N-CSR

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, 2011

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 from an Integrated Index Option and Equity Strategy

Annual Report

December 31, 2011

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

LIFE IS COMPLEX.

Nuveen makes things e-simple.

It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen 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.

Table of Contents

Chairman's Letter to Shareholders	4
Portfolio Managers' Comments	5
Share Distribution and Price Information	9
Performance Overviews	12
Report of Independent Registered Public Accounting Firm	16
Portfolios of Investments	17
Statement of Assets & Liabilities	50
Statement of Operations	51
Statement of Changes in Net Assets	52
Financial Highlights	54
Notes to Financial Statements	56
Board Members & Officers	68
Reinvest Automatically Easily and Conveniently	73
Glossary of Terms Used in this Report	75
Additional Fund Information	79

Chairman's
Letter to Shareholders

Dear Shareholders,

These are perplexing times for investors. The global economy continues to struggle. The solutions being implemented in the eurozone to deal with the debt crises of many of its member countries are not yet seen as sufficient by the financial markets. The political paralysis in the U.S. has prevented the compromises necessary to deal with the fiscal imbalance and government spending priorities. The efforts by individual consumers, governments and financial institutions to reduce their debts are increasing savings but reducing demand for the goods and services that drive employment. These developments are undermining the rebuilding of confidence by consumers, corporations and investors that is so essential to a resumption of economic growth.

Although it is painfully slow, progress is being made. In Europe, the turnover of a number of national governments reflects the realization by politicians and voters alike that leaders who practiced business as usual had to be replaced by leaders willing to face problems and accept the hard choices needed to resolve them. The recent coordinated efforts by central banks in the U.S. and Europe to provide liquidity to the largest European banks indicates that these monetary authorities are committed to facilitating a recovery in the European banking sector.

In the U.S., the failure of the congressionally appointed Debt Reduction Committee was a blow to those who hoped for a bipartisan effort to finally begin addressing the looming fiscal crisis. Nevertheless, Congress and the administration cannot ignore the issue for long. The Bush era tax cuts are scheduled to expire on December 31, 2012, and six months later the $1.2 trillion of mandatory across-the-board spending cuts under the Budget Control Act of 2011 begin to go into effect. Any legislative modification would require bipartisan support and the prospects for a bipartisan solution are unclear. The impact of these two developments would be a mixed blessing: a meaningful reduction in the annual budget deficit at the cost of slowing the economic recovery.

It is in these particularly volatile markets that professional investment management is most important. Skillful investment teams who have experienced challenging markets and remain committed to their investment disciplines are critical to the success of an investor's long-term objectives. In fact, many long-term investment track records are built during challenging markets when managers are able to protect investors against these economic crosscurrents. Experienced investment teams know that volatile markets put a premium on companies and investment ideas that will weather the short-term volatility and that compelling values and opportunities are opened up when markets overreact to negative developments. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

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
February 22, 2012

Nuveen Investments
4

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)
the Nuveen Equity Premium and Growth Fund (JPG)

These Funds feature portfolio management by Gateway Investment Advisers, LLC. J. Patrick Rogers and Kenneth H. Toft serve as co-portfolio managers for JSN and JLA; Patrick and Michael T. Buckius are co-portfolio managers for JPZ and JPG. Patrick joined Gateway in 1989. He has been President and a Director of Gateway since 1995 and is the firm's Chief Executive Officer. Ken joined Gateway in 1992 and has been a Vice President and Portfolio Manager since 1997. Mike joined Gateway in 1999 and is currently Senior Vice President and Portfolio Manager. Here they talk about their management strategies and the performance of the Funds for the twelve-months ended December 31, 2011.

What were the general market conditions for the reporting period?

During this period, the U.S. economy continued to recover from the recent recession, but progress remained slow. The country's gross domestic product (GDP) grew in 2011, but at a slower rate than in 2010 (1.7% vs. 3.0%). The unemployment picture showed some improvement, with the national unemployment rate standing at 8.5% as of December 2011, compared with 9.4% one year earlier. However, the housing market continued to be a weak spot. For the twelve months ended November 2011 (the most recent data available at the time this report was prepared), the average home price in the Standard & Poor's (S&P)/Case-Shiller Index lost 1.3%, with 18 of the 20 major metropolitan areas reporting lower values. In addition, the U.S. economic picture continued to be clouded by concerns about the European debt crisis and efforts to reduce the federal deficit.

In an attempt to improve the overall economic environment, the Federal Reserve (Fed) continued to hold the benchmark fed funds rate at the record low level of zero to 0.25% that it had established in December 2008. In January 2012 (following the close of this reporting period), the central bank stated that economic conditions would likely warrant maintaining this low rate through 2014. The Fed also implemented a program to extend the average maturity of its U.S. Treasury holdings by purchasing $400 billion of these securities with maturities of six to thirty years and selling an equal amount of U.S. Treasury securities with maturities of three years or less. The goals of this program, which the Fed expects to complete by the end of June 2012, are to lower longer-term interest

Nuveen Investments
5

rates, support a stronger economic recovery and help ensure that inflation remains at levels consistent with the Fed's mandates of maximum employment and price stability.

The U.S. equity markets experienced periods of extreme volatility over the twelve-month reporting period, and posted mixed results for the full year. The Dow Jones Industrial Average gained 8.38% in 2011, and the broader S&P 500 Index ended the year up 2.11%. The NASDAQ Composite Index finished in the red, slipping -0.83% during 2011, while the NASDAQ-100 Index finished up 2.70%.

What key strategies were used to manage the Funds during this reporting period?

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.

The writing of call options on a broad equity index, while investing in a portfolio of equities, has the potential to enhance returns while exposing the fund to the additional risks of using options strategy. Those portions of the Funds subject to the overwrite have their upside potential capped at the amount of premium received for the option. The downside is buffered by the amount of the cash flow premium received. In flat or declining markets, the option premium can enhance total returns relative to the benchmark. In rising markets, the options can hurt the Funds' total return relative to their benchmarks. The reporting period was marked essentially flat market, with high volatility. This was one factor in the outperformance of each Fund during the period.

Nuveen Investments
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 Performance Overview page for your Fund in this report.

*  Refer to Glossary of Terms Used in this Report for definitions.

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

The performance of the Funds, as well as for comparative indexes, is presented in the accompanying table.

Average Annual Total Returns on Net Asset Value

For periods ended 12/31/11

Fund	1-Year			5-Year
JPZ		5.63	%		2.20	%
S&P 500 Index*		2.11	%		-0.25	%
JSN		5.78	%		2.81	%
Comparative Index*		2.29	%		1.19	%
JLA		6.35	%		3.28	%
Comparative Index*		2.45	%		2.60	%
JPG		4.89	%		1.57	%
S&P 500 Index*		2.11	%		-0.25	%

For the twelve-month period ending December 31, 2011, the Funds outperformed their respective comparative equity indexes.

During the first quarter, the comparative indexes continued a year-end 2010 rally before stalling in the second quarter amid concerns regarding European debt crisis contagion and the end of the Federal Reserve's quantitative easing program. However, in the third quarter, the sluggish economic gains could not offset the impact of the U. S. debt ceiling impasse and subsequent downgrade of U. S. Treasury debt by Standard & Poor's, coupled with intensifying worries of European contagion. In the fourth quarter, continued economic improvement in the U. S. and optimism over a European debt solution sparked a rally which allowed both the S&P 500 Index and the NASDAQ-100 Index to post modest positive returns for the year.

During the first, second and fourth quarters, each of the four Funds produced a positive return, consistent with their historical behavior in benign stock market environments. Not only did the comparative indexes' performance during these quarters support the Funds' net asset value (the "NAV") performance, but the dramatic spike in volatility which occurred during the third quarter sell-off also provided a strong tailwind to each Fund's performance heading into the fourth quarter. The fourth quarter, therefore, witnessed the intersection of circumstances that have historically led to the strongest type of performance for a strategy such as that employed by the Funds: (1) high volatility, which allowed the managers to capture increased cash flow from index call options, and (2) a subsequent up trend in the stock market, which allowed the increased cash flow to directly benefit shareholders.

The most noticeable constraints on the Funds' performance relative to supporting the desired distribution occurred during the second and third quarters. In the second quarter, an intra-quarter whipsaw (rally through April 28, sell-off until mid-June, rally in the last half of June) resulted in modestly positive Fund performance. Although the Funds outperformed their comparative indexes, they did underperform the quarterly

Nuveen Investments
7

distribution rate. In the third quarter, the market sell-off caused a decline in the underlying stock portfolios exceeding the call premium earned from written index call options. Therefore, even before distributions, the NAV of each Fund declined during the quarter, although less than their underlying indexes.

RISK CONSIDERATIONS

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:

Investment Risk. The possible loss of the entire principal amount that you invest.

Price Risk. Shares of closed-end investment companies like the Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the rein- vestment of Fund dividends and distributions.

Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations. This is particularly true for funds employing a managed distribution program.

Common Stock Risk. Common stocks returns often have experienced significant volatility.

Call Option Risk. The value of call options sold (written) by the Funds will fluctuate. The Funds may not participate in any appreciation of its equity portfolio as fully as it would if the Funds did not sell call options. In addition, the Funds will continue to bear the risk of declines in the value of the equity portfolio.

Derivatives Strategy Risk. Derivative securities, such as calls, puts, warrants, swaps and forwards, carry risks different from, and possibly greater than, the risks associated with the underlying investments.

Index Call Option Risk. Because index options are settled in cash, sellers of index call options, such as the Funds, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities.

Nuveen Investments
8

Share Distribution and
Price Information

Distribution Information

The following information regarding each Fund's distributions is current as of December 31, 2011, 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 lowered their quarterly distribution in September, and again in December. JPG maintained a steady quarterly distribution through this reporting period. 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

Nuveen Investments
9

are paid may differ from both the tax information reported to you in your Fund's IRS Form 1099 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment.

The following table provides information regarding each Fund's distributions and total return performance for the fiscal year ended December 31, 2011. This information is intended to help you better understand whether the Funds' returns for the specified time period were sufficient to meet each Funds' distributions.

As of 12/31/11	JPZ			JSN			JLA			JPG
Inception date	10/26/04			1/26/05			5/25/05			11/22/05
Fiscal year (calendar year) ended December 31, 2011:
Per share distribution:
From net investment income	$	0.75		$	1.03		$	0.87		$	0.40
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		0.41			0.17			0.35			0.72
Total per share distribution	$	1.16		$	1.20		$	1.22		$	1.12
Distribution rate on NAV		9.00	%		9.29	%		9.23	%		8.02	%
Average annual total returns:
1-Year on NAV		5.63	%		5.78	%		6.35	%		4.89	%
5-Year on NAV		2.20	%		2.81	%		3.28	%		1.57	%
Since inception on NAV		3.84	%		4.02	%		4.11	%		3.11	%

Share Repurchases and Price Information

As of December 31, 2011, and since the inception of the Funds' repurchase programs, 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		442,576		1.2	%
JSN		545,900		0.8	%
JLA		387,239		1.5	%
JPG		369,963		2.3	%

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

Fund	Shares Repurchased and Retired		Weighted Average Price Per Share Repurchased and Retired		Weighted Average Discount Per Share Repurchased and Retired
JPZ		178,376	$	10.98		13.69	%
JSN		66,600	$	10.56		15.38	%
JLA		119,189	$	11.31		13.39	%
JPG		145,263	$	11.98		13.56	%

Nuveen Investments
10

As of December 31, 2011, the Funds' share prices were trading at (-) discounts relative to their NAVs as shown in the accompanying table.

Fund	12/31/11 (-) Discount			Twelve-Month Average (-) Discount
JPZ		-13.27	%		-9.06	%
JSN		-11.61	%		-8.60	%
JLA		-13.31	%		-9.33	%
JPG		-13.54	%		-9.77	%

Nuveen Investments
11

Fund Snapshot

Share Price	$	11.18
Net Asset Value (NAV)	$	12.89
Premium/(Discount) to NAV		-13.27	%
Current Distribution Rate1		9.70	%
Net Assets ($000)	$	496,085

Average Annual Total Returns

(Inception 10/26/04)

	On Share Price			On NAV
1-Year		-3.41	%		5.63	%
5-Year		-0.57	%		2.20	%
Since Inception		1.71	%		3.84	%

Portfolio Composition³

(as a % of total common stocks)

Oil, Gas, & Consumable Fuels	10.3	%
Pharmaceuticals	7.6	%
Computers & Peripherals	4.2	%
Diversified Telecommunication Services	3.9	%
IT Services	3.8	%
Software	3.3	%
Diversified Financial Services	2.9	%
Commercial Banks	2.8	%
Machinery	2.8	%
Aerospace & Defense	2.6	%
Industrial Conglomerates	2.6	%
Real Estate Investment Trust	2.6	%
Beverages	2.5	%
Semiconductors & Equipment	2.5	%
Specialty Retail	2.5	%
Media	2.4	%
Tobacco	2.4	%
Multi-Utilities	2.3	%
Chemicals	2.2	%
Communications Equipment	2.2	%
Energy Equipment & Services	2.2	%
Internet Software & Services	2.2	%
Health Care Providers & Services	2.1	%
Insurance	2.1	%
Household Products	2.0	%
Electric Utilities	1.7	%
Other	19.3	%

JPZ

Performance

OVERVIEW

(Unaudited)

Nuveen Equity Premium Income Fund

  as of December 31, 2011

Fund Allocation (as a % of total net assets)³

2010-2011 Quarterly 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%.

Nuveen Investments
12

JSN

Performance

OVERVIEW

(Unaudited)

Nuveen Equity Premium Opportunity Fund

  as of December 31, 2011

Fund Allocation (as a % of total net assets)³

2010-2011 Quarterly 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	$	11.42
Net Asset Value (NAV)	$	12.92
Premium/(Discount) to NAV		-11.61	%
Current Distribution Rate1		9.77	%
Net Assets ($000)	$	859,329

Average Annual Total Returns

(Inception 1/26/05)

	On Share Price			On NAV
1-Year		-2.02	%		5.78	%
5-Year		0.78	%		2.81	%
Since Inception		2.08	%		4.02	%

Portfolio Composition³

(as a % of total common stocks)

Computers & Peripherals	8.3	%
Oil, Gas, & Consumable Fuels	7.4	%
Pharmaceuticals	6.7	%
Software	6.2	%
Internet Software & Services	5.0	%
Communications Equipment	4.0	%
Semiconductors & Equipment	3.6	%
Media	3.3	%
IT Services	3.2	%
Diversified Telecommunication Services	2.7	%
Beverages	2.2	%
Commercial Banks	2.2	%
Specialty Retail	2.2	%
Diversified Financial Services	2.1	%
Food & Staples Retailing	2.1	%
Health Care Providers & Services	2.0	%
Machinery	2.0	%
Aerospace & Defense	1.8	%
Energy Equipment & Services	1.8	%
Gas Utilities	1.8	%
Hotels, Restaurants & Leisure	1.8	%
Real Estate Investment Trust	1.7	%
Biotechnology	1.6	%
Household Products	1.6	%
Industrial Conglomerates	1.6	%
Insurance	1.6	%
Other	19.5	%

Nuveen Investments
13

Fund Snapshot

Share Price	$	11.46
Net Asset Value (NAV)	$	13.22
Premium/(Discount) to NAV		-13.31	%
Current Distribution Rate1		9.91	%
Net Assets ($000)	$	340,529

Average Annual Total Returns

(Inception 5/25/05)

	On Share Price			On NAV
1-Year		-1.82	%		6.35	%
5-Year		0.27	%		3.28	%
Since Inception		1.81	%		4.11	%

Portfolio Composition³

(as a % of total common stocks)

Computers & Peripherals	11.3	%
Software	10.0	%
Internet Software & Services	6.7	%
Semiconductors & Equipment	6.0	%
Oil, Gas, & Consumable Fuels	5.6	%
Communications Equipment	5.1	%
Pharmaceuticals	4.5	%
IT Services	3.6	%
Media	3.6	%
Biotechnology	2.6	%
Diversified Telecommunication Services	2.3	%
Hotels, Restaurants & Leisure	2.2	%
Internet & Catalog Retail	2.2	%
Specialty Retail	2.2	%
Machinery	1.9	%
Health Care Providers & Services	1.8	%
Insurance	1.8	%
Food & Staples Retailing	1.7	%
Electrical Equipment	1.6	%
Aerospace & Defense	1.5	%
Commercial Banks	1.5	%
Beverages	1.4	%
Other	18.9	%

JLA

Performance

OVERVIEW

(Unaudited)

Nuveen Equity Premium Advantage Fund

  as of December 31, 2011

Fund Allocation (as a % of total net assets)³

2010-2011 Quarterly 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%.

Nuveen Investments
14

JPG

Performance

OVERVIEW

(Unaudited)

Nuveen Equity Premium and Growth Fund

  as of December 31, 2011

Fund Allocation (as a % of total net assets)³

2010-2011 Quarterly 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	$	12.07
Net Asset Value (NAV)	$	13.96
Premium/(Discount) to NAV		-13.54	%
Current Distribution Rate1		9.28	%
Net Assets ($000)	$	225,664

Average Annual Total Returns

(Inception 11/22/05)

	On Share Price			On NAV
1-Year		-4.88	%		4.89	%
5-Year		-0.32	%		1.57	%
Since Inception		0.66	%		3.11	%

Portfolio Composition³

(as a % of total common stocks)

Oil, Gas, & Consumable Fuels	10.4	%
Pharmaceuticals	7.9	%
Computers & Peripherals	4.4	%
Diversified Telecommunication Services	3.9	%
IT Services	3.8	%
Software	3.6	%
Diversified Financial Services	3.3	%
Insurance	3.2	%
Specialty Retail	3.0	%
Aerospace & Defense	2.7	%
Commercial Banks	2.7	%
Machinery	2.7	%
Semiconductors & Equipment	2.6	%
Communications Equipment	2.5	%
Energy Equipment & Services	2.5	%
Real Estate Investment Trust	2.5	%
Internet Software & Services	2.4	%
Chemicals	2.3	%
Health Care Providers & Services	2.3	%
Tobacco	2.3	%
Beverages	2.2	%
Multi-Utilities	2.2	%
Household Products	2.0	%
Food & Staples Retailing	1.9	%
Media	1.9	%
Other	18.8	%

Nuveen Investments
15

Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Equity Premium Income Fund, Nuveen Equity Premium Opportunity Fund, Nuveen Equity Premium Advantage Fund, and Nuveen Equity Premium and Growth Fund (hereinafter referred to as the "Funds") at December 31, 2011, the results of their operations for the year then ended, the changes in their net assets for each of two years in the period then ended, and the financial highlights for each of the periods presented, 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 audit 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, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Chicago, IL
February 28, 2012

Nuveen Investments
16

JPZ

Nuveen Equity Premium Income Fund

Portfolio of INVESTMENTS

  December 31, 2011

Shares		Description (1)	Value
		Common Stocks – 98.1% (7)
		Aerospace & Defense – 2.5%
	44,366	Boeing Company	$	3,254,246
	70,902	Honeywell International Inc.		3,853,524
	32,905	Raytheon Company		1,591,944
	52,456	United Technologies Corporation		3,834,009
		Total Aerospace & Defense		12,533,723
		Air Freight & Logistics – 0.9%
	59,382	United Parcel Service, Inc., Class B		4,346,169
		Airlines – 0.0%
	3,957	United Continental Holdings Inc., (2)		74,669
		Auto Components – 0.1%
	30,296	Cooper Tire & Rubber		424,447
		Automobiles – 0.7%
	195,811	Ford Motor Company		2,106,926
	34,159	Harley-Davidson, Inc.		1,327,760
		Total Automobiles		3,434,686
		Beverages – 2.4%
	105,041	Coca-Cola Company		7,349,719
	69,676	PepsiCo, Inc.		4,623,003
		Total Beverages		11,972,722
		Biotechnology – 1.0%
	41,504	Amgen Inc.		2,664,972
	18,099	Celgene Corporation, (2)		1,223,492
	23,687	Gilead Sciences, Inc., (2)		969,509
		Total Biotechnology		4,857,973
		Building Products – 0.1%
	42,748	Masco Corporation		447,999
		Capital Markets – 1.4%
	109,476	Charles Schwab Corporation		1,232,700
	18,141	Goldman Sachs Group, Inc.		1,640,491
	48,534	Jefferies Group, Inc.		667,343
	40,593	Legg Mason, Inc.		976,262
	113,376	Morgan Stanley		1,715,379
	38,635	Waddell & Reed Financial, Inc., Class A		956,989
		Total Capital Markets		7,189,164

Nuveen Investments
17

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Chemicals – 2.1%
	53,348	Dow Chemical Company	$	1,534,288
	62,002	E.I. Du Pont de Nemours and Company		2,838,452
	45,510	Eastman Chemical Company		1,777,621
	25,853	Monsanto Company		1,811,520
	53,293	Olin Corporation		1,047,207
	60,403	RPM International, Inc.		1,482,894
		Total Chemicals		10,491,982
		Commercial Banks – 2.7%
	33,724	Comerica Incorporated		870,079
	19,256	HSBC Holdings PLC, Sponsored ADR		733,654
	9,725	PNC Financial Services Group, Inc.		560,841
	2,869	Toronto-Dominion Bank		214,630
	165,384	U.S. Bancorp		4,473,637
	246,827	Wells Fargo & Company		6,802,552
		Total Commercial Banks		13,655,393
		Commercial Services & Supplies – 0.8%
	3,177	Avery Dennison Corporation		91,116
	56,149	Deluxe Corporation		1,277,951
	16,700	NL Industries Inc.		216,599
	40,642	Pitney Bowes Inc.		753,503
	16,031	R.R. Donnelley & Sons Company		231,327
	24,100	Standard Register Company		56,153
	35,497	Waste Management, Inc.		1,161,107
		Total Commercial Services & Supplies		3,787,756
		Communications Equipment – 2.2%
	14,156	ADTRAN, Inc.		426,945
	3,408	Ciena Corporation, (2)		41,237
	234,237	Cisco Systems, Inc.		4,235,005
	11,034	JDS Uniphase Corporation, (2)		115,195
	15,048	Motorola Mobility Holdings Inc., (2)		583,862
	28,950	Motorola Solutions Inc.		1,340,096
	73,002	QUALCOMM, Inc.		3,993,209
		Total Communications Equipment		10,735,549
		Computers & Peripherals – 4.1%
	39,578	Apple, Inc., (2)		16,029,088
	67,332	Dell Inc., (2)		985,067
	119,293	EMC Corporation, (2)		2,569,571
	24,687	Hewlett-Packard Company		635,937
		Total Computers & Peripherals		20,219,663
		Consumer Finance – 0.3%
	13,412	American Express Company		632,644
	36,733	Discover Financial Services		881,592
		Total Consumer Finance		1,514,236
		Containers & Packaging – 0.3%
	43,759	Packaging Corp. of America		1,104,477
	5,718	Sonoco Products Company		188,465
		Total Containers & Packaging		1,292,942

Nuveen Investments
18

Shares		Description (1)	Value
		Distributors – 0.4%
	35,933	Genuine Parts Company	$	2,199,100
		Diversified Consumer Services – 0.1%
	7,623	Apollo Group, Inc., Class A, (2)		410,651
		Diversified Financial Services – 2.9%
	414,679	Bank of America Corporation		2,305,615
	75,217	Citigroup Inc.		1,978,959
	6,790	CME Group, Inc.		1,654,519
	214,469	JP Morgan Chase & Co.		7,131,094
	47,644	New York Stock Exchange Euronext		1,243,508
		Total Diversified Financial Services		14,313,695
		Diversified Telecommunication Services – 3.9%
	334,337	AT&T Inc.		10,110,349
	29,237	CenturyLink Inc.		1,087,616
	250,097	Frontier Communications Corporation		1,288,000
	161,529	Verizon Communications Inc.		6,480,543
	18,198	Windstream Corporation		213,645
		Total Diversified Telecommunication Services		19,180,153
		Electric Utilities – 1.6%
	110,157	Duke Energy Corporation		2,423,454
	6,959	Exelon Corporation		301,812
	27,323	Great Plains Energy Incorporated		595,095
	80,800	Pepco Holdings, Inc.		1,640,240
	29,370	Progress Energy, Inc.		1,645,307
	31,669	Southern Company		1,465,958
		Total Electric Utilities		8,071,866
		Electrical Equipment – 0.7%
	56,883	Emerson Electric Company		2,650,179
	14,553	Rockwell Automation, Inc.		1,067,754
		Total Electrical Equipment		3,717,933
		Electronic Equipment & Instruments – 0.3%
	118,215	Corning Incorporated		1,534,431
		Energy Equipment & Services – 2.2%
	6,964	Diamond Offshore Drilling, Inc.		384,831
	18,452	ENSCO International PLC, Sponsored ADR		865,768
	90,453	Halliburton Company		3,121,533
	16,059	Patterson-UTI Energy, Inc.		320,859
	77,647	Schlumberger Limited		5,304,067
	16,157	Tidewater Inc.		796,540
		Total Energy Equipment & Services		10,793,598
		Food & Staples Retailing – 1.6%
	74,719	CVS Caremark Corporation		3,047,041
	38,696	SUPERVALU INC.		314,212
	74,859	Wal-Mart Stores, Inc.		4,473,574
		Total Food & Staples Retailing		7,834,827
		Food Products – 1.1%
	120,523	Kraft Foods Inc., Class A		4,502,739
	57,000	Sara Lee Corporation		1,078,440
		Total Food Products		5,581,179

Nuveen Investments
19

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Gas Utilities – 1.2%
	36,141	AGL Resources Inc.	$	1,527,319
	28,666	Atmos Energy Corporation		956,011
	22,995	National Fuel Gas Company		1,278,062
	23,291	ONEOK, Inc.		2,019,097
		Total Gas Utilities		5,780,489
		Health Care Equipment & Supplies – 0.9%
	4,460	Hologic Inc., (2)		78,095
	3,518	Intuitive Surgical, Inc., (2)		1,628,869
	78,706	Medtronic, Inc.		3,010,505
		Total Health Care Equipment & Supplies		4,717,469
		Health Care Providers & Services – 2.1%
	6,901	Brookdale Senior Living Inc., (2)		120,008
	15,450	Coventry Health Care, Inc., (2)		469,217
	35,037	Express Scripts, Inc., (2)		1,565,804
	6,521	HCA Holdings Inc., (2)		143,658
	1,116	Henry Schein Inc., (2)		71,904
	39,267	Kindred Healthcare Inc., (2)		462,173
	30,795	Medco Health Solutions, Inc., (2)		1,721,441
	78,493	UnitedHealth Group Incorporated		3,978,025
	25,221	Wellpoint Inc.		1,670,891
		Total Health Care Providers & Services		10,203,121
		Health Care Technology – 0.0%
	114	Cerner Corporation, (2)		6,983
		Hotels, Restaurants & Leisure – 1.5%
	22,200	Carnival Corporation		724,608
	42,761	International Game Technology		735,489
	2,272	Interval Leisure Group Inc., (2)		30,922
	62,094	McDonald's Corporation		6,229,891
		Total Hotels, Restaurants & Leisure		7,720,910
		Household Durables – 0.7%
	9,688	Garmin Limited		385,679
	64,653	Newell Rubbermaid Inc.		1,044,146
	22,404	Tupperware Corporation		1,253,952
	13,735	Whirlpool Corporation		651,726
		Total Household Durables		3,335,503
		Household Products – 2.0%
	15,477	Colgate-Palmolive Company		1,429,920
	12,645	Kimberly-Clark Corporation		930,166
	112,990	Procter & Gamble Company		7,537,563
		Total Household Products		9,897,649
		Industrial Conglomerates – 2.5%
	28,842	3M Co.		2,357,257
	574,978	General Electric Company		10,297,854
	57	Siemens AG, Sponsored ADR		5,450
		Total Industrial Conglomerates		12,660,561

Nuveen Investments
20

Shares		Description (1)	Value
		Insurance – 2.0%
	47,749	Allstate Corporation	$	1,308,800
	11,874	Arthur J. Gallagher & Co.		397,067
	46,985	Fidelity National Title Group Inc., Class A		748,471
	26,683	Hartford Financial Services Group, Inc.		433,599
	52,700	Kemper Corporation		1,539,367
	68,068	Lincoln National Corporation		1,321,881
	67,700	Marsh & McLennan Companies, Inc.		2,140,674
	38,298	Travelers Companies, Inc.		2,266,093
		Total Insurance		10,155,952
		Internet & Catalog Retail – 0.8%
	15,029	Amazon.com, Inc., (2)		2,601,520
	3,103	HSN, Inc.		112,515
	2,786	Priceline.com Incorporated, (2)		1,303,040
		Total Internet & Catalog Retail		4,017,075
		Internet Software & Services – 2.2%
	10,937	Akamai Technologies, Inc., (2)		353,046
	54,590	eBay Inc., (2)		1,655,715
	10,582	Google Inc., Class A, (2)		6,834,914
	44,605	United Online, Inc.		242,651
	5,616	ValueClick, Inc., (2)		91,485
	10,122	VeriSign, Inc., (2)		361,558
	72,091	Yahoo! Inc., (2)		1,162,828
		Total Internet Software & Services		10,702,197
		IT Services – 3.7%
	34,496	Automatic Data Processing, Inc.		1,863,129
	17,199	Cognizant Technology Solutions Corporation, Class A, (2)		1,106,068
	32,696	Fidelity National Information Services		869,387
	52,148	International Business Machines Corporation (IBM)		9,588,974
	3,197	Lender Processing Services Inc.		48,179
	6,331	MasterCard, Inc.		2,360,323
	42,671	Paychex, Inc.		1,284,824
	13,859	Visa Inc.		1,407,104
		Total IT Services		18,527,988
		Leisure Equipment & Products – 0.3%
	39,513	Eastman Kodak Company, (2)		25,664
	23,696	Polaris Industries Inc.		1,326,502
		Total Leisure Equipment & Products		1,352,166
		Machinery – 2.7%
	33,018	Caterpillar Inc.		2,991,431
	21,029	Cummins Inc.		1,850,973
	22,246	Deere & Company		1,720,728
	13,600	Graco Inc.		556,104
	13,107	Ingersoll Rand Company Limited, Class A		399,370
	16,893	Parker Hannifin Corporation		1,288,091
	11,767	Snap-on Incorporated		595,646
	25,530	SPX Corporation		1,538,693
	31,571	Stanley Black & Decker Inc.		2,134,200
	12,000	Timken Company		464,520
		Total Machinery		13,539,756

Nuveen Investments
21

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Media – 2.4%
	60,282	CBS Corporation, Class B	$	1,636,053
	117,549	Comcast Corporation, Class A		2,787,087
	39,613	New York Times, Class A, (2)		306,208
	35,396	Omnicom Group, Inc.		1,577,954
	114,479	Regal Entertainment Group, Class A		1,366,879
	112,686	Walt Disney Company		4,225,725
		Total Media		11,899,906
		Metals & Mining – 1.1%
	88,284	Alcoa Inc.		763,657
	3,200	BHP Billiton PLC, Sponsored ADR		226,016
	48,046	Freeport-McMoRan Copper & Gold, Inc.		1,767,612
	6,726	Newmont Mining Corporation		403,627
	31,562	Nucor Corporation		1,248,908
	35,874	Southern Copper Corporation		1,082,677
		Total Metals & Mining		5,492,497
		Multiline Retail – 1.1%
	10	Dollar Tree Stores Inc., (2)		831
	4,000	Family Dollar Stores, Inc.		230,640
	36,680	Macy's, Inc.		1,180,362
	40,802	Nordstrom, Inc.		2,028,267
	8,076	Sears Holding Corporation, (2)		256,655
	35,723	Target Corporation		1,829,732
		Total Multiline Retail		5,526,487
		Multi-Utilities – 2.3%
	40,360	Ameren Corporation		1,337,127
	28,149	Consolidated Edison, Inc.		1,746,082
	71,595	Integrys Energy Group, Inc.		3,879,017
	15,861	Northwestern Corporation		567,665
	29,588	OGE Energy Corp.		1,677,935
	60,504	Public Service Enterprise Group Incorporated		1,997,237
		Total Multi-Utilities		11,205,063
		Oil, Gas, & Consumable Fuels – 10.1%
	9,051	Cenovus Energy Inc.		300,493
	100,907	Chevron Corporation		10,736,503
	83,466	ConocoPhillips		6,082,167
	39,168	CONSOL Energy Inc.		1,437,466
	27,271	Continental Resources Inc., (2)		1,819,248
	16,151	EnCana Corporation		299,278
	32,690	EOG Resources, Inc.		3,220,292
	229,014	Exxon Mobil Corporation		19,411,225
	49,928	Occidental Petroleum Corporation		4,678,254
	6,027	Total SA, Sponsored ADR		308,040
	81,049	Valero Energy Corporation		1,706,081
		Total Oil, Gas, & Consumable Fuels		49,999,047
		Pharmaceuticals – 7.5%
	91,791	Abbott Laboratories		5,161,408
	131,179	Bristol-Myers Squibb Company		4,622,748
	57,664	Eli Lilly and Company		2,396,516
	129,934	Johnson & Johnson		8,521,072
	175,145	Merck & Company Inc.		6,602,967
	432,433	Pfizer Inc.		9,357,850
	14,222	Sanofi-Aventis, Sponsored ADR		519,672
		Total Pharmaceuticals		37,182,233

Nuveen Investments
22

Shares		Description (1)	Value
		Professional Services – 0.1%
	3,665	Manpower Inc.	$	131,024
	20,209	Resources Connection, Inc.		214,013
		Total Professional Services		345,037
		Real Estate Investment Trust – 2.6%
	125,406	Annaly Capital Management Inc.		2,001,480
	46,493	Brandywine Realty Trust		441,684
	44,183	CapLease Inc.		178,499
	29,228	CommonWealth REIT		486,354
	61,650	CubeSmart		655,956
	21,835	Health Care REIT, Inc.		1,190,663
	49,625	Healthcare Realty Trust, Inc.		922,529
	45,684	Hospitality Properties Trust		1,049,818
	88,469	Lexington Corporate Properties Trust		662,633
	30,821	Liberty Property Trust		951,752
	17,263	Medical Properties Trust Inc.		170,386
	28,311	MFA Mortgage Investments, Inc.		190,250
	30,300	Senior Housing Properties Trust		679,932
	11,215	Sun Communities Inc.		409,684
	28,312	Ventas Inc.		1,560,841
	63,288	Weyerhaeuser Company		1,181,587
		Total Real Estate Investment Trust		12,734,048
		Road & Rail – 0.8%
	17,765	Norfolk Southern Corporation		1,294,358
	25,475	Union Pacific Corporation		2,698,822
		Total Road & Rail		3,993,180
		Semiconductors & Equipment – 2.5%
	27,716	Analog Devices, Inc.		991,678
	96,369	Applied Materials, Inc.		1,032,112
	21,444	Broadcom Corporation, Class A		629,596
	268,577	Intel Corporation		6,512,992
	12,846	Intersil Holding Corporation, Class A		134,112
	3,087	Lam Research Corporation, (2)		114,281
	24,776	Microchip Technology Incorporated		907,545
	27,856	NVIDIA Corporation, (2)		386,084
	51,579	Texas Instruments Incorporated		1,501,465
		Total Semiconductors & Equipment		12,209,865
		Software – 3.3%
	23,572	Adobe Systems Incorporated, (2)		666,380
	18,599	Autodesk, Inc., (2)		564,108
	358,701	Microsoft Corporation		9,311,878
	184,533	Oracle Corporation		4,733,271
	9,475	Salesforce.com, Inc., (2)		961,334
		Total Software		16,236,971
		Specialty Retail – 2.4%
	23,495	Abercrombie & Fitch Co., Class A		1,147,496
	46,762	American Eagle Outfitters, Inc.		714,991
	21,475	Best Buy Co., Inc.		501,871
	94,856	Home Depot, Inc.		3,987,746
	40,195	Limited Brands, Inc.		1,621,868
	74,638	Lowe's Companies, Inc.		1,894,312
	364	Orchard Supply Hardware Stores Corporation, (2), (3), (8)		881
	472	Ross Stores, Inc.		22,434

Nuveen Investments
23

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Specialty Retail (continued)
	13,465	Tiffany & Co.	$	892,191
	18,051	TJX Companies, Inc.		1,165,192
		Total Specialty Retail		11,948,982
		Textiles Apparel & Luxury Goods – 0.4%
	7,159	Cherokee Inc.		83,546
	16,238	VF Corporation		2,062,064
		Total Textiles Apparel & Luxury Goods		2,145,610
		Thrifts & Mortgage Finance – 0.2%
	36,703	Hudson City Bancorp, Inc.		229,394
	60,610	New York Community Bancorp Inc.		749,746
	38,788	TrustCo Bank Corporation NY		217,601
		Total Thrifts & Mortgage Finance		1,196,741
		Tobacco – 2.3%
	123,356	Altria Group, Inc.		3,657,505
	87,230	Philip Morris International		6,845,810
	21,468	Reynolds American Inc.		889,205
	4,866	Vector Group Ltd.		86,420
		Total Tobacco		11,478,940
		Wireless Telecommunication Services – 0.0%
	5,500	USA Mobility Inc.		76,285
		Total Common Stocks (cost $414,638,155)		486,905,217

Shares		Description (1)	Coupon				Ratings (4)	Value
		Preferred Stocks – 0.0%
		Specialty Retail – 0.0%
	364	Orchard Supply Hardware Stores Corporation, Series A, (2), (3), (8)		0.000	%		N/R	$	881
		Total Preferred Stocks (cost $3,181)							881
Principal Amount (000)		Description (1)	Coupon			Maturity		Value
		Short-Term Investments – 6.5%
$	32,176	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/11, repurchase price $32,179,019, collateralized by $26,905,000 U.S. Treasury Notes, 4.750%, due 8/15/17, value $32,824,100		0.010	%	1/03/12		$	32,175,983
		Total Short-Term Investments (cost $32,175,983)							32,175,983
		Total Investments (cost $446,817,319) – 104.6%							519,082,081
		Other Assets Less Liabilities – (4.6)% (5)							(22,996,747	)
		Net Assets – 100%						$	496,085,334

Nuveen Investments
24

Investments in Derivatives at December 31, 2011

Call Options Written outstanding:

Number of Contracts			Type	Notional Amount (6)			Expiration Date	Strike Price		Value
			Call Options Written – (4.7)%
	(507	)	S&P 500 Index	$	(59,572,500	)	1/21/12	$	1,175	$	(4,408,365	)
	(451	)	S&P 500 Index		(54,120,000	)	1/21/12		1,200		(2,933,755	)
	(449	)	S&P 500 Index		(55,002,500	)	1/21/12		1,225		(2,018,255	)
	(473	)	S&P 500 Index		(59,125,000	)	1/21/12		1,250		(1,307,845	)
	(478	)	S&P 500 Index		(57,360,000	)	2/18/12		1,200		(3,711,670	)
	(997	)	S&P 500 Index		(122,132,500	)	2/18/12		1,225		(5,927,165	)
	(445	)	S&P 500 Index		(54,512,500	)	3/17/12		1,225		(3,112,775	)
	(3,800	)	Total Call Options Written (premiums received $23,565,960)	$	(461,825,000	)				$	(23,419,830	)

    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)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.

  (4)  Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

  (5)  Other Assets Less Liabilities includes the Value of derivative instruments as noted in Investments in Derivatives at December 31, 2011.

  (6)  For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

  (7)  The Fund may designate up to 100% of its common stock investments to cover outstanding call options written.

  (8)  For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  N/R  Not rated.

  ADR  American Depositary Receipt.

    See accompanying notes to financial statements.

Nuveen Investments
25

JSN

Nuveen Equity Premium Opportunity Fund

Portfolio of INVESTMENTS

  December 31, 2011

Shares		Description (1)	Value
		Common Stocks – 97.8% (7)
		Aerospace & Defense – 1.7%
	52,115	Boeing Company	$	3,822,635
	58,489	Honeywell International Inc.		3,178,877
	5,228	Huntington Ingalls Industries Inc., (2)		163,532
	21,464	Lockheed Martin Corporation		1,736,438
	34,529	Northrop Grumman Corporation		2,019,256
	32,796	Raytheon Company		1,586,670
	32,442	United Technologies Corporation		2,371,186
		Total Aerospace & Defense		14,878,594
		Air Freight & Logistics – 0.9%
	103,615	United Parcel Service, Inc., Class B		7,583,582
		Auto Components – 0.4%
	127,177	Gentex Corporation		3,763,167
		Automobiles – 0.4%
	168,773	Ford Motor Company		1,815,997
	33,442	Harley-Davidson, Inc.		1,299,891
		Total Automobiles		3,115,888
		Beverages – 2.2%
	159,768	Coca-Cola Company		11,178,967
	114,075	PepsiCo, Inc.		7,568,876
		Total Beverages		18,747,843
		Biotechnology – 1.6%
	106,815	Celgene Corporation, (2)		7,220,694
	159,283	Gilead Sciences, Inc., (2)		6,519,453
		Total Biotechnology		13,740,147
		Capital Markets – 1.2%
	159,239	Charles Schwab Corporation		1,793,031
	48,725	Eaton Vance Corporation		1,151,859
	27,739	Goldman Sachs Group, Inc.		2,508,438
	43,099	Legg Mason, Inc.		1,036,531
	121,415	Morgan Stanley		1,837,009
	93,004	Waddell & Reed Financial, Inc., Class A		2,303,709
		Total Capital Markets		10,630,577
		Chemicals – 1.4%
	53,576	Dow Chemical Company		1,540,846
	49,591	E.I. Du Pont de Nemours and Company		2,270,276
	70,926	Eastman Chemical Company		2,770,370
	42,416	Monsanto Company		2,972,089
	2,617	Potash Corporation of Saskatchewan		108,030
	103,452	RPM International, Inc.		2,539,747
		Total Chemicals		12,201,358

Nuveen Investments
26

Shares		Description (1)	Value
		Commercial Banks – 2.1%
	65,480	Fifth Third Bancorp.	$	832,906
	86,613	First Horizon National Corporation		692,904
	2,289	HSBC Holdings PLC, Sponsored ADR		87,211
	6	Lloyds TSB Group PLC, Sponsored ADR, (2)		9
	43,429	Toronto-Dominion Bank		3,248,923
	197,603	U.S. Bancorp		5,345,161
	288,037	Wells Fargo & Company		7,938,300
		Total Commercial Banks		18,145,414
		Commercial Services & Supplies – 0.6%
	81,168	Deluxe Corporation		1,847,384
	49,936	R.R. Donnelley & Sons Company		720,576
	77,545	Waste Management, Inc.		2,536,497
		Total Commercial Services & Supplies		5,104,457
		Communications Equipment – 3.9%
	49,954	ADTRAN, Inc.		1,506,613
	13,861	Aviat Networks Inc., (2)		25,366
	617,348	Cisco Systems, Inc.		11,161,652
	41,824	Harris Corporation		1,507,337
	9,317	Motorola Mobility Holdings Inc., (2)		361,500
	14,940	Motorola Solutions Inc.		691,573
	324,497	QUALCOMM, Inc.		17,749,986
	60,051	Research In Motion Limited, (2)		870,740
		Total Communications Equipment		33,874,767
		Computers & Peripherals – 8.1%
	144,746	Apple, Inc., (2)		58,622,130
	155,158	Dell Inc., (2)		2,269,962
	157,114	EMC Corporation, (2)		3,384,236
	125,310	Hewlett-Packard Company		3,227,986
	53,163	Network Appliance Inc., (2)		1,928,222
		Total Computers & Peripherals		69,432,536
		Consumer Finance – 0.7%
	66,382	American Express Company		3,131,239
	67,496	Discover Financial Services		1,619,904
	77,393	SLM Corporation		1,037,066
		Total Consumer Finance		5,788,209
		Containers & Packaging – 0.4%
	78,989	Packaging Corp. of America		1,993,682
	50,628	Sonoco Products Company		1,668,699
		Total Containers & Packaging		3,662,381
		Distributors – 0.4%
	55,680	Genuine Parts Company		3,407,616
		Diversified Consumer Services – 0.1%
	35,953	Hillenbrand Inc.		802,471
		Diversified Financial Services – 2.1%
	452,047	Bank of America Corporation		2,513,381
	108,359	Citigroup Inc.		2,850,925
	11,226	CME Group, Inc.		2,735,439
	110,655	ING Groep N.V, Sponsored ADR, (2)		793,396
	267,870	JP Morgan Chase & Co.		8,906,678
		Total Diversified Financial Services		17,799,819

Nuveen Investments
27

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Diversified Telecommunication Services – 2.6%
	487,292	AT&T Inc.	$	14,735,710
	44,021	Frontier Communications Corporation		226,708
	190,640	Verizon Communications Inc.		7,648,477
		Total Diversified Telecommunication Services		22,610,895
		Electric Utilities – 1.5%
	128,436	Companhia Energetica de Minas Gerais, Sponsored ADR		2,284,876
	187,421	Duke Energy Corporation		4,123,262
	112,676	Great Plains Energy Incorporated		2,454,083
	129,707	Pepco Holdings, Inc.		2,633,052
	25,438	Pinnacle West Capital Corporation		1,225,603
		Total Electric Utilities		12,720,876
		Electrical Equipment – 1.4%
	23,275	Cooper Industries Inc.		1,260,341
	66,509	Emerson Electric Company		3,098,654
	11,240	Hubbell Incorporated, Class B		751,506
	31,575	Rockwell Automation, Inc.		2,316,658
	49,398	Roper Industries Inc.		4,291,204
		Total Electrical Equipment		11,718,363
		Electronic Equipment & Instruments – 0.2%
	131,698	Corning Incorporated		1,709,440
		Energy Equipment & Services – 1.8%
	25,308	Diamond Offshore Drilling, Inc.		1,398,520
	36,079	ENSCO International PLC, Sponsored ADR		1,692,827
	139,359	Halliburton Company		4,809,279
	54,107	Patterson-UTI Energy, Inc.		1,081,058
	77,123	Schlumberger Limited		5,268,272
	17,510	Tidewater Inc.		863,243
		Total Energy Equipment & Services		15,113,199
		Food & Staples Retailing – 2.1%
	102,543	CVS Caremark Corporation		4,181,704
	82,219	Kroger Co.		1,991,344
	38,974	SUPERVALU INC.		316,469
	68,576	Walgreen Co.		2,267,123
	150,007	Wal-Mart Stores, Inc.		8,964,418
		Total Food & Staples Retailing		17,721,058
		Food Products – 0.9%
	144,950	Kraft Foods Inc., Class A		5,415,332
	109,395	Sara Lee Corporation		2,069,753
		Total Food Products		7,485,085
		Gas Utilities – 1.8%
	75,740	AGL Resources Inc.		3,200,772
	100,700	Atmos Energy Corporation		3,358,345
	75,051	National Fuel Gas Company		4,171,335
	49,805	ONEOK, Inc.		4,317,595
		Total Gas Utilities		15,048,047
		Health Care Equipment & Supplies – 1.0%
	65,107	Baxter International, Inc.		3,221,494
	36,821	Hill Rom Holdings Inc.		1,240,499

Nuveen Investments
28

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	106,091	Hologic Inc., (2)	$	1,857,653
	60,379	Medtronic, Inc.		2,309,497
		Total Health Care Equipment & Supplies		8,629,143
		Health Care Providers & Services – 1.9%
	39,994	Aetna Inc.		1,687,347
	62,293	Brookdale Senior Living Inc., (2)		1,083,275
	27,564	Coventry Health Care, Inc., (2)		837,119
	125,773	Express Scripts, Inc., (2)		5,620,795
	90,568	UnitedHealth Group Incorporated		4,589,986
	42,124	Wellpoint Inc.		2,790,715
		Total Health Care Providers & Services		16,609,237
		Hotels, Restaurants & Leisure – 1.7%
	51,390	International Game Technology		883,908
	1,237	Las Vegas Sands, (2)		52,857
	98,148	McDonald's Corporation		9,847,189
	21,179	Starwood Hotels & Resorts Worldwide, Inc.		1,015,957
	27,477	Wynn Resorts Ltd		3,035,934
		Total Hotels, Restaurants & Leisure		14,835,845
		Household Durables – 0.3%
	97,917	KB Home		658,002
	54,753	Newell Rubbermaid Inc.		884,261
	19,851	Whirlpool Corporation		941,930
		Total Household Durables		2,484,193
		Household Products – 1.6%
	37,780	Colgate-Palmolive Company		3,490,494
	147,782	Procter & Gamble Company		9,858,537
		Total Household Products		13,349,031
		Industrial Conglomerates – 1.6%
	22,571	3M Co.		1,844,728
	644,410	General Electric Company		11,541,383
		Total Industrial Conglomerates		13,386,111
		Insurance – 1.6%
	65,172	Allstate Corporation		1,786,365
	10,390	American International Group, (2)		241,048
	26,066	Arthur J. Gallagher & Co.		871,647
	30,097	Berkshire Hathaway Inc., Class B, (2)		2,296,401
	92,800	CNO Financial Group Inc., (2)		585,568
	189,397	Fidelity National Title Group Inc., Class A		3,017,094
	50,700	Genworth Financial Inc., Class A, (2)		332,085
	13,651	Hartford Financial Services Group, Inc.		221,829
	13,952	Kemper Corporation		407,538
	35,717	Lincoln National Corporation		693,624
	103,489	Marsh & McLennan Companies, Inc.		3,272,322
		Total Insurance		13,725,521
		Internet & Catalog Retail – 1.4%
	64,997	Amazon.com, Inc., (2)		11,250,981
	13,070	HSN, Inc.		473,918
		Total Internet & Catalog Retail		11,724,899

Nuveen Investments
29

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Internet Software & Services – 4.9%
	39,603	Akamai Technologies, Inc., (2)	$	1,278,385
	34,816	Baidu.com, Inc., Sponsored ADR, (2)		4,055,020
	58,343	Earthlink, Inc.		375,729
	199,069	eBay Inc., (2)		6,037,763
	36,233	Google Inc., Class A, (2)		23,402,895
	22,576	IAC/InterActiveCorp.		961,738
	30,343	United Online, Inc.		165,066
	83,134	VeriSign, Inc., (2)		2,969,546
	152,916	Yahoo! Inc., (2)		2,466,535
		Total Internet Software & Services		41,712,677
		IT Services – 3.1%
	117,025	Automatic Data Processing, Inc.		6,320,520
	61,069	Fidelity National Information Services		1,623,825
	79,649	International Business Machines Corporation (IBM)		14,645,858
	14,762	Lender Processing Services Inc.		222,463
	108,876	Paychex, Inc.		3,278,256
	9,449	Visa Inc.		959,357
		Total IT Services		27,050,279
		Leisure Equipment & Products – 0.4%
	77,138	Mattel, Inc.		2,141,351
	29,666	Polaris Industries Inc.		1,660,703
		Total Leisure Equipment & Products		3,802,054
		Machinery – 1.9%
	33,076	Caterpillar Inc.		2,996,686
	14,525	Deere & Company		1,123,509
	43,913	Graco Inc.		1,795,603
	27,670	Joy Global Inc.		2,074,420
	53,447	SPX Corporation		3,221,251
	40,513	Stanley Black & Decker Inc.		2,738,679
	67,275	Timken Company		2,604,215
		Total Machinery		16,554,363
		Media – 3.2%
	322,788	Comcast Corporation, Special Class A		7,604,885
	97,817	New York Times, Class A, (2)		756,125
	309,975	News Corporation, Class A		5,529,954
	58,689	Omnicom Group, Inc.		2,616,356
	118,487	Regal Entertainment Group, Class A		1,414,735
	355,542	Sirius XM Radio Inc., (2)		647,086
	44,293	Viacom Inc., Class B		2,011,345
	188,861	Walt Disney Company		7,082,288
		Total Media		27,662,774
		Metals & Mining – 0.7%
	74,680	Alcoa Inc.		645,982
	6,261	Barrick Gold Corporation		283,310
	40,405	Freeport-McMoRan Copper & Gold, Inc.		1,486,500
	78,900	Hecla Mining Company		412,647
	110,872	Southern Copper Corporation		3,346,117
		Total Metals & Mining		6,174,556

Nuveen Investments
30

Shares		Description (1)	Value
		Multiline Retail – 1.1%
	59,243	Macy's, Inc.	$	1,906,440
	54,585	Nordstrom, Inc.		2,713,420
	35,573	Sears Holding Corporation, (2)		1,130,510
	78,403	Target Corporation		4,015,802
		Total Multiline Retail		9,766,172
		Multi-Utilities – 1.0%
	62,041	Ameren Corporation		2,055,418
	57,468	OGE Energy Corp.		3,259,010
	97,043	Public Service Enterprise Group Incorporated		3,203,389
		Total Multi-Utilities		8,517,817
		Oil, Gas, & Consumable Fuels – 7.2%
	136,853	Chevron Corporation		14,561,159
	2,747	CNOOC Limited, Sponsored ADR		479,846
	114,249	ConocoPhillips		8,325,325
	346,320	Exxon Mobil Corporation		29,354,083
	24,173	Hess Corporation		1,373,026
	58,407	Occidental Petroleum Corporation		5,472,736
	3,274	PetroChina Company Limited, Sponsored ADR		406,991
	8,201	Royal Dutch Shell PLC, Class A, Sponsored ADR		599,411
	40,039	SandRidge Energy Inc., (2)		326,718
	39,133	StatoilHydro ASA, Sponsored ADR		1,002,196
	558	Suncor Energy, Inc.		16,087
		Total Oil, Gas, & Consumable Fuels		61,917,578
		Pharmaceuticals – 6.5%
	147,092	Abbott Laboratories		8,270,983
	148,380	Bristol-Myers Squibb Company		5,228,911
	93,015	Eli Lilly and Company		3,865,703
	13,432	GlaxoSmithKline PLC, Sponsored ADR		612,902
	211,672	Johnson & Johnson		13,881,450
	264,911	Merck & Company Inc.		9,987,145
	650,964	Pfizer Inc.		14,086,861
		Total Pharmaceuticals		55,933,955
		Professional Services – 0.3%
	56,869	Manpower Inc.		2,033,067
	66,137	Resources Connection, Inc.		700,391
		Total Professional Services		2,733,458
		Real Estate Investment Trust – 1.6%
	60,679	Apartment Investment & Management Company, Class A		1,390,156
	69,975	Brandywine Realty Trust		664,763
	34,687	CBL & Associates Properties Inc.		544,586
	129,993	CubeSmart		1,383,126
	114,294	DCT Industrial Trust Inc.		585,185
	49,733	Health Care REIT, Inc.		2,711,940
	100,726	Lexington Corporate Properties Trust		754,438
	46,608	Liberty Property Trust		1,439,255
	82,863	Ventas Inc.		4,568,237
		Total Real Estate Investment Trust		14,041,686
		Road & Rail – 0.5%
	4,035	Dollas Thrifty Automotive Group Inc., (2)		283,499
	41,968	Union Pacific Corporation		4,446,090
		Total Road & Rail		4,729,589

Nuveen Investments
31

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Semiconductors & Equipment – 3.5%
	92,274	Altera Corporation	$	3,423,365
	78,578	Analog Devices, Inc.		2,811,521
	103,217	Broadcom Corporation, Class A, (2)		3,030,451
	9,350	First Solar Inc., (2)		315,656
	603,403	Intel Corporation		14,632,523
	26,060	Intersil Holding Corporation, Class A		272,066
	78,287	Linear Technology Corporation		2,350,959
	125,065	Texas Instruments Incorporated		3,640,642
		Total Semiconductors & Equipment		30,477,183
		Software – 6.1%
	296,620	Activision Blizzard Inc.		3,654,358
	154,969	Adobe Systems Incorporated, (2)		4,380,974
	79,219	Autodesk, Inc., (2)		2,402,712
	992,212	Microsoft Corporation		25,757,824
	617,363	Oracle Corporation		15,835,361
		Total Software		52,031,229
		Specialty Retail – 2.1%
	20,823	Abercrombie & Fitch Co., Class A		1,016,995
	59,432	American Eagle Outfitters, Inc.		908,715
	51,495	Best Buy Co., Inc.		1,203,438
	70,360	CarMax, Inc., (2)		2,144,573
	73,397	Gap, Inc.		1,361,514
	114,620	Home Depot, Inc.		4,818,625
	91,766	Limited Brands, Inc.		3,702,758
	118,515	Lowe's Companies, Inc.		3,007,911
	1,606	Orchard Supply Hardware Stores Corporation, (2), (3), (8)		3,887
		Total Specialty Retail		18,168,416
		Thrifts & Mortgage Finance – 0.3%
	40,800	MGIC Investment Corporation, (2)		152,184
	180,604	New York Community Bancorp Inc.		2,234,071
		Total Thrifts & Mortgage Finance		2,386,255
		Tobacco – 1.6%
	22,111	Altria Group, Inc.		655,591
	144,281	Philip Morris International		11,323,173
	36,132	Reynolds American Inc.		1,496,587
		Total Tobacco		13,475,351
		Wireless Telecommunication Services – 0.2%
	27,792	China Mobile Hong Kong Limited, Sponsored ADR		1,347,634
	161,500	Sprint Nextel Corporation, (2)		377,910
		Total Wireless Telecommunication Services		1,725,544
		Total Common Stocks (cost $667,893,361)		840,410,705

Shares		Description (1)	Coupon			Ratings (4)	Value
		Preferred Stocks – 0.0%
		Specialty Retail – 0.0%
	1,606	Orchard Supply Hardware Stores Corporation, Series A, (2), (3), (8)		0.000	%	N/R	$	3,887
		Total Preferred Stocks (cost $13,021)						3,887

Nuveen Investments
32

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 6.3%
$	54,402	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/11, repurchase price $54,402,296, collateralized by $54,470,000 U.S. Treasury Notes, 1.500%, due 8/31/18, value $55,491,313		0.010	%	1/03/12	$	54,402,236
		Total Short-Term Investments (cost $54,402,236)						54,402,236
		Total Investments (cost $722,308,618) – 104.1%						894,816,828
		Other Assets Less Liabilities – (4.1)% (5)						(35,488,019	)
		Net Assets – 100%					$	859,328,809

Investments in Derivatives at December 31, 2011

Call Options Written outstanding:

Number of Contracts			Type	Notional Amount (6)			Expiration Date	Strike Price		Value
			Call Options Written – (4.2)%
	(1,166	)	MINI-Nasdaq-100 Index	$	(26,235,000	)	1/21/12	$	225.0	$	(702,515	)
	(1,104	)	MINI-Nasdaq-100 Index		(25,116,000	)	1/21/12		227.5		(491,280	)
	(1,095	)	MINI-Nasdaq-100 Index		(25,185,000	)	1/21/12		230.0		(342,188	)
	(1,166	)	MINI-Nasdaq-100 Index		(27,109,500	)	1/21/12		232.5		(238,447	)
	(2,252	)	MINI-Nasdaq-100 Index		(50,670,000	)	2/18/12		225.0		(1,998,650	)
	(2,110	)	MINI-Nasdaq-100 Index		(48,002,500	)	2/18/12		227.5		(1,561,400	)
	(627	)	S&P 500 Index		(73,672,500	)	1/21/12		1,175.0		(5,451,765	)
	(602	)	S&P 500 Index		(72,240,000	)	1/21/12		1,200.0		(3,916,010	)
	(614	)	S&P 500 Index		(75,215,000	)	1/21/12		1,225.0		(2,759,930	)
	(608	)	S&P 500 Index		(76,000,000	)	1/21/12		1,250.0		(1,681,120	)
	(620	)	S&P 500 Index		(74,400,000	)	2/18/12		1,200.0		(4,814,300	)
	(1,321	)	S&P 500 Index		(161,822,500	)	2/17/12		1,225.0		(7,853,345	)
	(588	)	S&P 500 Index		(72,030,000	)	3/17/12		1,225.0		(4,113,060	)
	(13,873	)	Total Call Options Written (premiums received $39,105,309)	$	(807,698,000	)				$	(35,924,010	)

    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)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.

  (4)  Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

  (5)  Other Assets Less Liabilities includes the Value of derivative instruments as noted in Investments in Derivatives at December 31, 2011.

  (6)  For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

  (7)  The Fund may designate up to 100% of its common stock investments to cover outstanding call options written.

  (8)  For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  N/R  Not rated.

  ADR  American Depositary Receipt.

    See accompanying notes to financial statements.

Nuveen Investments
33

JLA

Nuveen Equity Premium Advantage Fund

Portfolio of INVESTMENTS

  December 31, 2011

Shares		Description (1)	Value
		Common Stocks – 98.7% (7)
		Aerospace & Defense – 1.4%
	19,238	Boeing Company	$	1,411,107
	32,685	Honeywell International Inc.		1,776,430
	23,488	United Technologies Corporation		1,716,738
		Total Aerospace & Defense		4,904,275
		Air Freight & Logistics – 0.5%
	21,594	United Parcel Service, Inc., Class B		1,580,465
		Airlines – 0.3%
	5,693	Delta Air Lines, Inc., (2)		46,056
	27,885	Lan Airlines S.A., Sponsored ADR		648,047
	26,363	Southwest Airlines Co.		225,667
		Total Airlines		919,770
		Auto Components – 0.5%
	10,102	American Axle and Manufacturing Holdings Inc., (2)		99,909
	28,366	Cooper Tire & Rubber		397,408
	35,760	Gentex Corporation		1,058,138
		Total Auto Components		1,555,455
		Automobiles – 0.4%
	71,118	Ford Motor Company		765,230
	14,597	Harley-Davidson, Inc.		567,385
		Total Automobiles		1,332,615
		Beverages – 1.4%
	42,206	Coca-Cola Company		2,953,154
	26,928	PepsiCo, Inc.		1,786,673
		Total Beverages		4,739,827
		Biotechnology – 2.6%
	69,098	Amgen Inc.		4,436,783
	66,034	Celgene Corporation, (2)		4,463,898
		Total Biotechnology		8,900,681
		Capital Markets – 0.7%
	34,959	Bank of New York Company, Inc.		696,034
	62,652	Charles Schwab Corporation		705,462
	49,137	Morgan Stanley		743,443
	17,346	Waddell & Reed Financial, Inc., Class A		429,660
		Total Capital Markets		2,574,599

Nuveen Investments
34

Shares		Description (1)	Value
		Chemicals – 1.2%
	49,601	Dow Chemical Company	$	1,426,525
	40,027	E.I. Du Pont de Nemours and Company		1,832,436
	10,514	Monsanto Company		736,716
		Total Chemicals		3,995,677
		Commercial Banks – 1.5%
	9,487	Toronto-Dominion Bank		709,722
	65,040	U.S. Bancorp		1,759,332
	95,980	Wells Fargo & Company		2,645,209
		Total Commercial Banks		5,114,263
		Commercial Services & Supplies – 0.2%
	13,828	Deluxe Corporation		314,725
	26,895	R.R. Donnelley & Sons Company		388,095
		Total Commercial Services & Supplies		702,820
		Communications Equipment – 5.0%
	6,820	Aviat Networks Inc., (2)		12,481
	399,665	Cisco Systems, Inc.		7,225,943
	17,501	Harris Corporation		630,736
	168,786	QUALCOMM, Inc.		9,232,594
		Total Communications Equipment		17,101,754
		Computers & Peripherals – 11.1%
	88,843	Apple, Inc., (2)		35,981,413
	54,919	EMC Corporation, (2)		1,182,955
	27,257	Hewlett-Packard Company		702,140
		Total Computers & Peripherals		37,866,508
		Consumer Finance – 0.5%
	29,174	American Express Company		1,376,138
	27,215	SLM Corporation		364,681
		Total Consumer Finance		1,740,819
		Containers & Packaging – 0.2%
	19,780	Packaging Corp. of America		499,247
	4,824	Sonoco Products Company		158,999
		Total Containers & Packaging		658,246
		Distributors – 0.1%
	3,449	Genuine Parts Company		211,079
		Diversified Consumer Services – 0.1%
	4,119	ITT Educational Services, Inc., (2)		234,330
	21,475	Service Corporation International		228,709
		Total Diversified Consumer Services		463,039
		Diversified Financial Services – 0.9%
	3,100	Bank of America Corporation		17,236
	56,549	Citigroup Inc.		1,487,804
	3,847	CME Group, Inc.		937,398
	13,902	Moody's Corporation		468,219
		Total Diversified Financial Services		2,910,657

Nuveen Investments
35

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Diversified Telecommunication Services – 2.2%
	144,669	AT&T Inc.	$	4,374,791
	20,606	Chunghwa Telecom Co., Ltd, Sponsored ADR		685,768
	1	Frontier Communications Corporation		5
	65,077	Verizon Communications Inc.		2,610,889
		Total Diversified Telecommunication Services		7,671,453
		Electric Utilities – 1.3%
	93,478	Duke Energy Corporation		2,056,516
	48,358	Great Plains Energy Incorporated		1,053,237
	28,722	Pinnacle West Capital Corporation		1,383,826
		Total Electric Utilities		4,493,579
		Electrical Equipment – 1.6%
	15,491	Cooper Industries Inc.		838,838
	33,415	Emerson Electric Company		1,556,805
	11,238	Hubbell Incorporated, Class B		751,373
	15,244	Rockwell Automation, Inc.		1,118,452
	13,012	Roper Industries Inc.		1,130,352
		Total Electrical Equipment		5,395,820
		Electronic Equipment & Instruments – 0.6%
	25,502	Amphenol Corporation, Class A		1,157,536
	58,160	Corning Incorporated		754,917
		Total Electronic Equipment & Instruments		1,912,453
		Energy Equipment & Services – 1.3%
	26,765	Cameron International Corporation, (2)		1,316,570
	9,396	Diamond Offshore Drilling, Inc.		519,223
	33,334	Halliburton Company		1,150,356
	19,559	Schlumberger Limited		1,336,075
		Total Energy Equipment & Services		4,322,224
		Food & Staples Retailing – 1.7%
	39,630	CVS Caremark Corporation		1,616,111
	27,808	Kroger Co.		673,510
	28,483	Walgreen Co.		941,648
	42,031	Wal-Mart Stores, Inc.		2,511,773
		Total Food & Staples Retailing		5,743,042
		Food Products – 0.9%
	8,233	Archer-Daniels-Midland Company		235,464
	47,590	Kraft Foods Inc., Class A		1,777,962
	63,041	Sara Lee Corporation		1,192,736
		Total Food Products		3,206,162
		Gas Utilities – 0.5%
	21,576	AGL Resources Inc.		911,802
	26,900	Piedmont Natural Gas Company		914,062
		Total Gas Utilities		1,825,864
		Health Care Equipment & Supplies – 0.8%
	16,835	Baxter International, Inc.		832,996
	9,327	CareFusion Corporation, (2)		236,999
	4,652	Covidien PLC		209,387
	12,334	Hill Rom Holdings Inc.		415,532
	7,766	Medtronic, Inc.		297,050

Nuveen Investments
36

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	11,540	Saint Jude Medical Inc.	$	395,822
	8,617	Zimmer Holdings, Inc.		460,320
		Total Health Care Equipment & Supplies		2,848,106
		Health Care Providers & Services – 1.8%
	13,759	Brookdale Senior Living Inc., (2)		239,269
	23,480	Cardinal Health, Inc.		953,523
	25,434	Lincare Holdings		653,908
	26,068	Medco Health Solutions, Inc., (2)		1,457,201
	11,450	Omnicare, Inc.		394,453
	48,700	Tenet Healthcare Corporation, (2)		249,831
	15,892	UnitedHealth Group Incorporated		805,407
	20,106	Universal Health Services, Inc., Class B		781,319
	8,528	Wellpoint Inc.		564,980
		Total Health Care Providers & Services		6,099,891
		Hotels, Restaurants & Leisure – 2.2%
	23,855	Carnival Corporation		778,627
	21,506	International Game Technology		369,903
	33,523	McDonald's Corporation		3,363,363
	30,422	Starwood Hotels & Resorts Worldwide, Inc.		1,459,343
	19,573	Tim Hortons Inc.		947,725
	84,855	Wendy's Company		454,823
		Total Hotels, Restaurants & Leisure		7,373,784
		Household Durables – 0.3%
	20,768	KB Home		139,561
	36,936	Newell Rubbermaid Inc.		596,516
	7,376	Whirlpool Corporation		349,991
		Total Household Durables		1,086,068
		Household Products – 0.7%
	37,083	Procter & Gamble Company		2,473,807
		Industrial Conglomerates – 0.8%
	9,297	3M Co.		759,844
	12,006	Danaher Corporation		564,762
	72,788	General Electric Company		1,303,633
		Total Industrial Conglomerates		2,628,239
		Insurance – 1.8%
	32,871	AFLAC Incorporated		1,421,999
	3,318	Arch Capital Group Limited, (2)		123,529
	26,516	Fidelity National Title Group Inc., Class A		422,400
	34,143	Marsh & McLennan Companies, Inc.		1,079,602
	28,726	Prudential Financial, Inc.		1,439,747
	28,459	Travelers Companies, Inc.		1,683,919
		Total Insurance		6,171,196
		Internet & Catalog Retail – 2.1%
	39,592	Amazon.com, Inc., (2)		6,853,375
	10,391	HSN, Inc.		376,778
		Total Internet & Catalog Retail		7,230,153

Nuveen Investments
37

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Internet Software & Services – 6.6%
	34,071	Akamai Technologies, Inc., (2)	$	1,099,812
	2,017	AOL Inc., (2)		30,457
	19,115	Baidu.com, Inc., Sponsored ADR, (2)		2,226,324
	128,790	eBay Inc., (2)		3,906,201
	21,813	Google Inc., Class A, (2)		14,089,017
	20,300	IAC/InterActiveCorp.		864,780
	26,927	Yahoo! Inc., (2)		434,333
		Total Internet Software & Services		22,650,924
		IT Services – 3.6%
	62,894	Automatic Data Processing, Inc.		3,396,905
	23,280	Fidelity National Information Services		619,015
	8,158	Global Payments Inc.		386,526
	24,947	Infosys Technologies Limited, Sponsored ADR		1,281,777
	19,762	International Business Machines Corporation (IBM)		3,633,837
	12,871	Lender Processing Services Inc.		193,966
	63,148	Paychex, Inc.		1,901,386
	8,257	Visa Inc.		838,333
		Total IT Services		12,251,745
		Life Sciences Tools & Services – 0.2%
	15,384	Agilent Technologies, Inc., (2)		537,363
		Machinery – 1.8%
	26,092	Caterpillar Inc.		2,363,935
	13,961	Deere & Company		1,079,883
	22,173	Eaton Corporation		965,191
	22,531	Graco Inc.		921,293
	16,187	SPX Corporation		975,590
		Total Machinery		6,305,892
		Media – 3.5%
	23,415	CBS Corporation, Class B		635,483
	167,768	Comcast Corporation, Special Class A		3,952,614
	76,433	DIRECTV Group, Inc., (2)		3,268,275
	2,751	Liberty Media Corporation, Liberty Capital Class A Tracking Stock, (2)		214,716
	51,552	News Corporation, Class B		937,215
	20,124	Omnicom Group, Inc.		897,128
	6,780	Time Warner Cable, Class A		431,005
	9,864	Time Warner Inc.		356,485
	36,801	Walt Disney Company		1,380,038
		Total Media		12,072,959
		Metals & Mining – 0.5%
	8,735	AngloGold Ashanti Limited, Sponsored ADR		370,801
	54,923	Companhia Siderurgica Nacional S.A., Sponsored ADR		449,270
	27,600	Southern Copper Corporation		832,968
		Total Metals & Mining		1,653,039
		Multiline Retail – 0.9%
	10,865	Family Dollar Stores, Inc.		626,476
	10,883	J.C. Penney Company, Inc.		382,537
	4,511	Kohl's Corporation		222,618
	30,719	Macy's, Inc.		988,537
	16,535	Target Corporation		846,923
		Total Multiline Retail		3,067,091

Nuveen Investments
38

Shares		Description (1)	Value
		Multi-Utilities – 0.8%
	21,316	Integrys Energy Group, Inc.	$	1,154,901
	25,517	OGE Energy Corp.		1,447,069
		Total Multi-Utilities		2,601,970
		Oil, Gas, & Consumable Fuels – 5.5%
	54,479	Chevron Corporation		5,796,566
	53,583	ConocoPhillips		3,904,593
	101,449	Exxon Mobil Corporation		8,598,817
	5,224	Royal Dutch Shell PLC, Class A, Sponsored ADR		381,822
		Total Oil, Gas, & Consumable Fuels		18,681,798
		Paper & Forest Products – 0.2%
	21,984	International Paper Company		650,726
		Pharmaceuticals – 4.5%
	42,756	Abbott Laboratories		2,404,170
	13,538	Allergan, Inc.		1,187,824
	69,669	Bristol-Myers Squibb Company		2,455,136
	6,329	Eli Lilly and Company		263,033
	19,598	Forest Laboratories, Inc., (2)		593,035
	8,993	GlaxoSmithKline PLC, Sponsored ADR		410,351
	46,803	Johnson & Johnson		3,069,341
	94,172	Merck & Company Inc.		3,550,284
	6,190	Novartis AG, Sponsored ADR		353,882
	41,298	Pfizer Inc.		893,689
		Total Pharmaceuticals		15,180,745
		Professional Services – 0.4%
	18,950	Manpower Inc.		677,463
	30,314	Robert Half International Inc.		862,736
		Total Professional Services		1,540,199
		Real Estate Investment Trust – 0.9%
	18,413	Apartment Investment & Management Company, Class A		421,842
	28,958	CubeSmart		308,113
	4,590	Developers Diversified Realty Corporation		55,860
	40,126	Senior Housing Properties Trust		900,427
	25,511	Ventas Inc.		1,406,421
		Total Real Estate Investment Trust		3,092,663
		Semiconductors & Equipment – 5.9%
	54,140	Advanced Micro Devices, Inc., (2)		292,356
	55,645	Altera Corporation		2,064,430
	25,698	Analog Devices, Inc.		919,474
	96,224	Applied Materials, Inc.		1,030,559
	93,518	Atmel Corporation, (2)		757,496
	52,087	Broadcom Corporation, Class A, (2)		1,529,274
	4,697	Cree, Inc., (2)		103,522
	1,090	Cymer, Inc., (2)		54,238
	11,761	Cypress Semiconductor Corporation, (2)		198,643
	28,948	Fairchild Semiconductor International Inc., Class A, (2)		348,534
	17,789	Integrated Device Technology, Inc., (2)		97,128
	363,454	Intel Corporation		8,813,760
	2,596	Intersil Holding Corporation, Class A		27,102
	45,919	Linear Technology Corporation		1,378,948
	35,700	LSI Logic Corporation, (2)		212,415
	5,819	MEMC Electronic Materials, (2)		22,927

Nuveen Investments
39

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares		Description (1)	Value
		Semiconductors & Equipment (continued)
	4,888	Novellus Systems, Inc., (2)	$	201,826
	87,497	NVIDIA Corporation, (2)		1,212,708
	26,885	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR		347,085
	13,542	Texas Instruments Incorporated		394,208
		Total Semiconductors & Equipment		20,006,633
		Software – 9.9%
	171,474	Activision Blizzard Inc.		2,112,560
	67,370	Adobe Systems Incorporated, (2)		1,904,550
	43,406	Autodesk, Inc., (2)		1,316,504
	65,185	CA Inc.		1,317,715
	33,659	Cadence Design Systems, Inc., (2)		350,054
	654,920	Microsoft Corporation		17,001,723
	372,244	Oracle Corporation		9,548,059
	2,118	SAP AG, Sponsored ADR		112,148
		Total Software		33,663,313
		Specialty Retail – 2.2%
	16,694	Best Buy Co., Inc.		390,139
	18,012	Gap, Inc.		334,123
	47,264	Home Depot, Inc.		1,986,979
	32,217	Limited Brands, Inc.		1,299,956
	51,273	Lowe's Companies, Inc.		1,301,309
	814	Orchard Supply Hardware Stores Corporation, (2), (3), (8)		1,970
	18,563	TJX Companies, Inc.		1,198,242
	35,381	Urban Outfitters, Inc., (2)		975,100
		Total Specialty Retail		7,487,818
		Textiles Apparel & Luxury Goods – 0.3%
	15,790	Coach, Inc.		963,822
		Thrifts & Mortgage Finance – 0.0%
	1,712	Tree.com Inc., (2)		9,570
		Tobacco – 1.3%
	51,573	Altria Group, Inc.		1,529,139
	35,651	Philip Morris International		2,797,890
		Total Tobacco		4,327,029
		Wireless Telecommunication Services – 0.5%
	9,319	Crown Castle International Corporation, (2)		417,491
	45,343	Vodafone Group PLC, Sponsored ADR		1,270,964
		Total Wireless Telecommunication Services		1,688,455
		Total Common Stocks (cost $238,412,861)		336,188,144

Shares		Description (1)	Coupon			Ratings (4)	Value
		Preferred Stocks – 0.0%
		Specialty Retail – 0.0%
	814	Orchard Supply Hardware Stores Corporation, Series A, (2), (3), (8)		0.000	%	N/R	$	1,970
		Total Preferred Stocks (cost $5,252)						1,970

Nuveen Investments
40

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 4.9%
$	16,764	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/11, repurchase price $16,764,423, collateralized by $14,665,000 U.S. Treasury Notes, 3.750%, due 11/15/18, value $17,103,056		0.010	%	1/03/12	$	16,764,404
		Total Short-Term Investments (cost $16,764,404)						16,764,404
		Total Investments (cost $255,182,517) – 103.6%						352,954,518
		Other Assets Less Liabilities – (3.6)% (5)						(12,425,868	)
		Net Assets – 100%					$	340,528,650

Investments in Derivatives at December 31, 2011

Call Options Written outstanding:

Number of Contracts			Type	Notional Amount (6)			Expiration Date	Strike Price		Value
			Call Options Written – (3.6)%
	(958	)	MINI-Nasdaq-100 Index	$	(21,555,000	)	1/21/12	$	225.0	$	(577,195	)
	(921	)	MINI-Nasdaq-100 Index		(20,952,750	)	1/21/12		227.5		(409,845	)
	(922	)	MINI-Nasdaq-100 Index		(21,206,000	)	1/21/12		230.0		(288,125	)
	(958	)	MINI-Nasdaq-100 Index		(22,273,500	)	1/21/12		232.5		(195,911	)
	(1,840	)	MINI-Nasdaq-100 Index		(41,400,000	)	2/18/12		225.0		(1,633,000	)
	(1,748	)	MINI-Nasdaq-100 Index		(39,767,000	)	2/18/12		227.5		(1,293,520	)
	(162	)	S&P 500 Index		(19,035,000	)	1/21/12		1,175.0		(1,408,590	)
	(160	)	S&P 500 Index		(19,200,000	)	1/21/12		1,200.0		(1,040,800	)
	(161	)	S&P 500 Index		(19,722,500	)	1/21/12		1,225.0		(723,695	)
	(159	)	S&P 500 Index		(19,875,000	)	1/21/12		1,250.0		(439,635	)
	(151	)	S&P 500 Index		(18,120,000	)	2/18/12		1,200.0		(1,172,515	)
	(343	)	S&P 500 Index		(42,017,500	)	2/18/12		1,225.0		(2,039,135	)
	(166	)	S&P 500 Index		(20,335,000	)	3/17/12		1,225.0		(1,161,170	)
	(8,649	)	Total Call Options Written (premiums received $14,772,216)	$	(325,459,250	)				$	(12,383,136	)

    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)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.

  (4)  Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

  (5)  Other Assets Less Liabilities includes the Value of derivative instruments as noted in Investments in Derivatives at December 31, 2011.

  (6)  For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

  (7)  The Fund may designate up to 100% of its common stock investments to cover outstanding call options written.

  (8)  For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  N/R  Not rated.

  ADR  American Depositary Receipt.

    See accompanying notes to financial statements.

Nuveen Investments
41

JPG

Nuveen Equity Premium and Growth Fund

Portfolio of Investments

  December 31, 2011

Shares		Description (1)	Value
		Common Stocks – 99.0% (5)
		Aerospace & Defense – 2.7%
	22,589	Boeing Company	$	1,656,903
	5,209	Goodrich Corporation		644,353
	26,777	Honeywell International Inc.		1,455,330
	14,434	Raytheon Company		698,317
	22,344	United Technologies Corporation		1,633,123
		Total Aerospace & Defense		6,088,026
		Air Freight & Logistics – 1.0%
	29,593	United Parcel Service, Inc., Class B		2,165,912
		Airlines – 0.1%
	13,335	Lan Airlines S.A., Sponsored ADR		309,905
		Auto Components – 0.1%
	9,310	Cooper Tire & Rubber		130,433
	5,900	Dana Holding Corporation, (2)		71,685
		Total Auto Components		202,118
		Automobiles – 0.4%
	92,502	Ford Motor Company		995,322
		Beverages – 2.2%
	43,294	Coca-Cola Company		3,029,281
	29,903	PepsiCo, Inc.		1,984,064
		Total Beverages		5,013,345
		Biotechnology – 0.8%
	11,864	Celgene Corporation, (2)		802,006
	20,273	Gilead Sciences, Inc., (2)		829,774
	10,546	PDL Biopahrma Inc.		65,385
		Total Biotechnology		1,697,165
		Capital Markets – 1.0%
	53,257	Charles Schwab Corporation		599,674
	24,627	Federated Investors Inc.		373,099
	1,674	Goldman Sachs Group, Inc.		151,380
	46,141	Morgan Stanley		698,113
	14,786	Waddell & Reed Financial, Inc., Class A		366,249
		Total Capital Markets		2,188,515
		Chemicals – 2.2%
	29,838	Dow Chemical Company		858,141
	25,969	E.I. Du Pont de Nemours and Company		1,188,861
	14,400	Eastman Chemical Company		562,464
	11,108	Monsanto Company		778,338
	27,935	Olin Corporation		548,923
	8,609	PPG Industries, Inc.		718,765
	16,530	RPM International, Inc.		405,812
		Total Chemicals		5,061,304

Nuveen Investments
42

Shares		Description (1)	Value
		Commercial Banks – 2.7%
	14,540	Comerica Incorporated	$	375,132
	12,783	Fifth Third Bancorp.		162,600
	11,582	First Horizon National Corporation		92,656
	8,574	FirstMerit Corporation		129,725
	49,105	Huntington BancShares Inc.		269,586
	33,673	Regions Financial Corporation		144,794
	59,561	U.S. Bancorp		1,611,125
	117,410	Wells Fargo & Company		3,235,820
		Total Commercial Banks		6,021,438
		Commercial Services & Supplies – 0.3%
	5,330	Avery Dennison Corporation		152,864
	14,872	Deluxe Corporation		338,487
	8,400	Kimball International Inc., Class B		42,588
	11,117	Standard Register Company		25,903
		Total Commercial Services & Supplies		559,842
		Communications Equipment – 2.4%
	125,480	Cisco Systems, Inc.		2,268,678
	12,336	Motorola Mobility Holdings Inc., (2)		478,637
	14,740	Motorola Solutions Inc.		682,315
	36,912	QUALCOMM, Inc.		2,019,086
	2,984	Research In Motion Limited, (2)		43,268
		Total Communications Equipment		5,491,984
		Computers & Peripherals – 4.4%
	18,716	Apple, Inc., (2)		7,579,979
	30,455	Dell Inc., (2)		445,557
	57,708	EMC Corporation, (2)		1,243,030
	25,651	Hewlett-Packard Company		660,770
		Total Computers & Peripherals		9,929,336
		Consumer Finance – 0.5%
	23,649	American Express Company		1,115,523
		Containers & Packaging – 0.2%
	19,132	Packaging Corp. of America		482,892
		Distributors – 0.6%
	21,089	Genuine Parts Company		1,290,647
		Diversified Consumer Services – 0.1%
	5,562	Apollo Group, Inc., (2)		299,625
		Diversified Financial Services – 3.3%
	234,799	Bank of America Corporation		1,305,482
	57,431	Citigroup Inc.		1,511,010
	2,592	CME Group, Inc.		631,593
	4,327	Intercontinental Exchange, Inc., (2)		521,620
	95,014	JP Morgan Chase & Co.		3,159,216
	9,862	New York Stock Exchange Euronext		257,398
		Total Diversified Financial Services		7,386,319

Nuveen Investments
43

JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of Investments December 31, 2011

Shares		Description (1)	Value
		Diversified Telecommunication Services – 3.8%
	4,000	Alaska Communications Systems Group Inc.	$	12,040
	152,745	AT&T Inc.		4,619,008
	111,815	Frontier Communications Corporation		575,847
	85,219	Verizon Communications Inc.		3,418,986
		Total Diversified Telecommunication Services		8,625,881
		Electric Utilities – 1.8%
	67,373	Duke Energy Corporation		1,482,206
	60,439	Great Plains Energy Incorporated		1,316,361
	22,084	Progress Energy, Inc.		1,237,146
		Total Electric Utilities		4,035,713
		Electrical Equipment – 0.9%
	5,127	Cooper Industries Inc.		277,627
	26,811	Emerson Electric Company		1,249,124
	6,854	Rockwell Automation, Inc.		502,878
		Total Electrical Equipment		2,029,629
		Electronic Equipment & Instruments – 0.3%
	48,583	Corning Incorporated		630,607
		Energy Equipment & Services – 2.4%
	12,531	Baker Hughes Incorporated		609,508
	2,246	Carbo Ceramics Inc.		276,999
	32,012	Halliburton Company		1,104,734
	9,961	National-Oilwell Varco Inc.		677,248
	12,997	Noble Corporation		392,769
	34,242	Schlumberger Limited		2,339,071
	1,869	Tidewater Inc.		92,142
		Total Energy Equipment & Services		5,492,471
		Food & Staples Retailing – 1.9%
	28,828	CVS Caremark Corporation		1,175,606
	23,426	SUPERVALU INC.		190,219
	40,955	Wal-Mart Stores, Inc.		2,447,471
	5,987	Whole Foods Market, Inc.		416,575
		Total Food & Staples Retailing		4,229,871
		Food Products – 1.3%
	13,960	Archer-Daniels-Midland Company		399,256
	33,648	ConAgra Foods, Inc.		888,307
	46,877	Kraft Foods Inc.		1,751,325
		Total Food Products		3,038,888
		Gas Utilities – 0.5%
	13,578	AGL Resources Inc.		573,806
	7,318	ONEOK, Inc.		634,397
		Total Gas Utilities		1,208,203
		Health Care Equipment & Supplies – 0.6%
	28,854	Boston Scientific Corporation, (2)		154,080
	3,976	Hologic Inc., (2)		69,620
	31,998	Medtronic, Inc.		1,223,924
		Total Health Care Equipment & Supplies		1,447,624

Nuveen Investments
44

Shares		Description (1)	Value
		Health Care Providers & Services – 2.3%
	13,746	Aetna Inc.	$	579,944
	1,637	Brookdale Senior Living Inc., (2)		28,467
	19,071	Express Scripts, Inc., (2)		852,283
	5,614	Humana Inc.		491,843
	3,420	Lincare Holdings		87,928
	14,052	Medco Health Solutions, Inc., (2)		785,507
	24,649	Tenet Healthcare Corporation, (2)		126,449
	28,552	UnitedHealth Group Incorporated		1,447,015
	11,994	Wellpoint Inc.		794,603
		Total Health Care Providers & Services		5,194,039
		Hotels, Restaurants & Leisure – 1.5%
	9,393	International Game Technology		161,560
	24,698	McDonald's Corporation		2,477,950
	13,188	MGM Mirage Inc., (2)		137,551
	4,557	Tim Hortons Inc.		220,650
	43,350	Wendy's Company		232,356
	5,749	Wyndham Worldwide Corporation		217,485
		Total Hotels, Restaurants & Leisure		3,447,552
		Household Durables – 0.3%
	9,410	KB Home		63,235
	7,325	Lennar Corporation, Class A		143,936
	16,964	Newell Rubbermaid Inc.		273,969
	2,527	Whirlpool Corporation		119,906
		Total Household Durables		601,046
		Household Products – 2.0%
	5,228	Colgate-Palmolive Company		483,015
	10,147	Kimberly-Clark Corporation		746,413
	49,271	Procter & Gamble Company		3,286,868
		Total Household Products		4,516,296
		Industrial Conglomerates – 1.1%
	16,204	3M Co.		1,324,353
	61,200	General Electric Company		1,096,092
		Total Industrial Conglomerates		2,420,445
		Insurance – 3.2%
	21,888	Arthur J. Gallagher & Co.		731,935
	23,775	Berkshire Hathaway Inc., Class B, (2)		1,814,033
	16,883	Fidelity National Title Group Inc., Class A		268,946
	20,130	Genworth Financial Inc., Class A, (2)		131,852
	12,560	Kemper Corporation		366,878
	30,471	Lincoln National Corporation		591,747
	27,710	Marsh & McLennan Companies, Inc.		876,190
	16,648	Mercury General Corporation		759,482
	17,482	Prudential Financial, Inc.		876,198
	14,123	Travelers Companies, Inc.		835,658
		Total Insurance		7,252,919
		Internet & Catalog Retail – 0.7%
	8,655	Amazon.com, Inc., (2)		1,498,181

Nuveen Investments
45

JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of Investments December 31, 2011

Shares		Description (1)	Value
		Internet Software & Services – 2.4%
	6,629	Akamai Technologies, Inc., (2)	$	213,984
	27,248	eBay Inc., (2)		826,432
	5,599	Google Inc., Class A, (2)		3,616,394
	22,961	United Online, Inc.		124,908
	6,424	VeriSign, Inc., (2)		229,465
	27,685	Yahoo! Inc., (2)		446,559
		Total Internet Software & Services		5,457,742
		IT Services – 3.8%
	35,404	Automatic Data Processing, Inc.		1,912,170
	9,387	Cognizant Technology Solutions Corporation, Class A, (2)		603,678
	11,474	Fidelity National Information Services		305,094
	25,073	International Business Machines Corporation (IBM)		4,610,423
	2,687	Lender Processing Services Inc.		40,493
	10,484	Visa Inc.		1,064,441
		Total IT Services		8,536,299
		Leisure Equipment & Products – 0.7%
	21,491	Eastman Kodak Company, (2)		13,958
	28,842	Mattel, Inc.		800,654
	15,596	Polaris Industries Inc.		873,064
		Total Leisure Equipment & Products		1,687,676
		Life Sciences Tools & Services – 0.1%
	1,370	Covance, Inc., (2)		62,636
	4,213	Life Technologies Corporation, (2)		163,928
		Total Life Sciences Tools & Services		226,564
		Machinery – 2.7%
	3,706	Briggs & Stratton Corporation		57,406
	15,883	Caterpillar Inc.		1,439,000
	7,899	Cummins Inc.		695,270
	12,856	Deere & Company		994,412
	16,689	Illinois Tool Works, Inc.		779,543
	5,351	Pentair, Inc.		178,135
	11,866	Snap-on Incorporated		600,657
	20,463	Stanley Black & Decker Inc.		1,383,299
		Total Machinery		6,127,722
		Media – 1.9%
	12,544	CBS Corporation, Class B		340,444
	96,336	Comcast Corporation, Class A		2,284,127
	4,566	DIRECTV Group, Inc., (2)		195,242
	8,126	Gannett Company Inc.		108,645
	5,070	Lamar Advertising Company, (2)		139,425
	28,121	New York Times, Class A, (2)		217,375
	51,141	Regal Entertainment Group, Class A		610,624
	45,144	Sirius XM Radio Inc., (2)		82,162
	24,892	World Wrestling Entertainment Inc.		231,993
		Total Media		4,210,037
		Metals & Mining – 0.6%
	4,770	Companhia Siderurgica Nacional S.A., Sponsored ADR		39,019
	26,872	Freeport-McMoRan Copper & Gold, Inc.		988,621
	11,444	Southern Copper Corporation		345,380
	3,047	United States Steel Corporation		80,624
		Total Metals & Mining		1,453,644

Nuveen Investments
46

Shares		Description (1)	Value
		Multiline Retail – 0.7%
	10,381	Nordstrom, Inc.	$	516,040
	20,117	Target Corporation		1,030,393
		Total Multiline Retail		1,546,433
		Multi-Utilities – 2.2%
	14,000	Ameren Corporation		463,820
	52,946	CenterPoint Energy, Inc.		1,063,685
	8,627	Consolidated Edison, Inc.		535,133
	24,563	Dominion Resources, Inc.		1,303,804
	29,328	Integrys Energy Group, Inc.		1,588,991
		Total Multi-Utilities		4,955,433
		Oil, Gas, & Consumable Fuels – 10.3%
	32,095	Chesapeake Energy Corporation		715,398
	45,970	Chevron Corporation		4,891,207
	21,075	ConocoPhillips		1,535,735
	11,317	CONSOL Energy Inc.		415,334
	6,936	EOG Resources, Inc.		683,265
	106,380	Exxon Mobil Corporation		9,016,766
	7,395	Hess Corporation		420,036
	20,768	Marathon Oil Corporation		607,879
	10,284	Marathon Petroleum Corporation		342,354
	22,300	Occidental Petroleum Corporation		2,089,510
	25,363	Peabody Energy Corporation		839,769
	24,031	Ship Financial International Limited		224,450
	17,375	Southwestern Energy Company, (2)		554,958
	23,750	StatoilHydro ASA, Sponsored ADR		608,238
	18,401	Valero Energy Corporation		387,341
		Total Oil, Gas, & Consumable Fuels		23,332,240
		Personal Products – 0.2%
	21,857	Avon Products, Inc.		381,842
		Pharmaceuticals – 7.9%
	47,537	Abbott Laboratories		2,673,006
	663	AstraZeneca PLC, Sponsored ADR		30,690
	69,120	Bristol-Myers Squibb Company		2,435,789
	31,416	Eli Lilly and Company		1,305,649
	57,590	Johnson & Johnson		3,776,752
	81,692	Merck & Company Inc.		3,079,788
	196,408	Pfizer Inc.		4,250,269
	5,422	Sanofi-Aventis, Sponsored ADR		198,120
		Total Pharmaceuticals		17,750,063
		Real Estate Investment Trust – 2.5%
	78,921	Annaly Capital Management Inc.		1,259,579
	35,857	Brandywine Realty Trust		340,642
	14,334	CubeSmart		152,514
	16,606	Hospitality Properties Trust		381,606
	54,457	Lexington Corporate Properties Trust		407,883
	49,474	Senior Housing Properties Trust		1,110,197
	29,878	Ventas Inc.		1,647,174
	19,112	Weyerhaeuser Company		356,821
		Total Real Estate Investment Trust		5,656,416
		Road & Rail – 0.6%
	13,398	Union Pacific Corporation		1,419,384

Nuveen Investments
47

JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of Investments December 31, 2011

Shares		Description (1)	Value
		Semiconductors & Equipment – 2.6%
	21,031	Analog Devices, Inc.	$	752,489
	35,188	Applied Materials, Inc.		376,863
	959	First Solar Inc., (2)		32,376
	121,003	Intel Corporation		2,934,323
	19,056	Microchip Technology Incorporated		698,021
	19,215	NVIDIA Corporation, (2)		266,320
	28,759	Texas Instruments Incorporated		837,174
		Total Semiconductors & Equipment		5,897,566
		Software – 3.6%
	16,588	Adobe Systems Incorporated, (2)		468,943
	8,286	Autodesk, Inc., (2)		251,314
	181,072	Microsoft Corporation		4,700,628
	82,095	Oracle Corporation		2,105,737
	5,607	Salesforce.com, Inc., (2)		568,886
		Total Software		8,095,508
		Specialty Retail – 3.0%
	6,646	Abercrombie & Fitch Co., Class A		324,591
	22,224	American Eagle Outfitters, Inc.		339,805
	14,239	Best Buy Co., Inc.		332,765
	17,720	Gap, Inc.		328,706
	44,796	Home Depot, Inc.		1,883,224
	22,979	Limited Brands, Inc.		927,203
	46,189	Lowe's Companies, Inc.		1,172,277
	7,658	Tiffany & Co.		507,419
	14,127	TJX Companies, Inc.		911,898
		Total Specialty Retail		6,727,888
		Textiles Apparel & Luxury Goods – 0.6%
	10,506	VF Corporation		1,334,157
		Thrifts & Mortgage Finance – 0.3%
	57,748	New York Community Bancorp Inc.		714,343
		Tobacco – 2.3%
	63,669	Altria Group, Inc.		1,887,786
	30,574	Philip Morris International		2,399,448
	20,536	Reynolds American Inc.		850,601
		Total Tobacco		5,137,835
		Trading Cos & Distributors – 0.3%
	3,200	W.W. Grainger, Inc.		599,008
		Wireless Telecommunication Services – 0.1%
	54,217	Sprint Nextel Corporation, (2)		126,868
	3,446	Vodafone Group PLC, Sponsored ADR		96,591
		Total Wireless Telecommunication Services		223,459
		Total Common Stocks (cost $196,474,170)		223,439,842

Nuveen Investments
48

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 4.8%
$	10,764	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/11, repurchase price $10,764,387, collateralized by $10,560,000 U.S. Treasury Notes, 1.500%, due 6/30/16, value $10,982,400		0.010	%	1/03/12	$	10,764,375
		Total Short-Term Investments (cost $10,764,375)						10,764,375
		Total Investments (cost $207,238,545) – 103.8%						234,204,217
		Other Assets Less Liabilities – (3.8)% (3)						(8,539,753	)
		Net Assets – 100%					$	225,664,464

Investments in Derivatives at December 31, 2011

Call Options Written outstanding:

Number of Contracts			Type	Notional Amount (4)			Expiration Date	Strike Price		Value
			Call Options Written – (3.8)%
	(174	)	S&P 500 Index	$	(20,445,000	)	1/21/12	$	1,175	$	(1,512,930	)
	(178	)	S&P 500 Index		(21,360,000	)	1/21/12		1,200		(1,157,890	)
	(177	)	S&P 500 Index		(21,682,500	)	1/21/12		1,225		(795,615	)
	(173	)	S&P 500 Index		(21,625,000	)	1/21/12		1,250		(478,345	)
	(179	)	S&P 500 Index		(21,480,000	)	2/18/12		1,200		(1,389,935	)
	(367	)	S&P 500 Index		(44,957,500	)	2/18/12		1,225		(2,181,815	)
	(160	)	S&P 500 Index		(19,600,000	)	3/17/12		1,225		(1,119,200	)
	(1,408	)	Total Call Options Written (premiums received $8,825,084)	$	(171,150,000	)				$	(8,635,730	)

    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)  Other Assets Less Liabilities includes the Value of derivative instruments as noted in Investments in Derivatives at December 31, 2011.

  (4)  For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

  (5)  The Fund may designate up to 100% of its common stock investments to cover outstanding call options written.

  ADR  American Depositary Receipt.

    See accompanying notes to financial statements.

Nuveen Investments
49

Statement of

ASSETS & LIABILITIES

  December 31, 2011

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Assets
Investments, at value (cost $446,817,319, $722,308,618, $255,182,517 and $207,238,545, respectively)	$	519,082,081		$	894,816,828		$	352,954,518		$	234,204,217
Cash		5,364			—			—			—
Cash denominated in foreign currencies (cost $—, $2,947, $— and $—, respectively)		—			2,885			—			—
Receivables:
Dividends and interest		923,356			1,285,903			373,825			351,511
Reclaims		1,262			—			145			—
Other assets		41,728			65,087			26,077			16,010
Total assets		520,053,791			896,170,703			353,354,565			234,571,738
Liabilities
Call options written, at value (premiums received $23,565,960, $39,105,309, $14,772,216 and $8,825,084, respectively)		23,419,830			35,924,010			12,383,136			8,635,730
Payable for shares repurchased and retired		—			—			22,865			—
Accrued expenses:
Management fees		337,946			526,964			252,188			163,403
Other		210,681			390,920			167,726			108,141
Total liabilities		23,968,457			36,841,894			12,825,915			8,907,274
Net assets	$	496,085,334		$	859,328,809		$	340,528,650		$	225,664,464
Shares outstanding		38,482,635			66,492,444			25,754,811			16,166,379
Net asset value per share outstanding	$	12.89		$	12.92		$	13.22		$	13.96
Net assets consist of:
Shares, $.01 par value per share	$	384,826		$	664,924		$	257,548		$	161,664
Paid-in surplus		484,026,750			772,680,680			283,809,680			238,991,572
Undistributed (Over-distribution of) net investment income		—			—			—			—
Accumulated net realized gain (loss)		(60,737,134	)		(89,706,242	)		(43,699,659	)		(40,643,798	)
Net unrealized appreciation (depreciation)		72,410,892			175,689,447			100,161,081			27,155,026
Net assets	$	496,085,334		$	859,328,809		$	340,528,650		$	225,664,464
Authorized shares		Unlimited			Unlimited			Unlimited			Unlimited

See accompanying notes to financial statements.

Nuveen Investments
50

Statement of

OPERATIONS

  Year Ended December 31, 2011

	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 $13,778, $41,992, $31,827 and $11,555, respectively)	$	12,998,901		$	19,187,275		$	6,276,690		$	6,062,868
Interest		2,875			4,434			1,786			879
Total investment income		13,001,776			19,191,709			6,278,476			6,063,747
Expenses
Management fees		4,442,986			7,601,394			3,038,464			1,983,270
Shareholders' servicing agent fees and expenses		981			1,684			433			300
Custodian's fees and expenses		90,516			151,109			77,463			49,737
Trustees' fees and expenses		13,953			24,167			9,538			6,370
Professional fees		29,998			31,982			28,796			28,406
Shareholders' reports — printing and mailing expenses		118,958			199,976			70,452			52,952
Stock exchange listing fees		12,826			22,155			8,918			8,918
Investor relations expense		115,754			199,053			67,160			48,980
Other expenses		67,097			183,974			104,599			44,414
Total expenses before custodian fee credit and expense reimbursement		4,893,069			8,415,494			3,405,823			2,223,347
Custodian fee credit		(542	)		(942	)		(418	)		(200	)
Expense reimbursement		(651,198	)		(1,287,498	)		(148,061	)		—
Net expenses		4,241,329			7,127,054			3,257,344			2,223,147
Net investment income (loss)		8,760,447			12,064,655			3,021,132			3,840,600
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		16,618,497			35,216,557			8,482,789			(1,541,071	)
Call options written		6,090,806			14,882,498			7,418,649			2,537,159
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(8,413,092	)		(21,844,932	)		(1,596,017	)		3,980,788
Call options written		4,282,450			8,297,702			3,585,041			1,703,631
Net realized and unrealized gain (loss)		18,578,661			36,551,825			17,890,462			6,680,507
Net increase (decrease) in net assets from operations	$	27,339,108		$	48,616,480		$	20,911,594		$	10,521,107

See accompanying notes to financial statements.

Nuveen Investments
51

Statement of

CHANGES in NET ASSETS

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Year Ended 12/31/11			Year Ended 12/31/10			Year Ended 12/31/11			Year Ended 12/31/10
Operations
Net investment income (loss)	$	8,760,447		$	9,954,273		$	12,064,655		$	11,966,027
Net realized gain (loss) from:
Investments and foreign currency		16,618,497			9,503,305			35,216,557			21,515,009
Call options written		6,090,806			(7,825,685	)		14,882,498			(29,954,329	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(8,413,092	)		53,153,395			(21,844,932	)		93,964,137
Call options written		4,282,450			(6,791,153	)		8,297,702			(4,554,496	)
Net increase (decrease) in net assets from operations		27,339,108			57,994,135			48,616,480			92,936,348
Distributions to Shareholders
From net investment income		(28,891,374	)		(10,215,397	)		(68,934,322	)		(11,928,197	)
Return of capital		(15,989,671	)		(37,794,887	)		(11,166,014	)		(74,396,142	)
Decrease in net assets from distributions to shareholders		(44,881,045	)		(48,010,284	)		(80,100,336	)		(86,324,339	)
Capital Share Transactions
Cost of shares repurchased or retired		(1,962,247	)		—			(704,719	)		—
Net proceeds from shares issued to shareholders due to reinvestment of distributions		—			3,117,564			—			6,583,916
Net increase (decrease) in net assets from capital share transactions		(1,962,247	)		3,117,564			(704,719	)		6,583,916
Net increase (decrease) in net assets		(19,504,184	)		13,101,415			(32,188,575	)		13,195,925
Net assets at the beginning of period		515,589,518			502,488,103			891,517,384			878,321,459
Net assets at the end of period	$	496,085,334		$	515,589,518		$	859,328,809		$	891,517,384
Undistributed (Over-distribution of) net investment income at the end of period	$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

Nuveen Investments
52

	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Year Ended 12/31/11			Year Ended 12/31/10			Year Ended 12/31/11			Year Ended 12/31/10
Operations
Net investment income (loss)	$	3,021,132		$	2,772,387		$	3,840,600		$	3,951,510
Net realized gain (loss) from:
Investments and foreign currency		8,482,789			17,270,754			(1,541,071	)		(946,336	)
Call options written		7,418,649			(18,924,466	)		2,537,159			(3,090,095	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(1,596,017	)		33,445,516			3,980,788			29,743,368
Call options written		3,585,041			1,116,328			1,703,631			(2,481,607	)
Net increase (decrease) in net assets from operations		20,911,594			35,680,519			10,521,107			27,176,840
Distributions to Shareholders
From net investment income		(22,520,322	)		(2,769,975	)		(6,455,660	)		(3,953,391	)
Return of capital		(8,943,289	)		(30,753,623	)		(11,765,192	)		(14,315,648	)
Decrease in net assets from distributions to shareholders		(31,463,611	)		(33,523,598	)		(18,220,852	)		(18,269,039	)
Capital Share Transactions
Cost of shares repurchased or retired		(1,350,259	)		—			(1,730,753	)		—
Net proceeds from shares issued to shareholders due to reinvestment of distributions		—			375,777			—			—
Net increase (decrease) in net assets from capital share transactions		(1,350,259	)		375,777			(1,730,753	)		—
Net increase (decrease) in net assets		(11,902,276	)		2,532,698			(9,430,498	)		8,907,801
Net assets at the beginning of period		352,430,926			349,898,228			235,094,962			226,187,161
Net assets at the end of period	$	340,528,650		$	352,430,926		$	225,664,464		$	235,094,962
Undistributed (Over-distribution of) net investment income at the end of period	$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

Nuveen Investments
53

Financial

HIGHLIGHTS

Selected data for a share outstanding throughout each period:

				Investment Operations								Less Distributions
		Beginning Net Asset Value		Net Investment Income (Loss) (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:
	2011	$	13.34	$	.23	$	.48		$	.71		$	(.75	)	$	—		$	(.41	)	$	(1.16	)	$	—		$	—	*	$	12.89	$	11.18
	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
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2011		13.39		.18		.55			.73			(1.03	)		—			(.17	)		(1.20	)		—			—	*		12.92		11.42
	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
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2011		13.62		.12		.70			.82			(.87	)		—			(.35	)		(1.22	)		—			—	*		13.22		11.46
	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
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2011		14.41		.24		.42			.66			(.40	)		—			(.72	)		(1.12	)		—			.01			13.96		12.07
	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

Nuveen Investments
54

								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 (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate
Equity Premium Income (JPZ)
Year Ended 12/31:
	2011		(3.41	)%		5.63	%	$	496,085		.97	%		1.60	%		.84	%		1.73	%		4	%
	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
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2011		(2.02	)%		5.78	%		859,329		.96			1.23			.81			1.38			4	%
	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
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2011		(1.82	)%		6.35	%		340,529		.98			.83			.94			.87			14	%
	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
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2011		(4.88	)%		4.89	%		225,664		.96			1.66			N/A			N/A			4	%
	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

(a)  Per share Net Investment Income (Loss) 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. As of May 31, 2011, the Advisor is no longer reimbursing Equity Premium Advantage (JLA) for any fees or expenses.

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.

Nuveen Investments
55

Notes to

FINANCIAL STATEMENTS

1. General Information and Significant Accounting Policies

General Information

The funds covered in this report and their corresponding NYSE Amex 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) (each a "Fund" and 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") changed its name to Nuveen Fund Advisors, Inc.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted principles ("U.S. GAAP").

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 for fair value measurement purposes. 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 last quoted bid price and are generally classified as Level 2. Prices of certain American Depositary 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 the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange

Nuveen Investments
56

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 New York Stock Exchange ("NYSE"), which generally represents a transfer from a Level 1 to a Level 2 security.

Index options are 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 distribute substantially all of its investment company taxable income to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies ("RICs"). 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 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

Nuveen Investments
57

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.

The actual character of distributions made by the Funds during the fiscal years ended December 31, 2011 and December 31, 2010, are reflected in the accompanying financial statements.

Foreign Currency Transactions

Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency forward, futures, options and swap contracts. To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund's investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars 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 gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of "Net realized gain (loss) from investments and foreign currency," on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of "Change in net unrealized appreciation (depreciation) of investments and foreign currency," on the Statement of Operations, when applicable.

Options Transactions

Each 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 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 call options written " on the Statement of Operations. The Fund, as a writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Nuveen Investments
58

During the fiscal year ended December 31, 2011, 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 of its equity portfolio.

The average notional amount of call options written during the fiscal year ended December 31, 2011, 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*	$	(482,500,800	)	$	(840,444,800	)	$	(332,519,100	)	$	(177,895,100	)

*  The average notional amount is calculated based on the outstanding notional 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 and Footnote 5 — Investment Transactions for further details on options activity.

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

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing

Nuveen Investments
59

Notes to

FINANCIAL STATEMENTS (continued)

the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

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

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

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

The inputs or 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, 2011:

Equity Premium Income (JPZ)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	486,904,336		$	—	$	881	$	486,905,217
Preferred Stocks		—			—		881		881
Short-Term Investments		—			32,175,983		—		32,175,983
Derivatives:
Call Options Written		(23,419,830	)		—		—		(23,419,830	)
Total	$	463,484,506		$	32,175,983	$	1,762	$	495,662,251
Equity Premium Opportunity (JSN)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	840,406,818		$	—	$	3,887	$	840,410,705
Preferred Stocks		—			—		3,887		3,887
Short-Term Investments		—			54,402,236		—		54,402,236
Derivatives:
Call Options Written		(35,924,010	)		—		—		(35,924,010	)
Total	$	804,482,808		$	54,402,236	$	7,774	$	858,892,818
Equity Premium Advantage (JLA)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	336,186,174		$	—	$	1,970	$	336,188,144
Preferred Stocks		—			—		1,970		1,970
Short-Term Investments		—			16,764,404		—		16,764,404
Derivatives:
Call Options Written		(12,383,136	)		—		—		(12,383,136	)
Total	$	323,803,038		$	16,764,404	$	3,940	$	340,571,382
Equity Premium and Growth (JPG)	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	223,439,842		$	—	$	—	$	223,439,842
Short-Term Investments		—			10,764,375		—		10,764,375
Derivatives:
Call Options Written		(8,635,730	)		—		—		(8,635,730	)
Total	$	214,804,112		$	10,764,375	$	—	$	225,568,487

Nuveen Investments
60

The following is a reconciliation of the following Fund's Level 3 investments held at the beginning and end of the measurement period:

Equity Premium Income (JPZ)	Level 3 Common Stocks			Level 3 Preferred Stocks			Level 3 Total
Balance at the beginning of period	$	—		$	—		$	—
Gains (losses):
Net realized gains (losses)		—			—			—
Net change in unrealized appreciation (depreciation)		(2,300	)		(2,300	)		(4,600	)
Purchases at cost		3,181			3,181			6,362
Sales at proceeds		—			—			—
Net discounts (premiums)		—			—			—
Transfers in to		—			—			—
Transfers out of		—			—			—
Balance at the end of period	$	881		$	881		$	1,762
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of December 31, 2011	$	(2,300	)	$	(2,300	)	$	(4,600	)
Equity Premium Opportunity (JSN)	Level 3 Common Stocks			Level 3 Preferred Stocks			Level 3 Total
Balance at the beginning of period	$	—		$	—		$	—
Gains (losses):
Net realized gains (losses)		—			—			—
Net change in unrealized appreciation (depreciation)		(9,134	)		(9,134	)		(18,268	)
Purchases at cost		13,021			13,021			26,042
Sales at proceeds		—			—			—
Net discounts (premiums)		—			—			—
Transfers in to		—			—			—
Transfers out of		—			—			—
Balance at the end of period	$	3,887		$	3,887		$	7,774
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of December 31, 2011	$	(9,134	)	$	(9,134	)	$	(18,268	)
Equity Premium Advantage (JLA)	Level 3 Common Stocks			Level 3 Preferred Stocks			Level 3 Total
Balance at the beginning of period	$	—		$	—		$	—
Gains (losses):
Net realized gains (losses)		—			—			—
Net change in unrealized appreciation (depreciation)		(3,281	)		(3,281	)		(6,562	)
Purchases at cost		5,251			5,251			10,502
Sales at proceeds		—			—			—
Net discounts (premiums)								—
Transfers in to								—
Transfers out of								—
Balance at the end of period	$	1,970		$	1,970		$	3,940
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of December 31, 2011	$	(3,281	)	$	(3,281	)	$	(6,562	)

During the fiscal year ended December 31, 2011, the Funds recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

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.

Nuveen Investments
61

Notes to

FINANCIAL STATEMENTS (continued)

The following tables present the fair value of all derivative instruments held by the Funds as of December 31, 2011, 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	$	23,419,830

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	$	35,924,010

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	$	12,383,136

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	$	8,635,730

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, 2011, 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	$	6,090,806	$	14,882,498	$	7,418,649	$	2,537,159
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	$	4,282,450	$	8,297,702	$	3,585,041	$	1,703,631

Nuveen Investments
62

4. Fund Shares

Transactions in shares were as follows:

	Equity Premium Income (JPZ)					Equity Premium Opportunity (JSN)
	Year Ended 12/31/11			Year Ended 12/31/10		Year Ended 12/31/11			Year Ended 12/31/10
Shares issued to shareholders due to reinvestment of distributions		—			243,124		—			500,507
Shares repurchased and retired		(178,376	)		—		(66,600	)		—
Weighted average:
Price per share repurchased and retired	$	10.98			—	$	10.56			—
Discount per share repurchased and retired		13.69	%		—		15.38	%		—
	Equity Premium Advantage (JLA)					Equity Premium and Growth (JPG)
	Year Ended 12/31/11			Year Ended 12/31/10		Year Ended 12/31/11			Year Ended 12/31/10
Shares issued to shareholders due to reinvestment of distributions		—			27,509		—			—
Shares repurchased and retired		(119,189	)		—		(145,263	)		—
Weighted average:
Price per share repurchased and retired	$	11.31			—	$	11.89			—
Discount per share repurchased and retired		13.39	%		—		13.56	%		—

5. Investment Transactions

Purchases and sales (excluding short-term investments and derivative transactions) during the fiscal year ended December 31, 2011, were as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Purchases	$	17,715,491	$	38,256,803	$	46,552,209	$	8,466,066
Sales		56,905,086		104,755,981		65,982,557		23,047,364

Transactions in call options written during the fiscal year ended December 31, 2011, were as follows:

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Outstanding, beginning of period		4,084		$	15,172,360			10,814		$	28,230,630
Options written		34,085			137,458,738			123,848			245,821,748
Options terminated in closing purchase transactions		(34,369	)		(129,065,138	)		(119,465	)		(234,015,754	)
Options expired		—			—			(1,324	)		(931,315	)
Outstanding, end of period		3,800		$	23,565,960			13,873		$	39,105,309
	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Outstanding, beginning of period		6,083		$	11,764,119			1,501		$	5,575,988
Options written		74,449			99,213,577			12,522			50,637,659
Options terminated in closing purchase transactions		(70,900	)		(95,500,512	)		(12,615	)		(47,388,563	)
Options expired		(983	)		(704,968	)		—			—
Outstanding, end of period		8,649		$	14,772,216			1,408		$	8,825,084

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

Nuveen Investments
63

Notes to

FINANCIAL STATEMENTS (continued)

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, 2011, 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	$	447,060,332		$	722,393,863		$	255,165,398		$	207,221,444
Gross unrealized:
Appreciation	$	136,261,760		$	237,312,998		$	102,800,710		$	52,685,046
Depreciation		(64,240,011	)		(64,890,033	)		(5,011,590	)		(25,702,273	)
Net unrealized appreciation (depreciation) of investments	$	72,021,749		$	172,422,965		$	97,789,120		$	26,982,773

Permanent differences, primarily due to Real Estate Investment Trust (REIT) adjustments, return of capital distributions and tax basis earnings and profit adjustments resulted in reclassifications among the Funds' components of net assets at December 31, 2011, 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	$	(20,215,038	)	$	(56,976,889	)	$	(19,536,329	)	$	(2,660,546	)
Undistributed (Over-distribution) of net investment income		20,130,927			56,869,667			19,499,190			2,615,060
Accumulated net realized gain (loss)		84,111			107,222			37,139			45,486

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2011, 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		—		—		—		—

The tax character of distributions paid during the Funds' tax years ended December 31, 2011 and December 31, 2010, was designated for purposes of the dividends paid deduction as follows:

2011	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Distributions from net ordinary income *	$	28,891,374	$	68,934,322	$	22,520,322	$	6,455,660
Distributions from net long-term capital gains		—		—		—		—
Return of capital		15,989,671		11,166,014		8,943,289		11,765,192

Nuveen Investments
64

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

*  Net ordinary income consists of net taxable income derived from dividends and interest, and current year earnings and profits attributed to realized gains.

At December 31, 2011, 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	$	55,219,862	$	47,988,639	$	26,956,858	$	30,503,738
December 31, 2018		4,958,903		38,327,754		14,352,958		7,655,485
Total	$	60,178,765	$	86,316,393	$	41,309,816	$	38,159,223

During the Funds' tax year ended December 31, 2011, the following Funds utilized their capital loss carryforwards as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Utilized capital loss carryforwards	$	20,223,084	$	56,964,259	$	19,523,618	$	2,667,174

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

The Act also contains several provisions aimed at preserving the character of distributions made by fiscal year RICs during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which RICs might be required to file amended Forms 1099 to restate previously reported distributions.

During the Funds' tax year ended December 31, 2011, there were no post-enactment capital losses generated by any of the Funds.

The following Fund has elected to defer losses incurred from November 1, 2011 through December 31, 2011, the Fund's tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The Fund has elected to defer losses as follows:

	Equity Premium and Growth (JPG)
Post-October capital losses	$	2,273,890
Late-year ordinary losses		—

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.

Nuveen Investments
65

Notes to

FINANCIAL STATEMENTS (continued)

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

Average Daily Managed Assets*	Equity Premium Income (JPZ) Equity Premium Opportunity (JSN) Equity Premium Advantage (JLA) Fund-Level Fee Rate
For the first $500 million		.7000	%
For the next $500 million		.6750
For the next $500 million		.6500
For the next $500 million		.6250
For managed assets over $2 billion		.6000
Average Daily Managed Assets*	Equity Premium and Growth (JPG) Fund-Level Fee Rate
For the first $500 million		.6800	%
For the next $500 million		.6550
For the next $500 million		.6300
For the next $500 million		.6050
For managed assets over $2 billion		.5800

The annual complex-level fee for each Fund, payable monthly, 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, 2011, the complex-level fee rate for each of these Funds was .1767%.

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 investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements 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 fees paid to the Adviser.

The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual

Nuveen Investments
66

compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds.

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

Year Ending October 31,					Year Ending October 31,
	2004	*	.30	%		2009	.30	%
	2005		.30			2010	.22
	2006		.30			2011	.14
	2007		.30			2012	.07
	2008		.30

*  From the commencement of operations.

The Adviser has not agreed to reimburse Equity Premium Income (JPZ) for any portion of its fees and expenses beyond October 31, 2012.

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

Year Ending January 31,					Year Ending January 31,
	2005	*	.30	%		2010	.30	%
	2006		.30			2011	.22
	2007		.30			2012	.14
	2008		.30			2013	.07
	2009		.30

*  From the commencement of operations.

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

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

Year Ending May 31,					Year Ending May 31,
	2005	*	.20	%		2009	.20	%
	2006		.20			2010	.20
	2007		.20			2011	.10
	2008		.20

*  From the commencement of operations.

The Adviser has not agreed to reimburse Equity Premium Advantage (JLA) for any portion of its fees and expenses beyond May 31, 2011.

8. New Accounting Pronouncements

Financial Accounting Standards Board ("FASB") Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements

On April 15, 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-03 ("ASU No. 2011-03"). The guidance in ASU No. 2011-03 is intended to improve the accounting for repurchase agreements and other similar agreements. Specifically, ASU No. 2011-03 modifies the criteria for determining when these transactions would be accounted for as financings (secured borrowings/lending agreements) as opposed to sales (purchases) with commitments to repurchase (resell). The effective date of ASU No. 2011-03 is for interim and annual periods beginning on or after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

Fair Value Measurements and Disclosures

On May 12, 2011, the FASB issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board ("IASB") issued International Financial Reporting Standard ("IFRS") 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

Nuveen Investments
67

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.)		238
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; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; 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.		238
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; Director of Wellmark, Inc. (since 2009); 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.		238

Nuveen Investments
68

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.		238
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.		238
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).		238
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).		238
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, Strategic 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).		238

Nuveen Investments
69

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 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 Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Goodman Theatre Board (since 2004), Chicago Fellowship Board (since 2005) and Catalyst Schools of Chicago Board (since 2008); formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global 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).		238
Interested Board Member:
g JOHN P. AMBOIAN(3)
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., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.		238
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed(4)		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 Securities, 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 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.		238

Nuveen Investments
70

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed(4)		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 Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); President (since August 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.		133
g CEDRIC H. ANTOSIEWICZ
1/11/62 333 W. Wacker Drive Chicago, IL 60606	Vice President		2007	Managing Director of Nuveen Securities, LLC.		133
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); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.		238
g LORNA C. FERGUSON
10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President		1998	Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).		238
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 (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC; (since 2010) Certified Public Accountant.		238
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 Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment Solutions, Inc., Nuveen Investments Advisers, Inc., 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.		238

Nuveen Investments
71

Board Members & Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed(4)		Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds (continued):
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) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc.		238
g TINA M. LAZAR
8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President		2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.		238
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 Securities, 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 Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments 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, 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).		238
g KATHLEEN L. PRUDHOMME
3/30/53 901 Marquette Avenue 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; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).		238

(1)  The 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, an 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.

Nuveen Investments
72

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
73

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
74

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.

•  Comparative Index for JLA: A blended return consisting of: 1) 50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100 Index. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees. It is not possible to invest directly in an index.

•  Comparative Index for JSN: A blended return consisting of: 1) 75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100 Index. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees. It is not possible to invest directly in an index.

•  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.

•  NASDAQ-100 Index: An index including 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees. It is not possible to invest directly in an index.

•  Net Asset Value (NAV): The net market value of all securities held in a portfolio.

•  Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund's total assets (securities, cash, and accrued earnings), subtracting the Fund's liabilities, and dividing by the number of shares outstanding.

•  S&P 500 Index: An unmanaged index generally considered representative of the U.S. stock market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees. It is not possible to invest directly in an index.

Nuveen Investments
75

Notes

Nuveen Investments
76

Notes

Nuveen Investments
77

Notes

Nuveen Investments
78

Additional Fund 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		41.45	%		42.02	%
JSN		25.80	%		26.51	%
JLA		25.35	%		26.55	%
JPG		86.76	%		87.65	%

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		178,376
JSN		66,600
JLA		119,189
JPG		145,263

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

Nuveen Investments
79

Nuveen Investments:
Serving Investors for Generations

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 provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed $220 billion as of December 31, 2011.

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

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

_EAN-D-1211D

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined inItem 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is 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, 2011	$	26,942		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%	0		%
December 31, 2010	$	27,035		$	0		$	1,905		$	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, 2011	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%
December 31, 2010	$	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, 2011	$	0	$	0	$	0	$	0
December 31, 2010	$	1,905	$	0	$	0	$	1,905

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P.Bremner, 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:

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 interest.  To that end and because of increasing complexity in administering voting policies, Gateway has contracted with Institutional Shareholder Services (“ISS”), a subsidiary of RiskMetrics and a nationally-recognized proxy voting agent, to assist in administering client proxy votes and to provide voting recommendations on each ballot issue.  ISS has developed its U.S. and Global Proxy Voting Guidelines for proxy voting, which are designed to serve the best interests of investors.  For all client ballots received by ISS, Gateway has instructed ISS to vote according to these guidelines.

Gateway’s Proxy Voting Policy addresses the rare circumstances in which ISS’s voting recommendations may not be followed.  The Policy also addresses conflicts of interest.  From time to time, Gateway or an employee may have a conflict of interest with respect to a proxy vote.  A conflict of interest may exist, for example, if Gateway has a business relationship (or potential business relationship) with either the company soliciting the proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote.  Only in those instances where an ISS voting recommendation is not being followed, any individual with knowledge of any actual or potential conflict of interest shall disclose that conflict to Gateway’s Legal and Compliance Department. In such cases, the Legal and Compliance Department will determine and record how the proxies in question will be voted.

Gateway’s Proxy Voting Policy also states that if voting on any particular security compromises Gateway’s ability to later transact in such security (e.g. “shareblocking” practices) or if, in Gateway’s judgment, the expected cost associated with the vote exceeds the expected benefits of the vote, then Gateway will abstain from voting on a particular security.

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

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, 2011, Mr. Rogers was responsible for day-to-day management of 2 registered investment company accounts (excluding the Funds) having assets of approximately $5.4 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 $33 million.  Mr. Rogers was responsible for day-to-day management of 25 other accounts having assets of approximately $706 million in the aggregate, and Mr. Toft was responsible for day-to-day management of 10 other accounts having assets of approximately $268 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, 2011

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

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

		(b)		(c)	(d)*
	(a)	AVERAGE		TOTAL NUMBER OF SHARES	MAXIMUM NUMBER (OR
	TOTAL NUMBER OF	PRICE		(OR UNITS) PURCHASED AS	APPROXIMATE DOLLAR VALUE) OF
	SHARES (OR	PAID PER		PART OF PUBLICLY	SHARES (OR UNITS) THAT MAY YET
	UNITS)	SHARE (OR		ANNOUNCED PLANS OR	BE PURCHASED UNDER THE PLANS OR
Period*	PURCHASED	UNIT)		PROGRAMS	PROGRAMS
JANUARY 1-31, 2011	0			0	2,585,000
FEBRUARY 1-28, 2011	0			0	2,585,000
MARCH 1-31, 2011	0			0	2,585,000
APRIL 1-30, 2011	0			0	2,585,000
MAY 1-31, 2011	0			0	2,585,000
JUNE 1-30, 2011	0			0	2,585,000
JULY 1-31, 2011	0			0	2,585,000
AUGUST 1-31, 2011	10,900	$	10.70	10,900	2,574,100
SEPTEMBER 1-30, 2011	5,000	$	10.92	5,000	2,569,100
OCTOBER 1-31, 2011	5,000	$	11.61	5,000	2,564,100
NOVEMBER 1-30, 2011	38,905	$	11.33	38,905	2,551,095
DECEMBER 1-31, 2011	59,384	$	11.33	59,384	2,481,711
TOTAL	119,189

* The registrant’s repurchase program, for the repurchase of 2,585,000 shares, was authorized November 16, 2010.  The program was reauthorized for a maximum repurchase amount of 2,580,000 shares on November 16, 2011.  Any repurchases made by the registrant pursuant to the program were made through open-market transactions.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that theregistrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended(the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes thedisclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the“Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

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

ITEM 12. EXHIBITS.

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

exhibits in the sequence indicated.

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

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

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

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

SIGNATURES

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

(Registrant) Nuveen Equity Premium Advantage Fund

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

Date: March 9, 2012

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 9, 2012

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

Date: March 9, 2012

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION

I, Gifford R. Zimmerman, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Equity Premium Advantage Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary tomake the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periodcovered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materialrespects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include astatement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (asdefined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to usby others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed underour supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on suchevaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscalquarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’sinternal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s boardof directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which arereasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’sinternal control over financial reporting.

Date: March 9, 2012	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Chief Administrative Officer
	(principal executive officer)

CERTIFICATION

I, Stephen D. Foy, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Equity Premium Advantage Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary tomake the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periodcovered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all materialrespects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include astatement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (asdefined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to usby others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed underour supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about theeffectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on suchevaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscalquarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’sinternal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s boardof directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which arereasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who havea significant role in the registrant’sinternal control over financial reporting.

Date: March 9, 2012	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller
	(principal financial officer)

EX-99.906CERT

Exhibit 99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the ChiefExecutive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Equity Premium Advantage Fund (the “Fund”) certify that, to the best of each such officer’s knowledge andbelief:

1.The Form N-CSR of the Fund for the period ended December 31, 2011 (the “Report”) fully complies with the requirements of Section13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operationsof the Fund.

Date: March 9, 2012

/s/ Gifford R. Zimmerman

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

/s/ Stephen D. Foy

Stephen D. Foy

Vice President, Controller

(principal financial officer)