UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21731
Nuveen Equity Premium Advantage Fund
(Exact name of registrant as specified in charter)
Nuveen Investments 333 West Wacker Drive Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(312) 917-7700
Date of fiscal year end:	December 31
Date of reporting period:		December 31, 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 Quarterly Distributions and a Measure of Downside Protection from an Integrated Index Option and Equity Strategy

Annual Report

December 31, 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 financial markets in which your Fund operates continue to reflect the larger economic crosscurrents. The illiquidity that infected global credit markets over the last year continues to recede but there is concern about the impact of a reduction in official liquidity support programs. The major institutions that are the linchpin of the international financial system have strengthened their capital structures, but many still struggle with losses in their various portfolios. Global trends include increasing trade and concern about the ability of the U.S. government to address its substantial budgetary deficits.

While the fixed-income and equity markets have recovered from the lows recorded in late 2008 and early 2009, identifying those developments that will define the future is never easy, and rarely is it more difficult than at present. A fundamental component of a successful investment program is a commitment to remain focused on long-term investment goals even during periods of heightened market uncertainty. Another component is to re-evaluate investment disciplines and tactics and to confirm their validity following periods of extreme volatility and market dislocation, such as we have recently experienced. Your Board carried out an intensive review of investment performance with these objectives in mind during April and May of 2009 as part of the annual management contract renewal process. I encourage you to read the description of this process in the Annual Investment Management Agreement Approval Process section of this report. Confirming the appropriateness of a long term investment strategy is as important for our shareholders as it is for our professional investment managers. For that reason, I again encourage you to remain in communication with your financial consultant on this subject.

On behalf of 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 Board and Lead Independent Director
February 22, 2010

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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 and is a member of its Board, President and has been Chief Executive Officer since 2006. 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 economic and market conditions, their management strategies and the performance of the Funds for the twelve months ended December 31, 2009.

What were the general market conditions during the twelve-month period ending December 31, 2009?

The general market conditions during this period were among the most fluctuating and challenging on record. The financial crisis that began to accelerate in the last half of 2008 was in full force by the first quarter of 2009. For the first time since the 1930s, the United States, United Kingdom, Germany and Japan experienced recessions simultaneously.

In response, the U.S. government enacted a $787 billion economic stimulus plan early in 2009, and provided additional funds for large financial institutions under the Troubled Asset Relief Program (TARP) started in 2008. The Federal Reserve Board (the "Fed") maintained a fed funds target range of zero to 0.25%, its lowest level in history. In addition, the Fed announced in March that it would buy $300 billion in long-term Treasury securities in an effort to support private credit markets and up to an additional $750 billion (for a total of $1.25 trillion) in agency mortgage-backed securities to bolster the housing market. The government also took steps to prevent the collapse of the American auto industry.

By the second quarter of 2009, some positive signals began to emerge. Most major banks seemed to have raised sufficient capital to survive in the downturn, with several of them even appearing to thrive. Domestic equity markets, as measured by the S&P 500 Index, rocketed up from the lows experienced in March. Bond investors seemed more willing to hold municipal and corporate securities, causing the pricing relationships between these issues and U.S. Treasury securities to adjust toward historical norms.

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Counterbalancing these trends, the unemployment rate at year end was 10% and the general credit markets were still constricted, suggesting that the road to full recovery would not be quick or easy.

The year 2009 was an extraordinary period for both stock and option markets. During the period January 1 through March 9, 2009, the S&P 500 Index and NASDAQ-100 Index were down 24.63% and 13.68%, respectively. At year end, the S&P 500 Stock Index managed to post a positive return for 2009 of 26.46% with most major bond indexes also showing positive performance.

As one might expect in a year of such stock market extremes, volatility remained high throughout the year. The average level for the Chicago Board Options Exchange Volatility Index (the "VIX") during the year was 31.5, well-above its historical average. While the VIX is derived from S&P 500 Index option activity, its equivalent for the NASDAQ-100 Index, (the "VXN") posted a yearly average of over 31.8, a level also above its historical average.

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

The core strategy employed in each Fund 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. These strategies remained consistent in each Fund throughout the period.

For JPZ and JPG, the equity portfolio seeks to track the price movements of the Standard and Poor's (S&P) 500 Stock 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 and NASDAQ-100 Indexes. JPZ, JSN and JLA actively write (sell) listed index call options against substantially all of their entire stock portfolios. JPG differs in that its index option hedging activity is applied to 80% of the value of the equity portfolio.

During this period, the Fund's Board of Trustees removed the limitation that had allowed JPZ to purchase non-US securities only from developed countries. The Fund now is allowed to hold up to 20% of its equity portfolio in U.S. dollar-denominated common stocks of non-U.S. issuers with no limitation regarding whether these non-U.S. issuers are from developed or emerging market countries. This change establishes consistent policies across all four of these Funds.

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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.

1  The S&P 500 Stock Index is an unmanaged Index generally considered representative of the U.S. stock market. Index returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in an index.

2  JSN comparative index performance is a blended return consisting of: 1) 75% of the return of the S&P 500 Stock 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. Index returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in an index.

3  JLA comparative index performance is a blended return consisting of: 1) 50% of the return of the S&P 500 Stock Index, and 2) 50% of the NASDAQ-100 Index. Index returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in an index.

How did the Funds perform over this 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 (NAV)

For periods ended 12/31/09

	One-Year			Five-Year			Since Inception*
JPZ		13.74	%		1.69	%		1.96	%
S&P 500 Stock Index1		26.46	%		0.42	%		1.84	%
JSN		16.39	%	N/A				2.27	%
Comparative Index2		32.89	%	N/A				1.33	%
JLA		20.21	%	N/A				2.23	%
Comparative Index3		39.55	%	N/A				1.88	%
JPG		14.77	%	N/A				0.50	%
S&P 500 Stock Index1		26.46	%	N/A				-0.65	%

* Since inception returns for JPZ are as of 10/26/04, for JSN as of 1/26/05, for JLA as of 5/25/05, and for JPG as of 11/22/05. Index returns, which are based on month end data, begin at the end of the month of the Fund's inception.

The strong equity markets over the period from March 9, 2009, to December 31, 2009, had a very positive impact on the values of the Funds' stock portfolios and their comparative equity indexes. For example, the S&P 500 Stock Index and the NASDAQ-100 Index were up 67.80% and 79.13%, respectively, during this specific time period, more than offsetting their poor performance in the first nine weeks of 2009.

As noted earlier, each of these Funds seeks to manage risk by selling index option calls covering the value of much or all of each Fund's equity holdings. This strategy provides incremental cash flow to the Funds, but also effectively limits the amount of upside potential the Funds can get from their equity holdings. In neutral or rapidly declining equity market environments, this additional cash flow may lead to opportunities for relative outperformance. However, in a market environment marked by sharply rising equity prices, as was the case in most of the past calendar year, the Funds' call option strategies may place them at a comparative performance disadvantage – as can be seen in the Funds' 2009 results.

As management fully expects the Funds to lag the equity markets during substantial market rallies, we believe investors should not lose sight of the potential risk reduction benefits provided by the Fund's index option strategies. The heightened equity market volatility in 2009 that we noted earlier resulted in continued strong cash flow from each Fund's index call option transactions. This increased cash flow 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 profiles of the Funds. All of the Funds produced positive, double-digit returns in 2009, compared with negative performance in 2008. In particular, each Fund posted a NAV return of 5% or greater in the second, third and fourth quarters of 2009.

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Distribution and Share Price Information

The following information regarding your Fund's distributions is current as of December 31, 2009, and likely will vary over time based on each Fund's investment activities and portfolio investment value changes.

JPZ reduced its quarterly distribution to shareholders once over the course of 2009. 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.

•  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

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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 information regarding each Fund's distributions and total return performance for the fiscal year ended December 31, 2009. 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 12/31/09	JPZ			JSN			JLA			JPG
Inception date		10/26/04			1/26/05			5/25/05			11/22/05
Calendar year ended December 31, 2009:
Per share distribution:
From net investment income	$	0.28		$	0.22		$	0.14		$	0.27
From long-term capital gains		0.24			0.00			0.00			0.21
From short-term capital gains		0.00			0.00			0.00			0.00
Tax return of capital		0.77			1.12			1.18			0.64
Total per share distribution	$	1.29		$	1.34		$	1.32		$	1.12
Distribution rate on NAV		9.86	%		10.08	%		9.75	%		8.07	%
Annualized total returns:
1-Year on NAV		13.74	%		16.39	%		20.21	%		14.77	%
Since inception on NAV		1.96	%		2.27	%		2.23	%		0.50	%

Common Share Repurchases and Share Price Information

As of December 31, 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		479,300		0.7	%
JLA		268,050		1.0	%
JPG		224,700		1.4	%

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

Fund	Common Shares Repurchased		Weighted Average Price Per Share Repurchased		Weighted Average Discount Per Share Repurchased
JPZ		136,900	$	9.36		18.71	%
JSN		285,200	$	9.42		19.14	%
JLA		141,550	$	9.50		20.16	%
JPG		90,400	$	9.19		20.34	%

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As of December 31, 2009, the Funds' share prices were trading relative to their NAVs as shown in the accompanying table.

Fund	12/31/09 Discount			Twelve-Month Average Discount
JPZ		-0.61	%		-9.92	%
JSN		-0.75	%		-9.80	%
JLA		-3.47	%		-11.51	%
JPG		-5.62	%		-10.98	%

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Fund Snapshot

Share Price	$	13.00
Net Asset Value	$	13.08
Premium/(Discount) to NAV		-0.61	%
Current Distribution Rate1		9.85	%
Net Assets ($000)	$	502,488

Average Annual Total Return

(Inception 10/26/04)

	On Share Price			On NAV
1-Year		35.46	%		13.74	%
5-Year		1.19	%		1.69	%
Since Inception		1.53	%		1.96	%

Industries

(as a % of total common stocks)

Oil, Gas & Consumable Fuels	9.6	%
Pharmaceuticals	8.2	%
Computers & Peripherals	4.8	%
Software	4.4	%
Diversified Financial Services	4.3	%
Diversified Telecommunication Services	4.0	%
Commercial Banks	2.8	%
Industrial Conglomerates	2.8	%
Communications Equipment	2.6	%
Aerospace & Defense	2.6	%
Semiconductors & Equipment	2.5	%
Household Products	2.5	%
Energy Equipment & Services	2.4	%
Internet Software & Services	2.3	%
Beverages	2.3	%
Chemicals	2.3	%
Media	2.3	%
Machinery	2.2	%
Food & Staples Retailing	2.2	%
Specialty Retail	2.1	%
Health Care Providers & Services	2.1	%
Insurance	2.0	%
Real Estate Investment Trust	1.9	%
Multi-Utilities	1.9	%
Tobacco	1.9	%
Capital Markets	1.8	%
Other	19.2	%

JPZ

Performance

OVERVIEW

Nuveen Equity Premium Income Fund

  as of December 31, 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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JSN

Performance

OVERVIEW

Nuveen Equity Premium Opportunity Fund

  as of December 31, 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	$	13.20
Net Asset Value	$	13.30
Premium/(Discount) to NAV		-0.75	%
Current Distribution Rate1		10.18	%
Net Assets ($000)	$	878,321

Average Annual Total Return

(Inception 1/26/05)

	On Share Price			On NAV
1-Year		38.49	%		16.39	%
Since Inception		1.79	%		2.27	%

Industries

(as a % of total common stocks)

Computers & Peripherals	9.1	%
Software	7.1	%
Oil, Gas & Consumable Fuels	6.7	%
Pharmaceuticals	6.0	%
Communications Equipment	5.2	%
Internet Software & Services	4.4	%
Semiconductors & Equipment	3.8	%
Biotechnology	3.3	%
Diversified Financial Services	3.0	%
Media	3.0	%
Diversified Telecommunication Services	2.5	%
Capital Markets	2.3	%
Food & Staples Retailing	2.3	%
Aerospace & Defense	2.1	%
Commercial Banks	2.1	%
Health Care Providers & Services	2.0	%
Specialty Retail	1.9	%
Household Products	1.9	%
Energy Equipment & Services	1.9	%
Machinery	1.9	%
Health Care Equipment & Supplies	1.9	%
Beverages	1.9	%
Chemicals	1.8	%
Industrial Conglomerates	1.6	%
Electrical Equipment	1.5	%
Other	18.8	%

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Fund Snapshot

Share Price	$	13.07
Net Asset Value	$	13.54
Premium/(Discount) to NAV		-3.47	%
Current Distribution Rate1		10.13	%
Net Assets ($000)	$	349,898

Average Annual Total Return

(Inception 5/25/05)

	On Share Price			On NAV
1-Year		41.37	%		20.21	%
Since Inception		1.12	%		2.23	%

Industries

(as a % of total common stocks)

Computers & Peripherals	11.5	%
Software	9.5	%
Communications Equipment	7.2	%
Internet Software & Services	5.9	%
Semiconductors & Equipment	5.5	%
Biotechnology	4.8	%
Pharmaceuticals	4.7	%
Oil, Gas & Consumable Fuels	4.5	%
Media	3.6	%
Hotels, Restaurants & Leisure	2.2	%
IT Services	2.2	%
Diversified Financial Services	2.0	%
Health Care Providers & Services	1.8	%
Specialty Retail	1.8	%
Diversified Telecommunication Services	1.8	%
Internet & Catalog Retail	1.7	%
Machinery	1.6	%
Health Care Equipment & Supplies	1.5	%
Food & Staples Retailing	1.4	%
Energy Equipment & Services	1.4	%
Capital Markets	1.4	%
Multiline Retail	1.3	%
Aerospace & Defense	1.3	%
Other	19.4	%

JLA

Performance

OVERVIEW

Nuveen Equity Premium Advantage Fund

  as of December 31, 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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JPG

Performance

OVERVIEW

Nuveen Equity Premium and Growth Fund

  as of December 31, 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	$	13.09
Net Asset Value	$	13.87
Premium/(Discount) to NAV		-5.62	%
Current Distribution Rate1		8.56	%
Net Assets ($000)	$	226,187

Average Annual Total Return

(Inception 11/22/05)

	On Share Price			On NAV
1-Year		33.63	%		14.77	%
Since Inception		-1.17	%		0.50	%

Industries

(as a % of total common stocks)

Oil, Gas & Consumable Fuels	10.2	%
Pharmaceuticals	8.5	%
Computers & Peripherals	4.7	%
Software	4.7	%
Diversified Telecommunication Services	3.9	%
Diversified Financial Services	3.8	%
Communications Equipment	2.9	%
Industrial Conglomerates	2.8	%
Semiconductors & Equipment	2.7	%
Aerospace & Defense	2.7	%
Capital Markets	2.7	%
Household Products	2.6	%
Specialty Retail	2.6	%
Commercial Banks	2.6	%
Machinery	2.6	%
Chemicals	2.5	%
Internet Software & Services	2.4	%
Multi-Utilities	2.3	%
Energy Equipment & Services	2.3	%
Food & Staples Retailing	2.2	%
Beverages	2.2	%
Insurance	2.1	%
Health Care Providers & Services	2.0	%
Tobacco	1.9	%
Real Estate Investment Trust	1.7	%
Other	18.4	%

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Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of
Nuveen Equity Premium Income Fund
Nuveen Equity Premium Opportunity Fund
Nuveen Equity Premium Advantage Fund
Nuveen Equity Premium and Growth Fund

In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Equity Premium Income Fund, Nuveen Equity Premium Opportunity Fund, Nuveen Equity Premium Advantage Fund, and Nuveen Equity Premium and Growth Fund (the "Funds") at December 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the periods then ended and the financial highlights for each of the periods indicated in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Chicago, IL
February 25, 2010

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JPZ

Nuveen Equity Premium Income Fund

Portfolio of INVESTMENTS

  December 31, 2009

Shares		Description (1)	Value
		Common Stocks – 98.5%
		Aerospace & Defense – 2.5%
	50,389	Boeing Company	$	2,727,557
	87,200	Honeywell International Inc.		3,418,240
	29,605	Raytheon Company		1,525,250
	72,061	United Technologies Corporation		5,001,754
		Total Aerospace & Defense		12,672,801
		Air Freight & Logistics – 0.7%
	64,277	United Parcel Service, Inc., Class B		3,687,571
		Airlines – 0.1%
	37,484	AMR Corporation, (2)		289,751
	16,213	Continental Airlines, Inc., (2)		290,537
		Total Airlines		580,288
		Auto Components – 0.1%
	30,296	Cooper Tire & Rubber		607,435
		Automobiles – 0.7%
	241,200	Ford Motor Company, (2)		2,412,000
	41,681	Harley-Davidson, Inc.		1,050,361
		Total Automobiles		3,462,361
		Beverages – 2.3%
	111,623	Coca-Cola Company		6,362,511
	82,498	PepsiCo, Inc.		5,015,878
		Total Beverages		11,378,389
		Biotechnology – 1.1%
	52,285	Amgen Inc., (2)		2,957,762
	24,559	Celgene Corporation, (2)		1,367,445
	28,599	Gilead Sciences, Inc., (2)		1,237,765
		Total Biotechnology		5,562,972
		Building Products – 0.1%
	42,748	Masco Corporation		590,350
		Capital Markets – 1.8%
	84,344	Charles Schwab Corporation		1,587,354
	48,534	Jefferies Group, Inc., (2)		1,151,712
	40,593	Legg Mason, Inc.		1,224,285
	123,866	Morgan Stanley		3,666,434
	38,635	Waddell & Reed Financial, Inc., Class A		1,179,913
		Total Capital Markets		8,809,698

Nuveen Investments
13

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Chemicals – 2.2%
	51,511	Dow Chemical Company	$	1,423,249
	106,397	E.I. Du Pont de Nemours and Company		3,582,387
	28,359	Eastman Chemical Company		1,708,346
	3,643	Lubrizol Corporation		265,757
	23,288	Monsanto Company		1,903,794
	16,700	NL Industries Inc.		115,898
	53,293	Olin Corporation		933,693
	63,622	RPM International, Inc.		1,293,435
		Total Chemicals		11,226,559
		Commercial Banks – 2.7%
	33,724	Comerica Incorporated		997,219
	30,047	HSBC Holdings PLC, Sponsored ADR		1,715,383
	2,649	Toronto-Dominion Bank		166,145
	177,092	U.S. Bancorp		3,986,341
	257,392	Wells Fargo & Company		6,947,010
		Total Commercial Banks		13,812,098
		Commercial Services & Supplies – 0.9%
	3,177	Avery Dennison Corporation		115,929
	56,149	Deluxe Corporation		830,444
	40,642	Pitney Bowes Inc.		925,012
	21,600	R.R. Donnelley & Sons Company		481,032
	24,100	Standard Register Company		122,910
	59,938	Waste Management, Inc.		2,026,504
		Total Commercial Services & Supplies		4,501,831
		Communications Equipment – 2.6%
	14,156	ADTRAN, Inc.		319,218
	8,005	Ciena Corporation, (2)		86,774
	294,113	Cisco Systems, Inc., (2)		7,041,065
	11,034	JDS Uniphase Corporation, (2)		91,031
	221,002	Motorola, Inc., (2)		1,714,976
	77,162	QUALCOMM, Inc.		3,569,514
	2,604	Research In Motion Limited, (2)		175,874
		Total Communications Equipment		12,998,452
		Computers & Peripherals – 4.7%
	45,412	Apple, Inc., (2)		9,575,574
	95,726	Dell Inc., (2)		1,374,625
	139,379	EMC Corporation, (2)		2,434,951
	78,040	International Business Machines Corporation (IBM)		10,215,436
	19,534	Sun Microsystems Inc., (2)		183,034
		Total Computers & Peripherals		23,783,620
		Consumer Finance – 0.1%
	42,236	Discover Financial Services		621,292
		Containers & Packaging – 0.4%
	65,406	Packaging Corp. of America		1,504,992
	18,902	Sonoco Products Company		552,884
		Total Containers & Packaging		2,057,876
		Distributors – 0.3%
	40,469	Genuine Parts Company		1,536,203

Nuveen Investments
14

Shares		Description (1)	Value
		Diversified Consumer Services – 0.1%
	7,623	Apollo Group, Inc., Class A, (2)	$	461,801
		Diversified Financial Services – 4.2%
	397,961	Bank of America Corporation		5,993,293
	350,485	Citigroup Inc.		1,160,105
	7,355	CME Group, Inc.		2,470,912
	253,782	JPMorgan Chase & Co.		10,575,096
	43,506	New York Stock Exchange Euronext		1,100,702
		Total Diversified Financial Services		21,300,108
		Diversified Telecommunication Services – 4.0%
	436,072	AT&T Inc.		12,223,098
	206,568	Frontier Communications Corporation		1,613,296
	176,286	Verizon Communications Inc.		5,840,355
	20,804	Windstream Corporation		228,636
		Total Diversified Telecommunication Services		19,905,385
		Electric Utilities – 1.5%
	3,600	DPL Inc.		99,360
	131,100	Duke Energy Corporation		2,256,231
	27,323	Great Plains Energy Incorporated		529,793
	80,800	Pepco Holdings, Inc.		1,361,480
	33,445	Progress Energy, Inc.		1,371,579
	58,348	Southern Company		1,944,155
		Total Electric Utilities		7,562,598
		Electrical Equipment – 1.0%
	101,834	Emerson Electric Company		4,338,128
	15,759	Rockwell Automation, Inc.		740,358
		Total Electrical Equipment		5,078,486
		Electronic Equipment & Instruments – 0.5%
	126,298	Corning Incorporated		2,438,814
		Energy Equipment & Services – 2.4%
	8,007	Diamond Offshore Drilling, Inc.		788,049
	21,795	ENSCO International PLC, Sponsored ADR		870,492
	110,699	Halliburton Company		3,330,933
	7,759	Patterson-UTI Energy, Inc.		119,101
	77,722	Schlumberger Limited		5,058,925
	18,335	Smith International, Inc.		498,162
	28,716	Tidewater Inc.		1,376,932
		Total Energy Equipment & Services		12,042,594
		Food & Staples Retailing – 2.1%
	120,113	CVS Caremark Corporation		3,868,840
	38,696	SUPERVALU INC.		491,826
	118,097	Wal-Mart Stores, Inc.		6,312,285
		Total Food & Staples Retailing		10,672,951
		Food Products – 0.9%
	149,138	Kraft Foods Inc., Class A		4,053,571
	57,000	Sara Lee Corporation		694,260
		Total Food Products		4,747,831

Nuveen Investments
15

JPZ

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares Description (1) Value

	Gas Utilities – 0.9%
14,837	AGL Resources Inc.	$	541,105
28,666	Atmos Energy Corporation		842,780
22,995	National Fuel Gas Company		1,149,750
25,417	Nicor Inc.		1,070,056
24,793	ONEOK, Inc.		1,105,024
	Total Gas Utilities		4,708,715
	Health Care Equipment & Supplies – 1.0%
12,338	Hologic Inc., (2)		178,901
3,518	Intuitive Surgical, Inc., (2)		1,067,080
81,113	Medtronic, Inc.		3,567,350
	Total Health Care Equipment & Supplies		4,813,331
	Health Care Providers & Services – 2.1%
6,901	Brookdale Senior Living Inc., (2)		125,529
15,450	Coventry Health Care, Inc., (2)		375,281
20,000	Express Scripts, Inc., (2)		1,729,000
4,681	Henry Schein Inc., (2)		246,221
47,893	Kindred Healthcare Inc., (2)		884,105
32,615	Medco Health Solutions, Inc., (2)		2,084,425
100,410	UnitedHealth Group Incorporated		3,060,497
31,168	Wellpoint Inc., (2)		1,816,783
	Total Health Care Providers & Services		10,321,841
	Health Care Technology – 0.0%
57	Cerner Corporation, (2)		4,699
	Hotels, Restaurants & Leisure – 1.3%
17,800	Carnival Corporation, (2)		564,082
42,761	International Game Technology		802,624
2,272	Interval Leisure Group Inc., (2)		28,332
82,848	McDonald's Corporation		5,173,029
	Total Hotels, Restaurants & Leisure		6,568,067
	Household Durables – 1.2%
11,075	Black & Decker Corporation		717,992
13,597	Garmin Limited		417,428
106,577	Newell Rubbermaid Inc.		1,599,721
28,297	Tupperware Corporation		1,317,791
21,465	Whirlpool Corporation		1,731,367
	Total Household Durables		5,784,299
	Household Products – 2.4%
24,130	Colgate-Palmolive Company		1,982,280
14,760	Kimberly-Clark Corporation		940,360
152,826	Procter & Gamble Company		9,265,840
	Total Household Products		12,188,480
	Industrial Conglomerates – 2.7%
24,463	3M Co.		2,022,356
765,378	General Electric Company		11,580,169
57	Siemens AG, Sponsored ADR		5,227
	Total Industrial Conglomerates		13,607,752

Nuveen Investments
16

Shares		Description (1)	Value
		Insurance – 2.0%
	58,427	Allstate Corporation	$	1,755,147
	11,874	Arthur J. Gallagher & Co.		267,284
	46,985	Fidelity National Financial Inc., Class A		632,418
	21,200	Hartford Financial Services Group, Inc.		493,112
	76,562	Lincoln National Corporation		1,904,863
	72,500	Marsh & McLennan Companies, Inc.		1,600,800
	42,977	Travelers Companies, Inc.		2,142,833
	52,700	Unitrin, Inc.		1,162,035
		Total Insurance		9,958,492
		Internet & Catalog Retail – 0.7%
	19,491	Amazon.com, Inc., (2)		2,621,929
	3,103	HSN, Inc., (2)		62,650
	2,978	Priceline.com Incorporated, (2)		650,693
		Total Internet & Catalog Retail		3,335,272
		Internet Software & Services – 2.3%
	14,527	Akamai Technologies, Inc., (2)		367,969
	63,227	eBay Inc., (2)		1,488,364
	11,917	Google Inc., Class A, (2)		7,388,302
	44,605	United Online, Inc.		320,710
	5,616	ValueClick, Inc., (2)		56,834
	25,228	VeriSign, Inc., (2)		611,527
	78,773	Yahoo! Inc., (2)		1,321,811
		Total Internet Software & Services		11,555,517
		IT Services – 1.3%
	4,000	Accenture PLC, Class A		166,000
	37,471	Automatic Data Processing, Inc.		1,604,508
	21,368	Cognizant Technology Solutions Corporation, Class A, (2)		967,970
	23,364	Fidelity National Information Services		547,652
	3,197	Lender Processing Services Inc.		129,990
	6,331	MasterCard, Inc.		1,620,609
	36,134	Paychex, Inc.		1,107,146
	2,733	Visa Inc.		239,028
		Total IT Services		6,382,903
		Leisure Equipment & Products – 0.2%
	39,513	Eastman Kodak Company, (2)		166,745
	11,848	Polaris Industries Inc.		516,928
		Total Leisure Equipment & Products		683,673
		Machinery – 2.2%
	38,388	Caterpillar Inc.		2,187,732
	26,953	Cummins Inc.		1,236,065
	28,819	Deere & Company		1,558,820
	13,600	Graco Inc.		388,552
	35,099	Ingersoll Rand PLC		1,254,438
	18,030	Parker Hannifin Corporation		971,456
	11,767	Snap-on Incorporated		497,273
	25,530	SPX Corporation		1,396,491
	24,994	Stanley Works		1,287,441
	12,000	Timken Company		284,520
		Total Machinery		11,062,788

Nuveen Investments
17

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Media – 2.2%
	60,282	CBS Corporation, Class B	$	846,962
	139,536	Comcast Corporation, Class A		2,352,577
	39,613	New York Times, Class A, (2)		489,617
	35,396	Omnicom Group, Inc.		1,385,753
	114,479	Regal Entertainment Group, Class A		1,653,077
	138,485	Walt Disney Company		4,466,141
		Total Media		11,194,127
		Metals & Mining – 0.7%
	73,484	Alcoa Inc.		1,184,562
	27,262	Nucor Corporation		1,271,772
	35,874	Southern Copper Corporation		1,180,613
		Total Metals & Mining		3,636,947
		Multiline Retail – 1.1%
	7	Dollar Tree Stores Inc., (2)		338
	4,000	Family Dollar Stores, Inc.		111,320
	41,402	Macy's Inc.		693,898
	53,725	Nordstrom, Inc.		2,018,986
	8,076	Sears Holding Corporation, (2)		673,942
	41,376	Target Corporation		2,001,357
		Total Multiline Retail		5,499,841
		Multi-Utilities – 1.9%
	40,360	Ameren Corporation		1,128,062
	35,279	Consolidated Edison, Inc.		1,602,725
	71,595	Integrys Energy Group, Inc.		3,006,274
	15,861	Northwestern Corporation		412,703
	32,717	OGE Energy Corp.		1,206,930
	66,981	Public Service Enterprise Group Incorporated		2,227,118
		Total Multi-Utilities		9,583,812
		Oil, Gas & Consumable Fuels – 9.5%
	12,670	BP PLC, Sponsored ADR		734,480
	9,051	Cenovus Energy Inc.		228,085
	122,951	Chevron Corporation		9,465,997
	99,438	ConocoPhillips		5,078,299
	46,182	CONSOL Energy Inc.		2,299,864
	27,271	Continental Resources Inc., (2)		1,169,653
	9,051	EnCana Corporation		293,162
	40,461	EOG Resources, Inc.		3,936,855
	255,872	Exxon Mobil Corporation		17,447,912
	53,857	Occidental Petroleum Corporation		4,381,267
	7,724	Suncor Energy, Inc.		272,734
	11,645	Total SA, Sponsored ADR		745,746
	92,575	Valero Energy Corporation		1,550,631
		Total Oil, Gas & Consumable Fuels		47,604,685
		Paper & Forest Products – 0.3%
	34,387	Weyerhaeuser Company		1,483,455
		Pharmaceuticals – 8.1%
	104,481	Abbott Laboratories		5,640,929
	153,129	Bristol-Myers Squibb Company		3,866,507
	62,495	Eli Lilly and Company		2,231,696
	7,833	GlaxoSmithKline PLC, Sponsored ADR		330,944
	159,657	Johnson & Johnson		10,283,507

Nuveen Investments
18

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	222,394	Merck & Company Inc.	$	8,126,277
	2,492	Novartis AG, Sponsored ADR		135,640
	505,369	Pfizer Inc.		9,192,662
	18,021	Sanofi-Aventis, Sponsored ADR		707,685
		Total Pharmaceuticals		40,515,847
		Professional Services – 0.2%
	3,665	Manpower Inc.		200,036
	20,209	Resources Connection, Inc., (2)		428,835
		Total Professional Services		628,871
		Real Estate Investment Trust – 1.9%
	46,493	Brandywine Realty Trust		530,020
	54,183	CapLease Inc.		237,322
	32,157	Health Care REIT, Inc.		1,425,198
	49,625	Healthcare Realty Trust, Inc.		1,064,953
	45,684	Hospitality Properties Trust		1,083,168
	116,913	HRPT Properties Trust		756,427
	88,469	Lexington Corporate Properties Trust		537,892
	30,821	Liberty Property Trust		986,580
	17,263	Medical Properties Trust Inc.		172,630
	42,355	Nationwide Health Properties, Inc.		1,490,049
	30,300	Senior Housing Properties Trust		662,661
	11,215	Sun Communities Inc.		221,496
	61,650	U-Store-It Trust		451,278
		Total Real Estate Investment Trust		9,619,674
		Road & Rail – 0.9%
	18,000	Burlington Northern Santa Fe Corporation		1,775,160
	18,105	Norfolk Southern Corporation		949,064
	28,097	Union Pacific Corporation		1,795,398
		Total Road & Rail		4,519,622
		Semiconductors & Equipment – 2.5%
	27,457	Analog Devices, Inc.		867,092
	103,121	Applied Materials, Inc.		1,437,507
	21,444	Broadcom Corporation, Class A, (2)		674,414
	279,836	Intel Corporation		5,708,654
	12,846	Intersil Holding Corporation, Class A		197,058
	6,596	Lam Research Corporation, (2)		258,629
	24,226	Microchip Technology Incorporated		704,008
	24,800	National Semiconductor Corporation		380,928
	33,221	NVIDIA Corporation, (2)		620,568
	67,000	Texas Instruments Incorporated		1,746,020
		Total Semiconductors & Equipment		12,594,878
		Software – 4.3%
	34,641	Adobe Systems Incorporated, (2)		1,274,096
	18,119	Autodesk, Inc., (2)		460,404
	3,113	McAfee Inc., (2)		126,294
	432,556	Microsoft Corporation		13,188,632
	232,161	Oracle Corporation		5,697,231
	12,400	Salesforce.com, Inc., (2)		914,748
	3,000	Sybase, Inc., (2)		130,200
		Total Software		21,791,605

Nuveen Investments
19

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Specialty Retail – 2.1%
	26,963	Abercrombie & Fitch Co., Class A	$	939,661
	46,762	American Eagle Outfitters, Inc.		794,019
	34,498	Best Buy Co., Inc.		1,361,291
	108,836	Home Depot, Inc.		3,148,625
	51,450	Limited Brands, Inc.		989,898
	85,724	Lowe's Companies, Inc.		2,005,084
	236	Ross Stores, Inc.		10,080
	10,866	Tiffany & Co.		467,238
	25,162	TJX Companies, Inc.		919,671
		Total Specialty Retail		10,635,567
		Textiles, Apparel & Luxury Goods – 0.4%
	7,159	Cherokee Inc.		127,573
	24,144	VF Corporation		1,768,307
		Total Textiles, Apparel & Luxury Goods		1,895,880
		Thrifts & Mortgage Finance – 0.2%
	60,610	New York Community Bancorp, Inc.		879,451
	38,788	TrustCo Bank Corporation NY		244,364
		Total Thrifts & Mortgage Finance		1,123,815
		Tobacco – 1.9%
	172,535	Altria Group, Inc.		3,386,862
	111,542	Philip Morris International		5,375,209
	10,734	Reynolds American Inc.		568,580
	1	Vector Group Ltd.		14
		Total Tobacco		9,330,665
		Wireless Telecommunication Services – 0.0%
	5,500	USA Mobility Inc., (2)		60,555
		Total Common Stocks (cost $467,271,580)		494,796,039

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 4.3%
$	21,779	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009, repurchase price $21,778,714, collateralized by $22,300,000 U.S. Treasury Notes, 1.000%, due 12/31/11, value $22,216,375		0.000	%	1/04/10	$	21,778,714
		Total Short-Term Investments (cost $21,778,714)						21,778,714
		Total Investments (cost $489,050,294) - 102.8%						516,574,753

Nuveen Investments
20

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written – (3.0)% (4)
	(536	)	S&P 500 Index	$	(57,620,000	)	1/16/10	$	1,075	$	(2,393,240	)
	(1,091	)	S&P 500 Index		(120,010,000	)	1/16/10		1,100		(2,689,315	)
	(596	)	S&P 500 Index		(67,050,000	)	1/16/10		1,125		(601,960	)
	(565	)	S&P 500 Index		(60,737,500	)	2/20/10		1,075		(3,166,825	)
	(493	)	S&P 500 Index		(54,230,000	)	2/20/10		1,100		(1,915,305	)
	(599	)	S&P 500 Index		(67,387,500	)	2/20/10		1,125		(1,470,545	)
	(537	)	S&P 500 Index		(59,070,000	)	3/20/10		1,100		(2,628,615	)
	(4,417	)	Total Call Options Written (premiums received $17,520,638)		(486,105,000	)					(14,865,805	)
			Other Assets Less Liabilities - 0.2%								779,155
			Net Assets – 100%							$	502,488,103

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

  (2)  Non-income producing; issuer has not declared a dividend within the past twelve months.

  (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
21

JSN

Nuveen Equity Premium Opportunity Fund

Portfolio of INVESTMENTS

  December 31, 2009

Shares		Description (1)	Value
		Common Stocks – 100.0%
		Aerospace & Defense – 2.1%
	70,878	Boeing Company	$	3,836,626
	94,676	Honeywell International Inc.		3,711,299
	25,011	Lockheed Martin Corporation		1,884,579
	42,538	Northrop Grumman Corporation		2,375,747
	40,920	Raytheon Company		2,108,198
	66,996	United Technologies Corporation		4,650,192
		Total Aerospace & Defense		18,566,641
		Air Freight & Logistics – 0.7%
	114,489	United Parcel Service, Inc., Class B		6,568,234
		Airlines – 0.2%
	198,259	AMR Corporation, (2)		1,532,542
		Auto Components – 0.3%
	127,177	Gentex Corporation		2,270,109
		Automobiles – 0.1%
	33,442	Harley-Davidson, Inc.		842,738
		Beverages – 1.9%
	169,649	Coca-Cola Company		9,669,993
	108,519	PepsiCo, Inc.		6,597,955
		Total Beverages		16,267,948
		Biotechnology – 3.3%
	156,912	Amgen Inc., (2)		8,876,512
	88,602	Biogen Idec Inc., (2)		4,740,207
	115,525	Celgene Corporation, (2)		6,432,432
	207,199	Gilead Sciences, Inc., (2)		8,967,573
		Total Biotechnology		29,016,724
		Capital Markets – 2.3%
	160,445	Charles Schwab Corporation		3,019,575
	48,725	Eaton Vance Corporation		1,481,727
	42,925	Goldman Sachs Group, Inc.		7,247,457
	41,872	Legg Mason, Inc.		1,262,860
	147,710	Morgan Stanley		4,372,216
	21,416	UBS AG, (2)		332,162
	93,004	Waddell & Reed Financial, Inc., Class A		2,840,342
		Total Capital Markets		20,556,339
		Chemicals – 1.8%
	65,505	Dow Chemical Company		1,809,903
	62,480	E.I. Du Pont de Nemours and Company		2,103,702
	38,681	Eastman Chemical Company		2,330,143
	22,596	Lubrizol Corporation		1,648,378

Nuveen Investments
22

Shares		Description (1)	Value
		Chemicals – (continued)
	53,297	Monsanto Company	$	4,357,030
	3,435	Potash Corporation of Saskatchewan		372,698
	147,794	RPM International, Inc.		3,004,652
		Total Chemicals		15,626,506
		Commercial Banks – 2.1%
	65,480	Fifth Third Bancorp.		638,430
	81,436	First Horizon National Corporation, (2)		1,091,245
	10,835	HSBC Holdings PLC, Sponsored ADR		618,570
	4,932	Huntington BancShares Inc.		18,002
	6	Lloyds Banking Group PLC, Sponsored ADR		20
	43,429	Toronto-Dominion Bank		2,723,867
	257,513	U.S. Bancorp		5,796,618
	284,376	Wells Fargo & Company		7,675,308
		Total Commercial Banks		18,562,060
		Commercial Services & Supplies – 0.6%
	82,318	Deluxe Corporation		1,217,483
	50,737	R.R. Donnelley & Sons Company		1,129,913
	94,954	Waste Management, Inc.		3,210,395
		Total Commercial Services & Supplies		5,557,791
		Communications Equipment – 5.2%
	62,645	ADTRAN, Inc.		1,412,645
	706,126	Cisco Systems, Inc., (2)		16,904,656
	47,138	Harris Corporation		2,241,412
	13,861	Harris Stratex Networks, Inc., (2)		95,780
	76,265	Motorola, Inc., (2)		591,816
	379,861	QUALCOMM, Inc.		17,572,370
	97,622	Research In Motion Limited, (2)		6,593,390
		Total Communications Equipment		45,412,069
		Computers & Peripherals – 9.1%
	237,609	Apple, Inc., (2)		50,102,234
	248,015	Dell Inc., (2)		3,561,495
	194,966	EMC Corporation, (2)		3,406,056
	186,693	Hewlett-Packard Company		9,616,556
	86,502	International Business Machines Corporation (IBM)		11,323,112
	56,024	Network Appliance Inc., (2)		1,926,665
		Total Computers & Peripherals		79,936,118
		Consumer Finance – 0.5%
	71,246	American Express Company		2,886,888
	72,637	Discover Financial Services		1,068,490
	77,393	SLM Corporation, (2)		872,219
		Total Consumer Finance		4,827,597
		Containers & Packaging – 0.5%
	135,141	Packaging Corp. of America		3,109,594
	51,379	Sonoco Products Company		1,502,836
		Total Containers & Packaging		4,612,430
		Distributors – 0.2%
	56,314	Genuine Parts Company		2,137,679

Nuveen Investments
23

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Diversified Consumer Services – 0.1%
	35,953	Hillenbrand Inc.	$	677,355
		Diversified Financial Services – 3.0%
	507,992	Bank of America Corporation		7,650,360
	330,281	Citigroup Inc.		1,093,230
	11,202	CME Group, Inc.		3,763,312
	126,855	ING Groep N.V, Sponsored ADR, (2)		1,244,448
	304,132	JPMorgan Chase & Co.		12,673,180
		Total Diversified Financial Services		26,424,530
		Diversified Telecommunication Services – 2.6%
	562,823	AT&T Inc.		15,775,929
	183,495	Verizon Communications Inc.		6,079,189
	24,888	Vimpel Communiations, Sponsored ADR, (2)		462,668
		Total Diversified Telecommunication Services		22,317,786
		Electric Utilities – 1.2%
	116,760	Companhia Energetica de Minas Gerais, Sponsored ADR		2,108,686
	188,071	Duke Energy Corporation		3,236,702
	112,676	Great Plains Energy Incorporated		2,184,788
	129,707	Pepco Holdings, Inc.		2,185,563
	30,156	Pinnacle West Capital Corporation		1,103,106
		Total Electric Utilities		10,818,845
		Electrical Equipment – 1.5%
	48,340	Cooper Industries PLC		2,061,218
	124,855	Emerson Electric Company		5,318,823
	9,506	First Solar Inc., (2)		1,287,112
	11,850	Hubbell Incorporated, Class B		560,505
	34,902	Rockwell Automation, Inc.		1,639,696
	50,042	Roper Industries Inc.		2,620,700
		Total Electrical Equipment		13,488,054
		Electronic Equipment & Instruments – 0.4%
	171,994	Corning Incorporated		3,321,204
		Energy Equipment & Services – 1.9%
	29,803	Diamond Offshore Drilling, Inc.		2,933,211
	37,054	ENSCO International PLC, Sponsored ADR		1,479,937
	172,289	Halliburton Company		5,184,176
	54,938	Patterson-UTI Energy, Inc.		843,298
	84,735	Schlumberger Limited		5,515,401
	17,510	Tidewater Inc.		839,605
		Total Energy Equipment & Services		16,795,628
		Food & Staples Retailing – 2.3%
	141,214	CVS Caremark Corporation		4,548,503
	95,788	Kroger Co.		1,966,528
	38,974	SUPERVALU INC.		495,360
	82,820	Walgreen Co.		3,041,150
	183,764	Wal-Mart Stores, Inc.		9,822,186
		Total Food & Staples Retailing		19,873,727
		Food Products – 0.6%
	157,444	Kraft Foods Inc.		4,279,328
	110,972	Sara Lee Corporation		1,351,639
		Total Food Products		5,630,967

Nuveen Investments
24

Shares		Description (1)	Value
		Gas Utilities – 1.4%
	23,164	AGL Resources Inc.	$	844,791
	100,700	Atmos Energy Corporation		2,960,580
	78,051	National Fuel Gas Company		3,902,550
	62,725	Nicor Inc.		2,640,723
	50,438	ONEOK, Inc.		2,248,022
		Total Gas Utilities		12,596,666
		Health Care Equipment & Supplies – 1.9%
	78,972	Baxter International, Inc.		4,634,077
	36,821	Hill Rom Holdings Inc.		883,336
	151,838	Hologic Inc., (2)		2,201,651
	12,205	Intuitive Surgical, Inc., (2)		3,702,021
	115,199	Medtronic, Inc.		5,066,452
		Total Health Care Equipment & Supplies		16,487,537
		Health Care Providers & Services – 2.0%
	54,967	Aetna Inc.		1,742,454
	92,193	Brookdale Senior Living Inc., (2)		1,676,991
	26,104	Coventry Health Care, Inc., (2)		634,066
	73,466	Express Scripts, Inc., (2)		6,351,136
	113,816	UnitedHealth Group Incorporated		3,469,112
	59,815	Wellpoint Inc., (2)		3,486,616
		Total Health Care Providers & Services		17,360,375
		Hotels, Restaurants & Leisure – 1.2%
	52,405	International Game Technology		983,642
	5,770	Interval Leisure Group Inc., (2)		71,952
	115,284	McDonald's Corporation		7,198,333
	29,149	Starwood Hotels & Resorts Worldwide, Inc.		1,065,979
	27,090	Wynn Resorts Ltd, (2)		1,577,451
		Total Hotels, Restaurants & Leisure		10,897,357
		Household Durables – 0.7%
	97,917	KB Home		1,339,505
	159,689	Newell Rubbermaid Inc.		2,396,932
	30,951	Whirlpool Corporation		2,496,508
		Total Household Durables		6,232,945
		Household Products – 1.9%
	43,900	Colgate-Palmolive Company		3,606,385
	217,653	Procter & Gamble Company		13,196,301
		Total Household Products		16,802,686
		Industrial Conglomerates – 1.6%
	16,948	3M Co.		1,401,091
	850,242	General Electric Company		12,864,161
		Total Industrial Conglomerates		14,265,252
		Insurance – 0.8%
	51,073	Allstate Corporation		1,534,233
	1,141	American International Group, (2)		34,207
	26,066	Arthur J. Gallagher & Co.		586,746
	189,397	Fidelity National Financial Inc., Class A		2,549,284
	104,546	Marsh & McLennan Companies, Inc.		2,308,376
	719	Mercury General Corporation		28,228
	13,952	Unitrin, Inc.		307,642
		Total Insurance		7,348,716

Nuveen Investments
25

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Internet & Catalog Retail – 1.1%
	68,270	Amazon.com, Inc., (2)	$	9,183,680
	13,070	HSN, Inc., (2)		263,883
		Total Internet & Catalog Retail		9,447,563
		Internet Software & Services – 4.4%
	39,986	Akamai Technologies, Inc., (2)		1,012,845
	4,183	Baidu.com, Inc., Sponsored ADR, (2)		1,720,175
	84,843	Earthlink, Inc.		705,045
	225,183	eBay Inc., (2)		5,300,808
	36,735	Google Inc., Class A, (2)		22,774,965
	32,976	IAC/InterActiveCorp., (2)		675,348
	82,243	United Online, Inc.		591,327
	87,135	VeriSign, Inc., (2)		2,112,152
	213,551	Yahoo! Inc., (2)		3,583,386
		Total Internet Software & Services		38,476,051
		IT Services – 1.1%
	115,399	Automatic Data Processing, Inc.		4,941,385
	46,298	Fidelity National Information Services		1,085,225
	14,762	Lender Processing Services Inc.		600,223
	103,282	Paychex, Inc.		3,164,560
		Total IT Services		9,791,393
		Leisure Equipment & Products – 0.3%
	77,989	Mattel, Inc.		1,558,220
	14,833	Polaris Industries Inc.		647,164
		Total Leisure Equipment & Products		2,205,384
		Machinery – 1.9%
	79,090	Caterpillar Inc.		4,507,339
	25,779	Deere & Company		1,394,386
	53,108	Graco Inc.		1,517,296
	27,670	Joy Global Inc.		1,427,495
	72,194	SPX Corporation		3,949,012
	41,264	Stanley Works		2,125,509
	67,275	Timken Company		1,595,090
		Total Machinery		16,516,127
		Marine – 0.0%
	31,233	Eagle Bulk Shipping Inc., (2)		154,603
		Media – 3.0%
	412,987	Comcast Corporation, Special Class A		6,611,922
	101,917	New York Times, Class A, (2)		1,259,694
	309,975	News Corporation, Class A		4,243,558
	63,343	Omnicom Group, Inc.		2,479,878
	134,901	Regal Entertainment Group, Class A		1,947,970
	535,542	Sirius XM Radio Inc., (2)		321,325
	66,010	Viacom Inc., Class B, (2)		1,962,477
	203,844	Walt Disney Company		6,573,969
	159,513	Warner Music Group Corporation, (2)		902,844
		Total Media		26,303,637
		Metals & Mining – 0.6%
	85,534	Alcoa Inc.		1,378,808
	117,464	Southern Copper Corporation		3,865,740
		Total Metals & Mining		5,244,548

Nuveen Investments
26

Shares		Description (1)	Value
		Multiline Retail – 1.3%
	58,848	Macy's Inc.	$	986,292
	61,629	Nordstrom, Inc.		2,316,018
	47,473	Sears Holding Corporation, (2)		3,961,622
	85,972	Target Corporation		4,158,466
		Total Multiline Retail		11,422,398
		Multi-Utilities – 0.8%
	62,041	Ameren Corporation		1,734,046
	57,468	OGE Energy Corp.		2,119,995
	96,709	Public Service Enterprise Group Incorporated		3,215,574
		Total Multi-Utilities		7,069,615
		Oil, Gas & Consumable Fuels – 6.7%
	174,419	Chevron Corporation		13,428,519
	2,747	CNOOC Limited, Sponsored ADR		427,021
	115,719	ConocoPhillips		5,909,769
	962	Delta Petroleum Corporation, (2)		1,000
	369,885	Exxon Mobil Corporation		25,222,458
	20,868	Hess Corporation		1,262,514
	53,377	Occidental Petroleum Corporation		4,342,219
	5,467	PetroChina Company Limited, Sponsored ADR		650,354
	15,980	Royal Dutch Shell PLC, Class A, Sponsored ADR		960,558
	99,339	SandRidge Energy Inc., (2)		936,767
	39,133	StatoilHydro ASA, Sponsored ADR		974,803
	16,037	Suncor Energy, Inc.		566,266
	96,561	XTO Energy, Inc.		4,492,983
		Total Oil, Gas & Consumable Fuels		59,175,231
		Pharmaceuticals – 6.0%
	143,154	Abbott Laboratories		7,728,884
	144,095	Bristol-Myers Squibb Company		3,638,399
	93,944	Eli Lilly and Company		3,354,740
	12,316	GlaxoSmithKline PLC, Sponsored ADR		520,351
	187,077	Johnson & Johnson		12,049,630
	331,786	Merck & Company Inc.		12,123,460
	708,333	Pfizer Inc.		12,884,577
		Total Pharmaceuticals		52,300,041
		Professional Services – 0.6%
	22,298	Corporate Executive Board Company		508,840
	56,869	Manpower Inc.		3,103,910
	75,337	Resources Connection, Inc., (2)		1,598,651
		Total Professional Services		5,211,401
		Real Estate Investment Trust – 1.4%
	66,093	Apartment Investment & Management Company, Class A		1,052,201
	69,975	Brandywine Realty Trust		797,715
	34,687	CBL & Associates Properties Inc.		335,423
	114,294	DCT Industrial Trust Inc.		573,756
	2,779	Developers Diversified Realty Corporation		25,734
	50,512	Health Care REIT, Inc.		2,238,692
	100,726	Lexington Corporate Properties Trust		612,414
	47,270	Liberty Property Trust		1,513,113
	106,216	Nationwide Health Properties, Inc.		3,736,679
	136,993	U-Store-It Trust		1,002,789
		Total Real Estate Investment Trust		11,888,516

Nuveen Investments
27

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Road & Rail – 0.4%
	48,833	Union Pacific Corporation	$	3,120,429
		Semiconductors & Equipment – 3.8%
	94,823	Altera Corporation		2,145,844
	75,732	Analog Devices, Inc.		2,391,617
	249,727	Applied Materials, Inc.		3,481,194
	115,352	Broadcom Corporation, Class A, (2)		3,627,820
	598,003	Intel Corporation		12,199,261
	27,560	Intersil Holding Corporation, Class A		422,770
	79,053	Linear Technology Corporation		2,414,279
	114,725	National Semiconductor Corporation		1,762,176
	174,343	Texas Instruments Incorporated		4,543,379
		Total Semiconductors & Equipment		32,988,340
		Software – 7.1%
	332,861	Activision Blizzard Inc., (2)		3,698,086
	170,391	Adobe Systems Incorporated, (2)		6,266,981
	79,049	Autodesk, Inc., (2)		2,008,635
	56,026	McAfee Inc., (2)		2,272,975
	1,034,480	Microsoft Corporation		31,541,295
	691,143	Oracle Corporation		16,960,649
		Total Software		62,748,621
		Specialty Retail – 1.9%
	21,735	Abercrombie & Fitch Co., Class A		757,465
	59,432	American Eagle Outfitters, Inc.		1,009,155
	74,644	Best Buy Co., Inc.		2,945,452
	70,360	CarMax, Inc., (2)		1,706,230
	84,658	Gap, Inc.		1,773,585
	124,349	Home Depot, Inc.		3,597,417
	113,332	Limited Brands, Inc.		2,180,508
	131,571	Lowe's Companies, Inc.		3,077,446
		Total Specialty Retail		17,047,258
		Thrifts & Mortgage Finance – 0.3%
	181,553	New York Community Bancorp, Inc.		2,634,334
	2,011	Tree.com Inc., (2)		18,401
		Total Thrifts & Mortgage Finance		2,652,735
		Tobacco – 1.1%
	5,906	Altria Group, Inc.		115,935
	175,016	Philip Morris International		8,434,021
	18,755	Reynolds American Inc.		993,452
		Total Tobacco		9,543,408
		Wireless Telecommunication Services – 0.2%
	30,476	China Mobile Hong Kong Limited, Sponsored ADR		1,415,001
		Total Common Stocks (cost $777,966,573)		878,355,455

Nuveen Investments
28

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 3.7%
$	32,537	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009, repurchase price $32,537,481, collateralized by $33,315,000 U.S. Treasury Notes, 1.000%, due 12/31/11, value $33,190,069		0.000	%	1/04/10	$	32,537,481
		Total Short-Term Investments (cost $32,537,481)						32,537,481
		Total Investments (cost $810,504,054) – 103.7%						910,892,936

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written – (3.8)% (4)
	(803	)	Mini-NDX 100 Index	$	(14,052,500	)	1/16/10	$	175.0	$	(981,668	)
	(804	)	Mini-NDX 100 Index		(14,271,000	)	1/16/10		177.5		(797,970	)
	(612	)	Mini-NDX 100 Index		(11,016,000	)	1/16/10		180.0		(469,710	)
	(614	)	Mini-NDX 100 Index		(10,745,000	)	2/20/10		175.0		(845,785	)
	(1,365	)	Mini-NDX 100 Index		(24,228,750	)	2/20/10		177.5		(1,600,462	)
	(703	)	Mini-NDX 100 Index		(12,654,000	)	2/20/10		180.0		(690,698	)
	(800	)	Mini-NDX 100 Index		(14,400,000	)	3/20/10		180.0		(914,000	)
	(106	)	NASDAQ 100 Index		(18,550,000	)	1/16/10		1,750.0		(1,297,970	)
	(105	)	NASDAQ 100 Index		(18,637,500	)	1/16/10		1,775.0		(1,041,075	)
	(89	)	NASDAQ 100 Index		(16,020,000	)	1/16/10		1,800.0		(684,410	)
	(89	)	NASDAQ 100 Index		(15,575,000	)	2/20/10		1,750.0		(1,226,865	)
	(104	)	NASDAQ 100 Index		(18,460,000	)	2/20/10		1,775.0		(1,223,040	)
	(84	)	NASDAQ 100 Index		(15,120,000	)	2/20/10		1,800.0		(826,980	)
	(53	)	NASDAQ 100 Index		(9,540,000	)	3/20/10		1,800.0		(606,585	)
	(729	)	S&P 500 Index		(78,367,500	)	1/16/10		1,075.0		(3,254,985	)
	(1,415	)	S&P 500 Index		(155,650,000	)	1/16/10		1,100.0		(3,487,975	)
	(740	)	S&P 500 Index		(83,250,000	)	1/16/10		1,125.0		(747,400	)
	(762	)	S&P 500 Index		(81,915,000	)	2/20/10		1,075.0		(4,271,010	)
	(638	)	S&P 500 Index		(70,180,000	)	2/20/10		1,100.0		(2,478,630	)
	(818	)	S&P 500 Index		(92,025,000	)	2/20/10		1,125.0		(2,008,190	)
	(729	)	S&P 500 Index		(80,190,000	)	3/20/10		1,100.0		(3,568,455	)
	(12,162	)	Total Call Options Written (premiums received $32,461,956)		(854,847,250	)					(33,023,863	)
			Other Assets Less Liabilities – 0.1%								452,386
			Net Assets – 100%							$	878,321,459

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

  (2)  Non-income producing; issuer has not declared a dividend within the past twelve months.

  (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
29

JLA

Nuveen Equity Premium Advantage Fund

Portfolio of INVESTMENTS

  December 31, 2009

Shares		Description (1)	Value
		Common Stocks – 101.4%
		Aerospace & Defense – 1.3%
	25,265	Boeing Company	$	1,367,594
	33,749	Honeywell International Inc.		1,322,961
	27,245	United Technologies Corporation		1,891,075
		Total Aerospace & Defense		4,581,630
		Air Freight & Logistics – 0.7%
	44,697	United Parcel Service, Inc., Class B		2,564,267
		Airlines – 0.3%
	25,270	Delta Air Lines, Inc., (2)		287,573
	27,885	Lan Airlines S.A., Sponsored ADR		464,843
	41,213	Southwest Airlines Co.		471,065
		Total Airlines		1,223,481
		Auto Components – 0.5%
	9,896	American Axle and Manufacturing Holdings Inc.		79,366
	28,366	Cooper Tire & Rubber		568,738
	61,381	Gentex Corporation		1,095,651
		Total Auto Components		1,743,755
		Automobiles – 0.4%
	119,221	Ford Motor Company, (2)		1,192,210
	14,231	Harley-Davidson, Inc.		358,621
		Total Automobiles		1,550,831
		Beverages – 1.2%
	38,620	Coca-Cola Company		2,201,340
	30,352	PepsiCo, Inc.		1,845,402
		Total Beverages		4,046,742
		Biotechnology – 4.8%
	77,192	Amgen Inc., (2)		4,366,751
	70,399	Celgene Corporation, (2)		3,919,816
	13,300	Cephalon, Inc., (2)		830,053
	48,444	Genzyme Corporation, (2)		2,374,240
	125,299	Gilead Sciences, Inc., (2)		5,422,941
		Total Biotechnology		16,913,801
		Capital Markets – 1.4%
	27,074	Bank of New York Company, Inc.		757,260
	48,261	Charles Schwab Corporation		908,272
	9,607	Goldman Sachs Group, Inc.		1,622,046
	34,070	Morgan Stanley		1,008,472
	17,346	Waddell & Reed Financial, Inc., Class A		529,747
		Total Capital Markets		4,825,797

Nuveen Investments
30

Shares		Description (1)	Value
		Chemicals – 1.0%
	32,606	Dow Chemical Company	$	900,904
	37,340	E.I. Du Pont de Nemours and Company		1,257,238
	16,158	Monsanto Company		1,320,917
		Total Chemicals		3,479,059
		Commercial Banks – 1.2%
	31,331	FirstMerit Corporation		631,006
	15,775	Lloyds Banking Group PLC, Sponsored ADR		51,584
	7,538	Toronto-Dominion Bank		472,783
	63,404	U.S. Bancorp		1,427,224
	57,557	Wells Fargo & Company		1,553,463
		Total Commercial Banks		4,136,060
		Commercial Services & Supplies – 0.5%
	29,414	Covanta Holding Corporation, (2)		532,099
	13,828	Deluxe Corporation		204,516
	12,039	Pitney Bowes Inc.		274,008
	27,054	R.R. Donnelley & Sons Company		602,493
		Total Commercial Services & Supplies		1,613,116
		Communications Equipment – 7.3%
	353,015	Cisco Systems, Inc., (2)		8,451,179
	21,578	Comverse Technology, Inc., (2)		203,912
	16,764	Harris Corporation		797,128
	6,820	Harris Stratex Networks, Inc., (2)		47,126
	246,403	QUALCOMM, Inc.		11,398,603
	70,797	Research In Motion Limited, (2)		4,781,629
		Total Communications Equipment		25,679,577
		Computers & Peripherals – 11.7%
	156,690	Apple, Inc., (2)		33,039,657
	48,281	EMC Corporation, (2)		843,469
	62,009	Hewlett-Packard Company		3,194,084
	26,127	International Business Machines Corporation (IBM)		3,420,024
	41,328	Sun Microsystems Inc., (2)		387,243
		Total Computers & Peripherals		40,884,477
		Consumer Finance – 0.3%
	19,600	American Express Company		794,192
	23,560	SLM Corporation, (2)		265,521
		Total Consumer Finance		1,059,713
		Containers & Packaging – 0.2%
	20,638	Packaging Corp. of America		474,880
	5,624	Sonoco Products Company		164,502
		Total Containers & Packaging		639,382
		Distributors – 0.1%
	6,714	Genuine Parts Company		254,863
		Diversified Consumer Services – 0.3%
	7,119	ITT Educational Services, Inc., (2)		683,139
	63,150	Service Corporation International		517,199
		Total Diversified Consumer Services		1,200,338

Nuveen Investments
31

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Diversified Financial Services – 2.1%
	130,976	Bank of America Corporation	$	1,972,499
	3,262	CME Group, Inc.		1,095,869
	88,019	JPMorgan Chase & Co.		3,667,752
	16,687	Moody's Corporation		447,212
		Total Diversified Financial Services		7,183,332
		Diversified Telecommunication Services – 1.8%
	139,745	AT&T Inc.		3,917,052
	28,334	Chunghwa Telecom Co., Ltd, Sponsored ADR		526,162
	64,132	Frontier Communications Corporation		500,871
	40,711	Verizon Communications Inc.		1,348,755
		Total Diversified Telecommunication Services		6,292,840
		Electric Utilities – 0.9%
	66,063	Duke Energy Corporation		1,136,944
	48,358	Great Plains Energy Incorporated		937,662
	27,860	Pinnacle West Capital Corporation		1,019,119
		Total Electric Utilities		3,093,725
		Electrical Equipment – 1.2%
	20,060	Cooper Industries PLC		855,358
	31,682	Emerson Electric Company		1,349,653
	11,238	Hubbell Incorporated, Class B		531,557
	14,562	Rockwell Automation, Inc.		684,123
	13,312	Roper Industries Inc.		697,149
	311	SunPower Corporation, Class B, (2)		6,515
		Total Electrical Equipment		4,124,355
		Electronic Equipment & Instruments – 0.8%
	18,994	Agilent Technologies, Inc., (2)		590,144
	25,113	Amphenol Corporation, Class A		1,159,718
	56,514	Corning Incorporated		1,091,285
		Total Electronic Equipment & Instruments		2,841,147
		Energy Equipment & Services – 1.4%
	29,580	Cooper Cameron Corporation, (2)		1,236,444
	11,464	Diamond Offshore Drilling, Inc.		1,128,287
	52,485	Halliburton Company		1,579,274
	33,117	Smith International, Inc.		899,789
		Total Energy Equipment & Services		4,843,794
		Food & Staples Retailing – 1.5%
	46,728	CVS Caremark Corporation		1,505,109
	24,085	Kroger Co.		494,465
	23,034	SUPERVALU INC.		292,762
	33,608	Walgreen Co.		1,234,086
	30,118	Wal-Mart Stores, Inc.		1,609,807
		Total Food & Staples Retailing		5,136,229
		Food Products – 0.7%
	19,903	Archer-Daniels-Midland Company		623,163
	42,656	Kraft Foods Inc., Class A		1,159,390
	64,568	Sara Lee Corporation		786,438
		Total Food Products		2,568,991

Nuveen Investments
32

Shares		Description (1)	Value
		Gas Utilities – 0.5%
	24,969	Nicor Inc.	$	1,051,195
	26,900	Piedmont Natural Gas Company		719,575
		Total Gas Utilities		1,770,770
		Health Care Equipment & Supplies – 1.5%
	35,925	Accuray, Inc., (2)		201,539
	16,779	Baxter International, Inc.		984,592
	58,519	Boston Scientific Corporation, (2)		526,671
	9,327	CareFusion Corporation, (2)		233,268
	37,662	ev3, Inc., (2)		502,411
	12,334	Hill Rom Holdings Inc.		295,893
	25,529	Medtronic, Inc.		1,122,765
	17,705	Saint Jude Medical Inc., (2)		651,190
	12,127	Zimmer Holdings, Inc., (2)		716,827
		Total Health Care Equipment & Supplies		5,235,156
		Health Care Providers & Services – 1.9%
	13,759	Brookdale Senior Living Inc., (2)		250,276
	18,655	Cardinal Health, Inc.		601,437
	23,961	Lincare Holdings, (2)		889,432
	22,698	Medco Health Solutions, Inc., (2)		1,450,629
	10,900	Omnicare, Inc.		263,562
	82,800	Tenet Healthcare Corporation, (2)		446,292
	27,849	UnitedHealth Group Incorporated		848,838
	20,106	Universal Health Services, Inc., Class B		613,233
	19,990	Wellpoint Inc., (2)		1,165,217
		Total Health Care Providers & Services		6,528,916
		Hotels, Restaurants & Leisure – 2.3%
	17,976	Carnival Corporation, (2)		569,659
	27,099	International Game Technology		508,648
	10,272	Interval Leisure Group Inc., (2)		128,092
	15,241	McDonald's Corporation		951,648
	151,583	Starbucks Corporation, (2)		3,495,504
	34,342	Starwood Hotels & Resorts Worldwide, Inc.		1,255,887
	19,573	Tim Hortons Inc.		597,172
	84,855	Wendy's International, Inc.		397,970
		Total Hotels, Restaurants & Leisure		7,904,580
		Household Durables – 0.3%
	15,279	KB Home		209,017
	36,936	Newell Rubbermaid Inc.		554,409
	4,844	Whirlpool Corporation		390,717
		Total Household Durables		1,154,143
		Household Products – 1.0%
	55,904	Procter & Gamble Company		3,389,460
		Industrial Conglomerates – 1.1%
	11,920	3M Co.		985,426
	191,451	General Electric Company		2,896,654
		Total Industrial Conglomerates		3,882,080
		Insurance – 1.0%
	16,791	AFLAC Incorporated		776,584
	26,516	Fidelity National Financial Inc., Class A		356,905
	26,440	Marsh & McLennan Companies, Inc.		583,795

Nuveen Investments
33

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Insurance (continued)
	13,767	Prudential Financial, Inc.	$	685,046
	20,523	Travelers Companies, Inc.		1,023,277
		Total Insurance		3,425,607
		Internet & Catalog Retail – 1.8%
	43,303	Amazon.com, Inc., (2)		5,825,120
	10,272	HSN, Inc., (2)		207,392
	8,768	Ticketmaster Online-Citysearch, Inc., (2)		107,145
		Total Internet & Catalog Retail		6,139,657
		Internet Software & Services – 6.0%
	41,279	Akamai Technologies, Inc., (2)		1,045,597
	1,786	AOL Inc., (2)		41,578
	150,284	eBay Inc., (2)		3,537,685
	22,002	Google Inc., Class A, (2)		13,640,800
	20,317	IAC/InterActiveCorp., (2)		416,092
	43,598	United Online, Inc.		313,470
	114,833	Yahoo! Inc., (2)		1,926,898
		Total Internet Software & Services		20,922,120
		IT Services – 2.2%
	63,955	Automatic Data Processing, Inc.		2,738,553
	23,982	Fidelity National Information Services		562,138
	8,016	Global Payments Inc.		431,742
	25,383	Infosys Technologies Limited, Sponsored ADR		1,402,918
	9,286	Lender Processing Services Inc.		377,569
	63,865	Paychex, Inc.		1,956,824
	2,370	Visa Inc.		207,280
		Total IT Services		7,677,024
		Life Sciences Tools & Services – 0.6%
	40,283	Life Technologies Corporation, (2)		2,103,981
		Machinery – 1.6%
	27,468	Caterpillar Inc.		1,565,401
	7,373	Danaher Corporation		554,450
	18,505	Deere & Company		1,000,935
	14,812	Eaton Corporation		942,339
	26,873	Graco Inc.		767,762
	15,335	SPX Corporation		838,825
		Total Machinery		5,669,712
		Media – 3.7%
	19,588	CBS Corporation, Class B		275,211
	187,991	Comcast Corporation, Special Class A		3,009,736
	124,848	DIRECTV Group, Inc., (2)		4,163,681
	2,869	Liberty Media Starz, (2)		132,404
	89,100	News Corporation, Class A		1,219,779
	51,500	News Corporation, Class B		819,880
	22,763	Omnicom Group, Inc.		891,171
	18,377	Regal Entertainment Group, Class A		265,364
	4,206	Time Warner Cable, Class A, (2)		174,086
	19,652	Time Warner Inc.		572,659
	39,358	Walt Disney Company		1,269,296
		Total Media		12,793,267

Nuveen Investments
34

Shares		Description (1)	Value
		Metals & Mining – 0.8%
	13,175	AngloGold Ashanti Limited, Sponsored ADR	$	529,372
	38,713	Companhia Siderurgica Nacional S.A., Sponsored ADR		1,236,106
	34,953	Southern Copper Corporation		1,150,303
		Total Metals & Mining		2,915,781
		Multiline Retail – 1.3%
	10,735	Family Dollar Stores, Inc.		298,755
	26,043	Macy's Inc.		436,481
	15,904	J.C. Penney Company, Inc.		423,205
	12,477	Kohl's Corporation, (2)		672,885
	19,969	Sears Holding Corporation, (2)		1,666,413
	23,248	Target Corporation		1,124,506
		Total Multiline Retail		4,622,245
		Multi-Utilities – 0.5%
	20,595	Integrys Energy Group, Inc.		864,784
	24,659	OGE Energy Corp.		909,671
		Total Multi-Utilities		1,774,455
		Oil, Gas & Consumable Fuels – 4.6%
	3,301	BP PLC, Sponsored ADR		191,359
	58,928	Chevron Corporation		4,536,867
	48,990	ConocoPhillips		2,501,919
	32,307	Delta Petroleum Corporation, (2)		33,599
	96,450	Exxon Mobil Corporation		6,576,926
	3,531	Royal Dutch Shell PLC, Class A, Sponsored ADR		212,248
	41,765	XTO Energy, Inc.		1,943,325
		Total Oil, Gas & Consumable Fuels		15,996,243
		Paper & Forest Products – 0.2%
	22,531	International Paper Company		603,380
		Pharmaceuticals – 4.7%
	35,398	Abbott Laboratories		1,911,138
	11,443	Allergan, Inc.		721,023
	59,127	Bristol-Myers Squibb Company		1,492,957
	31,526	Eli Lilly and Company		1,125,793
	23,799	Forest Laboratories, Inc., (2)		764,186
	17,456	GlaxoSmithKline PLC, Sponsored ADR		737,516
	48,196	Johnson & Johnson		3,104,304
	87,565	Merck & Company Inc.		3,199,625
	3,434	Novartis AG, Sponsored ADR		186,913
	185,137	Pfizer Inc.		3,367,642
		Total Pharmaceuticals		16,611,097
		Professional Services – 0.6%
	17,552	Manpower Inc.		957,988
	21,853	Resources Connection, Inc., (2)		463,721
	30,314	Robert Half International Inc.		810,293
		Total Professional Services		2,232,002
		Real Estate Investment Trust – 0.8%
	18,413	Apartment Investment & Management Company, Class A		293,135
	49,000	DCT Industrial Trust Inc.		245,980
	693	Developers Diversified Realty Corporation		6,417
	31,354	Nationwide Health Properties, Inc.		1,103,034

Nuveen Investments
35

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	41,126	Senior Housing Properties Trust	$	899,426
	28,958	U-Store-It Trust		211,973
		Total Real Estate Investment Trust		2,759,965
		Road & Rail – 0.5%
	18,911	Burlington Northern Santa Fe Corporation		1,865,003
		Semiconductors & Equipment – 5.6%
	58,540	Advanced Micro Devices, Inc., (2)		566,667
	62,568	Altera Corporation		1,415,914
	8,438	Analog Devices, Inc.		266,472
	103,433	Applied Materials, Inc.		1,441,856
	93,518	Atmel Corporation, (2)		431,118
	56,328	Broadcom Corporation, Class A, (2)		1,771,516
	1,213	Cymer, Inc., (2)		46,555
	26,308	Cypress Semiconductor Corporation, (2)		277,812
	28,948	Fairchild Semiconductor International Inc., Class A, (2)		289,191
	17,789	Integrated Device Technology, Inc., (2)		115,095
	323,233	Intel Corporation		6,593,953
	3,510	Intersil Holding Corporation, Class A		53,843
	51,703	Linear Technology Corporation		1,579,010
	95,908	LSI Logic Corporation, (2)		576,407
	15,600	MEMC Electronic Materials, (2)		212,472
	32,890	National Semiconductor Corporation		505,190
	5,618	Novellus Systems, Inc., (2)		131,124
	90,484	NVIDIA Corporation, (2)		1,690,241
	46,578	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR		532,852
	23,367	Texas Instruments Incorporated		608,944
	15,815	Varian Semiconductor Equipment Associate, (2)		567,442
		Total Semiconductors & Equipment		19,673,674
		Software – 9.6%
	188,254	Activision Blizzard Inc., (2)		2,091,502
	89,411	Adobe Systems Incorporated, (2)		3,288,537
	47,345	Autodesk, Inc., (2)		1,203,036
	86,697	CA Inc.		1,947,215
	33,659	Cadence Design Systems, Inc., (2)		201,617
	53,883	Electronic Arts Inc. (EA), (2)		956,423
	13,847	McAfee Inc., (2)		561,773
	487,044	Microsoft Corporation		14,849,972
	337,167	Oracle Corporation		8,274,078
	6,664	SAP AG, Sponsored ADR		311,942
		Total Software		33,686,095
		Specialty Retail – 1.8%
	20,968	Best Buy Co., Inc.		827,397
	25,619	Gap, Inc.		536,718
	47,740	Home Depot, Inc.		1,381,118
	37,574	Limited Brands, Inc.		722,924
	39,717	Lowe's Companies, Inc.		928,981
	18,535	TJX Companies, Inc.		677,454
	36,106	Urban Outfitters, Inc., (2)		1,263,349
		Total Specialty Retail		6,337,941
		Textiles, Apparel & Luxury Goods – 0.2%
	13,280	Coach, Inc.		485,118

Nuveen Investments
36

Shares		Description (1)	Value
		Thrifts & Mortgage Finance – 0.0%
	2,762	Capitol Federal Financial	$	86,893
	1,712	Tree.com Inc., (2)		15,665
		Total Thrifts & Mortgage Finance		102,558
		Tobacco – 0.8%
	44,792	Altria Group, Inc.		879,267
	41,164	Philip Morris International		1,983,693
		Total Tobacco		2,862,960
		Wireless Telecommunication Services – 0.3%
	20,311	China Mobile Hong Kong Limited, Sponsored ADR		943,040
	11,357	Vodafone Group PLC, Sponsored ADR		262,233
		Total Wireless Telecommunication Services		1,205,273
		Total Common Stocks (cost $288,889,063)		354,811,565

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 3.1%
$	10,916	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009, repurchase price $10,916,135, collateralized by $11,220,000 U.S. Treasury Notes, 3.250%, due 12/31/16, value $11,135,850		0.000	%	1/04/10	$	10,916,135
		Total Short-Term Investments (cost $10,916,135)						10,916,135
		Total Investments (cost $299,805,198) – 104.5%						365,727,700

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written – (4.5)% (4)
	(570	)	Mini-NDX 100 Index	$	(9,975,000	)	1/16/10	$	175.0	$	(696,825	)
	(570	)	Mini-NDX 100 Index		(10,117,500	)	1/16/10		177.5		(565,725	)
	(649	)	Mini-NDX 100 Index		(11,682,000	)	1/16/10		180.0		(498,108	)
	(516	)	Mini-NDX 100 Index		(9,030,000	)	2/20/10		175.0		(710,790	)
	(970	)	Mini-NDX 100 Index		(17,217,500	)	2/20/10		177.5		(1,137,325	)
	(687	)	Mini-NDX 100 Index		(12,366,000	)	2/20/10		180.0		(674,977	)
	(632	)	Mini-NDX 100 Index		(11,376,000	)	3/20/10		180.0		(722,060	)
	(100	)	NASDAQ 100 Index		(17,500,000	)	1/16/10		1,750.0		(1,224,500	)
	(87	)	NASDAQ 100 Index		(15,442,500	)	1/16/10		1,775.0		(862,605	)
	(62	)	NASDAQ 100 Index		(11,160,000	)	1/16/10		1,800.0		(476,780	)
	(62	)	NASDAQ 100 Index		(10,850,000	)	2/20/10		1,750.0		(854,670	)
	(97	)	NASDAQ 100 Index		(17,217,500	)	2/20/10		1,775.0		(1,140,720	)
	(53	)	NASDAQ 100 Index		(9,540,000	)	2/20/10		1,800.0		(521,785	)
	(43	)	NASDAQ 100 Index		(7,740,000	)	3/20/10		1,800.0		(492,135	)
	(201	)	S&P 500 Index		(21,607,500	)	1/16/10		1,075.0		(897,465	)
	(380	)	S&P 500 Index		(41,800,000	)	1/16/10		1,100.0		(936,700	)
	(196	)	S&P 500 Index		(22,050,000	)	1/16/10		1,125.0		(197,960	)
	(201	)	S&P 500 Index		(21,607,500	)	2/20/10		1,075.0		(1,126,605	)
	(169	)	S&P 500 Index		(18,590,000	)	2/20/10		1,100.0		(656,565	)
	(208	)	S&P 500 Index		(23,400,000	)	2/20/10		1,125.0		(510,640	)
	(202	)	S&P 500 Index		(22,220,000	)	3/20/10		1,100.0		(988,790	)
	(6,655	)	Total Call Options Written (premiums received $13,581,441)		(342,489,000	)					(15,893,730	)
			Other Assets Less Liabilities – 0.0%								64,258
			Net Assets – 100%							$	349,898,228

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

  (2)  Non-income producing; issuer has not declared a dividend within the past twelve months.

  (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
37

JPG

Nuveen Equity Premium and Growth Fund

Portfolio of INVESTMENTS

  December 31, 2009

Shares		Description (1)	Value
		Common Stocks – 100.2%
		Aerospace & Defense – 2.7%
	29,568	Boeing Company	$	1,600,516
	6,100	Goodrich Corporation		391,925
	33,500	Honeywell International Inc.		1,313,200
	14,596	Raytheon Company		751,986
	30,603	United Technologies Corporation		2,124,154
		Total Aerospace & Defense		6,181,781
		Air Freight & Logistics – 0.9%
	36,398	United Parcel Service, Inc., Class B		2,088,153
		Airlines – 0.1%
	13,335	Lan Airlines S.A., Sponsored ADR		222,294
		Auto Components – 0.1%
	9,310	Cooper Tire & Rubber		186,666
		Automobiles – 0.4%
	99,139	Ford Motor Company, (2)		991,390
		Beverages – 2.2%
	47,604	Coca-Cola Company		2,713,428
	37,091	PepsiCo, Inc.		2,255,133
		Total Beverages		4,968,561
		Biotechnology – 0.9%
	14,225	Celgene Corporation, (2)		792,048
	1,860	Cephalon, Inc., (2)		116,083
	727	Facet Biotech Corporation, (2)		12,781
	22,781	Gilead Sciences, Inc., (2)		985,962
	10,546	PDL Biopahrma Inc.		72,346
		Total Biotechnology		1,979,220
		Capital Markets – 2.7%
	54,291	Charles Schwab Corporation		1,021,757
	24,811	Federated Investors Inc., Class B		682,303
	15,129	Goldman Sachs Group, Inc.		2,554,380
	49,201	Morgan Stanley		1,456,350
	14,786	Waddell & Reed Financial, Inc., Class A		451,564
		Total Capital Markets		6,166,354
		Chemicals – 2.5%
	46,539	Dow Chemical Company		1,285,873
	46,695	E.I. Du Pont de Nemours and Company		1,572,221
	7,335	Eastman Chemical Company		441,860
	10,663	Monsanto Company		871,700
	28,707	Olin Corporation		502,947

Nuveen Investments
38

Shares		Description (1)	Value
		Chemicals (continued)
	10,861	PPG Industries, Inc.	$	635,803
	16,683	RPM International, Inc.		339,165
		Total Chemicals		5,649,569
		Commercial Banks – 2.6%
	13,229	Comerica Incorporated		391,182
	10,892	First Horizon National Corporation, (2)		145,948
	8,730	FirstMerit Corporation		175,822
	49,105	Huntington BancShares Inc.		179,233
	33,673	Regions Financial Corporation		178,130
	67,986	U.S. Bancorp		1,530,365
	119,526	Wells Fargo & Company		3,226,007
		Total Commercial Banks		5,826,687
		Commercial Services & Supplies – 0.4%
	13,362	Avery Dennison Corporation		487,579
	14,872	Deluxe Corporation		219,957
	12,600	Kimball International Inc., Class B		107,352
	18,017	Standard Register Company		91,887
		Total Commercial Services & Supplies		906,775
		Communications Equipment – 2.9%
	142,101	Cisco Systems, Inc., (2)		3,401,898
	104,122	Motorola, Inc.		807,987
	47,503	QUALCOMM, Inc.		2,197,489
	950	Research In Motion Limited, (2)		64,163
		Total Communications Equipment		6,471,537
		Computers & Peripherals – 4.7%
	20,703	Apple, Inc., (2)		4,365,435
	45,123	Dell Inc., (2)		647,966
	60,347	EMC Corporation, (2)		1,054,262
	34,871	International Business Machines Corporation (IBM)		4,564,614
		Total Computers & Peripherals		10,632,277
		Consumer Finance – 0.4%
	21,743	American Express Company		881,026
		Containers & Packaging – 0.2%
	20,200	Packaging Corp. of America		464,802
		Distributors – 0.4%
	21,250	Genuine Parts Company		806,650
		Diversified Consumer Services – 0.2%
	4,377	Apollo Group, Inc., Class A, (2)		265,159
		Diversified Financial Services – 3.8%
	160,276	Bank of America Corporation		2,413,757
	114,696	Citigroup Inc.		379,644
	2,592	CME Group, Inc.		870,782
	4,467	Intercontinental Exchange, Inc., (2)		501,644
	100,078	JPMorgan Chase & Co.		4,170,250
	14,394	New York Stock Exchange Euronext		364,168
		Total Diversified Financial Services		8,700,245

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Diversified Telecommunication Services – 3.9%
	4,000	Alaska Communications Systems Group Inc.	$	31,920
	176,121	AT&T Inc.		4,936,671
	81,953	Frontier Communications Corporation		640,053
	97,267	Verizon Communications Inc.		3,222,456
		Total Diversified Telecommunication Services		8,831,100
		Electric Utilities – 1.6%
	77,700	Duke Energy Corporation		1,337,217
	66,284	Great Plains Energy Incorporated		1,285,247
	26,885	Progress Energy, Inc.		1,102,554
		Total Electric Utilities		3,725,018
		Electrical Equipment – 1.0%
	9,653	Cooper Industries PLC		411,604
	33,709	Emerson Electric Company		1,436,003
	910	First Solar Inc., (2)		123,214
	200	Hubbell Incorporated, Class B		9,460
	7,017	Rockwell Automation, Inc.		329,659
		Total Electrical Equipment		2,309,940
		Electronic Equipment & Instruments – 0.4%
	49,758	Corning Incorporated		960,827
		Energy Equipment & Services – 2.3%
	12,700	Baker Hughes Incorporated		514,096
	2,246	Carbo Ceramics Inc.		153,110
	34,006	Halliburton Company		1,023,241
	15,267	National-Oilwell Varco Inc., (2)		673,122
	3,009	Noble Corporation		122,466
	33,839	Schlumberger Limited		2,202,581
	11,347	Smith International, Inc.		308,298
	2,000	Tidewater Inc.		95,900
	548	Transocean Inc., (2)		45,374
		Total Energy Equipment & Services		5,138,188
		Food & Staples Retailing – 2.2%
	40,695	CVS Caremark Corporation		1,310,786
	23,637	SUPERVALU INC.		300,426
	59,864	Wal-Mart Stores, Inc.		3,199,731
	6,512	Whole Foods Market, Inc., (2)		178,754
		Total Food & Staples Retailing		4,989,697
		Food Products – 1.1%
	15,186	Archer-Daniels-Midland Company		475,474
	34,000	ConAgra Foods, Inc.		783,700
	48,088	Kraft Foods Inc., Class A		1,307,032
		Total Food Products		2,566,206
		Gas Utilities – 0.5%
	18,129	Nicor Inc.		763,231
	7,318	ONEOK, Inc.		326,163
		Total Gas Utilities		1,089,394

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40

Shares		Description (1)	Value
		Health Care Equipment & Supplies – 0.7%
	28,854	Boston Scientific Corporation, (2)	$	259,686
	4,168	Hologic Inc., (2)		60,436
	29,845	Medtronic, Inc.		1,312,583
		Total Health Care Equipment & Supplies		1,632,705
		Health Care Providers & Services – 2.0%
	14,603	Aetna Inc.		462,915
	1,637	Brookdale Senior Living Inc.		29,777
	9,087	Express Scripts, Inc., (2)		785,571
	540	Henry Schein Inc., (2)		28,404
	5,614	Humana Inc., (2)		246,398
	2,280	Lincare Holdings, (2)		84,634
	15,149	Medco Health Solutions, Inc., (2)		968,173
	24,649	Tenet Healthcare Corporation, (2)		132,858
	34,501	UnitedHealth Group Incorporated		1,051,590
	13,342	Wellpoint Inc., (2)		777,705
		Total Health Care Providers & Services		4,568,025
		Hotels, Restaurants & Leisure – 1.1%
	6,173	International Game Technology		115,867
	32,031	McDonald's Corporation		2,000,016
	4,557	Tim Hortons Inc.		139,034
	43,350	Wendy's International, Inc.		203,312
		Total Hotels, Restaurants & Leisure		2,458,229
		Household Durables – 0.7%
	9,283	Black & Decker Corporation		601,817
	10,000	KB Home		136,800
	3,450	Lennar Corporation, Class A		44,057
	38,879	Newell Rubbermaid Inc.		583,574
	2,527	Whirlpool Corporation		203,828
		Total Household Durables		1,570,076
		Household Products – 2.6%
	7,688	Colgate-Palmolive Company		631,569
	13,458	Kimberly-Clark Corporation		857,409
	73,507	Procter & Gamble Company		4,456,729
		Total Household Products		5,945,707
		Industrial Conglomerates – 2.8%
	18,610	3M Co.		1,538,489
	316,320	General Electric Company		4,785,921
		Total Industrial Conglomerates		6,324,410
		Insurance – 2.1%
	22,025	Arthur J. Gallagher & Co.		495,783
	17,072	Fidelity National Financial Inc., Class A		229,789
	34,793	Lincoln National Corporation		865,650
	27,861	Marsh & McLennan Companies, Inc.		615,171
	16,648	Mercury General Corporation		653,600
	14,581	Prudential Financial, Inc.		725,551
	16,400	Travelers Companies, Inc.		817,704
	13,560	Unitrin, Inc.		298,998
		Total Insurance		4,702,246

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41

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Internet & Catalog Retail – 0.6%
	10,150	Amazon.com, Inc., (2)	$	1,365,378
		Internet Software & Services – 2.4%
	4,723	Akamai Technologies, Inc., (2)		119,634
	29,263	eBay Inc., (2)		688,851
	5,752	Google Inc., Class A, (2)		3,566,125
	22,961	United Online, Inc.		165,090
	10,377	VeriSign, Inc., (2)		251,538
	40,985	Yahoo! Inc., (2)		687,728
		Total Internet Software & Services		5,478,966
		IT Services – 1.1%
	35,833	Automatic Data Processing, Inc.		1,534,369
	11,786	Cognizant Technology Solutions Corporation, Class A, (2)		533,906
	11,474	Fidelity National Information Services		268,951
	2,687	Lender Processing Services Inc.		109,253
	640	Visa Inc.		55,974
		Total IT Services		2,502,453
		Leisure Equipment & Products – 0.6%
	38,906	Eastman Kodak Company		164,183
	36,716	Mattel, Inc.		733,586
	8,000	Polaris Industries Inc.		349,040
		Total Leisure Equipment & Products		1,246,809
		Life Sciences Tools & Services – 0.1%
	1,370	Covance, Inc., (2)		74,761
	2,730	Life Technologies Corporation, (2)		142,588
		Total Life Sciences Tools & Services		217,349
		Machinery – 2.6%
	9,670	Briggs & Stratton Corporation		180,926
	27,600	Caterpillar Inc.		1,572,924
	10,116	Cummins Inc.		463,920
	19,204	Deere & Company		1,038,744
	18,936	Illinois Tool Works, Inc.		908,739
	7,101	Ingersoll-Rand PLC		253,790
	5,500	Pentair, Inc.		177,650
	12,000	Snap-on Incorporated		507,120
	13,500	Stanley Works		695,385
		Total Machinery		5,799,198
		Media – 1.5%
	102,034	Comcast Corporation, Class A		1,720,293
	5,070	Lamar Advertising Company, (2)		157,626
	30,710	New York Times, Class A, (2)		379,576
	52,079	Regal Entertainment Group, Class A		752,021
	45,144	Sirius XM Radio Inc., (2)		27,086
	24,892	World Wrestling Entertainment Inc.		381,594
		Total Media		3,418,196
		Metals & Mining – 0.9%
	2,385	Companhia Siderurgica Nacional S.A., Sponsored ADR		76,153
	14,246	Freeport-McMoRan Copper & Gold, Inc.		1,143,811
	523	ArcelorMittal, Sponsored ADR		23,927
	11,632	Southern Copper Corporation		382,809
	6,332	United States Steel Corporation		349,020
		Total Metals & Mining		1,975,720

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42

Shares		Description (1)	Value
		Multiline Retail – 0.7%
	12,421	Nordstrom, Inc.	$	466,781
	23,038	Target Corporation		1,114,348
		Total Multiline Retail		1,581,129
		Multi-Utilities – 2.3%
	42,310	Ameren Corporation		1,182,565
	56,900	CenterPoint Energy, Inc.		825,619
	16,562	Consolidated Edison, Inc.		752,412
	30,928	Dominion Resources, Inc.		1,203,718
	31,554	Integrys Energy Group, Inc.		1,324,952
		Total Multi-Utilities		5,289,266
		Oil, Gas & Consumable Fuels – 10.2%
	16,861	Chesapeake Energy Corporation		436,363
	56,886	Chevron Corporation		4,379,653
	48,311	ConocoPhillips		2,467,243
	11,087	CONSOL Energy Inc.		552,133
	6,936	EOG Resources, Inc.		674,873
	115,452	Exxon Mobil Corporation		7,872,667
	9,247	Frontline Limited		252,628
	8,381	Hess Corporation		507,051
	22,790	Marathon Oil Corporation		711,504
	24,500	Occidental Petroleum Corporation		1,993,075
	14,441	Peabody Energy Corporation		652,878
	24,031	Ship Financial International Limited		327,543
	7,634	Southwestern Energy Company, (2)		367,959
	23,943	StatoilHydro ASA, Sponsored ADR		596,420
	21,254	Valero Energy Corporation		356,005
	20,451	XTO Energy, Inc.		951,585
		Total Oil, Gas & Consumable Fuels		23,099,580
		Paper & Forest Products – 0.4%
	19,923	Weyerhaeuser Company		859,478
		Personal Products – 0.3%
	23,000	Avon Products, Inc.		724,500
		Pharmaceuticals – 8.5%
	54,001	Abbott Laboratories		2,915,514
	1,006	AstraZeneca PLC, Sponsored ADR		47,222
	78,273	Bristol-Myers Squibb Company		1,976,393
	35,400	Eli Lilly and Company		1,264,134
	71,211	Johnson & Johnson		4,586,700
	101,459	Merck & Company Inc.		3,707,312
	243,805	Pfizer Inc.		4,434,813
	8,687	Sanofi-Aventis, Sponsored ADR		341,138
		Total Pharmaceuticals		19,273,226
		Real Estate Investment Trust – 1.7%
	35,857	Brandywine Realty Trust		408,770
	10,519	CapLease Inc.		46,073
	16,748	Hospitality Properties Trust		397,095
	54,667	Lexington Corporate Properties Trust		332,375
	42,376	Nationwide Health Properties, Inc.		1,490,788
	50,200	Senior Housing Properties Trust		1,097,874
	14,334	U-Store-It Trust		104,925
		Total Real Estate Investment Trust		3,877,900

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares		Description (1)	Value
		Semiconductors & Equipment – 2.7%
	22,459	Analog Devices, Inc.	$	709,255
	35,573	Applied Materials, Inc.		495,888
	154,408	Intel Corporation		3,149,923
	3,100	MEMC Electronic Materials, (2)		42,222
	20,804	Microchip Technology Incorporated		604,564
	20,469	NVIDIA Corporation, (2)		382,361
	30,804	Texas Instruments Incorporated		802,752
		Total Semiconductors & Equipment		6,186,965
		Software – 4.7%
	17,693	Adobe Systems Incorporated, (2)		650,749
	9,211	Autodesk, Inc., (2)		234,052
	219,226	Microsoft Corporation		6,684,200
	106,742	Oracle Corporation		2,619,449
	5,607	Salesforce.com, Inc., (2)		413,628
		Total Software		10,602,078
		Specialty Retail – 2.6%
	6,450	Abercrombie & Fitch Co., Class A		224,783
	23,200	American Eagle Outfitters, Inc.		393,936
	11,675	Best Buy Co., Inc.		460,696
	18,656	Gap, Inc.		390,843
	64,570	Home Depot, Inc.		1,868,010
	33,172	Limited Brands, Inc.		638,229
	43,280	Lowe's Companies, Inc.		1,012,319
	7,793	Tiffany & Co.		335,099
	14,600	TJX Companies, Inc.		533,630
		Total Specialty Retail		5,857,545
		Textiles, Apparel & Luxury Goods – 0.3%
	10,646	VF Corporation		779,713
		Thrifts & Mortgage Finance – 0.4%
	58,864	New York Community Bancorp, Inc.		854,117
		Tobacco – 1.9%
	70,986	Altria Group, Inc.		1,393,455
	45,473	Philip Morris International		2,191,344
	12,200	Reynolds American Inc.		646,234
		Total Tobacco		4,231,033
		Trading Companies & Distributors – 0.2%
	3,200	W.W. Grainger, Inc.		309,856
		Wireless Telecommunication Services – 0.4%
	54,217	Sprint Nextel Corporation, (2)		198,434
	27,100	Vodafone Group PLC, Sponsored ADR		625,739
		Total Wireless Telecommunication Services		824,173
		Total Common Stocks (cost $233,314,026)		226,555,542

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 2.2%
$	4,967	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/2009, repurchase price $4,967,039, collateralized by $5,090,000 U.S. Treasury Notes, 1.000%, due 12/31/11, value $5,070,913		0.000	%	1/04/10	$	4,967,039
		Total Short-Term Investments (cost $4,967,039)						4,967,039
		Total Investments (cost $238,281,065) – 102.4%						231,522,581

Nuveen Investments
44

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written – (2.4)% (4)
	(199	)	S&P 500 Index	$	(21,392,500	)	1/16/10	$	1,075	$	(888,535	)
	(395	)	S&P 500 Index		(43,450,000	)	1/16/10		1,100		(973,675	)
	(213	)	S&P 500 Index		(23,962,500	)	1/16/10		1,125		(215,130	)
	(204	)	S&P 500 Index		(21,930,000	)	2/20/10		1,075		(1,143,420	)
	(179	)	S&P 500 Index		(19,690,000	)	2/20/10		1,100		(695,415	)
	(229	)	S&P 500 Index		(25,762,500	)	2/20/10		1,125		(562,195	)
	(199	)	S&P 500 Index		(21,890,000	)	3/20/10		1,100		(974,105	)
	(1,618	)	Total Call Options Written (premiums received $6,419,805)		(178,077,500	)					(5,452,475	)
			Other Assets Less Liabilities – 0.0%								117,055
			Net Assets – 100%							$	226,187,161

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

  (2)  Non-income producing; issuer has not declared a dividend within the past twelve months.

  (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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45

Statement of

ASSETS & LIABILITIES

  December 31, 2009

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Assets
Investments, at value (cost $489,050,294, $810,504,054, $299,805,198 and $238,281,065, respectively)	$	516,574,753		$	910,892,936		$	365,727,700		$	231,522,581
Cash		260,190			—			—			—
Cash in other banks		111,001			—			—			—
Cash denominated in foreign currencies (cost $0, $2,748, $0 and $0, respectively)		—			2,809			—			—
Receivables:
Dividends and interest		823,351			1,124,018			322,344			344,197
Investments sold		—			—			60,000			—
Reclaims		7,052			1,222			560			3,341
Other assets		32,794			50,004			20,112			12,225
Total assets		517,809,141			912,070,989			366,130,716			231,882,344
Liabilities
Call options written, at value (premiums received $17,520,638, $32,461,956, $13,581,441 and $6,419,805, respectively)		14,865,805			33,023,863			15,893,730			5,452,475
Accrued expenses:
Management fees		286,445			433,145			205,268			167,187
Other		168,788			292,522			133,490			75,521
Total liabilities		15,321,038			33,749,530			16,232,488			5,695,183
Net assets	$	502,488,103		$	878,321,459		$	349,898,228		$	226,187,161
Shares outstanding		38,417,887			66,058,537			25,846,491			16,311,642
Net asset value per share outstanding	$	13.08		$	13.30		$	13.54		$	13.87
Net assets consist of:
Shares, $.01 par value per share	$	384,179		$	660,585		$	258,465		$	163,116
Paid-in surplus		557,116,354			909,269,029			344,003,814			269,464,009
Undistributed (Over-distribution of) net investment income		—			—			—			—
Accumulated net realized gain (loss) from investments, foreign currency and call options written		(85,191,722	)		(131,435,191	)		(57,974,264	)		(37,648,810	)
Net unrealized appreciation (depreciation) of investments, foreign currency and call options written		30,179,292			99,827,036			63,610,213			(5,791,154	)
Net assets	$	502,488,103		$	878,321,459		$	349,898,228		$	226,187,161

See accompanying notes to financial statements.

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46

Statement of

OPERATIONS

  Year Ended December 31, 2009

	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 $10,057, $44,371, $28,940 and $11,273, respectively)	$	13,876,058		$	19,463,539		$	6,047,739		$	6,263,154
Interest		14,926			27,944			10,566			5,784
Total investment income		13,890,984			19,491,483			6,058,305			6,268,938
Expenses
Management fees		4,264,407			7,414,307			2,967,842			1,842,582
Shareholders' servicing agent fees and expenses		1,150			1,721			494			315
Custodian's fees and expenses		93,724			156,168			80,500			50,112
Trustees' fees and expenses		15,139			26,523			10,473			6,678
Professional fees		52,217			72,754			41,301			29,914
Shareholders' reports — printing and mailing expenses		119,794			182,697			72,600			57,645
Stock exchange listing fees		13,223			22,754			9,219			9,219
Investor relations expense		110,747			140,776			53,863			34,667
Other expenses		54,903			174,354			116,512			41,713
Total expenses before custodian fee credit and expense reimbursement		4,725,304			8,192,054			3,352,804			2,072,845
Custodian fee credit		(125	)		(214	)		(67	)		(41	)
Expense reimbursement		(1,361,426	)		(2,511,949	)		(662,802	)		—
Net expenses		3,363,753			5,679,891			2,689,935			2,072,804
Net investment income		10,527,231			13,811,592			3,368,370			4,196,134
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(26,294,038	)		(15,571,630	)		(8,114,092	)		(16,690,491	)
Call options written		(54,214,352	)		(103,740,435	)		(44,195,720	)		(19,341,719	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		133,449,670			245,680,015			118,229,072			61,613,159
Call options written		(1,821,561	)		(11,923,845	)		(7,769,794	)		(524,178	)
Net realized and unrealized gain (loss)		51,119,719			114,444,105			58,149,466			25,056,771
Net increase (decrease) in net assets from operations	$	61,646,950		$	128,255,697		$	61,517,836		$	29,252,905

See accompanying notes to financial statements.

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47

Statement of

CHANGES in NET ASSETS

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/09			Year Ended 12/31/08
Operations
Net investment income	$	10,527,231		$	14,903,399		$	13,811,592		$	19,861,308
Net realized gain (loss) from:
Investments and foreign currency		(26,294,038	)		(1,456,797	)		(15,571,630	)		(19,195,055	)
Call options written		(54,214,352	)		105,051,099			(103,740,435	)		177,079,782
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		133,449,670			(272,201,460	)		245,680,015			(464,376,500	)
Call options written		(1,821,561	)		(2,097,986	)		(11,923,845	)		(1,747,207	)
Net increase (decrease) in net assets from operations		61,646,950			(155,801,745	)		128,255,697			(288,377,672	)
Distributions to Shareholders
From net investment income		(10,853,786	)		(15,175,060	)		(14,591,730	)		(40,991,628	)
From accumulated net realized gains		(9,162,194	)		(43,974,543	)		—			(64,641,062	)
Tax return of capital		(29,564,460	)		—			(74,229,886	)		—
Decrease in net assets from distributions to shareholders		(49,580,440	)		(59,149,603	)		(88,821,616	)		(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		10,781,899			(216,227,152	)		36,742,935			(395,948,391	)
Net assets at the beginning of year		491,706,204			707,933,356			841,578,524			1,237,526,915
Net assets at the end of year	$	502,488,103		$	491,706,204		$	878,321,459		$	841,578,524
Undistributed (Over-distribution of) net investment income at the end of year	$	—		$	—		$	—		$	(2,311	)

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	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/09			Year Ended 12/31/08
Operations
Net investment income	$	3,368,370		$	4,547,250		$	4,196,134		$	5,923,521
Net realized gain (loss) from:
Investments and foreign currency		(8,114,092	)		12,318,905			(16,690,491	)		(1,308,979	)
Call options written		(44,195,720	)		67,110,542			(19,341,719	)		37,807,215
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		118,229,072			(201,403,897	)		61,613,159			(118,850,499	)
Call options written		(7,769,794	)		(422,652	)		(524,178	)		(906,295	)
Net increase (decrease) in net assets from operations		61,517,836			(117,849,852	)		29,252,905			(77,335,037	)
Distributions to Shareholders
From net investment income		(3,588,580	)		(23,919,169	)		(4,357,101	)		(6,573,928	)
From accumulated net realized gains		—			(17,979,679	)		(3,431,689	)		(17,961,421	)
Tax return of capital		(30,654,318	)		—			(10,487,585	)		—
Decrease in net assets from distributions to shareholders		(34,242,898	)		(41,898,848	)		(18,276,375	)		(24,535,349	)
Capital Share Transactions
Shares repurchased		(1,347,945	)		(1,278,064	)		(832,957	)		(1,386,261	)
Net increase (decrease) in net assets from capital share transactions		(1,347,945	)		(1,278,064	)		(832,957	)		(1,386,261	)
Net increase (decrease) in net assets		25,926,993			(161,026,764	)		10,143,573			(103,256,647	)
Net assets at the beginning of year		323,971,235			484,997,999			216,043,588			319,300,235
Net assets at the end of year	$	349,898,228		$	323,971,235		$	226,187,161		$	216,043,588
Undistributed (Over-distribution of) net investment income at the end of year	$	—		$	(765	)	$	—		$	(20	)

See accompanying notes to financial statements.

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Notes to

FINANCIAL STATEMENTS

1. General Information and Significant Accounting Policies

The funds covered in this report and their corresponding New York Stock Exchange (NYSE) 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 closed-end management investment companies.

Equity Premium Income's (JPZ) investment objective is to provide a high level of current income and gains. The Fund invests its managed assets in a diversified equity portfolio that seeks to substantially replicate price movements of the Standard & Poor's (S&P) 500 Stock Index. The Fund also uses an index option strategy of selling index call options in seeking to moderate the volatility of returns relative to an all equity portfolio.

Equity Premium Opportunity's (JSN) primary investment objective is to provide a high level of current income and gains from net index option premiums. The Fund's secondary investment objective is to seek capital appreciation consistent with the Fund's strategy and its primary objective. The Fund invests its managed assets in a diversified equity portfolio that seeks to substantially replicate price movements of a 75% / 25% combination of the S&P 500 Stock Index and the NASDAQ-100 Stock Index, respectively. The Fund also uses an index option strategy of selling S&P 500 and NASDAQ index call options in seeking to moderate the volatility of returns relative to an all equity portfolio.

Equity Premium Advantage's (JLA) primary investment objective is to provide a high level of current income and gains from net index option premiums. The Fund's secondary investment objective is to seek capital appreciation consistent with the Fund's strategy and its primary objective. The Fund invests its managed assets in a diversified equity portfolio that seeks to substantially replicate price movements of a 50% / 50% combination of the S&P 500 Stock Index and the NASDAQ-100 Stock Index, respectively. The Fund also uses an index option strategy of selling S&P 500 and NASDAQ index call options in seeking to moderate the volatility of returns relative to an all equity portfolio.

Equity Premium and Growth's (JPG) primary investment objective is to provide a high level of current income and gains from net index option premiums. The Fund's secondary investment objective is to seek capital appreciation consistent with the Fund's strategy and its primary objective. The Fund invests its managed assets in a diversified equity portfolio that seeks to substantially replicate price movements of the S&P 500 Stock Index. The Fund also uses an index option strategy of selling index call options covering approximately 80% of the value of the Fund's equity portfolio in seeking to moderate the volatility of returns relative to an all equity portfolio.

In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification^TM (the "Codification") as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The Codification supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification did not have a material effect on the Funds' financial statements.

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. If significant market events occur between the time of the determination of the closing price of a foreign security on an exchange and the time that the Fund's NAV is determined, or if under the Fund's procedures, the closing price of a foreign security is not deemed to be reliable, and there could be a material effect on the Fund's NAV, the security would be

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valued at fair value as determined in accordance with procedures established in good faith by the Board of Trustees. 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 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 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.

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.

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 accompanying financial statements.

Foreign Currency Transactions

Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency forwards, 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 on a

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Notes to

FINANCIAL STATEMENTS (continued)

spot (i.e. cash) 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.

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. E.T. 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 are recognized as a component of "Net 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, when applicable.

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, futures, swaps ("swaptions") or currencies in an attempt to manage this and 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 fiscal period are recognized as "Change in net unrealized appreciation (depreciation) of call options written" on the Statement of Operations. When a written 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 the 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 Funds did not purchase call or put options during the fiscal year ended December 31, 2009. The average notional amount of call options written during the fiscal year ended December 31, 2009, was as follows:

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Average notional amount of call options written	$	(463,229,500	)	$	(808,979,250	)	$	(320,571,850	)	$	(165,521,500	)

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.

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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.

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 December 31, 2009:

Equity Premium Income (JPZ)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	494,796,039		$	—	$	—	$	494,796,039
Short-Term Investments		21,778,714			—		—		21,778,714
Call Options Written		(14,865,805	)		—		—		(14,865,805	)
Total	$	501,708,948		$	—	$	—	$	501,708,948
Equity Premium Opportunity (JSN)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	878,355,455		$	—	$	—	$	878,355,455
Short-Term Investments		32,537,481			—		—		32,537,481
Call Options Written		(33,023,863	)		—		—		(33,023,863	)
Total	$	877,869,073		$	—	$	—	$	877,869,073

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Notes to

FINANCIAL STATEMENTS (continued)

Equity Premium Advantage (JLA)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	354,811,565		$	—	$	—	$	354,811,565
Short-Term Investments		10,916,135			—		—		10,916,135
Call Options Written		(15,893,730	)		—		—		(15,893,730	)
Total	$	349,833,970		$	—	$	—	$	349,833,970
Equity Premium and Growth (JPG)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	226,555,542		$	—	$	—	$	226,555,542
Short-Term Investments		4,967,039			—		—		4,967,039
Call Options Written		(5,452,475	)		—		—		(5,452,475	)
Total	$	226,070,106		$	—	$	—	$	226,070,106

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Funds adopted amendments to authoritative guidance under GAAP on disclosures about derivative instruments and hedging activities. This guidance 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 on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, under this guidance they are considered to be non-hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios 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 December 31, 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	$	14,865,805

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	$	33,023,863

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	$	15,893,730

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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	$	5,452,475

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 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	$	(54,214,352	)	$	(103,740,435	)	$	(44,195,720	)	$	(19,341,719	)
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	$	(1,821,561	)	$	(11,923,845	)	$	(7,769,794	)	$	(524,178	)

4. Fund Shares

Transactions in shares were as follows:

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/09			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		$	9.42		$	9.96
Discount per share repurchased		18.71	%		20.21	%		19.14	%		20.72	%
	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/09			Year Ended 12/31/08
Shares repurchased		(141,550	)		(126,500	)		(90,400	)		(134,300	)
Weighted average:
Price per share repurchased	$	9.50		$	10.08		$	9.19		$	10.30
Discount per share repurchased		20.16	%		20.81	%		20.34	%		22.85	%

5. Investment Transactions

Purchases and sales (excluding call options written and short-term investments) during the fiscal year ended December 31, 2009, were as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Purchases	$	42,721,629	$	35,453,396	$	35,473,235	$	12,359,604
Sales		130,440,212		192,550,791		97,645,120		37,670,908

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Notes to

FINANCIAL STATEMENTS (continued)

Transactions in call options written during the fiscal year ended December 31, 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 year		5,217		$	23,243,839			15,201		$	40,820,889
Options written		39,678			164,941,077			101,576			286,588,805
Options terminated in closing purchase transactions		(38,472	)		(161,337,133	)		(99,496	)		(279,475,768	)
Options expired		(2,006	)		(9,327,145	)		(5,119	)		(15,471,970	)
Outstanding, end of year		4,417		$	17,520,638			12,162		$	32,461,956
	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Outstanding, beginning of year		7,476		$	15,373,901			1,861		$	8,176,023
Options written		52,446			113,014,734			14,011			58,291,066
Options terminated in closing purchase transactions		(50,546	)		(109,279,849	)		(13,550	)		(56,727,344	)
Options expired		(2,721	)		(5,527,345	)		(704	)		(3,319,940	)
Outstanding, end of year		6,655		$	13,581,441			1,618		$	6,419,805

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 December 31, 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	$	488,972,693	$	810,707,553	$	299,788,040	$	238,268,842

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding call options written) at December 31, 2009, were as follows:

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Gross unrealized:
Appreciation	$	98,308,685		$	189,874,929		$	87,645,513		$	28,935,330
Depreciation		(70,706,625	)		(89,689,546	)		(21,705,853	)		(35,681,591	)
Net unrealized appreciation (depreciation) of investments	$	27,602,060		$	100,185,383		$	65,939,660		$	(6,746,261	)

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The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2009, the Funds' 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		—		—		—		—

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

The tax character of distributions paid during the Funds' tax years ended December 31, 2009 and December 31, 2008, was designated for purposes of the dividends paid deduction as follows:

2009	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Distributions from net ordinary income *	$	10,853,786	$	14,591,730	$	3,588,580	$	4,357,101
Distributions from net long-term capital gains**		9,162,194		—		—		3,431,689
Tax return of capital		29,564,460		74,229,886		30,654,318		10,487,585
2008	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
Tax return of capital		—		—		—		—

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

**  The Fund hereby designates this amount paid during the fiscal year ended December 31, 2009, as long-term capital gain dividends pursuant to Internal Revenue Code Section 852(b)(3).

At December 31, 2009, the Funds' tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Expiration: December 31, 2017	$	75,442,946	$	104,952,898	$	46,480,475	$	33,170,912

The Funds elected to defer net realized losses from investments incurred from November 1, 2009 through December 31, 2009, the Funds' 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 following fiscal year:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Post-October capital losses	$	7,093,919	$	26,780,603	$	13,805,314	$	3,489,238

7. Management Fees and Other Transactions with Affiliates

Each Fund's management fee is separated into two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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Notes to

FINANCIAL STATEMENTS (continued)

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Average Daily Managed Assets*	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 Assets*	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

The annual complex-level fee for each Fund, payable monthly, which is additive to the fund-level fee, is calculated according to the following schedule:

Complex-Level Asset Breakpoint Level*	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

*  The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed 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 fees, daily managed assets includes assets managed by the Adviser that are attributable to each fund's use of 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 a 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 assets in certain circumstances. As of December 31, 2009, the complex-level fee rate was .1887%.

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, LLC ("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 Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred

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compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds.

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

Year Ending 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 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.

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

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

Year Ending 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. New Accounting Pronouncements

On January 21, 2010, FASB issued changes to the authoritative guidance under GAAP for fair value measurements. The objective of which is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time the Fund is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

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Financial

HIGHLIGHTS

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		$	12.75	$	.27	$	1.35		$	1.62		$	(.28	)	$	(.24	)	$	(.77	)	$	(1.29	)	$	—		$	13.08
	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
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2009			12.69		.21		1.74			1.95			(.22	)		—			(1.12	)		(1.34	)		—			13.30
	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	(b)		19.10		.30		.78			1.08			(.30	)		(.15	)		(1.05	)		(1.50	)		(.02	)		18.66
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2009			12.47		.13		2.26			2.39			(.14	)		—			(1.18	)		(1.32	)		—			13.54
	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	(c)		19.10		.10		.60			.70			(.10	)		(.13	)		(.69	)		(.92	)		(.04	)		18.84
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2009			13.17		.26		1.56			1.82			(.27	)		(.21	)		(.64	)		(1.12	)		—			13.87
	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	(d)		19.10		.04		(.06	)		(.02	)		—			—			—			—			(.04	)		19.04

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											Ratios/Supplemental Data
					Total Returns								Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After 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		$	13.00		35.46	%		13.74	%	$	502,488		.99	%		1.93	%		.71	%		2.21	%		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			.66			2.24			29
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2009		$	13.20		38.49			16.39			878,321		.98			1.35			.68			1.65			4
	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			.66			1.71			8
	2005	(b)		17.39		(5.90	)		5.65			1,225,535		.95	****		1.40	****		.65	****		1.70	****		16
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2009		$	13.07		41.37			20.21			349,898		1.01			.82			.81			1.02			10
	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			.79			1.05			26
	2005	(c)		17.56		(7.87	)		3.43			482,979		1.01	****		.71	****		.81	****		.90	****		9
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2009		$	13.09		33.63			14.77			226,187		.98			1.99			.98			1.99			6
	2008			10.77		(30.09	)		(25.38	)		216,044		.96			2.13			.96			2.13			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			.96			2.34			37
	2005	(d)		17.25		(13.75	)		(.31	)		314,202		1.11	****		2.08	****		1.11	****		2.08	****		—

*  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 expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

***  Rounds to less than $.01 per share.

****  Annualized.

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

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

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

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

See accompanying notes to financial statements.

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Board Members & Officers

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at nine. None of the board members who are not "interested" persons of the Funds (referred to herein as "independent board members") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term(1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member
INDEPENDENT BOARD MEMBERS:
g ROBERT P. BREMNER
8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Board Member	1997 Class III	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.		199
g JACK B. EVANS
10/22/48 333 W. Wacker Drive Chicago, IL 60606	Board Member	1999 Class III	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.		199
g WILLIAM C. HUNTER
3/6/48 333 W. Wacker Drive Chicago, IL 60606	Board Member	2004 Class I	Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director, SS&C Technologies, Inc. (May 2005-October 2005); formerly, Director (1997- 2007), Credit Research Center at Georgetown University.		199

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Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term(1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member
INDEPENDENT BOARD MEMBERS (continued):
g DAVID J. KUNDERT
10/28/42 333 W. Wacker Drive Chicago, IL 60606	Board Member	2005 Class II	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation.		199
g WILLIAM J. SCHNEIDER
9/24/44 333 W. Wacker Drive Chicago, IL 60606	Board Member	1997 Class III	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller- Valentine Group; member, University of Dayton Business School Advisory Council; member, Dayton Philharmonic Orchestra Association formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank; formerly, Director, Dayton Development Coalition.		199
g JUDITH M. STOCKDALE
12/29/47 333 W. Wacker Drive Chicago, IL 60606	Board Member	1997 Class I	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994).		199
g CAROLE E. STONE
6/28/47 333 W. Wacker Drive Chicago, IL 60606	Board Member	2007 Class I	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair, New York Racing Association Oversight Board (2005-2007).		199
g TERENCE J. TOTH
9/29/59 333 W. Wacker Drive Chicago, IL 60606	Board Member	2008 Class II	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Musso Capital Management (since 2008); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2004-2007); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (since 2004); Chicago Fellowship Boards (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).		199

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Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term(1)		Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member
INTERESTED BOARD MEMBER:
g JOHN P. AMBOIAN(2)
6/14/61 333 W. Wacker Drive Chicago, IL 60606	Board Member		2008 Class II	Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Nuveen Investments Advisors, Inc.		199
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed(3)		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
OFFICERS of the FUNDS:
g GIFFORD R. ZIMMERMAN
9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer		1988	Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director, Associate General Counsel and Assistant Secretary, of Nuveen Asset Management (since 2002); and of Symphony Asset Management LLC, (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Chartered Financial Analyst.		199
g WILLIAM ADAMS IV
6/9/55 333 W. Wacker Drive Chicago, IL 60606	Vice President		2007	Executive Vice President of Nuveen Investments, Inc.; Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC, (since 1999), prior thereto, Managing Director of Structured Investments.		123
g MARK J.P. ANSON
6/10/59 333 W. Wacker Drive Chicago, IL 60606	Vice President		2009	President and Executive Director of Nuveen Investments, Inc. (since 2007); President of Nuveen Investments Institutional Services Group LLC (since 2007); previously, Chief Executive Officer of the British Telecom Pension Scheme (2006-2007) and Chief Investment Officer of Calpers (1999-2006); PhD, Chartered Financial Analyst Chartered Alternative Investment Analyst, Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor.		199
g CEDRIC H. ANTOSIEWICZ
1/11/62 333 W. Wacker Drive Chicago, IL 60606	Vice President		2007	Managing Director, (since 2004) previously, Vice President (1993-2004) of Nuveen Investments, LLC.		123

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Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed(3)		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
OFFICERS of the FUNDS (continued):
g NIZIDA ARRIAGA
6/1/68 333 W. Wacker Drive Chicago, IL 60606	Vice President		2009	Vice President (since 2007) of Nuveen Investments, LLC; previously, Portfolio Manager, Allstate Investments, LLC (1996-2006); Chartered Financial Analyst.		199
g MICHAEL T. ATKINSON
2/3/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary		2000	Vice President (since 2002) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005).		199
g MARGO L. COOK
4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President		2009	Executive Vice President (since Oct 2008) of Nuveen Investments, Inc.; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Mgt (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.		199
g LORNA C. FERGUSON
10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President		1998	Managing Director (since 2004) of Nuveen Investments, LLC and Managing Director (since 2005) of Nuveen Asset Management.		199
g STEPHEN D. FOY
5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller		1998	Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; Certified Public Accountant.		199
g SCOTT S. GRACE
8/20/70 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer		2009	Managing Director, Corporate Finance & Development, Treasurer (since September 2009) of Nuveen Investments, LLC, formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc,; formerly. Senior Associate in Morgan Stanley's Global Financial Services Group (2000-2003); Chartered Accountant Designation.		199
g WILLIAM T. HUFFMAN
5/7/69 333 W. Wacker Drive Chicago, IL 60606	Vice President		2009	Chief Operating Officer, Municipal Fixed Income (since 2008) of Nuveen Asset Management; previously, Chairman, President and Chief Executive Officer (2002-2007) of Northern Trust Global Advisors, Inc. and Chief Executive Officer (2007) of Northern Trust Global Investments Limited; Certified Public Accountant.		134
g WALTER M. KELLY
2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President		2003	Senior Vice President (since 2008), Vice President (2006-2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2008) of Nuveen Asset Management.		199

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Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed(3)		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
OFFICERS of the FUNDS (continued):
g DAVID J. LAMB
3/22/63 333 W. Wacker Drive Chicago, IL 60606	Vice President		2000	Senior Vice President (since 2009), formerly, Vice President (2000-2009) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; Certified Public Accountant.		199
g TINA M. LAZAR
8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President		2002	Senior Vice President (since 2009), formerly, Vice President of Nuveen Investments, LLC (1999-2009); Vice President of Nuveen Asset Management (since 2005).		199
g LARRY W. MARTIN
7/27/51 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary		1988	Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007).		199
g KEVIN J. MCCARTHY
3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary		2007	Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Managing Director (since 2008), formerly, Vice President, and Assistant Secretary, Nuveen Asset Management, and Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ InvestmentManagement Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).		199
g JOHN V. MILLER
4/10/67 333 W. Wacker Drive Chicago, IL 60606	Vice President		2007	Chief Investment Officer and Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Investments, LLC; Chartered Financial Analyst.		134
g GREGORY MINO
1/4/71 333 W. Wacker Drive Chicago, IL 60606	Vice President		2009	Vice President of Nuveen Investments, LLC (since 2008); previously, Director (2004-2007) and Executive Director (2007-2008) of UBS Global Asset Management; previously, Vice President (2000-2003) and Director (2003-2004) of Merrill Lynch Investment Managers; Chartered Financial Analyst.		199

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Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed(3)		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
OFFICERS of the FUNDS (continued):
g CHRISTOPHER M. ROHRBACHER
8/1/71 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary		2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008).		199
g JAMES F. RUANE
7/3/62 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary		2007	Vice President, Nuveen Investments, LLC (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant.		199
g MARK L. WINGET
12/21/68 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary		2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, Vedder Price P.C. (1997-2007).		199

(1)  Board Members serve three year terms. The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the Board Member was first elected or appointed to any fund in the Nuveen Complex.

(2)  Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3)  Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

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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 Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.

By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on 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 quarter you'll receive a statement showing your total 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. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on 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 distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid

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Reinvest Automatically
Easily and Conveniently (continued)

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 financial 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 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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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: 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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Notes

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79

Notes

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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.

Distribution Information

Equity Premium Income (JPZ), Equity Premium Opportunity (JSN), Equity Premium Advantage (JLA) and Equity Premium and Growth (JPG) hereby designate 100.00%, 100.00%, 100.00%, and 100.00%, respectively, of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction for corporations and 100.00%, 100.00%, 100.00%, and 100.00%, respectively, as qualified dividend income for individuals under Section 1(h)(11) of the Internal Revenue Code. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

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	Shares Repurchased
JPZ		136,900
JSN		285,200
JLA		141,550
JPG		90,400

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

Nuveen Investments
81

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 through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor 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. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $141 billion of assets on September 30, 2009.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest.

Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain 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

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_EAN-D-1209D

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executiveofficer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were noamendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website atwww.nuveen.com/CEF/Info/Shareholder/. (To view the code, click on Fund Governance and then click onCode of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined inItem 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Jack B. Evans, who is “independent” for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer andregistered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the ChiefFinancial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatoryauthorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issuesraised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr.Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired theaudit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Equity Premium Advantage Fund

The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two fullfiscal years. For engagements with PricewaterhouseCoopers LLP the Audit Committee approved in advance all audit services and non-audit services thatPricewaterhouseCoopers LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approvalrequirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services providedconstitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services areprovided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptlybrought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the AuditCommittee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

	Audit Fees Billed			Audit-Related Fees			Tax Fees			All Other Fees
Fiscal Year Ended	to Fund (1)			Billed to Fund (2)			Billed to Fund (3)			Billed to Fund
December 31, 2009	$	22,782		$	0		$	1,850		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%	0		%
December 31, 2008	$	24,260		$	0		$	3,750		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%	0		%

(1) “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

(2) “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements and are not reported under “Audit Fees”.

(3) “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Asset Management (“NAM” or the “Adviser”), and anyentity controlling, controlled by or under common control with NAM that provides ongoing services to the Fund(“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s lasttwo full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to theAdviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) theaggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers LLP by theFund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approvedby the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) theservices are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’saudit is completed.

	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
Fiscal Year Ended	Service Providers			Service Providers			Service Providers
December 31, 2009	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%
December 31, 2008	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%

NON-AUDIT SERVICES

The following table shows the amount of fees that PricewaterhouseCoopers LLP billed during the Fund’s last two full fiscal years for non-audit services.The Audit Committee is required to pre-approve non-audit services that PricewaterhouseCoopers LLP provides to the Adviser and any Affiliated FundServices Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approvalexception described above). The Audit Committee requested and received information from PricewaterhouseCoopers LLP about any non-audit servicesthat PricewaterhouseCoopers LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committeeconsidered this information in evaluating PricewaterhouseCoopers LLP’s independence.

			Total Non-Audit Fees
			billed to Adviser and
			Affiliated Fund Service		Total Non-Audit Fees
			Providers (engagements		billed to Adviser and
			related directly to the		Affiliated Fund Service
	Total Non-Audit Fees		operations and financial		Providers (all other
Fiscal Year Ended	Billed to Fund		reporting of the Fund)		engagements)		Total
December 31, 2009	$	1,850	$	0	$	0	$	1,850
December 31, 2008	$	3,750	$	0	$	0	$	3,750

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to beperformed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’sindependent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding taxand research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operationsand financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amountsgreater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be foramounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they areexpected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P.Bremner, Jack B. Evans, David J. Kundert, William J. Schneider and Terence J. Toth.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

The Adviser has engaged Gateway Investment Advisers, LLC (formerly known as Gateway Investment Advisers, L.P.) (“Gateway” or the “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has also delegated to the Sub-Adviser the full responsibility for proxy voting and related duties in accordance with the Sub-Adviser’s policy and procedures. The Adviser periodically will monitor the Sub-Adviser’s voting to ensure that they are carrying out their duties. The Sub-Adviser’s proxy voting policies and procedures are summarized as follows:

The SEC has issued regulations with respect to proxy voting for all registered investment advisers and their clients. To meet these requirements on a client’s behalf, Gateway has adopted policies as described below.

Gateway recognizes that voting rights are financial assets of a client’s account and that they must be managed accordingly, with voting decisions made in the client’s best interests. To that end and because of increasing complexity in administering policies in this area, Gateway has contracted with Institutional Shareholder Services, an affiliate of RiskMetrics Group (“ISS”), a nationally recognized proxy voting agent, to assist in administering client proxy votes and to provide voting recommendation on each ballot issue. ISS has developed its US Proxy Voting Manual, which provides guidelines for proxy voting that are designed to serve the best interest of investors. Effective July 1, 2003, Gateway incorporated these guidelines into its proxy voting policies and procedures and has instructed ISS to vote accordingly. Gateway’s policies and procedures now reflect ISS’s voting guidelines with regard to particular types of issues that my come before shareholder meetings, and also address the rare circumstances in which ISS’ voting recommendations may not be followed. The procedures also describe how any conflicts of interest would be handled.

The regulations were implemented to improve corporate governance and the functioning of the free market. We support these objectives and have adopted the policies and procedures as described above to effectively represent each client’s interests.

A client may obtain Gateway’s full proxy voting policy upon request. For clients for whom Gateway votes proxies, a voting record for an account’s respective votes can be obtained by calling or writing Gateway.

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

The Adviser has engaged Gateway Investment Advisers, LLC (formerly known as Gateway Investment Advisers, L.P.) (“Gateway”, or the “Sub-Adviser”), as sub-adviser to provide discretionary investment advisory services.  The following section provides information on the portfolio managers at the Sub-Adviser.

Item 8 (a)(1).  PORTFOLIO MANAGER BIOGRAPHIES

J. Patrick Rogers and Kenneth H. Toft- J. Patrick Rogers, CFA, and Kenneth H. Toft, CFA, are the portfolio managers at Gateway responsible for investing the Managed Assets of the Nuveen Equity Premium Opportunity and Nuveen Equity Premium Advantage Funds.   Mr. Rogers is Gateway’s Chief Executive Officer.  He joined Gateway in 1989 and has been the President and a member of the Board of Directors of Gateway since 1995.  Mr. Rogers also serves as co-portfolio manager of Gateway’s flagship open-end fund, the Gateway Fund. Mr. Toft joined Gateway in 1992 and has been Vice President and Portfolio Manager since 1997, prior to which he held the position of Senior Trader and Research Analyst.

Item 8 (a)(2).  OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS

As of December 31, 2009, Mr. Rogers was responsible for day-to-day management of 1 registered investment company account (excluding the Funds) having assets of approximately $4.7 billion.  Mr. Toft was not responsible for day-to-day management of any investment company accounts other than the above-referenced Nuveen Funds.  Mr. Rogers was responsible for day-to-day management of 2 other pooled investment vehicles having assets of approximately $86 million.  Mr. Rogers was responsible for day-to-day management of 38 other accounts having assets of approximately $458 million in the aggregate, and Mr. Toft was responsible for day-to-day management of 18 other accounts having assets of approximately $295 million in the aggregate. Neither Mr. Rogers nor Mr. Toft managed any accounts having a performance based investment advisory fee.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

As described above, the portfolio managers may manage other accounts with investment strategies similar to the Funds, including other investment companies and separately managed accounts.  Fees earned by Gateway may vary among these accounts and the portfolio managers may personally invest in some but not all of these accounts.  These factors could create conflicts of interest because a portfolio manager may have incentives to favor certain accounts over others, resulting in other accounts outperforming one or more of the Funds.  A conflict may also exist if a portfolio manager identified a limited investment opportunity that may be appropriate for more than one account, but one or more of the Funds are not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts.  In addition, the portfolio manager may execute transactions for another account that may adversely impact the value of securities held by one or more of the Funds.  However, Gateway believes that these risks are mitigated by the fact that accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions

to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors.  In addition, Gateway has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.

Item 8 (a)(3).  FUND MANAGER COMPENSATION

Messrs. Rogers and Toft are compensated for their services by Gateway.  Their compensation consists of a fixed salary, incentive compensation related to the financial performance of Gateway (but not based on the investment performance of any of the Funds or any other managed account, either absolutely or in relation to any benchmark), and a retirement plan.  The incentive compensation component is anticipated to be larger than the base salary component.  Mr. Rogers’ employment agreement has an initial term ending December 31, 2012 and Mr. Toft’s employment agreement has an initial term ending December 31, 2010.  Each of the employment agreements provides for automatic renewals for successive one-year periods and, among other things, a specified base salary and certain undertakings not to compete with the Adviser or solicit its clients.  For Mr. Rogers, those undertakings will expire the later of eight years from the date of the sale of assets of Gateway’s predecessor to Gateway (the “Gateway Transaction”) or three years from the termination of Mr. Rogers’ employment.  For Mr. Toft, the non-competition and non solicitation undertakings will expire the later of three years from the date of the Gateway Transaction, one year from the termination of employment, or one year after the period during which severance payments are made pursuant to the agreement.  The profit sharing plan, applicable to Messrs. Rogers and Toft, provides for both a long-term incentive pool and a short-term incentive pool, the sizes of which will be determined based on profitability of Gateway.

Item 8 (a)(4).  OWNERSHIP OF JLA SECURITIES AS OF DECEMBER 31, 2009

Name of Portfolio Manager	Dollar range of equity securities beneficially owned in Fund
J. Patrick Rogers	$	0
Kenneth Toft	$	0

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

		(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
JULY 1-31, 2009	1,100	$	10.82	1,100	2,341,950
AUGUST 1-31, 2009	0			0	2,343,050
SEPTEMBER 1-30, 2009	0			0	2,343,050
OCTOBER 1-31, 2009	0			0	2,585,000
NOVEMBER 1-30, 2009	0			0	2,585,000
DECEMBER 1-31, 2009	0			0	2,585,000
TOTAL	141,550

* The registrant’s repurchase program, which authorized the repurchase of 2,610,000 shares, was announced August 7, 2008.  On October 3, 2009, the program was reauthorized for a maximum repurchase amount of 2,585,000 shares.  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 Boardimplemented 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 theregistrant’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 thedisclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the1940 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 (17CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or isreasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the

exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intendsto satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website atwww.nuveen.com/CEF/Info/Shareholder/ and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a)under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: 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 periodcovered 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 1940Act (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)), andSection 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 thisparagraph 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 ofthat section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or theExchange 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 causedthis report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Equity Premium Advantage Fund

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

Date: March 10, 2010

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

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

Date: March 10, 2010

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

Date: March 10, 2010