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:		June 30, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. SS. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End Funds

Nuveen Investments

Closed-End Funds

Attractive Monthly Distributions and a Measure of Downside Protection from an Integrated Index Option and Equity Strategy

Semi-Annual Report

June 30, 2009

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

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Chairman's
Letter to Shareholders

Dear Shareholder,

The problems in the U.S. financial system and the slowdown in global economic activity continue to create a very difficult environment for the U.S. economy. The administration, the Federal Reserve System and Congress have initiated a variety of programs directed at restoring liquidity to the financial markets, providing financial support for critical financial institutions and stimulating economic activity. There are encouraging signs that these initiatives are beginning to have a constructive impact. It is not possible to predict whether the actions taken to date will be sufficient to restore more normal conditions in the financial markets or enable the economy to stabilize and set a course toward recovery. However, the speed and scope of the government's actions are very encouraging and, more importantly, reflect a commitment to act decisively to meet the economic challenges we face.

The performance information in the attached report reflects the impact of many forces at work in the equity and fixed-income markets. The comments by the portfolio managers describe the strategies being used to pursue your Fund's long-term investment goals. Parts of the financial markets continue to experience serious dislocations and thorough research and strong investment disciplines have never been more important in identifying risks and opportunities. I hope you will read this information carefully.

Your Board is particularly sensitive to our shareholders' concerns in these uncertain times. We believe that frequent and thorough communication is essential in this regard and encourage you to visit the Nuveen website: www.nuveen.com, for recent developments in all Nuveen funds. We also encourage you to communicate with your financial consultant for answers to your questions and to seek advice on your long-term investment strategy in the current market environment.

On behalf of myself and the other members of your Fund's Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner
Chairman of the Nuveen Fund Board
August 24, 2009

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Portfolio Managers' Comments

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

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)

These Funds feature portfolio management by Gateway Investment Advisers, LLC. 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 and is currently Senior Vice President and Portfolio Manager. Here they talk about their management strategy and the performance of the Funds for the six months ended June 30, 2009.

Over this period, what key strategies were used to manage the Funds?

The core strategy employed in JPZ, JSN, JLA and JPG consists of an investment in a broadly diversified portfolio of equity securities that seeks to substantially track the price movement of a stock market index or a custom blend of stock market indexes. The primary purpose of each equity portfolio is to support the index option-based risk management strategy employed by each Fund. The strategy remained consistent in each Fund throughout the six-month reporting period.

For JPZ and JPG, the equity portfolio seeks to track the price movements of the S&P 500 Index. The JSN equity portfolio is invested to replicate the price performance of a custom index consisting of 75% S&P 500 Index and 25% NASDAQ-100 Index; JLA seeks to replicate a 50/50 blend of the S&P 500 Index and the NASDAQ-100 Index. JPZ, JSN and JLA actively write (sell) listed index call options against their entire stock portfolios. JPG differs in that its index option hedging activity is applied to 80% of the value of the equity portfolio.

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  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.

*  Six-month returns are cumulative; one-year returns are annualized.

1  The S&P 500 Index is an unmanaged Index generally considered representative of the U.S. Stock Market.

2  JSN's comparative index 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's comparative index 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.

How did the Funds perform over this six-month period?

The performance of JPZ, JSN, JLA and JPG, as well as comparative indexes, is presented in the accompanying table.

Average Annual Total Returns on Net Asset Value*

For periods ended 6/30/09

	Six-Months			One-year
JPZ		0.90	%		-19.45	%
S&P 500 Index1		3.16	%		-26.21	%
JSN		4.57	%		-18.76	%
Comparative Index2		7.66	%		-24.49	%
JLA		7.85	%		-16.35	%
Comparative Index3		12.28	%		-22.81	%
JPG		0.55	%		-20.24	%
S&P 500 Index1		3.16	%		-26.21	%

As shown in the accompanying performance table, the first six months of 2009 presented a very different market environment than the last six months of 2008. This can be seen in the six-month and one-year returns for both the Funds and the comparative indexes. For the six months ended June 30, 2009, the total return on net asset value for each Fund underperformed its respective comparative index. While the absolute one-year returns are negative, all four Funds did outperform their comparative index for the longer period.

Over the first six-months of 2009, all four Funds benefited from the increased level of volatility the market experienced during this period. Higher volatility translated directly into higher premiums received for the index call options sold by the Funds. This increased cash flow from writing call options served two important purposes: first, more cash was available to support the Funds' quarterly distributions, and second, the higher premiums received helped lower the overall risk profile of the Funds and helped mitigate the impact of equity portfolio losses, especially in the first quarter of 2009. The combination of a recovering equity market in the second quarter and continued strong cash flow from index option transactions supported the six-month returns reported by each Fund.

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Distribution and Share Price Information

The following information regarding your Fund's distributions is current as of June 30, 2009, and likely will vary over time based on each Fund's investment activities and portfolio investment value changes.

JPZ and JPG reduced their quarterly distributions to shareholders once over the six-month reporting period. Some of the factors affecting these distributions are summarized below.

Each Fund has a managed distribution program. The goal of this program is to provide shareholders with relatively consistent and predictable cash flow by systematically converting the Fund's 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, the shortfall 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.

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•  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 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.

The following table provides estimated information regarding each Fund's distributions and total return performance for the six months ended June 30, 2009. The distribution information is presented on a tax basis rather than on 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 were sufficient to meet each Fund's distributions.

As of 6/30/09	JPZ			JSN			JLA			JPG
Inception date		10/26/04			1/26/05			5/25/05			11/22/05
Six months ended June 30, 2009:
Per share distribution:
From net investment income	$	0.15		$	0.11		$	0.07		$	0.14
From realized capital gains		0.24			—			—			0.21
Tax return of capital		0.26			0.56			0.59			0.21
Total per share distribution	$	0.65		$	0.67		$	0.66		$	0.56
Distribution rate on NAV		5.33	%		5.33	%		5.17	%		4.42	%
Annualized total returns:
Six-Month (Cumulative on NAV)		0.90	%		4.57	%		7.85	%		0.55	%
1-Year on NAV		-19.45	%		-18.76	%		-16.35	%		-20.24	%
Since inception on NAV		-0.41	%		0.08	%		-0.18	%		-3.05	%

Common Share Repurchases and Share Price Information

The Funds' Board of Trustees approved an open-market share repurchase program on July 30, 2008, under which each Fund may repurchase an aggregate of up to 10% of its outstanding common shares.

As of June 30, 2009, the Funds had cumulatively repurchased common shares as shown in the accompanying table.

Fund	Common Shares Repurchased		% of Outstanding Common Shares
JPZ		264,200		0.7	%
JSN		473,900		0.7	%
JLA		266,950		1.0	%
JPG		224,700		1.4	%

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During the six-month reporting period, the Funds' common shares were repurchased at a weighted average price and a weighted average discount per common share as shown in the accompanying table.

Fund	Weighted Average Price Per Share Repurchased		Weighted Average Discount Per Share Repurchased
JPZ	$	9.36		18.71	%
JSN	$	9.39		19.22	%
JLA	$	9.49		20.21	%
JPG	$	9.19		20.34	%

As of June 30, 2009, the Funds' share prices were trading relative to their NAVs as shown in the accompanying table:

	6/30/09 Discount			Six-Month Average Discount
JPZ		-11.98	%		-12.73	%
JSN		-12.33	%		-12.90	%
JLA		-13.32	%		-13.04	%
JPG		-9.56	%		-14.02	%

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JPZ

Performance

OVERVIEW

Nuveen Equity Premium Income Fund

  as of June 30, 2009

Fund Allocation (as a % of total net assets)

2008-2009 Distributions Per Share

Share Price Performance — Weekly Closing Price

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 Other assets less liabilities.

Fund Snapshot

Share Price	$	10.73
Net Asset Value	$	12.19
Premium/(Discount) to NAV		-11.98	%
Current Distribution Rate1		11.93	%
Net Assets ($000)	$	468,216

Average Annual Total Return

(Inception 10/26/04)

	On Share Price			On NAV
6-Month (Cumulative)		6.32	%		0.90	%
1-Year		-18.84	%		-19.45	%
Since Inception		3.44	%		-0.41	%

Industries

(as a % of total common stocks)

Oil, Gas & Consumable Fuels	10.4	%
Pharmaceuticals	9.2	%
Software	4.3	%
Computers & Peripherals	4.3	%
Diversified Financial Services	4.2	%
Diversified Telecommunication Services	4.0	%
Household Products	2.8	%
Communications Equipment	2.8	%
Industrial Conglomerates	2.6	%
Semiconductors & Equipment	2.6	%
Food & Staples Retailing	2.5	%
Commercial Banks	2.5	%
Beverages	2.4	%
Energy Equipment & Services	2.3	%
Aerospace & Defense	2.3	%
Chemicals	2.3	%
Media	2.1	%
Internet Software & Services	2.1	%
Capital Markets	2.0	%
Health Care Providers & Services	2.0	%
Multi-Utilities	2.0	%
Specialty Retail	2.0	%
Tobacco	2.0	%
Insurance	1.7	%
Machinery	1.7	%
Gas Utilities	1.7	%
Other	19.2	%

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Fund Snapshot

Share Price	$	11.02
Net Asset Value	$	12.57
Premium/(Discount) to NAV		-12.33	%
Current Distribution Rate1		12.20	%
Net Assets ($000)	$	830,632

Average Annual Total Return

(Inception 1/26/05)

	On Share Price			On NAV
6-Month (Cumulative)		9.78	%		4.57	%
1-Year		-18.80	%		-18.76	%
Since Inception		-3.21	%		0.08	%

Industries

(as a % of total common stocks)

Computers & Peripherals	8.4	%
Oil, Gas & Consumable Fuels	7.6	%
Pharmaceuticals	7.1	%
Software	7.1	%
Communications Equipment	5.6	%
Internet Software & Services	3.8	%
Biotechnology	3.7	%
Semiconductors & Equipment	3.5	%
Diversified Telecommunication Services	2.9	%
Diversified Financial Services	2.7	%
Capital Markets	2.6	%
Aerospace & Defense	2.4	%
Media	2.4	%
Food & Staples Retailing	2.4	%
Household Products	2.0	%
Beverages	1.9	%
Commercial Banks	1.9	%
Specialty Retail	1.9	%
Health Care Providers & Services	1.8	%
Energy Equipment & Services	1.8	%
Health Care Equipment & Supplies	1.8	%
Gas Utilities	1.7	%
Chemicals	1.7	%
Electrical Equipment	1.6	%
Other	19.7	%

JSN

Performance

OVERVIEW

Nuveen Equity Premium Opportunity Fund

  as of June 30, 2009

Fund Allocation (as a % of total net assets)

2008-2009 Distributions Per Share

Share Price Performance — Weekly Closing Price

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 Other assets less liabilities.

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JLA

Performance

OVERVIEW

Nuveen Equity Premium Advantage Fund

  as of June 30, 2009

Fund Allocation (as a % of total net assets)

2008-2009 Distributions Per Share

Share Price Performance — Weekly Closing Price

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 Other assets less liabilities.

Fund Snapshot

Share Price	$	11.06
Net Asset Value	$	12.76
Premium/(Discount) to NAV		-13.32	%
Current Distribution Rate1		11.97	%
Net Assets ($000)	$	329,798

Average Annual Total Return

(Inception 5/25/05)

	On Share Price			On NAV
6-Month (Cumulative)		13.68	%		7.85	%
1-Year		-18.43	%		-16.35	%
Since Inception		-3.98	%		-0.18	%

Industries

(as a % of total common stocks)

Computers & Peripherals	10.1	%
Software	9.8	%
Communications Equipment	8.3	%
Biotechnology	6.0	%
Semiconductors & Equipment	5.2	%
Pharmaceuticals	5.2	%
Oil, Gas & Consumable Fuels	5.1	%
Internet Software & Services	5.1	%
Media	3.4	%
Diversified Financial Services	2.0	%
IT Services	2.0	%
Hotels, Restaurants & Leisure	1.9	%
Health Care Equipment & Supplies	1.9	%
Diversified Telecommunication Services	1.9	%
Health Care Providers & Services	1.7	%
Food & Staples Retailing	1.7	%
Specialty Retail	1.6	%
Capital Markets	1.5	%
Machinery	1.3	%
Electrical Equipment	1.3	%
Multiline Retail	1.3	%
Aerospace & Defense	1.3	%
Energy Equipment & Services	1.3	%
Other	19.1	%

Nuveen Investments
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Fund Snapshot

Share Price	$	11.45
Net Asset Value	$	12.66
Premium/(Discount) to NAV		-9.56	%
Current Distribution Rate1		9.78	%
Net Assets ($000)	$	206,557

Average Annual Total Return

(Inception 11/22/05)

	On Share Price			On NAV
6-Month (Cumulative)		11.99	%		0.55	%
1-Year		-17.14	%		-20.24	%
Since Inception		-6.05	%		-3.05	%

Industries

(as a % of total common stocks)

Oil, Gas & Consumable Fuels	11.1	%
Pharmaceuticals	9.6	%
Software	4.4	%
Computers & Peripherals	4.4	%
Diversified Telecommunication Services	4.1	%
Diversified Financial Services	3.9	%
Household Products	2.9	%
Communications Equipment	2.9	%
Semiconductors & Equipment	2.9	%
Capital Markets	2.8	%
Industrial Conglomerates	2.5	%
Beverages	2.4	%
Commercial Banks	2.4	%
Aerospace & Defense	2.4	%
Specialty Retail	2.4	%
Food & Staples Retailing	2.4	%
Multi-Utilities	2.3	%
Energy Equipment & Services	2.2	%
Chemicals	2.2	%
Internet Software & Services	2.1	%
Insurance	2.0	%
Tobacco	1.8	%
Machinery	1.8	%
Health Care Providers & Services	1.8	%
Electric Utilities	1.7	%
Other	18.6	%

JPG

Performance

OVERVIEW

Nuveen Equity Premium and Growth Fund

  as of June 30, 2009

Fund Allocation (as a % of total net assets)

2008-2009 Distributions Per Share

Share Price Performance — Weekly Closing Price

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 Other assets less liabilities.

Nuveen Investments
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JPZ

JSN

JLA

JPG

Shareholder MEETING REPORT

The annual meeting of shareholders was held in the offices of Nuveen Investments on May 6, 2009; at this meeting the shareholders were asked to vote on the election of Board Members.

	JPZ		JSN		JLA		JPG
	Common Shares		Common Shares		Common Shares		Common Shares
Approval of the Board Members was reached as follows:
Robert P. Bremner
For		31,993,632		56,003,068		20,602,953		11,240,356
Withhold		1,166,682		3,599,054		1,377,559		1,919,246
Total		33,160,314		59,602,122		21,980,512		13,159,602
Jack B. Evans
For		31,979,409		56,005,538		20,626,974		11,256,164
Withhold		1,180,905		3,596,584		1,353,538		1,903,438
Total		33,160,314		59,602,122		21,980,512		13,159,602
William J. Schneider
For		32,016,682		56,023,292		20,584,122		11,265,709
Withhold		1,143,632		3,578,830		1,396,390		1,893,893
Total		33,160,314		59,602,122		21,980,512		13,159,602

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JPZ

Nuveen Equity Premium Income Fund

Portfolio of INVESTMENTS

  June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Common Stocks – 96.6%
		Aerospace & Defense – 2.2%
	55,000	Boeing Company	$	2,337,500
	87,200	Honeywell International Inc.		2,738,080
	29,605	Raytheon Company		1,315,350
	75,700	United Technologies Corporation		3,933,372
		Total Aerospace & Defense		10,324,302
		Air Freight & Logistics – 0.7%
	68,560	United Parcel Service, Inc., Class B		3,427,314
		Airlines – 0.1%
	37,484	AMR Corporation, (2)		150,686
	16,213	Continental Airlines, Inc., (2)		143,647
		Total Airlines		294,333
		Auto Components – 0.1%
	30,296	Cooper Tire & Rubber		300,536
		Automobiles – 0.5%
	241,200	Ford Motor Company, (2)		1,464,084
	41,681	Harley-Davidson, Inc.		675,649
		Total Automobiles		2,139,733
		Beverages – 2.4%
	124,623	Coca-Cola Company		5,980,658
	91,498	PepsiCo, Inc.		5,028,730
		Total Beverages		11,009,388
		Biotechnology – 1.4%
	59,598	Amgen Inc., (2)		3,155,118
	24,559	Celgene Corporation, (2)		1,174,903
	49,927	Gilead Sciences, Inc., (2)		2,338,581
		Total Biotechnology		6,668,602
		Building Products – 0.1%
	42,748	Masco Corporation		409,526
		Capital Markets – 1.9%
	112,898	Charles Schwab Corporation		1,980,231
	48,534	Jefferies Group, Inc., (2)		1,035,230
	40,593	Legg Mason, Inc.		989,657
	123,866	Morgan Stanley		3,531,420
	59,253	Waddell & Reed Financial, Inc., Class A		1,562,502
		Total Capital Markets		9,099,040

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Shares		Description (1)	Value
		Chemicals – 2.2%
	51,511	Dow Chemical Company	$	831,388
	113,406	E.I. Du Pont de Nemours and Company		2,905,462
	37,359	Eastman Chemical Company		1,415,906
	22,643	Lubrizol Corporation		1,071,240
	32,712	Monsanto Company		2,431,810
	16,700	NL Industries Inc.		123,246
	53,293	Olin Corporation		633,654
	63,622	RPM International, Inc.		893,253
		Total Chemicals		10,305,959
		Commercial Banks – 2.5%
	33,724	Comerica Incorporated		713,263
	30,047	HSBC Holdings PLC, Sponsored ADR		1,255,063
	2,649	Toronto-Dominion Bank		136,980
	177,092	U.S. Bancorp		3,173,489
	257,392	Wells Fargo & Company		6,244,330
		Total Commercial Banks		11,523,125
		Commercial Services & Supplies – 0.9%
	3,177	Avery Dennison Corporation		81,585
	82,149	Deluxe Corporation		1,052,329
	40,642	Pitney Bowes Inc.		891,279
	21,600	R.R. Donnelley & Sons Company		250,992
	24,100	Standard Register Company		78,566
	62,938	Waste Management, Inc.		1,772,334
		Total Commercial Services & Supplies		4,127,085
		Communications Equipment – 2.7%
	17,756	ADTRAN, Inc.		381,221
	8,005	Ciena Corporation, (2)		82,852
	328,502	Cisco Systems, Inc., (2)		6,123,277
	11,034	JDS Uniphase Corporation, (2)		63,114
	225,002	Motorola, Inc.		1,491,763
	97,408	QUALCOMM, Inc.		4,402,842
	2,604	Research In Motion Limited, (2)		185,014
		Total Communications Equipment		12,730,083
		Computers & Peripherals – 4.2%
	52,473	Apple, Inc., (2)		7,473,729
	95,726	Dell Inc., (2)		1,314,318
	139,379	EMC Corporation, (2)		1,825,865
	81,871	International Business Machines Corporation (IBM)		8,548,970
	30,534	Sun Microsystems Inc., (2)		281,523
		Total Computers & Peripherals		19,444,405
		Consumer Finance – 0.1%
	42,236	Discover Financial Services		433,764
		Containers & Packaging – 0.5%
	65,406	Packaging Corp. of America		1,059,577
	54,635	Sonoco Products Company		1,308,508
		Total Containers & Packaging		2,368,085
		Distributors – 0.4%
	50,769	Genuine Parts Company		1,703,808

Nuveen Investments
13

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Diversified Consumer Services – 0.2%
	12,223	Apollo Group, Inc., (2)	$	869,300
		Diversified Financial Services – 4.0%
	397,961	Bank of America Corporation		5,253,085
	350,485	Citigroup Inc.		1,040,940
	8,110	CME Group, Inc.		2,523,102
	259,696	JPMorgan Chase & Co.		8,858,231
	43,506	New York Stock Exchange Euronext		1,185,539
		Total Diversified Financial Services		18,860,897
		Diversified Telecommunication Services – 3.9%
	445,139	AT&T Inc.		11,057,252
	206,568	Frontier Communications Corporation		1,474,896
	176,286	Verizon Communications Inc.		5,417,269
	20,804	Windstream Corporation		173,921
		Total Diversified Telecommunication Services		18,123,338
		Electric Utilities – 1.4%
	3,600	DPL Inc.		83,412
	131,100	Duke Energy Corporation		1,912,749
	27,323	Great Plains Energy Incorporated		424,873
	80,800	Pepco Holdings, Inc.		1,085,952
	33,445	Progress Energy, Inc.		1,265,224
	58,348	Southern Company		1,818,124
		Total Electric Utilities		6,590,334
		Electrical Equipment – 0.9%
	107,741	Emerson Electric Company		3,490,808
	15,759	Rockwell Automation, Inc.		506,179
		Total Electrical Equipment		3,996,987
		Electronic Equipment & Instruments – 0.4%
	126,298	Corning Incorporated		2,028,346
		Energy Equipment & Services – 2.2%
	15,007	Diamond Offshore Drilling, Inc.		1,246,331
	21,795	ENSCO International Incorporated		759,992
	110,699	Halliburton Company		2,291,469
	7,759	Patterson-UTI Energy, Inc.		99,781
	81,597	Schlumberger Limited		4,415,214
	18,335	Smith International, Inc.		472,126
	28,716	Tidewater Inc.		1,231,055
		Total Energy Equipment & Services		10,515,968
		Food & Staples Retailing – 2.5%
	12,109	Costco Wholesale Corporation		553,381
	136,113	CVS Caremark Corporation		4,337,921
	38,696	SUPERVALU INC		501,113
	127,641	Wal-Mart Stores, Inc.		6,182,930
		Total Food & Staples Retailing		11,575,345
		Food Products – 1.0%
	166,138	Kraft Foods Inc.		4,209,937
	57,000	Sara Lee Corporation		556,320
		Total Food Products		4,766,257

Nuveen Investments
14

Shares		Description (1)	Value
		Gas Utilities – 1.6%
	28,837	AGL Resources Inc.	$	917,017
	62,666	Atmos Energy Corporation		1,569,157
	28,595	National Fuel Gas Company		1,031,708
	78,400	Nicor Inc.		2,714,208
	47,151	ONEOK, Inc.		1,390,483
		Total Gas Utilities		7,622,573
		Health Care Equipment & Supplies – 0.8%
	12,338	Hologic Inc., (2)		175,570
	3,518	Intuitive Surgical, Inc., (2)		575,756
	81,113	Medtronic, Inc.		2,830,033
		Total Health Care Equipment & Supplies		3,581,359
		Health Care Providers & Services – 1.9%
	13,101	Brookdale Senior Living Inc.		127,604
	15,450	Coventry Health Care, Inc., (2)		289,070
	20,800	Express Scripts, Inc., (2)		1,430,000
	6,681	Henry Schein Inc., (2)		320,354
	47,893	Kindred Healthcare Inc., (2)		592,436
	38,415	Medco Health Solutions, Inc., (2)		1,752,108
	116,410	UnitedHealth Group Incorporated		2,907,922
	32,168	Wellpoint Inc., (2)		1,637,030
		Total Health Care Providers & Services		9,056,524
		Health Care Technology – 0.1%
	5,657	Cerner Corporation, (2)		352,375
		Hotels, Restaurants & Leisure – 1.3%
	17,800	Carnival Corporation		458,706
	42,761	International Game Technology		679,900
	3,272	Interval Leisure Group Inc., (2)		30,495
	87,250	McDonald's Corporation		5,016,003
		Total Hotels, Restaurants & Leisure		6,185,104
		Household Durables – 1.1%
	11,075	Black & Decker Corporation		317,410
	14,097	Garmin Limited		335,791
	106,577	Newell Rubbermaid Inc.		1,109,467
	11,767	Snap-on Incorporated		338,184
	24,994	Stanley Works		845,797
	46,297	Tupperware Corporation		1,204,648
	26,165	Whirlpool Corporation		1,113,582
		Total Household Durables		5,264,879
		Household Products – 2.8%
	36,130	Colgate-Palmolive Company		2,555,836
	22,473	Kimberly-Clark Corporation		1,178,259
	178,945	Procter & Gamble Company		9,144,090
		Total Household Products		12,878,185
		Industrial Conglomerates – 2.5%
	27,626	3M Co.		1,660,323
	848,809	General Electric Company		9,948,040
	3,957	Siemens AG, Sponsored ADR		273,785
		Total Industrial Conglomerates		11,882,148

Nuveen Investments
15

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Insurance – 1.7%
	58,427	Allstate Corporation	$	1,425,619
	18,591	Arthur J. Gallagher & Co.		396,732
	46,985	Fidelity National Title Group Inc., Class A		635,707
	21,200	Hartford Financial Services Group, Inc.		251,644
	76,562	Lincoln National Corporation		1,317,632
	72,500	Marsh & McLennan Companies, Inc.		1,459,425
	42,977	Travelers Companies, Inc.		1,763,776
	52,700	Unitrin, Inc.		633,454
		Total Insurance		7,883,989
		Internet & Catalog Retail – 0.5%
	21,934	Amazon.com, Inc., (2)		1,834,998
	3,103	Hosting Site Network, Inc., (2)		32,799
	3,278	Priceline.com Incorporated, (2)		365,661
		Total Internet & Catalog Retail		2,233,458
		Internet Software & Services – 2.0%
	16,527	Akamai Technologies, Inc., (2)		316,988
	63,227	eBay Inc., (2)		1,083,079
	13,917	Google Inc., Class A, (2)		5,867,268
	44,605	United Online, Inc.		290,379
	9,816	ValueClick, Inc., (2)		103,264
	25,228	VeriSign, Inc., (2)		466,213
	78,773	Yahoo! Inc., (2)		1,233,585
		Total Internet Software & Services		9,360,776
		IT Services – 1.2%
	4,000	Accenture Limited		133,840
	54,615	Automatic Data Processing, Inc.		1,935,556
	21,368	Cognizant Technology Solutions Corporation, Class A, (2)		570,526
	23,364	Fidelity National Information Services		466,345
	3,197	Lender Processing Services Inc.		88,781
	6,431	MasterCard, Inc.		1,075,971
	43,862	Paychex, Inc.		1,105,322
	2,733	Visa Inc.		170,157
		Total IT Services		5,546,498
		Leisure Equipment & Products – 0.1%
	39,513	Eastman Kodak Company		116,958
	11,848	Polaris Industries Inc.		380,558
		Total Leisure Equipment & Products		497,516
		Machinery – 1.6%
	57,600	Caterpillar Inc.		1,903,104
	26,953	Cummins Inc.		949,015
	33,411	Deere & Company		1,334,769
	13,600	Graco Inc.		299,472
	47,499	Ingersoll Rand Company Limited, Class A		992,729
	18,030	Parker Hannifin Corporation		774,569
	25,530	SPX Corporation		1,250,204
	12,000	Timken Company		204,960
		Total Machinery		7,708,822
		Media – 2.0%
	60,282	CBS Corporation, Class B		417,151
	201,912	Comcast Corporation, Class A		2,925,705
	39,613	New York Times, Class A		218,268

Nuveen Investments
16

Shares		Description (1)	Value
		Media (continued)
	35,396	Omnicom Group, Inc.	$	1,117,806
	114,479	Regal Entertainment Group, Class A		1,521,426
	138,485	Walt Disney Company		3,230,855
		Total Media		9,431,211
		Metals & Mining – 0.7%
	73,484	Alcoa Inc.		759,090
	27,262	Nucor Corporation		1,211,251
	57,874	Southern Copper Corporation		1,182,945
		Total Metals & Mining		3,153,286
		Multiline Retail – 0.9%
	2,107	Dollar Tree Stores Inc., (2)		88,705
	13,000	Family Dollar Stores, Inc.		367,900
	41,402	Federated Department Stores, Inc.		486,888
	53,725	Nordstrom, Inc.		1,068,590
	8,076	Sears Holding Corporation, (2)		537,216
	46,573	Target Corporation		1,838,236
		Total Multiline Retail		4,387,535
		Multi-Utilities – 1.9%
	40,360	Ameren Corporation		1,004,560
	37,379	Consolidated Edison, Inc.		1,398,722
	79,595	Integrys Energy Group, Inc.		2,387,054
	15,861	Northwestern Corporation		360,996
	58,787	OGE Energy Corp.		1,664,848
	66,981	Public Service Enterprise Group Incorporated		2,185,590
		Total Multi-Utilities		9,001,770
		Oil, Gas & Consumable Fuels – 10.0%
	12,670	BP PLC, Sponsored ADR		604,106
	144,054	Chevron Corporation		9,543,578
	109,023	ConocoPhillips		4,585,507
	46,182	CONSOL Energy Inc.		1,568,341
	42,271	Continental Resources Inc., (2)		1,173,020
	10,351	EnCana Corporation		512,064
	41,261	EOG Resources, Inc.		2,802,447
	283,853	Exxon Mobil Corporation		19,844,159
	56,857	Occidental Petroleum Corporation		3,741,759
	7,724	Suncor Energy, Inc.		234,346
	14,645	Total SA, Sponsored ADR		794,198
	92,575	Valero Energy Corporation		1,563,592
		Total Oil, Gas & Consumable Fuels		46,967,117
		Paper & Forest Products – 0.3%
	43,687	Weyerhaeuser Company		1,329,395
		Pharmaceuticals – 8.8%
	109,036	Abbott Laboratories		5,129,053
	212,129	Bristol-Myers Squibb Company		4,308,340
	62,495	Eli Lilly and Company		2,164,827
	17,833	GlaxoSmithKline PLC, Sponsored ADR		630,218
	174,208	Johnson & Johnson		9,895,013
	182,100	Merck & Co. Inc.		5,091,516
	2,492	Novartis AG, Sponsored ADR		101,649
	510,096	Pfizer Inc.		7,651,440
	29,021	Sanofi-Aventis, Sponsored ADR		855,829

Nuveen Investments
17

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	97,678	Schering-Plough Corporation	$	2,453,671
	69,191	Wyeth		3,140,579
		Total Pharmaceuticals		41,422,135
		Professional Services – 0.1%
	3,665	Manpower Inc.		155,176
	24,509	Resources Connection, Inc., (2)		420,820
		Total Professional Services		575,996
		Real Estate Investment Trust – 1.5%
	46,493	Brandywine Realty Trust		346,373
	54,183	CapLease Inc.		149,545
	32,157	Health Care REIT, Inc.		1,096,554
	49,625	Healthcare Realty Trust, Inc.		835,189
	71,684	Hospitality Properties Trust		852,323
	116,913	HRPT Properties Trust		474,667
	82,640	Lexington Corporate Properties Trust		280,976
	30,821	Liberty Property Trust		710,116
	17,263	Medical Properties Trust Inc.		104,786
	42,355	Nationwide Health Properties, Inc.		1,090,218
	30,300	Senior Housing Properties Trust		494,496
	11,215	Sun Communities Inc.		154,543
	61,650	U-Store-It Trust		302,085
		Total Real Estate Investment Trust		6,891,871
		Road & Rail – 0.8%
	20,517	Burlington Northern Santa Fe Corporation		1,508,820
	18,105	Norfolk Southern Corporation		682,015
	28,097	Union Pacific Corporation		1,462,730
		Total Road & Rail		3,653,565
		Semiconductors & Equipment – 2.5%
	27,457	Analog Devices, Inc.		680,384
	106,221	Applied Materials, Inc.		1,165,244
	21,444	Broadcom Corporation, Class A, (2)		531,597
	317,691	Intel Corporation		5,257,786
	12,846	Intersil Holding Corporation, Class A		161,474
	6,596	Lam Research Corporation, (2)		171,496
	24,226	Microchip Technology Incorporated		546,296
	24,800	National Semiconductor Corporation		311,240
	33,421	NVIDIA Corporation, (2)		377,323
	115,000	Texas Instruments Incorporated		2,449,500
		Total Semiconductors & Equipment		11,652,340
		Software – 4.2%
	34,641	Adobe Systems Incorporated, (2)		980,340
	18,119	Autodesk, Inc., (2)		343,899
	19,113	McAfee Inc., (2)		806,377
	487,636	Microsoft Corporation		11,591,107
	243,105	Oracle Corporation		5,207,309
	12,400	Salesforce.com, Inc., (2)		473,308
	3,000	Sybase, Inc., (2)		94,020
		Total Software		19,496,360
		Specialty Retail – 1.9%
	26,963	Abercrombie & Fitch Co., Class A		684,591
	46,762	American Eagle Outfitters, Inc.		662,618

Nuveen Investments
18

Shares		Description (1)	Value
		Specialty Retail (continued)
	40,248	Best Buy Co., Inc.	$	1,347,906
	120,536	Home Depot, Inc.		2,848,266
	51,450	Limited Brands, Inc.		615,857
	88,224	Lowe's Companies, Inc.		1,712,428
	236	Ross Stores, Inc.		9,110
	10,866	Tiffany & Co.		275,562
	25,162	TJX Companies, Inc.		791,597
		Total Specialty Retail		8,947,935
		Textiles, Apparel & Luxury Goods – 0.3%
	12,159	Cherokee Inc.		240,991
	24,144	VF Corporation		1,336,370
		Total Textiles, Apparel & Luxury Goods		1,577,361
		Thrifts & Mortgage Finance – 0.2%
	60,610	New York Community Bancorp, Inc.		647,921
	38,788	TrustCo Bank Corporation NY		229,237
		Total Thrifts & Mortgage Finance		877,158
		Tobacco – 1.9%
	181,535	Altria Group, Inc.		2,975,359
	125,542	Philip Morris International		5,476,142
	10,734	Reynolds American Inc.		414,547
	1	Vector Group Ltd.		14
		Total Tobacco		8,866,062
		Wireless Telecommunication Services – 0.0%
	5,500	USA Mobility Inc., (2)		70,180
		Total Common Stocks (cost $521,677,579)		451,991,343

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 9.0%
$	42,272	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $42,271,754, collateralized by $43,250,000 U.S. Treasury Bills, 0.000%, due 4/01/10, value $43,120,250		0.000	%	7/01/09	$	42,271,754
		Total Short-Term Investments (cost $42,271,754)						42,271,754
		Total Investments (cost $563,949,333) – 105.6%						494,263,097

Nuveen Investments
19

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written – (4.2)% (4)
	(638	)	S&P 500 Index	$	(55,825,000	)	7/18/09	$	875	$	(3,174,050	)
	(527	)	S&P 500 Index		(47,430,000	)	7/18/09		900		(1,578,365	)
	(664	)	S&P 500 Index		(61,420,000	)	7/18/09		925		(969,440	)
	(619	)	S&P 500 Index		(54,162,500	)	8/22/09		875		(3,748,045	)
	(1,065	)	S&P 500 Index		(95,850,000	)	8/22/09		900		(4,595,475	)
	(663	)	S&P 500 Index		(61,327,500	)	8/22/09		925		(1,892,865	)
	(701	)	S&P 500 Index		(63,090,000	)	9/19/09		900		(3,627,675	)
	(4,877	)	Total Call Options Written (premiums received $23,991,796)		(439,105,000	)					(19,585,915	)
			Other Assets Less Liabilities – (1.4)%								(6,461,013	)
			Net Assets – 100%							$	468,216,169

  (1)  All percentages in the Portfolio of Investments are based on net assets.

  (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.

Nuveen Investments
20

JSN

Nuveen Equity Premium Opportunity Fund

Portfolio of INVESTMENTS

  June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Common Stocks – 96.8%
		Aerospace & Defense – 2.3%
	89,197	Boeing Company	$	3,790,873
	134,874	Honeywell International Inc.		4,235,044
	26,580	Lockheed Martin Corporation		2,143,677
	44,051	Northrop Grumman Corporation		2,012,250
	48,836	Raytheon Company		2,169,783
	98,207	United Technologies Corporation		5,102,836
		Total Aerospace & Defense		19,454,463
		Air Freight & Logistics – 0.7%
	120,515	United Parcel Service, Inc., Class B		6,024,545
		Airlines – 0.2%
	231,521	AMR Corporation, (2)		930,714
		Auto Components – 0.2%
	127,854	Gentex Corporation		1,483,106
		Automobiles – 0.2%
	37,852	Harley-Davidson, Inc.		613,581
		Beverages – 1.9%
	197,107	Coca-Cola Company		9,459,165
	110,449	PepsiCo, Inc.		6,070,277
		Total Beverages		15,529,442
		Biotechnology – 3.5%
	158,296	Amgen Inc., (2)		8,380,190
	90,554	Biogen Idec Inc., (2)		4,088,513
	124,134	Celgene Corporation, (2)		5,938,571
	235,913	Gilead Sciences, Inc., (2)		11,050,165
		Total Biotechnology		29,457,439
		Capital Markets – 2.6%
	166,167	Charles Schwab Corporation		2,914,569
	49,374	Eaton Vance Corporation		1,320,755
	51,780	Goldman Sachs Group, Inc.		7,634,443
	42,567	Legg Mason, Inc.		1,037,783
	158,201	Morgan Stanley		4,510,311
	22,449	UBS AG, (2)		274,102
	136,190	Waddell & Reed Financial, Inc., Class A		3,591,330
		Total Capital Markets		21,283,293
		Chemicals – 1.6%
	66,311	Dow Chemical Company		1,070,260
	94,240	E.I. Du Pont de Nemours and Company		2,414,429
	42,164	Eastman Chemical Company		1,598,016
	23,950	Lubrizol Corporation		1,133,075

Nuveen Investments
21

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Chemicals (continued)
	60,792	Monsanto Company	$	4,519,277
	4,198	Potash Corporation of Saskatchewan		390,624
	152,430	RPM International, Inc.		2,140,117
		Total Chemicals		13,265,798
		Commercial Banks – 1.9%
	65,480	Fifth Third Bancorp.		464,908
	78,980	First Horizon National Corporation, (2)		947,761
	11,753	HSBC Holdings PLC, Sponsored ADR		490,923
	4,932	Huntington BancShares Inc.		20,616
	92,586	Lloyds TSB Group PLC, Sponsored ADR		441,635
	47,104	Toronto-Dominion Bank		2,435,748
	263,201	U.S. Bancorp		4,716,562
	241,176	Wells Fargo & Company		5,850,930
		Total Commercial Banks		15,369,083
		Commercial Services & Supplies – 0.5%
	88,588	Deluxe Corporation		1,134,812
	52,164	R.R. Donnelley & Sons Company		606,146
	100,293	Waste Management, Inc.		2,824,251
		Total Commercial Services & Supplies		4,565,209
		Communications Equipment – 5.4%
	67,820	ADTRAN, Inc.		1,456,095
	807,993	Cisco Systems, Inc., (2)		15,060,990
	55,800	Harris Corporation		1,582,488
	13,861	Harris Stratex Networks, Inc., (2)		89,819
	21,465	Motorola, Inc.		142,313
	392,946	QUALCOMM, Inc.		17,761,160
	119,700	Research In Motion Limited, (2)		8,504,685
		Total Communications Equipment		44,597,550
		Computers & Peripherals – 8.1%
	265,092	Apple, Inc., (2)		37,757,057
	265,858	Dell Inc., (2)		3,650,230
	233,421	EMC Corporation, (2)		3,057,815
	271,670	Hewlett-Packard Company		10,500,046
	110,332	International Business Machines Corporation (IBM)		11,520,867
	49,982	Network Appliance Inc., (2)		985,645
		Total Computers & Peripherals		67,471,660
		Consumer Finance – 0.4%
	71,246	American Express Company		1,655,757
	72,637	Discover Financial Services		745,982
	77,393	SLM Corporation, (2)		794,826
		Total Consumer Finance		3,196,565
		Containers & Packaging – 0.5%
	147,523	Packaging Corp. of America		2,389,873
	87,396	Sonoco Products Company		2,093,134
		Total Containers & Packaging		4,483,007
		Distributors – 0.2%
	59,618	Genuine Parts Company		2,000,780

Nuveen Investments
22

Shares		Description (1)	Value
		Diversified Consumer Services – 0.2%
	35,953	Hillenbrand Inc.	$	598,258
		Diversified Financial Services – 2.6%
	387,492	Bank of America Corporation		5,114,894
	150,034	CIT Group Inc.		322,573
	307,881	Citigroup Inc.		914,407
	11,925	CME Group, Inc.		3,709,987
	126,855	ING Groep N.V., Sponsored ADR		1,286,310
	308,994	JPMorgan Chase & Co.		10,539,785
		Total Diversified Financial Services		21,887,956
		Diversified Telecommunication Services – 2.8%
	711,379	AT&T Inc.		17,670,655
	1	FairPoint Communications Inc.		1
	173,802	Verizon Communications Inc.		5,340,935
	24,888	Vimpel Communiations, Sponsored ADR, (2)		292,932
		Total Diversified Telecommunication Services		23,304,523
		Electric Utilities – 1.1%
	117,502	Companhia Energetica de Minas Gerais, Sponsored ADR		1,579,227
	226,319	Duke Energy Corporation		3,301,994
	114,106	Great Plains Energy Incorporated		1,774,348
	130,697	Pepco Holdings, Inc.		1,756,568
	24,935	Pinnacle West Capital Corporation		751,790
		Total Electric Utilities		9,163,927
		Electrical Equipment – 1.5%
	52,965	Cooper Industries, Ltd., Class A		1,644,563
	162,367	Emerson Electric Company		5,260,691
	10,253	First Solar Inc., (2)		1,662,216
	12,284	Hubbell Incorporated, Class B		393,825
	39,845	Rockwell Automation, Inc.		1,279,821
	51,356	Roper Industries Inc.		2,326,940
		Total Electrical Equipment		12,568,056
		Electronic Equipment & Instruments – 0.4%
	194,155	Corning Incorporated		3,118,129
		Energy Equipment & Services – 1.7%
	35,532	Diamond Offshore Drilling, Inc.		2,950,933
	37,676	ENSCO International Incorporated		1,313,762
	193,639	Halliburton Company		4,008,327
	58,578	Patterson-UTI Energy, Inc.		753,313
	87,356	Schlumberger Limited		4,726,833
	18,136	Tidewater Inc.		777,490
		Total Energy Equipment & Services		14,530,658
		Food & Staples Retailing – 2.3%
	148,766	CVS Caremark Corporation		4,741,172
	103,975	Kroger Co.		2,292,649
	39,715	SUPERVALU INC.		514,309
	78,931	Walgreen Co.		2,320,571
	191,617	Wal-Mart Stores, Inc.		9,281,927
		Total Food & Staples Retailing		19,150,628
		Food Products – 0.7%
	185,784	Kraft Foods Inc.		4,707,767

Nuveen Investments
23

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Food Products (continued)
	112,297	Sara Lee Corporation	$	1,096,019
		Total Food Products		5,803,786
		Gas Utilities – 1.7%
	25,730	AGL Resources Inc.		818,214
	149,706	Atmos Energy Corporation		3,748,638
	79,687	National Fuel Gas Company		2,875,107
	109,556	Nicor Inc.		3,792,829
	86,674	ONEOK, Inc.		2,556,016
		Total Gas Utilities		13,790,804
		Health Care Equipment & Supplies – 1.7%
	88,888	Baxter International, Inc.		4,707,508
	36,821	Hill Rom Holdings Inc.		597,237
	163,169	Hologic Inc., (2)		2,321,895
	15,647	Intuitive Surgical, Inc., (2)		2,560,788
	119,941	Medtronic, Inc.		4,184,741
		Total Health Care Equipment & Supplies		14,372,169
		Health Care Providers & Services – 1.8%
	54,967	Aetna Inc.		1,376,923
	164,852	Brookdale Senior Living Inc.		1,605,658
	25,504	Coventry Health Care, Inc., (2)		477,180
	76,415	Express Scripts, Inc., (2)		5,253,531
	114,903	UnitedHealth Group Incorporated		2,870,277
	61,191	Wellpoint Inc., (2)		3,114,010
		Total Health Care Providers & Services		14,697,579
		Hotels, Restaurants & Leisure – 1.4%
	72,996	International Game Technology		1,160,636
	5,770	Interval Leisure Group Inc., (2)		53,776
	155,132	McDonald's Corporation		8,918,539
	33,137	Starwood Hotels & Resorts Worldwide, Inc.		735,641
	27,900	Wynn Resorts Ltd, (2)		984,870
		Total Hotels, Restaurants & Leisure		11,853,462
		Household Durables – 0.8%
	112,487	KB Home		1,538,822
	185,735	Newell Rubbermaid Inc.		1,933,501
	44,956	Stanley Works		1,521,311
	39,383	Whirlpool Corporation		1,676,140
		Total Household Durables		6,669,774
		Household Products – 1.9%
	59,926	Colgate-Palmolive Company		4,239,165
	233,402	Procter & Gamble Company		11,926,842
		Total Household Products		16,166,007
		Industrial Conglomerates – 1.4%
	21,651	3M Co.		1,301,225
	865,861	General Electric Company		10,147,891
		Total Industrial Conglomerates		11,449,116
		Insurance – 0.9%
	51,073	Allstate Corporation		1,246,181
	22,829	American International Group, Inc., (2)		26,482

Nuveen Investments
24

Shares		Description (1)	Value
		Insurance (continued)
	41,263	Arthur J. Gallagher & Co.	$	880,552
	197,780	Fidelity National Title Group Inc., Class A		2,675,963
	111,992	Marsh & McLennan Companies, Inc.		2,254,399
	719	Mercury General Corporation		24,036
	13,952	Unitrin, Inc.		167,703
		Total Insurance		7,275,316
		Internet & Catalog Retail – 0.8%
	74,326	Amazon.com, Inc., (2)		6,218,113
	12,070	Hosting Site Network, Inc., (2)		127,580
		Total Internet & Catalog Retail		6,345,693
		Internet Software & Services – 3.6%
	39,186	Akamai Technologies, Inc., (2)		751,587
	4,121	Baidu.com, Inc., Sponsored ADR, (2)		1,240,792
	160,883	Earthlink, Inc., (2)		1,192,143
	225,778	eBay Inc., (2)		3,867,577
	40,266	Google Inc., Class A, (2)		16,975,743
	34,616	IAC/InterActiveCorp., (2)		555,587
	106,129	United Online, Inc.		690,900
	89,065	VeriSign, Inc., (2)		1,645,921
	209,255	Yahoo! Inc., (2)		3,276,933
		Total Internet Software & Services		30,197,183
		IT Services – 0.9%
	113,774	Automatic Data Processing, Inc.		4,032,151
	34,615	Fidelity National Information Services		690,915
	15,558	Lender Processing Services Inc.		432,046
	107,734	Paychex, Inc.		2,714,897
		Total IT Services		7,870,009
		Leisure Equipment & Products – 0.2%
	87,265	Mattel, Inc.		1,400,603
	15,485	Polaris Industries Inc.		497,378
		Total Leisure Equipment & Products		1,897,981
		Machinery – 1.4%
	107,606	Caterpillar Inc.		3,555,302
	26,501	Deere & Company		1,058,715
	53,638	Graco Inc.		1,181,109
	28,457	Joy Global Inc.		1,016,484
	76,240	SPX Corporation		3,733,473
	67,275	Timken Company		1,149,057
		Total Machinery		11,694,140
		Marine – 0.0%
	31,233	Eagle Bulk Shipping Inc.		146,483
		Media – 2.3%
	381,287	Comcast Corporation, Special Class A		5,376,147
	101,917	New York Times, Class A		561,563
	212,775	News Corporation, Class A		1,938,380
	64,630	Omnicom Group, Inc.		2,041,015
	135,668	Regal Entertainment Group, Class A		1,803,028
	637,542	Sirius XM Radio Inc., (2)		274,143
	66,890	Viacom Inc., Class B, (2)		1,518,403
	208,381	Walt Disney Company		4,861,529

Nuveen Investments
25

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Media (continued)
	159,513	Warner Music Group Corporation, (2)	$	933,151
		Total Media		19,307,359
		Metals & Mining – 0.7%
	85,534	Alcoa Inc.		883,566
	225,100	Southern Copper Corporation		4,601,044
		Total Metals & Mining		5,484,610
		Multiline Retail – 1.1%
	58,848	Federated Department Stores, Inc.		692,052
	95,544	Nordstrom, Inc.		1,900,370
	48,116	Sears Holding Corporation, (2)		3,200,676
	93,177	Target Corporation		3,677,696
		Total Multiline Retail		9,470,794
		Multi-Utilities – 0.8%
	42,628	Ameren Corporation		1,061,011
	83,491	OGE Energy Corp.		2,364,465
	96,708	Public Service Enterprise Group Incorporated		3,155,582
		Total Multi-Utilities		6,581,058
		Oil, Gas & Consumable Fuels – 7.4%
	192,574	Chevron Corporation		12,758,028
	2,747	CNOOC Limited, Sponsored ADR		337,963
	119,681	ConocoPhillips		5,033,783
	63,202	Delta Petroleum Corporation, (2)		121,980
	454,053	Exxon Mobil Corporation		31,742,846
	16,837	Hess Corporation		904,989
	48,682	Occidental Petroleum Corporation		3,203,762
	5,595	PetroChina Company Limited, ADR		618,136
	16,734	Royal Dutch Shell PLC, Class A, Sponsored ADR		839,879
	99,339	SandRidge Energy Inc., (2)		846,368
	39,133	StatoilHydro ASA, Sponsored ADR		773,659
	16,860	Suncor Energy, Inc.		511,532
	97,373	XTO Energy, Inc.		3,713,806
		Total Oil, Gas & Consumable Fuels		61,406,731
		Pharmaceuticals – 6.9%
	166,553	Abbott Laboratories		7,834,653
	174,340	Bristol-Myers Squibb Company		3,540,845
	101,378	Eli Lilly and Company		3,511,734
	1,760	GlaxoSmithKline PLC, Sponsored ADR		62,198
	205,282	Johnson & Johnson		11,660,018
	376,271	Merck & Co. Inc.		10,520,537
	664,736	Pfizer Inc.		9,971,040
	142,962	Schering-Plough Corporation		3,591,205
	141,685	Wyeth		6,431,082
		Total Pharmaceuticals		57,123,312
		Professional Services – 0.5%
	24,168	Corporate Executive Board Company		501,728
	57,584	Manpower Inc.		2,438,107
	81,337	Resources Connection, Inc., (2)		1,396,556
		Total Professional Services		4,336,391

Nuveen Investments
26

Shares		Description (1)	Value
		Real Estate Investment Trust – 1.1%
	66,933	Apartment Investment & Management Company, Class A	$	592,357
	70,937	Brandywine Realty Trust		528,481
	39,174	CBL & Associates Properties Inc.		211,148
	114,294	DCT Industrial Trust Inc.		466,320
	3,763	Developers Diversified Realty Corporation		18,363
	60,313	Health Care REIT, Inc.		2,056,673
	94,089	Lexington Corporate Properties Trust		319,903
	50,066	Liberty Property Trust		1,153,521
	112,500	Nationwide Health Properties, Inc.		2,895,750
	136,993	U-Store-It Trust		671,266
		Total Real Estate Investment Trust		8,913,782
		Road & Rail – 0.3%
	51,470	Union Pacific Corporation		2,679,528
		Semiconductors & Equipment – 3.4%
	93,502	Altera Corporation		1,522,213
	106,522	Analog Devices, Inc.		2,639,615
	255,895	Applied Materials, Inc.		2,807,168
	120,326	Broadcom Corporation, Class A, (2)		2,982,882
	611,711	Intel Corporation		10,123,817
	28,351	Intersil Holding Corporation, Class A		356,372
	77,758	Linear Technology Corporation		1,815,649
	122,986	National Semiconductor Corporation		1,543,474
	208,316	Texas Instruments Incorporated		4,437,131
		Total Semiconductors & Equipment		28,228,321
		Software – 6.9%
	339,233	Activision Blizzard Inc., (2)		4,284,513
	194,887	Adobe Systems Incorporated, (2)		5,515,302
	83,579	Autodesk, Inc., (2)		1,586,329
	57,156	McAfee Inc., (2)		2,411,412
	1,161,832	Microsoft Corporation		27,616,748
	725,958	Oracle Corporation		15,550,020
	164	SAP AG, Sponsored ADR		6,591
		Total Software		56,970,915
		Specialty Retail – 1.8%
	28,774	Abercrombie & Fitch Co., Class A		730,572
	66,166	American Eagle Outfitters, Inc.		937,572
	96,960	Best Buy Co., Inc.		3,247,190
	71,688	CarMax, Inc., (2)		1,053,814
	93,413	Gap, Inc.		1,531,973
	147,896	Home Depot, Inc.		3,494,782
	133,736	Limited Brands, Inc.		1,600,820
	136,670	Lowe's Companies, Inc.		2,652,765
		Total Specialty Retail		15,249,488
		Thrifts & Mortgage Finance – 0.2%
	187,079	New York Community Bancorp, Inc.		1,999,875
	2,011	Tree.com Inc., (2)		19,306
		Total Thrifts & Mortgage Finance		2,019,181
		Tobacco – 1.2%
	6,348	Altria Group, Inc.		104,044
	195,255	Philip Morris International		8,517,023
	38,784	Reynolds American Inc.		1,497,838
		Total Tobacco		10,118,905

Nuveen Investments
27

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Wireless Telecommunication Services – 0.2%
	31,109	China Mobile Hong Kong Limited, Sponsored ADR	$	1,557,939
		Total Common Stocks (cost $872,269,281)		803,726,186

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 9.1%
$	75,626	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $75,626,324, collateralized by $77,375,000 U.S. Treasury Bills, 0.000%, due 4/01/10, value $77,142,875		0.000	%	7/01/09	$	75,626,324
		Total Short-Term Investments (cost $75,626,324)						75,626,324
		Total Investments (cost $947,895,605) – 105.9%						879,352,510

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written – (4.6)% (4)
	(1,133	)	Mini-NDX 100 Index	$	(15,578,750	)	7/18/09	$	137.5	$	(1,243,468	)
	(1,600	)	Mini-NDX 100 Index		(22,400,000	)	7/18/09		140.0		(1,396,000	)
	(1,130	)	Mini-NDX 100 Index		(15,820,000	)	8/22/09		140.0		(1,217,575	)
	(567	)	Mini-NDX 100 Index		(8,079,750	)	8/22/09		142.5		(506,048	)
	(1,130	)	Mini-NDX 100 Index		(16,385,000	)	8/22/09		145.0		(822,075	)
	(1,035	)	Mini-NDX 100 Index		(15,007,500	)	9/19/09		145.0		(908,212	)
	(84	)	NASDAQ 100 Index		(11,550,000	)	7/18/09		1,375		(921,060	)
	(178	)	NASDAQ 100 Index		(24,920,000	)	7/18/09		1,400		(1,554,830	)
	(132	)	NASDAQ 100 Index		(18,480,000	)	8/22/09		1,400		(1,419,660	)
	(113	)	NASDAQ 100 Index		(16,102,500	)	8/22/09		1,425		(1,010,785	)
	(133	)	NASDAQ 100 Index		(19,285,000	)	8/22/09		1,450		(966,910	)
	(65	)	NASDAQ 100 Index		(9,425,000	)	9/19/09		1,450		(568,750	)
	(853	)	S&P 500 Index		(74,637,500	)	7/18/09		875.0		(4,243,675	)
	(697	)	S&P 500 Index		(62,730,000	)	7/18/09		900.0		(2,087,515	)
	(881	)	S&P 500 Index		(81,492,500	)	7/18/09		925.0		(1,286,260	)
	(807	)	S&P 500 Index		(70,612,500	)	8/22/09		875.0		(4,886,385	)
	(1,432	)	S&P 500 Index		(128,880,000	)	8/22/09		900.0		(6,179,080	)
	(879	)	S&P 500 Index		(81,307,500	)	8/22/09		925.0		(2,509,545	)
	(938	)	S&P 500 Index		(84,420,000	)	9/19/09		900.0		(4,854,150	)
	(13,787	)	Total Call Options Written (premiums received $44,055,039)		(777,113,500	)					(38,581,983	)
			Other Assets Less Liabilities – (1.3)%								(10,138,989	)
			Net Assets – 100%							$	830,631,538

  (1)  All percentages in the Portfolio of Investments are based on net assets.

  (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.

Nuveen Investments
28

JLA

Nuveen Equity Premium Advantage Fund

Portfolio of INVESTMENTS

  June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Common Stocks – 97.8%
		Aerospace & Defense – 1.3%
	29,339	Boeing Company	$	1,246,908
	38,464	Honeywell International Inc.		1,207,770
	32,580	United Technologies Corporation		1,692,857
		Total Aerospace & Defense		4,147,535
		Air Freight & Logistics – 0.7%
	45,334	United Parcel Service, Inc., Class B		2,266,247
		Airlines – 0.3%
	26,621	Delta Air Lines, Inc., (2)		154,136
	41,835	Lan Airlines S.A., Sponsored ADR		503,275
	49,213	Southwest Airlines Co.		331,203
		Total Airlines		988,614
		Auto Components – 0.3%
	9,896	American Axle and Manufacturing Holdings Inc.		34,042
	32,055	Cooper Tire & Rubber		317,986
	61,909	Gentex Corporation		718,144
		Total Auto Components		1,070,172
		Automobiles – 0.3%
	128,982	Ford Motor Company, (2)		782,921
	19,937	Harley-Davidson, Inc.		323,179
		Total Automobiles		1,106,100
		Beverages – 1.2%
	45,975	Coca-Cola Company		2,206,340
	31,207	PepsiCo, Inc.		1,715,137
		Total Beverages		3,921,477
		Biotechnology – 5.8%
	90,634	Amgen Inc., (2)		4,798,164
	75,327	Celgene Corporation, (2)		3,603,644
	16,240	Cephalon, Inc., (2)		919,996
	60,245	Genzyme Corporation, (2)		3,353,839
	140,811	Gilead Sciences, Inc., (2)		6,595,587
		Total Biotechnology		19,271,230
		Capital Markets – 1.5%
	27,074	Bank of New York Company, Inc.		793,539
	49,324	Charles Schwab Corporation		865,143
	9,607	Goldman Sachs Group, Inc.		1,416,456
	34,968	Morgan Stanley		996,938
	29,474	Waddell & Reed Financial, Inc., Class A		777,229
		Total Capital Markets		4,849,305

Nuveen Investments
29

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Chemicals – 1.0%
	34,414	Dow Chemical Company	$	555,442
	44,802	E.I. Du Pont de Nemours and Company		1,147,827
	19,607	Monsanto Company		1,457,584
		Total Chemicals		3,160,853
		Commercial Banks – 1.1%
	31,225	FirstMerit Corporation		530,201
	15,775	Lloyds TSB Group PLC, Sponsored ADR		75,247
	7,648	Toronto-Dominion Bank		395,478
	63,593	U.S. Bancorp		1,139,587
	57,557	Wells Fargo & Company		1,396,333
		Total Commercial Banks		3,536,846
		Commercial Services & Supplies – 0.5%
	29,414	Covanta Holding Corporation, (2)		498,861
	22,234	Deluxe Corporation		284,818
	20,707	Pitney Bowes Inc.		454,105
	35,092	R.R. Donnelley & Sons Company		407,769
		Total Commercial Services & Supplies		1,645,553
		Communications Equipment – 8.1%
	413,250	Cisco Systems, Inc., (2)		7,702,980
	33,878	Comverse Technology, Inc., (2)		289,657
	19,525	Harris Corporation		553,729
	6,820	Harris Stratex Networks, Inc., (2)		44,194
	285,429	QUALCOMM, Inc.		12,901,390
	75,237	Research In Motion Limited, (2)		5,345,589
		Total Communications Equipment		26,837,539
		Computers & Peripherals – 9.8%
	176,775	Apple, Inc., (2)		25,178,062
	49,574	EMC Corporation, (2)		649,419
	71,857	Hewlett-Packard Company		2,777,273
	31,284	International Business Machines Corporation (IBM)		3,266,675
	66,278	Sun Microsystems Inc., (2)		611,083
		Total Computers & Peripherals		32,482,512
		Consumer Finance – 0.2%
	19,600	American Express Company		455,504
	23,560	SLM Corporation, (2)		241,961
		Total Consumer Finance		697,465
		Containers & Packaging – 0.3%
	25,137	Packaging Corp. of America		407,219
	21,464	Sonoco Products Company		514,063
		Total Containers & Packaging		921,282
		Distributors – 0.2%
	20,328	Genuine Parts Company		682,208
		Diversified Consumer Services – 0.3%
	7,243	ITT Educational Services, Inc., (2)		729,080
	63,150	Service Corporation International		346,062
		Total Diversified Consumer Services		1,075,142

Nuveen Investments
30

Shares		Description (1)	Value
		Diversified Financial Services – 1.9%
	130,976	Bank of America Corporation	$	1,728,883
	3,508	CME Group, Inc.		1,091,374
	88,869	JPMorgan Chase & Co.		3,031,322
	20,046	Moody's Corporation		528,212
		Total Diversified Financial Services		6,379,791
		Diversified Telecommunication Services – 1.9%
	150,442	AT&T Inc.		3,736,979
	25,759	Chunghwa Telecom Co., Ltd, Sponsored ADR (2)		510,801
	72,739	Frontier Communications Corporation		519,356
	20,000	IBasis, Inc., (2)		26,200
	43,945	Verizon Communications Inc.		1,350,430
		Total Diversified Telecommunication Services		6,143,766
		Electric Utilities – 0.8%
	67,098	Duke Energy Corporation		978,960
	48,358	Great Plains Energy Incorporated		751,967
	27,982	Pinnacle West Capital Corporation		843,657
		Total Electric Utilities		2,574,584
		Electrical Equipment – 1.3%
	26,016	Cooper Industries, Ltd., Class A		807,797
	44,751	Emerson Electric Company		1,449,932
	15,331	Hubbell Incorporated, Class B		491,512
	15,187	Rockwell Automation, Inc.		487,806
	17,406	Roper Industries Inc.		788,666
	12,211	SunPower Corporation, (2)		292,453
		Total Electrical Equipment		4,318,166
		Electronic Equipment & Instruments – 0.6%
	19,658	Agilent Technologies, Inc., (2)		399,254
	25,753	Amphenol Corporation, Class A		814,825
	57,682	Corning Incorporated		926,373
		Total Electronic Equipment & Instruments		2,140,452
		Energy Equipment & Services – 1.2%
	30,139	Cooper Cameron Corporation, (2)		852,934
	14,995	Diamond Offshore Drilling, Inc.		1,245,335
	52,658	Halliburton Company		1,090,021
	34,655	Smith International, Inc.		892,366
		Total Energy Equipment & Services		4,080,656
		Food & Staples Retailing – 1.6%
	47,539	CVS Caremark Corporation		1,515,068
	24,284	Kroger Co.		535,462
	24,262	SUPERVALU INC.		314,193
	34,413	Walgreen Co.		1,011,742
	40,180	Wal-Mart Stores, Inc.		1,946,319
		Total Food & Staples Retailing		5,322,784
		Food Products – 0.7%
	21,158	Archer-Daniels-Midland Company		566,400
	46,495	Kraft Foods Inc.		1,178,183
	65,758	Sara Lee Corporation		641,798
		Total Food Products		2,386,381

Nuveen Investments
31

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Gas Utilities – 0.7%
	45,248	Nicor Inc.	$	1,566,486
	26,900	Piedmont Natural Gas Company		648,559
		Total Gas Utilities		2,215,045
		Health Care Equipment & Supplies – 1.9%
	35,925	Accuray, Inc., (2)		239,620
	20,686	Baxter International, Inc.		1,095,531
	58,519	Boston Scientific Corporation, (2)		593,383
	37,780	ev3, Inc., (2)		405,002
	12,334	Hill Rom Holdings Inc.		200,057
	8,707	Intuitive Surgical, Inc., (2)		1,424,988
	27,355	Medtronic, Inc.		954,416
	18,791	Saint Jude Medical Inc., (2)		772,310
	12,246	Zimmer Holdings, Inc., (2)		521,680
		Total Health Care Equipment & Supplies		6,206,987
		Health Care Providers & Services – 1.7%
	13,759	Brookdale Senior Living Inc.		134,013
	18,760	Cardinal Health, Inc.		573,118
	24,929	Lincare Holdings, (2)		586,330
	25,829	Medco Health Solutions, Inc., (2)		1,178,061
	10,900	Omnicare, Inc.		280,784
	82,800	Tenet Healthcare Corporation, (2)		233,496
	34,392	UnitedHealth Group Incorporated		859,112
	11,579	Universal Health Services, Inc., Class B		565,634
	22,500	Wellpoint Inc., (2)		1,145,025
		Total Health Care Providers & Services		5,555,573
		Hotels, Restaurants & Leisure – 1.9%
	18,334	Carnival Corporation		472,467
	30,804	International Game Technology		489,784
	10,272	Interval Leisure Group Inc., (2)		95,735
	23,824	McDonald's Corporation		1,369,642
	158,917	Starbucks Corporation, (2)		2,207,357
	36,688	Starwood Hotels & Resorts Worldwide, Inc.		814,474
	20,520	Tim Hortons Inc.		503,561
	84,855	Wendy's International, Inc.		339,420
		Total Hotels, Restaurants & Leisure		6,292,440
		Household Durables – 0.3%
	19,013	KB Home		260,098
	39,500	Newell Rubbermaid Inc.		411,195
	6,586	Whirlpool Corporation		280,300
		Total Household Durables		951,593
		Household Products – 1.0%
	66,483	Procter & Gamble Company		3,397,281
		Industrial Conglomerates – 1.1%
	15,300	3M Co.		919,530
	222,934	General Electric Company		2,612,786
		Total Industrial Conglomerates		3,532,316
		Insurance – 0.9%
	16,791	AFLAC Incorporated		522,032
	26,685	Fidelity National Title Group Inc., Class A		361,048
	27,111	Marsh & McLennan Companies, Inc.		545,744

Nuveen Investments
32

Shares		Description (1)	Value
		Insurance (continued)
	13,901	Prudential Financial, Inc.	$	517,395
	21,228	Travelers Companies, Inc.		871,197
		Total Insurance		2,817,416
		Internet & Catalog Retail – 1.2%
	46,748	Amazon.com, Inc., (2)		3,910,938
	10,272	Hosting Site Network, Inc., (2)		108,575
	8,768	Ticketmaster Online-Citysearch, Inc., (2)		56,291
		Total Internet & Catalog Retail		4,075,804
		Internet Software & Services – 4.9%
	42,381	Akamai Technologies, Inc., (2)		812,868
	160,162	eBay Inc., (2)		2,743,575
	23,859	Google Inc., Class A, (2)		10,058,715
	25,653	IAC/InterActiveCorp., (2)		411,731
	43,727	United Online, Inc.		284,663
	128,203	Yahoo! Inc., (2)		2,007,659
		Total Internet Software & Services		16,319,211
		IT Services – 1.9%
	67,203	Automatic Data Processing, Inc.		2,381,674
	24,114	Fidelity National Information Services		481,315
	8,016	Global Payments Inc.		300,279
	26,932	Infosys Technologies Limited, Sponsored ADR		990,559
	9,286	Lender Processing Services Inc.		257,872
	69,543	Paychex, Inc.		1,752,484
	2,370	Visa Inc.		147,556
		Total IT Services		6,311,739
		Life Sciences Tools & Services – 0.6%
	44,529	Life Technologies Corporation, (2)		1,857,750
		Machinery – 1.3%
	29,526	Caterpillar Inc.		975,539
	8,066	Danaher Corporation		497,995
	19,551	Deere & Company		781,062
	16,157	Eaton Corporation		720,764
	26,992	Graco Inc.		594,364
	15,463	SPX Corporation		757,223
		Total Machinery		4,326,947
		Media – 3.3%
	19,588	CBS Corporation, Class B		135,549
	210,482	Comcast Corporation, Special Class A		2,967,796
	130,176	DIRECTV Group, Inc., (2)		3,216,649
	29,404	Liberty Media Corporation, Entertainment Tracking Shares, Class A, (2)		786,557
	89,100	News Corporation, Class A		811,701
	51,500	News Corporation, Class B		544,355
	22,907	Omnicom Group, Inc.		723,403
	18,535	Regal Entertainment Group, Class A		246,330
	4,334	Time Warner Cable, Class A, (2)		137,258
	20,995	Time Warner Inc.		528,864
	39,562	Walt Disney Company		922,981
		Total Media		11,021,443
		Metals & Mining – 0.7%
	14,452	AngloGold Ashanti Limited, Sponsored ADR		529,377

Nuveen Investments
33

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Metals & Mining (continued)
	39,814	Companhia Siderurgica Nacional S.A., Sponsored ADR	$	889,843
	40,654	Southern Copper Corporation		830,968
		Total Metals & Mining		2,250,188
		Multiline Retail – 1.3%
	13,570	Family Dollar Stores, Inc.		384,031
	26,043	Federated Department Stores, Inc.		306,266
	17,711	J.C. Penney Company, Inc.		508,483
	13,108	Kohl's Corporation, (2)		560,367
	23,262	Sears Holding Corporation, (2)		1,547,388
	24,214	Target Corporation		955,727
		Total Multiline Retail		4,262,262
		Multi-Utilities – 0.5%
	22,795	Integrys Energy Group, Inc.		683,622
	39,027	OGE Energy Corp.		1,105,245
		Total Multi-Utilities		1,788,867
		Oil, Gas & Consumable Fuels – 5.0%
	3,301	BP PLC, Sponsored ADR		157,392
	65,950	Chevron Corporation		4,369,188
	49,156	ConocoPhillips		2,067,501
	43,034	Delta Petroleum Corporation, (2)		83,056
	114,133	Exxon Mobil Corporation		7,979,038
	3,531	Royal Dutch Shell PLC, Class A, Sponsored ADR		177,221
	41,765	XTO Energy, Inc.		1,592,917
		Total Oil, Gas & Consumable Fuels		16,426,313
		Paper & Forest Products – 0.2%
	28,620	International Paper Company		433,021
		Pharmaceuticals – 5.1%
	39,972	Abbott Laboratories		1,880,283
	13,987	Allergan, Inc.		665,501
	63,983	Bristol-Myers Squibb Company		1,299,495
	32,375	Eli Lilly and Company		1,121,470
	23,799	Forest Laboratories, Inc., (2)		597,593
	17,456	GlaxoSmithKline PLC, Sponsored ADR		616,895
	57,273	Johnson & Johnson		3,253,106
	69,295	Merck & Co. Inc.		1,937,488
	3,434	Novartis AG, Sponsored ADR		140,073
	173,096	Pfizer Inc.		2,596,440
	40,849	Schering-Plough Corporation		1,026,127
	34,118	Wyeth		1,548,616
		Total Pharmaceuticals		16,683,087
		Professional Services – 0.6%
	17,676	Manpower Inc.		748,402
	26,700	Resources Connection, Inc., (2)		458,439
	30,446	Robert Half International Inc.		719,135
		Total Professional Services		1,925,976
		Real Estate Investment Trust – 0.6%
	18,413	Apartment Investment & Management Company, Class A		162,955
	72,400	DCT Industrial Trust Inc.		295,392
	667	Developers Diversified Realty Corporation		3,255
	31,927	Nationwide Health Properties, Inc.		821,801

Nuveen Investments
34

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	41,276	Senior Housing Properties Trust	$	673,624
	34,858	U-Store-It Trust		170,804
		Total Real Estate Investment Trust		2,127,831
		Road & Rail – 0.5%
	20,693	Burlington Northern Santa Fe Corporation		1,521,763
		Semiconductors & Equipment – 5.1%
	58,540	Advanced Micro Devices, Inc., (2)		226,550
	66,178	Altera Corporation		1,077,378
	11,894	Analog Devices, Inc.		294,733
	104,786	Applied Materials, Inc.		1,149,502
	93,518	Atmel Corporation, (2)		348,822
	68,477	Broadcom Corporation, Class A, (2)		1,697,545
	4,693	Cymer, Inc., (2)		139,523
	27,129	Cypress Semiconductor Corporation, (2)		249,587
	28,948	Fairchild Semiconductor International Inc., Class A, (2)		202,347
	44,597	Integrated Device Technology, Inc., (2)		269,366
	347,418	Intel Corporation		5,749,768
	5,349	Intersil Holding Corporation, Class A		67,237
	54,469	Linear Technology Corporation		1,271,851
	95,908	LSI Logic Corporation, (2)		437,340
	15,600	MEMC Electronic Materials, (2)		277,836
	36,360	National Semiconductor Corporation		456,318
	8,967	Novellus Systems, Inc., (2)		149,749
	91,521	NVIDIA Corporation, (2)		1,033,272
	52,449	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR		493,545
	39,735	Texas Instruments Incorporated		846,356
	19,986	Varian Semiconductor Equipment Associate, (2)		479,464
		Total Semiconductors & Equipment		16,918,089
		Software – 9.6%
	199,950	Activision Blizzard Inc., (2)		2,525,369
	98,034	Adobe Systems Incorporated, (2)		2,774,362
	48,959	Autodesk, Inc., (2)		929,242
	94,956	CA Inc.		1,655,083
	33,659	Cadence Design Systems, Inc., (2)		198,588
	60,562	Electronic Arts Inc. (EA), (2)		1,315,407
	15,810	McAfee Inc., (2)		667,024
	550,496	Microsoft Corporation		13,085,289
	380,237	Oracle Corporation		8,144,676
	7,232	SAP AG, Sponsored ADR		290,654
		Total Software		31,585,694
		Specialty Retail – 1.6%
	21,611	Best Buy Co., Inc.		723,752
	31,050	Gap, Inc.		509,220
	52,160	Home Depot, Inc.		1,232,541
	40,029	Limited Brands, Inc.		479,147
	45,464	Lowe's Companies, Inc.		882,456
	20,542	TJX Companies, Inc.		646,251
	36,716	Urban Outfitters, Inc., (2)		766,263
		Total Specialty Retail		5,239,630
		Textiles, Apparel & Luxury Goods – 0.2%
	14,191	Coach, Inc.		381,454

Nuveen Investments
35

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Thrifts & Mortgage Finance – 0.0%
	2,762	Capitol Federal Financial	$	105,867
	1,712	Tree.com Inc., (2)		16,435
		Total Thrifts & Mortgage Finance		122,302
		Tobacco – 0.8%
	51,156	Altria Group, Inc.		838,447
	42,827	Philip Morris International		1,868,114
		Total Tobacco		2,706,561
		Wireless Telecommunication Services – 0.4%
	20,453	China Mobile Hong Kong Limited, Sponsored ADR		1,024,286
	15,625	Vodafone Group PLC, Sponsored ADR		304,531
		Total Wireless Telecommunication Services		1,328,817
		Total Common Stocks (cost $328,557,747)		322,590,060

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 8.4%
$	27,803	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $27,802,897, collateralized by $26,295,000 U.S. Treasury Notes, 4.000%, due 2/15/15, value $28,359,158		0.000	%	7/01/09	$	27,802,897
		Total Short-Term Investments (cost $27,802,897)						27,802,897
		Total Investments (cost $356,360,644) – 106.2%						350,392,957

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written – (5.1)% (4)
	(867	)	Mini-NDX 100 Index	$	(11,921,250	)	7/18/09	$	137.5	$	(951,533	)
	(1,480	)	Mini-NDX 100 Index		(20,720,000	)	7/18/09		140.0		(1,291,300	)
	(675	)	Mini-NDX 100 Index		(9,450,000	)	8/22/09		140.0		(727,313	)
	(465	)	Mini-NDX 100 Index		(6,626,250	)	8/22/09		142.5		(415,012	)
	(676	)	Mini-NDX 100 Index		(9,802,000	)	8/22/09		145.0		(491,790	)
	(1,016	)	Mini-NDX 100 Index		(14,732,000	)	9/19/09		145.0		(891,540	)
	(68	)	NASDAQ 100 Index		(9,350,000	)	7/18/09		1,375		(745,620	)
	(124	)	NASDAQ 100 Index		(17,360,000	)	7/18/09		1,400		(1,083,140	)
	(129	)	NASDAQ 100 Index		(18,060,000	)	8/22/09		1,400		(1,387,395	)
	(90	)	NASDAQ 100 Index		(12,825,000	)	8/22/09		1,425		(805,050	)
	(129	)	NASDAQ 100 Index		(18,705,000	)	8/22/09		1,450		(937,830	)
	(34	)	NASDAQ 100 Index		(4,930,000	)	9/19/09		1,450		(297,500	)
	(231	)	S&P 500 Index		(20,212,500	)	7/18/09		875.0		(1,149,225	)
	(183	)	S&P 500 Index		(16,470,000	)	7/18/09		900.0		(548,085	)
	(234	)	S&P 500 Index		(21,645,000	)	7/18/09		925.0		(341,640	)
	(218	)	S&P 500 Index		(19,075,000	)	8/22/09		875.0		(1,319,990	)
	(380	)	S&P 500 Index		(34,200,000	)	8/22/09		900.0		(1,639,700	)
	(234	)	S&P 500 Index		(21,645,000	)	8/22/09		925.0		(668,070	)
	(249	)	S&P 500 Index		(22,410,000	)	9/19/09		900.0		(1,288,575	)
	(7,482	)	Total Call Options Written (premiums received $18,303,082)		(310,139,000	)					(16,980,308	)
			Other Assets Less Liabilities – (1.1)%								(3,614,581	)
			Net Assets – 100%							$	329,798,068

  (1)  All percentages in the Portfolio of Investments are based on net assets.

  (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.

Nuveen Investments
36

JPG

Nuveen Equity Premium and Growth Fund

Portfolio of INVESTMENTS

  June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Common Stocks – 98.8%
		Aerospace & Defense – 2.4%
	29,868	Boeing Company	$	1,269,390
	6,100	Goodrich Corporation		304,817
	33,500	Honeywell International Inc.		1,051,900
	14,596	Raytheon Company		648,500
	33,003	United Technologies Corporation		1,714,836
		Total Aerospace & Defense		4,989,443
		Air Freight & Logistics – 0.9%
	36,398	United Parcel Service, Inc., Class B		1,819,536
		Airlines – 0.1%
	27,025	Lan Airlines S.A., Sponsored ADR		325,111
		Auto Components – 0.0%
	9,310	Cooper Tire & Rubber		92,355
		Automobiles – 0.3%
	99,139	Ford Motor Company, (2)		601,774
		Beverages – 2.4%
	55,774	Coca-Cola Company		2,676,594
	42,701	PepsiCo, Inc.		2,346,847
		Total Beverages		5,023,441
		Biotechnology – 1.0%
	14,225	Celgene Corporation, (2)		680,524
	1,860	Cephalon, Inc., (2)		105,369
	977	Facet Biotech Corporation, (2)		9,076
	25,401	Gilead Sciences, Inc., (2)		1,189,783
	10,546	PDL Biopahrma Inc.		83,313
		Total Biotechnology		2,068,065
		Capital Markets – 2.8%
	54,291	Charles Schwab Corporation		952,264
	24,811	Federated Investors Inc.		597,697
	15,129	Goldman Sachs Group, Inc.		2,230,620
	49,201	Morgan Stanley		1,402,721
	22,422	Waddell & Reed Financial, Inc., Class A		591,268
		Total Capital Markets		5,774,570
		Chemicals – 2.2%
	50,639	Dow Chemical Company		817,313
	47,395	E.I. Du Pont de Nemours and Company		1,214,260
	7,435	Eastman Chemical Company		281,787
	13,163	Monsanto Company		978,537
	29,107	Olin Corporation		346,082
	13,161	PPG Industries, Inc.		577,768

Nuveen Investments
37

JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Chemicals (continued)
	17,383	RPM International, Inc.	$	244,057
		Total Chemicals		4,459,804
		Commercial Banks – 2.4%
	13,229	Comerica Incorporated		279,793
	10,564	First Horizon National Corporation, (2)		126,770
	8,668	FirstMerit Corporation		147,183
	49,105	Huntington BancShares Inc.		205,259
	33,673	Regions Financial Corporation		136,039
	67,986	U.S. Bancorp		1,218,309
	119,526	Wells Fargo & Company		2,899,701
		Total Commercial Banks		5,013,054
		Commercial Services & Supplies – 0.3%
	13,362	Avery Dennison Corporation		343,136
	17,872	Deluxe Corporation		228,940
	13,500	Kimball International Inc., Class B		84,240
	18,017	Standard Register Company		58,735
		Total Commercial Services & Supplies		715,051
		Communications Equipment – 2.9%
	158,911	Cisco Systems, Inc., (2)		2,962,101
	104,122	Motorola, Inc.		690,329
	48,603	QUALCOMM, Inc.		2,196,856
	1,050	Research In Motion Limited, (2)		74,603
		Total Communications Equipment		5,923,889
		Computers & Peripherals – 4.4%
	24,103	Apple, Inc., (2)		3,432,990
	45,123	Dell Inc., (2)		619,539
	60,347	EMC Corporation, (2)		790,546
	39,801	International Business Machines Corporation (IBM)		4,156,020
		Total Computers & Peripherals		8,999,095
		Consumer Finance – 0.2%
	21,743	American Express Company		505,307
		Containers & Packaging – 0.2%
	21,200	Packaging Corp. of America		343,440
		Distributors – 0.5%
	29,620	Genuine Parts Company		994,047
		Diversified Consumer Services – 0.2%
	4,377	Apollo Group, Inc., (2)		311,292
		Diversified Financial Services – 3.8%
	160,276	Bank of America Corporation		2,115,643
	114,696	Citigroup Inc.		340,647
	3,692	CME Group, Inc.		1,148,618
	4,567	Intercontinental Exchange, Inc., (2)		521,734
	100,078	JPMorgan Chase & Co.		3,413,661
	14,394	New York Stock Exchange Euronext		392,237
		Total Diversified Financial Services		7,932,540
		Diversified Telecommunication Services – 4.0%
	4,000	Alaska Communications Systems Group Inc.		29,280

Nuveen Investments
38

Shares		Description (1)	Value
		Diversified Telecommunication Services (continued)
	183,961	AT&T Inc.	$	4,569,590
	81,953	Frontier Communications Corporation		585,144
	101,387	Verizon Communications Inc.		3,115,623
		Total Diversified Telecommunication Services		8,299,637
		Electric Utilities – 1.7%
	91,400	Duke Energy Corporation		1,333,526
	66,284	Great Plains Energy Incorporated		1,030,716
	31,735	Progress Energy, Inc.		1,200,535
		Total Electric Utilities		3,564,777
		Electrical Equipment – 1.1%
	9,653	Cooper Industries, Ltd., Class A		299,726
	45,409	Emerson Electric Company		1,471,252
	910	First Solar Inc., (2)		147,529
	2,000	Hubbell Incorporated, Class B		64,120
	8,817	Rockwell Automation, Inc.		283,202
		Total Electrical Equipment		2,265,829
		Electronic Equipment & Instruments – 0.4%
	49,758	Corning Incorporated		799,113
		Energy Equipment & Services – 2.2%
	12,700	Baker Hughes Incorporated		462,788
	2,746	Carbo Ceramics Inc.		93,913
	2,500	Diamond Offshore Drilling, Inc.		207,625
	34,006	Halliburton Company		703,924
	15,267	National-Oilwell Varco Inc., (2)		498,620
	5,209	Noble Corporation		157,572
	37,639	Schlumberger Limited		2,036,646
	11,347	Smith International, Inc.		292,185
	2,000	Tidewater Inc.		85,740
	548	Transocean Inc., (2)		40,711
		Total Energy Equipment & Services		4,579,724
		Food & Staples Retailing – 2.3%
	41,495	CVS Caremark Corporation		1,322,446
	23,637	SUPERVALU INC.		306,099
	63,364	Wal-Mart Stores, Inc.		3,069,352
	6,512	Whole Foods Market, Inc.		123,598
		Total Food & Staples Retailing		4,821,495
		Food Products – 1.2%
	15,986	Archer-Daniels-Midland Company		427,945
	41,300	ConAgra Foods, Inc.		787,178
	48,088	Kraft Foods Inc.		1,218,550
		Total Food Products		2,433,673
		Gas Utilities – 0.8%
	33,775	Nicor Inc.		1,169,291
	14,500	ONEOK, Inc.		427,605
		Total Gas Utilities		1,596,896
		Health Care Equipment & Supplies – 0.7%
	28,854	Boston Scientific Corporation, (2)		292,580
	4,168	Hologic Inc., (2)		59,311

Nuveen Investments
39

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	29,845	Medtronic, Inc.	$	1,041,292
		Total Health Care Equipment & Supplies		1,393,183
		Health Care Providers & Services – 1.8%
	14,603	Aetna Inc.		365,805
	1,637	Brookdale Senior Living Inc.		15,944
	9,087	Express Scripts, Inc., (2)		624,731
	540	Henry Schein Inc., (2)		25,893
	5,614	Humana Inc., (2)		181,108
	2,280	Lincare Holdings, (2)		53,626
	16,649	Medco Health Solutions, Inc., (2)		759,361
	24,649	Tenet Healthcare Corporation, (2)		69,510
	34,501	UnitedHealth Group Incorporated		861,835
	13,342	Wellpoint Inc., (2)		678,974
		Total Health Care Providers & Services		3,636,787
		Hotels, Restaurants & Leisure – 1.2%
	6,173	International Game Technology		98,151
	35,011	McDonald's Corporation		2,012,782
	11,787	Tim Hortons Inc.		289,253
	43,350	Wendy's International, Inc.		173,400
		Total Hotels, Restaurants & Leisure		2,573,586
		Household Durables – 0.9%
	9,283	Black & Decker Corporation		266,051
	10,000	KB Home		136,800
	3,450	Lennar Corporation, Class A		33,431
	39,679	Newell Rubbermaid Inc.		413,058
	12,000	Snap-on Incorporated		344,880
	13,500	Stanley Works		456,840
	2,527	Whirlpool Corporation		107,549
		Total Household Durables		1,758,609
		Household Products – 2.9%
	12,608	Colgate-Palmolive Company		891,890
	19,218	Kimberly-Clark Corporation		1,007,600
	79,207	Procter & Gamble Company		4,047,478
		Total Household Products		5,946,968
		Industrial Conglomerates – 2.5%
	22,140	3M Co.		1,330,614
	326,820	General Electric Company		3,830,330
		Total Industrial Conglomerates		5,160,944
		Insurance – 2.0%
	34,540	Arthur J. Gallagher & Co.		737,084
	17,072	Fidelity National Title Group Inc., Class A		230,984
	34,793	Lincoln National Corporation		598,788
	27,861	Marsh & McLennan Companies, Inc.		560,842
	17,648	Mercury General Corporation		589,973
	14,581	Prudential Financial, Inc.		542,705
	16,400	Travelers Companies, Inc.		673,056
	13,560	Unitrin, Inc.		162,991
		Total Insurance		4,096,423

Nuveen Investments
40

Shares		Description (1)	Value
		Internet & Catalog Retail – 0.4%
	10,150	Amazon.com, Inc., (2)	$	849,149
		Internet Software & Services – 2.1%
	4,723	Akamai Technologies, Inc., (2)		90,587
	29,263	eBay Inc., (2)		501,275
	6,242	Google Inc., Class A, (2)		2,631,565
	29,461	United Online, Inc.		191,791
	10,377	VeriSign, Inc., (2)		191,767
	40,985	Yahoo! Inc., (2)		641,825
		Total Internet Software & Services		4,248,810
		IT Services – 0.9%
	35,833	Automatic Data Processing, Inc.		1,269,922
	11,786	Cognizant Technology Solutions Corporation, Class A, (2)		314,686
	11,474	Fidelity National Information Services		229,021
	2,687	Lender Processing Services Inc.		74,618
	640	Visa Inc.		39,846
		Total IT Services		1,928,093
		Leisure Equipment & Products – 0.7%
	38,906	Eastman Kodak Company		115,162
	62,946	Mattel, Inc.		1,010,283
	8,000	Polaris Industries Inc.		256,960
		Total Leisure Equipment & Products		1,382,405
		Life Sciences Tools & Services – 0.1%
	1,370	Covance, Inc., (2)		67,404
	2,730	Life Technologies Corporation, (2)		113,896
		Total Life Sciences Tools & Services		181,300
		Machinery – 1.8%
	14,970	Briggs & Stratton Corporation		199,700
	30,000	Caterpillar Inc.		991,200
	10,116	Cummins Inc.		356,184
	19,204	Deere & Company		767,200
	18,936	Illinois Tool Works, Inc.		707,070
	23,511	Ingersoll Rand Company Limited, Class A		491,380
	5,500	Pentair, Inc.		140,910
		Total Machinery		3,653,644
		Media – 1.3%
	102,034	Comcast Corporation, Class A		1,478,473
	5,070	Lamar Advertising Company, (2)		77,419
	30,710	New York Times, Class A		169,212
	52,079	Regal Entertainment Group, Class A		692,130
	45,144	Sirius XM Radio Inc., (2)		19,412
	27,092	World Wrestling Entertainment Inc.		340,276
		Total Media		2,776,922
		Metals & Mining – 0.9%
	9,885	Companhia Siderurgica Nacional S.A., Sponsored ADR		220,930
	15,846	Freeport-McMoRan Copper & Gold, Inc.		794,043
	523	Mittal Steel Company NV		17,301
	25,492	Southern Copper Corporation		521,056
	6,332	United States Steel Corporation		226,306
		Total Metals & Mining		1,779,636

Nuveen Investments
41

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares		Description (1)	Value
		Multiline Retail – 0.6%
	12,421	Nordstrom, Inc.	$	247,054
	23,038	Target Corporation		909,310
		Total Multiline Retail		1,156,364
		Multi-Utilities – 2.2%
	42,310	Ameren Corporation		1,053,096
	56,900	CenterPoint Energy, Inc.		630,452
	24,452	Consolidated Edison, Inc.		914,994
	30,928	Dominion Resources, Inc.		1,033,614
	33,554	Integrys Energy Group, Inc.		1,006,284
		Total Multi-Utilities		4,638,440
		Oil, Gas & Consumable Fuels – 10.9%
	16,861	Chesapeake Energy Corporation		334,354
	65,226	Chevron Corporation		4,321,222
	48,311	ConocoPhillips		2,031,961
	11,087	CONSOL Energy Inc.		376,515
	6,936	EOG Resources, Inc.		471,093
	131,912	Exxon Mobil Corporation		9,221,967
	9,247	Frontline Limited		225,257
	8,381	Hess Corporation		450,479
	22,790	Marathon Oil Corporation		686,663
	24,500	Occidental Petroleum Corporation		1,612,345
	14,441	Peabody Energy Corporation		435,541
	24,031	Ship Financial International Limited		265,062
	14,714	Southwestern Energy Company, (2)		571,639
	23,943	StatoilHydro ASA, Sponsored ADR		473,353
	21,254	Valero Energy Corporation		358,980
	20,451	XTO Energy, Inc.		780,001
		Total Oil, Gas & Consumable Fuels		22,616,432
		Paper & Forest Products – 0.3%
	21,923	Weyerhaeuser Company		667,117
		Personal Products – 0.3%
	23,000	Avon Products, Inc.		592,940
		Pharmaceuticals – 9.5%
	56,001	Abbott Laboratories		2,634,287
	8,526	AstraZeneca PLC, Sponsored ADR		376,338
	90,263	Bristol-Myers Squibb Company		1,833,242
	35,400	Eli Lilly and Company		1,226,256
	79,221	Johnson & Johnson		4,499,752
	85,524	Merck & Co. Inc.		2,391,251
	220,129	Pfizer Inc.		3,301,935
	19,447	Sanofi-Aventis, Sponsored ADR		573,492
	45,795	Schering-Plough Corporation		1,150,370
	37,580	Wyeth		1,705,756
		Total Pharmaceuticals		19,692,679
		Real Estate Investment Trust – 1.3%
	35,857	Brandywine Realty Trust		267,135
	10,519	CapLease Inc.		29,032
	18,248	Hospitality Properties Trust		216,969
	51,065	Lexington Corporate Properties Trust		173,621
	42,576	Nationwide Health Properties, Inc.		1,095,906
	50,200	Senior Housing Properties Trust		819,264
	14,334	U-Store-It Trust		70,237
		Total Real Estate Investment Trust		2,672,164

Nuveen Investments
42

Shares		Description (1)	Value
		Semiconductors & Equipment – 2.8%
	27,459	Analog Devices, Inc.	$	680,434
	35,573	Applied Materials, Inc.		390,236
	163,058	Intel Corporation		2,698,610
	3,100	MEMC Electronic Materials, (2)		55,211
	43,074	Microchip Technology Incorporated		971,319
	20,469	NVIDIA Corporation, (2)		231,095
	38,764	Texas Instruments Incorporated		825,673
		Total Semiconductors & Equipment		5,852,578
		Software – 4.4%
	17,693	Adobe Systems Incorporated, (2)		500,712
	9,211	Autodesk, Inc., (2)		174,825
	238,266	Microsoft Corporation		5,663,582
	114,802	Oracle Corporation		2,459,059
	5,607	Salesforce.com, Inc., (2)		214,019
		Total Software		9,012,197
		Specialty Retail – 2.4%
	6,450	Abercrombie & Fitch Co., Class A		163,766
	25,500	American Eagle Outfitters, Inc.		361,335
	11,675	Best Buy Co., Inc.		390,996
	18,656	Gap, Inc.		305,958
	64,570	Home Depot, Inc.		1,525,789
	33,172	Limited Brands, Inc.		397,069
	43,280	Lowe's Companies, Inc.		840,065
	5,825	Sherwin-Williams Company		313,094
	7,793	Tiffany & Co.		197,630
	14,600	TJX Companies, Inc.		459,316
		Total Specialty Retail		4,955,018
		Textiles, Apparel & Luxury Goods – 0.5%
	1,014	Cherokee Inc.		20,097
	17,426	VF Corporation		964,529
		Total Textiles, Apparel & Luxury Goods		984,626
		Thrifts & Mortgage Finance – 0.3%
	58,864	New York Community Bancorp, Inc.		629,256
		Tobacco – 1.8%
	70,986	Altria Group, Inc.		1,163,461
	45,773	Philip Morris International		1,996,618
	12,200	Reynolds American Inc.		471,164
	8,205	Vector Group Ltd.		117,249
		Total Tobacco		3,748,492
		Trading Cos & Distributors – 0.2%
	4,580	W.W. Grainger, Inc.		375,010
		Wireless Telecommunication Services – 0.4%
	54,217	Sprint Nextel Corporation, (2)		260,784
	33,200	Vodafone Group PLC, Sponsored ADR		647,068
		Total Wireless Telecommunication Services		907,852
		Total Common Stocks (cost $255,457,226)		204,120,582

Nuveen Investments
43

JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 5.9%
$	12,169	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $12,168,590, collateralized by:
		$100,000 U.S. Treasury Bonds, 8.875%, due 8/15/17, value $141,900 and		0.000	%	7/01/09	$	139,118
		$11,380,000 U.S. Treasury Notes, 4.000%, due 2/15/15, value $12,273,330		0.000	%	7/01/09		12,029,472
		Total Short-Term Investments (cost $12,168,590)						12,168,590
		Total Investments (cost $267,625,816) – 104.7%						216,289,172

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written – (3.5)% (4)
	(234	)	S&P 500 Index	$	(20,475,000	)	7/18/09	$	875	$	(1,164,150	)
	(191	)	S&P 500 Index		(17,190,000	)	7/18/09		900		(572,045	)
	(242	)	S&P 500 Index		(22,385,000	)	7/18/09		925		(353,320	)
	(225	)	S&P 500 Index		(19,687,500	)	8/22/09		875		(1,362,375	)
	(389	)	S&P 500 Index		(35,010,000	)	8/22/09		900		(1,678,535	)
	(242	)	S&P 500 Index		(22,385,000	)	8/22/09		925		(690,910	)
	(257	)	S&P 500 Index		(23,130,000	)	9/19/09		900		(1,329,975	)
	(1,780	)	Total Call Options Written (premiums received $8,742,060)		(160,262,500	)					(7,151,310	)
			Other Assets Less Liabilities – (1.2)%								(2,581,169	)
			Net Assets – 100%							$	206,556,693

  (1)  All percentages in the Portfolio of Investments are based on net assets.

  (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.

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44

Statement of

ASSETS & LIABILITIES

  June 30, 2009 (Unaudited)

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Assets
Investments, at value (cost $563,949,333, $947,895,605, $356,360,644 and $267,625,816, respectively)	$	494,263,097		$	879,352,510		$	350,392,957		$	216,289,172
Receivables:
Call options closed/expired		3,909,626			8,330,801			3,912,885			1,419,337
Dividends and interest		772,153			1,117,625			317,621			341,616
Reclaims		8,164			3,911			1,861			3,824
Other assets		29,406			45,987			18,206			12,710
Total assets		498,982,446			888,850,834			354,643,530			218,066,659
Liabilities
Cash overdraft		77,548			76,304			28,742			12,419
Call options written, at value (premiums received $23,991,796, $44,055,039, $18,303,082 and $8,742,060, respectively)		19,585,915			38,581,983			16,980,308			7,151,310
Payables:
Dividends		10,727,546			18,915,627			7,542,762			4,109,490
Shares repurchased		40,547			31,928			11,090			35,074
Accrued expenses:
Management fees		230,537			402,311			189,665			149,718
Other		104,184			211,143			92,895			51,955
Total liabilities		30,766,277			58,219,296			24,845,462			11,509,966
Net assets	$	468,216,169		$	830,631,538		$	329,798,068		$	206,556,693
Shares outstanding		38,417,887			66,058,537			25,847,591			16,311,642
Net asset value per share outstanding	$	12.19		$	12.57		$	12.76		$	12.66
Net assets consist of:
Shares, $.01 par value per share	$	384,179		$	660,585		$	258,476		$	163,116
Paid-in surplus		586,800,435			983,520,181			374,684,072			279,987,488
Undistributed (Over-distribution of) net investment income		(19,233,500	)		(37,014,054	)		(15,244,616	)		(6,855,228	)
Accumulated net realized gain (loss) from investments, foreign currency and call options written		(34,454,590	)		(53,465,135	)		(25,254,951	)		(16,992,789	)
Net unrealized appreciation (depreciation) of investments and call options written		(65,280,355	)		(63,070,039	)		(4,644,913	)		(49,745,894	)
Net assets	$	468,216,169		$	830,631,538		$	329,798,068		$	206,556,693

See accompanying notes to financial statements.

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45

Statement of

OPERATIONS

  Six Months Ended June 30, 2009 (Unaudited)

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Investment Income
Dividends (net of foreign tax withheld of $5,510, $30,467, $12,202 and $10,192, respectively)	$	7,317,497		$	10,119,653		$	3,171,567		$	3,268,017
Interest		10,562			20,396			7,564			4,457
Total investment income		7,328,059			10,140,049			3,179,131			3,272,474
Expenses
Management fees		2,055,232			3,572,776			1,424,877			880,052
Shareholders' servicing agent fees and expenses		591			928			247			162
Custodian's fees and expenses		46,870			73,839			41,304			23,691
Trustees' fees and expenses		8,515			14,842			5,843			3,739
Professional fees		25,791			39,153			20,038			16,053
Shareholders' reports — printing and mailing expenses		56,158			83,953			31,687			25,572
Stock exchange listing fees		6,557			11,283			4,572			4,572
Investor relations expense		39,992			66,229			24,352			15,466
Other expenses		14,561			63,289			54,475			16,543
Total expenses before custodian fee credit and expense reimbursement		2,254,267			3,926,292			1,607,395			985,850
Custodian fee credit		(99	)		(124	)		(49	)		(24	)
Expense reimbursement		(685,602	)		(1,204,655	)		(316,885	)		—
Net expenses		1,568,566			2,721,513			1,290,461			985,826
Net investment income		5,759,493			7,418,536			1,888,670			2,286,648
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(29,861,993	)		(22,281,564	)		(10,587,619	)		(15,833,702	)
Call options written		(9,278,393	)		(19,821,628	)		(9,209,824	)		(3,099,269	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		36,238,975			76,747,977			46,338,883			17,034,999
Call options written		(70,513	)		(5,888,882	)		(4,134,731	)		99,242
Net realized and unrealized gain (loss)		(2,971,924	)		28,755,903			22,406,709			(1,798,730	)
Net increase (decrease) in net assets from operations	$	2,787,569		$	36,174,439		$	24,295,379		$	487,918

See accompanying notes to financial statements.

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46

Statement of

CHANGES in NET ASSETS (Unaudited)

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Six Months Ended 6/30/09			Year Ended 12/31/08			Six Months Ended 6/30/09			Year Ended 12/31/08
Operations
Net investment income	$	5,759,493		$	14,903,399		$	7,418,536		$	19,861,308
Net realized gain (loss) from:
Investments and foreign currency		(29,861,993	)		(1,456,797	)		(22,281,564	)		(19,195,055	)
Call options written		(9,278,393	)		105,051,099			(19,821,628	)		177,079,782
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		36,238,975			(272,201,460	)		76,747,977			(464,376,500	)
Call options written		(70,513	)		(2,097,986	)		(5,888,882	)		(1,747,207	)
Net increase (decrease) in net assets from operations		2,787,569			(155,801,745	)		36,174,439			(288,377,672	)
Distributions to Shareholders
From and in excess of net investment income		(24,992,993	)		—			(44,430,279	)		—
From net investment income		—			(15,175,060	)		—			(40,991,628	)
From accumulated net realized gains		—			(43,974,543	)		—			(64,641,062	)
Decrease in net assets from distributions to shareholders		(24,992,993	)		(59,149,603	)		(44,430,279	)		(105,632,690	)
Capital Share Transactions
Shares repurchased		(1,284,611	)		(1,275,804	)		(2,691,146	)		(1,938,029	)
Net increase (decrease) in net assets from capital share transactions		(1,284,611	)		(1,275,804	)		(2,691,146	)		(1,938,029	)
Net increase (decrease) in net assets		(23,490,035	)		(216,227,152	)		(10,946,986	)		(395,948,391	)
Net assets at the beginning of period		491,706,204			707,933,356			841,578,524			1,237,526,915
Net assets at the end of period	$	468,216,169		$	491,706,204		$	830,631,538		$	841,578,524
Undistributed (Over-distribution of) net investment income at the end of period	$	(19,233,500	)	$	—		$	(37,014,054	)	$	(2,311	)

See accompanying notes to financial statements.

Nuveen Investments
47

Statement of

CHANGES in NET ASSETS (continued) (Unaudited)

	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Six Months Ended 6/30/09			Year Ended 12/31/08			Six Months Ended 6/30/09			Year Ended 12/31/08
Operations
Net investment income	$	1,888,670		$	4,547,250		$	2,286,648		$	5,923,521
Net realized gain (loss) from:
Investments and foreign currency		(10,587,619	)		12,318,905			(15,833,702	)		(1,308,979	)
Call options written		(9,209,824	)		67,110,542			(3,099,269	)		37,807,215
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		46,338,883			(201,403,897	)		17,034,999			(118,850,499	)
Call options written		(4,134,731	)		(422,652	)		99,242			(906,295	)
Net increase (decrease) in net assets from operations		24,295,379			(117,849,852	)		487,918			(77,335,037	)
Distributions to Shareholders
From and in excess of net investment income		(17,132,521	)		—			(9,141,856	)		—
From net investment income		—			(23,919,169	)		—			(6,573,928	)
From accumulated net realized gains		—			(17,979,679	)		—			(17,961,421	)
Decrease in net assets from distributions to shareholders		(17,132,521	)		(41,898,848	)		(9,141,856	)		(24,535,349	)
Capital Share Transactions
Shares repurchased		(1,336,025	)		(1,278,064	)		(832,957	)		(1,386,261	)
Net increase (decrease) in net assets from capital share transactions		(1,336,025	)		(1,278,064	)		(832,957	)		(1,386,261	)
Net increase (decrease) in net assets		5,826,833			(161,026,764	)		(9,486,895	)		(103,256,647	)
Net assets at the beginning of period		323,971,235			484,997,999			216,043,588			319,300,235
Net assets at the end of period	$	329,798,068		$	323,971,235		$	206,556,693		$	216,043,588
Undistributed (Over-distribution of) net investment income at the end of period	$	(15,244,616	)	$	(765	)	$	(6,855,228	)	$	(20	)

See accompanying notes to financial statements.

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Notes to

FINANCIAL STATEMENTS(Unaudited)

1. General Information and Significant Accounting Policies

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) (collectively, the "Funds"). 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 Stock Index and is designed to support the Funds' index option strategies. The Funds also use an index option strategy of selling index call options in seeking to moderate the volatility of returns relative to 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. When market price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. Short-term investments are valued at amortized cost, which approximates 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 Eastern Time (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 Fund's Board of Trustees, or its designee, will determine a value for the options. Any such 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 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.

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

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

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. The Funds had no retained capital gains for the tax year ended December 31, 2008.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is 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 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 financial statements contained in the annual report as of December 31 each year.

The actual character of distributions made by the Funds during the fiscal year ended December 31, 2008, is reflected in the accompanying financial statements.

The distributions made by the Funds during the six months ended June 30, 2009, are provisionally classified as being "From and in excess of net investment income," and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end. For purposes of calculating "Undistributed (Over-distribution of) net investment income" as of June 30, 2009, the distribution amounts provisionally classified as "From and in excess of net investment income" were treated as being entirely from net investment income. Consequently, the financial statements at June 30, 2009, reflect an over-distribution of net investment income.

Foreign Currency Transactions

The Funds are authorized to engage in foreign currency exchange transactions, including foreign currency forward, futures, options and swap contracts. To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund's investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

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50

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received.

The realized and unrealized gains or losses resulting from changes in foreign exchange rates, if any, are included in "Realized gain (loss) from investments and foreign currency" and "change in net unrealized appreciation (depreciation) of investments and foreign currency" on the Statement of Operations.

Options Transactions

The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and are authorized to purchase and write (sell) call and put options on securities in an attempt to manage such risk. The Funds are also authorized to purchase and write call and put options on futures, swaps ("swaptions") or currencies in an attempt to manage other possible risks. The purchase of put options involves the risk of loss of all or a 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 put options is limited to the premium paid. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of "Call options written, at value" on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option expires or a Fund enters into a closing purchase transaction. The changes in value of options written during the reporting period are recognized as "Change in net unrealized appreciation (depreciation) of call options written" on the Statement of Operations. When a call or put option expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as "Net realized gain (loss) from call options written" on the Statement of Operations. The Fund, as a writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument 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.

The average notional balance of call options written during the six months ended June 30, 2009, were as follows:

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Call options written average notional balance	$	(452,408,333	)	$	(792,145,667	)	$	(311,271,833	)	$	(160,991,667	)

Refer to Footnote 3—Derivative Instruments and Hedging Activities for further details on call options written.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is each Fund's 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.

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

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 a Fund overdraws its 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 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. Fair Value Measurements

In determining the value of each Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of June 30, 2009:

Equity Premium Income (JPZ)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	451,991,343		$	—	$	—	$	451,991,343
Short-Term Investments		42,271,754			—		—		42,271,754
Call Options Written		(19,585,915	)		—		—		(19,585,915	)
Total	$	474,677,182		$	—	$	—	$	474,677,182
Equity Premium Opportunity (JSN)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	803,726,186		$	—	$	—	$	803,726,186
Short-Term Investments		75,626,324			—		—		75,626,324
Call Options Written		(38,581,983	)		—		—		(38,581,983	)
Total	$	840,770,527		$	—	$	—	$	840,770,527
Equity Premium Advantage (JLA)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	322,590,060		$	—	$	—	$	322,590,060
Short-Term Investments		27,802,897			—		—		27,802,897
Call Options Written		(16,980,308	)		—		—		(16,980,308	)
Total	$	333,412,649		$	—	$	—	$	333,412,649

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Equity Premium and Growth (JPG)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	204,120,582		$	—	$	—	$	204,120,582
Short-Term Investments		12,168,590			—		—		12,168,590
Call Options Written		(7,151,310	)		—		—		(7,151,310	)
Total	$	209,137,862		$	—	$	—	$	209,137,862

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) "Disclosures about Derivative Instruments and Hedging Activities." This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund's financial position, results of operations and cash flows, if any. The Funds record derivative instruments at fair value with changes in fair value recognized in the Statement of Operations. Even though the Funds' investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for SFAS No. 161 disclosure purposes. For additional information on the derivative instruments in which the Funds were invested during and at the end of the reporting period, refer to the Portfolio of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following tables present the fair value of all derivative instruments held by the Funds as of June 30, 2009, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Equity Premium Income (JPZ)

		Location on the Statement of Assets and Liabilities
Underlying	Derivative	Asset Derivatives				Liability Derivatives
Risk Exposure	Instrument	Location		Value		Location	Value
Equity Price	Options		—	$	—	Call options written, at value	$	19,585,915

Equity Premium Opportunity (JSN)

		Location on the Statement of Assets and Liabilities
Underlying	Derivative	Asset Derivatives				Liability Derivatives
Risk Exposure	Instrument	Location		Value		Location	Value
Equity Price	Options		—	$	—	Call options written, at value	$	38,581,983

Equity Premium Advantage (JLA)

		Location on the Statement of Assets and Liabilities
Underlying	Derivative	Asset Derivatives				Liability Derivatives
Risk Exposure	Instrument	Location		Value		Location	Value
Equity Price	Options		—	$	—	Call options written, at value	$	16,980,308

Equity Premium and Growth (JPG)

		Location on the Statement of Assets and Liabilities
Underlying	Derivative	Asset Derivatives				Liability Derivatives
Risk Exposure	Instrument	Location		Value		Location	Value
Equity Price	Options		—	$	—	Call options written, at value	$	7,151,310

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2009, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Call Options Written	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Risk Exposure
Equity Price	$	(9,278,393	)	$	(19,821,628	)	$	(9,209,824	)	$	(3,099,269	)

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

Change in Net Unrealized Appreciation (Depreciation) of Call Options Written	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Risk Exposure
Equity Price	$	(70,513	)	$	(5,888,882	)	$	(4,134,731	)	$	99,242

4. Fund Shares

On July 30, 2008, the Funds' Board of Trustees approved an open-market share repurchase program under which the Fund may repurchase an aggregate of up to approximately 10% of it's outstanding shares.

Transactions in shares were as follows:

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Six Months Ended 6/30/09			Year Ended 12/31/08			Six Months Ended 6/30/09			Year Ended 12/31/08
Shares repurchased		(136,900	)		(127,300	)		(285,200	)		(194,100	)
Weighted average price per share repurchased	$	9.36		$	10.00		$	9.39		$	9.96
Weighted average discount per share repurchased		18.71	%		20.21	%		19.22	%		20.72	%
	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Six Months Ended 6/30/09			Year Ended 12/31/08			Six Months Ended 6/30/09			Year Ended 12/31/08
Shares repurchased		(140,450	)		(126,500	)		(90,400	)		(134,300	)
Weighted average price per share repurchased	$	9.49		$	10.08		$	9.19		$	10.30
Weighted average discount per share repurchased		20.21	%		20.81	%		20.34	%		22.85	%

5. Investment Transactions

Purchases and sales (excluding call options written and short-term investments) during the six months ended June 30, 2009, were as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Purchases	$	42,695,699	$	25,112,532	$	35,473,115	$	12,343,581
Sales		77,192,270		91,490,677		56,898,622		20,039,532

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Transactions in call options written during the six months ended June 30, 2009, were as follows:

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Outstanding, beginning of period		5,217		$	23,243,839			15,201		$	40,820,889
Options written		20,995			83,797,084			56,110			147,065,650
Options terminated in closing purchase transactions		(19,329	)		(73,721,982	)		(52,405	)		(128,359,530	)
Options expired		(2,006	)		(9,327,145	)		(5,119	)		(15,471,970	)
Outstanding, end of period		4,877		$	23,991,796			13,787		$	44,055,039
	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Outstanding, beginning of period		7,476		$	15,373,901			1,861		$	8,176,023
Options written		29,504			59,050,114			7,312			29,260,273
Options terminated in closing purchase transactions		(26,777	)		(50,593,588	)		(6,689	)		(25,374,296	)
Options expired		(2,721	)		(5,527,345	)		(704	)		(3,319,940	)
Outstanding, end of period		7,482		$	18,303,082			1,780		$	8,742,060

6. 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 June 30, 2009, the cost of investments (excluding call options written) was as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Cost of Investments	$	563,949,362	$	947,895,611	$	356,360,647	$	267,625,816

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding call options written) at June 30, 2009, were as follows:

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Gross unrealized:
Appreciation	$	46,892,713		$	101,514,372		$	42,422,685		$	10,445,634
Depreciation		(116,578,978	)		(170,057,473	)		(48,390,375	)		(61,782,278	)
Net unrealized appreciation (depreciation) of investments	$	(69,686,265	)	$	(68,543,101	)	$	(5,967,690	)	$	(51,336,644	)

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2008, the Funds' last tax year end, were as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Undistributed net ordinary income *	$	—	$	—	$	—	$	—
Undistributed net long-term capital gains		9,162,194		—		—		3,431,689

*  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

The tax character of distributions paid during the Funds' last tax year ended December 31, 2008, was designated for purposes of the dividends paid deduction as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Distributions from net ordinary income *	$	15,175,060	$	40,991,628	$	23,919,169	$	6,573,928
Distributions from net long-term capital gains		43,974,543		64,641,062		17,979,679		17,961,421

*  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The following Funds elected to defer net realized losses from investments incurred from November 1, 2008 through December 31, 2008, the Funds' last tax year end, ("post-October losses") in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year:

	Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Post-October currency losses	$	2,311	$	765	$	20

7. 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 the Adviser, and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is based upon the average daily managed net assets of each Fund as follows:

Average Daily Managed Net Assets (1)	Equity Premium Income (JPZ) Equity Premium Opportunity (JSN) Equity Premium Advantage (JLA) 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
Average Daily Managed Net Assets (1)	Equity Premium and Growth (JPG) 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

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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 net assets managed as stated in the following table. As of June 30, 2009, the complex-level fee rate was .1970%.

The complex-level fee schedule is as follows:

Complex-Level Net 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

(1)  The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed net assets of all Nuveen funds, with such daily managed net assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fee components, daily managed net assets include assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed net assets in certain circumstances.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for the overall strategy and asset allocation decisions. The Adviser has entered into a Sub-Advisory Agreement with Gateway Investment Advisers, L.P. ("Gateway"), under which Gateway manages the investment portfolio of the Fund. Gateway is compensated for its services to the Fund from the management fee paid to the Adviser.

The Fund pays 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 Fund 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 net assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending October 31,					Year Ending 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 net assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending January 31,					Year Ending 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.

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

The Adviser has not agreed to reimburse Equity Premium Opportunity (JSN) for any portion of its fees and expenses beyond January 31, 2013.

For the first six years of Equity Premium Advantage's (JLA) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed net assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending May 31,					Year Ending 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.

8. Subsequent Events

In May 2009, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 165 (SFAS No. 165) "Subsequent Events." SFAS No. 165 requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. SFAS No. 165 is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS No. 165 requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date—that is, whether that date represents the date the financial statements were issued or were available to be issued. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The Funds have performed an evaluation of subsequent events through August 26, 2009, which is the date the financial statements were issued.

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Financial

HIGHLIGHTS (Unaudited)

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Financial

HIGHLIGHTS (Unaudited)

Selected data for a share outstanding throughout each period:

					Investment Operations								Less Distributions
			Beginning Net Asset Value		Net Investment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Investment Income			Capital Gains			Tax Return of Capital			Total			Offering Costs			Ending Net Asset Value
Equity Premium Income (JPZ)
Year Ended 12/31:
	2009	(b)	$	12.75	$	.15	$	(.06	)		0.09		$	(.65	)*****	$	—			—		$	(.65	)	$	—		$	12.19
	2008			18.30		.39		(4.41	)		(4.02	)		(.39	)		(1.14	)		—			(1.53	)		—			12.75
	2007			18.59		.44		.98			1.42			(.54	)		—			(1.17	)		(1.71	)		—			18.30
	2006			18.48		.43		1.39			1.82			(.43	)		—			(1.28	)		(1.71	)		—	*		18.59
	2005			19.28		.42		.48			.90			(.40	)		—			(1.30	)		(1.70	)		—	*		18.48
	2004	(c)		19.10		.12		.24			.36			(.15	)		—			—	*		(.15	)		(.03	)		19.28
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2009	(b)		12.69		.11		.44			.55			(.67	)*****		—			—			(.67	)		—			12.57
	2008			18.60		.30		(4.62	)		(4.32	)		(.62	)		(.97	)		—			(1.59	)		—			12.69
	2007			18.36		.36		1.66			2.02			(.35	)		—			(1.43	)		(1.78	)		—			18.60
	2006			18.66		.32		1.16			1.48			(.32	)		—			(1.46	)		(1.78	)		—	*		18.36
	2005	(d)		19.10		.30		.78			1.08			(.30	)		(.15	)		(1.05	)		(1.50	)		(.02	)		18.66
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2009	(b)		12.47		.07		.88			.95			(.66	)*****		—			—			(.66	)		—			12.76
	2008			18.57		.17		(4.66	)		(4.49	)		(.92	)		(.69	)		—			(1.61	)		—			12.47
	2007			18.35		.22		1.82			2.04			(.21	)		—			(1.61	)		(1.82	)		—			18.57
	2006			18.84		.20		1.13			1.33			(.20	)		—			(1.62	)		(1.82	)		—	*		18.35
	2005	(e)		19.10		.10		.60			.70			(.10	)		(.13	)		(.69	)		(.92	)		(.04	)		18.84
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2009	(b)		13.17		.14		(.09	)		.05			(.56	)*****		—			—			(.56	)		—			12.66
	2008			19.31		.36		(5.01	)		(4.65	)		(.40	)		(1.09	)		—			(1.49	)		—			13.17
	2007			19.60		.68		.65			1.33			(.79	)		—			(.83	)		(1.62	)		—	*		19.31
	2006			19.04		.46		1.72			2.18			(.49	)		(.14	)		(.99	)		(1.62	)		—			19.60
	2005	(f)		19.10		.04		(.06	)		(.02	)		—			—			—			—			(.04	)		19.04

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											Ratios/Supplemental Data
					Total Returns								Ratios to Average Net Assets Before Credit/Reimbursement						Ratios to Average Net Assets After Credit/Reimbursement***
			Ending Market Value		Based on Market Value**			Based on Net Asset Value**			Ending Net Assets (000)		Expenses			Net Investment Income			Expenses			Net Investment Income			Portfolio Turnover Rate
Equity Premium Income (JPZ)
Year Ended 12/31:
	2009	(b)	$	10.73		6.32	%		.90	%	$	468,216		.99	%****		2.22	%****		.69	%****		2.52	%****		9	%
	2008			10.74		(26.73	)		(23.27	)		491,706		.97			2.08			.67			2.39			6
	2007			16.41		(6.07	)		7.80			707,933		.95			2.05			.65			2.35			7
	2006			19.22		21.30			10.22			715,680		.96			1.99			.66			2.30			23
	2005			17.38		(6.12	)		4.88			708,049		.96			1.93			.65			2.25			29
	2004	(c)		20.25		1.96			1.68			723,894		1.07	****		3.49	****		.73	****		3.82	****		1
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2009	(b)	$	11.02		9.78	%		4.57	%		830,632		.98	****		1.55	****		.68	****		1.85	****		3
	2008			10.68		(26.64	)		(24.65	)		841,579		.96			1.52			.66			1.82			8
	2007			16.34		(3.03	)		11.35			1,237,527		.94			1.62			.64			1.93			4
	2006			18.62		17.86			8.28			1,214,721		.95			1.41			.65			1.72			8
	2005	(d)		17.39		(5.90	)		5.65			1,225,535		.95	****		1.40	****		.63	****		1.72	****		16
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2009	(b)	$	11.06		13.68	%		7.85	%		329,798		1.01	****		.99	****		.81	****		1.19	****		11
	2008			10.34		(29.22	)		(25.63	)		323,971		.99			.88			.79			1.08			12
	2007			16.45		(5.15	)		11.50			484,998		.98			.99			.78			1.19			3
	2006			19.20		20.52			7.35			474,781		.99			.85			.78			1.06			26
	2005	(e)		17.56		(7.87	)		3.43			482,979		1.01	****		.71	****		.78	****		.93	****		9
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2009	(b)	$	11.45		11.99	%		.55	%		206,557		.98	****		2.28	****		.98	****		2.28	****		6
	2008			10.77		(30.09	)		(25.38	)		216,044		.96			2.13			.95			2.14			12
	2007			17.13		(3.55	)		6.86			319,300		.95			3.40			.95			3.40			26
	2006			19.38		22.68			11.90			323,569		.96			2.34			.93			2.37			37
	2005	(f)		17.25		(13.75	)		(.31	)		314,202		1.11	****		2.08	****		1.11	****		2.08	****		—

*  Rounds to less than $.01 per share.

**  Total Return Based 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 may take 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 Based 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.

*****  Represents distributions paid "From and in excess of net investment income" for the six months ended June 30, 2009.

(a)  Per share Net Investment Income is calculated using the average daily shares method.

(b)  For the six months ended June 30, 2009.

(c)  For the period October 26, 2004 (commencement of operations) through December 31, 2004.

(d)  For the period January 26, 2005 (commencement of operations) through December 31, 2005.

(e)  For the period May 25, 2005 (commencement of operations) through December 31, 2005.

(f)  For the period November 22, 2005 (commencement of operations) through December 31, 2005.

See accompanying notes to financial statements.

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Annual Investment Management
Agreement Approval Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund's board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or "interested persons" of any parties (the "Independent Board Members"), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund's board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the "May Meeting"), the Boards of Trustees (each, a "Board" and each Trustee, a "Board Member") of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include the investment advisory agreements between Nuveen Asset Management ("NAM") and each Fund and the sub-advisory agreements between NAM and Gateway Investment Advisers, LLC (the "Sub-Adviser"). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the "April Meeting"). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the applicable advisory agreements (each an "Investment Management Agreement") and sub-advisory agreements (each a "Sub-advisory Agreement," and each Investment Management Agreement and Sub-advisory Agreement, an "Advisory Agreement"), the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Adviser (NAM and the Sub-Adviser are each a "Fund Adviser"), including absolute performance, fee and expense information for the Funds as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable) of the Funds, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. ("Winslow Capital"), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent

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Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund's Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser's services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser's organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered the Fund Adviser's efforts, expertise and other actions taken to address matters as they arose that impacted the Funds. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM's continuous review of the Nuveen funds' investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. With respect to closed-end funds that issued auction rate preferred shares ("ARPs") or that otherwise utilize leverage, the Independent Board Members noted, in particular, NAM's efforts in refinancing the preferred shares of such funds frozen by the collapse of the auction rate market and managing leverage during a period of rapid market declines, particularly for the non-equity funds. Such efforts included negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs, liquidating portfolio securities during difficult times to meet

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Annual Investment Management Agreement
Approval Process (continued)

leverage ratios, and seeking alternative forms of debt and other leverage that may over time reduce financing costs associated with ARPs and enable the funds that have issued ARPs to restore liquidity to ARPs holders. The Independent Board Members also noted Nuveen's continued commitment and efforts to keep investors and financial advisers informed as to its progress with the ARPs through, among other things, conference calls, emails, press releases, information posted on its website, and telephone calls and in-person meetings with financial advisers. In addition to the foregoing, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing advertising and marketing for the closed-end funds; maintaining websites; and providing educational seminars.

As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Fund Adviser's investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Fund Adviser's ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.

In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM's compliance program, including the report of the chief compliance officer regarding the Funds' compliance policies and procedures.

The Independent Board Members also considered NAM's oversight of the performance, business activities and compliance of the Sub-Adviser. In that regard, the Independent Board Members reviewed an evaluation of the Sub-Adviser from NAM. The evaluation also included information relating to the Sub-Adviser's organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Funds, developments affecting the Sub-Adviser, and an analysis of the Sub-Adviser. As described in further detail below, the Board considered the performance of the Funds. The Board also recognized that the Sub-advisory Agreements were essentially agreements for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Funds. As part of their oversight, the Independent Board Members also continued their program of seeking to visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. The Independent Board Members noted that NAM recommended the renewal of the applicable Sub-advisory Agreements

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and considered the basis for such recommendations and any qualifications in connection therewith.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the Funds under the respective Investment Management Agreement or Sub-advisory Agreement, as applicable, were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board considered the investment performance of each Fund, including the Fund's historic performance as well as its performance compared to funds with similar investment objectives (the "Performance Peer Group") based on data provided by an independent provider of mutual fund data as well as recognized and/or customized benchmarks. The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund's Performance Peer Group and recognized and/or customized benchmarks for the quarter-, one- and three-year periods ending December 31, 2008 and for the same periods ending March 31, 2009. The Independent Board Members also reviewed performance information of the Nuveen funds managed by the Sub-Adviser in the aggregate ranked by peer group and the performance of such funds, in the aggregate, relative to their benchmark. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.

In comparing a fund's performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund's investment objectives and strategies thereby hindering a meaningful comparison of the fund's performance with that of the Performance Peer Group. The Independent Board Members further considered the performance of the Funds in the context of the volatile market conditions during the past year, and their impact on various asset classes and the portfolio management of the Funds.

Based on their review and factoring in the severity of market turmoil in 2008, the Independent Board Members determined that each Fund's investment performance over time had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund's gross management fees, net management fees and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the fee and expenses of a comparable universe of unaffiliated funds based on data provided by an independent fund data provider (the "Peer Universe") and in certain cases, to a more focused subset of funds in the Peer Universe (the "Peer Group").

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Annual Investment Management Agreement
Approval Process (continued)

The Independent Board Members further reviewed data regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the asset level of a fund relative to peers, the size and particular composition of the Peer Universe or Peer Group, the investment objectives of the peers, expense anomalies, changes in the funds comprising the Peer Universe or Peer Group from year to year, levels of reimbursement and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. The Independent Board Members also considered, among other things, the differences in the use and type of leverage compared to the peers. In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999).

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen's investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Adviser, the Independent Board Members also considered the pricing schedule or fees that the Sub-Adviser charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable. The Independent Board Members noted that such fees were the result of arm's-length negotiations.

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3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen's wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen's advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen's revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser's particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen's methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen's investment in its fund business.

Based on their review, the Independent Board Members concluded that Nuveen's level of profitability for its advisory activities was reasonable in light of the services provided. The Independent Board Members also considered the Sub-Adviser's revenues, expenses and profitability margins (pre- and post-tax). Based on their review, the Independent Board Members were satisfied that the Sub-Adviser's level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly

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Annual Investment Management Agreement
Approval Process (continued)

attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. In this regard, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds' investment portfolio. While economies of scale result when costs can be spread over a larger asset base, the Independent Board Members also recognized that the asset levels generally declined in 2008 due to, among other things, the market downturn. Accordingly, for funds with a reduction in assets under management, advisory fee levels may have increased as breakpoints in the fee schedule were no longer surpassed.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Generally, the complex-wide pricing reduces Nuveen's revenue because total complex fund assets have consistently grown in prior years. As noted, however, total fund assets declined in 2008 resulting in a smaller downward adjustment of revenues due to complex-wide pricing compared to the prior year.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement (as applicable) were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

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E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered revenues received by affiliates of NAM for serving as agent at Nuveen's trading desk.

In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating "commissions," NAM intends to comply with the applicable safe harbor provisions. With respect to the Sub-Adviser, the Board considered that while the Sub-Adviser may select brokers that provide it with research services, it is the Sub-Adviser's current practice not to receive soft dollar credits in connection with trades executed for the Funds.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Investment Management Agreements and Sub-advisory Agreements are fair and reasonable, that the respective Fund Adviser's fees are reasonable in light of the services provided to each Fund and that the Investment Management Agreements and the Sub-advisory Agreements be renewed.

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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

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70

open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee.

You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.

The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting dividends and/or distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

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71

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.

•  Current Distribution Rate (also known as Market Yield, Dividend Yield or Current Yield): 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 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.

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Other Useful Information

Board of Trustees

John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth

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

Quarterly Portfolio of Investments and Proxy Voting Information

You may obtain (i) each Fund's 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, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities 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 (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 100 F Street NE, Washington, D.C. 20549.

CEO Certification Disclosure

Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Information

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. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

Fund	Repurchased
JPZ		136,900
JSN		285,200
JLA		140,450
JPG		90,400

Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

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Nuveen Investments:
Serving Investors for Generations

Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com

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.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed approximately $128 billion of assets on June 30, 2009.

Find out how we can help you reach your financial goals.

To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest.

Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/cef

•  Share prices

•  Fund details

•  Daily financial news

•  Investor education

•  Interactive planning tools

_ESA-D-0609D

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

See Portfolio of Investments in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

		(b)	(c)	(d)*
	(a)	AVERAGE	TOTAL NUMBER OF SHARES	MAXIMUM NUMBER (OR
	TOTAL NUMBER OF	PRICE	(OR UNITS) PURCHASED AS	APPROXIMATE DOLLAR VALUE) OF
	SHARES (OR	PAID PER	PART OF PUBLICLY	SHARES (OR UNITS) THAT MAY YET
	UNITS)	SHARE (OR	ANNOUNCED PLANS OR	BE PURCHASED UNDER THE PLANS OR
Period*	PURCHASED	UNIT)	PROGRAMS	PROGRAMS
JANUARY 1-31, 2009	0		0	2,483,500
FEBRUARY 1-28, 2009	46,600	9.45	46,600	2,436,900
MARCH 1-31, 2009	52,400	8.60	52,400	2,384,500
APRIL 1-30, 2009	0		0	2,384,500
MAY 1-31, 2009	16,700	10.58	16,700	2,367,800
JUNE 1-30, 2009	24,750	10.74	24,750	2,343,050
TOTAL	140,450

* The registrant’s repurchase program, which authorized the repurchase of 2,610,000 shares, was announced August 7, 2008.  Any repurchases made by the registrant pursuant to the program were made through open-market transactions.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Equity Premium Advantage Fund

By (Signature and Title)*	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary

Date: September 8, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Chief Administrative Officer
	(principal executive officer)

Date: September 8, 2009

By (Signature and Title)*	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller
	(principal financial officer)

Date: September 8, 2009

* Print the name and title of each signing officer under his or her signature.