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

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

Annual Report

December 31, 2010

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

INVESTMENT ADVISER NAME CHANGE

Effective January 1, 2011, Nuveen Asset Management, the Funds' investment adviser, changed its name to Nuveen Fund Advisors, Inc. ("Nuveen Fund Advisors"). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.

NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS

On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp—the parent of FAF Advisors—received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long term investment business of FAF Advisors, including investment-management responsibilities for the non-money market mutual funds of the First American Funds family.

The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.

This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $195 billion of assets as of December 31, 2010.

Table of Contents

Chairman's Letter to Shareholders	4
Portfolio Managers' Comments	5
Distribution and Share Price Information	8
Performance Overviews	10
Report of Independent Registered Public Accounting Firm	14
Portfolio of Investments	15
Statement of Assets & Liabilities	47
Statement of Operations	48
Statement of Changes in Net Assets	49
Financial Highlights	52
Notes to Financial Statements	54
Board Members & Officers	65
Annual Investment Management Agreement Approval Process	71
Reinvest Automatically Easily and Conveniently	78
Glossary of Terms Used in this Report	80
Other Useful Information	83

Chairman's
Letter to Shareholders

Dear Shareholders,

The global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the crises still weigh on the prospects for continued recovery. In the U.S., ongoing weakness in housing values is putting pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks has not been translated into increased hiring or more active lending. In addition, media and analyst reports on the fiscal conditions of various state and local entities have raised concerns with some investors. Globally, deleveraging by private and public borrowers is inhibiting economic growth and this process is far from complete.

Encouragingly, a variety of constructive actions are being taken by governments around the world to stimulate further recovery. In the U.S., the recent passage of a stimulatory tax bill relieves some of the pressure on the Federal Reserve System to promote economic expansion through quantitative easing and offers the promise of faster economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.

The success of these government actions could have an important impact on whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be upward pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. We must hope that the progress made on the fiscal front in 2010 will continue into 2011. In this environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.

As you will note elsewhere in this report, on January 1, 2011, Nuveen Investments completed the acquisition of FAF Advisors, Inc., the manager of the First American Funds. The acquisition adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet these investor needs.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen fund. On behalf of the other members of your Fund 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, 2011

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Portfolio Managers' Comments

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

Nuveen Equity Premium Income Fund (JPZ)
Nuveen Equity Premium Opportunity Fund (JSN)
Nuveen Equity Premium Advantage Fund (JLA)
Nuveen Equity Premium and Growth Fund (JPG)

These Funds feature portfolio management by Gateway Investment Advisers, LLC. J. Patrick Rogers and Kenneth H. Toft serve as co-portfolio managers for JSN and JLA; Patrick and Michael T. Buckius are co-portfolio managers for JPZ and JPG. Patrick joined Gateway in 1989. He has been President and a Director of Gateway since 1995 and is the firm's Chief Executive Officer. Ken joined Gateway in 1992 and has been a Vice President and Portfolio Manager since 1997. Mike joined Gateway in 1999 and is currently Senior Vice President and Portfolio Manager. Here they talk about economic and market conditions, their management strategies and the performance of the Funds for the twelve months ended December 31, 2010.

What were the general economic and market conditions during the reporting period ending December 31, 2010?

During this reporting period, the U.S. economy remained under considerable stress, and both the Federal Reserve and the federal government continued their efforts to improve the overall economic environment. For its part, the Fed held the benchmark fed funds rate in a target range of zero to 0.25% after cutting it to this record low level in December 2008. At its September 2010 meeting, the central bank renewed its commitment to keep the fed funds rate at "exceptionally low levels" for an "extended period." The Fed also stated that it was "prepared to take further policy actions as needed" to support economic recovery. The federal government continued to focus on implementing the economic stimulus package passed early in 2009 that was intended to provide job creation, tax relief, fiscal assistance to state and local governments, and expand unemployment benefits and other federal social welfare programs. Cognizant of the fragility of the financial system, in the fall of 2010 the Federal Reserve announced a second round of quantitative easing designed to help stimulate increased economic growth.

Recently, nearly all U.S. indicators of production, spending, and labor market activity have pointed toward an acceleration in economic growth. At the same time, inflation remained relatively tame, as the Consumer Price Index rose just 1.5% year-over-year as of December 31, 2010. However, unemployment remained historically high at 9.4%. In addition, the housing market continued to show signs of weakness with the average home price in the Standard & Poor's/Case-Shiller Index of 20 large metro areas falling 1.6% over the twelve months ended November 2010 (the latest available figures at the time this report was prepared).

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5

In 2010, the equity markets were forced to deal with stressful global realities. Evaluating events such as the threat of sovereign defaults in major economic markets and an increasing reliance on emerging markets for growth opportunities were new experiences navigated by many equity investors. Nevertheless, the S&P 500 Index finished the year on an ebullient note, rising 6.68% in December and recording a strong 15.06% performance for the calendar year 2010. However, these numbers mask many months of turbulence. Indeed, approximately two-thirds of the 2010 S&P 500 Index return, or 10.76%, was garnered in the fourth quarter, on the heels of a large scale liquidity program from the Federal Reserve's Open Market Committee. Also, the fourth quarter saw more fiscal stimulus in the form of lower tax rates on labor and capital and other incentives designed to promote consumption, including extended unemployment benefits. Corporate profit growth continued throughout the year, albeit not accompanied by significant top-line growth, while stubborn unemployment levels and continuing uncertainty over the resolution of the 2007-2009 financial system crises weighed on the equity markets much of the year.

The fourth quarter rally did succeed in lowering equity market volatility. The benchmark measure, the Chicago Board Options Exchange Volatility Index (the "VIX"), finished the year at 17.75, down from 23.70 at the beginning of the quarter and 21.68 at the end of 2009. The VIX averaged 22.55 for the year and averaged 19.39 for the fourth quarter. Both levels are near its long-term historical average of approximately 20. Perhaps more importantly, the frequency of spikes, particularly in January, May and June, suggested lingering concerns over the vulnerability of the market rally.

Bond markets, which had benefited from continued lower levels of interest rates and tame inflation for much of the year, reversed course in the fourth quarter. The Barclays Capital U. S. Aggregate Bond Index posted a loss of 1.30% for the quarter. Nevertheless, this bond index did end the year with a solid return of 6.54%. Bond mutual funds experienced strong inflows for much of the year as investors chose to minimize their exposure to "riskier" equity assets. However, for the fourth quarter, as the decline in bond prices was too large to be offset by the low coupons of most types of investment-grade bonds, it became difficult for all but the highest-yielding and lowest-quality bonds to produce positive returns.

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

Writing call options on a broad equity index, while investing in a portfolio of equities, enhances returns while foregoing some upside potential.

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6

Past performance is not predictive of 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 Index is an unmanaged index generally considered representative of the U.S. stock market. Returns do not include the effects of sales charges or management fees. It is not possible to invest directly in this index.

2  JSN's Comparative Index performance is a blended return consisting of: 1) 75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100 Index, which includes 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Returns do not include the effects of sales charges or management fees. It is not possible to invest directly in this index.

3  JLA's Comparative Index performance is a blended return consisting of: 1) 50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100 Index. Returns do not include the effects of sales charges or management fees. It is not possible to invest directly in this 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

For periods ended 12/31/10

Fund	1-Year			5-Year
JPZ		12.22	%		3.08	%
S&P 500 Index1		15.06	%		2.29	%
JSN		11.17	%		3.29	%
Comparative Index2		16.13	%		3.33	%
JLA		10.83	%		3.47	%
Comparative Index3		17.18	%		4.32	%
JPG		12.60	%		2.89	%
S&P 500 Index1		15.06	%		2.29	%

For the twelve-month period ending December 31, 2010, each Fund produced a positive, risk-managed, double-digit return.

One factor constraining the performance of each Fund during the period was the sale of call options. While this strategy generates incremental cash flow, it limits the extent to which each Fund can benefit from rising equity markets like the ones experienced in 2010. However, each Fund's performance was helped by the elevated levels of volatility, which were at their most dramatic levels in May and June, as well as rising stock markets.

Elevated volatility levels directly resulted in higher cash flow from the sale of index call options. Both the VIX and the VXN (an indicator of implied volatility in NASDAQ-100 index options) reached historically high levels in May. Specifically, the VXN had a closing high of 46.6 on May 20; the VIX had a closing high of 45.8 on the same day. These heightened volatility levels, which contrast sharply with long-term averages of about 20, came after the May 6 "flash crash" followed by worries over fiscal stability of Ireland and Portugal.

Rising equity market values helped the Funds' performance as well. In particular, an uptrending equity market, with heightened volatility in the not-too-distant past, can set the Funds up for better-than-normal returns. This set of circumstances was evident in the third quarter, when the S&P 500 and NASDAQ-100 indexes were up 11.29% and 15.07%, respectively. The Funds all posted returns of greater than 9%, despite maintaining a risk-managed profile through the sale of index call options.

As noted above, sell-offs in equity markets directly result in a generally commensurate mark-down in the Funds' equity portfolios. Specifically, equities may go down faster than the Funds' call writing activity can "earn" option premiums. The second quarter of 2010 provides a good example as the S&P 500 Index was off 11.43% and JPZ was down 6.36%. The other Funds similarly cushioned the blow of the equity market decline, but did not completely offset it.

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7

Distribution and
Share Price Information

The following information regarding your Fund's distributions is current as of December 31, 2010, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

During the twelve-month reporting period, JPZ, JSN and JLA each reduced their quarterly distributions to shareholders in September. JPG did not make any changes to its quarterly distributions to shareholders. Some of the important factors affecting the amount and composition of 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 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

Nuveen Investments
8

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, 2010. 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 12/31/10	JPZ			JSN			JLA			JPG
Inception date	10/26/04			1/26/05			5/25/05			11/22/05
Calendar year ended December 31, 2010:
Per share distribution:
From net investment income	$	0.27		$	0.18		$	0.11		$	0.24
From long-term capital gains		0.00			0.00			0.00			0.00
From short-term capital gains		0.00			0.00			0.00			0.00
Return of capital		0.98			1.12			1.19			0.88
Total per share distribution	$	1.25		$	1.30		$	1.30		$	1.12
Distribution rate on NAV		9.37	%		9.71	%		9.54	%		7.77	%
Average annual total returns:
1-Year on NAV		12.22	%		11.17	%		10.83	%		12.60	%
5-Year on NAV		3.08	%		3.29	%		3.47	%		2.89	%
Since inception on NAV		3.55	%		3.72	%		3.71	%		2.76	%

Share Repurchases and Share Price Information

As of December 31, 2010, and since the inception of the Funds' repurchase program, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.

Fund	Shares Repurchased and Retired		% of Outstanding 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 did not repurchase any of their outstanding shares.

At of December 31, 2010, the Funds' share prices were trading at (-) discounts relative to their NAVs as shown in the accompanying table.

Fund	12/31/10 (-) Discount			Twelve-Month Average (-) Discount
JPZ		-4.35	%		-1.33	%
JSN		-3.81	%		-1.42	%
JLA		-5.29	%		-2.90	%
JPG		-3.89	%		-4.15	%

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Fund Snapshot

Share Price	$	12.76
Net Asset Value (NAV)	$	13.34
Premium/(Discount) to NAV		-4.35	%
Current Distribution Rate1		9.50	%
Net Assets ($000)	$	515,590

Average Annual Total Return

(Inception 10/26/04)

	On Share Price			On NAV
1-Year		8.10	%		12.22	%
5-Year		4.08	%		3.08	%
Since Inception		2.56	%		3.55	%

Portfolio Composition³

(as a % of total common stocks)

Oil, Gas & Consumable Fuels	9.8	%
Pharmaceuticals	6.7	%
Diversified Financial Services	4.4	%
Diversified Telecommunication Services	4.1	%
Software	4.0	%
IT Services	3.4	%
Computers & Peripherals	3.1	%
Commercial Banks	3.1	%
Industrial Conglomerates	2.7	%
Semiconductors & Equipment	2.6	%
Energy Equipment & Services	2.6	%
Machinery	2.6	%
Real Estate Investment Trust	2.5	%
Chemicals	2.5	%
Aerospace & Defense	2.5	%
Media	2.4	%
Communications Equipment	2.4	%
Specialty Retail	2.3	%
Beverages	2.3	%
Internet Software & Services	2.2	%
Capital Markets	2.2	%
Insurance	2.2	%
Multi-Utilities	2.0	%
Health Care Providers & Services	2.0	%
Household Products	2.0	%
Tobacco	1.9	%
Other	19.5	%

JPZ

Performance

OVERVIEW

Nuveen Equity Premium Income Fund

  as of December 31, 2010

Fund Allocation (as a % of total net assets)

2009-2010 Distributions Per Share

Share Price Performance — Weekly Closing Price

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

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.

3 Holdings are subject to change.

4 Rounds to less than 0.1%.

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JSN

Performance

OVERVIEW

Nuveen Equity Premium Opportunity Fund

  as of December 31, 2010

Fund Allocation (as a % of total net assets)

2009-2010 Distributions Per Share

Share Price Performance — Weekly Closing Price

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

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.

3 Holdings are subject to change.

Fund Snapshot

Share Price	$	12.88
Net Asset Value (NAV)	$	13.39
Premium/(Discount) to NAV		-3.81	%
Current Distribution Rate1		9.78	%
Net Assets ($000)	$	891,517

Average Annual Total Return

(Inception 1/26/05)

	On Share Price			On NAV
1-Year		7.85	%		11.17	%
5-Year		4.58	%		3.29	%
Since Inception		2.79	%		3.72	%

Portfolio Composition³

(as a % of total common stocks)

Computers & Peripherals	8.7	%
Oil, Gas & Consumable Fuels	6.7	%
Software	6.3	%
Pharmaceuticals	5.3	%
Communications Equipment	4.2	%
Internet Software & Services	4.1	%
Semiconductors & Equipment	3.9	%
Media	3.2	%
Diversified Financial Services	3.0	%
Biotechnology	2.8	%
Diversified Telecommunication Services	2.5	%
IT Services	2.4	%
Commercial Banks	2.3	%
Energy Equipment & Services	2.0	%
Specialty Retail	2.0	%
Capital Markets	2.0	%
Food & Staples Retailing	2.0	%
Beverages	2.0	%
Health Care Providers & Services	1.9	%
Aerospace & Defense	1.9	%
Machinery	1.9	%
Chemicals	1.8	%
Gas Utilities	1.6	%
Household Products	1.6	%
Industrial Conglomerates	1.6	%
Health Care Equipment & Supplies	1.6	%
Hotels, Restaurants & Leisure	1.5	%
Other	19.2	%

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Fund Snapshot

Share Price	$	12.90
Net Asset Value (NAV)	$	13.62
Premium/(Discount) to NAV		-5.29	%
Current Distribution Rate1		9.83	%
Net Assets ($000)	$	352,431

Average Annual Total Return

(Inception 5/25/05)

	On Share Price			On NAV
1-Year		8.95	%		10.83	%
5-Year		4.48	%		3.47	%
Since Inception		2.48	%		3.71	%

Portfolio Composition³

(as a % of total common stocks)

Computers & Peripherals	12.6	%
Software	8.3	%
Semiconductors & Equipment	5.8	%
Communications Equipment	5.7	%
Internet Software & Services	5.4	%
Oil, Gas & Consumable Fuels	4.7	%
Pharmaceuticals	4.3	%
Biotechnology	3.8	%
Media	3.7	%
IT Services	3.2	%
Hotels, Restaurants & Leisure	2.6	%
Diversified Telecommunication Services	2.2	%
Internet & Catalog Retail	2.0	%
Machinery	1.9	%
Diversified Financial Services	1.8	%
Specialty Retail	1.8	%
Energy Equipment & Services	1.6	%
Electrical Equipment	1.5	%
Health Care Providers & Services	1.5	%
Commercial Banks	1.5	%
Insurance	1.3	%
Beverages	1.3	%
Industrial Conglomerates	1.3	%
Aerospace & Defense	1.3	%
Other	18.9	%

JLA

Performance

OVERVIEW

Nuveen Equity Premium Advantage Fund

  as of December 31, 2010

Fund Allocation (as a % of total net assets)

2009-2010 Distributions Per Share

Share Price Performance — Weekly Closing Price

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

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.

3 Holdings are subject to change.

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JPG

Performance

OVERVIEW

Nuveen Equity Premium and Growth Fund

  as of December 31, 2010

Fund Allocation (as a % of total net assets)

2009-2010 Distributions Per Share

Share Price Performance — Weekly Closing Price

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

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.

3 Holdings are subject to change.

4 Rounds to less than 0.1%.

Fund Snapshot

Share Price	$	13.85
Net Asset Value (NAV)	$	14.41
Premium/(Discount) to NAV		-3.89	%
Current Distribution Rate1		8.09	%
Net Assets ($000)	$	235,095

Average Annual Total Return

(Inception 11/22/05)

	On Share Price			On NAV
1-Year		14.90	%		12.60	%
5-Year		4.88	%		2.89	%
Since Inception		1.78	%		2.76	%

Portfolio Composition³

(as a % of total common stocks)

Oil, Gas & Consumable Fuels	10.3	%
Pharmaceuticals	7.2	%
Diversified Financial Services	4.6	%
Software	4.2	%
Diversified Telecommunication Services	4.0	%
Computers & Peripherals	3.2	%
IT Services	3.1	%
Commercial Banks	3.0	%
Specialty Retail	2.9	%
Aerospace & Defense	2.7	%
Energy Equipment & Services	2.7	%
Insurance	2.6	%
Chemicals	2.6	%
Semiconductors & Equipment	2.6	%
Machinery	2.5	%
Industrial Conglomerates	2.4	%
Communications Equipment	2.3	%
Multi-Utilities	2.3	%
Capital Markets	2.3	%
Beverages	2.2	%
Household Products	2.1	%
Internet Software & Services	2.1	%
Real Estate Investment Trust	2.1	%
Tobacco	2.0	%
Health Care Providers & Services	1.9	%
Food & Staples Retailing	1.9	%
Other	18.2	%

Nuveen Investments
13

Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying 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, 2010, 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 five years in the periods then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Chicago, IL
February 25, 2011

Nuveen Investments
14

JPZ

Nuveen Equity Premium Income Fund

Portfolio of INVESTMENTS

  December 31, 2010

Shares		Description (1)	Value
		Common Stocks – 100.7%
		Aerospace & Defense – 2.5%
	45,815	Boeing Company	$	2,989,887
	79,998	Honeywell International Inc.		4,252,694
	29,605	Raytheon Company		1,371,896
	52,274	United Technologies Corporation		4,115,009
		Total Aerospace & Defense		12,729,486
		Air Freight & Logistics – 0.9%
	60,937	United Parcel Service, Inc., Class B		4,422,807
		Airlines – 0.1%
	37,484	AMR Corporation, (2)		292,000
	7,929	United Continental Holdings Inc., (2)		188,869
		Total Airlines		480,869
		Auto Components – 0.1%
	30,296	Cooper Tire & Rubber		714,380
		Automobiles – 1.0%
	214,943	Ford Motor Company, (2)		3,608,893
	37,905	Harley-Davidson, Inc.		1,314,166
		Total Automobiles		4,923,059
		Beverages – 2.3%
	106,163	Coca-Cola Company		6,982,341
	78,332	PepsiCo, Inc.		5,117,430
		Total Beverages		12,099,771
		Biotechnology – 0.9%
	46,568	Amgen Inc., (2)		2,556,583
	21,667	Celgene Corporation, (2)		1,281,386
	28,186	Gilead Sciences, Inc., (2)		1,021,461
		Total Biotechnology		4,859,430
		Building Products – 0.1%
	42,748	Masco Corporation		541,190
		Capital Markets – 2.2%
	115,344	Charles Schwab Corporation		1,973,536
	11,652	Goldman Sachs Group, Inc.		1,959,400
	48,534	Jefferies Group, Inc.		1,292,460
	40,593	Legg Mason, Inc.		1,472,308
	118,385	Morgan Stanley		3,221,256
	38,635	Waddell & Reed Financial, Inc., Class A		1,363,429
		Total Capital Markets		11,282,389

Nuveen Investments
15

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Chemicals – 2.5%
	51,511	Dow Chemical Company	$	1,758,586
	84,366	E.I. Du Pont de Nemours and Company		4,208,176
	28,359	Eastman Chemical Company		2,384,425
	3,643	Lubrizol Corporation		389,364
	23,410	Monsanto Company		1,630,272
	16,700	NL Industries Inc.		186,372
	53,293	Olin Corporation		1,093,572
	60,403	RPM International, Inc.		1,334,906
		Total Chemicals		12,985,673
		Commercial Banks – 3.1%
	33,724	Comerica Incorporated		1,424,502
	22,855	HSBC Holdings PLC, Sponsored ADR		1,166,519
	6,525	PNC Financial Services Group, Inc.		396,198
	4,082	Toronto-Dominion Bank		303,333
	176,002	U.S. Bancorp		4,746,774
	257,551	Wells Fargo & Company		7,981,505
		Total Commercial Banks		16,018,831
		Commercial Services & Supplies – 0.8%
	3,177	Avery Dennison Corporation		134,514
	56,149	Deluxe Corporation		1,292,550
	40,642	Pitney Bowes Inc.		982,724
	21,600	R.R. Donnelley & Sons Company		377,352
	24,100	Standard Register Company		82,181
	39,903	Waste Management, Inc.		1,471,224
		Total Commercial Services & Supplies		4,340,545
		Communications Equipment – 2.4%
	14,156	ADTRAN, Inc.		512,589
	8,005	Ciena Corporation, (2)		168,505
	274,358	Cisco Systems, Inc., (2)		5,550,262
	11,034	JDS Uniphase Corporation, (2)		159,772
	221,002	Motorola, Inc., (2)		2,004,488
	81,690	QUALCOMM, Inc.		4,042,838
		Total Communications Equipment		12,438,454
		Computers & Peripherals – 3.2%
	38,255	Apple, Inc., (2)		12,339,533
	75,301	Dell Inc., (2)		1,020,329
	125,924	EMC Corporation, (2)		2,883,660
		Total Computers & Peripherals		16,243,522
		Consumer Finance – 0.2%
	42,236	Discover Financial Services		782,633
		Containers & Packaging – 0.3%
	43,759	Packaging Corp. of America		1,130,733
	5,718	Sonoco Products Company		192,525
		Total Containers & Packaging		1,323,258
		Distributors – 0.4%
	35,933	Genuine Parts Company		1,844,800
		Diversified Consumer Services – 0.1%
	7,623	Apollo Group, Inc., Class A, (2)		301,032

Nuveen Investments
16

Shares		Description (1)	Value
		Diversified Financial Services – 4.4%
	431,400	Bank of America Corporation	$	5,754,876
	599,844	Citigroup Inc., (2)		2,837,262
	7,355	CME Group, Inc.		2,366,471
	245,633	JP Morgan Chase & Co		10,419,752
	47,644	New York Stock Exchange Euronext		1,428,367
		Total Diversified Financial Services		22,806,728
		Diversified Telecommunication Services – 4.1%
	377,332	AT&T Inc.		11,086,014
	21,268	CenturyLink Inc.		981,944
	250,097	Frontier Communications Corporation		2,433,444
	175,923	Verizon Communications Inc.		6,294,525
	29,116	Windstream Corporation		405,877
		Total Diversified Telecommunication Services		21,201,804
		Electric Utilities – 1.5%
	3,600	DPL Inc.		92,556
	124,293	Duke Energy Corporation		2,213,658
	7,571	Exelon Corporation		315,256
	27,323	Great Plains Energy Incorporated		529,793
	80,800	Pepco Holdings, Inc.		1,474,600
	33,445	Progress Energy, Inc.		1,454,189
	49,446	Southern Company		1,890,321
		Total Electric Utilities		7,970,373
		Electrical Equipment – 1.1%
	76,311	Emerson Electric Company		4,362,700
	15,759	Rockwell Automation, Inc.		1,130,078
		Total Electrical Equipment		5,492,778
		Electronic Equipment & Instruments – 0.4%
	118,215	Corning Incorporated		2,283,914
		Energy Equipment & Services – 2.6%
	6,964	Diamond Offshore Drilling, Inc.		465,683
	18,452	ENSCO International PLC, Sponsored ADR		984,968
	99,518	Halliburton Company		4,063,320
	7,759	Patterson-UTI Energy, Inc.		167,206
	84,798	Schlumberger Limited		7,080,633
	16,157	Tidewater Inc.		869,893
		Total Energy Equipment & Services		13,631,703
		Food & Staples Retailing – 1.7%
	100,891	CVS Caremark Corporation		3,507,980
	38,696	SUPERVALU INC.		372,642
	94,228	Wal-Mart Stores, Inc.		5,081,716
		Total Food & Staples Retailing		8,962,338
		Food Products – 1.1%
	144,036	Kraft Foods Inc., Class A		4,538,574
	57,000	Sara Lee Corporation		998,070
		Total Food Products		5,536,644

Nuveen Investments
17

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Gas Utilities – 1.1%
	14,837	AGL Resources Inc.	$	531,906
	28,666	Atmos Energy Corporation		894,379
	22,995	National Fuel Gas Company		1,508,932
	25,417	Nicor Inc.		1,268,817
	24,793	ONEOK, Inc.		1,375,268
		Total Gas Utilities		5,579,302
		Health Care Equipment & Supplies – 0.7%
	4,460	Hologic Inc., (2)		83,937
	3,518	Intuitive Surgical, Inc., (2)		906,765
	75,147	Medtronic, Inc.		2,787,202
		Total Health Care Equipment & Supplies		3,777,904
		Health Care Providers & Services – 2.0%
	6,901	Brookdale Senior Living Inc., (2)		147,750
	15,450	Coventry Health Care, Inc., (2)		407,880
	38,694	Express Scripts, Inc., (2)		2,091,411
	1,116	Henry Schein Inc., (2)		68,511
	39,267	Kindred Healthcare Inc., (2)		721,335
	35,669	Medco Health Solutions, Inc., (2)		2,185,440
	86,134	UnitedHealth Group Incorporated		3,110,299
	25,221	Wellpoint Inc., (2)		1,434,066
		Total Health Care Providers & Services		10,166,692
		Health Care Technology – 0.0%
	57	Cerner Corporation, (2)		5,400
		Hotels, Restaurants & Leisure – 1.4%
	17,800	Carnival Corporation		820,758
	42,761	International Game Technology		756,442
	2,272	Interval Leisure Group Inc., (2)		36,670
	73,707	McDonald's Corporation		5,657,749
		Total Hotels, Restaurants & Leisure		7,271,619
		Household Durables – 1.3%
	13,597	Garmin Limited		421,371
	70,361	Newell Rubbermaid Inc.		1,279,163
	35,225	Stanley Black & Decker Inc.		2,355,496
	22,404	Tupperware Corporation		1,067,999
	17,867	Whirlpool Corporation		1,587,126
		Total Household Durables		6,711,155
		Household Products – 2.0%
	20,347	Colgate-Palmolive Company		1,635,288
	11,141	Kimberly-Clark Corporation		702,329
	121,180	Procter & Gamble Company		7,795,509
		Total Household Products		10,133,126
		Industrial Conglomerates – 2.7%
	24,176	3M Co		2,086,389
	651,226	General Electric Company		11,910,924
	57	Siemens AG, Sponsored ADR		7,082
		Total Industrial Conglomerates		14,004,395

Nuveen Investments
18

Shares		Description (1)	Value
		Insurance – 2.2%
	57,696	Allstate Corporation	$	1,839,348
	11,874	Arthur J. Gallagher & Co		345,296
	46,985	Fidelity National Title Group Inc., Class A		642,755
	26,683	Hartford Financial Services Group, Inc.		706,833
	76,562	Lincoln National Corporation		2,129,189
	72,500	Marsh & McLennan Companies, Inc.		1,982,150
	41,050	Travelers Companies, Inc.		2,286,896
	52,700	Unitrin, Inc.		1,293,258
		Total Insurance		11,225,725
		Internet & Catalog Retail – 0.9%
	18,002	Amazon.com, Inc., (2)		3,240,360
	3,103	HSN, Inc., (2)		95,076
	2,978	Priceline.com Incorporated, (2)		1,189,860
		Total Internet & Catalog Retail		4,525,296
		Internet Software & Services – 2.2%
	10,937	Akamai Technologies, Inc., (2)		514,586
	63,227	eBay Inc., (2)		1,759,607
	11,137	Google Inc., Class A, (2)		6,615,044
	44,605	United Online, Inc.		294,393
	5,616	ValueClick, Inc., (2)		90,024
	25,228	VeriSign, Inc., (2)		824,199
	78,773	Yahoo! Inc., (2)		1,309,995
		Total Internet Software & Services		11,407,848
		IT Services – 3.5%
	37,471	Automatic Data Processing, Inc.		1,734,158
	21,368	Cognizant Technology Solutions Corporation, Class A, (2)		1,566,061
	32,696	Fidelity National Information Services		895,543
	69,325	International Business Machines Corporation (IBM)		10,174,137
	3,197	Lender Processing Services Inc.		94,375
	6,331	MasterCard, Inc.		1,418,840
	40,998	Paychex, Inc.		1,267,248
	9,906	Visa Inc.		697,184
		Total IT Services		17,847,546
		Leisure Equipment & Products – 0.2%
	39,513	Eastman Kodak Company, (2)		211,790
	11,848	Polaris Industries Inc.		924,381
		Total Leisure Equipment & Products		1,136,171
		Machinery – 2.6%
	34,745	Caterpillar Inc.		3,254,217
	22,802	Cummins Inc.		2,508,448
	26,788	Deere & Company		2,224,743
	13,600	Graco Inc.		536,520
	8,797	Ingersoll Rand Company Limited, Class A		414,251
	18,030	Parker Hannifin Corporation		1,555,989
	11,767	Snap-on Incorporated		665,777
	25,530	SPX Corporation		1,825,140
	12,000	Timken Company		572,760
		Total Machinery		13,557,845
		Media – 2.4%
	60,282	CBS Corporation, Class B		1,148,372
	139,536	Comcast Corporation, Class A		3,065,606
	39,613	New York Times, Class A, (2)		388,207
	35,396	Omnicom Group, Inc.		1,621,137

Nuveen Investments
19

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Media (continued)
	114,479	Regal Entertainment Group, Class A	$	1,343,983
	130,337	Walt Disney Company		4,888,941
		Total Media		12,456,246
		Metals & Mining – 0.9%
	73,484	Alcoa Inc.		1,130,919
	3,942	Freeport-McMoRan Copper & Gold, Inc.		473,395
	27,262	Nucor Corporation		1,194,621
	35,874	Southern Copper Corporation		1,748,499
		Total Metals & Mining		4,547,434
		Multiline Retail – 1.2%
	10	Dollar Tree Stores Inc., (2)		561
	4,000	Family Dollar Stores, Inc.		198,840
	41,402	Macy's, Inc.		1,047,471
	43,705	Nordstrom, Inc.		1,852,218
	8,076	Sears Holding Corporation, (2)		595,605
	41,092	Target Corporation		2,470,862
		Total Multiline Retail		6,165,557
		Multi-Utilities – 2.0%
	40,360	Ameren Corporation		1,137,748
	31,482	Consolidated Edison, Inc.		1,560,563
	71,595	Integrys Energy Group, Inc.		3,473,073
	15,861	Northwestern Corporation		457,273
	32,717	OGE Energy Corp.		1,489,932
	66,981	Public Service Enterprise Group Incorporated		2,130,666
		Total Multi-Utilities		10,249,255
		Oil, Gas & Consumable Fuels – 9.8%
	4,842	BP PLC, Sponsored ADR		213,871
	9,051	Cenovus Energy Inc.		300,855
	115,460	Chevron Corporation		10,535,725
	94,803	ConocoPhillips		6,456,084
	46,182	CONSOL Energy Inc.		2,250,911
	27,271	Continental Resources Inc., (2)		1,604,898
	9,051	EnCana Corporation		263,565
	34,657	EOG Resources, Inc.		3,167,996
	249,600	Exxon Mobil Corporation		18,250,752
	50,869	Occidental Petroleum Corporation		4,990,249
	2,988	Suncor Energy, Inc.		114,411
	11,032	Total SA, Sponsored ADR		589,991
	85,912	Valero Energy Corporation		1,986,285
		Total Oil, Gas & Consumable Fuels		50,725,593
		Pharmaceuticals – 6.7%
	100,704	Abbott Laboratories		4,824,729
	142,259	Bristol-Myers Squibb Company		3,767,018
	66,642	Eli Lilly and Company		2,335,136
	133,802	Johnson & Johnson		8,275,654
	180,077	Merck & Company Inc.		6,489,975
	480,133	Pfizer Inc.		8,407,129
	14,222	Sanofi-Aventis, Sponsored ADR		458,375
		Total Pharmaceuticals		34,558,016
		Professional Services – 0.1%
	3,665	Manpower Inc.		230,015
	20,209	Resources Connection, Inc.,		375,685
		Total Professional Services		605,700

Nuveen Investments
20

Shares		Description (1)	Value
		Real Estate Investment Trust – 2.5%
	67,906	Annaly Capital Management Inc.	$	1,216,876
	46,493	Brandywine Realty Trust		541,643
	54,183	CapLease Inc.		315,345
	29,228	Commonwealth REIT		745,606
	32,157	Health Care REIT, Inc.		1,531,959
	49,625	Healthcare Realty Trust, Inc.		1,050,561
	45,684	Hospitality Properties Trust		1,052,559
	88,469	Lexington Corporate Properties Trust		703,329
	30,821	Liberty Property Trust		983,806
	17,263	Medical Properties Trust Inc.		186,958
	28,311	MFA Mortgage Investments, Inc.		231,018
	39,140	Nationwide Health Properties, Inc.		1,423,913
	30,300	Senior Housing Properties Trust		664,782
	11,215	Sun Communities Inc.		373,572
	61,650	U-Store-It Trust		587,525
	76,417	Weyerhaeuser Company		1,446,574
		Total Real Estate Investment Trust		13,056,026
		Road & Rail – 0.6%
	14,565	Norfolk Southern Corporation		914,973
	22,275	Union Pacific Corporation		2,064,002
		Total Road & Rail		2,978,975
		Semiconductors & Equipment – 2.6%
	27,457	Analog Devices, Inc.		1,034,305
	103,121	Applied Materials, Inc.		1,448,850
	21,444	Broadcom Corporation, Class A		933,886
	285,514	Intel Corporation		6,004,359
	12,846	Intersil Holding Corporation, Class A		196,158
	3,087	Lam Research Corporation, (2)		159,845
	24,226	Microchip Technology Incorporated		828,771
	24,800	National Semiconductor Corporation		341,248
	33,221	NVIDIA Corporation, (2)		511,603
	67,000	Texas Instruments Incorporated		2,177,500
		Total Semiconductors & Equipment		13,636,525
		Software – 4.1%
	27,097	Adobe Systems Incorporated, (2)		834,046
	18,599	Autodesk, Inc., (2)		710,482
	447	McAfee Inc., (2)		20,701
	416,453	Microsoft Corporation		11,627,368
	205,348	Oracle Corporation		6,427,392
	10,181	Salesforce.com, Inc., (2)		1,343,892
		Total Software		20,963,881
		Specialty Retail – 2.4%
	23,495	Abercrombie & Fitch Co., Class A		1,354,017
	46,762	American Eagle Outfitters, Inc.		684,128
	30,417	Best Buy Co., Inc.		1,042,999
	104,190	Home Depot, Inc.		3,652,901
	47,378	Limited Brands, Inc.		1,455,926
	85,724	Lowe's Companies, Inc.		2,149,958
	236	Ross Stores, Inc.		14,927
	13,465	Tiffany & Co		838,466
	21,015	TJX Companies, Inc.		932,856
		Total Specialty Retail		12,126,178
		Textiles, Apparel & Luxury Goods – 0.4%
	7,159	Cherokee Inc.		134,661
	21,365	VF Corporation		1,841,236
		Total Textiles, Apparel & Luxury Goods		1,975,897

Nuveen Investments
21

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Thrifts & Mortgage Finance – 0.4%
	36,703	Hudson City Bancorp, Inc.	$	467,596
	60,610	New York Community Bancorp Inc.		1,142,499
	38,788	TrustCo Bank Corporation NY		245,916
		Total Thrifts & Mortgage Finance		1,856,011
		Tobacco – 1.8%
	128,746	Altria Group, Inc.		3,169,727
	101,762	Philip Morris International		5,956,130
	21,468	Reynolds American Inc.		700,286
	1	Vector Group Ltd		17
		Total Tobacco		9,826,160
		Wireless Telecommunication Services – 0.0%
	5,500	USA Mobility Inc.		97,735
		Total Common Stocks (cost $438,715,770)		519,393,624

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 3.0%
$	15,218	Repurchase Agreement with Fixed Income Clearing Corporation, dated		0.040	%	1/03/11	$	15,218,007
		12/31/2010, repurchase price $15,218,058, collateralized by
		$15,605,000 U.S. Treasury Notes, 2.375%, due 7/31/17, value $15,526,975
		Total Short-Term Investments (cost $15,218,007)						15,218,007
		Total Investments (cost $453,933,777) – 103.7%						534,611,631
		Other Assets Less Liabilities – (3.7)% (5)						(19,022,113	)
		Net Assets – 100%					$	515,589,518

Investments in Derivatives

Call Options Written at December 31, 2010:

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written (4)
	(1,013	)	S&P 500 Index	$	(121,560,000	)	1/22/11	$	1,200	$	(6,224,885	)
	(1,006	)	S&P 500 Index		(123,235,000	)	1/22/11		1,225		(4,029,030	)
	(502	)	S&P 500 Index		(62,750,000	)	1/22/11		1,250		(1,096,870	)
	(535	)	S&P 500 Index		(64,200,000	)	2/19/11		1,200		(3,699,525	)
	(497	)	S&P 500 Index		(60,882,500	)	2/19/11		1,225		(2,487,485	)
	(531	)	S&P 500 Index		(66,375,000	)	2/19/11		1,250		(1,770,885	)
	(4,084	)	Total Call Options Written (premiums received $15,172,360)	$	(499,002,500	)				$	(19,308,680	)

    For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

  (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.

  (5)  Other Assets Less Liabilities includes Value and/or Unrealized Appreciation (Depreciation) of derivative instruments as noted in Investments in Derivatives.

  ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
22

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Nuveen Equity Premium Opportunity Fund

Portfolio of INVESTMENTS

  December 31, 2010

Shares		Description (1)	Value
		Common Stocks – 101.2%
		Aerospace & Defense – 1.9%
	59,141	Boeing Company	$	3,859,542
	65,731	Honeywell International Inc.		3,494,260
	20,698	Lockheed Martin Corporation		1,446,997
	34,617	Northrop Grumman Corporation		2,242,489
	31,875	Raytheon Company		1,477,088
	56,391	United Technologies Corporation		4,439,100
		Total Aerospace & Defense		16,959,476
		Air Freight & Logistics – 0.9%
	113,537	United Parcel Service, Inc., Class B		8,240,515
		Airlines – 0.1%
	138,259	AMR Corporation, (2)		1,077,038
		Auto Components – 0.4%
	127,177	Gentex Corporation		3,759,352
		Automobiles – 0.4%
	157,573	Ford Motor Company, (2)		2,645,651
	33,442	Harley-Davidson, Inc.		1,159,434
		Total Automobiles		3,805,085
		Beverages – 2.0%
	152,981	Coca-Cola Company		10,061,560
	120,677	PepsiCo, Inc.		7,883,828
		Total Beverages		17,945,388
		Biotechnology – 2.8%
	121,439	Amgen Inc., (2)		6,667,001
	80,985	Biogen Idec Inc., (2)		5,430,044
	110,300	Celgene Corporation, (2)		6,523,142
	185,778	Gilead Sciences, Inc., (2)		6,732,595
		Total Biotechnology		25,352,782
		Capital Markets – 2.0%
	159,239	Charles Schwab Corporation		2,724,579
	48,725	Eaton Vance Corporation		1,472,957
	32,737	Goldman Sachs Group, Inc.		5,505,054
	41,872	Legg Mason, Inc.		1,518,697
	135,727	Morgan Stanley		3,693,132
	93,004	Waddell & Reed Financial, Inc., Class A		3,282,111
		Total Capital Markets		18,196,530
		Chemicals – 1.8%
	61,593	Dow Chemical Company		2,102,785
	53,002	E.I. Du Pont de Nemours and Company		2,643,740
	35,463	Eastman Chemical Company		2,981,729

Nuveen Investments
23

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Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Chemicals (continued)
	22,467	Lubrizol Corporation	$	2,401,273
	49,021	Monsanto Company		3,413,822
	1,899	Potash Corporation of Saskatchewan		294,022
	103,452	RPM International, Inc.		2,286,289
		Total Chemicals		16,123,660
		Commercial Banks – 2.4%
	65,480	Fifth Third Bancorp.		961,246
	86,613	First Horizon National Corporation, (2)		1,020,309
	5,588	HSBC Holdings PLC, Sponsored ADR		285,212
	6	Lloyds Banking Group PLC, Sponsored ADR, (2)		25
	43,429	Toronto-Dominion Bank		3,227,209
	244,643	U.S. Bancorp		6,598,022
	287,263	Wells Fargo & Company		8,902,280
		Total Commercial Banks		20,994,303
		Commercial Services & Supplies – 0.7%
	81,168	Deluxe Corporation		1,868,487
	49,936	R.R. Donnelley & Sons Company		872,382
	83,454	Waste Management, Inc.		3,076,949
		Total Commercial Services & Supplies		5,817,818
		Communications Equipment – 4.3%
	49,954	ADTRAN, Inc.		1,808,834
	13,861	Aviat Networks Inc., (2)		70,275
	611,906	Cisco Systems, Inc., (2)		12,378,858
	46,488	Harris Corporation		2,105,906
	76,265	Motorola, Inc., (2)		691,724
	345,066	QUALCOMM, Inc.		17,077,316
	67,034	Research In Motion Limited, (2)		3,896,686
		Total Communications Equipment		38,029,599
		Computers & Peripherals – 8.8%
	194,035	Apple, Inc., (2)		62,587,932
	142,078	Dell Inc., (2)		1,925,157
	169,122	EMC Corporation, (2)		3,872,894
	164,682	Hewlett-Packard Company		6,933,112
	56,024	NetApp, Inc., (2)		3,079,079
		Total Computers & Peripherals		78,398,174
		Consumer Finance – 0.6%
	75,858	American Express Company		3,255,825
	72,637	Discover Financial Services		1,345,964
	77,393	SLM Corporation, (2)		974,378
		Total Consumer Finance		5,576,167
		Containers & Packaging – 0.4%
	78,989	Packaging Corp. of America		2,041,076
	50,628	Sonoco Products Company		1,704,645
		Total Containers & Packaging		3,745,721
		Distributors – 0.3%
	55,680	Genuine Parts Company		2,858,611
		Diversified Consumer Services – 0.1%
	35,953	Hillenbrand Inc.		748,182

Nuveen Investments
24

Shares		Description (1)	Value
		Diversified Financial Services – 3.0%
	539,330	Bank of America Corporation	$	7,194,662
	590,173	Citigroup Inc., (2)		2,791,518
	11,080	CME Group, Inc.		3,564,990
	110,655	ING Groep N.V, Sponsored ADR		1,083,312
	290,443	JP Morgan Chase & Co		12,320,592
		Total Diversified Financial Services		26,955,074
		Diversified Telecommunication Services – 2.5%
	518,103	AT&T Inc.		15,221,866
	44,021	Frontier Communications Corporation		428,324
	189,454	Verizon Communications Inc.		6,778,664
		Total Diversified Telecommunication Services		22,428,854
		Electric Utilities – 1.3%
	128,436	Companhia Energetica de Minas Gerais, Sponsored ADR		2,130,753
	193,791	Duke Energy Corporation		3,451,418
	112,676	Great Plains Energy Incorporated		2,184,788
	129,707	Pepco Holdings, Inc.		2,367,153
	25,438	Pinnacle West Capital Corporation		1,054,405
		Total Electric Utilities		11,188,517
		Electrical Equipment – 1.5%
	26,965	Cooper Industries Inc.		1,571,790
	90,047	Emerson Electric Company		5,147,987
	11,240	Hubbell Incorporated, Class B		675,861
	31,575	Rockwell Automation, Inc.		2,264,243
	49,398	Roper Industries Inc.		3,775,489
		Total Electrical Equipment		13,435,370
		Electronic Equipment & Instruments – 0.3%
	151,095	Corning Incorporated		2,919,155
		Energy Equipment & Services – 2.1%
	25,308	Diamond Offshore Drilling, Inc.		1,692,346
	36,079	ENSCO International PLC, Sponsored ADR		1,925,897
	150,956	Halliburton Company		6,163,533
	54,107	Patterson-UTI Energy, Inc.		1,166,006
	77,123	Schlumberger Limited		6,439,771
	17,510	Tidewater Inc.		942,738
		Total Energy Equipment & Services		18,330,291
		Food & Staples Retailing – 2.0%
	125,758	CVS Caremark Corporation		4,372,606
	90,344	Kroger Co		2,020,092
	38,974	SUPERVALU INC.		375,320
	74,222	Walgreen Co		2,891,689
	156,229	Wal-Mart Stores, Inc.		8,425,430
		Total Food & Staples Retailing		18,085,137
		Food Products – 0.7%
	144,373	Kraft Foods Inc., Class A		4,549,193
	109,395	Sara Lee Corporation		1,915,506
		Total Food Products		6,464,699

Nuveen Investments
25

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Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Gas Utilities – 1.7%
	23,164	AGL Resources Inc.	$	830,429
	100,700	Atmos Energy Corporation		3,141,840
	75,051	National Fuel Gas Company		4,924,847
	62,725	Nicor Inc.		3,131,232
	49,805	ONEOK, Inc.		2,762,683
		Total Gas Utilities		14,791,031
		Health Care Equipment & Supplies – 1.6%
	70,704	Baxter International, Inc.		3,579,036
	36,821	Hill Rom Holdings Inc.		1,449,643
	106,091	Hologic Inc., (2)		1,996,633
	12,205	Intuitive Surgical, Inc., (2)		3,145,839
	105,177	Medtronic, Inc.		3,901,015
		Total Health Care Equipment & Supplies		14,072,166
		Health Care Providers & Services – 1.9%
	45,571	Aetna Inc.		1,390,371
	62,293	Brookdale Senior Living Inc., (2)		1,333,693
	26,104	Coventry Health Care, Inc., (2)		689,146
	134,849	Express Scripts, Inc., (2)		7,288,588
	100,396	UnitedHealth Group Incorporated		3,625,300
	49,648	Wellpoint Inc., (2)		2,822,985
		Total Health Care Providers & Services		17,150,083
		Hotels, Restaurants & Leisure – 1.5%
	51,390	International Game Technology		909,089
	60	Las Vegas Sands, (2)		2,757
	106,614	McDonald's Corporation		8,183,691
	28,303	Starwood Hotels & Resorts Worldwide, Inc.		1,720,256
	28,492	Wynn Resorts Ltd		2,958,609
		Total Hotels, Restaurants & Leisure		13,774,402
		Household Durables – 0.8%
	97,917	KB Home		1,320,900
	78,018	Newell Rubbermaid Inc.		1,418,367
	40,513	Stanley Black & Decker Inc.		2,709,104
	19,851	Whirlpool Corporation		1,763,364
		Total Household Durables		7,211,735
		Household Products – 1.6%
	40,787	Colgate-Palmolive Company		3,278,051
	173,418	Procter & Gamble Company		11,155,980
		Total Household Products		14,434,031
		Industrial Conglomerates – 1.6%
	21,091	3M Co		1,820,153
	674,895	General Electric Company		12,343,830
		Total Industrial Conglomerates		14,163,983
		Insurance – 1.3%
	56,792	Allstate Corporation		1,810,529
	9,033	American International Group, (2)		520,481
	26,066	Arthur J. Gallagher & Co		757,999
	92,800	CNO Financial Group Inc., (2)		629,184
	189,397	Fidelity National Title Group Inc., Class A		2,590,951
	50,700	Genworth Financial Inc., Class A, (2)		666,198
	17,384	Hartford Financial Services Group, Inc.		460,502

Nuveen Investments
26

Shares		Description (1)	Value
		Insurance (continued)
	31,606	Lincoln National Corporation	$	878,963
	103,489	Marsh & McLennan Companies, Inc.		2,829,389
	13,952	Unitrin, Inc.		342,382
		Total Insurance		11,486,578
		Internet & Catalog Retail – 1.3%
	60,817	Amazon.com, Inc., (2)		10,947,060
	13,070	HSN, Inc., (2)		400,465
		Total Internet & Catalog Retail		11,347,525
		Internet Software & Services – 4.2%
	38,488	Akamai Technologies, Inc., (2)		1,810,860
	37,493	Baidu.com, Inc., Sponsored ADR, (2)		3,619,199
	58,343	Earthlink, Inc.		501,750
	203,273	eBay Inc., (2)		5,657,088
	32,944	Google Inc., Class A, (2)		19,567,749
	22,576	IAC/InterActiveCorp., (2)		647,931
	30,343	United Online, Inc.		200,264
	81,924	VeriSign, Inc., (2)		2,676,457
	160,361	Yahoo! Inc., (2)		2,666,803
		Total Internet Software & Services		37,348,101
		IT Services – 2.5%
	112,898	Automatic Data Processing, Inc.		5,224,919
	61,069	Fidelity National Information Services		1,672,680
	77,295	International Business Machines Corporation (IBM)		11,343,814
	14,762	Lender Processing Services Inc.		435,774
	107,491	Paychex, Inc.		3,322,547
		Total IT Services		21,999,734
		Leisure Equipment & Products – 0.3%
	77,138	Mattel, Inc.		1,961,619
	14,833	Polaris Industries Inc.		1,157,271
		Total Leisure Equipment & Products		3,118,890
		Machinery – 1.9%
	41,362	Caterpillar Inc.		3,873,965
	20,215	Deere & Company		1,678,856
	43,913	Graco Inc.		1,732,368
	27,670	Joy Global Inc.		2,400,373
	53,447	SPX Corporation		3,820,926
	67,275	Timken Company		3,211,036
		Total Machinery		16,717,524
		Media – 3.3%
	412,018	Comcast Corporation, Special Class A		8,574,095
	97,817	New York Times, Class A, (2)		958,607
	309,975	News Corporation, Class A		4,513,236
	62,373	Omnicom Group, Inc.		2,856,683
	118,487	Regal Entertainment Group, Class A		1,391,037
	355,542	Sirius XM Radio Inc., (2)		583,089
	51,219	Viacom Inc., Class B		2,028,785
	198,922	Walt Disney Company		7,461,564
	149,513	Warner Music Group Corporation, (2)		841,758
		Total Media		29,208,854

Nuveen Investments
27

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Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Metals & Mining – 1.2%
	85,534	Alcoa Inc.	$	1,316,368
	5,433	Barrick Gold Corporation		288,927
	19,693	Freeport-McMoRan Copper & Gold, Inc.		2,364,932
	78,900	Hecla Mining Company, (2)		888,414
	110,872	Southern Copper Corporation		5,403,901
		Total Metals & Mining		10,262,542
		Multiline Retail – 1.3%
	58,848	Macy's, Inc.		1,488,854
	54,585	Nordstrom, Inc.		2,313,312
	35,573	Sears Holding Corporation, (2)		2,623,509
	81,204	Target Corporation		4,882,797
		Total Multiline Retail		11,308,472
		Multi-Utilities – 0.8%
	62,041	Ameren Corporation		1,748,936
	57,468	OGE Energy Corp.		2,617,093
	97,043	Public Service Enterprise Group Incorporated		3,086,938
		Total Multi-Utilities		7,452,967
		Oil, Gas & Consumable Fuels – 6.8%
	151,412	Chevron Corporation		13,816,345
	2,747	CNOOC Limited, Sponsored ADR		654,802
	116,652	ConocoPhillips		7,944,001
	386,315	Exxon Mobil Corporation		28,247,354
	24,173	Hess Corporation		1,850,201
	57,731	Occidental Petroleum Corporation		5,663,411
	3,274	PetroChina Company Limited, Sponsored ADR		430,498
	15,157	Royal Dutch Shell PLC, Class A, Sponsored ADR		1,012,184
	40,039	SandRidge Energy Inc., (2)		293,085
	39,133	StatoilHydro ASA, Sponsored ADR		930,191
	558	Suncor Energy, Inc.		21,366
		Total Oil, Gas & Consumable Fuels		60,863,438
		Pharmaceuticals – 5.4%
	132,583	Abbott Laboratories		6,352,052
	142,745	Bristol-Myers Squibb Company		3,779,888
	84,994	Eli Lilly and Company		2,978,190
	12,316	GlaxoSmithKline PLC, Sponsored ADR		483,034
	181,415	Johnson & Johnson		11,220,518
	304,257	Merck & Company Inc.		10,965,422
	694,855	Pfizer Inc.		12,166,911
		Total Pharmaceuticals		47,946,015
		Professional Services – 0.5%
	56,869	Manpower Inc.		3,569,098
	66,137	Resources Connection, Inc.		1,229,487
		Total Professional Services		4,798,585
		Real Estate Investment Trust – 1.5%
	66,093	Apartment Investment & Management Company, Class A		1,707,843
	69,975	Brandywine Realty Trust		815,209
	34,687	CBL & Associates Properties Inc.		607,023
	114,294	DCT Industrial Trust Inc.		606,901
	49,733	Health Care REIT, Inc.		2,369,280
	100,726	Lexington Corporate Properties Trust		800,772
	46,608	Liberty Property Trust		1,487,727

Nuveen Investments
28

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	105,344	Nationwide Health Properties, Inc.	$	3,832,415
	129,993	U-Store-It Trust		1,238,833
		Total Real Estate Investment Trust		13,466,003
		Road & Rail – 0.5%
	4,035	Dollas Thrifty Automotive Group Inc., (2)		190,694
	45,007	Union Pacific Corporation		4,170,349
		Total Road & Rail		4,361,043
		Semiconductors & Equipment – 4.0%
	93,975	Altera Corporation		3,343,631
	73,634	Analog Devices, Inc.		2,773,793
	241,972	Applied Materials, Inc.		3,399,707
	101,568	Broadcom Corporation, Class A		4,423,286
	9,350	First Solar Inc., (2)		1,216,809
	546,160	Intel Corporation		11,485,745
	26,060	Intersil Holding Corporation, Class A		397,936
	78,287	Linear Technology Corporation		2,707,947
	109,468	National Semiconductor Corporation		1,506,280
	130,805	Texas Instruments Incorporated		4,251,163
		Total Semiconductors & Equipment		35,506,297
		Software – 6.4%
	290,858	Activision Blizzard Inc.		3,618,274
	164,419	Adobe Systems Incorporated, (2)		5,060,817
	78,177	Autodesk, Inc., (2)		2,986,361
	1,201	McAfee Inc., (2)		55,618
	924,744	Microsoft Corporation		25,818,853
	629,409	Oracle Corporation		19,700,503
		Total Software		57,240,426
		Specialty Retail – 2.1%
	20,823	Abercrombie & Fitch Co., Class A		1,200,029
	59,432	American Eagle Outfitters, Inc.		869,490
	55,598	Best Buy Co., Inc.		1,906,455
	70,360	CarMax, Inc., (2)		2,243,077
	79,661	Gap, Inc.		1,763,695
	120,273	Home Depot, Inc.		4,216,771
	94,934	Limited Brands, Inc.		2,917,322
	125,615	Lowe's Companies, Inc.		3,150,424
		Total Specialty Retail		18,267,263
		Thrifts & Mortgage Finance – 0.4%
	40,800	MGIC Investment Corporation, (2)		415,752
	180,604	New York Community Bancorp Inc.		3,404,385
		Total Thrifts & Mortgage Finance		3,820,137
		Tobacco – 1.2%
	20,321	Altria Group, Inc.		500,303
	150,892	Philip Morris International		8,831,709
	36,132	Reynolds American Inc.		1,178,626
		Total Tobacco		10,510,638

Nuveen Investments
29

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Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Wireless Telecommunication Services – 0.3%
	31,276	China Mobile Hong Kong Limited, Sponsored ADR	$	1,551,915
	161,500	Sprint Nextel Corporation, (2)		683,145
		Total Wireless Telecommunication Services		2,235,060
		Total Common Stocks (cost $707,946,001)		902,299,021

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 2.4%
$	21,370	Repurchase Agreement with Fixed Income Clearing Corporation, dated		0.040	%	1/03/11	$	21,369,724
		12/31/2010, repurchase price $21,369,795, collateralized by
		$21,910,000 U.S. Treasury Notes, 2.375%, due 7/31/17, value $21,800,450
		Total Short-Term Investments (cost $21,369,724)						21,369,724
		Total Investments (cost $729,315,725) – 103.6%						923,668,745
		Other Assets Less Liabilities – (3.6)% (5)						(32,151,361	)
		Net Assets – 100%					$	891,517,384

Investments in Derivatives

Call Options Written at December 31, 2010:

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written (4)
	(593	)	Mini-NDX 100 Index	$	(12,749,500	)	1/22/11	$	215.0	$	(526,288	)
	(1,430	)	Mini-NDX 100 Index		(31,102,500	)	1/22/11		217.5		(986,700	)
	(1,132	)	Mini-NDX 100 Index		(24,621,000	)	2/19/11		217.5		(1,024,460	)
	(1,122	)	Mini-NDX 100 Index		(24,684,000	)	2/19/11		220.0		(835,890	)
	(684	)	Mini-NDX 100 Index		(15,048,000	)	3/19/11		220.0		(624,150	)
	(90	)	NASDAQ-100 Index		(19,350,000	)	1/22/11		2,150.0		(793,800	)
	(102	)	NASDAQ-100 Index		(22,185,000	)	1/22/11		2,175.0		(697,170	)
	(114	)	NASDAQ-100 Index		(24,795,000	)	2/19/11		2,175.0		(1,034,550	)
	(135	)	NASDAQ-100 Index		(29,700,000	)	2/19/11		2,200.0		(1,007,775	)
	(60	)	NASDAQ-100 Index		(13,200,000	)	3/19/11		2,200.0		(555,000	)
	(1,322	)	S&P 500 Index		(158,640,000	)	1/22/11		1,200.0		(8,123,690	)
	(1,309	)	S&P 500 Index		(160,352,500	)	1/22/11		1,225.0		(5,242,545	)
	(669	)	S&P 500 Index		(83,625,000	)	1/22/11		1,250.0		(1,461,765	)
	(700	)	S&P 500 Index		(84,000,000	)	2/19/11		1,200.0		(4,840,500	)
	(649	)	S&P 500 Index		(79,502,500	)	2/19/11		1,225.0		(3,248,245	)
	(703	)	S&P 500 Index		(87,875,000	)	2/19/11		1,250.0		(2,344,505	)
	(10,814	)	Total Call Options Written (premiums received $28,230,630)	$	(871,430,000	)				$	(33,347,033	)

    For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

  (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.

  (5)  Other Assets Less Liabilities includes Value and/or Unrealized Appreciation (Depreciation) of derivative instruments as noted in Investments in Derivatives.

  ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
30

JLA

Nuveen Equity Premium Advantage Fund

Portfolio of INVESTMENTS

  December 31, 2010

Shares		Description (1)	Value
		Common Stocks – 100.4%
		Aerospace & Defense – 1.3%
	16,479	Boeing Company	$	1,075,420
	29,354	Honeywell International Inc.		1,560,459
	22,971	United Technologies Corporation		1,808,277
		Total Aerospace & Defense		4,444,156
		Air Freight & Logistics – 1.0%
	47,270	United Parcel Service, Inc., Class B		3,430,857
		Airlines – 0.5%
	22,470	Delta Air Lines, Inc., (2)		283,122
	27,885	Lan Airlines S.A., Sponsored ADR		858,300
	34,353	Southwest Airlines Co		445,902
		Total Airlines		1,587,324
		Auto Components – 0.5%
	10,102	American Axle and Manufacturing Holdings Inc., (2)		129,912
	28,366	Cooper Tire & Rubber		668,870
	35,760	Gentex Corporation		1,057,066
		Total Auto Components		1,855,848
		Automobiles – 0.4%
	51,547	Ford Motor Company, (2)		865,474
	14,597	Harley-Davidson, Inc.		506,078
		Total Automobiles		1,371,552
		Beverages – 1.3%
	41,011	Coca-Cola Company		2,697,293
	27,661	PepsiCo, Inc.		1,807,093
		Total Beverages		4,504,386
		Biotechnology – 3.8%
	30,915	Amgen Inc., (2)		1,697,234
	65,264	Celgene Corporation, (2)		3,859,713
	12,644	Cephalon, Inc., (2)		780,388
	39,118	Genzyme Corporation, (2)		2,785,202
	107,094	Gilead Sciences, Inc., (2)		3,881,087
	18,280	Human Genome Sciences, Inc., (2)		436,709
		Total Biotechnology		13,440,333
		Capital Markets – 1.1%
	15,156	Bank of New York Company, Inc.		457,711
	46,966	Charles Schwab Corporation		803,588
	8,590	Goldman Sachs Group, Inc.		1,444,494
	24,095	Morgan Stanley		655,625
	17,346	Waddell & Reed Financial, Inc., Class A		612,140
		Total Capital Markets		3,973,558

Nuveen Investments
31

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Chemicals – 1.0%
	33,915	Dow Chemical Company	$	1,157,858
	35,575	E.I. Du Pont de Nemours and Company		1,774,481
	6,185	Monsanto Company		430,723
		Total Chemicals		3,363,062
		Commercial Banks – 1.5%
	31,331	FirstMerit Corporation		620,040
	9,487	Toronto-Dominion Bank		704,979
	65,040	U.S. Bancorp		1,754,129
	70,518	Wells Fargo & Company		2,185,353
		Total Commercial Banks		5,264,501
		Commercial Services & Supplies – 0.4%
	29,414	Covanta Holding Corporation		505,627
	13,828	Deluxe Corporation		318,321
	26,895	R.R. Donnelley & Sons Company		469,856
		Total Commercial Services & Supplies		1,293,804
		Communications Equipment – 5.7%
	6,820	Aviat Networks Inc., (2)		34,577
	288,876	Cisco Systems, Inc., (2)		5,843,961
	21,578	Comverse Technology, Inc., (2)		156,656
	17,501	Harris Corporation		792,795
	208,949	QUALCOMM, Inc.		10,340,886
	51,392	Research In Motion Limited, (2)		2,987,417
		Total Communications Equipment		20,156,292
		Computers & Peripherals – 12.6%
	129,207	Apple, Inc., (2)		41,677,007
	56,388	EMC Corporation, (2)		1,291,285
	34,405	Hewlett-Packard Company		1,448,451
		Total Computers & Peripherals		44,416,743
		Consumer Finance – 0.4%
	24,868	American Express Company		1,067,335
	23,560	SLM Corporation, (2)		296,620
		Total Consumer Finance		1,363,955
		Containers & Packaging – 0.2%
	19,780	Packaging Corp. of America		511,115
	4,824	Sonoco Products Company		162,424
		Total Containers & Packaging		673,539
		Distributors – 0.0%
	2,607	Genuine Parts Company		133,843
		Diversified Consumer Services – 0.2%
	4,119	ITT Educational Services, Inc., (2)		262,339
	63,150	Service Corporation International		520,988
		Total Diversified Consumer Services		783,327
		Diversified Financial Services – 1.8%
	146,487	Bank of America Corporation		1,954,137
	3,262	CME Group, Inc.		1,049,549
	71,577	JP Morgan Chase & Co		3,036,296
	13,902	Moody's Corporation		368,959
		Total Diversified Financial Services		6,408,941

Nuveen Investments
32

Shares		Description (1)	Value
		Diversified Telecommunication Services – 2.2%
	137,927	AT&T Inc.	$	4,052,295
	25,758	Chunghwa Telecom Co., Ltd, Sponsored ADR		650,905
	81,073	Frontier Communications Corporation		788,840
	59,238	Verizon Communications Inc.		2,119,536
		Total Diversified Telecommunication Services		7,611,576
		Electric Utilities – 1.0%
	86,906	Duke Energy Corporation		1,547,796
	48,358	Great Plains Energy Incorporated		937,662
	28,722	Pinnacle West Capital Corporation		1,190,527
		Total Electric Utilities		3,675,985
		Electrical Equipment – 1.5%
	17,689	Cooper Industries Inc.		1,031,092
	29,749	Emerson Electric Company		1,700,750
	11,238	Hubbell Incorporated, Class B		675,741
	14,562	Rockwell Automation, Inc.		1,044,241
	13,012	Roper Industries Inc.		994,507
		Total Electrical Equipment		5,446,331
		Electronic Equipment & Instruments – 0.6%
	24,324	Amphenol Corporation, Class A		1,283,821
	50,810	Corning Incorporated		981,649
		Total Electronic Equipment & Instruments		2,265,470
		Energy Equipment & Services – 1.7%
	29,580	Cooper International Corporation, (2)		1,500,593
	10,864	Diamond Offshore Drilling, Inc.		726,476
	49,812	Halliburton Company		2,033,824
	18,804	Schlumberger Limited		1,570,134
		Total Energy Equipment & Services		5,831,027
		Food & Staples Retailing – 1.2%
	34,754	CVS Caremark Corporation		1,208,397
	22,982	Kroger Co		513,878
	23,034	SUPERVALU INC.		221,817
	27,047	Walgreen Co		1,053,751
	23,831	Wal-Mart Stores, Inc.		1,285,206
		Total Food & Staples Retailing		4,283,049
		Food Products – 0.8%
	18,807	Archer-Daniels-Midland Company		565,715
	42,081	Kraft Foods Inc.		1,325,972
	63,041	Sara Lee Corporation		1,103,848
		Total Food Products		2,995,535
		Gas Utilities – 0.6%
	25,741	Nicor Inc.		1,284,991
	26,900	Piedmont Natural Gas Company		752,124
		Total Gas Utilities		2,037,115
		Health Care Equipment & Supplies – 1.0%
	35,925	Accuray, Inc., (2)		242,494
	13,283	Baxter International, Inc.		672,385
	37,622	Boston Scientific Corporation, (2)		284,799
	9,327	CareFusion Corporation, (2)		239,704

Nuveen Investments
33

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	898	Covidien PLC	$	41,003
	12,334	Hill Rom Holdings Inc.		485,590
	15,744	Medtronic, Inc.		583,945
	11,855	Saint Jude Medical Inc., (2)		506,801
	11,285	Zimmer Holdings, Inc., (2)		605,779
		Total Health Care Equipment & Supplies		3,662,500
		Health Care Providers & Services – 1.5%
	13,759	Brookdale Senior Living Inc., (2)		294,580
	22,283	Cardinal Health, Inc.		853,662
	25,434	Lincare Holdings		682,394
	14,749	Medco Health Solutions, Inc., (2)		903,671
	10,000	Omnicare, Inc.		253,900
	48,700	Tenet Healthcare Corporation, (2)		325,803
	19,747	UnitedHealth Group Incorporated		713,064
	20,106	Universal Health Services, Inc., Class B		873,003
	8,100	Wellpoint Inc., (2)		460,566
		Total Health Care Providers & Services		5,360,643
		Hotels, Restaurants & Leisure – 2.6%
	9,772	Carnival Corporation		450,587
	27,099	International Game Technology		479,381
	10,272	Interval Leisure Group Inc., (2)		165,790
	7,801	McDonald's Corporation		598,805
	130,785	Starbucks Corporation		4,202,122
	33,342	Starwood Hotels & Resorts Worldwide, Inc.		2,026,527
	19,573	Tim Hortons Inc.		806,995
	84,855	Wendy's International, Inc.		392,030
		Total Hotels, Restaurants & Leisure		9,122,237
		Household Durables – 0.4%
	13,979	KB Home		188,577
	36,936	Newell Rubbermaid Inc.		671,496
	4,344	Whirlpool Corporation		385,878
		Total Household Durables		1,245,951
		Household Products – 0.7%
	37,566	Procter & Gamble Company		2,416,621
		Industrial Conglomerates – 1.3%
	13,876	3M Co		1,197,499
	177,574	General Electric Company		3,247,828
		Total Industrial Conglomerates		4,445,327
		Insurance – 1.3%
	17,619	AFLAC Incorporated		994,240
	1,106	Arch Capital Group Limited, (2)		97,383
	26,516	Fidelity National Title Group Inc., Class A		362,739
	30,409	Marsh & McLennan Companies, Inc.		831,382
	14,446	Prudential Financial, Inc.		848,125
	24,701	Travelers Companies, Inc.		1,376,093
		Total Insurance		4,509,962
		Internet & Catalog Retail – 2.0%
	37,356	Amazon.com, Inc., (2)		6,724,080
	10,391	HSN, Inc., (2)		318,380
		Total Internet & Catalog Retail		7,042,460

Nuveen Investments
34

Shares		Description (1)	Value
		Internet Software & Services – 5.4%
	26,494	Akamai Technologies, Inc., (2)	$	1,246,543
	2,017	AOL Inc., (2)		47,823
	131,640	eBay Inc., (2)		3,663,541
	19,280	Google Inc., Class A, (2)		11,451,742
	20,300	IAC/InterActiveCorp., (2)		582,610
	43,598	United Online, Inc.		287,747
	104,026	Yahoo! Inc., (2)		1,729,952
		Total Internet Software & Services		19,009,958
		IT Services – 3.2%
	61,947	Automatic Data Processing, Inc.		2,866,907
	23,280	Fidelity National Information Services		637,639
	8,158	Global Payments Inc.		376,981
	25,920	Infosys Technologies Limited, Sponsored ADR		1,971,994
	18,400	International Business Machines Corporation (IBM)		2,700,384
	9,443	Lender Processing Services Inc.		278,757
	63,148	Paychex, Inc.		1,951,905
	8,557	Visa Inc.		602,242
		Total IT Services		11,386,809
		Life Sciences Tools & Services – 0.9%
	18,661	Agilent Technologies, Inc., (2)		773,125
	40,468	Life Technologies Corporation, (2)		2,245,974
		Total Life Sciences Tools & Services		3,019,099
		Machinery – 1.9%
	23,018	Caterpillar Inc.		2,155,866
	12,121	Danaher Corporation		571,748
	16,763	Deere & Company		1,392,167
	7,327	Eaton Corporation		743,764
	22,531	Graco Inc.		888,848
	15,335	SPX Corporation		1,096,299
		Total Machinery		6,848,692
		Media – 3.7%
	19,588	CBS Corporation, Class B		373,151
	172,714	Comcast Corporation, Special Class A		3,594,178
	79,633	DIRECTV Group, Inc., (2)		3,179,746
	3,122	Liberty Media Starz, (2)		207,551
	12,927	Live Nation Inc., (2)		147,626
	96,097	News Corporation, Class A		1,399,172
	54,235	News Corporation, Class B		890,539
	21,715	Omnicom Group, Inc.		994,547
	17,377	Regal Entertainment Group, Class A		204,006
	5,992	Time Warner Cable, Class A		395,652
	6,115	Time Warner Inc.		196,720
	36,601	Walt Disney Company		1,372,904
		Total Media		12,955,792
		Metals & Mining – 0.9%
	13,175	AngloGold Ashanti Limited, Sponsored ADR		648,605
	62,873	Companhia Siderurgica Nacional S.A., Sponsored ADR		1,048,093
	31,323	Southern Copper Corporation		1,526,683
		Total Metals & Mining		3,223,381

Nuveen Investments
35

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Multiline Retail – 1.1%
	10,865	Family Dollar Stores, Inc.	$	540,099
	10,883	J.C. Penney Company, Inc.		351,630
	1,308	Kohl's Corporation, (2)		71,077
	26,822	Macy's, Inc.		678,597
	18,036	Sears Holding Corporation, (2)		1,330,155
	15,596	Target Corporation		937,787
		Total Multiline Retail		3,909,345
		Multi-Utilities – 0.6%
	21,316	Integrys Energy Group, Inc.		1,034,039
	25,517	OGE Energy Corp.		1,162,044
		Total Multi-Utilities		2,196,083
		Oil, Gas & Consumable Fuels – 4.7%
	55,616	Chevron Corporation		5,074,960
	51,533	ConocoPhillips		3,509,397
	12,007	Delta Petroleum Corporation, (2)		9,125
	106,154	Exxon Mobil Corporation		7,761,980
	5,224	Royal Dutch Shell PLC, Class A, Sponsored ADR		348,859
		Total Oil, Gas & Consumable Fuels		16,704,321
		Paper & Forest Products – 0.2%
	21,521	International Paper Company		586,232
		Pharmaceuticals – 4.4%
	26,860	Abbott Laboratories		1,286,863
	15,020	Allergan, Inc.		1,031,423
	59,703	Bristol-Myers Squibb Company		1,580,935
	25,114	Eli Lilly and Company		879,995
	20,132	Forest Laboratories, Inc., (2)		643,821
	16,139	GlaxoSmithKline PLC, Sponsored ADR		632,972
	41,548	Johnson & Johnson		2,569,744
	87,471	Merck & Company Inc.		3,152,455
	8,013	Novartis AG, Sponsored ADR		472,366
	179,032	Pfizer Inc.		3,134,850
		Total Pharmaceuticals		15,385,424
		Professional Services – 0.7%
	17,552	Manpower Inc.		1,101,564
	21,473	Resources Connection, Inc.		399,183
	30,314	Robert Half International Inc.		927,608
		Total Professional Services		2,428,355
		Real Estate Investment Trust – 0.9%
	18,413	Apartment Investment & Management Company, Class A		475,792
	49,000	DCT Industrial Trust Inc.		260,190
	4,590	Developers Diversified Realty Corporation		64,673
	31,254	Nationwide Health Properties, Inc.		1,137,021
	40,126	Senior Housing Properties Trust		880,364
	28,958	U-Store-It Trust		275,970
		Total Real Estate Investment Trust		3,094,010
		Semiconductors & Equipment – 5.8%
	54,140	Advanced Micro Devices, Inc., (2)		442,865
	57,825	Altera Corporation		2,057,414
	9,099	Analog Devices, Inc.		342,759
	96,614	Applied Materials, Inc.		1,357,427

Nuveen Investments
36

Shares		Description (1)	Value
		Semiconductors & Equipment (continued)
	93,518	Atmel Corporation, (2)	$	1,152,142
	52,935	Broadcom Corporation, Class A		2,305,319
	1,449	Cree, Inc., (2)		95,475
	1,090	Cymer, Inc., (2)		49,126
	11,761	Cypress Semiconductor Corporation, (2)		218,519
	28,948	Fairchild Semiconductor International Inc., Class A, (2)		451,878
	17,789	Integrated Device Technology, Inc., (2)		118,475
	276,903	Intel Corporation		5,823,270
	2,596	Intersil Holding Corporation, Class A		39,641
	46,004	Linear Technology Corporation		1,591,278
	95,908	LSI Logic Corporation, (2)		574,489
	14,662	MEMC Electronic Materials, (2)		165,094
	24,328	National Semiconductor Corporation		334,753
	4,888	Novellus Systems, Inc., (2)		157,980
	88,873	NVIDIA Corporation, (2)		1,368,644
	45,017	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR		564,513
	24,262	Texas Instruments Incorporated		788,515
	15,725	Varian Semiconductor Equipment Associate, (2)		581,353
		Total Semiconductors & Equipment		20,580,929
		Software – 8.3%
	171,474	Activision Blizzard Inc.		2,133,137
	71,433	Adobe Systems Incorporated, (2)		2,198,708
	43,406	Autodesk, Inc., (2)		1,658,109
	61,242	CA Inc.		1,496,754
	33,659	Cadence Design Systems, Inc., (2)		278,023
	43,062	Electronic Arts Inc. (EA), (2)		705,356
	2,405	McAfee Inc., (2)		111,376
	426,852	Microsoft Corporation		11,917,708
	277,119	Oracle Corporation		8,673,825
	2,118	SAP AG, Sponsored ADR		107,192
		Total Software		29,280,188
		Specialty Retail – 1.8%
	16,694	Best Buy Co., Inc.		572,437
	14,338	Gap, Inc.		317,443
	41,949	Home Depot, Inc.		1,470,732
	30,941	Limited Brands, Inc.		950,817
	34,823	Lowe's Companies, Inc.		873,361
	17,774	TJX Companies, Inc.		788,988
	35,381	Urban Outfitters, Inc., (2)		1,266,994
		Total Specialty Retail		6,240,772
		Textiles, Apparel & Luxury Goods – 0.2%
	12,633	Coach, Inc.		698,731
		Thrifts & Mortgage Finance – 0.0%
	6,252	Capitol Federal Financial Inc.		74,461
	1,712	Tree.com Inc., (2)		16,161
		Total Thrifts & Mortgage Finance		90,622
		Tobacco – 0.9%
	44,849	Altria Group, Inc.		1,104,182
	35,651	Philip Morris International		2,086,653
		Total Tobacco		3,190,835

Nuveen Investments
37

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Wireless Telecommunication Services – 0.7%
	18,132	China Mobile Hong Kong Limited, Sponsored ADR	$	899,710
	9,319	Crown Castle International Corporation, (2)		408,452
	45,343	Vodafone Group PLC, Sponsored ADR		1,198,415
		Total Wireless Telecommunication Services		2,506,577
		Total Common Stocks (cost $254,385,947)		353,753,965

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 3.1%
$	11,001	Repurchase Agreement with Fixed Income Clearing Corporation, dated		0.040	%	1/03/11	$	11,001,025
		12/31/2010, repurchase price $11,001,062, collateralized by
		$11,280,000 U.S. Treasury Notes, 2.375%, due 7/31/17, value $11,223,600
		Total Short-Term Investments (cost $11,001,025)						11,001,025
		Total Investments (cost $265,386,972) – 103.5%						364,754,990
		Other Assets Less Liabilities – (3.5)% (5)						(12,324,064	)
		Net Assets – 100%					$	352,430,926

Investments in Derivatives

Call Options Written at December 31, 2010:

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written (4)
	(526	)	Mini-NDX 100 Index	$	(11,309,000	)	1/22/11	$	215.0	$	(466,825	)
	(862	)	Mini-NDX 100 Index		(18,748,500	)	1/22/11		217.5		(594,780	)
	(971	)	Mini-NDX 100 Index		(21,119,250	)	2/19/11		217.5		(878,755	)
	(1,443	)	Mini-NDX 100 Index		(31,746,000	)	2/19/11		220.0		(1,075,035	)
	(532	)	Mini-NDX 100 Index		(11,704,000	)	3/19/11		220.0		(485,450	)
	(65	)	NASDAQ-100 Index		(13,975,000	)	1/22/11		2,150.0		(573,300	)
	(106	)	NASDAQ-100 Index		(23,055,000	)	1/22/11		2,175.0		(724,510	)
	(84	)	NASDAQ-100 Index		(18,270,000	)	2/19/11		2,175.0		(762,300	)
	(51	)	NASDAQ-100 Index		(11,220,000	)	2/19/11		2,200.0		(380,715	)
	(47	)	NASDAQ-100 Index		(10,340,000	)	3/19/11		2,200.0		(434,750	)
	(343	)	S&P 500 Index		(41,160,000	)	1/22/11		1,200.0		(2,107,735	)
	(344	)	S&P 500 Index		(42,140,000	)	1/22/11		1,225.0		(1,377,720	)
	(174	)	S&P 500 Index		(21,750,000	)	1/22/11		1,250.0		(380,190	)
	(182	)	S&P 500 Index		(21,840,000	)	2/19/11		1,200.0		(1,258,530	)
	(169	)	S&P 500 Index		(20,702,500	)	2/19/11		1,225.0		(845,845	)
	(184	)	S&P 500 Index		(23,000,000	)	2/19/11		1,250.0		(613,640	)
	(6,083	)	Total Call Options Written (premiums received $11,764,119)	$	(342,079,250	)				$	(12,960,080	)

    For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

  (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.

  (5)  Other Assets Less Liabilities includes Value and/or Unrealized Appreciation (Depreciation) of derivative instruments as noted in Investments in Derivatives.

  ADR  American Depositary Receipt.

See accompanying notes to financial statements.

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Nuveen Equity Premium and Growth Fund

Portfolio of INVESTMENTS

  December 31, 2010

Shares		Description (1)	Value
		Common Stocks – 100.5%
		Aerospace & Defense – 2.7%
	24,507	Boeing Company	$	1,599,327
	6,100	Goodrich Corporation		537,227
	31,477	Honeywell International Inc.		1,673,317
	14,434	Raytheon Company		668,872
	23,941	United Technologies Corporation		1,884,636
		Total Aerospace & Defense		6,363,379
		Air Freight & Logistics – 1.0%
	32,291	United Parcel Service, Inc., Class B		2,343,681
		Airlines – 0.2%
	13,335	Lan Airlines S.A., Sponsored ADR		410,451
		Auto Components – 0.1%
	9,310	Cooper Tire & Rubber		219,530
	5,700	Dana Holding Corporation, (2)		98,097
		Total Auto Components		317,627
		Automobiles – 0.7%
	99,139	Ford Motor Company, (2)		1,664,544
		Beverages – 2.2%
	46,685	Coca-Cola Company		3,070,472
	33,632	PepsiCo, Inc.		2,197,179
		Total Beverages		5,267,651
		Biotechnology – 0.7%
	10,689	Celgene Corporation, (2)		632,147
	1,860	Cephalon, Inc., (2)		114,799
	22,781	Gilead Sciences, Inc., (2)		825,583
	10,546	PDL Biopahrma Inc.		65,702
		Total Biotechnology		1,638,231
		Capital Markets – 2.3%
	53,257	Charles Schwab Corporation		911,227
	24,627	Federated Investors Inc.		644,489
	13,003	Goldman Sachs Group, Inc.		2,186,584
	40,842	Morgan Stanley		1,111,311
	14,786	Waddell & Reed Financial, Inc., Class A		521,798
		Total Capital Markets		5,375,409
		Chemicals – 2.6%
	32,040	Dow Chemical Company		1,093,846
	38,322	E.I. Du Pont de Nemours and Company		1,911,501
	7,200	Eastman Chemical Company		605,376
	11,108	Monsanto Company		773,561
	27,935	Olin Corporation		573,226

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Chemicals (continued)
	9,462	PPG Industries, Inc.	$	795,470
	16,530	RPM International, Inc.		365,313
		Total Chemicals		6,118,293
		Commercial Banks – 3.0%
	12,408	Comerica Incorporated		524,114
	11,483	Fifth Third Bancorp.		168,570
	11,582	First Horizon National Corporation, (2)		136,438
	8,574	FirstMerit Corporation		169,679
	49,105	Huntington BancShares Inc.		337,351
	33,673	Regions Financial Corporation		235,711
	67,046	U.S. Bancorp		1,808,231
	121,497	Wells Fargo & Company		3,765,192
		Total Commercial Banks		7,145,286
		Commercial Services & Supplies – 0.3%
	5,330	Avery Dennison Corporation		225,672
	14,872	Deluxe Corporation		342,353
	8,400	Kimball International Inc., Class B		57,960
	11,117	Standard Register Company		37,909
		Total Commercial Services & Supplies		663,894
		Communications Equipment – 2.3%
	128,861	Cisco Systems, Inc., (2)		2,606,858
	104,122	Motorola, Inc., (2)		944,387
	37,088	QUALCOMM, Inc.		1,835,485
	1,784	Research In Motion Limited, (2)		103,704
		Total Communications Equipment		5,490,434
		Computers & Peripherals – 3.2%
	18,222	Apple, Inc., (2)		5,877,688
	30,455	Dell Inc., (2)		412,665
	58,861	EMC Corporation, (2)		1,347,917
		Total Computers & Peripherals		7,638,270
		Consumer Finance – 0.5%
	25,173	American Express Company		1,080,425
		Containers & Packaging – 0.2%
	19,132	Packaging Corp. of America		494,371
		Distributors – 0.5%
	21,089	Genuine Parts Company		1,082,709
		Diversified Consumer Services – 0.1%
	5,562	Apollo Group, Inc., (2)		219,643
		Diversified Financial Services – 4.6%
	206,045	Bank of America Corporation		2,748,640
	418,177	Citigroup Inc., (2)		1,977,977
	2,592	CME Group, Inc.		833,976
	4,327	Intercontinental Exchange, Inc., (2)		515,562
	98,908	JP Morgan Chase & Co		4,195,677
	17,015	New York Stock Exchange Euronext		510,110
		Total Diversified Financial Services		10,781,942

Nuveen Investments
40

Shares		Description (1)	Value
		Diversified Telecommunication Services – 4.0%
	4,000	Alaska Communications Systems Group Inc.	$	44,400
	168,982	AT&T Inc.		4,964,691
	111,815	Frontier Communications Corporation		1,087,960
	91,106	Verizon Communications Inc.		3,259,773
		Total Diversified Telecommunication Services		9,356,824
		Electric Utilities – 1.5%
	77,700	Duke Energy Corporation		1,383,837
	61,212	Great Plains Energy Incorporated		1,186,901
	23,442	Progress Energy, Inc.		1,019,258
		Total Electric Utilities		3,589,996
		Electrical Equipment – 1.1%
	6,295	Cooper Industries Inc.		366,936
	28,823	Emerson Electric Company		1,647,811
	6,854	Rockwell Automation, Inc.		491,500
		Total Electrical Equipment		2,506,247
		Electronic Equipment & Instruments – 0.4%
	48,583	Corning Incorporated		938,624
		Energy Equipment & Services – 2.7%
	12,531	Baker Hughes Incorporated		716,397
	2,246	Carbo Ceramics Inc.		232,551
	33,801	Halliburton Company		1,380,095
	9,961	National-Oilwell Varco Inc.		669,877
	2,835	Noble Corporation		101,408
	37,241	Schlumberger Limited		3,109,624
	1,869	Tidewater Inc.		100,627
		Total Energy Equipment & Services		6,310,579
		Food & Staples Retailing – 1.9%
	31,018	CVS Caremark Corporation		1,078,496
	23,426	SUPERVALU INC.		225,592
	52,498	Wal-Mart Stores, Inc.		2,831,217
	6,512	Whole Foods Market, Inc., (2)		329,442
		Total Food & Staples Retailing		4,464,747
		Food Products – 1.1%
	13,960	Archer-Daniels-Midland Company		419,917
	33,806	ConAgra Foods, Inc.		763,339
	47,796	Kraft Foods Inc.		1,506,052
		Total Food Products		2,689,308
		Gas Utilities – 0.6%
	18,129	Nicor Inc.		905,000
	7,318	ONEOK, Inc.		405,929
		Total Gas Utilities		1,310,929
		Health Care Equipment & Supplies – 0.7%
	28,854	Boston Scientific Corporation, (2)		218,425
	3,976	Hologic Inc., (2)		74,828
	33,819	Medtronic, Inc.		1,254,347
		Total Health Care Equipment & Supplies		1,547,600

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Health Care Providers & Services – 1.9%
	13,746	Aetna Inc.	$	419,390
	1,637	Brookdale Senior Living Inc., (2)		35,048
	14,432	Express Scripts, Inc., (2)		780,050
	5,614	Humana Inc., (2)		307,310
	3,420	Lincare Holdings		91,759
	15,149	Medco Health Solutions, Inc., (2)		928,179
	24,649	Tenet Healthcare Corporation, (2)		164,902
	30,450	UnitedHealth Group Incorporated		1,099,550
	13,135	Wellpoint Inc., (2)		746,856
		Total Health Care Providers & Services		4,573,044
		Hotels, Restaurants & Leisure – 1.4%
	9,393	International Game Technology		166,162
	30,196	McDonald's Corporation		2,317,845
	11,488	MGM Mirage Inc., (2)		170,597
	4,557	Tim Hortons Inc.		187,885
	43,350	Wendy's International, Inc.		200,277
	5,549	Wyndham Worldwide Corporation		166,248
		Total Hotels, Restaurants & Leisure		3,209,014
		Household Durables – 0.9%
	9,110	KB Home		122,894
	7,125	Lennar Corporation, Class A		133,594
	16,964	Newell Rubbermaid Inc.		308,406
	21,287	Stanley Black & Decker Inc.		1,423,462
	2,527	Whirlpool Corporation		224,473
		Total Household Durables		2,212,829
		Household Products – 2.1%
	6,813	Colgate-Palmolive Company		547,561
	11,687	Kimberly-Clark Corporation		736,748
	58,636	Procter & Gamble Company		3,772,054
		Total Household Products		5,056,363
		Industrial Conglomerates – 2.4%
	16,989	3M Co		1,466,151
	230,736	General Electric Company		4,220,161
		Total Industrial Conglomerates		5,686,312
		Insurance – 2.6%
	22,025	Arthur J. Gallagher & Co		640,487
	9,351	Berkshire Hathaway Inc., Class B, (2)		749,109
	16,883	Fidelity National Title Group Inc., Class A		230,959
	19,830	Genworth Financial Inc., Class A, (2)		260,566
	29,671	Lincoln National Corporation		825,151
	27,861	Marsh & McLennan Companies, Inc.		761,720
	16,648	Mercury General Corporation		716,030
	14,413	Prudential Financial, Inc.		846,187
	15,398	Travelers Companies, Inc.		857,823
	12,560	Unitrin, Inc.		308,222
		Total Insurance		6,196,254
		Internet & Catalog Retail – 0.7%
	8,927	Amazon.com, Inc., (2)		1,606,860

Nuveen Investments
42

Shares		Description (1)	Value
		Internet Software & Services – 2.1%
	3,480	Akamai Technologies, Inc., (2)	$	163,734
	27,399	eBay Inc., (2)		762,514
	5,226	Google Inc., Class A, (2)		3,104,087
	22,961	United Online, Inc.		151,543
	6,548	VeriSign, Inc., (2)		213,923
	27,685	Yahoo! Inc., (2)		460,402
		Total Internet Software & Services		4,856,203
		IT Services – 3.1%
	35,988	Automatic Data Processing, Inc.		1,665,525
	9,387	Cognizant Technology Solutions Corporation, Class A, (2)		687,973
	11,474	Fidelity National Information Services		314,273
	28,633	International Business Machines Corporation (IBM)		4,202,179
	2,687	Lender Processing Services Inc.		79,320
	4,147	Visa Inc.		291,866
		Total IT Services		7,241,136
		Leisure Equipment & Products – 0.6%
	21,491	Eastman Kodak Company, (2)		115,192
	28,977	Mattel, Inc.		736,885
	7,861	Polaris Industries Inc.		613,315
		Total Leisure Equipment & Products		1,465,392
		Life Sciences Tools & Services – 0.1%
	1,370	Covance, Inc., (2)		70,432
	2,730	Life Technologies Corporation, (2)		151,515
		Total Life Sciences Tools & Services		221,947
		Machinery – 2.5%
	3,706	Briggs & Stratton Corporation		72,971
	19,681	Caterpillar Inc.		1,843,322
	9,268	Cummins Inc.		1,019,573
	13,644	Deere & Company		1,133,134
	17,971	Illinois Tool Works, Inc.		959,651
	5,351	Pentair, Inc.		195,365
	11,866	Snap-on Incorporated		671,378
		Total Machinery		5,895,394
		Media – 1.7%
	8,069	CBS Corporation, Class B		153,714
	96,336	Comcast Corporation, Class A		2,116,502
	7,926	Gannett Company Inc.		119,603
	5,070	Lamar Advertising Company, (2)		201,989
	28,121	New York Times, Class A, (2)		275,586
	51,141	Regal Entertainment Group, Class A		600,395
	45,144	Sirius XM Radio Inc., (2)		74,036
	24,892	World Wrestling Entertainment Inc.		354,462
		Total Media		3,896,287
		Metals & Mining – 1.2%
	4,770	Companhia Siderurgica Nacional S.A., Sponsored ADR		79,516
	13,236	Freeport-McMoRan Copper & Gold, Inc.		1,589,511
	11,444	Southern Copper Corporation		557,781
	9,242	United States Steel Corporation		539,918
		Total Metals & Mining		2,766,726

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares		Description (1)	Value
		Multiline Retail – 0.8%
	11,439	Nordstrom, Inc.	$	484,785
	23,005	Target Corporation		1,383,291
		Total Multiline Retail		1,868,076
		Multi-Utilities – 2.3%
	41,360	Ameren Corporation		1,165,938
	56,900	CenterPoint Energy, Inc.		894,468
	13,050	Consolidated Edison, Inc.		646,889
	28,705	Dominion Resources, Inc.		1,226,278
	29,895	Integrys Energy Group, Inc.		1,450,206
		Total Multi-Utilities		5,383,779
		Oil, Gas & Consumable Fuels – 10.3%
	20,360	Chesapeake Energy Corporation		527,528
	48,991	Chevron Corporation		4,470,429
	46,486	ConocoPhillips		3,165,697
	11,317	CONSOL Energy Inc.		551,591
	6,936	EOG Resources, Inc.		634,020
	118,281	Exxon Mobil Corporation		8,648,708
	7,395	Hess Corporation		566,013
	20,568	Marathon Oil Corporation		761,633
	23,016	Occidental Petroleum Corporation		2,257,870
	13,666	Peabody Energy Corporation		874,351
	24,031	Ship Financial International Limited		517,147
	7,634	Southwestern Energy Company, (2)		285,741
	23,750	StatoilHydro ASA, Sponsored ADR		564,538
	18,401	Valero Energy Corporation		425,431
		Total Oil, Gas & Consumable Fuels		24,250,697
		Personal Products – 0.3%
	21,857	Avon Products, Inc.		635,164
		Pharmaceuticals – 7.2%
	50,796	Abbott Laboratories		2,433,636
	818	AstraZeneca PLC, Sponsored ADR		37,783
	76,839	Bristol-Myers Squibb Company		2,034,697
	34,215	Eli Lilly and Company		1,198,894
	60,810	Johnson & Johnson		3,761,099
	98,185	Merck & Company Inc.		3,538,587
	209,692	Pfizer Inc.		3,671,707
	7,664	Sanofi-Aventis, Sponsored ADR		247,011
		Total Pharmaceuticals		16,923,414
		Real Estate Investment Trust – 2.0%
	28,349	Annaly Capital Management Inc.		508,014
	35,857	Brandywine Realty Trust		417,734
	16,606	Hospitality Properties Trust		382,602
	54,457	Lexington Corporate Properties Trust		432,933
	41,701	Nationwide Health Properties, Inc.		1,517,082
	49,474	Senior Housing Properties Trust		1,085,460
	14,334	U-Store-It Trust		136,603
	19,112	Weyerhaeuser Company		361,790
		Total Real Estate Investment Trust		4,842,218

Nuveen Investments
44

Shares		Description (1)	Value
		Road & Rail – 0.2%
	5,161	Union Pacific Corporation	$	478,218
		Semiconductors & Equipment – 2.6%
	21,688	Analog Devices, Inc.		816,987
	35,188	Applied Materials, Inc.		494,391
	759	First Solar Inc., (2)		98,776
	128,901	Intel Corporation		2,710,788
	19,731	Microchip Technology Incorporated		674,998
	19,215	NVIDIA Corporation, (2)		295,911
	29,694	Texas Instruments Incorporated		965,055
		Total Semiconductors & Equipment		6,056,906
		Software – 4.2%
	16,744	Adobe Systems Incorporated, (2)		515,380
	8,286	Autodesk, Inc., (2)		316,525
	201,594	Microsoft Corporation		5,628,504
	84,456	Oracle Corporation		2,643,473
	5,607	Salesforce.com, Inc., (2)		740,124
		Total Software		9,844,006
		Specialty Retail – 2.9%
	7,446	Abercrombie & Fitch Co., Class A		429,113
	22,224	American Eagle Outfitters, Inc.		325,137
	10,998	Best Buy Co., Inc.		377,121
	17,720	Gap, Inc.		392,321
	56,453	Home Depot, Inc.		1,979,242
	29,514	Limited Brands, Inc.		906,965
	46,378	Lowe's Companies, Inc.		1,163,160
	7,793	Tiffany & Co		485,270
	15,665	TJX Companies, Inc.		695,369
		Total Specialty Retail		6,753,698
		Textiles Apparel & Luxury Goods – 0.4%
	10,506	VF Corporation		905,407
		Thrifts & Mortgage Finance – 0.5%
	57,748	New York Community Bancorp Inc.		1,088,550
		Tobacco – 2.0%
	69,672	Altria Group, Inc.		1,715,325
	38,898	Philip Morris International		2,276,700
	21,266	Reynolds American Inc.		693,697
		Total Tobacco		4,685,722
		Trading Cos & Distributors – 0.2%
	3,200	W.W. Grainger, Inc.		441,952
		Wireless Telecommunication Services – 0.1%
	54,217	Sprint Nextel Corporation, (2)		229,338
	3,446	Vodafone Group PLC, Sponsored ADR		91,078
		Total Wireless Telecommunication Services		320,416
		Total Common Stocks (cost $213,188,194)		236,173,078

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 2.5%
$	5,961	Repurchase Agreement with Fixed Income Clearing Corporation, dated		0.040	%	1/03/11	$	5,961,470
		12/31/2010, repurchase price $5,961,490, collateralized by
		$6,060,000 U.S. Treasury Notes, 2.125%, due 12/31/15, value $6,082,725
		Total Short-Term Investments (cost $5,961,470)						5,961,470
		Total Investments (cost $219,149,664) – 103.0%						242,134,548
		Other Assets Less Liabilities – (3.0)% (5)						(7,039,586	)
		Net Assets – 100%					$	235,094,962

Investments in Derivatives

Call Options Written at December 31, 2010:

Number of Contracts			Type	Notional Amount (3)			Expiration Date	Strike Price		Value
			Call Options Written (4)
	(371	)	S&P 500 Index	$	(44,520,000	)	1/22/11	$	1,200	$	(2,279,795	)
	(370	)	S&P 500 Index		(45,325,000	)	1/22/11		1,225		(1,481,850	)
	(184	)	S&P 500 Index		(23,000,000	)	1/22/11		1,250		(402,040	)
	(196	)	S&P 500 Index		(23,520,000	)	2/19/11		1,200		(1,355,340	)
	(182	)	S&P 500 Index		(22,295,000	)	2/19/11		1,225		(910,910	)
	(198	)	S&P 500 Index		(24,750,000	)	2/19/11		1,250		(660,330	)
	(1,501	)	Total Call Options Written (premiums received $5,575,988)	$	(183,410,000	)				$	(7,090,265	)

    For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

  (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.

  (5)  Other Assets Less Liabilities includes Value and/or Unrealized Appreciation (Depreciation) of derivative instruments as noted in Investments in Derivatives.

  ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
46

Statement of

ASSETS & LIABILITIES

  December 31, 2010

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Assets
Investments, at value (cost $453,933,777, $729,315,725, $265,386,972 and $219,149,664, respectively)	$	534,611,631		$	923,668,745		$	364,754,990		$	242,134,548
Cash		1,539			890,206			711,732			—
Cash denominated in foreign currencies (cost $0, $2,896, $0 and $0, respectively)		—			2,956			—			—
Receivables:
Dividends and interest		771,586			1,088,129			284,264			307,175
Reclaims		1,702			—			396			—
Other assets		42,850			66,945			26,816			16,424
Total assets		535,429,308			925,716,981			365,778,198			242,458,147
Liabilities
Call options written, at value (premiums received $15,172,360, $28,230,630, $11,764,119 and $5,575,988, respectively)		19,308,680			33,347,033			12,960,080			7,090,265
Accrued expenses:
Management fees		325,821			495,674			235,424			172,178
Other		205,289			356,890			151,768			100,742
Total liabilities		19,839,790			34,199,597			13,347,272			7,363,185
Net assets	$	515,589,518		$	891,517,384		$	352,430,926		$	235,094,962
Shares outstanding		38,661,011			66,559,044			25,874,000			16,311,642
Net asset value per share outstanding	$	13.34		$	13.39		$	13.62		$	14.41
Net assets consist of:
Shares, $.01 par value per share	$	386,610		$	665,590		$	258,740		$	163,116
Paid-in surplus		522,191,922			841,527,636			313,638,365			255,146,611
Undistributed (Over-distribution of) net investment income		—			—			—			—
Accumulated net realized gain (loss)		(83,530,548	)		(139,912,519	)		(59,638,236	)		(41,685,372	)
Net unrealized appreciation (depreciation)		76,541,534			189,236,677			98,172,057			21,470,607
Net assets	$	515,589,518		$	891,517,384		$	352,430,926		$	235,094,962
Authorized shares		Unlimited			Unlimited			Unlimited			Unlimited

See accompanying notes to financial statements.

Nuveen Investments
47

Statement of

OPERATIONS

  Year Ended December 31, 2010

	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 $18,452, $42,771, $29,862 and $12,865, respectively)	$	13,823,680		$	18,458,855		$	5,723,921		$	6,157,179
Interest		4,683			8,665			3,426			1,944
Total investment income		13,828,363			18,467,520			5,727,347			6,159,123
Expenses
Management fees		4,434,316			7,611,736			3,060,909			1,955,225
Shareholders' servicing agent fees and expenses		1,310			1,968			591			418
Custodian's fees and expenses		95,842			162,201			84,197			52,216
Trustees' fees and expenses		11,049			19,162			7,627			4,993
Professional fees		49,630			76,947			40,447			35,957
Shareholders' reports — printing and mailing expenses		106,717			185,325			63,577			49,195
Stock exchange listing fees		12,989			22,335			9,089			9,089
Investor relations expense		130,098			222,247			76,397			55,575
Other expenses		67,142			176,745			103,469			45,282
Total expenses before custodian fee credit and expense reimbursement		4,909,093			8,478,666			3,446,303			2,207,950
Custodian fee credit		(977	)		(1,485	)		(559	)		(337	)
Expense reimbursement		(1,034,026	)		(1,975,688	)		(490,784	)		—
Net expenses		3,874,090			6,501,493			2,954,960			2,207,613
Net investment income		9,954,273			11,966,027			2,772,387			3,951,510
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		9,503,305			21,515,009			17,270,754			(946,336	)
Call options written		(7,825,685	)		(29,954,329	)		(18,924,466	)		(3,090,095	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		53,153,395			93,964,137			33,445,516			29,743,368
Call options written		(6,791,153	)		(4,554,496	)		1,116,328			(2,481,607	)
Net realized and unrealized gain (loss)		48,039,862			80,970,321			32,908,132			23,225,330
Net increase (decrease) in net assets from operations	$	57,994,135		$	92,936,348		$	35,680,519		$	27,176,840

See accompanying notes to financial statements.

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Statement of

CHANGES in NET ASSETS

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/10			Year Ended 12/31/09
Operations
Net investment income	$	9,954,273		$	10,527,231		$	11,966,027		$	13,811,592
Net realized gain (loss) from:
Investments and foreign currency		9,503,305			(26,294,038	)		21,515,009			(15,571,630	)
Call options written		(7,825,685	)		(54,214,352	)		(29,954,329	)		(103,740,435	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		53,153,395			133,449,670			93,964,137			245,680,015
Call options written		(6,791,153	)		(1,821,561	)		(4,554,496	)		(11,923,845	)
Net increase (decrease) in net assets from operations		57,994,135			61,646,950			92,936,348			128,255,697
Distributions to Shareholders
From net investment income		(10,215,397	)		(10,853,786	)		(11,928,197	)		(14,591,730	)
From accumulated net realized gains		—			(9,162,194	)		—			—
Return of capital		(37,794,887	)		(29,564,460	)		(74,396,142	)		(74,229,886	)
Decrease in net assets from distributions to shareholders		(48,010,284	)		(49,580,440	)		(86,324,339	)		(88,821,616	)
Capital Share Transactions
Net proceeds from shares issued to shareholders due to reinvestment of distributions		3,117,564			—			6,583,916			—
Cost of shares repurchased and retired		—			(1,284,611	)		—			(2,691,146	)
Net increase (decrease) in net assets from capital share transactions		3,117,564			(1,284,611	)		6,583,916			(2,691,146	)
Net increase (decrease) in net assets		13,101,415			10,781,899			13,195,925			36,742,935
Net assets at the beginning of year		502,488,103			491,706,204			878,321,459			841,578,524
Net assets at the end of year	$	515,589,518		$	502,488,103		$	891,517,384		$	878,321,459
Undistributed (Over-distribution of) net investment income at the end of year	$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

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Statement of

CHANGES in NET ASSETS (continued)

	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/10			Year Ended 12/31/09
Operations
Net investment income	$	2,772,387		$	3,368,370		$	3,951,510		$	4,196,134
Net realized gain (loss) from:
Investments and foreign currency		17,270,754			(8,114,092	)		(946,336	)		(16,690,491	)
Call options written		(18,924,466	)		(44,195,720	)		(3,090,095	)		(19,341,719	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		33,445,516			118,229,072			29,743,368			61,613,159
Call options written		1,116,328			(7,769,794	)		(2,481,607	)		(524,178	)
Net increase (decrease) in net assets from operations		35,680,519			61,517,836			27,176,840			29,252,905
Distributions to Shareholders
From net investment income		(2,769,975	)		(3,588,580	)		(3,953,391	)		(4,357,101	)
From accumulated net realized gains		—			—			—			(3,431,689	)
Return of capital		(30,753,623	)		(30,654,318	)		(14,315,648	)		(10,487,585	)
Decrease in net assets from distributions to shareholders		(33,523,598	)		(34,242,898	)		(18,269,039	)		(18,276,375	)
Capital Share Transactions
Net proceeds from shares issued to shareholders due to reinvestment of distributions		375,777			—			—			—
Cost of shares repurchased and retired		—			(1,347,945	)		—			(832,957	)
Net increase (decrease) in net assets from capital share transactions		375,777			(1,347,945	)		—			(832,957	)
Net increase (decrease) in net assets		2,532,698			25,926,993			8,907,801			10,143,573
Net assets at the beginning of year		349,898,228			323,971,235			226,187,161			216,043,588
Net assets at the end of year	$	352,430,926		$	349,898,228		$	235,094,962		$	226,187,161
Undistributed (Over-distribution of) net investment income at the end of year	$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

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Intentionally Left Blank

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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			Return of Capital			Total			Offering Costs			Discount From Shares Repurchased and Retired			Ending Net Asset Value		Ending Market Value
Equity Premium Income (JPZ)
Year Ended 12/31:
	2010	$	13.08	$	.26	$	1.25		$	1.51		$	(.27	)	$	—		$	(.98	)	$	(1.25	)	$	—		$	—		$	13.34	$	12.76
	2009		12.75		.27		1.35			1.62			(.28	)		(.24	)		(.77	)		(1.29	)		—			—	*		13.08		13.00
	2008		18.30		.39		(4.41	)		(4.02	)		(.39	)		(1.14	)		—			(1.53	)		—			—	*		12.75		10.74
	2007		18.59		.44		.98			1.42			(.54	)		—			(1.17	)		(1.71	)		—			—			18.30		16.41
	2006		18.48		.43		1.39			1.82			(.43	)		—			(1.28	)		(1.71	)		—	*		—			18.59		19.22
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2010		13.30		.18		1.21			1.39			(.18	)		—			(1.12	)		(1.30	)		—			—			13.39	$	12.88
	2009		12.69		.21		1.73			1.94			(.22	)		—			(1.12	)		(1.34	)		—			.01			13.30		13.20
	2008		18.60		.30		(4.62	)		(4.32	)		(.62	)		(.97	)		—			(1.59	)		—			—	*		12.69		10.68
	2007		18.36		.36		1.66			2.02			(.35	)		—			(1.43	)		(1.78	)		—			—			18.60		16.34
	2006		18.66		.32		1.16			1.48			(.32	)		—			(1.46	)		(1.78	)		—	*		—			18.36		18.62
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2010		13.54		.11		1.27			1.38			(.11	)		—			(1.19	)		(1.30	)		—			—			13.62	$	12.90
	2009		12.47		.13		2.25			2.38			(.14	)		—			(1.18	)		(1.32	)		—			.01			13.54		13.07
	2008		18.57		.17		(4.67	)		(4.50	)		(.92	)		(.69	)		—			(1.61	)		—			.01			12.47		10.34
	2007		18.35		.22		1.82			2.04			(.21	)		—			(1.61	)		(1.82	)		—			—			18.57		16.45
	2006		18.84		.20		1.13			1.33			(.20	)		—			(1.62	)		(1.82	)		—	*		—			18.35		19.20
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2010		13.87		.24		1.42			1.66			(.24	)		—			(.88	)		(1.12	)		—			—			14.41	$	13.85
	2009		13.17		.26		1.55			1.81			(.27	)		(.21	)		(.64	)		(1.12	)		—			.01			13.87		13.09
	2008		19.31		.36		(5.02	)		(4.66	)		(.40	)		(1.09	)		—			(1.49	)		—			.01			13.17		10.77
	2007		19.60		.68		.65			1.33			(.79	)		—			(.83	)		(1.62	)		—	*		—			19.31		17.13
	2006		19.04		.46		1.72			2.18			(.49	)		(.14	)		(.99	)		(1.62	)		—			—			19.60		19.38

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								Ratios/Supplemental Data
		Total Returns								Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(c)
		Based on Market Value(b)			Based on Net Asset Value(b)			Ending Net Assets (000)		Expenses			Net Investment Income			Expenses			Net Investment Income			Portfolio Turnover Rate
Equity Premium Income (JPZ)
Year Ended 12/31:
	2010		8.10	%		12.22	%	$	515,590		.98	%		1.78	%		.77	%		1.99	%		3	%
	2009		35.46			13.74			502,488		.99			1.93			.71			2.21			9
	2008		(26.73	)		(23.27	)		491,706		.97			2.08			.67			2.39			6
	2007		(6.07	)		7.80			707,933		.95			2.05			.65			2.35			7
	2006		21.30			10.22			715,680		.96			1.99			.66			2.30			23
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2010		7.85	%		11.17	%		891,517		.97			1.15			.75			1.37			3
	2009		38.49			16.39			878,321		.98			1.35			.68			1.65			4
	2008		(26.64	)		(24.65	)		841,579		.96			1.52			.66			1.82			8
	2007		(3.03	)		11.35			1,237,527		.94			1.62			.64			1.93			4
	2006		17.86			8.28			1,214,721		.95			1.41			.66			1.71			8
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2010		8.95	%		10.83	%		352,431		1.00			.66			.85			.80			5
	2009		41.37			20.21			349,898		1.01			.82			.81			1.02			10
	2008		(29.22	)		(25.63	)		323,971		.99			.88			.79			1.08			12
	2007		(5.15	)		11.50			484,998		.98			.99			.78			1.19			3
	2006		20.52			7.35			474,781		.99			.85			.79			1.05			26
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2010		14.90	%		12.60	%		235,095		.98			1.75			N/A			N/A			3
	2009		33.63			14.77			226,187		.98			1.99			N/A			N/A			6
	2008		(30.09	)		(25.38	)		216,044		.96			2.13			N/A			N/A			12
	2007		(3.55	)		6.86			319,300		.95			3.40			N/A			N/A			26
	2006		22.68			11.90			323,569		.96			2.34			N/A			N/A			37

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

(b)  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.

(c)  After expense reimbursement from Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

N/A  Fund does not have a contractual reimbursement with the Adviser.

*  Rounds to less than $.01 per share.

See accompanying notes to financial statements.

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Notes to

FINANCIAL STATEMENTS

1. General Information and Significant Accounting Policies

General Information

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 registered 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.

Effective January 1, 2011, Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen") has changed its name to Nuveen Fund Advisors, Inc.

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 ("U.S. GAAP").

Significant Accounting Policies

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the mean between the quoted bid and ask prices and are generally classified as Level 1. Prices of certain American Depository Receipts ("ADR") held by the Funds that trade in only limited volume in the United States are valued based on the last traded price, official closing price, or mean between the most recent bid and ask prices of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign

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54

exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the NYSE. These securities generally represent a transfer from a Level 1 to a Level 2 security.

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. Index options are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds' Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, 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. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds' Board of Trustees or its designee.

Refer to Footnote 2—Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

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, which is the same basis used for federal income tax purposes.

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.

Dividends and Distributions to Common Shareholders

Each Fund makes 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

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55

Notes to

FINANCIAL STATEMENTS (continued)

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 attributed to net unrealized gains, if any, is distributed from the Fund's assets and is treated by shareholders as a non-taxable distribution ("Return of Capital") 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 reduce net asset value per share. If a Fund's total return on net asset value exceeds total distributions during a calendar year, the excess will be reflected as an increase in net asset value per share. The final determination of the source and character of all distributions for the fiscal year are made after the end of the fiscal year and are reflected in the financial statements contained in the annual report as of December 31 each year.

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 spot (i.e. cash) basis 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 and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. ET. 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 Funds 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 Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to write (sell) call options, in an attempt to manage such risk. When the 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 is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options purchased during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of call options purchased" on the Statement of Operations. The changes in the value of options written during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of call options written" on the Statement of Operations. When an option is exercised or expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of "Net realized gain (loss) from 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 also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

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During fiscal year ended December 31, 2010, each Fund wrote call options on a broad equity index, while investing in a portfolio of equities, to enhance returns while foregoing some upside potential.

The average notional amount of call options written during the fiscal year ended December 31, 2010, for each Fund 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*	$	(483,287,500	)	$	(842,277,200	)	$	(332,772,800	)	$	(175,988,000	)

*  The average notional amount is calculated based on the outstanding balance at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

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, when applicable. 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, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser 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 pre-determined 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 counterparty 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 U.S. GAAP 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 fair 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).

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Notes to

FINANCIAL STATEMENTS (continued)

The inputs or methodologies 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, 2010:

Equity Premium Income (JPZ)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	519,393,624		$	—	$	—	$	519,393,624
Short-Term Investments		—			15,218,007		—		15,218,007
Derivatives:
Call Options Written		(19,308,680	)		—		—		(19,308,680	)
Total	$	500,084,944		$	15,218,007	$	—	$	515,302,951
Equity Premium Opportunity (JSN)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	902,299,021		$	—	$	—	$	902,299,021
Short-Term Investments		—			21,369,724		—		21,369,724
Derivatives:
Call Options Written		(33,347,033	)		—		—		(33,347,033	)
Total	$	868,951,988		$	21,369,724	$	—	$	890,321,712
Equity Premium Advantage (JLA)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	353,753,965		$	—	$	—	$	353,753,965
Short-Term Investments		—			11,001,025		—		11,001,025
Derivatives:
Call Options Written		(12,960,080	)		—		—		(12,960,080	)
Total	$	340,793,885		$	11,001,025	$	—	$	351,794,910
Equity Premium and Growth (JPG)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	236,173,078		$	—	$	—	$	236,173,078
Short-Term Investments		—			5,961,470		—		5,961,470
Derivatives:
Call Options Written		(7,090,265	)		—		—		(7,090,265	)
Total	$	229,082,813		$	5,961,470	$	—	$	235,044,283

During the fiscal year ended December 31, 2010, the Funds recognized no significant transfers to/from Level 1, Level 2 or Level 3.

3. Derivative Instruments and Hedging Activities

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, they are not considered to be 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.

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The following tables present the fair value of all derivative instruments held by the Funds as of December 31, 2010, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Equity Premium Income (JPZ)

		Location on the Statement of Assets and Liabilities
Underlying	Derivative	Asset Derivatives				Liability Derivatives
Risk Exposure	Instrument	Location		Value		Location	Value
Equity Price	Options		—	$	—	Call options written, at value	$	19,308,680

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	$	33,347,033

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	$	12,960,080

Equity Premium and Growth (JPG)

		Location on the Statement of Assets and Liabilities
Underlying	Derivative	Asset Derivatives				Liability Derivatives
Risk Exposure	Instrument	Location		Value		Location	Value
Equity Price	Options		—	$	—	Call options written, at value	$	7,090,265

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, 2010, 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	$	(7,825,685	)	$	(29,954,329	)	$	(18,924,466	)	$	(3,090,095	)
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	$	(6,791,153	)	$	(4,554,496	)	$	1,116,328		$	(2,481,607	)

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Notes to

FINANCIAL STATEMENTS (continued)

4. Fund Shares

Transactions in shares were as follows:

	Equity Premium Income (JPZ)					Equity Premium Opportunity (JSN)
	Year Ended 12/31/10		Year Ended 12/31/09			Year Ended 12/31/10		Year Ended 12/31/09
Shares issued to shareholders due to reinvestment of distributions		243,124		—			500,507		—
Shares repurchased and retired		—		(136,900	)		—		(285,200	)
Weighted average:
Price per share repurchased and retired		—	$	9.36			—	$	9.42
Discount per share repurchased and retired		—		18.71	%		—		19.14	%
	Equity Premium Advantage (JLA)					Equity Premium and Growth (JPG)
	Year Ended 12/31/10		Year Ended 12/31/09			Year Ended 12/31/10		Year Ended 12/31/09
Shares issued to shareholders due to reinvestment of distributions		27,509		—			—		—
Shares repurchased and retired		—		(141,550	)		—		(90,400	)
Weighted average:
Price per share repurchased and retired		—	$	9.50			—	$	9.19
Discount per share repurchased and retired		—		20.16	%		—		20.34	%

5. Investment Transactions

Purchases and sales (excluding short-term investments and derivative transactions) during the fiscal year ended December 31, 2010, were as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Purchases	$	16,027,524	$	22,063,751	$	18,271,310	$	7,456,326
Sales		51,654,662		113,286,873		66,835,013		26,596,422

Transactions in call options written during the fiscal year ended December 31, 2010, 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		4,417		$	17,520,638			12,162		$	32,461,956
Options written		34,952			131,262,266			92,306			234,222,619
Options terminated in closing purchase transactions		(34,739	)		(131,973,909	)		(92,095	)		(235,436,246	)
Options expired		(546	)		(1,636,635	)		(1,559	)		(3,017,699	)
Outstanding, end of year		4,084		$	15,172,360			10,814		$	28,230,630

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	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Outstanding, beginning of year		6,655		$	13,581,441			1,618		$	6,419,805
Options written		51,101			95,353,340			12,666			47,566,512
Options terminated in closing purchase transactions		(50,856	)		(95,818,518	)		(12,596	)		(47,868,496	)
Options expired		(817	)		(1,352,144	)		(187	)		(541,833	)
Outstanding, end of year		6,083		$	11,764,119			1,501		$	5,575,988

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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At December 31, 2010, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Cost of investments	$	454,513,077		$	729,388,340		$	265,357,142		$	219,139,191
Gross unrealized:
Appreciation	$	136,241,944		$	255,445,151		$	113,713,998		$	46,992,187
Depreciation		(56,143,390	)		(61,164,746	)		(14,316,150	)		(23,996,830	)
Net unrealized appreciation (depreciation) of investments	$	80,098,554		$	194,280,405		$	99,397,848		$	22,995,357

Permanent differences, primarily due to REIT adjustments and return of capital distributions, resulted in reclassifications among the Funds' components of net assets at December 31, 2010, the Funds' tax year-end, as follows:

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Paid-in surplus	$	(38,039,565	)	$	(74,320,304	)	$	(30,740,951	)	$	(14,317,398	)
Undistributed (Over-distribution) of net investment income		38,056,011			74,358,312			30,751,211			14,317,529
Accumulated net realized gain (loss)		(16,446	)		(38,008	)		(10,260	)		(131	)

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2010, 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, 2010 and December 31, 2009, was designated for purposes of the dividends paid deduction as follows:

2010	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Distributions from net ordinary income *	$	10,215,397	$	11,928,197	$	2,769,975	$	3,953,391
Distributions from net long-term capital gains		—		—		—		—
Return of capital		37,794,887		74,396,142		30,753,623		14,315,648

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Notes to

FINANCIAL STATEMENTS (continued)

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
Return of capital		29,564,460		74,229,886		30,654,318		10,487,585

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

At December 31, 2010, 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
December 31, 2018		4,958,903		38,327,754		14,352,958		7,655,485
Total	$	80,401,849	$	143,280,652	$	60,833,433	$	40,826,397

The following Funds elected to defer net realized losses from investments incurred from November 1, 2010 through December 31, 2010, the Funds' tax year end, ("post-October losses") in accordance with federal income tax regulations. The following 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 and Growth (JPG)
Post-October capital losses	$	6,852,773	$	1,539,720	$	2,351,923

7. Management Fees and Other Transactions with Affiliates

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

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

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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, is calculated according to the following schedule:

Complex-Level Managed 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

*  For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and certain 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 as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of December 31, 2010, the complex-level fee rate was .1831%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund's 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 portfolios of the Funds. Gateway is compensated for its services to the Funds 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 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.

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Notes to

FINANCIAL STATEMENTS (continued)

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

Year Ending 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.

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Board Members & Officers (Unaudited)

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 ten. 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(2)
8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Board Member	1996 Class III	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.		244
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.		244
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); formerly, Director (1997-2007), Credit Research Center at Georgetown University.		244

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Board Members & Officers (Unaudited) (continued)

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(2)
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 Board of Directors and chair of Investment Committee, Greater Milwaukee Foundation.		244
g WILLIAM J. SCHNEIDER(2)
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, Mid-America Health System board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.		244
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 (1990-1994).		244
g CAROLE E. STONE(2)
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); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).		244
g VIRGINIA L. STRINGER
8/16/44 333 W. Wacker Drive Chicago, IL 60606	Board Member		2011	Board Member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute's Independent Directors Council; governance consultant and non-profit board member; former Owner and President, Stragetic Management Resources, Inc. a management consulting firm; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).		244

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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 TERENCE J. TOTH(2)
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, Promus Capital (since 2008); formerly, 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).		244
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 and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Investments Advisors, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.		244
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 (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, 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) and of Winslow Capital Management Inc. (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2010) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.		244

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Board Members & Officers (Unaudited) (continued)

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 WILLIAM ADAMS IV
6/9/55 333 W. Wacker Drive Chicago, IL 60606	Vice President		2007	Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Investments, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); Managing Director (since 2010) of Nuveen Commodities Asset Management, LLC.		131
g MARGO L. COOK
4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President		2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); 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.		244
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 Fund Advisors, Inc.		244
g STEPHEN D. FOY
5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller		1998	Senior Vice President (since 2010), formerly, Vice President (1993-2010) and Funds Controller (since 1998) of Nuveen Investments, LLC; Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.; Certified Public Accountant.		244
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 2009) of Nuveen Investments, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment Solutions, Inc., Nuveen Investments Advisers, Inc. and Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, Inc.; Vice President of Santa Barbara Asset Management, 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.		244
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) of Nuveen Investments, LLC; Senior Vice President (since 2008) and Assistant Secretary (since 2008) of Nuveen Fund Advisors, Inc.		244

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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 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); Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.		244
g LARRY W. MARTIN
7/27/51 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary		1997	Senior Vice President (since 2010), formerly, Vice President (1993-2010), Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Senior Vice President (since 2011) of Nuveen Asset Management, LLC: Senior Vice President (since 2010), formerly, Vice President (2005-2010), and Assistant Secretary of Nuveen Investments, Inc.; Senior Vice President (since 2010), formerly Vice President (2005-2010), and Assistant Secretary (since 1997) of Nuveen Fund Advisors, Inc., Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC, Symphony Asset Management, LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006), Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); Vice President and Assistant Secretary of Nuveen Commodities Asset Management, LLC (since 2010).		244
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), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investments Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment Advisers, Inc., NWQ Investment Management 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) and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC: prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).		244

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Board Members & Officers (Unaudited) (continued)

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 KATHLEEN L. PRUDHOMME
3/30/53 800 Nicollet Mall Minneapolis, MN 55402	Vice President and Assistant Secretary		2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; formerly, Secretary of FASF (2004-2010); prior thereto, Assistant Secretary of FASF (1998-2004); Deputy General Counsel, FAF Advisors, Inc. (1998-2010).		244

(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)  Also serves as a trustee of the Nuveen Diversified Commodity Fund, and exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of the Adviser.

(3)  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.

(4)  Officers serve one year terms through August 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 (Unaudited)

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 25-26, 2010 (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, 2010 (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 and comparative performance, fee and expense information for the Funds (as described in more detail below), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), 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 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

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

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, including continued activities to refinance auction rate preferred securities, manage leverage during periods of market turbulence and implement an enhanced leverage management process, modify investment mandates in light of market conditions and seek shareholder approval as necessary, maintain the fund share repurchase program and maintain shareholder communications to keep shareholders apprised of Nuveen's efforts in refinancing preferred shares. 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 marketing for the closed-end funds; maintaining and enhancing a closed-end fund website; participating in conferences and having direct communications with analysts and financial advisors.

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.

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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 also 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 also considered the performance of the Funds. In addition, the Board 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 Sub-advisory Agreements and considered the basis for such recommendations.

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 performance results of each Fund over various time periods. The Board reviewed, among other things, each Fund's historic investment performance as well as information comparing the Fund's performance information with that of other funds (the "Performance Peer Group") based on data provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks. In this regard, the performance information the Board reviewed included the Fund's total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- (and, for the Nuveen Equity Premium Income Fund only, five-) year periods ending December 31, 2009 and for the quarter, one-, three- (and, for the Nuveen Equity Premium Income Fund and the Nuveen Equity Premium Opportunity Fund, five-) year periods ending March 31, 2010. Moreover, the Board reviewed the peer ranking of the Nuveen funds sub-advised by the Sub-Adviser in the aggregate. The Independent Board Members also reviewed historic premium and discount levels. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings. In reviewing peer comparison information, the Independent Board Members recognized that the

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

Performance Peer Group of certain funds may not adequately represent the objectives and strategies of the funds, thereby limiting the usefulness of comparing a fund's performance with that of its Performance Peer Group.

Based on their review, the Independent Board Members determined that each Fund's investment performance over time had been satisfactory. The Board noted that while the Nuveen Equity Premium Income Fund, the Nuveen Equity Premium Opportunity Fund and the Nuveen Equity Premium Advantage Fund lagged their respective peers somewhat in the short-term one-year period, they demonstrated more favorable performance in the longer three- and, in the case of the Nuveen Equity Premium Opportunity Fund, five-year periods. In addition, although the Board noted that the Nuveen Equity Premium and Growth Fund lagged its peers over various periods, the Board noted the differences with the Performance Peer Group and that the Fund outperformed its benchmark in the three-year period.

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 net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of 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") and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and/or 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 limited 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; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting the ability to make a meaningful comparison with 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). The Independent Board Members noted that each Fund had net management fees and/or a net expense ratio below the peer average of its respective Peer Group or Peer Universe.

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

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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), foreign investment funds offered by Nuveen 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.

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) 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 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

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

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 attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a 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. Further, 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.

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 are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the

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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.

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

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 any revenues received by affiliates of NAM for serving as agent at Nuveen's trading desk and as co-manager in initial public offerings of new closed-end funds.

In addition to the above, the Independent Board Members considered whether each 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 Nuveen funds it advises.

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 a Fund 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

Nuveen Investments
78

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.

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.

Nuveen Investments
79

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.

Nuveen Investments
80

Notes

Nuveen Investments
81

Notes

Nuveen Investments
82

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
Virginia L. Stringer
Terence J. Toth

Fund Manager

Nuveen Fund Advisers, Inc
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, 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

The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (DRD) for corporations and their percentages as qualified dividend income (QDI) for individuals under Section 1(h)(11) of the Internal Revenue Code as shown in the accompanying table. 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.

Fund	% of DRD			% of QDI
JPZ		100	%		100	%
JSN		100	%		100	%
JLA		100	%		100	%
JPG		100	%		100	%

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		—
JSN		—
JLA		—
JPG		—

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

Nuveen Investments
83

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 Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $195 billion of assets as of December 31, 2010.

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

Nuveen makes things e-simple.

It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.

Free e-Reports right to your e-mail!

www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.

OR

www.nuveen.com/accountaccess
If you receive your Nuveen Fund distributions and statements directly from Nuveen.

_EAN-D-1210D

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. As of January 1, 2011, the registrant’s audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget.  As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control.  Prior to serving as Director, Ms Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director.   Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities.  These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting.  Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange.  Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

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 (4)
December 31, 2010	$	26,485		$	0		$	1,905		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%	0		%
December 31, 2009	$	22,782		$	0		$	1,850		$	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.

(4) “All Other Fees” are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds.

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 Fund Advisors, Inc. (formerly Nuveen Asset Management) (the “Adviser”), and anyentity controlling, controlled by or under common control with the Adviser 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, 2010	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%
December 31, 2009	$	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, 2010	$	1,905	$	0	$	0	$	1,905
December 31, 2009	$	1,850	$	0	$	0	$	1,850

“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)). As of January 1, 2011, the members of the audit committee are Robert P.Bremner, David J. Kundert, William J. Schneider, Carole E. Stone 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, Nuveen Fund Advisors, Inc.,  has engaged Gateway Investment Advisers, LLC (“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.

ITEM 8.

The Adviser has engaged Gateway Investment Advisers, LLC (“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, 2010, Mr. Rogers was responsible for day-to-day management of 2 registered investment company accounts (excluding the Funds) having assets of approximately $5.2 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 1 other pooled investment vehicle having assets of approximately $64 million.  Mr. Rogers was responsible for day-to-day management of 27 other accounts having assets of approximately $417 million in the aggregate, and Mr. Toft was responsible for day-to-day management of 12 other accounts having assets of approximately $283 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.  Messrs. Rogers and Toft are parties to employment agreements that provide for automatic renewals for successive one-calendar-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 February 15, 2016 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 one year from the termination of employment, or one year after the period during which severance payments are made pursuant to the agreement.  The incentive compensation 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 are determined based on profitability of Gateway.

Item 8 (a)(4).  OWNERSHIP OF JLA SECURITIES AS OF DECEMBER 31, 2010

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.

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s 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, 2011

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, 2011

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

Date: March 10, 2011