N-CSR 1 c22782cnvcsr.txt CERTIFIED SHAREHOLDER REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-21731 ----------------------- Nuveen Equity Premium Advantage Fund -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 --------------------- Date of fiscal year end: December 31 ------------------- Date of reporting period: December 31, 2007 ----------------------- Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO SHAREHOLDERS Annual Report DECEMBER 31, 2007 Nuveen Investments CLOSED-END FUNDS NUVEEN EQUITY PREMIUM INCOME FUND JPZ NUVEEN EQUITY PREMIUM OPPORTUNITY FUND JSN NUVEEN EQUITY PREMIUM ADVANTAGE FUND JLA NUVEEN EQUITY PREMIUM AND GROWTH FUND JPG Attractive Monthly Distributions and a Measure of Downside Protection from an Integrated Index Option and Equity Strategy NUVEEN INVESTMENTS LOGO Life is complex. Nuveen makes things e-simple. ----------------------------------- 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. Free e-Reports right to your e-mail! www.investordelivery.com OR www.nuveen.com/accountaccess If you received your Nuveen Fund If you received your Nuveen Fund dividends and statements from your dividends and statements directly from financial advisor or brokerage Nuveen. account.
NUVEEN INVESTMENTS LOGO Chairman's LETTER TO SHAREHOLDERS (TIMOTHY SCHWERTFEGER PHOTO) Timothy R. Schwertfeger Chairman of the Board
Dear Shareholder: Once again, I am pleased to report that over the twelve-month period covered by this report your Fund continued to provide you with attractive income. For more details about the management strategy and performance of your Fund, please read the Portfolio Managers' Comments, the Distribution and Share Price Information, and the Performance Overview sections of this report. With the recent volatility in the stock market, many have begun to wonder which way the market is headed, and whether they need to adjust their holdings of investments. No one knows what the future will bring, which is why we think a well-balanced portfolio that is structured and carefully monitored with the help of an investment professional is an important component in achieving your long-term financial goals. A well-diversified portfolio may actually help to reduce your overall investment risk, and we believe that investments like your Nuveen Investments Fund can be important building blocks in a portfolio crafted to perform well through a variety of market conditions. We are grateful that you have chosen us as a partner as you pursue your financial goals and we look forward to continuing to earn your trust in the months and years ahead. At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives. Sincerely, (TIMOTHY SCHWERTFEGER SIG) Timothy R. Schwertfeger Chairman of the Board February 15, 2008 Portfolio Managers' COMMENTS NUVEEN INVESTMENTS CLOSED-END FUNDS JPZ, JSN, JLA, JPG These Funds feature portfolio management by Gateway Investment Advisers, L.P. (Gateway) J. Patrick Rogers and Kenneth H. Toft serve as co-portfolio managers for JSN and JLA; Patrick and Michael T. Buckius are co-portfolio managers for JPZ and JPG. Patrick joined Gateway in 1989. He has been President and a Director of Gateway since 1995 and is the firm's Chief Executive Officer. Ken joined Gateway in 1992 and has been a Vice President and Portfolio Manager since 1997. Mike joined Gateway in 1999 as a Vice President and Portfolio Manager. Here the portfolio managers talk about their management strategy and the performance of the Funds for the twelve-month period ending December 31, 2007. WHAT WERE THE GENERAL ECONOMIC CONDITIONS AND MARKET TRENDS DURING THE ANNUAL REPORTING PERIOD ENDED DECEMBER 31, 2007? During the first part of the period, equities generally performed well as favorable corporate earnings and export-driven economic growth were sufficient to offset some growing anxiety over the deteriorating housing and mortgage markets. The second half of the period was dominated by concerns about the impact of possible sub-prime mortgage defaults and fears of a recession, especially as the impact began to spread beyond mortgage lenders to international and domestic money center banks and other financial institutions. When data began to show the potential for a severely weakening economy, the Federal Reserve cut the widely followed short-term fed funds rate by a half a percentage point in September, by another quarter of a percentage point in October and yet another quarter point in December. (On January 22 and 29, 2008, after the close of this reporting period, the Federal Reserve cut the fed funds rate by a combined 1.25%, bringing the rate to 3.00%.) -------------------------------------------------------------------------------- Discussions of specific investments are for illustrative purposes only and are not intended as recommendations of individual investments. The views expressed in this commentary represent those of the portfolio managers as of the date of this report and are subject to change at any time, based on market conditions and other factors. The Funds disclaim any obligation to advise shareholders of such changes. -------------------------------------------------------------------------------- The U.S. equity markets suffered through significant turbulence during the year, as concerns about the credit markets, a slowing economy and rising commodity prices (particularly oil) weighed on investor sentiment. Additionally, recent inflation reports have not been favorable, further raising investor concerns about the equity market's prospects. Nevertheless, several leading market indicators did finish 2007 with positive returns, including the S&P 500 Index with 5.49%, and the Russell 3000 Index with 5.14%. IN THIS ENVIRONMENT, WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS? The core strategy employed in JPZ, JSN, JLA and JPG continued to consist of investing in a broadly diversified portfolio of equity securities that seek to substantially track the price movement of a stock market index or a custom blend of stock market indices. The purpose of the equity portfolio is to support the index option strategy. 4 For JPZ and JPG, the equity portfolio sought to track the price movements of the S&P 500 Index. Over the course of the first half of 2007, JPZ actively sold listed S&P 500 Index call options against its equity portfolio. These call options generated a meaningful amount of regular cash flow, which served to both reduce the risk of owning the equity portfolio and generate much of the return of the strategy. The third component of the strategy was the purchase of listed S&P 500 index put options to help protect the value of the equity portfolio in the event of a significant market decline over a short period of time. JPG differed from JPZ in that the index option hedging activity was applied to 80% of the value of the equity portfolio, leaving 20% unhedged. For JSN, the equity portfolio was invested to replicate the price performance of a custom benchmark consisting of 75% S&P 500 Index and 25% NASDAQ-100 Index. JSN employed an option strategy similar to JPZ with roughly 75% of the call and put options being S&P 500 Index options and the remaining 25% being NASDAQ-100 options. For JLA, the overall equity and option strategy was similar to JSN. The differentiating feature of JLA was its underlying equity portfolio, which tracked a custom benchmark comprised of 50% S&P 500 Index and 50% NASDAQ-100 Index, with a matching investment portfolio of the S&P 500 and NASDAQ-100 Index call and put options. On November 21, 2007, the Funds announced their intention to begin gradually phasing out the put option component of their investment strategy. The put options were intended to protect the value of the portfolio from sudden, severe declines in equity market prices. They often were priced out-of-the-money, meaning that the underlying stock prices would have to decline to the options' strike prices before the protection offered by the options began to take effect. The elimination of the put component provides the Funds with additional cash flow that previously would have gone to financing the puts. This cash flow may help support current and future distributions or serve to increase the Funds' NAV over time, with the tradeoff being a higher level of risk in the underlying portfolio. 5 HOW DID THE FUNDS PERFORM OVER THIS TWELVE-MONTH PERIOD? The performance of JPZ, JSN, JLA and JPG, as well as their comparative indices or benchmarks, are presented in the accompanying table. Total Returns on Net Asset Value For the twelve-month period ended 12/31/07 JPZ 7.80% S&P 500 Index(1) 5.49% JSN 11.35% Comparative Benchmark(2) 3.11% JLA 11.50% Comparative Benchmark(3) 3.55% JPG 6.86% S&P 500 Index(1) 5.49%
-------------------------------------------------------------------------------- Past performance does not guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. -------------------------------------------------------------------------------- For the twelve months ended December 31, 2007, the total return on net asset value for each Fund outperformed its respective index and comparative benchmark. -------------------------------------------------------------------------------- 1 The S&P 500 Index is an unmanaged Index generally considered representative of the U.S. Stock Market. 2 JSN comparative benchmark performance is a blended return consisting of: 1) 75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100 Index, which includes 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. 3 JLA comparative benchmark performance is a blended return consisting of: 1) 50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100 Index. -------------------------------------------------------------------------------- The most significant factor impacting the performance of the Funds in 2007 was the increase in equity market volatility. The CBOE Volatility Index ("VIX"), a popular gauge of investor sentiment, shifted to a higher range. Compared to its 2006-2007 low of 9.89 on January 24, 2007, the VIX index ended 2007 at 22.50, an increase of over 127%. The CBOE NASDAQ Volatility Index ("VXN") experienced a similar dramatic increase, moving from 14.09 on December 14, 2006, to 25.90 at December 31, 2007, an increase of 84%. This elevated market volatility translated to higher prices (premiums) for option contracts and, as the Funds are consistent net sellers of options, resulted in more generous cash flows from their option writing activity. This increased cash flow helped to generate an attractive return and served to cushion each Fund against some of the market turbulence present throughout the second half of 2007. 6 Distribution and Share Price INFORMATION On March 1, 2007, Nuveen Investments announced that the Funds would move from a monthly to a quarterly distribution schedule. The last monthly distributions were paid on April 2, 2007, and first quarterly distributions were paid on July 2, 2007. Each Fund has a managed distribution program. The goal of a managed distribution program is to provide shareholders with relatively consistent and predictable cash flow by systematically converting its expected long-term return potential into regular distributions. As a result, regular distributions throughout the year are likely to include a portion of expected long-term gains (both realized and unrealized), along with net investment income. Important points to understand about the managed distribution program are: - Each Fund seeks to establish a relatively stable distribution rate that roughly corresponds to the projected total return from its investment strategy over an extended period of time. However, you should not draw any conclusions about a Fund's past or future investment performance from its current distribution rate. - Actual returns will differ from projected long-term returns (and therefore a Fund's distribution rate), at least over shorter time periods. Over a specific timeframe, the difference between actual returns and total distributions will be reflected in an increasing (returns exceed distributions) or a decreasing (distributions exceed returns) Fund net asset value. - Each distribution is expected to be paid from some or all of the following sources: - net investment income (regular interest and dividends), - realized capital gains, and - unrealized gains, or, in certain cases, a return of principal (non-taxable distributions). - A non-taxable distribution is a payment of a portion of a Fund's capital. When a Fund's returns exceed distributions, it may represent portfolio gains generated, but not realized as a taxable capital gain. In periods when a Fund's return falls short of distributions, it will represent a portion of your original principal unless the shortfall is offset during other time periods over the life of your investment (previous or subsequent) when a Fund's total return exceeds distributions. - Because distribution source estimates are updated during the year based on a Fund's performance and forecast for its current fiscal year (which is the calendar year for each Fund), estimates on the nature of your distributions provided at the time the distributions are paid may differ from both the tax information reported to you in your Fund's IRS Form 1099 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment. 7 The following table provides information regarding each Fund's distributions and total return performance for the fiscal year ended December 31, 2007. The distribution information is presented on a tax basis rather than on a generally accepted accounting principles (GAAP) basis. This information is intended to help you better understand whether the Fund's returns for the specified time period was sufficient to meet each Funds' distributions.
--------------------------------------------------------------------------------------------------------------- As of 12/31/07 JPZ JSN JLA JPG --------------------------------------------------------------------------------------------------------------- Inception date 10/26/04 1/26/05 5/25/05 11/22/05 Calendar year: Per share distribution: From net investment income $0.54 $0.35 $0.21 $0.79 From short-term capital gains -- -- -- -- From long-term capital gains -- -- -- -- From return of capital 1.17 1.43 1.61 0.83 -------- ------- ------- -------- Total per share distribution $1.71 $1.78 $1.82 $1.62 ======== ======= ======= ======== Distribution rate on NAV 9.34% 9.57% 9.80% 8.39% Annualized total returns on NAV 1-year 7.80% 11.35% 11.50% 6.86% Since inception 7.72% 8.60% 8.54% 8.68% ---------------------------------------------------------------------------------------------------------------
At the end of the reporting period, the Funds' share prices were trading relative to their NAVs as shown in the accompanying table:
----------------------------------------------------------------------------------------------- 12/31/07 Average 12-Month Period Discount Discount ----------------------------------------------------------------------------------------------- JPZ -10.33% -4.40% JSN -12.15% -4.28% JLA -11.42% -2.72% JPG -11.29% -6.02% -----------------------------------------------------------------------------------------------
8 JPZ Nuveen Equity PERFORMANCE Premium Income OVERVIEW Fund as of December 31, 2007
PORTFOLIO ALLOCATION (AS A % OF TOTAL INVESTMENTS) (PIE CHART) Common Stocks 95.00 Put Options 0.40 Short-Term Investments 4.60
2007 DISTRIBUTIONS PER SHARE(2) (BAR CHART) Jan 0.142 Feb 0.142 Mar 0.142 Jun 0.426 Sep 0.426 Dec 0.426
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE (LINE GRAPH) 1/01/2007 19.30 19.04 19.17 18.97 19.05 19.29 19.30 18.87 18.82 18.65 18.79 18.35 18.58 18.59 18.77 18.95 18.61 18.75 18.71 18.70 18.85 18.74 18.91 18.82 18.29 18.20 18.27 18.59 18.15 17.87 17.23 17.28 17.01 16.96 17.68 17.70 17.59 17.06 17.08 17.20 17.39 16.97 16.53 16.66 16.36 15.83 15.88 15.81 16.16 16.65 15.66 15.66 16.31 12/31/07 16.41
FUND SNAPSHOT ------------------------------------------------------------------------------------- Share Price $16.41 ------------------------------------------------------------------------------------- Net Asset Value $18.30 ------------------------------------------------------------------------------------- Premium/(Discount) to NAV -10.33% ------------------------------------------------------------------------------------- Current Distribution Rate(1) 10.38% ------------------------------------------------------------------------------------- Net Assets ($000) $707,933 -------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 10/26/04)
------------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------------- 1-Year -6.07% 7.80% ------------------------------------------------------------------------------------- Since Inception 2.79% 7.72% -------------------------------------------------------------------------------------
INDUSTRIES (as a % of total investments) ------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels 8.6% ------------------------------------------------------------------------------------- Pharmaceuticals 7.6% ------------------------------------------------------------------------------------- Commercial Banks 6.0% ------------------------------------------------------------------------------------- Diversified Telecommunication Services 4.5% ------------------------------------------------------------------------------------- Computers & Peripherals 4.1% ------------------------------------------------------------------------------------- Software 3.9% ------------------------------------------------------------------------------------- Industrial Conglomerates 3.7% ------------------------------------------------------------------------------------- Insurance 3.4% ------------------------------------------------------------------------------------- Diversified Financial Services 3.0% ------------------------------------------------------------------------------------- Aerospace & Defense 2.9% ------------------------------------------------------------------------------------- Energy Equipment & Services 2.8% ------------------------------------------------------------------------------------- Household Products 2.7% ------------------------------------------------------------------------------------- Capital Markets 2.7% ------------------------------------------------------------------------------------- Tobacco 2.7% ------------------------------------------------------------------------------------- Machinery 2.3% ------------------------------------------------------------------------------------- Semiconductors & Equipment 2.3% ------------------------------------------------------------------------------------- Chemicals 2.2% ------------------------------------------------------------------------------------- Communications Equipment 2.2% ------------------------------------------------------------------------------------- Real Estate Investment Trust 2.0% ------------------------------------------------------------------------------------- Multi-Utilities 1.9% ------------------------------------------------------------------------------------- Put Options 0.4% ------------------------------------------------------------------------------------- Short-Term Investments 4.6% ------------------------------------------------------------------------------------- Other 23.5% -------------------------------------------------------------------------------------
1 Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 2 Effective March 1, 2007, the Fund changed from a monthly distribution to a quarterly distribution schedule. The Fund's last monthly distribution was declared March 1, 2007, and paid on April 2, 2007. The Fund's first quarterly distribution was declared June 1, 2007, and paid on July 2, 2007. 9 JSN Nuveen Equity PERFORMANCE Premium Opportunity OVERVIEW Fund as of December 31, 2007
PORTFOLIO ALLOCATION (AS A % OF TOTAL INVESTMENTS) (PIE CHART) Common Stocks 94.20 Put Options 0.30 Short-Term Investments 5.50
2007 DISTRIBUTIONS PER SHARE(2) (BAR CHART) Jan 0.148 Feb 0.148 Mar 0.148 Jun 0.444 Sep 0.444 Dec 0.444
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE (LINE GRAPH) 1/01/2007 18.7500 18.7500 18.7200 18.6300 18.6200 18.8900 18.9100 18.5800 18.6300 18.5200 18.6600 18.1700 18.4200 18.4000 18.5300 18.6300 18.4600 18.6200 18.6600 18.6900 18.7200 18.6700 18.9700 18.9000 18.2700 18.1800 18.2200 18.5300 18.1500 17.9100 17.4600 17.3900 17.1300 16.7200 17.6500 17.6400 17.7000 17.2500 17.1100 17.2299 17.5000 17.2500 16.6100 16.7800 16.5500 16.2600 16.2100 16.1400 16.4300 16.9000 16.2200 15.9200 16.3600 12/31/07 16.3400
FUND SNAPSHOT --------------------------------------------------------------------------------------- Share Price $16.34 --------------------------------------------------------------------------------------- Net Asset Value $18.60 --------------------------------------------------------------------------------------- Premium/(Discount) to NAV -12.15% --------------------------------------------------------------------------------------- Current Distribution Rate(1) 10.87% --------------------------------------------------------------------------------------- Net Assets ($000) $1,237,527 ---------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 1/26/05)
------------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------------- 1-Year -3.03% 11.35% ------------------------------------------------------------------------------------- Since Inception 2.52% 8.60% -------------------------------------------------------------------------------------
INDUSTRIES (as a % of total investments) ------------------------------------------------------------------------------------- Computers & Peripherals 7.6% ------------------------------------------------------------------------------------- Software 6.8% ------------------------------------------------------------------------------------- Pharmaceuticals 6.4% ------------------------------------------------------------------------------------- Communications Equipment 5.7% ------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels 5.7% ------------------------------------------------------------------------------------- Semiconductors & Equipment 4.2% ------------------------------------------------------------------------------------- Commercial Banks 3.7% ------------------------------------------------------------------------------------- Internet Software & Services 3.5% ------------------------------------------------------------------------------------- Diversified Telecommunication Services 3.2% ------------------------------------------------------------------------------------- Capital Markets 2.9% ------------------------------------------------------------------------------------- Industrial Conglomerates 2.7% ------------------------------------------------------------------------------------- Aerospace & Defense 2.5% ------------------------------------------------------------------------------------- Diversified Financial Services 2.3% ------------------------------------------------------------------------------------- Energy Equipment & Services 2.3% ------------------------------------------------------------------------------------- Biotechnology 2.1% ------------------------------------------------------------------------------------- Media 1.9% ------------------------------------------------------------------------------------- Tobacco 1.7% ------------------------------------------------------------------------------------- Household Products 1.7% ------------------------------------------------------------------------------------- Machinery 1.7% ------------------------------------------------------------------------------------- Specialty Retail 1.6% ------------------------------------------------------------------------------------- Put Options 0.3% ------------------------------------------------------------------------------------- Short-Term Investments 5.5% ------------------------------------------------------------------------------------- Other 24.0% -------------------------------------------------------------------------------------
1 Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 2 Effective March 1, 2007, the Fund changed from a monthly distribution to a quarterly distribution schedule. The Fund's last monthly distribution was declared March 1, 2007, and paid on April 2, 2007. The Fund's first quarterly distribution was declared June 1, 2007, and paid on July 2, 2007. 10 JLA Nuveen Equity PERFORMANCE Premium Advantage OVERVIEW Fund as of December 31, 2007
PORTFOLIO ALLOCATION (AS A % OF TOTAL INVESTMENTS) (PIE CHART) Common Stocks 95.20 Put Options 0.30 Short-Term Investments 4.50
2007 DISTRIBUTIONS PER SHARE(2) (BAR CHART) Jan 0.151 Feb 0.151 Mar 0.151 Jun 0.453 Sep 0.453 Dec 0.453
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE (LINE GRAPH) 1/01/2007 19.2700 19.4200 19.5199 19.2300 19.1000 19.2900 19.4600 19.1700 19.2500 19.0000 19.0500 18.4600 18.6100 18.5500 18.9400 18.9700 18.7100 18.8600 18.9000 18.8400 18.9400 18.8700 19.1000 19.1400 18.5800 18.4500 18.5100 18.5800 18.2200 18.0300 17.4600 17.7260 17.4300 16.8300 17.9000 17.9200 17.8100 17.2000 17.0500 17.3000 17.4200 17.1600 16.7200 16.9900 16.7200 16.0500 16.0500 16.1100 16.4400 17.0200 16.0100 15.9100 16.2500 12/31/07 16.4500
FUND SNAPSHOT ------------------------------------------------------------------------------------- Share Price $16.45 ------------------------------------------------------------------------------------- Net Asset Value $18.57 ------------------------------------------------------------------------------------- Premium/(Discount) to NAV -11.42% ------------------------------------------------------------------------------------- Current Distribution Rate(1) 11.02% ------------------------------------------------------------------------------------- Net Assets ($000) $484,998 -------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/25/05)
------------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------------- 1-Year -5.15% 11.50% ------------------------------------------------------------------------------------- Since Inception 2.03% 8.54% -------------------------------------------------------------------------------------
INDUSTRIES (as a % of total investments) ------------------------------------------------------------------------------------- Computers & Peripherals 11.0% ------------------------------------------------------------------------------------- Software 9.9% ------------------------------------------------------------------------------------- Communications Equipment 7.6% ------------------------------------------------------------------------------------- Semiconductors & Equipment 4.9% ------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels 4.8% ------------------------------------------------------------------------------------- Internet Software & Services 4.5% ------------------------------------------------------------------------------------- Pharmaceuticals 4.3% ------------------------------------------------------------------------------------- Biotechnology 3.9% ------------------------------------------------------------------------------------- Commercial Banks 2.8% ------------------------------------------------------------------------------------- Capital Markets 2.6% ------------------------------------------------------------------------------------- Diversified Telecommunication Services 2.5% ------------------------------------------------------------------------------------- Media 2.1% ------------------------------------------------------------------------------------- Hotels, Restaurants & Leisure 2.0% ------------------------------------------------------------------------------------- Energy Equipment & Services 1.7% ------------------------------------------------------------------------------------- Insurance 1.6% ------------------------------------------------------------------------------------- Industrial Conglomerates 1.6% ------------------------------------------------------------------------------------- Machinery 1.5% ------------------------------------------------------------------------------------- Aerospace & Defense 1.4% ------------------------------------------------------------------------------------- Put Options 0.3% ------------------------------------------------------------------------------------- Short-Term Investments 4.5% ------------------------------------------------------------------------------------- Other 24.5% -------------------------------------------------------------------------------------
1 Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 2 Effective March 1, 2007, the Fund changed from a monthly distribution to a quarterly distribution schedule. The Fund's last monthly distribution was declared March 1, 2007, and paid on April 2, 2007. The Fund's first quarterly distribution was declared June 1, 2007, and paid on July 2, 2007. 11 JPG Nuveen Equity PERFORMANCE Premium and Growth OVERVIEW Fund as of December 31, 2007
PORTFOLIO ALLOCATION (AS A % OF TOTAL INVESTMENTS) (PIE CHART) Common Stocks 96.50 Put Options 0.30 Short-Term Investments 3.20
2007 DISTRIBUTIONS PER SHARE(2) (BAR CHART) Jan 0.135 Feb 0.135 Mar 0.135 Jun 0.405 Sep 0.405 Dec 0.405
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE (LINE GRAPH) 1/01/2007 19.60 19.42 19.51 19.63 19.69 19.80 19.75 19.33 19.34 19.14 19.63 19.15 19.65 19.75 19.79 19.99 19.74 19.86 19.91 19.79 19.86 19.53 19.69 19.48 19.03 19.04 19.10 19.41 19.18 18.89 18.18 18.03 17.86 17.60 18.45 18.32 18.12 17.65 17.80 17.84 17.95 17.77 17.27 17.77 17.46 16.80 16.87 16.68 17.02 17.35 16.55 16.57 17.03 12/31/07 17.13
FUND SNAPSHOT ------------------------------------------------------------------------------------- Share Price $17.13 ------------------------------------------------------------------------------------- Net Asset Value $19.31 ------------------------------------------------------------------------------------- Premium/(Discount) to NAV -11.29% ------------------------------------------------------------------------------------- Current Distribution Rate(1) 9.46% ------------------------------------------------------------------------------------- Net Assets ($000) $319,300 -------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/22/05)
------------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------------- 1-Year -3.55% 6.86% ------------------------------------------------------------------------------------- Since Inception 0.97% 8.68% -------------------------------------------------------------------------------------
INDUSTRIES (as a % of total investments) ------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels 10.4% ------------------------------------------------------------------------------------- Pharmaceuticals 8.8% ------------------------------------------------------------------------------------- Commercial Banks 7.5% ------------------------------------------------------------------------------------- Diversified Telecommunication Services 4.6% ------------------------------------------------------------------------------------- Industrial Conglomerates 4.3% ------------------------------------------------------------------------------------- Computers & Peripherals 3.8% ------------------------------------------------------------------------------------- Software 3.6% ------------------------------------------------------------------------------------- Real Estate Investment Trust 3.0% ------------------------------------------------------------------------------------- Insurance 2.8% ------------------------------------------------------------------------------------- Capital Markets 2.7% ------------------------------------------------------------------------------------- Energy Equipment & Services 2.6% ------------------------------------------------------------------------------------- Semiconductors & Equipment 2.5% ------------------------------------------------------------------------------------- Household Products 2.4% ------------------------------------------------------------------------------------- Tobacco 2.4% ------------------------------------------------------------------------------------- Diversified Financial Services 2.3% ------------------------------------------------------------------------------------- Electric Utilities 2.3% ------------------------------------------------------------------------------------- Chemicals 2.0% ------------------------------------------------------------------------------------- Aerospace & Defense 2.0% ------------------------------------------------------------------------------------- Internet Software & Services 1.8% ------------------------------------------------------------------------------------- Put Options 0.3% ------------------------------------------------------------------------------------- Short-Term Investments 3.2% ------------------------------------------------------------------------------------- Other 24.7% -------------------------------------------------------------------------------------
1 Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 2 Effective March 1, 2007, the Fund changed from a monthly distribution to a quarterly distribution schedule. The Fund's last monthly distribution was declared March 1, 2007, and paid on April 2, 2007. The Fund's first quarterly distribution was declared June 1, 2007, and paid on July 2, 2007. 12 SHAREHOLDER MEETING REPORT The special meeting of shareholders was held in the offices of Nuveen Investments on October 12, 2007; the meeting for Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG) was subsequently adjourned to October 22, 2007, and additionally adjourned for Nuveen Equity Premium and Growth Fund (JPG) to November 8, 2007.
JPZ JSN JLA JPG ---------------------------------------------------------------------------------------------------------------- Common Common Common Common Shares Shares Shares Shares ---------------------------------------------------------------------------------------------------------------- TO APPROVE A NEW INVESTMENT MANAGEMENT AGREEMENT: For 16,728,100 29,981,664 12,794,579 8,392,401 Against 666,684 1,365,905 511,045 258,257 Abstain 604,777 1,218,434 536,900 266,117 Broker Non-Votes 6,200,774 11,280,036 4,905,176 3,301,639 ---------------------------------------------------------------------------------------------------------------- Total 24,200,335 43,846,039 18,747,700 12,218,414 ---------------------------------------------------------------------------------------------------------------- TO APPROVE A NEW SUB-ADVISORY AGREEMENT BETWEEN NUVEEN ASSET MANAGEMENT AND GATEWAY INVESTMENT ADVISERS, L.P.: For 16,638,963 29,839,983 12,751,370 8,338,109 Against 707,933 1,442,604 558,891 289,442 Abstain 652,665 1,283,416 532,263 289,224 Broker Non-Votes 6,200,774 11,280,036 4,905,176 3,301,639 ---------------------------------------------------------------------------------------------------------------- Total 24,200,335 43,846,039 18,747,700 12,218,414 ---------------------------------------------------------------------------------------------------------------- TO APPROVE A NEW SUB-ADVISORY AGREEMENT BETWEEN NUVEEN ASSET MANAGEMENT AND GATEWAY INVESTMENT ADVISERS, LLC: For 16,619,775 29,903,802 12,765,162 8,333,943 Against 723,286 1,406,366 552,529 291,811 Abstain 656,500 1,255,835 524,833 291,021 Broker Non-Votes 6,200,774 11,280,036 4,905,176 3,301,639 ---------------------------------------------------------------------------------------------------------------- Total 24,200,335 43,846,039 18,747,700 12,218,414 ---------------------------------------------------------------------------------------------------------------- TO RATIFY THE SELECTION OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE CURRENT FISCAL YEAR: For 23,444,989 42,257,144 18,131,558 11,878,034 Against 351,481 729,567 238,592 144,164 Abstain 403,865 859,328 377,550 196,216 ---------------------------------------------------------------------------------------------------------------- Total 24,200,335 43,846,039 18,747,700 12,218,414 ----------------------------------------------------------------------------------------------------------------
13 Report of INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF NUVEEN EQUITY PREMIUM INCOME FUND NUVEEN EQUITY PREMIUM OPPORTUNITY FUND NUVEEN EQUITY PREMIUM ADVANTAGE FUND NUVEEN EQUITY PREMIUM AND GROWTH FUND In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial positions of Nuveen Equity Premium Income Fund, Nuveen Equity Premium Opportunity Fund, Nuveen Equity Premium Advantage Fund, and Nuveen Equity Premium and Growth Fund (the "Funds") at December 31, 2007, the results of each of their operations for the year then ended, the changes in each of their net assets for the periods then ended and the financial highlights for the periods then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2007 with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP February 26, 2008 14 JPZ Nuveen Equity Premium Income Fund Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 97.0% AEROSPACE & DEFENSE - 3.0% 71,400 Boeing Company $ 6,244,644 100,000 Honeywell International Inc. 6,157,000 32,000 Raytheon Company 1,942,400 89,400 United Technologies Corporation 6,842,676 -------------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 21,186,720 ------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS - 0.2% 16,859 United Parcel Service, Inc., Class B 1,192,268 -------------------------------------------------------------------------------------------------------------------------------- AIRLINES - 0.1% 22,200 AMR Corporation-DEL, (2) 311,466 14,800 Continental Airlines, Inc., (2) 329,300 -------------------------------------------------------------------------------------------------------------------------------- Total Airlines 640,766 ------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS - 0.1% 21,200 American Axle and Manufacturing Holdings Inc. 394,744 30,487 Cooper Tire & Rubber 505,474 666 WABCO Holdings Inc. 33,360 -------------------------------------------------------------------------------------------------------------------------------- Total Auto Components 933,578 ------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.4% 204,000 Ford Motor Company, (2) 1,372,920 48,800 General Motors Corporation 1,214,632 4,000 Harley-Davidson, Inc. 186,840 -------------------------------------------------------------------------------------------------------------------------------- Total Automobiles 2,774,392 ------------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.4% 106,397 Coca-Cola Company 6,529,584 40,810 PepsiCo, Inc. 3,097,479 -------------------------------------------------------------------------------------------------------------------------------- Total Beverages 9,627,063 ------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY - 0.0% 310 Genentech, Inc., (2) 20,792 -------------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS - 0.1% 2,000 American Standard Companies Inc. 93,420 25,567 Masco Corporation 552,503 -------------------------------------------------------------------------------------------------------------------------------- Total Building Products 645,923 ------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS - 2.8% 46,000 Charles Schwab Corporation 1,175,300 19,900 Goldman Sachs Group, Inc. 4,279,495 10,500 Jefferies Group, Inc. 242,025 177,861 JPMorgan Chase & Co. 7,763,633 20,300 Legg Mason, Inc. 1,484,945 26,500 Merrill Lynch & Co., Inc. 1,422,520 23,500 Morgan Stanley 1,248,085 59,400 Waddell & Reed Financial, Inc., Class A 2,143,746 -------------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 19,759,749 ------------------------------------------------------------------------------------------------------------------- CHEMICALS - 2.3% 51,511 Dow Chemical Company 2,030,564 148,600 E.I. Du Pont de Nemours and Company 6,551,774 40,400 Eastman Chemical Company 2,468,036
15 JPZ Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- CHEMICALS (continued) 42,998 Lubrizol Corporation $ 2,328,772 19,000 NL Industries Inc. 217,170 53,293 Olin Corporation 1,030,154 63,622 RPM International, Inc. 1,291,527 -------------------------------------------------------------------------------------------------------------------------------- Total Chemicals 15,917,997 ------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS - 6.1% 383,779 Bank of America Corporation 15,834,722 18,300 Comerica Incorporated 796,599 3,000 Federated Investors Inc. 123,480 52,600 HSBC Holdings PLC, Sponsored ADR 4,403,146 145,300 Lloyds TSB Group PLC, Sponsored ADR 5,470,545 38,700 TrustCo Bank Corporation NY 383,904 175,300 U.S. Bancorp 5,564,022 129,036 Wachovia Corporation 4,907,239 190,800 Wells Fargo & Company 5,760,252 -------------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 43,243,909 ------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES - 1.2% 3,800 Avery Dennison Corporation 201,932 90,303 Deluxe Corporation 2,970,066 3,000 Manpower Inc. 170,700 23,000 Pitney Bowes Inc. 874,920 5,800 Priceline.com Incorporated, (2) 666,188 8,500 R.R. Donnelley & Sons Company 320,790 41,615 Resources Connection, Inc. 755,728 65,671 Waste Management, Inc. 2,145,472 -------------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 8,105,796 ------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT - 2.2% 17,600 ADTRAN, Inc. 376,288 8,828 Ciena Corporation, (2) 301,123 275,350 Cisco Systems, Inc., (2) 7,453,725 56,100 Corning Incorporated 1,345,839 11,875 JDS Uniphase Corporation, (2) 157,938 149,100 Motorola, Inc. 2,391,564 92,889 QUALCOMM Inc. 3,655,182 -------------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 15,681,659 ------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS - 4.1% 51,646 Apple, Inc., (2) 10,230,040 94,081 Dell Inc., (2) 2,305,925 93,700 EMC Corporation, (2) 1,736,261 129,100 Hewlett-Packard Company 6,516,968 70,044 International Business Machines Corporation 7,571,756 (IBM) 10,457 McAfee Inc., (2) 392,138 33,400 Sun Microsystems Inc. 605,542 -------------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 29,358,630 ------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE - 0.0% 10,500 Discover Financial Services 158,340 -------------------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING - 0.7% 65,700 Packaging Corp. of America 1,852,740 87,489 Sonoco Products Company 2,859,141 -------------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 4,711,881 ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES - 0.0% 1,700 ITT Educational Services, Inc., (2) 144,959 -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES - 3.1% 91,104 Capitalsource Inc. 1,602,519 438,000 Citigroup Inc. 12,894,720 8,700 CME Group, Inc. 5,968,200 77,422 Compass Diversified Trust 1,153,588
16
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES (continued) 9,942 Federal Home Loan Mortgage Corporation $ 338,724 -------------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 21,957,751 ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES - 4.6% 582,077 AT&T Inc. 24,191,119 220,900 Citizens Communications Company 2,812,057 6,450 Consolidated Communications Holdings, Inc. 128,355 7,448 Iowa Telecommunications Services, Inc. 121,104 107,100 Verizon Communications Inc. 4,679,199 21,026 Windstream Corporation 273,759 -------------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 32,205,593 ------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.6% 27,000 Ameren Corporation 1,463,670 33,900 Consolidated Edison, Inc. 1,656,015 25,949 Great Plains Energy Incorporated 760,825 60,600 OGE Energy Corp. 2,199,174 80,800 Pepco Holdings, Inc. 2,369,864 33,400 Progress Energy, Inc. 1,617,562 27,000 Southern Company 1,046,250 -------------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 11,113,360 ------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.1% 122,400 Emerson Electric Co. 6,935,184 400 Hubbell Incorporated, Class B 20,640 14,000 Rockwell Automation, Inc. 965,440 -------------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 7,921,264 ------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES - 2.9% 21,300 Diamond Offshore Drilling, Inc. 3,024,600 24,668 ENSCO International Incorporated 1,470,706 111,600 Halliburton Company 4,230,756 11,600 Patterson-UTI Energy, Inc. 226,432 79,200 Schlumberger Limited 7,790,904 17,600 Smith International, Inc. 1,299,760 46,500 Tidewater Inc. 2,550,990 -------------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 20,594,148 ------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING - 0.8% 36,406 CVS Caremark Corporation 1,447,139 200 Longs Drug Stores Corporation 9,400 38,696 SUPERVALU INC 1,451,874 53,325 Wal-Mart Stores, Inc. 2,534,537 1,810 Whole Foods Market, Inc. 73,848 -------------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 5,516,798 ------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS - 0.9% 173,705 Kraft Foods Inc. 5,667,994 57,000 Sara Lee Corporation 915,420 -------------------------------------------------------------------------------------------------------------------------------- Total Food Products 6,583,414 ------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.9% 28,200 AGL Resources Inc. 1,061,448 62,601 Atmos Energy Corporation 1,755,332 81,800 Nicor Inc. 3,464,230 -------------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 6,281,010 ------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES - 0.4% 36,000 Baxter International Inc. 2,089,800 10,375 Medtronic, Inc. 521,551 -------------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 2,611,351 ------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES - 1.6% 26,939 Brookdale Senior Living Inc. 765,337 15,450 Coventry Health Care, Inc., (2) 915,413
17 JPZ Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES (continued) 83,690 Kindred Healthcare Inc., (2) $ 2,090,576 6,700 Mentor Corporation 261,970 88,646 UnitedHealth Group Incorporated 5,159,197 27,330 Wellpoint Inc., (2) 2,397,661 -------------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 11,590,154 ------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE - 1.1% 17,000 Carnival Corporation 756,330 13,566 Harrah's Entertainment, Inc. 1,203,983 22,661 International Game Technology 995,498 86,900 McDonald's Corporation 5,119,279 -------------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 8,075,090 ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES - 1.5% 4,100 Black & Decker Corporation 285,565 107,400 Newell Rubbermaid Inc. 2,779,512 12,400 Snap-on Incorporated 598,176 25,600 Stanley Works 1,241,088 106,700 Tupperware Corporation 3,524,301 29,936 Whirlpool Corporation 2,443,676 -------------------------------------------------------------------------------------------------------------------------------- Total Household Durables 10,872,318 ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS - 2.8% 53,200 Colgate-Palmolive Company 4,147,472 22,000 Kimberly-Clark Corporation 1,525,480 193,080 Procter & Gamble Company 14,175,934 -------------------------------------------------------------------------------------------------------------------------------- Total Household Products 19,848,886 ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES - 3.8% 657,430 General Electric Company 24,370,929 52,800 Genuine Parts Company 2,444,640 -------------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 26,815,569 ------------------------------------------------------------------------------------------------------------------- INSURANCE - 3.5% 36,800 Allstate Corporation 1,922,064 111,000 American International Group, Inc. 6,471,300 24,405 Arthur J. Gallagher & Co. 590,357 209,268 Fidelity National Title Group Inc., Class A 3,057,405 12,500 Hartford Financial Services Group, Inc. 1,089,875 80,446 Lincoln National Corporation 4,683,566 72,500 Marsh & McLennan Companies, Inc. 1,919,075 1,100 Mercury General Corporation 54,791 46,000 Travelers Companies, Inc. 2,474,800 52,700 Unitrin, Inc. 2,529,073 -------------------------------------------------------------------------------------------------------------------------------- Total Insurance 24,792,306 ------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL - 0.4% 24,004 Amazon.com, Inc., (2) 2,223,731 17,488 IAC/InterActiveCorp., (2) 470,777 -------------------------------------------------------------------------------------------------------------------------------- Total Internet & Catalog Retail 2,694,508 ------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES - 1.8% 63,687 eBay Inc., (2) 2,113,772 6,320 F5 Networks, Inc., (2) 180,246 11,546 Google Inc., Class A, (2) 7,983,828 159,665 United Online, Inc. 1,887,240 38,910 Yahoo! Inc., (2) 905,047 -------------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 13,070,133 ------------------------------------------------------------------------------------------------------------------- IT SERVICES - 0.7% 65,710 Automatic Data Processing, Inc. 2,926,066 2,050 FactSet Research Systems Inc. 114,185 6,395 Fidelity National Information Services 265,968 35,800 Paychex, Inc. 1,296,676
18
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- IT SERVICES (continued) 34,100 Standard Register Company $ 397,606 -------------------------------------------------------------------------------------------------------------------------------- Total IT Services 5,000,501 ------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS - 0.1% 17,155 Eastman Kodak Company 375,180 7,900 Polaris Industries Inc. 377,383 -------------------------------------------------------------------------------------------------------------------------------- Total Leisure Equipment & Products 752,563 ------------------------------------------------------------------------------------------------------------------- MACHINERY - 2.3% 30,891 Briggs & Stratton Corporation 699,990 75,600 Caterpillar Inc. 5,485,536 2,400 Cummins Inc. 305,688 18,400 Deere & Company 1,713,408 13,600 Graco Inc. 506,736 16,555 Ingersoll Rand Company Limited, Class A 769,311 400 Joy Global Inc. 26,328 9,750 Parker Hannifin Corporation 734,273 57,966 SPX Corporation 5,961,803 12,000 Timken Company 394,200 -------------------------------------------------------------------------------------------------------------------------------- Total Machinery 16,597,273 ------------------------------------------------------------------------------------------------------------------- MEDIA - 1.6% 45,213 CBS Corporation, Class B 1,232,054 67,800 Clear Channel Communications, Inc. 2,340,456 91,271 Entrcom Communications Corporation 1,249,500 14,810 GateHouse Media, Inc. 130,032 5,355 Idearc Inc. 94,034 39,613 New York Times, Class A 694,416 26,000 Omnicom Group Inc. 1,235,780 183,600 Regal Entertainment Group, Class A 3,317,652 5,800 ValueClick, Inc., (2) 127,020 36,200 Walt Disney Company 1,168,536 6,200 XM Satellite Radio Holdings Inc., Class A, (2) 75,888 -------------------------------------------------------------------------------------------------------------------------------- Total Media 11,665,368 ------------------------------------------------------------------------------------------------------------------- METALS & MINING - 1.6% 16,400 Alcoa Inc. 599,420 28,800 CONSOL Energy Inc. 2,059,776 32,000 Nucor Corporation 1,895,040 63,400 Southern Copper Corporation 6,665,242 -------------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 11,219,478 ------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL - 0.9% 13,000 Family Dollar Stores, Inc. 249,990 38,002 Federated Department Stores, Inc. 983,112 55,400 Nordstrom, Inc. 2,034,842 7,900 Sears Holding Corporation, (2) 806,195 40,800 Target Corporation 2,040,000 -------------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 6,114,139 ------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES - 1.9% 125,900 Duke Energy Corporation 2,539,403 82,456 Integrys Energy Group, Inc. 4,262,151 28,500 National Fuel Gas Company 1,330,380 49,100 ONEOK, Inc. 2,198,207 32,100 Public Service Enterprise Group Incorporated 3,153,504 -------------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 13,483,645 ------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS - 8.8% 1,100 BP Amoco PLC 80,487 167,900 Chevron Corporation 15,670,107 63,649 ConocoPhillips 5,620,207 409,200 Exxon Mobil Corporation 38,337,944 34,420 Tesoro Petroleum Corporation 1,641,834
19 JPZ Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS (continued) 9,900 Valero Energy Corporation $ 693,297 -------------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 62,043,876 ------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS - 0.5% 47,000 Weyerhaeuser Company 3,465,780 -------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS - 7.7% 111,700 Abbott Laboratories 6,271,955 246,638 Bristol-Myers Squibb Company 6,540,840 7,510 CV Therapeutics Inc., (2) 67,966 63,000 Eli Lilly and Company 3,363,570 11,471 GlaxoSmithKline PLC, ADR 578,024 164,856 Johnson & Johnson 10,995,895 234,802 Merck & Co. Inc. 13,644,344 426,857 Pfizer Inc. 9,702,460 22,700 Schering-Plough Corporation 604,728 69,200 Wyeth 3,057,948 -------------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 54,827,730 ------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUST - 2.0% 9,500 American Financial Realty Trust 76,190 83,552 Ashford Hospitality Trust Inc. 600,739 23,473 Brandywine Realty Trust 420,871 65,884 CapLease Inc. 554,743 39,900 First Industrial Realty Trust, Inc. 1,380,540 39,146 Glimcher Realty Trust 559,396 21,000 Health Care REIT, Inc. 938,490 49,761 Healthcare Realty Trust, Inc. 1,263,432 96,574 Hospitality Properties Trust 3,111,614 117,900 HRPT Properties Trust 911,367 78,791 Lexington Corporate Properties Trust 1,145,621 5,700 Liberty Property Trust 164,217 17,263 Medical Properties Trust Inc. 175,910 42,800 Nationwide Health Properties, Inc. 1,342,636 4,446 Northstar Realty Finance Corporation 39,658 27,000 Senior Housing Properties Trust 612,360 11,215 Sun Communities Inc. 236,300 61,650 U-Store-It Trust 564,714 -------------------------------------------------------------------------------------------------------------------------------- Total Real Estate Investment Trust 14,098,798 ------------------------------------------------------------------------------------------------------------------- ROAD & RAIL - 0.3% 17,069 Burlington Northern Santa Fe Corporation 1,420,653 13,563 Norfolk Southern Corporation 684,118 -------------------------------------------------------------------------------------------------------------------------------- Total Road & Rail 2,104,771 ------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & EQUIPMENT - 2.3% 26,500 Analog Devices, Inc. 840,050 105,600 Applied Materials, Inc. 1,875,456 45,300 Broadcom Corporation, Class A, (2) 1,184,142 193,691 Intel Corporation 5,163,802 10,600 Intersil Holding Corporation, Class A 259,488 6,800 Lam Research Corporation, (2) 293,964 39,700 Microchip Technology Incorporated 1,247,374 24,800 National Semiconductor Corporation 561,472 31,200 NVIDIA Corporation, (2) 1,061,424 115,500 Texas Instruments Incorporated 3,857,700 -------------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 16,344,872 ------------------------------------------------------------------------------------------------------------------- SOFTWARE - 4.0% 43,822 Adobe Systems Incorporated, (2) 1,872,514 4,580 Akamai Technologies, Inc., (2) 158,468 11,610 Autodesk, Inc., (2) 577,714 34,800 BEA Systems, Inc., (2) 549,144 32,666 Cognizant Technology Solutions Corporation, 1,108,684 Class A, (2) 3,946 InfoSpace, Inc. 74,185
20
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- SOFTWARE (continued) 450,462 Microsoft Corporation $ 16,036,446 16,433 NAVTEQ Corporation, (2) 1,242,335 251,668 Oracle Corporation, (2) 5,682,663 6,100 Red Hat, Inc., (2) 127,124 10,500 Salesforce.com, Inc., (2) 658,245 4,414 VeriSign, Inc., (2) 166,011 -------------------------------------------------------------------------------------------------------------------------------- Total Software 28,253,533 ------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL - 1.6% 27,715 Abercrombie & Fitch Co., Class A 2,216,369 47,700 American Eagle Outfitters, Inc. 990,729 52,650 Best Buy Co., Inc. 2,772,023 9,100 Christopher & Banks Corporation 104,195 73,831 Home Depot, Inc. 1,989,007 53,597 Limited Brands, Inc. 1,014,591 55,300 Lowe's Companies, Inc. 1,250,886 5,212 RadioShack Corporation 87,874 500 Sherwin-Williams Company 29,020 5,000 Tiffany & Co. 230,150 19,700 TJX Companies, Inc. 565,981 -------------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 11,250,825 ------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS - 0.3% 14,234 Cherokee Inc. 459,331 27,238 VF Corporation 1,870,161 -------------------------------------------------------------------------------------------------------------------------------- Total Textiles, Apparel & Luxury Goods 2,329,492 ------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE - 0.2% 60,800 New York Community Bancorp, Inc. 1,068,864 -------------------------------------------------------------------------------------------------------------------------------- TOBACCO - 2.7% 217,733 Altria Group, Inc. 16,456,259 32,200 Reynolds American Inc. 2,123,912 36,145 Vector Group Ltd. 725,069 -------------------------------------------------------------------------------------------------------------------------------- Total Tobacco 19,305,240 ------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES - 0.0% 11,816 USA Mobility Inc. 168,969 -------------------------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (COST $517,133,233) 686,743,792 =================================================================================================================== PRINCIPAL AMOUNT (000) DESCRIPTION (1) COUPON MATURITY VALUE ---------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 4.7% $ 33,409 Repurchase Agreement with Fixed Income Clearing 1.000% 1/02/08 $ 33,409,183 Corporation, dated 12/31/07, repurchase price $33,411,039, collateralized by $24,430,000 U.S. Treasury Bonds, 7.625%, due 2/15/25, value $34,079,850 ========== ------------------------------------------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (COST $33,409,183) 33,409,183 ===================================================================================================================
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE -------------------------------------------------------------------------------------------------------------------------------- PUT OPTIONS - 0.4% 408 S&P 500 Index $ 53,040,000 1/19/08 $ 1,300 $ 36,720 366 S&P 500 Index 48,495,000 1/19/08 1,325 53,070 408 S&P 500 Index 55,080,000 1/19/08 1,350 104,040 408 S&P 500 Index 56,100,000 1/19/08 1,375 179,520 406 S&P 500 Index 54,810,000 2/16/08 1,350 519,680 420 S&P 500 Index 57,750,000 2/16/08 1,375 705,600 375 S&P 500 Index 50,625,000 3/22/08 1,350 935,625 -------------------------------------------------------------------------------------------------------------------------------- 2,791 TOTAL PUT OPTIONS (COST $5,868,565) 375,900,000 2,534,255 ================================================================================================================================ TOTAL INVESTMENTS (COST $556,410,981) - 102.1% 722,687,230 ===================================================================================================================
21 JPZ Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE --------------------------------------------------------------------------------------------------------------------------------- CALL OPTIONS WRITTEN - (2.2)% (4) (567) S&P 500 Index $ (82,215,000) 1/19/08 $ 1,450 $ (2,231,145) (872) S&P 500 Index (128,620,000) 1/19/08 1,475 (2,088,440) (896) S&P 500 Index (134,400,000) 1/19/08 1,500 (1,111,040) (570) S&P 500 Index (82,650,000) 2/16/08 1,450 (3,360,150) (1,183) S&P 500 Index (174,492,500) 2/16/08 1,475 (5,140,135) (564) S&P 500 Index (84,600,000) 2/16/08 1,500 (1,700,460) --------------------------------------------------------------------------------------------------------------------------------- (4,652) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (686,977,500) (15,631,370) $22,205,750) ================================================================================================================================= OTHER ASSETS LESS LIABILITIES - 0.1% 877,496 ==================================================================================================================== NET ASSETS - 100% $ 707,933,356 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted. (2) Non-income producing. (3) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by the Strike Price by 100. (4) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written. ADR American Depositary Receipt.
See accompanying notes to financial statements. 22 JSN Nuveen Equity Premium Opportunity Fund Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 96.3% AEROSPACE & DEFENSE - 2.6% 79,265 Boeing Company $ 6,932,517 132,561 Honeywell International Inc. 8,161,781 26,000 Lockheed Martin Corporation 2,736,760 41,700 Northrop Grumman Corporation 3,279,288 46,000 Raytheon Company 2,792,200 107,414 United Technologies Corporation 8,221,468 -------------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 32,124,014 ------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS - 0.6% 97,172 United Parcel Service, Inc., Class B 6,872,004 -------------------------------------------------------------------------------------------------------------------------------- AIRLINES - 0.1% 92,897 AMR Corporation-DEL, (2) 1,303,345 -------------------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.3% 81,079 General Motors Corporation 2,018,056 35,100 Harley-Davidson, Inc. 1,639,521 -------------------------------------------------------------------------------------------------------------------------------- Total Automobiles 3,657,577 ------------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.4% 176,250 Coca-Cola Company 10,816,463 86,200 PepsiCo, Inc. 6,542,580 -------------------------------------------------------------------------------------------------------------------------------- Total Beverages 17,359,043 ------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY - 2.2% 101,453 Amgen Inc., (2) 4,711,477 85,000 Biogen Idec Inc., (2) 4,838,200 108,800 Celgene Corporation, (2) 5,027,648 44,500 Genentech, Inc., (2) 2,984,615 199,002 Gilead Sciences, Inc., (2) 9,156,082 -------------------------------------------------------------------------------------------------------------------------------- Total Biotechnology 26,718,022 ------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS - 3.0% 156,050 Charles Schwab Corporation 3,987,078 26,800 Goldman Sachs Group, Inc. 5,763,340 302,086 JPMorgan Chase & Co. 13,186,054 32,585 Legg Mason, Inc. 2,383,593 132,034 Morgan Stanley 7,012,326 136,190 Waddell & Reed Financial, Inc., Class A 4,915,097 -------------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 37,247,488 ------------------------------------------------------------------------------------------------------------------- CHEMICALS - 1.4% 57,426 Dow Chemical Company 2,263,733 130,232 E.I. Du Pont de Nemours and Company 5,741,929 41,441 Eastman Chemical Company 2,531,631 72,000 Lubrizol Corporation 3,899,520 152,430 RPM International, Inc. 3,094,329 -------------------------------------------------------------------------------------------------------------------------------- Total Chemicals 17,531,142 ------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS - 3.8% 464,273 Bank of America Corporation 19,155,904 113,380 Commerce Bancorp, Inc. 4,324,313 29,817 F.N.B. Corporation PA 438,310 10,475 HSBC Holdings PLC, Sponsored ADR 876,862 91,102 Lloyds TSB Group PLC, Sponsored ADR 3,429,990
23 JSN Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS (continued) 258,904 U.S. Bancorp $ 8,217,613 88,686 Wachovia Corporation 3,372,729 216,543 Wells Fargo & Company 6,537,433 -------------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 46,353,154 ------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES - 1.0% 28,958 Corporate Executive Board Company 1,740,376 88,440 Deluxe Corporation 2,908,792 57,150 Manpower Inc. 3,251,835 49,600 R.R. Donnelley & Sons Company 1,871,904 95,550 Waste Management, Inc. 3,121,619 -------------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 12,894,526 ------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT - 5.8% 67,497 ADTRAN, Inc. 1,443,086 880,708 Cisco Systems, Inc., (2) 23,840,766 182,856 Corning Incorporated 4,386,715 55,800 Harris Corporation 3,497,544 234,109 Motorola, Inc. 3,755,108 547,260 QUALCOMM Inc. 21,534,681 121,135 Research In Motion Limited, (2) 13,736,709 -------------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 72,194,609 ------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS - 7.8% 305,735 Apple, Inc., (2) 60,559,989 158,400 Dell Inc., (2) 3,882,384 222,900 EMC Corporation, (2) 4,130,337 316,255 Hewlett-Packard Company 15,964,552 74,117 International Business Machines Corporation 8,012,048 (IBM) 57,156 McAfee Inc., (2) 2,143,350 48,028 Network Appliance, Inc., (2) 1,198,779 -------------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 95,891,439 ------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE - 0.2% 33,000 American Express Company 1,716,660 59,442 Discover Financial Services 896,385 13,000 Western Union Company 315,640 -------------------------------------------------------------------------------------------------------------------------------- Total Consumer Finance 2,928,685 ------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING - 0.8% 206,025 Packaging Corp. of America 5,809,905 126,709 Sonoco Products Company 4,140,850 -------------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 9,950,755 ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES - 2.4% 1,171 Capitalsource Inc. 20,598 513,026 Citigroup Inc. 15,103,485 11,000 CME Group, Inc. 7,546,000 33,900 Eaton Vance Corporation 1,539,399 126,150 ING Group N.V. 4,908,497 -------------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 29,117,979 ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES - 3.3% 711,379 AT&T Inc. 29,564,911 161,956 Citizens Communications Company 2,061,700 13,679 Level 3 Communications Inc., (2) 41,584 41,311 Sprint Nextel Corporation 542,413 190,295 Verizon Communications Inc. 8,313,989 -------------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 40,524,597 ------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 1.1% 38,205 Ameren Corporation 2,071,093 92,139 Companhia Energetica de Minas Gerais 1,700,886 884 CPFL Energia SA 50,087
24
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES (continued) 112,715 Great Plains Energy Incorporated $ 3,304,804 92,500 OGE Energy Corp. 3,356,825 118,050 Pepco Holdings, Inc. 3,462,407 -------------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 13,946,102 ------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.4% 52,646 Cooper Industries, Ltd., Class A 2,783,920 161,417 Emerson Electric Co. 9,145,887 46,143 Hubbell Incorporated, Class B 2,380,979 38,848 Rockwell Automation, Inc. 2,678,958 -------------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 16,989,744 ------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.4% 122,860 Gentex Corporation 2,183,222 51,200 Roper Industries Inc. 3,202,048 2,742 Tyco Electronics, Limited, (2) 101,810 -------------------------------------------------------------------------------------------------------------------------------- Total Electronic Equipment & Instruments 5,487,080 ------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES - 2.3% 45,800 Diamond Offshore Drilling, Inc. 6,503,600 35,700 ENSCO International Incorporated 2,128,434 193,449 Halliburton Company 7,333,652 57,014 Patterson-UTI Energy, Inc. 1,112,913 75,000 Schlumberger Limited 7,377,750 77,472 Tidewater Inc. 4,250,114 -------------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 28,706,463 ------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING - 1.0% 92,506 CVS Caremark Corporation 3,677,114 69,900 Kroger Co. 1,867,029 33,114 SUPERVALU INC. 1,242,437 21,174 Walgreen Co. 806,306 96,014 Wal-Mart Stores, Inc. 4,563,545 -------------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 12,156,431 ------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS - 1.1% 153,214 Kraft Foods Inc. 4,999,373 60,792 Monsanto Company 6,789,858 90,000 Sara Lee Corporation 1,445,400 -------------------------------------------------------------------------------------------------------------------------------- Total Food Products 13,234,631 ------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.9% 24,226 AGL Resources Inc. 911,867 148,952 Atmos Energy Corporation 4,176,614 121,607 Nicor Inc. 5,150,056 22,569 Piedmont Natural Gas Company 590,405 -------------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 10,828,942 ------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES - 0.6% 83,900 Baxter International Inc. 4,870,395 875 Covidien Limited, (2) 38,754 35,700 Hillenbrand Industries 1,989,561 -------------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 6,898,710 ------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES - 0.8% 49,762 Aetna Inc. 2,872,760 7,100 AmericGroup Corporation, (2) 258,795 39,826 Coventry Health Care, Inc., (2) 2,359,691 43,000 Mentor Corporation 1,681,300 22,600 UnitedHealth Group Incorporated 1,315,320 22,400 Wellpoint Inc., (2) 1,965,152 -------------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 10,453,018 -------------------------------------------------------------------------------------------------------------------
25 JSN Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE - 1.6% 68,500 International Game Technology $ 3,009,205 215,800 McDonald's Corporation 12,712,778 43,125 Starwood Hotels & Resorts Worldwide, Inc. 1,898,794 15,200 Wynn Resorts Ltd 1,704,376 -------------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 19,325,153 ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES - 0.9% 184,645 Newell Rubbermaid Inc. 4,778,613 44,504 Stanley Works 2,157,554 52,780 Whirlpool Corporation 4,308,431 -------------------------------------------------------------------------------------------------------------------------------- Total Household Durables 11,244,598 ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS - 1.7% 59,100 Colgate-Palmolive Company 4,607,436 229,375 Procter & Gamble Company 16,840,713 -------------------------------------------------------------------------------------------------------------------------------- Total Household Products 21,448,149 ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES - 2.8% 9,718 3M Co. 819,422 841,835 General Electric Company 31,206,823 57,620 Genuine Parts Company 2,667,806 -------------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 34,694,051 ------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.6% 43,193 Allstate Corporation 2,255,970 90,384 American International Group, Inc. 5,269,387 117,057 Arthur J. Gallagher & Co. 2,831,609 76,372 Fidelity National Title Group Inc., Class A 1,115,795 105,530 Marsh & McLennan Companies, Inc. 2,793,379 35,150 Mercury General Corporation 1,750,822 81,586 Unitrin, Inc. 3,915,312 -------------------------------------------------------------------------------------------------------------------------------- Total Insurance 19,932,274 ------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL - 0.6% 66,150 Amazon.com, Inc., (2) 6,128,136 47,134 IAC/InterActiveCorp., (2) 1,268,847 -------------------------------------------------------------------------------------------------------------------------------- Total Internet & Catalog Retail 7,396,983 ------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES - 3.6% 2,328 Baidu.com, Inc., (2) 908,828 203,512 Earthlink, Inc., (2) 1,438,830 185,708 eBay Inc., (2) 6,163,649 41,385 Google Inc., Class A, (2) 28,616,900 264,033 United Online, Inc. 3,120,870 184,790 Yahoo! Inc., (2) 4,298,215 -------------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 44,547,292 ------------------------------------------------------------------------------------------------------------------- IT SERVICES - 0.6% 98,100 Automatic Data Processing, Inc. 4,368,393 87,200 Electronic Data Systems Corporation 1,807,656 9,876 Fair Isaac Corporation 317,513 26,178 Fidelity National Information Services 1,088,743 -------------------------------------------------------------------------------------------------------------------------------- Total IT Services 7,582,305 ------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS - 0.3% 84,813 Mattel, Inc. 1,614,840 34,258 Polaris Industries Inc. 1,636,505 -------------------------------------------------------------------------------------------------------------------------------- Total Leisure Equipment & Products 3,251,345 -------------------------------------------------------------------------------------------------------------------
26
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- MACHINERY - 1.7% 105,004 Caterpillar Inc. $ 7,619,090 52,609 Graco Inc. 1,960,211 23,730 Joy Global Inc. 1,561,909 76,240 SPX Corporation 7,841,284 66,807 Timken Company 2,194,610 -------------------------------------------------------------------------------------------------------------------------------- Total Machinery 21,177,104 ------------------------------------------------------------------------------------------------------------------- MARINE - 0.0% 20,539 Eagle Bulk Shipping Inc. 545,310 -------------------------------------------------------------------------------------------------------------------------------- MEDIA - 2.0% 18,600 CBS Corporation, Class B 506,850 71,700 Clear Channel Communications, Inc. 2,475,084 59,030 Entrcom Communications Corporation 808,121 50,000 GateHouse Media, Inc. 439,000 10,982 Idearc Inc. 192,844 8,687 Live Nation Inc., (2) 126,135 144,450 News Corporation, Class A 2,959,781 56,950 Omnicom Group Inc. 2,706,834 233,710 Regal Entertainment Group, Class A 4,223,140 10,000 Salem Communications Corporation 65,900 308,859 Sirius Satellite Radio Inc., (2) 935,843 23,800 Time Warner Inc. 392,938 46,400 Viacom Inc., Class B, (2) 2,037,888 144,300 Walt Disney Company 4,658,004 162,325 XM Satellite Radio Holdings Inc., Class A, (2) 1,986,858 -------------------------------------------------------------------------------------------------------------------------------- Total Media 24,515,220 ------------------------------------------------------------------------------------------------------------------- METALS & MINING - 1.5% 50,989 Alcoa Inc. 1,863,648 120,648 Companhia Siderurgica Nacional S.A., Sponsored 10,806,441 ADR 55,255 Southern Copper Corporation 5,808,958 -------------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 18,479,047 ------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL - 0.8% 12,800 Family Dollar Stores, Inc. 246,144 66,792 Federated Department Stores, Inc. 1,727,909 93,000 Nordstrom, Inc. 3,415,890 26,877 Sears Holding Corporation, (2) 2,742,798 46,400 Target Corporation 2,320,000 -------------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 10,452,741 ------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES - 1.3% 179,621 Duke Energy Corporation 3,622,956 88,300 National Fuel Gas Company 4,121,844 95,800 ONEOK, Inc. 4,288,966 42,100 Public Service Enterprise Group Incorporated 4,135,904 -------------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 16,169,670 ------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS - 5.8% 182,768 Chevron Corporation 17,057,737 74,000 ConocoPhillips 6,534,200 485,656 Exxon Mobil Corporation 45,501,111 2,417 Occidental Petroleum Corporation 186,085 15,562 Royal Dutch Shell PLC, Class A 1,310,320 38,764 Statoil ASA 1,183,077 3,110 Tesoro Petroleum Corporation 148,347 -------------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 71,920,877 ------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS - 6.5% 152,652 Abbott Laboratories 8,571,410 373,980 Bristol-Myers Squibb Company 9,917,950 24,800 CV Therapeutics Inc., (2) 224,440
27 JSN Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS (continued) 91,471 Eli Lilly and Company $ 4,883,637 49,416 GlaxoSmithKline PLC, ADR 2,490,072 119,950 Johnson & Johnson 8,000,665 376,271 Merck & Co. Inc. 21,865,108 666,169 Pfizer Inc. 15,142,021 124,850 Schering-Plough Corporation 3,326,004 139,500 Wyeth 6,164,505 -------------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 80,585,812 ------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUST - 1.0% 40,000 Alesco Financial Inc. 131,200 25,000 Ashford Hospitality Trust Inc. 179,750 56,622 First Industrial Realty Trust, Inc. 1,959,121 16,396 GMH Communities Trust 90,506 59,500 Health Care REIT, Inc. 2,659,055 86,256 Hospitality Properties Trust 2,779,168 18,978 Host Hotels & Resorts Inc. 323,385 149,200 HRPT Properties Trust 1,153,316 112,500 Nationwide Health Properties, Inc. 3,529,125 20,000 U-Store-It Trust 183,200 -------------------------------------------------------------------------------------------------------------------------------- Total Real Estate Investment Trust 12,987,826 ------------------------------------------------------------------------------------------------------------------- ROAD & RAIL - 0.2% 15,000 Union Pacific Corporation 1,884,300 -------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & EQUIPMENT - 4.3% 76,900 Advanced Micro Devices, Inc., (2) 576,750 67,138 Altera Corporation 1,297,106 105,640 Analog Devices, Inc. 3,348,788 251,538 Applied Materials, Inc. 4,467,315 131,882 Broadcom Corporation, Class A, (2) 3,447,395 894,555 Intel Corporation 23,848,836 25,784 Intersil Holding Corporation, Class A 631,192 4,607 KLA-Tencor Corporation 221,873 51,341 Linear Technology Corporation 1,634,184 85,586 Marvell Technology Group Ltd., (2) 1,196,492 121,745 National Semiconductor Corporation 2,756,307 206,961 Texas Instruments Incorporated 6,912,497 111,004 Xilinx, Inc. 2,427,657 -------------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 52,766,392 ------------------------------------------------------------------------------------------------------------------- SOFTWARE - 6.9% 82,841 Activision Inc., (2) 2,460,378 162,764 Adobe Systems Incorporated, (2) 6,954,906 36,736 Akamai Technologies, Inc., (2) 1,271,066 68,043 Autodesk, Inc., (2) 3,385,820 22,611 CNET Networks, Inc., (2) 206,665 1,339,734 Microsoft Corporation 47,694,530 39,361 NAVTEQ Corporation, (2) 2,975,692 671,102 Oracle Corporation, (2) 15,153,483 41,248 SAP AG, Sponsored ADR 2,105,710 88,542 VeriSign, Inc., (2) 3,330,065 -------------------------------------------------------------------------------------------------------------------------------- Total Software 85,538,315 ------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL - 1.6% 20,800 Abercrombie & Fitch Co., Class A 1,663,376 56,354 American Eagle Outfitters, Inc. 1,170,473 88,950 Best Buy Co., Inc. 4,683,218 13,700 Cabela's Incorporated, (2) 206,459 69,800 CarMax, Inc., (2) 1,378,550 64,850 Gap, Inc. 1,380,008 183,609 Home Depot, Inc. 4,946,426
28
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL (continued) 126,161 Limited Brands, Inc. $ 2,388,228 90,003 Lowe's Companies, Inc. 2,035,868 41,493 Tuesday Morning Corporation 210,370 -------------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 20,062,976 ------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS - 0.0% 25,000 Xerium Technologies, Inc. 130,000 -------------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE - 0.3% 156,136 IndyMac Bancorp, Inc. 929,009 186,849 New York Community Bancorp, Inc. 3,284,805 -------------------------------------------------------------------------------------------------------------------------------- Total Thrifts & Mortgage Finance 4,213,814 ------------------------------------------------------------------------------------------------------------------- TOBACCO - 1.8% 198,523 Altria Group, Inc. 15,004,368 42,914 Loews Corp - Carolina Group 3,660,564 45,154 Reynolds American Inc. 2,978,358 -------------------------------------------------------------------------------------------------------------------------------- Total Tobacco 21,643,290 ------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES - 0.6% 83,549 China Mobile Hong Kong Limited, Sponsored ADR 7,257,899 -------------------------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (COST $866,571,798) 1,191,122,243 ===================================================================================================================
PRINCIPAL AMOUNT (000) DESCRIPTION (1) COUPON MATURITY VALUE --------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 5.6% $ 69,996 Repurchase Agreement with Fixed Income Clearing 1.000% 1/02/08 $ 69,996,318 Corporation, dated 12/31/07, repurchase price $70,000,207, collateralized by $51,185,000 U.S. Treasury Bonds, 7.625%, due 2/15/25, value $71,403,075 ========== ------------------------------------------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (COST $69,996,318) 69,996,318 ===================================================================================================================
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE -------------------------------------------------------------------------------------------------------------------------------- PUT OPTIONS - 0.3% 32 NASDAQ 100 Index $ 5,440,000 1/19/08 $ 1,700 $ 1,120 303 NASDAQ 100 Index 53,025,000 1/19/08 1,750 12,120 295 NASDAQ 100 Index 51,625,000 2/16/08 1,750 193,225 238 NASDAQ 100 Index 44,030,000 2/16/08 1,850 335,580 529 S&P 500 Index 68,770,000 1/19/08 1,300 47,610 475 S&P 500 Index 62,937,500 1/19/08 1,325 68,875 529 S&P 500 Index 71,415,000 1/19/08 1,350 134,895 529 S&P 500 Index 72,737,500 1/19/08 1,375 232,760 529 S&P 500 Index 71,415,000 2/16/08 1,350 677,120 547 S&P 500 Index 75,212,500 2/16/08 1,375 918,960 511 S&P 500 Index 68,985,000 3/22/08 1,350 1,274,945 -------------------------------------------------------------------------------------------------------------------------------- 4,517 TOTAL PUT OPTIONS (COST $9,362,227) 645,592,500 3,897,210 ================================================================================================================================ TOTAL INVESTMENTS (COST $945,930,343) - 102.2% 1,265,015,771 ===================================================================================================================
29 JSN Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE --------------------------------------------------------------------------------------------------------------------------- CALL OPTIONS WRITTEN - (2.3)% (4) (1,585) Mini-NDX 100 Index $(32,888,750) 1/19/08 $ 207.5 $ (840,050) (1,403) Mini-NDX 100 Index (30,515,250) 1/19/08 217.5 (157,838) (1,510) Mini-NDX 100 Index (33,220,000) 1/19/08 220.0 (101,925) (1,650) Mini-NDX 100 Index (34,237,500) 2/16/08 207.5 (1,427,250) (148) NASDAQ 100 Index (30,340,000) 1/19/08 2,050 (1,020,460) (162) NASDAQ 100 Index (34,830,000) 1/19/08 2,150 (295,650) (17) NASDAQ 100 Index (3,697,500) 1/19/08 2,175 (19,040) (11) NASDAQ 100 Index (2,420,000) 1/19/08 2,200 (7,260) (319) NASDAQ 100 Index (65,395,000) 2/16/08 2,050 (3,252,205) (154) NASDAQ 100 Index (32,340,000) 2/16/08 2,100 (1,105,720) (724) S&P 500 Index (104,980,000) 1/19/08 1,450 (2,848,940) (1,144) S&P 500 Index (168,740,000) 1/19/08 1,475 (2,739,880) (1,176) S&P 500 Index (176,400,000) 1/19/08 1,500 (1,458,240) (745) S&P 500 Index (108,025,000) 2/16/08 1,450 (4,391,775) (1,519) S&P 500 Index (224,052,500) 2/16/08 1,475 (6,600,055) (724) S&P 500 Index (108,600,000) 2/16/08 1,500 (2,182,860) --------------------------------------------------------------------------------------------------------------------------- (12,991) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (1,190,681,500) (28,449,148) $41,558,293) =========================================================================================================================== OTHER ASSETS LESS LIABILITIES - 0.1% 960,292 ============================================================================================================== NET ASSETS - 100% $1,237,526,915 ==============================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted. (2) Non-income producing. (3) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by the Strike Price by 100. (4) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written. ADR American Depositary Receipt.
See accompanying notes to financial statements. 30 JLA Nuveen Equity Premium Advantage Fund Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 97.4% AEROSPACE & DEFENSE - 1.5% 26,200 Boeing Company $ 2,291,452 41,300 Honeywell International Inc. 2,542,841 29,966 United Technologies Corporation 2,293,598 -------------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 7,127,891 ------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS - 0.5% 31,710 United Parcel Service, Inc., Class B 2,242,531 -------------------------------------------------------------------------------------------------------------------------------- AIRLINES - 0.0% 12,313 Southwest Airlines Co. 150,219 -------------------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS - 0.4% 41,333 American Axle and Manufacturing Holdings Inc. 769,620 49,461 Cooper Tire & Rubber 820,063 4,845 WABCO Holdings Inc. 242,686 -------------------------------------------------------------------------------------------------------------------------------- Total Auto Components 1,832,369 ------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.4% 87,695 Ford Motor Company, (2) 590,187 19,783 General Motors Corporation 492,399 14,900 Harley-Davidson, Inc. 695,979 -------------------------------------------------------------------------------------------------------------------------------- Total Automobiles 1,778,565 ------------------------------------------------------------------------------------------------------------------- BEVERAGES - 1.0% 39,700 Coca-Cola Company 2,436,389 28,800 PepsiCo, Inc. 2,185,920 -------------------------------------------------------------------------------------------------------------------------------- Total Beverages 4,622,309 ------------------------------------------------------------------------------------------------------------------- BIOTECHNOLOGY - 4.0% 49,255 Amgen Inc., (2) 2,287,402 67,600 Biogen Idec Inc., (2) 3,847,792 58,800 Celgene Corporation, (2) 2,717,148 12,500 Cephalon, Inc., (2) 897,000 31,099 Genzyme Corporation, (2) 2,315,010 158,520 Gilead Sciences, Inc., (2) 7,293,505 -------------------------------------------------------------------------------------------------------------------------------- Total Biotechnology 19,357,857 ------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS - 0.2% 14,536 American Standard Companies Inc. 678,977 10,301 Masco Corporation 222,605 -------------------------------------------------------------------------------------------------------------------------------- Total Building Products 901,582 ------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS - 2.6% 22,452 Bank of New York Company, Inc. 1,094,760 72,720 Charles Schwab Corporation 1,857,996 9,100 Goldman Sachs Group, Inc. 1,956,955 89,700 JPMorgan Chase & Co. 3,915,405 4,909 Merrill Lynch & Co., Inc. 263,515 35,700 Morgan Stanley 1,896,027 51,000 Waddell & Reed Financial, Inc., Class A 1,840,590 -------------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 12,825,248 ------------------------------------------------------------------------------------------------------------------- CHEMICALS - 0.6% 12,674 Dow Chemical Company 499,609 44,813 E.I. Du Pont de Nemours and Company 1,975,805 21,574 NL Industries Inc. 246,591 -------------------------------------------------------------------------------------------------------------------------------- Total Chemicals 2,722,005 -------------------------------------------------------------------------------------------------------------------
31 JLA Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS - 2.9% 108,993 Bank of America Corporation $ 4,497,051 25,052 Commerce Bancorp, Inc. 955,483 19,882 Fifth Third Bancorp 499,635 38,433 FirstMerit Corporation 769,044 73,513 Lloyds TSB Group PLC, Sponsored ADR 2,767,764 63,800 U.S. Bancorp 2,025,012 34,900 Wachovia Corporation 1,327,247 40,776 Wells Fargo & Company 1,231,027 -------------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 14,072,263 ------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES - 0.9% 4,940 Corporate Executive Board Company 296,894 32,672 Deluxe Corporation 1,074,582 20,400 Manpower Inc. 1,160,760 29,775 Pitney Bowes Inc. 1,132,641 24,714 R.R. Donnelley & Sons Company 932,706 -------------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 4,597,583 ------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT - 7.8% 459,280 Cisco Systems, Inc., (2) 12,432,710 33,878 Comverse Technology, Inc., (2) 584,396 59,568 Corning Incorporated 1,429,036 29,400 Harris Corporation 1,842,792 12,475 JDS Uniphase Corporation, (2) 165,918 15,830 Motorola, Inc. 253,913 323,872 QUALCOMM Inc. 12,744,363 73,197 Research In Motion Limited, (2) 8,300,540 -------------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 37,753,668 ------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS - 11.3% 209,598 Apple, Inc., (2) 41,517,169 100,200 Hewlett-Packard Company 5,058,096 43,935 International Business Machines Corporation 4,749,374 (IBM) 23,041 McAfee Inc., (2) 864,038 7,245 NCR Corporation, (2) 181,850 37,720 Network Appliance, Inc., (2) 941,491 60,500 Sun Microsystems Inc. 1,096,865 7,245 Teradata Corporation 198,585 -------------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 54,607,468 ------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE - 0.3% 18,700 American Express Company 972,774 17,850 Discover Financial Services 269,178 -------------------------------------------------------------------------------------------------------------------------------- Total Consumer Finance 1,241,952 ------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING - 0.4% 43,903 Packaging Corp. of America 1,238,065 24,900 Sonoco Products Company 813,732 -------------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 2,051,797 ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED CONSUMER SERVICES - 0.2% 11,893 ITT Educational Services, Inc., (2) 1,014,116 -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES - 1.4% 5,000 Capitalsource Inc. 87,950 108,149 Citigroup Inc. 3,183,907 4,400 CME Group, Inc. 3,018,400 20,000 Moody's Corporation 714,000 -------------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 7,004,257 ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES - 2.6% 220,695 AT&T Inc. 9,172,084 25,413 Chunghwa Telecom Co., Ltd., Sponsored ADR 536,468 72,955 Citizens Communications Company 928,717
32
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES (continued) 11,127 France Telecom SA $ 396,455 31,090 Verizon Communications Inc. 1,358,322 -------------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 12,392,046 ------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 0.6% 21,600 Exelon Corporation 1,763,424 30,400 OGE Energy Corp. 1,103,216 -------------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 2,866,640 ------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.3% 26,000 Cooper Industries, Ltd., Class A 1,374,880 59,800 Emerson Electric Co. 3,388,268 13,500 Hubbell Incorporated, Class B 696,600 13,700 Rockwell Automation, Inc. 944,752 -------------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 6,404,500 ------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.9% 17,182 Agilent Technologies, Inc., (2) 631,267 26,404 Amphenol Corporation, Class A 1,224,353 13,259 Diebold Inc. 384,246 48,857 Gentex Corporation 868,189 18,868 Roper Industries Inc. 1,180,005 3,560 Tyco Electronics, Limited, (2) 132,183 -------------------------------------------------------------------------------------------------------------------------------- Total Electronic Equipment & Instruments 4,420,243 ------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES - 1.8% 30,000 Cooper Cameron Corporation, (2) 1,443,900 19,059 Diamond Offshore Drilling, Inc. 2,706,378 52,800 Halliburton Company 2,001,648 34,200 Smith International, Inc. 2,525,670 -------------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 8,677,596 ------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING - 0.9% 43,162 CVS Caremark Corporation 1,715,690 10,816 Kroger Co. 288,895 23,562 SUPERVALU INC. 884,046 29,992 Wal-Mart Stores, Inc. 1,425,520 -------------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 4,314,151 ------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS - 1.2% 9,285 Chiquita Brands International Inc., (2) 170,751 47,193 Kraft Foods Inc. 1,539,908 27,800 Monsanto Company 3,104,982 64,658 Sara Lee Corporation 1,038,407 -------------------------------------------------------------------------------------------------------------------------------- Total Food Products 5,854,048 ------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.6% 47,295 Nicor Inc. 2,002,943 26,700 Piedmont Natural Gas Company 698,472 -------------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 2,701,415 ------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES - 1.3% 33,800 Applera Corporation-Applied Biosystems Group 1,146,496 34,400 Baxter International Inc. 1,996,920 3,335 Covidien Limited, (2) 147,707 3,702 Intuitive Surgical, Inc., (2) 1,201,299 3,900 Medtronic, Inc. 196,053 19,174 Saint Jude Medical Inc., (2) 779,231 11,687 Zimmer Holdings, Inc., (2) 773,095 -------------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 6,240,801 ------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES - 0.6% 2,000 Kindred Healthcare Inc., (2) 49,960 11,349 Medco Health Solutions, Inc., (2) 1,150,789
33 JLA Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES (continued) 11,200 Universal Health Services, Inc., Class B $ 573,440 14,593 Wellpoint Inc., (2) 1,280,244 -------------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 3,054,433 ------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE - 2.1% 18,429 Carnival Corporation 819,906 9,154 Harrah's Entertainment, Inc. 812,418 26,904 International Game Technology 1,181,893 45,500 McDonald's Corporation 2,680,405 109,420 Starbucks Corporation, (2) 2,239,827 15,700 Starwood Hotels & Resorts Worldwide, Inc. 691,271 27,491 Tim Hortons Inc. 1,015,243 20,300 Wendy's International, Inc. 524,552 -------------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 9,965,515 ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES - 0.4% 5,000 Beazer Homes USA, Inc. 37,150 8,000 La Z Boy Inc. 63,440 38,500 Newell Rubbermaid Inc. 996,380 12,700 Whirlpool Corporation 1,036,701 -------------------------------------------------------------------------------------------------------------------------------- Total Household Durables 2,133,671 ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS - 1.1% 75,195 Procter & Gamble Company 5,520,817 -------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES - 1.6% 13,364 3M Co. 1,126,852 158,640 General Electric Company 5,880,785 17,994 Genuine Parts Company 833,122 -------------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 7,840,759 ------------------------------------------------------------------------------------------------------------------- INSURANCE - 1.7% 15,228 AFLAC Incorporated 953,730 63,270 American International Group, Inc. 3,688,641 34,260 Fidelity National Title Group Inc., Class A 500,539 30,179 Marsh & McLennan Companies, Inc. 798,838 13,260 Prudential Financial, Inc. 1,233,710 18,273 Travelers Companies, Inc. 983,087 -------------------------------------------------------------------------------------------------------------------------------- Total Insurance 8,158,545 ------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL - 1.3% 52,639 Amazon.com, Inc., (2) 4,876,477 50,620 IAC/InterActiveCorp., (2) 1,362,690 -------------------------------------------------------------------------------------------------------------------------------- Total Internet & Catalog Retail 6,239,167 ------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES - 4.6% 28,556 Earthlink, Inc., (2) 201,891 93,739 eBay Inc., (2) 3,111,197 24,523 Google Inc., Class A, (2) 16,957,164 7,385 NIC, Incorporated 62,329 43,727 United Online, Inc. 516,853 72,305 Yahoo! Inc., (2) 1,681,814 -------------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 22,531,248 ------------------------------------------------------------------------------------------------------------------- IT SERVICES - 1.3% 32,440 Automatic Data Processing, Inc. 1,444,553 41,600 Electronic Data Systems Corporation 862,368 17,573 Fidelity National Information Services 730,861 7,816 Global Payments Inc. 363,600 13,150 Infosys Technologies Limited, Sponsored ADR 596,484 61,190 Paychex, Inc. 2,216,302 -------------------------------------------------------------------------------------------------------------------------------- Total IT Services 6,214,168 -------------------------------------------------------------------------------------------------------------------
34
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS - 0.1% 26,523 Eastman Kodak Company $ 580,058 -------------------------------------------------------------------------------------------------------------------------------- MACHINERY - 1.5% 29,600 Caterpillar Inc. 2,147,776 8,259 Danaher Corporation 724,645 15,700 Eaton Corporation 1,522,115 18,700 Graco Inc. 696,762 21,330 SPX Corporation 2,193,791 -------------------------------------------------------------------------------------------------------------------------------- Total Machinery 7,285,089 ------------------------------------------------------------------------------------------------------------------- MEDIA - 2.2% 32,300 Clear Channel Communications, Inc. 1,114,996 228,623 Comcast Corporation, Special Class A, (2) 4,142,649 6,000 Entrcom Communications Corporation 82,140 1,638 Idearc Inc. 28,763 12,233 Monster Worldwide Inc., (2) 396,349 17,179 New York Times, Class A 301,148 62,500 News Corporation, Class A 1,280,625 20,400 Omnicom Group Inc. 969,612 65,946 Regal Entertainment Group, Class A 1,191,644 34,600 Walt Disney Company 1,116,888 -------------------------------------------------------------------------------------------------------------------------------- Total Media 10,624,814 ------------------------------------------------------------------------------------------------------------------- METALS & MINING - 1.2% 46,042 Companhia Siderurgica Nacional S.A., Sponsored 4,123,982 ADR 2,736 Freeport-McMoRan Copper & Gold, Inc. 280,276 14,778 Southern Copper Corporation 1,553,611 -------------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 5,957,869 ------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL - 0.6% 23,453 Federated Department Stores, Inc. 606,729 16,800 J.C. Penney Company, Inc. 739,032 12,439 Kohl's Corporation, (2) 569,706 7,597 Sears Holding Corporation, (2) 775,274 -------------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 2,690,741 ------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES - 0.4% 61,600 Duke Energy Corporation 1,242,472 15,502 Integrys Energy Group, Inc. 801,298 26 National Grid PLC, Sponsored ADR 2,170 -------------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 2,045,940 ------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS - 5.0% 70,620 Chevron Corporation 6,590,965 27,800 ConocoPhillips 2,454,740 136,446 Exxon Mobil Corporation 12,783,626 3,453 Statoil ASA 105,386 43,670 Tesoro Petroleum Corporation 2,083,059 -------------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 24,017,776 ------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS - 0.1% 3,581 Abitibi-Bowater Inc. 73,804 23,723 International Paper Company 768,151 -------------------------------------------------------------------------------------------------------------------------------- Total Paper & Forest Products 841,955 ------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS - 4.4% 34,430 Abbott Laboratories 1,933,245 77,186 Bristol-Myers Squibb Company 2,046,973 29,208 Eli Lilly and Company 1,559,415 8,855 GlaxoSmithKline PLC, ADR 446,203 42,743 Johnson & Johnson 2,850,958 99,822 Merck & Co. Inc. 5,800,656 182,940 Pfizer Inc. 4,158,226
35 JLA Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS (continued) 33,686 Schering-Plough Corporation $ 897,395 38,806 Wyeth 1,714,837 -------------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 21,407,908 ------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUST - 0.7% 3,269 Healthcare Realty Trust, Inc. 83,000 9,611 Host Hotels & Resorts Inc. 163,771 38,339 Lexington Corporate Properties Trust 557,449 51,777 Nationwide Health Properties, Inc. 1,624,244 41,422 Senior Housing Properties Trust 939,451 10,000 U-Store-It Trust 91,600 -------------------------------------------------------------------------------------------------------------------------------- Total Real Estate Investment Trust 3,459,515 ------------------------------------------------------------------------------------------------------------------- ROAD & RAIL - 0.3% 17,500 Burlington Northern Santa Fe Corporation 1,456,525 -------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & EQUIPMENT - 5.0% 54,763 Altera Corporation 1,058,021 14,165 Analog Devices, Inc. 449,031 109,780 Applied Materials, Inc. 1,949,693 66,600 Broadcom Corporation, Class A, (2) 1,740,924 18,900 Cymer, Inc., (2) 735,777 47,717 Cypress Semiconductor Corporation, (2) 1,719,244 39,437 Fairchild Semiconductor International Inc., 569,076 Class A, (2) 46,242 Integrated Device Technology, Inc., (2) 522,997 39,750 Intel Corporation 1,059,735 20,531 Intersil Holding Corporation, Class A 502,599 70,275 Linear Technology Corporation 2,236,853 90,603 LSI Logic Corporation, (2) 481,102 58,000 Micron Technology, Inc., (2) 420,500 52,100 National Semiconductor Corporation 1,179,544 27,401 Novellus Systems, Inc., (2) 755,446 85,035 NVIDIA Corporation, (2) 2,892,891 21,817 PMC-Sierra, Inc., (2) 142,683 110,442 Taiwan Semiconductor Manufacturing Company Ltd., 1,100,002 Sponsored ADR 13,849 Tessera Technologies Inc., (2) 576,118 79,714 Texas Instruments Incorporated 2,662,448 33,502 Varian Semiconductor Equipment Associate, (2) 1,239,574 2,103 Verigy Limited, (2) 57,139 -------------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 24,051,397 ------------------------------------------------------------------------------------------------------------------- SOFTWARE - 10.1% 60,364 Activision Inc., (2) 1,792,811 91,430 Adobe Systems Incorporated, (2) 3,906,804 28,460 Akamai Technologies, Inc., (2) 984,716 27,918 Autodesk, Inc., (2) 1,389,200 61,885 BEA Systems, Inc., (2) 976,545 27,633 CA Inc. 689,443 74,410 Cadence Design Systems, Inc., (2) 1,265,714 62,757 CNET Networks, Inc., (2) 573,599 1,000 InfoSpace, Inc. 18,800 638,901 Microsoft Corporation 22,744,876 8,453 NAVTEQ Corporation, (2) 639,047 490,178 Oracle Corporation, (2) 11,068,219 8,038 SAP AG, Sponsored ADR 410,340 38,088 Satyam Computer Services Limited, ADR 1,017,711 40,834 VeriSign, Inc., (2) 1,535,767 -------------------------------------------------------------------------------------------------------------------------------- Total Software 49,013,592 ------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL - 1.3% 28,650 Best Buy Co., Inc. 1,508,423 50,492 Gap, Inc. 1,074,470 7,334 Home Depot, Inc. 197,578 40,900 Limited Brands, Inc. 774,237 29,000 Lowe's Companies, Inc. 655,980
36
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL (continued) 24,837 Pier 1 Imports, Inc., (2) $ 129,898 6,115 RadioShack Corporation 103,099 28,938 TJX Companies, Inc. 831,389 37,616 Urban Outfitters, Inc., (2) 1,025,412 -------------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 6,300,486 ------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS - 0.0% 22,000 Xerium Technologies, Inc. 114,400 -------------------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE - 0.0% 4,769 Federal National Mortgage Association 190,665 -------------------------------------------------------------------------------------------------------------------------------- TOBACCO - 1.1% 68,196 Altria Group, Inc. 5,154,254 13,526 Vector Group Ltd. 271,332 -------------------------------------------------------------------------------------------------------------------------------- Total Tobacco 5,425,586 ------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES - 1.1% 46,400 China Mobile Hong Kong Limited, Sponsored ADR 4,030,768 36,448 Vodafone Group PLC, Sponsored ADR 1,360,239 -------------------------------------------------------------------------------------------------------------------------------- Total Wireless Telecommunication Services 5,391,007 ------------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (COST $321,175,617) 472,288,766 =================================================================================================================== PRINCIPAL AMOUNT (000) DESCRIPTION (1) COUPON MATURITY VALUE ---------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 4.6% $ 22,279 Repurchase Agreement with Fixed Income Clearing 1.000% 1/02/08 $ 22,278,961 Corporation, dated 12/31/07, repurchase price $22,280,199, collateralized by $16,290,000 U.S. Treasury Bonds, 7.625%, due 2/15/25, value $22,724,550 ========== ------------------------------------------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (COST $22,278,961) 22,278,961 ===================================================================================================================
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE -------------------------------------------------------------------------------------------------------------------------------- PUT OPTIONS - 0.2% 56 NASDAQ 100 Index $ 9,520,000 1/19/08 $1,700 $ 1,960 208 NASDAQ 100 Index 36,400,000 1/19/08 1,750 8,320 233 NASDAQ 100 Index 40,775,000 2/16/08 1,750 152,615 187 NASDAQ 100 Index 34,595,000 2/16/08 1,850 263,670 139 S&P 500 Index 18,070,000 1/19/08 1,300 12,510 125 S&P 500 Index 16,562,500 1/19/08 1,325 18,125 139 S&P 500 Index 18,765,000 1/19/08 1,350 35,445 139 S&P 500 Index 19,112,500 1/19/08 1,375 61,160 139 S&P 500 Index 18,765,000 2/16/08 1,350 177,920 143 S&P 500 Index 19,662,500 2/16/08 1,375 240,240 135 S&P 500 Index 18,225,000 3/22/08 1,350 336,825 -------------------------------------------------------------------------------------------------------------------------------- 1,643 TOTAL PUT OPTIONS (COST $3,324,612) 250,452,500 1,308,790 ================================================================================================================================ TOTAL INVESTMENTS (COST $346,779,190) - 102.2% 495,876,517 ===================================================================================================================
37 JLA Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALL OPTIONS WRITTEN - (2.4)% (4) (1,345) Mini-NDX 100 Index $ (27,908,750) 1/19/08 $ 207.5 $ (712,850) (575) Mini-NDX 100 Index (12,506,250) 1/19/08 217.5 (64,688) (210) Mini-NDX 100 Index (4,620,000) 1/19/08 220.0 (14,175) (1,230) Mini-NDX 100 Index (25,522,500) 2/16/08 207.5 (1,063,950) (230) Mini-NDX 100 Index (4,830,000) 2/16/08 210.0 (165,600) (120) NASDAQ 100 Index (24,600,000) 1/19/08 2,050 (827,400) (132) NASDAQ 100 Index (28,380,000) 1/19/08 2,150 (240,900) (64) NASDAQ 100 Index (13,920,000) 1/19/08 2,175 (71,680) (103) NASDAQ 100 Index (22,660,000) 1/19/08 2,200 (67,980) (249) NASDAQ 100 Index (51,045,000) 2/16/08 2,050 (2,538,555) (101) NASDAQ 100 Index (21,210,000) 2/16/08 2,100 (725,180) (183) S&P 500 Index (26,535,000) 1/19/08 1,450 (720,105) (303) S&P 500 Index (44,692,500) 1/19/08 1,475 (725,685) (290) S&P 500 Index (43,500,000) 1/19/08 1,500 (359,600) (191) S&P 500 Index (27,695,000) 2/16/08 1,450 (1,125,945) (400) S&P 500 Index (59,000,000) 2/16/08 1,475 (1,738,000) (182) S&P 500 Index (27,300,000) 2/16/08 1,500 (548,730) ----------------------------------------------------------------------------------------------------------------------------------- (5,908) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (465,925,000) (11,711,023) $17,591,180) =================================================================================================================================== OTHER ASSETS LESS LIABILITIES - 0.2% 832,505 ====================================================================================================================== NET ASSETS - 100% $ 484,997,999 ======================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted. (2) Non-income producing. (3) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by the Strike Price by 100. (4) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written. ADR American Depositary Receipt.
See accompanying notes to financial statements. 38 JPG Nuveen Equity Premium and Growth Fund Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS - 98.1% AEROSPACE & DEFENSE - 2.0% 25,638 Boeing Company $ 2,242,299 4,500 Goodrich Corporation 317,745 33,500 Honeywell International Inc. 2,062,595 23,900 United Technologies Corporation 1,829,306 -------------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 6,451,945 ------------------------------------------------------------------------------------------------------------------- AIR FREIGHT & LOGISTICS - 0.4% 15,600 United Parcel Service, Inc., Class B 1,103,232 -------------------------------------------------------------------------------------------------------------------------------- AIRLINES - 0.3% 3,200 Continental Airlines, inc., (2) 71,200 55,105 Lan Airlines S.A. 738,958 -------------------------------------------------------------------------------------------------------------------------------- Total Airlines 810,158 ------------------------------------------------------------------------------------------------------------------- AUTO COMPONENTS - 0.2% 24,800 American Axle and Manufacturing Holdings Inc. 461,776 9,310 Cooper Tire & Rubber 154,360 -------------------------------------------------------------------------------------------------------------------------------- Total Auto Components 616,136 ------------------------------------------------------------------------------------------------------------------- AUTOMOBILES - 0.3% 35,600 General Motors Corporation 886,084 -------------------------------------------------------------------------------------------------------------------------------- BEVERAGES - 0.7% 36,488 Coca-Cola Company 2,239,269 -------------------------------------------------------------------------------------------------------------------------------- BUILDING PRODUCTS - 0.2% 13,135 American Standard Companies Inc. 613,536 -------------------------------------------------------------------------------------------------------------------------------- CAPITAL MARKETS - 2.7% 35,000 Charles Schwab Corporation 894,250 8,574 Goldman Sachs Group, Inc. 1,843,839 90,178 JPMorgan Chase & Co. 3,936,270 24,914 Morgan Stanley 1,323,183 18,800 Waddell & Reed Financial, Inc., Class A 678,492 -------------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 8,676,034 ------------------------------------------------------------------------------------------------------------------- CHEMICALS - 2.0% 18,614 Chemtura Corporation 145,189 56,173 Dow Chemical Company 2,214,340 47,395 E.I. Du Pont de Nemours and Company 2,089,646 5,835 Eastman Chemical Company 356,460 29,107 Olin Corporation 562,638 13,161 PPG Industries, Inc. 924,297 10,283 RPM International, Inc. 208,745 -------------------------------------------------------------------------------------------------------------------------------- Total Chemicals 6,501,315 ------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS - 7.7% 120,108 Bank of America Corporation 4,955,656 26,291 Citizens Republic Bancorp. 381,482 31,135 Comerica Incorporated 1,355,307 18,871 Federated Investors Inc. 776,730 50,627 First Horizon National Corporation 918,880 8,605 FirstMerit Corporation 172,186 27,720 HSBC Holdings PLC, Sponsored ADR 2,320,441 69,089 Huntington BancShares Inc. 1,019,754 42,876 Lloyds TSB Group PLC, Sponsored ADR 1,614,281 75,828 National City Corporation 1,248,129 62,192 Regions Financial Corporation 1,470,841 96,551 U.S. Bancorp 3,064,529
39 JPG Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- COMMERCIAL BANKS (continued) 84,097 Wachovia Corporation $ 3,198,209 64,182 Wells Fargo & Company 1,937,655 -------------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 24,434,080 ------------------------------------------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES - 0.4% 13,262 Avery Dennison Corporation 704,743 19,872 Deluxe Corporation 653,590 -------------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 1,358,333 ------------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT - 1.9% 120,513 Cisco Systems, Inc., (2) 3,262,287 31,946 Corning Incorporated 766,385 1,000 Plantronics Inc. 26,000 48,492 QUALCOMM Inc. 1,908,160 -------------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 5,962,832 ------------------------------------------------------------------------------------------------------------------- COMPUTERS & PERIPHERALS - 3.8% 21,813 Apple, Inc., (2) 4,320,719 28,437 Dell Inc., (2) 696,991 47,668 EMC Corporation, (2) 883,288 65,500 Hewlett-Packard Company 3,306,440 28,526 International Business Machines Corporation 3,083,661 (IBM) -------------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 12,291,099 ------------------------------------------------------------------------------------------------------------------- CONTAINERS & PACKAGING - 0.2% 21,200 Packaging Corp. of America 597,840 -------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES - 2.3% 166,189 Citigroup Inc. 4,892,604 2,177 CME Group, Inc. 1,493,422 30,634 Federal Home Loan Mortgage Corporation 1,043,700 -------------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 7,429,726 ------------------------------------------------------------------------------------------------------------------- DIVERSIFIED TELECOMMUNICATION SERVICES - 4.7% 4,000 Alaska Communications Systems Group Inc. 60,000 141,639 AT&T Inc. 5,886,517 179,349 Citizens Communications Company 2,283,113 3,700 Compania Anonima Nacional Telefonos de Venezuela 27,166 15,600 FairPoint Communications Inc. 203,112 21,065 France Telecom SA 750,546 129,500 Verizon Communications Inc. 5,657,855 -------------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 14,868,309 ------------------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES - 2.3% 20,454 Ameren Corporation 1,108,811 26,500 CenterPoint Energy, Inc. 453,945 84,051 Companhia Energetica de Minas Gerais 1,551,581 21,447 Consolidated Edison, Inc. 1,047,686 66,284 Great Plains Energy Incorporated 1,943,447 26,735 Progress Energy, Inc. 1,294,776 -------------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 7,400,246 ------------------------------------------------------------------------------------------------------------------- ELECTRICAL EQUIPMENT - 1.3% 8,053 Cooper Industries, Ltd., Class A 425,843 60,000 Emerson Electric Co. 3,399,600 2,000 Hubbell Incorporated, Class B 103,200 4,542 Rockwell Automation, Inc. 313,216 -------------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 4,241,859 ------------------------------------------------------------------------------------------------------------------- ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2% 7,120 MEMC Electronic Materials, (2) 630,049 -------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES - 2.6% 12,700 Baker Hughes Incorporated 1,029,970 3,264 Carbo Ceramics Inc. 121,421
40
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- ENERGY EQUIPMENT & SERVICES (continued) 2,500 Diamond Offshore Drilling, Inc. $ 355,000 31,459 Halliburton Company 1,192,611 12,178 National-Oilwell Varco Inc., (2) 894,596 10,000 Noble Corporation 565,100 34,167 Schlumberger Limited 3,361,008 2,000 Tidewater Inc. 109,720 4,897 Transocean Inc. 701,006 -------------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 8,330,432 ------------------------------------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING - 1.7% 24,596 CVS Caremark Corporation 977,691 29,375 SUPERVALU INC. 1,102,150 56,846 Wal-Mart Stores, Inc. 2,701,890 14,330 Whole Foods Market, Inc. 584,664 -------------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 5,366,395 ------------------------------------------------------------------------------------------------------------------- FOOD PRODUCTS - 0.8% 41,300 ConAgra Foods, Inc. 982,527 48,088 Kraft Foods Inc. 1,569,111 -------------------------------------------------------------------------------------------------------------------------------- Total Food Products 2,551,638 ------------------------------------------------------------------------------------------------------------------- GAS UTILITIES - 0.5% 35,390 Nicor Inc. 1,498,767 -------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SUPPLIES - 0.4% 8,390 Baxter International Inc. 487,040 12,351 Medtronic, Inc. 620,885 -------------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 1,107,925 ------------------------------------------------------------------------------------------------------------------- HEALTH CARE PROVIDERS & SERVICES - 0.8% 12,173 Aetna Inc. 702,747 40,964 Brookdale Senior Living Inc. 1,163,787 12,268 UnitedHealth Group Incorporated 713,998 -------------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 2,580,532 ------------------------------------------------------------------------------------------------------------------- HOTELS, RESTAURANTS & LEISURE - 1.1% 4,800 Harrah's Entertainment, Inc. 426,000 5,500 International Game Technology 241,615 37,449 McDonald's Corporation 2,206,121 12,813 Tim Hortons Inc. 473,184 10,200 Wendy's International, Inc. 263,568 -------------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 3,610,488 ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD DURABLES - 1.0% 5,583 Black & Decker Corporation 388,856 13,500 Kimball International Inc., Class B 184,950 39,679 Newell Rubbermaid Inc. 1,026,893 12,000 Snap-on Incorporated 578,880 13,500 Stanley Works 654,480 2,527 Whirlpool Corporation 206,279 -------------------------------------------------------------------------------------------------------------------------------- Total Household Durables 3,040,338 ------------------------------------------------------------------------------------------------------------------- HOUSEHOLD PRODUCTS - 2.4% 20,000 Kimberly-Clark Corporation 1,386,800 87,432 Procter & Gamble Company 6,419,257 -------------------------------------------------------------------------------------------------------------------------------- Total Household Products 7,806,057 ------------------------------------------------------------------------------------------------------------------- INDUSTRIAL CONGLOMERATES - 4.4% 19,540 3M Co. 1,647,613 296,601 General Electric Company 10,994,998 29,620 Genuine Parts Company 1,371,406 -------------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 14,014,017 -------------------------------------------------------------------------------------------------------------------
41 JPG Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- INSURANCE - 2.8% 41,539 American International Group, Inc. $ 2,421,724 52,053 Arthur J. Gallagher & Co. 1,259,162 10,475 Fidelity National Title Group Inc., Class A 153,040 36,741 Lincoln National Corporation 2,139,061 21,461 Marsh & McLennan Companies, Inc. 568,073 17,648 Mercury General Corporation 879,047 16,400 Travelers Companies, Inc. 882,320 13,560 Unitrin, Inc. 650,744 -------------------------------------------------------------------------------------------------------------------------------- Total Insurance 8,953,171 ------------------------------------------------------------------------------------------------------------------- INTERNET & CATALOG RETAIL - 0.4% 14,348 Amazon.com, Inc., (2) 1,329,199 -------------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES - 1.9% 27,185 eBay Inc., (2) 902,270 6,255 Google Inc., Class A, (2) 4,325,207 62,833 United Online, Inc. 742,686 -------------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 5,970,163 ------------------------------------------------------------------------------------------------------------------- IT SERVICES - 0.5% 27,033 Automatic Data Processing, Inc. 1,203,779 5,374 Fidelity National Information Services 223,505 24,017 Standard Register Company 280,038 -------------------------------------------------------------------------------------------------------------------------------- Total IT Services 1,707,322 ------------------------------------------------------------------------------------------------------------------- LEISURE EQUIPMENT & PRODUCTS - 0.7% 17,095 Eastman Kodak Company 373,868 75,693 Mattel, Inc. 1,441,195 8,000 Polaris Industries Inc. 382,160 -------------------------------------------------------------------------------------------------------------------------------- Total Leisure Equipment & Products 2,197,223 ------------------------------------------------------------------------------------------------------------------- MACHINERY - 1.9% 26,093 Briggs & Stratton Corporation 591,267 30,000 Caterpillar Inc. 2,176,800 16,985 Deere & Company 1,581,643 11,000 Illinois Tool Works Inc. 588,940 19,000 Ingersoll Rand Company Limited, Class A 882,930 3,000 Pentair, Inc. 104,430 -------------------------------------------------------------------------------------------------------------------------------- Total Machinery 5,926,010 ------------------------------------------------------------------------------------------------------------------- MEDIA - 1.7% 1,500 Clear Channel Communications, Inc. 51,780 116,842 Entrcom Communications Corporation 1,599,567 4,590 Lamar Advertising Company 220,641 67,386 New York Times, Class A 1,181,277 500 Reed Elsevier NV, Sponsored ADR 19,825 76,486 Regal Entertainment Group, Class A 1,382,102 59,243 World Wrestling Entertainment Inc. 874,427 -------------------------------------------------------------------------------------------------------------------------------- Total Media 5,329,619 ------------------------------------------------------------------------------------------------------------------- METALS & MINING - 1.7% 26,914 Companhia Siderurgica Nacional S.A., Sponsored 2,410,687 ADR 5,348 Freeport-McMoRan Copper & Gold, Inc. 547,849 22,128 Southern Copper Corporation 2,326,317 -------------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 5,284,853 ------------------------------------------------------------------------------------------------------------------- MULTILINE RETAIL - 0.1% 7,921 Nordstrom, Inc. 290,938 -------------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES - 1.4% 18,542 Dominion Resources, Inc. 879,818 76,000 Duke Energy Corporation 1,532,920
42
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- MULTI-UTILITIES (continued) 33,554 Integrys Energy Group, Inc. $ 1,734,406 10,500 ONEOK, Inc. 470,085 -------------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 4,617,229 ------------------------------------------------------------------------------------------------------------------- OIL, GAS & CONSUMABLE FUELS - 10.6% 68,900 Chevron Corporation 6,430,436 35,804 ConocoPhillips 3,161,493 185,000 Exxon Mobil Corporation 17,332,647 29,824 Frontline Limited 1,431,552 15,600 Marathon Oil Corporation 949,416 24,605 Occidental Petroleum Corporation 1,894,339 53,751 Ship Financial International Limited 1,489,440 36,647 Statoil ASA 1,118,466 -------------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 33,807,789 ------------------------------------------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS - 0.7% 1,200 International Paper Company 38,856 31,000 Weyerhaeuser Company 2,285,940 -------------------------------------------------------------------------------------------------------------------------------- Total Paper & Forest Products 2,324,796 ------------------------------------------------------------------------------------------------------------------- PERSONAL PRODUCTS - 0.3% 23,000 Avon Products, Inc. 909,190 -------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS - 8.9% 65,000 Abbott Laboratories 3,649,750 141,000 Bristol-Myers Squibb Company 3,739,320 30,800 Eli Lilly and Company 1,644,412 86,663 Johnson & Johnson 5,780,422 120,821 Merck & Co. Inc. 7,020,907 235,000 Pfizer Inc. 5,341,550 28,671 Wyeth 1,266,971 -------------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 28,443,332 ------------------------------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUST - 3.1% 89,211 Ashford Hospitality Trust Inc. 641,427 57,917 Brandywine Realty Trust 1,038,452 35,411 CapLease Inc. 298,161 107,759 Hospitality Properties Trust 3,471,995 118,167 Lexington Corporate Properties Trust 1,718,148 53,300 Nationwide Health Properties, Inc. 1,672,021 20,000 Senior Housing Properties Trust 453,600 64,979 U-Store-It Trust 595,208 -------------------------------------------------------------------------------------------------------------------------------- Total Real Estate Investment Trust 9,889,012 ------------------------------------------------------------------------------------------------------------------- ROAD & RAIL - 0.5% 39,500 CSX Corporation 1,737,210 -------------------------------------------------------------------------------------------------------------------------------- SEMICONDUCTORS & EQUIPMENT - 2.5% 31,000 Analog Devices, Inc. 982,700 35,263 Applied Materials, Inc. 626,271 171,768 Intel Corporation 4,579,335 36,128 Microchip Technology Incorporated 1,135,142 20,100 NVIDIA Corporation, (2) 683,802 -------------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 8,007,250 ------------------------------------------------------------------------------------------------------------------- SOFTWARE - 3.6% 7,783 Adobe Systems Incorporated, (2) 332,568 233,276 Microsoft Corporation 8,304,625 9,000 NAVTEQ Corporation, (2) 680,400 99,976 Oracle Corporation, (2) 2,257,458 -------------------------------------------------------------------------------------------------------------------------------- Total Software 11,575,051 ------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL - 1.4% 6,450 Abercrombie & Fitch Co., Class A 515,807 25,500 American Eagle Outfitters, Inc. 529,635
43 JPG Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS as of December 31, 2007
SHARES DESCRIPTION (1) VALUE -------------------------------------------------------------------------------------------------------------------------------- SPECIALTY RETAIL (continued) 6,186 Best Buy Co., Inc. $ 325,693 14,956 Gap, Inc. 318,264 63,870 Home Depot, Inc. 1,720,658 2,073 Limited Brands, Inc. 39,242 7,300 Sherwin-Williams Company 423,692 15,038 Talbots, Inc. 177,749 2,993 Tiffany & Co. 137,768 12,000 TJX Companies, Inc. 344,760 -------------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 4,533,268 ------------------------------------------------------------------------------------------------------------------- TEXTILES, APPAREL & LUXURY GOODS - 0.5% 5,418 Cherokee Inc. 174,839 19,758 VF Corporation 1,356,584 -------------------------------------------------------------------------------------------------------------------------------- Total Textiles, Apparel & Luxury Goods 1,531,423 ------------------------------------------------------------------------------------------------------------------- THRIFTS & MORTGAGE FINANCE - 0.7% 33,584 Federal National Mortgage Association 1,342,688 58,864 New York Community Bancorp, Inc. 1,034,829 -------------------------------------------------------------------------------------------------------------------------------- Total Thrifts & Mortgage Finance 2,377,517 ------------------------------------------------------------------------------------------------------------------- TOBACCO - 2.4% 65,586 Altria Group, Inc. 4,956,990 3,000 Reynolds American Inc. 197,880 30,000 UST Inc. 1,644,000 49,793 Vector Group Ltd. 998,848 -------------------------------------------------------------------------------------------------------------------------------- Total Tobacco 7,797,718 ------------------------------------------------------------------------------------------------------------------- TRADING COMPANIES & DISTRIBUTORS - 0.1% 2,380 W.W. Grainger, Inc. 208,298 -------------------------------------------------------------------------------------------------------------------------------- WIRELESS TELECOMMUNICATION SERVICES - 0.4% 4,000 SK Telecom Company Limited 119,360 32,000 Vodafone Group PLC, Sponsored ADR 1,194,240 -------------------------------------------------------------------------------------------------------------------------------- Total Wireless Telecommunication Services 1,313,600 ------------------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (COST $261,380,154) 313,079,852 =================================================================================================================== PRINCIPAL AMOUNT (000) DESCRIPTION (1) COUPON MATURITY VALUE ---------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 3.3% $ 10,455 Repurchase Agreement with Fixed Income Clearing 1.000% 1/02/08 $ 10,455,095 Corporation, dated 12/31/07, repurchase price $10,455,676, collateralized by $7,645,000 U.S. Treasury Bonds, 7.625%, due 2/15/25, value $10,664,775 ========== ------------------------------------------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (COST $10,455,095) 10,455,095 ===================================================================================================================
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE -------------------------------------------------------------------------------------------------------------------------------- PUT OPTIONS - 0.2% 149 S&P 500 Index $ 19,370,000 1/19/08 $1,300 $ 13,410 133 S&P 500 Index 17,622,500 1/19/08 1,325 19,285 149 S&P 500 Index 20,115,000 1/19/08 1,350 37,995 149 S&P 500 Index 20,487,500 1/19/08 1,375 65,560 149 S&P 500 Index 20,115,000 2/16/08 1,350 190,720 154 S&P 500 Index 21,175,000 2/16/08 1,375 258,720 143 S&P 500 Index 19,305,000 3/22/08 1,350 356,785 -------------------------------------------------------------------------------------------------------------------------------- 1,026 TOTAL PUT OPTIONS (COST $2,163,317) 138,190,000 942,475 ================================================================================================================================ TOTAL INVESTMENTS (COST $273,998,566) - 101.6% 324,477,422 ===================================================================================================================
44
NOTIONAL EXPIRATION STRIKE CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE --------------------------------------------------------------------------------------------------------------------------------- CALL OPTIONS WRITTEN - (1.8)% (4) (211) S&P 500 Index $ (30,595,000) 1/19/08 $ 1,450 $ (830,285) (319) S&P 500 Index (47,052,500) 1/19/08 1,475 (764,005) (333) S&P 500 Index (49,950,000) 1/19/08 1,500 (412,920) (210) S&P 500 Index (30,450,000) 2/16/08 1,450 (1,237,950) (427) S&P 500 Index (62,982,500) 2/16/08 1,475 (1,855,315) (211) S&P 500 Index (31,650,000) 2/16/08 1,500 (636,165) --------------------------------------------------------------------------------------------------------------------------------- (1,711) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (252,680,000) (5,736,640) $8,134,443) ================================================================================================================================= OTHER ASSETS LESS LIABILITIES - 0.2% 559,453 ==================================================================================================================== NET ASSETS - 100% $ 319,300,235 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted. (2) Non-income producing. (3) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by the Strike Price by 100. (4) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written. ADR American Depositary Receipt.
See accompanying notes to financial statements. 45 Statement of ASSETS & LIABILITIES December 31, 2007
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) -------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments, at value (cost $556,410,981, $945,930,343, $346,779,190 and $273,998,566, respectively) $722,687,230 $1,265,015,771 $495,876,517 $324,477,422 Receivables: Call options sold -- -- 620,775 -- Dividends 1,405,673 1,845,384 630,486 885,428 Interest 928 1,944 619 290 Reclaims 296 9,579 1,780 3,377 Other assets 29,497 41,015 16,558 9,377 -------------------------------------------------------------------------------------------------------------------------------- Total assets 724,123,624 1,266,913,693 497,146,735 325,375,894 -------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Call options written, at value (premiums received $22,205,750, $41,558,293, $17,591,180 and $8,134,443, respectively) 15,631,370 28,449,148 11,711,023 5,736,640 Accrued expenses: Management fees 348,846 596,535 282,640 236,670 Other 210,052 341,095 155,073 102,349 -------------------------------------------------------------------------------------------------------------------------------- Total liabilities 16,190,268 29,386,778 12,148,736 6,075,659 -------------------------------------------------------------------------------------------------------------------------------- Net assets $707,933,356 $1,237,526,915 $484,997,999 $319,300,235 ================================================================================================================================ Shares outstanding 38,682,087 66,537,837 26,114,541 16,536,342 ================================================================================================================================ Net asset value per share outstanding $ 18.30 $ 18.60 $ 18.57 $ 19.31 ================================================================================================================================ NET ASSETS CONSIST OF: -------------------------------------------------------------------------------------------------------------------------------- Shares, $.01 par value per share $ 386,821 $ 665,378 $ 261,145 $ 165,363 Paid-in surplus 589,439,301 1,009,666,264 396,671,399 282,275,348 Undistributed (Over-distribution of) net investment income -- -- -- -- Accumulated net realized gain (loss) from investments and call options written (54,743,395) (104,999,300) (66,912,029) (16,017,135) Net unrealized appreciation (depreciation) of investments and call options written 172,850,629 332,194,573 154,977,484 52,876,659 -------------------------------------------------------------------------------------------------------------------------------- Net assets $707,933,356 $1,237,526,915 $484,997,999 $319,300,235 ================================================================================================================================ Authorized shares Unlimited Unlimited Unlimited Unlimited ================================================================================================================================
See accompanying notes to financial statements. 46 Statement of OPERATIONS Years ended December 31, 2007
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM AND INCOME OPPORTUNITY ADVANTAGE GROWTH (JPZ) (JSN) (JLA) (JPG) ------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME Dividends (net of foreign taxes withheld of $--, $61,866, $23,230 and $27,623, respectively) $ 19,957,341 $ 28,861,052 $ 8,382,819 $13,629,803 Interest 1,667,909 2,858,191 1,092,239 602,791 ------------------------------------------------------------------------------------------------------------------------------ Total investment income 21,625,250 31,719,243 9,475,058 14,232,594 ------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 6,308,042 10,678,847 4,257,856 2,827,157 Shareholders' servicing agent fees and expenses 622 991 23 91 Custodian's fees and expenses 120,083 207,098 92,358 60,420 Trustees' fees and expenses 23,377 40,817 15,504 11,164 Professional fees 39,949 58,017 30,513 24,751 Shareholders' reports - printing and mailing expenses 109,237 198,664 75,345 45,415 Stock exchange listing fees 14,389 25,377 9,634 9,634 Investor relations expense 133,655 224,212 86,849 56,200 Other expenses 114,820 234,339 155,668 72,608 ------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 6,864,174 11,668,362 4,723,750 3,107,440 Custodian fee credit (31,593) (57,319) (20,805) (11,771) Expense reimbursement (2,160,791) (3,708,903) (963,925) -- ------------------------------------------------------------------------------------------------------------------------------ Net expenses 4,671,790 7,902,140 3,739,020 3,095,669 ------------------------------------------------------------------------------------------------------------------------------ Net investment income 16,953,460 23,817,103 5,736,038 11,136,925 ------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments (13,563,781) (18,391,814) (10,102,981) (5,678,097) Call options written 22,261,445 20,438,733 1,293,676 8,652,428 Change in net unrealized appreciation (depreciation) of: Investments 20,276,394 98,725,088 54,682,070 4,660,601 Call options written 8,645,145 9,298,040 1,454,582 3,137,058 ------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) 37,619,203 110,070,047 47,327,347 10,771,990 ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations $ 54,572,663 $ 133,887,150 $53,063,385 $21,908,915 ==============================================================================================================================
See accompanying notes to financial statements. 47 Statement of CHANGES in NET ASSETS
EQUITY PREMIUM EQUITY PREMIUM INCOME (JPZ) OPPORTUNITY (JSN) ----------------------------- ---------------------------------- YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 12/31/07 12/31/06 12/31/07 12/31/06 --------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 16,953,460 $ 16,326,681 $ 23,817,103 $ 20,798,722 Net realized gain (loss) from: Investments (13,563,781) (21,102,851) (18,391,814) (39,977,281) Call options written 22,261,445 (15,767,514) 20,438,733 (25,604,162) Change in net unrealized appreciation (depreciation) of: Investments 20,276,394 99,612,007 98,725,088 153,481,781 Call options written 8,645,145 (9,209,912) 9,298,040 (11,574,115) --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 54,572,663 69,858,411 133,887,150 97,124,945 --------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From net investment income (20,649,838) (16,326,681) (23,107,788) (20,798,722) From accumulated net realized gains -- -- -- -- Tax return of capital (45,224,870) (49,045,844) (94,982,869) (96,097,991) --------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (65,874,708) (65,372,525) (118,090,657) (116,896,713) --------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Offering costs adjustments -- (4,982) -- 256,067 Net proceeds from shares issued to shareholders due to reinvestment of distributions 3,555,475 3,149,525 7,009,592 8,701,885 --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions 3,555,475 3,144,543 7,009,592 8,957,952 --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (7,746,570) 7,630,429 22,806,085 (10,813,816) --------------------------------------------------------------------------------------------------------------------------------- Net assets at the beginning of year 715,679,926 708,049,497 1,214,720,830 1,225,534,646 --------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of year $707,933,356 $715,679,926 1,237,526,915 $1,214,720,830 --------------------------------------------------------------------------------------------------------------------------------- Undistributed (Over-distribution of) net investment income at the end of year $ -- $ -- $ -- $ -- ---------------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. 48
EQUITY PREMIUM EQUITY PREMIUM ADVANTAGE (JLA) AND GROWTH (JPG) ----------------------------- ------------------------------ YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 12/31/07 12/31/06 12/31/07 12/31/06 ------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 5,736,038 $ 5,044,077 $ 11,136,925 $ 7,536,145 Net realized gain (loss) from: Investments (10,102,981) (25,325,874) (5,678,097) (11,889,817) Call options written 1,293,676 (9,667,782) 8,652,428 (5,336,041) Change in net unrealized appreciation (depreciation) of: Investments 54,682,070 66,909,819 4,660,601 49,090,741 Call options written 1,454,582 (3,099,138) 3,137,058 (3,295,248) ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations 53,063,385 33,861,102 21,908,915 36,105,780 ------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS From net investment income (5,456,558) (5,044,077) (13,005,997) (8,145,953) From accumulated net realized gains -- -- -- (2,230,158) Tax return of capital (41,746,860) (41,535,076) (13,774,719) (16,362,378) ------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets from distributions to shareholders (47,203,418) (46,579,153) (26,780,716) (26,738,489) ------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Offering costs adjustments -- 38,068 (11,071) -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 4,357,324 4,481,520 614,101 -- ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from capital share transactions 4,357,324 4,519,588 603,030 -- ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets 10,217,291 (8,198,463) (4,268,771) 9,367,291 ------------------------------------------------------------------------------------------------------------------------------ Net assets at the beginning of year 474,780,708 482,979,171 323,569,006 314,201,715 ------------------------------------------------------------------------------------------------------------------------------ Net assets at the end of year $484,997,999 $474,780,708 $319,300,235 $323,569,006 ------------------------------------------------------------------------------------------------------------------------------ Undistributed (Over-distribution of) net investment income at the end of year $ -- $ -- $ -- $ -- ------------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. 49 Notes to FINANCIAL STATEMENTS 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds (the "Funds") covered in this report and their corresponding New York Stock Exchange symbols are Nuveen Equity Premium Income Fund (JPZ), Nuveen Equity Premium Opportunity Fund (JSN), Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG). The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. Each Fund seeks to provide a high level of current income and gains by investing primarily in a diversified equity portfolio that seeks to substantially replicate price movements of either the Standard & Poor's 500 Stock Index or a weighted average of the Standard & Poor's 500 Stock Index and the NASDAQ-100 Index and is designed to support the Funds' index option strategies. On November 21, 2007, the Funds announced their intention to begin gradually phasing out the put option component of their investment strategy. The Funds will continue to follow their integrated stock-call option strategy, buying stocks and selling index call options in pursuit of attractive distributions and more stable returns than an all-equity portfolio. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Investment Valuation Exchange-listed securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price. The value of options written are based on the last sale price in the case of exchange-traded options or, in the case of options traded in the OTC market, the last asked price. If the pricing service is unable to supply a price for an investment or derivative instrument the Funds may use a market quote provided by a major broker/dealer in such investments. If it is determined that the market price for an investment or derivative instrument is unavailable or inappropriate, the Board of Trustees of the Funds, or its designee, may establish fair value in accordance with procedures established in good faith by the Board of Trustees. Short-term investments are valued at amortized cost, which approximates market value. Index options are generally valued at the average of the closing bid and asked quotations. The close of trading of index options traded on the Chicago Board Options Exchange normally occurs at 4:15 ET, which is different from the normal 4:00 ET close of the NYSE (the time of day as of which each Fund's NAV is calculated). Under normal market circumstances, closing index option quotations are considered to reflect the index option contract values as of the close of the NYSE and will be used to value the option contracts. However, a significant change in the S&P 500 or NASDAQ-100 futures contracts between the NYSE close and the options market close will be considered as an indication that closing market quotations for index options do not reflect the value of the contracts as of the stock market close. In the event of such a significant change, the Board of Trustees, or its designee, will determine a fair value for the options. Any such fair valuation will likely take into account any information that may be available about the actual trading price of the affected option as of 4:00 ET, and if no such information is reliably available, the fair valuation of the option may take into account various option pricing methodologies, as determined to be appropriate under the circumstances. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method. Investment Income Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis. Option Transactions Each Fund is authorized to purchase index put options and write (sell) index call options. The purchase of put options involves the risk of loss of all or part of the cash paid for the options. Put options purchased are accounted for in the same manner as portfolio securities. The risk associated with purchasing options is limited to the premium paid. When the Funds write a call option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to reflect the current value of the written option until the option expires or the Funds enter into a closing purchase transaction. When a call option expires or the Funds enter into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is treated as a net realized gain on option contracts written or, if the net premium received is less than the amount paid, as a net realized loss on option contracts written. The Funds, as writers of a call option, bear the risk of an unfavorable change in the 50 market value of the security or index underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. Federal Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Each Fund intends to distribute substantially all of its investment company taxable income to shareholders. In any year when the Funds realize net capital gains, each Fund may choose to distribute all or a portion of its net capital gains to shareholders, or alternatively, to retain all or a portion of its net capital gains and pay federal corporate income taxes on such retained gains. Effective June 29, 2007, the Funds adopted Financial Accounting Standards Board (FASB) Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e. greater than 50-percent) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold may result in a tax benefit or expense in the current year. Implementation of FIN 48 required management of the Funds to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states. Open tax years are those that are open for examination by taxing authorities (i.e. the last four tax year ends and the interim tax period since then). The Funds have no examinations in progress. For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Funds has reviewed all tax positions taken or expected to be taken in the preparation of the Funds' tax returns and concluded the adoption of FIN 48 resulted in no impact to the Funds' net assets or results of operations as of and during the fiscal year ended December 31, 2007. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Dividends and Distributions to Shareholders Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal corporate income tax regulations, which may differ from accounting principles generally accepted in the United States. The Funds make quarterly cash distributions to shareholders of a stated dollar amount per share. Subject to approval and oversight by the Funds' Board of Trustees, each Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of each Fund's investment strategy through regular quarterly distributions (a "Managed Distribution Program"). Total distributions during a calendar year generally will be made from each Fund's net investment income, net realized capital gains and net unrealized capital gains in the Fund's portfolio, if any. The portion of distributions paid from net unrealized gains, if any, would be distributed from the Fund's assets and would be treated by shareholders as a non-taxable distribution for tax purposes. In the event that total distributions during a calendar year exceed a Fund's total return on net asset value, the difference will be treated as a return of capital for tax purposes and will reduce net asset value per share. If a Fund's total return on net asset value exceeds total distributions during a calendar year, the excess will be reflected as an increase in net asset value per share. The final determination of the source and character of all distributions for the fiscal year are made after the end of the fiscal year and are reflected in the accompanying financial statements. Repurchase Agreements In connection with transactions in repurchase agreements, it is the Funds' policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which the Funds overdraw their account at the custodian bank. Indemnifications Under the Funds' organizational documents, their Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would 51 Notes to FINANCIAL STATEMENTS (continued) involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in shares were as follows:
EQUITY PREMIUM EQUITY PREMIUM INCOME (JPZ) OPPORTUNITY (JSN) ---------------------------------- ---------------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED 12/31/07 12/31/06 12/31/07 12/31/06 ----------------------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 191,170 169,642 381,737 476,189 -----------------------------------------------------------------------------------------------------------------------------
EQUITY PREMIUM EQUITY PREMIUM ADVANTAGE (JLA) AND GROWTH (JPG) ---------------------------------- ---------------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED 12/31/07 12/31/06 12/31/07 12/31/06 ----------------------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 236,789 245,272 31,102 -- -----------------------------------------------------------------------------------------------------------------------------
3. INVESTMENT TRANSACTIONS Purchases and sales (excluding put options, call options written and short-term investments) during the fiscal year ended December 31, 2007, were as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) --------------------------------------------------------------------------------------------------------------------------------- Purchases $47,775,658 $53,717,727 $15,561,749 $85,639,266 Sales 77,368,779 151,129,101 59,003,726 84,863,808 ---------------------------------------------------------------------------------------------------------------------------------
Transactions in call options written during the fiscal year ended December 31, 2007, were as follows:
EQUITY PREMIUM EQUITY PREMIUM INCOME (JPZ) OPPORTUNITY (JSN) ---------------------------------- ---------------------------------- NUMBER OF PREMIUMS NUMBER OF PREMIUMS CONTRACTS RECEIVED CONTRACTS RECEIVED --------------------------------------------------------------------------------------------------------------------------------- Outstanding, beginning of year 4,954 $23,418,815 15,548 $44,498,005 Call options written 33,741 145,596,682 90,973 255,627,669 Call options terminated in closing purchase transactions (30,875) (130,739,787) (87,701) (233,239,130) Call options expired (3,168) (16,069,960) (5,829) (25,328,251) --------------------------------------------------------------------------------------------------------------------------------- Outstanding, end of year 4,652 $22,205,750 12,991 $41,558,293 ---------------------------------------------------------------------------------------------------------------------------------
52
EQUITY PREMIUM EQUITY PREMIUM ADVANTAGE (JLA) AND GROWTH (JPG) ---------------------------------- ---------------------------------- NUMBER OF PREMIUMS NUMBER OF PREMIUMS CONTRACTS RECEIVED CONTRACTS RECEIVED --------------------------------------------------------------------------------------------------------------------------------- Outstanding, beginning of year 8,016 $19,166,900 1,754 $8,277,155 Call options written 41,074 102,357,396 12,361 53,193,358 Call options terminated in closing purchase transactions (39,513) (95,182,228) (11,204) (47,253,390) Call options expired (3,669) (8,750,888) (1,200) (6,082,680) --------------------------------------------------------------------------------------------------------------------------------- Outstanding, end of year 5,908 $17,591,180 1,711 $8,134,443 ---------------------------------------------------------------------------------------------------------------------------------
4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recording income, timing differences in recognizing certain gains and losses on investment transactions and the recognition of unrealized gain or loss for tax (mark-to-market) on option contracts. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds. At December 31, 2007, the cost of investments (including put options and excluding call options written) was as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) -------------------------------------------------------------------------------------------------------------------------------- Cost of investments $552,798,356 $940,194,644 $344,703,553 $272,637,567 --------------------------------------------------------------------------------------------------------------------------------
Gross unrealized appreciation and gross unrealized depreciation of investments (including put options but excluding call options written) at December 31, 2007, were as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) -------------------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $192,337,202 $360,798,024 $160,692,439 $61,739,169 Depreciation (22,448,328) (35,976,897) (9,519,475) (9,899,314) -------------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $169,888,874 $324,821,127 $151,172,964 $51,839,855 --------------------------------------------------------------------------------------------------------------------------------
The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2007, the Funds' tax year end, were as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) -------------------------------------------------------------------------------------------------------------------------------- Undistributed net ordinary income * $ -- $ -- $ -- $ -- Undistributed net long-term capital gains -- -- -- -- --------------------------------------------------------------------------------------------------------------------------------
* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. The tax character of distributions paid during the Funds' tax years ended December 31, 2007 and December 31, 2006, was designated for purposes of the dividends paid deduction as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH 2007 (JPZ) (JSN) (JLA) (JPG) -------------------------------------------------------------------------------------------------------------------------------- Distributions from net ordinary income * $20,649,838 23,107,788 5,456,558 13,005,997 Tax return of capital 45,224,870 94,982,869 41,746,860 13,774,719 --------------------------------------------------------------------------------------------------------------------------------
* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. 53 Notes to FINANCIAL STATEMENTS (continued)
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH 2006 (JPZ) (JSN) (JLA) (JPG) -------------------------------------------------------------------------------------------------------------------------------- Distributions from net ordinary income * $16,326,681 $20,798,722 $5,044,077 $9,032,221 Distributions from net long-term capital gains -- -- -- 1,343,890 Tax return of capital 49,045,844 96,097,991 41,535,076 16,362,378 --------------------------------------------------------------------------------------------------------------------------------
* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. At December 31, 2007, the Funds' tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
EQUITY EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE AND GROWTH (JPZ) (JSN) (JLA) (JPG) -------------------------------------------------------------------------------------------------------------------------------- Expiration year: 2013 $ 2,993,379 $ -- $ -- $ -- 2014 48,509,922 88,351,637 49,316,814 14,840,175 2015 -- 9,003,505 13,730,872 -- -------------------------------------------------------------------------------------------------------------------------------- Total $51,503,301 $97,355,142 $63,047,686 $14,840,175 --------------------------------------------------------------------------------------------------------------------------------
54 5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. The annual fund-level fee, payable monthly, for each Fund is based upon the average daily Managed Assets of each Fund as follows:
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 ---------------------------------------------------------------------------------------------
The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the tables below. As of December 31, 2007, the complex-level fee rate was .1846%. Effective August 20, 2007, the complex-level fee schedule is as follows:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL ------------------------------------------------------------------------------------------------ $55 billion .2000% $56 billion .1996 $57 billion .1989 $60 billion .1961 $63 billion .1931 $66 billion .1900 $71 billion .1851 $76 billion .1806 $80 billion .1773 $91 billion .1691 $125 billion .1599 $200 billion .1505 $250 billion .1469 $300 billion .1445 ------------------------------------------------------------------------------------------------
55 Notes to FINANCIAL STATEMENTS (continued) Prior to August 20, 2007, the complex-level fee schedule was as follows:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL ------------------------------------------------------------------------------------------------ $55 billion .2000% $56 billion .1996 $57 billion .1989 $60 billion .1961 $63 billion .1931 $66 billion .1900 $71 billion .1851 $76 billion .1806 $80 billion .1773 $91 billion .1698 $125 billion .1617 $200 billion .1536 $250 billion .1509 $300 billion .1490 ------------------------------------------------------------------------------------------------
(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets ("Managed Assets" means the average daily net assets of each fund including assets attributable to preferred stock issued by or borrowings by the Nuveen funds) of Nuveen sponsored funds in the U.S. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into Sub-Advisory Agreements with Gateway Investment Advisers, L.P. ("Gateway") under which Gateway manages the investment portfolios of the Funds. Gateway is compensated for its services to the Funds from the management fees paid to the Adviser. The Funds pay no compensation directly to those of its Trustees who are affiliated with the Adviser or to its Officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds. For the first eight years of Equity Premium Income's (JPZ) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily Managed Assets, for fees and expenses in the amounts and for the time periods set forth below:
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 percentage of average daily Managed Assets, for fees and expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING JANUARY 31, JANUARY 31, ----------------------------------------------------------------------------------------------------- 2005 * .30% 2010 .30% 2006 .30 2011 .22 2007 .30 2012 .14 2008 .30 2013 .07 2009 .30 -----------------------------------------------------------------------------------------------------
* From the commencement of operations. The Adviser has not agreed to reimburse Equity Premium Opportunity (JSN) for any portion of its fees and expenses beyond January 31, 2013. 56 For the first six years of Equity Premium Advantage's (JLA) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily Managed Assets, for fees and expenses in the amounts and for the time periods set forth below:
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. Agreement and Plan of Merger On June 20, 2007, Nuveen Investments announced that it had entered into a definitive Agreement and Plan of Merger ("Merger Agreement") with Windy City Investments, Inc. ("Windy City"), a corporation formed by investors led by Madison Dearborn Partners, LLC ("Madison Dearborn"), pursuant to which Windy City would acquire Nuveen Investments. Madison Dearborn is a private equity investment firm based in Chicago, Illinois. The merger was consummated on November 13, 2007. The consummation of the merger was deemed to be an "assignment" (as that term is defined in the Investment Company Act of 1940) of the investment management agreement between each Fund and the Adviser and, if applicable, the sub-advisory agreement between the Adviser and the sub-adviser of the Funds, and resulted in the automatic termination of each such agreement. The Board of Trustees of each Fund considered and approved a new investment management agreement with the Adviser, and, if applicable, a new sub-advisory agreement between the Adviser and the sub-adviser on the same terms as the previous agreements. Each new ongoing investment management agreement and sub-advisory agreement, if applicable, was approved by the shareholders of each Fund and took effect on November 13, 2007. The investors led by Madison Dearborn includes an affiliate of Merrill Lynch. As a result, Merrill Lynch is an indirect "affiliated person" (as that term is defined in the Investment Company Act of 1940) of each Fund. Certain conflicts of interest may arise as a result of such indirect affiliation. For example, the Funds are generally prohibited from entering into principal transactions with Merrill Lynch and its affiliates. The Adviser does not believe that any such prohibitions or limitations as a result of Merrill Lynch's affiliation will significantly impact the ability of the Funds to pursue their investment objectives and policies. Related Party Holdings At December 31, 2007, Equity Premium Income (JPZ) and Equity Premium Advantage (JLA) owned 26,500 and 4,909 shares, respectively, of Merrill Lynch and Co., Inc. common stock with aggregate market values of $1,422,520 and $263,515, respectively. Total income earned by Equity Premium Income (JPZ) and Equity Premium Advantage (JLA) from such securities amounted to $42,245 and $15,184, respectively, and is included in dividend income on the Statement of Operations. 6. NEW ACCOUNTING PRONOUNCEMENT Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this standard relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of December 31, 2007, management does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements included within the Statement of Operations for the period. 57 Financial HIGHLIGHTS Selected data for a share outstanding throughout each period:
Investment Operations ------------------------------------------------------- Net Beginning Net Realized/ Net Asset Investment Unrealized Value Income(a) Gain (Loss) Total --------------------------------------------------------------------------------------------------------------------------- EQUITY PREMIUM INCOME (JPZ) --------------------------------------------------------------------------------------------------------------------------- Year Ended 12/31: 2007 $18.59 $.44 $ .98 $ 1.42 2006 18.48 .43 1.39 1.82 2005 19.28 .42 .48 .90 2004(b) 19.10 .12 .24 .36 EQUITY PREMIUM OPPORTUNITY (JSN) --------------------------------------------------------------------------------------------------------------------------- YEAR ENDED 12/31: 2007 18.36 .36 1.66 2.02 2006 18.66 .32 1.16 1.48 2005(C) 19.10 .30 .78 1.08 EQUITY PREMIUM ADVANTAGE (JLA) --------------------------------------------------------------------------------------------------------------------------- YEAR ENDED 12/31: 2007 18.35 .22 1.82 2.04 2006 18.84 .20 1.13 1.33 2005(D) 19.10 .10 .60 .70 EQUITY PREMIUM AND GROWTH (JPG) --------------------------------------------------------------------------------------------------------------------------- YEAR ENDED 12/31: 2007 19.60 .68 .65 1.33 2006 19.04 .46 1.72 2.18 2005(E) 19.10 .04 (.06) (.02) --------------------------------------------------------------------------------------------------------------------------- Less Distributions -------------------------------------------- Net Tax Ending Ending Investment Capital Return of Offering Net Asset Market Income Gains Capital Total Costs Value Value --------------------------------------------------------------------------------------------------------------------------- EQUITY PREMIUM INCOME (JPZ) --------------------------------------------------------------------------------------------------------------------------- Year Ended 12/31: 2007 $(.54) $ -- $ (1.17) $ (1.71) $ -- $18.30 $ 16.41 2006 (.43) -- (1.28) (1.71) --** 18.59 19.22 2005 (.40) -- (1.30) (1.70) --** 18.48 17.38 2004(b) (.15) -- --* (.15) (.03) 19.28 20.25 EQUITY PREMIUM OPPORTUNITY (JSN) --------------------------------------------------------------------------------------------------------------------------- YEAR ENDED 12/31: 2007 (.35) -- (1.43) (1.78) -- 18.60 $ 16.34 2006 (.32) -- (1.46) (1.78) --** 18.36 18.62 2005(C) (.30) (.15) (1.05) (1.50) (.02) 18.66 17.39 EQUITY PREMIUM ADVANTAGE (JLA) --------------------------------------------------------------------------------------------------------------------------- YEAR ENDED 12/31: 2007 (.21) -- (1.61) (1.82) -- 18.57 $ 16.45 2006 (.20) -- (1.62) (1.82) --** 18.35 19.20 2005(D) (.10) (.13) (.69) (.92) (.04) 18.84 17.56 EQUITY PREMIUM AND GROWTH (JPG) --------------------------------------------------------------------------------------------------------------------------- YEAR ENDED 12/31: 2007 (.79) -- (.83) (1.62) --** 19.31 $ 17.13 2006 (.49) (.14) (.99) (1.62) -- 19.60 19.38 2005(E) -- -- -- -- (.04) 19.04 17.25 ---------------------------------------------------------------------------------------------------------------------------
* Per share Tax Return of Capital rounds to less than $.01 per share. ** Per share Offering Costs rounds to less than $.01 per share. *** Total Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period takes place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. Total Return on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. **** After custodian fee credit and expense reimbursement, where applicable. ***** Annualized. (a) Per share Net Investment Income is calculated using the average daily shares method. (b) For the period October 26, 2004 (commencement of operations) through December 31, 2004. (c) For the period January 26, 2005 (commencement of operations) through December 31, 2005. (d) For the period May 25, 2005 (commencement of operations) through December 31, 2005. (e) For the period November 22, 2005 (commencement of operations) through December 31, 2005. 58
Ratios/Supplemental Data -------------------------------------------------------------------------------------------------- Ratios to Average Net Assets Before Ratios to Average Net Assets After Total Returns Credit/Reimbursement Credit/Reimbursement**** -------------------- ----------------------------------- ----------------------------------- Based Based on on Net Ending Net Net Portfolio Market Asset Net Assets Investment Investment Turnover Value*** Value*** (000) Expenses Income Expenses Income Rate ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------ (6.07)% 7.80% $707,933 .95% 2.05% .65% 2.35% 7% 21.30 10.22 715,680 .96 1.99 .66 2.30 23 (6.12) 4.88 708,049 .96 1.93 .65 2.25 29 1.96 1.68 723,894 1.07***** 3.49***** .73***** 3.82***** 1 ------------------------------------------------------------------------------------------------------------------------------ (3.03) 11.35 1,237,527 .94 1.62 .64 1.93 4 17.86 8.28 1,214,721 .95 1.41 .65 1.72 8 (5.90) 5.65 1,225,535 .95***** 1.40***** .63***** 1.72***** 16 ------------------------------------------------------------------------------------------------------------------------------ (5.15) 11.50 484,998 .98 .99 .78 1.19 3 20.52 7.35 474,781 .99 .85 .78 1.06 26 (7.87) 3.43 482,979 1.01***** .71***** .78***** .93***** 9 ------------------------------------------------------------------------------------------------------------------------------ (3.55) 6.86 319,300 .95 3.40 .95 3.40 26 22.68 11.90 323,569 .96 2.34 .93 2.37 37 (13.75) (.31) 314,202 1.11***** 2.08***** 1.11***** 2.08***** -- ------------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. 59 BOARD MEMBERS & OFFICERS The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at eight. None of the board members who are not interested persons of the Funds has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
NAME, BIRTHDATE POSITION(S) HELD WITH YEAR FIRST NUMBER OF PORTFOLIOS & ADDRESS THE FUNDS ELECTED OR IN FUND COMPLEX PRINCIPAL OCCUPATION(S) APPOINTED OVERSEEN BY INCLUDING OTHER DIRECTORSHIPS AND TERM(2) BOARD MEMBER DURING PAST 5 YEARS BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS: - TIMOTHY R. SCHWERTFEGER(1) 3/28/49 Chairman of 1994 Former director 333 W. Wacker Drive the Board and CLASS I (1994-November 12, 2007), Chicago, IL 60606 Board Member Chairman (1996-June 30, 2007), Non-Executive Chairman (July 1, 2007-November 12, 2007) and Chief Executive 184 Officer (1996-June 30, 2007) of Nuveen Investments, Inc. and Nuveen Asset Management and certain other subsidi- aries of Nuveen Investments, Inc.; formerly, Director (1992-2006) of Institutional Capital Corporation. BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS: - ROBERT P. BREMNER 8/22/40 Lead 1997 184 Private Investor and 333 W. Wacker Drive Independent CLASS III Management Consultant. Chicago, IL 60606 Board member - JACK B. EVANS 10/22/48 1999 President, The Hall-Perrine 333 W. Wacker Drive Board member CLASS III Foundation, a private philan- Chicago, IL 60606 thropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College and 184 Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of Iowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. - WILLIAM C. HUNTER 3/6/48 2004 Dean, Tippie College of 333 W. Wacker Drive Board member CLASS II Business, University of Iowa Chicago, IL 60606 (since July 2006); formerly, Dean and Distinguished Professor of Finance, School of Business at the Univer- sity of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the 184 Federal Reserve Bank of Chicago (1995-2003); Director (since 1997), Credit Research Center at George Washington University; Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director, SS&C Technologies, Inc. (May 2005-October 2005).
60
NAME, BIRTHDATE POSITION(S) HELD WITH YEAR FIRST NUMBER OF PORTFOLIOS & ADDRESS THE FUNDS ELECTED OR IN FUND COMPLEX PRINCIPAL OCCUPATION(S) APPOINTED OVERSEEN BY INCLUDING OTHER DIRECTORSHIPS AND TERM(2) BOARD MEMBER DURING PAST 5 YEARS BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED): - DAVID J. KUNDERT 10/28/42 2005 Director, Northwestern Mutual 333 W. Wacker Drive Board member CLASS II Wealth Management Company; Chicago, IL 60606 Retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, 182 Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation. - WILLIAM J. SCHNEIDER 9/24/44 1997 Chairman of Miller-Valentine 333 W. Wacker Drive Board member CLASS III Partners Ltd., a real estate Chicago, IL 60606 investment company, formerly, Senior Partner and Chief 184 Operating Officer (retired, 2004); Director, Dayton Development Coalition; formerly, Member, Business Advisory Council, Cleveland Federal Reserve Bank. - JUDITH M. STOCKDALE 12/29/47 1997 Executive Director, Gaylord 333 W. Wacker Drive Board member CLASS I and Dorothy Donnelley Chicago, IL 60606 Foundation (since 1994); 184 prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994). - CAROLE E. STONE 6/28/47 2007 Director, Chicago Board 333 W. Wacker Drive Board member CLASS I Options Exchange (since Chicago, IL 60606 2006); Chair New York Racing Association Oversight Board (2005-12/2007); Commissioner, New York State Commission on Public Authority Reform 184 (since 2005); formerly Director, New York State Division of the Budget (2000-2004), Chair, Public Authorities Control Board (2000-2004) and Director, Local Government Assistance Corporation (2000-2004).
61
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS & ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL ELECTED OR OVERSEEN OCCUPATION(S) APPOINTED(4) BY OFFICER DURING PAST 5 YEARS OFFICERS OF THE FUND: - GIFFORD R. ZIMMERMAN 9/9/56 Chief Managing Director (since 333 W. Wacker Drive Administrative 1988 2002), Assistant Chicago, IL 60606 Officer Secretary and Associate General Counsel, formerly, Vice President and Assistant General Counsel, of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Symphony Asset Management LLC, and NWQ 184 Investment Management Company, LLC (since 2003), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006); Nuveen HydePark Group LLC and Richards & Tierney, Inc. (since 2007); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. (since 2003); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc., Assistant Secretary (since 2003) of Symphony Asset Management LLC. - WILLIAM ADAMS IV 6/9/55 Executive Vice President, 333 W. Wacker Drive Vice President 2007 U.S. Structured Products Chicago, IL 60606 of Nuveen Investments, 120 LLC, (since 1999), prior thereto, Managing Director of Structured Investments. - JULIA L. ANTONATOS 9/22/63 Managing Director (since 333 W. Wacker Drive Vice President 2004 2005), formerly Vice Chicago, IL 60606 184 President (2002-2005) of Nuveen Investments, LLC; Chartered Financial Analyst. - CEDRIC H. ANTOSIEWICZ 1/11/62 Managing Director, (since 333 W. Wacker Drive Vice President 2007 120 2004) previously, Vice Chicago, IL 60606 President (1993-2004) of Nuveen Investments, LLC. - MICHAEL T. ATKINSON 2/3/66 Vice President Vice President (since 333 W. Wacker Drive and Assistant 2000 184 2002) of Nuveen Chicago, IL 60606 Secretary Investments, LLC. - PETER H. D'ARRIGO 11/28/67 Vice President and 333 W. Wacker Drive Vice President 1999 Treasurer of Nuveen Chicago, IL 60606 Investments, LLC and Nuveen Investments, Inc.; Vice President and Treasurer of Nuveen Asset Management (since 2002), Nuveen Investments Advisers Inc. (since 2002); NWQ Investment Management Company, LLC. (since 2002); Rittenhouse Asset Management, Inc. (since 2003), Tradewinds NWQ Global Investors, LLC 184 (since 2006), Santa Barbara Asset Management, LLC (since 2006) and Nuveen HydePark Group, LLC and Richards & Tierney, Inc. (since 2007); Treasurer of Symphony Asset Management LLC (since 2003); formerly, Vice President and Treasurer (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3), Chartered Financial Analyst.
62
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS & ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL ELECTED OR OVERSEEN OCCUPATION(S) APPOINTED(4) BY OFFICER DURING PAST 5 YEARS OFFICERS OF THE FUND (CONTINUED): - LORNA C. FERGUSON 10/24/45 Managing Director (since 333 W. Wacker Drive Vice President 1998 2004), formerly, Vice Chicago, IL 60606 President of Nuveen Investments, LLC, Managing Director (2004) 184 formerly, Vice President (1998-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Managing Director (since 2005) of Nuveen Asset Management. - STEPHEN D. FOY 5/31/54 Vice President Vice President (since 333 W. Wacker Drive and Controller 1998 1993) and Funds Chicago, IL 60606 Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen 184 Asset Management; formerly, Vice President and Funds Controller (1998-2004) of Nuveen Investments, Inc.; Certified Public Accountant. - WALTER M. KELLY 2/24/70 Chief Compliance Vice President (since 333 W. Wacker Drive Officer and 2003 2006) formerly, Assistant Chicago, IL 60606 Vice President Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; 184 Assistant Vice President and Assistant Secretary of the Nuveen Funds (2003-2006); previously, Associate (2001-2003) at the law firm of VedderPrice P.C. - DAVID J. LAMB 3/22/63 Vice President (since 333 W. Wacker Drive Vice President 2000 2000) of Nuveen Chicago, IL 60606 184 Investments, LLC; Certified Public Accountant. - TINA M. LAZAR 8/27/61 Vice President of Nuveen 333 W. Wacker Drive Vice President 2002 184 Investments, LLC (since Chicago, IL 60606 1999). - LARRY W. MARTIN 7/27/51 Vice President Vice President, Assistant 333 W. Wacker Drive and Assistant 1988 Secretary and Assistant Chicago, IL 60606 Secretary General Counsel of Nuveen Investments, LLC; formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President (since 2000), Assistant Secretary and 184 Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006) and of Nuveen HydePark Group, LLC and Richards & Tierney, Inc. (since 2007).
63
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS & ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL ELECTED OR OVERSEEN OCCUPATION(S) APPOINTED(4) BY OFFICER DURING PAST 5 YEARS OFFICERS OF THE FUND (CONTINUED): - KEVIN J. MCCARTHY 3/26/66 Vice President Vice President, Nuveen 333 W. Wacker Drive and Secretary 2007 Investments, LLC (since Chicago, IL 60606 2007); Vice President, and Assistant Secretary, Nuveen Asset Management, Rittenhouse Asset Management, Inc., Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Inves- 184 tors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Richards & Tierney, Inc. (since 2007); Vice President and Assistant General Counsel, Nuveen Investments, Inc. (since 2007). prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). - JOHN V. MILLER 4/10/67 Managing Director (since 333 W. Wacker Drive Vice President 2007 2007), formerly, Vice Chicago, IL 60606 184 President (2002-2007) of Nuveen Investments, LLC; Chartered Financial Analyst. - JAMES F. RUANE 7/3/62 Vice President Vice President, Nuveen 333 W. Wacker Drive and Assistant 2007 Investments (since 2007); Chicago, IL 60606 Secretary prior thereto, Partner, 184 Deloitte & Touche USA LLP (since 2005), formerly, senior tax manager (since 2002); Certified Public Accountant. - MARK L. WINGET 12/21/68 Vice President Vice President, Nuveen 333 W. Wacker Drive and Assistant 2008 Investments, LLC (since Chicago, IL 60606 Secretary 2008); Vice President and Assistant Secretary, Nuveen Asset Management, Rittenhouse Asset Management, Inc., Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Inves- 184 tors, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark Group, LLC and Richards & Tierney, Inc. (since 2008); Vice President and Assistant General Counsel, Nuveen Investments Inc. (since 2008); prior thereto, Counsel, VedderPrice P.C. (1997-2007).
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the Investment Company Act of 1940, by reason of being the former Chairman and Chief Executive Officer of Nuveen Investments, Inc. and having previously served in various other capacities with Nuveen Investments, Inc. and its subsidiaries. It is expected that Mr. Schwertfeger will resign from the Board of Trustees by the end of the second quarter of 2008. (2) Board Members serve three year terms. The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. (3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005. (4) Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. 64 Reinvest Automatically EASILY and CONVENIENTLY Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. 65 FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 66 Glossary of TERMS USED in this REPORT Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. Market Yield (also known as Dividend Yield or Current Yield): Market yield is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a tax return of capital. Net Asset Value (NAV): A Fund's NAV per share is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. 67 NOTES 68 NOTES 69 NOTES 70 OTHER USEFUL INFORMATION QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION Each Fund's (i) quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2007, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities are available without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public Reference Section at 450 Fifth Street NW, Washington, D.C. 20549. CEO Certification Disclosure Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the Securities and Exchange Commission the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. Distribution Information Nuveen Equity Premium Income Fund (JPZ), Nuveen Equity Premium Opportunity Fund (JSN), Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG) designate 82.51%, 100.00%, 100.00% and 63.82%, respectively, of dividends paid from ordinary income as dividends qualifying for the 70% dividends received deduction for corporations and 91.61%, 100.00%, 100.00% and 93.58%, respectively, as qualified dividend income for individuals under the Section 1(h)(11) of the Internal Revenue Code. Board of Trustees Robert P. Bremner Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Carol E. Stone Fund Manager Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 Custodian State Street Bank & Trust Company Boston, MA Transfer Agent and Shareholder Services State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 Legal Counsel Chapman and Cutler LLP Chicago, IL Independent Registered Public Accounting Firm PriceWaterhouseCoopers LLP Chicago, IL Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semi-annual report. 71 Nuveen Investments: ----------------------------------------------------------------------- SERVING INVESTORS FOR GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. We offer many different investing solutions for our clients' different needs. Managing $170 billion in assets, as of September 30, 2007, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under six distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; Symphony, a leading institutional manager of market-neutral alternative investment portfolios; Santa Barbara, a leader in growth equities; and Tradewinds, a leader in global equities. Find out how we can help you reach your financial goals. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. EAN-D-1207D Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF Share prices Fund details Daily financial news Investor education Interactive planning tools ITEM 2. CODE OF ETHICS. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. [There were no amendments to or waivers from the Code during the period covered by this report.] The registrant has posted the code of ethics on its website at www.nuveen.com/etf. (To view the code, click on the Shareholder Resources drop down menu box, click on Fund Governance and then click on Code of Conduct.) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The registrant's Board of Directors (the "Board") determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Jack B. Evans, Chairman of the Audit Committee, who is "independent" for purposes of Item 3 of Form N-CSR. Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser ("SCI"). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and actively supervised the CFO's preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI's financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Nuveen Equity Premium Advantage Fund The following tables show the amount of fees that PricewaterhouseCoopers, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with PricewaterhouseCoopers the Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES FISCAL YEAR ENDED TO FUND (1) BILLED TO FUND (2) BILLED TO FUND (3) BILLED TO FUND ----------------- ----------------- ------------------ ------------------ -------------- December 31, 2007 $21,313 $0 $0 $0 ------- --- --- --- Percentage approved pursuant to pre-approval exception 0% 0% 0% 0% ------- --- --- --- December 31, 2006 $20,019 $0 $0 $0 ------- --- --- --- Percentage approved pursuant to pre-approval exception 0% 0% 0% 0%
(1) "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements. (2) "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements and are not reported under "Audit Fees". (3) "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling, controlled by or under common control with NAM ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years. The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.
AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND FISCAL YEAR ENDED SERVICE PROVIDERS SERVICE PROVIDERS SERVICE PROVIDERS ----------------- --------------------- ------------------ ------------------- December 31, 2007 $0 $0 $0 --- --- --- Percentage approved pursuant to pre-approval exception 0% 0% 0% --- --- --- December 31, 2006 $0 $0 $0 --- --- --- Percentage approved pursuant to pre-approval exception 0% 0% 0%
NON-AUDIT SERVICES The following table shows the amount of fees that PricewaterhouseCoopers billed during the Fund's last two full fiscal years for non-audit services. For engagements entered into on or after May 6, 2003, the Audit Committee is required to pre-approve non-audit services that PricewaterhouseCoopers provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the de minimis exception described above). The Audit Committee requested and received information from PricewaterhouseCoopers about any non-audit services that PricewaterhouseCoopers rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PricewaterhouseCoopers independence.
TOTAL NON-AUDIT FEES BILLED TO ADVISER AND AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER FISCAL YEAR ENDED BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL ----------------- -------------------- ------------------------ ----------------------- ------ December 31, 2007 $0 $0 $0 $0 December 31, 2006 $0 $0 $0 $0
"Non-Audit Fees billed to Adviser" for both fiscal year ends represent "Tax Fees" billed to Adviser in their respective amounts from the previous table. Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. The registrant's Board of Directors or Trustees has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Jack B. Evans, David J. Kundert and William J. Schneider. Mr. Eugene S. Sunshine, who also served as a member of the Committee during this reporting period, has resigned from the Board. His resignation became effective on July 31, 2007. ITEM 6. SCHEDULE OF INVESTMENTS. See Portfolio of Investments in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. The Adviser has engaged Gateway Investment Advisers, LLC (formerly known as Gateway Investment Advisers, L.P.) ("Gateway" or the "Sub-Adviser") as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has also delegated to the Sub-Adviser the full responsibility for proxy voting and related duties in accordance with the Sub-Adviser's policy and procedures. The Adviser periodically will monitor the Sub-Adviser's voting to ensure that they are carrying out their duties. The Sub-Adviser's proxy voting policies and procedures are summarized as follows: The SEC has issued regulations with respect to proxy voting for all registered investment advisers and their clients. To meet these requirements on a client's behalf, Gateway has adopted policies as described below. Gateway recognizes that voting rights are financial assets of a client's account and that they must be managed accordingly, with voting decisions made in the client's best interests. To that end and because of increasing complexity in administering policies in this area, Gateway has contracted with Institutional Shareholder Services, an affiliate of RiskMetrics Group ("ISS"), a nationally recognized proxy voting agent, to assist in administering client proxy votes and to provide voting recommendation on each ballot issue. ISS has developed its US Proxy Voting Manual, which provides guidelines for proxy voting that are designed to serve the best interest of investors. Effective July 1, 2003, Gateway incorporated these guidelines into its proxy voting policies and procedures and has instructed ISS to vote accordingly. Gateway's policies and procedures now reflect ISS's voting guidelines with regard to particular types of issues that my come before shareholder meetings, and also address the rare circumstances in which ISS' voting recommendations may not be followed. The procedures also describe how any conflicts of interest would be handled. The regulations were implemented to improve corporate governance and the functioning of the free market. We support these objectives and have adopted the policies and procedures as described above to effectively represent each client's interests. A client may obtain Gateway's full proxy voting policy upon request. For clients for whom Gateway votes proxies, a voting record for an account's respective votes can be obtained by calling or writing Gateway. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. The Adviser has engaged Gateway Investment Advisers, LLC (formerly known as Gateway Investment Advisers, L.P.) ("Gateway", or the "Sub-Adviser"), as sub-adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser. ITEM 8 (A)(1). PORTFOLIO MANAGER BIOGRAPHIES J. PATRICK ROGERS AND KENNETH H. TOFT- J. Patrick Rogers, CFA, and Kenneth H. Toft, CFA, are the portfolio managers at Gateway responsible for investing the Managed Assets of the Nuveen Equity Premium Opportunity and Nuveen Equity Premium Advantage Funds. Mr. Rogers is Gateway's Chief Executive Officer. He joined Gateway in 1989 and has been the President and a member of the Board of Directors of Gateway since 1995. Mr. Rogers also serves as co-portfolio manager of Gateway's flagship open-end fund, the Gateway Fund. Mr. Toft joined Gateway in 1992 and has been Vice President and Portfolio Manager since 1997, prior to which he held the position of Senior Trader and Research Analyst. ITEM 8 (A)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS As of December 31, 2007, Mr. Rogers was responsible for day-to-day management of 1 registered investment company account (excluding the Funds) having assets of approximately $4.3 billion in the aggregate. Mr. Toft was not responsible for day-to-day management of any investment company accounts other than the above-referenced Nuveen Funds. Mr. Rogers was responsible for day-to-day management of 1 other pooled investment vehicle having assets of approximately $83 million. Mr. Rogers was responsible for day-to-day management of 71 other accounts having assets of approximately $769 million in the aggregate, and Mr. Toft was responsible for day-to-day management of 29 other accounts having assets of approximately $379 million in the aggregate. None of Messrs. Rogers or Toft managed any accounts having a performance based investment advisory fee. POTENTIAL MATERIAL CONFLICTS OF INTEREST As described above, the portfolio managers may manage other accounts with investment strategies similar to the Funds, including other investment companies and separately managed accounts. Fees earned by Gateway may vary among these accounts and the portfolio managers may personally invest in some but not all of these accounts. These factors could create conflicts of interest because a portfolio manager may have incentives to favor certain accounts over others, resulting in other accounts outperforming one or more of the Funds. A conflict may also exist if a portfolio manager identified a limited investment opportunity that may be appropriate for more than one account, but one or more of the Funds are not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, the portfolio manager may execute transactions for another account that may adversely impact the value of securities held by one or more of the Funds. However, Gateway believes that these risks are mitigated by the fact that accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors. In addition, Gateway has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts. ITEM 8 (A)(3). FUND MANAGER COMPENSATION Messrs. Rogers and Toft are compensated for their services by Gateway. Their compensation consists of a fixed salary, bonuses related to the financial performance of Gateway (but not based on the investment performance of any of the Funds or any other managed account, either absolutely or in relation to any benchmark), and a retirement plan. ITEM 8 (A)(4). OWNERSHIP OF JLA SECURITIES AS OF DECEMBER 31, 2007
DOLLAR RANGE OF EQUITY SECURITIES NAME OF PORTFOLIO MANAGER BENEFICIALLY OWNED IN FUND ------------------------- --------------------------------- J. Patrick Rogers $0 Kenneth Toft $0
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/etf and there were no amendments during the period covered by this report. (To view the code, click on the Shareholder Resources drop down menu box, click on Fund Governance and then Code of Conduct.) (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT Attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Equity Premium Advantage Fund ------------------------------------------------------- By (Signature and Title)* /s/ Kevin J. McCarthy ------------------------------------------ Kevin J. McCarthy Vice President and Secretary Date: March 7, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ------------------------------------------ Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: March 7, 2008 By (Signature and Title)* /s/ Stephen D. Foy ------------------------------------------ Stephen D. Foy Vice President and Controller (principal financial officer) Date: March 7, 2008 * Print the name and title of each signing officer under his or her signature.