Peer Group (including differences in the use of leverage) as well as differing levels of fee waivers and/or expense reimbursements. In this regard, the Trustees considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain funds launched since 1999). Based on their review of the fee and expense information provided, the Trustees determined that each Reviewed Fund's net total expense ratio was within an acceptable range compared to peers. 2. COMPARISONS WITH THE FEES OF OTHER CLIENTS The Trustees further reviewed data comparing the advisory fees of NAM with fees NAM charges to other clients (such as separate managed accounts and funds that are not offered by Nuveen Investments but are sub-advised by one of Nuveen's investment management teams). In general, the advisory fees charged for separate accounts are somewhat lower than the advisory fees assessed to the Reviewed Funds. The Trustees recognized that the differences in fees are attributable to a variety of factors, including the differences in services provided, product distribution, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Trustees noted, in particular, that the range of services provided to the Reviewed Funds is more extensive than that provided to managed separate accounts. As described in further detail above, such additional services include, but are not limited to, providing: product management, fund administration, oversight of third party service providers, administration of board relations, and legal support. Funds further operate in a highly regulated industry requiring extensive compliance functions compared to the other investment products. In addition to the costs of the additional services, administrative costs may also be greater for funds as the average account size for separate accounts is notably larger than the retail accounts of funds. Given the differences in the product structures, particularly the extensive services provided to closed-end funds, the Trustees believe such facts justify the different levels of fees. In considering the advisory fees of the Sub-Adviser, the Trustees also considered the pricing schedule that the Sub-Adviser charges for similar investment management services for other sponsors or clients. 3. PROFITABILITY OF FUND ADVISERS In conjunction with its review of fees, the Trustees also considered the profitability of Nuveen Investments for advisory activities (which incorporated Nuveen's wholly-owned affiliated sub-advisers). The Trustees reviewed data comparing Nuveen's profitability with other fund sponsors prepared by three independent third party service providers as well as comparisons of the revenues, expenses and profits margins of various unaffiliated management firms with similar amounts of assets under management prepared by Nuveen. The Trustees further reviewed the 2005 Annual Report for Nuveen Investments. In considering profitability, the Trustees recognized the inherent limitations in determining profitability as well as the difficulties in comparing the profitability of other unaffiliated advisers. Profitability may be affected by numerous factors, including the methodology for allocating expenses, the adviser's business mix, the types of funds managed, the adviser's capital structure and cost of capital. Further, individual fund or product line profitability of other sponsors is generally not publicly available. Accordingly, the profitability information that is publicly available from various investment advisory or management firms may not be representative of the industry. Notwithstanding the foregoing, in reviewing profitability, the Trustees reviewed Nuveen's methodology and assumptions for allocating expenses across product lines to determine profitability. In this regard, the methods of allocation used appeared reasonable. The Trustees also, to the extent available, compared Nuveen's profitability margins (including pre- and post-marketing profit margins) with the profitability of various unaffiliated management firms. The Trustees noted that Nuveen's profitability is enhanced due to its efficient internal business model. The Trustees also recognized that while a number of factors affect profitability, Nuveen's profitability may change as fee waivers and/or expense reimbursement commitments of Nuveen to various funds in the Nuveen complex expire. To keep apprised of profitability and developments that may affect profitability, the Trustees have requested profitability analysis be provided periodically during the year. The Trustees also considered the Sub-Adviser's revenues from serving as a Sub-Adviser to the Reviewed Funds, expenses (including the basis for allocating expenses) and profitability margins (pre- and post-tax). Based on their review, the Trustees were satisfied that the respective Fund Adviser's level of profitability was reasonable in light of the services provided. 62 In evaluating the reasonableness of the compensation, the Trustees also considered any other revenues paid to a Fund Adviser as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates are expected to receive that are directly attributable to their management of the Reviewed Funds, if any. See Section E below for additional information. Based on their review of the overall fee arrangements of the applicable Reviewed Fund, the Trustees determined that the advisory fees and expenses of the respective Reviewed Fund were reasonable. D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE With respect to economies of scale, the Trustees recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base as a fund grows. To help ensure the shareholders share in these benefits, the Trustees have reviewed and considered the breakpoints in the advisory fee schedules that reduce advisory fees as the applicable Reviewed Fund's assets grow. In addition to advisory fee breakpoints as assets in a respective Reviewed Fund rise, after lengthy discussions with management, the Board also approved a complex-wide fee arrangement that was introduced on August 1, 2004. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex, including the Reviewed Funds, are reduced as the assets in the fund complex reach certain levels. In evaluating the complex-wide fee arrangement, the Trustees considered, among other things, the historic and expected fee savings to shareholders as assets grow, the amount of fee reductions at various asset levels, and that the arrangement would extend to all funds in the Nuveen complex. The Trustees noted that 2005 was the first full year to reflect the fee reductions from the complex wide fee arrangement. The Trustees also considered the impact, if any, the complex-wide fee arrangement may have on the level of services provided. Based on their review, the Trustees concluded that the breakpoint schedule and complex-wide fee arrangement currently was acceptable and desirable in providing benefits from economies of scale to shareholders. E. INDIRECT BENEFITS In evaluating fees, the Trustees also considered any indirect benefits or profits the Fund Adviser or its affiliates may receive as a result of its relationship with the Reviewed Funds. In this regard, the Trustees considered revenues received by affiliates of the Fund Adviser for serving as agent at Nuveen's preferred trading desk and for serving as a co-manager in the initial public offering of new closed-end exchange traded funds. In addition to the above, the Trustees considered whether the Fund Adviser received any benefits from soft dollar arrangements. With respect to NAM, the Trustees noted that NAM does not currently have any soft dollar arrangements and does not pay excess brokerage commissions (or spreads on principal transactions) in order to receive research services; however, NAM may from time to time receive and have access to research generally provided to institutional clients. The Trustees also considered the soft dollar arrangements, if any, of the Sub-Adviser. With respect to Gateway, while Gateway may select brokers that provide it with research services, it is Gateway's practice not to receive soft dollar credits in connection with trades executed for the Reviewed Funds. The Trustees did not identify any single factor discussed previously as all-important or controlling. The Trustees, including a majority of independent Trustees, concluded that the terms of the Investment Management Agreement and Sub-Advisory Agreements were fair and reasonable, that the respective Fund Adviser's fees are reasonable in light of the services provided to each Reviewed Fund, and that the renewal of the respective Investment Management Agreement and Sub-Advisory Agreement should be approved. 63 Reinvest Automatically EASILY AND CONVENIENTLY NUVEEN EXCHANGE-TRADED CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Exchange-Traded Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 64 AUTOMATIC DIVIDEND REINVESTMENT PLAN NOTICE OF AMENDMENT TO THE TERMS AND CONDITIONS The Fund is amending the terms and conditions of its Automatic Dividend Reinvestment Plan (the "Plan") as further described below effective with the close of business on December 1, 2006. THESE CHANGES ARE INTENDED TO ENABLE PLAN PARTICIPANTS UNDER CERTAIN CIRCUMSTANCES TO REINVEST FUND DISTRIBUTIONS AT A LOWER AGGREGATE COST THAN IS POSSIBLE UNDER THE EXISTING PLAN. Shareholders who do not wish to continue as participants under the amended Plan may withdraw from the Plan by notifying the Plan Agent prior to the effective date of the amendments. Participants should refer to their Plan document for notification instructions, or may simply call Nuveen at (800) 257-8787. Fund shareholders who elect to participate in the Plan are able to have Fund distributions consisting of income dividends, realized capital gains and returns of capital automatically reinvested in additional Fund shares. Under the Plan's existing terms, the Plan Agent purchases Fund shares in the open market if the Fund's shares are trading at a discount to their net asset value on the payable date for the distribution. If the Fund's shares are trading at or above their net asset value on the payable date for the distribution, the Plan Agent purchases newly-issued Fund shares directly from the Fund at a price equal to the greater of the shares' net asset value or 95% of the shares' market value. Under the Plan's amended terms, if the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value. This change will permit Plan participants under these circumstances to reinvest Fund distributions at a lower aggregate cost than is possible under the existing Plan. 65 Notes 66 OTHER USEFUL INFORMATION QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION The Fund's (i) quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2006, and (iii) a description of the policies and procedures that the Fund used to determine how to vote proxies relating to portfolio securities are available without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public Reference Section at 450 Fifth Street NW, Washington, D.C. 20549. 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 Company Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Chicago, IL The Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 67 (back cover photo) NUVEEN INVESTMENTS: SERVING INVESTORS FOR GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS. Managing more than $149 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 six distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; Symphony, a leading institutional manager of market-neutral alternative investment portfolios; Santa Barbara, a leader in growth equities; and Tradewinds NWQ, a leader in global equities. FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. - Share prices - Fund details - Daily financial news - Investor education - Interactive planning tools LEARN MORE ABOUT NUVEEN FUNDS AT WWW.NUVEEN.COM/CEF ESA-D-0606D NUVEEN LOGO ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. See Portfolio of Investments in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. During this reporting period, the registrant's Board of Trustees implemented a change to the procedures by which shareholders may recommend nominees to the registrant's board of trustees by amending the registrant's by-laws to include a provision specifying the date by which shareholder nominations for election as trustee at a subsequent meeting must be submitted to the registrant. Shareholders must deliver or mail notice to the registrant not less than forty-five days nor more than sixty days prior to the first anniversary date of the date on which the registrant first mailed its proxy materials for the prior year's annual meeting; provided, however, if and only if the annual meeting is not scheduled to be held within a period that commences thirty days before the first anniversary date of the annual meeting for the preceding year and ends thirty days after such anniversary date (an annual meeting date outside such period being referred to as an "Other Annual Meeting Date" hereafter), the shareholder notice must be given no later than the close of business on the date forty-five days prior to such Other Annual Meeting Date or the tenth business day following the date such Other Annual Meeting Date is first publicly announced or disclosed. The shareholder's notice must be in writing and set forth the name, age, date of birth, business address, residence address and nationality of the person(s) being nominated and the class or series, number of all shares of the registrant owned of record or beneficially be each such person(s), any other information regarding such person required by Item 401 of Regulation S-K or Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended, any other information regarding the person(s) to be nominated that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitation of proxies for election of trustees, and whether such shareholder believes any nominee is or will be an "interested person" (as that term is defined in the Investment Company Act of 1940, as amended) of the registrant or sufficient information to enable the registrant to make that determination and the written and signed consent of the person(s) to be nominated. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Equity Premium Advantage Fund By (Signature and Title)* /s/ Jessica R. Droeger --------------------------------------- Jessica R. Droeger Vice President and Secretary Date: September 8, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman --------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: September 8, 2006 By (Signature and Title)* /s/ Stephen D. Foy --------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: September 8, 2006 * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 c07085bexv99wcert.txt SECTION 302 CERTIFICATIONS CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of name 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 8, 2006 /s/ Gifford R. Zimmerman ---------------------------------- 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 name 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 8, 2006 /s/ Stephen D. Foy ----------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) EX-99.906CERT 3 c07085bexv99w906cert.txt SECTION 906 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, 2006 (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 8, 2006 /s/ Gifford R. Zimmerman --------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) /s/ Stephen D. Foy --------------------------------- Stephen D. Foy Vice President, Controller (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----