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, 2012

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, 2012

Nuveen Equity Premium Income Fund

JPZ

Nuveen Equity Premium Opportunity Fund

JSN

Nuveen Equity Premium Advantage Fund

JLA

Nuveen Equity Premium and Growth Fund

JPG

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Table of Contents

Chairman's Letter to Shareholders	4
Portfolio Managers' Comments	5
Share Distribution and Price Information	10
Performance Overviews	13
Report of Independent Registered Public Accounting Firm	17
Portfolios of Investments	18
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
Glossary of Terms Used in this Report	73
Additional Fund Information	75

Chairman's
Letter to Shareholders

Dear Shareholders,

Despite the global economy's ability to muddle through the many economic headwinds of 2012, investors continue to have good reasons to remain cautious. The European Central Bank's decisions to extend intermediate term financing to major European banks and to support sovereign debt markets have begun to show signs of a stabilized euro area financial market. The larger member states of the European Union (EU) are working diligently to strengthen the framework for a tighter financial and banking union and meaningful progress has been made by agreeing to centralize large bank regulation under the European Central Bank. However, economic conditions in the southern tier members are not improving and the pressures on their political leadership remain intense. The jury is out on whether the respective populations will support the continuing austerity measures that are needed to meet the EU fiscal targets.

In the U.S., the Fed remains committed to low interest rates into 2015 through its third program of Quantitative Easing (QE3). Inflation remains low but a growing number of economists are expressing concern about the economic distortions resulting from negative real interest rates. The highly partisan atmosphere in Congress led to a disappointingly modest solution for dealing with the end-of-year tax and spending issues. Early indications for the new Congressional term have not given much encouragement that the atmosphere for dealing with the sequestration legislation and the debt ceiling issues, let alone a more encompassing "grand bargain," will be any better than the last Congress. Over the longer term, there are some encouraging trends for the U.S. economy: house prices are beginning to recover, banks and corporations continue to strengthen their financial positions and incentives for capital investment in the U.S. by domestic and foreign corporations are increasing due to more competitive energy and labor costs.

During 2012 U.S. investors have benefited from strong returns in the domestic equity markets and solid returns in most fixed income markets. However, many of the macroeconomic risks of 2012 remain unresolved, including negotiating through the many U.S. fiscal issues, managing the risks of another year of abnormally low U.S. interest rates, sustaining the progress being made in the euro area and reducing the potential economic impact of geopolitical issues, particularly in the Middle East. In the face of these uncertainties, the experienced investment professionals at Nuveen Investments seek out investments that are enjoying positive economic conditions. At the same time they are always on the alert for risks in markets subject to excessive optimism or for opportunities in markets experiencing undue pessimism. Monitoring this process is a critical function for the Fund Board as it oversees your Nuveen Fund on your behalf.

As always, I encourage you to communicate with 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, 2013

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Portfolio Managers' Comments

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

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

These Funds feature portfolio management by Gateway Investment Advisers, LLC. J. Patrick Rogers, President, and Kenneth H. Toft, Vice President, serve as co-portfolio managers for JSN and JLA; Patrick and Michael T. Buckius, Senior Vice President, are co-portfolio managers for JPZ and JPG. Here they discuss the general market conditions, their management strategies and the performance of the Funds for the twelve-months ended December 31, 2012.

Effective February 21, 2013, Michael Buckius and Kenneth Toft, both of Gateway Investment Advisers, LLC, have been appointed co-portfolio managers of the Funds. J. Patrick Rogers no longer serves as a portfolio manager of the Funds. Each Fund's investment objectives and investment strategies remain unchanged.

What were the general market conditions and trends over the course of this reporting period?

During this period, the U.S. economy's progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. The central bank decided during its December 2012 meeting to keep the fed funds rate at "exceptionally low levels" until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed's holdings of longer-term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer-term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed's mandates of maximum employment and price stability.

In the fourth quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), decreased at an estimated annualized rate of 0.1%, down from a 3.1%

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increase in the third quarter. This slight decline was due to lower inventory investment, federal spending and net exports. The Consumer Price Index (CPI) rose 1.7% year-over-year as of December 2012, after a 3.0% increase in 2011. The core CPI (which excludes food and energy) increased 1.9% during the period, staying just within the Fed's unofficial objective of 2.0% or lower for this inflation measure. As of January 2013, the national unemployment rate was 7.9%, slightly higher than the 7.8% unemployment rate for December 2012 but below the 8.3% level recorded in January 2012. The housing market continued to show signs of improvement, with the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rising 5.5% for the twelve months ended November 2012 (most recent data available at the time this report was prepared). This was the largest year-over-year price gain since August 2006. The outlook for the U.S. economy remained clouded by uncertainty about global financial markets and the continued negotiations by Congress regarding potential spending cuts and tax policy reform.

At the global level, all major markets skirted potentially serious economic disruption. Arguably, Europe was the most acute with multiple threats of sovereign defaults. The United States spent much of the year hoping to avoid a stalemated fiscal policy which would lead to an economic slowdown. In Asia, both China and Japan underwent regime changes with uncertainty in the background, particularly worrisome in China since it had been providing an important growth engine for the global economy. Countering these risks were substantial liquidity infusions in all three regions by central banking authorities, as monetary policy sought to compensate for the lack of fiscal stimulus.

Against this backdrop, it is hardly surprising that domestic equity investors took a risk-on/risk-off path during the year. After a strong first quarter, equity market optimism turned to apprehension as worldwide concerns clouded economic forecasts. Consequently, the S&P 500^® Index ended the year up 16.00%, having earned 12.58% of this return in the risk-on first quarter. Paralleling the S&P 500^® Index, the technology-laden, growth stock-oriented NASDAQ-100 Index exhibited a see-saw pattern of returns, posting a strong 21.24% in the first quarter, then playing defense the remainder of 2012 to finish the year at 18.33%.

Measures of market volatility, the Chicago Board Options Exchange Volatility Index (the "VIX"), which is reflective of S&P 500^® Index option volatility, and the CBOE NASDAQ-100 Volatility Index (the "VXN"), which reflects volatility in NASDAQ-100 Index options, both declined during the year. Such declines have been related to large central bank liquidity infusions which occurred during the year.

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

Each Fund invests in an equity portfolio and writes (sells) index call options against all or a portion of the notional value of its stock portfolio. The premium generated by the index call options is intended to supplement the dividend yield on the underlying stock portfolio to support each Fund's distribution policy and provides the potential for growth in value in rising markets and/or risk mitigation in the event of market decline. These strategies remained consistent in each Fund throughout the period.

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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.

*  Since inception returns for JPZ and its comparative index are from 10/26/04; since inception returns for JSN and its comparative index are from 1/26/05; since inception returns for JLA and its comparative index are from 5/25/05; since inception returns for JPG and its comparative index are from 11/22/05.

**  Refer to Glossary of Terms Used in this Report for definitions. Indexes are not available for direct investment.

For JPZ and JPG, the equity portfolio seeks to track the price movements of the S&P 500^® Index. The JSN equity portfolio is invested to replicate the price performance of a custom index consisting of 75% S&P 500^® Index and 25% NASDAQ-100 Index. JLA seeks to replicate a 50/50 blend of the S&P 500^® Index and NASDAQ-100 Index. JPZ, JSN and JLA actively write (sell) listed index call options against their entire stock portfolios. JPG differs in that its index option hedging activity is applied to approximately 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 Funds to less risk. 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 comparative index. In rising markets, the options can hurt the Funds' total return relative to their comparative index. The reporting period was marked by rising markets, during the first and third quarters. This is one factor which contributed to the underperformance of each Fund during the period.

How did the Funds perform during this twelve-month period ended December 31, 2012?

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 12/31/12

Fund	1-Year			5-Year			Since Inception*
JPZ		10.43	%		2.70	%		4.62	%
S&P 500® Index**		16.00	%		1.66	%		5.27	%

JSN 9.62 % 2.49 % 4.71 %

Comparative Index** 16.63 % 2.75 % 5.57 %

JLA 9.54 % 2.91 % 4.81 %

Comparative Index** 17.23 % 3.81 % 6.47 %

JPG 11.03 % 2.35 % 4.19 %

S&P 500^® Index** 16.00 % 1.66 % 3.92 %

For the twelve-month period ended December 31, 2012, the Funds lagged their respective comparative unhedged equity indexes. During the first quarter and third quarters of 2012, when the S&P 500^® Index and the NASDAQ 100 Index showed strong positive returns, the Funds performed as would be expected given the premium available from their call selling programs. As sellers of index call options, the Funds sell upside exposure to call buyers in return for option premium. As such, in a sharply rising market, call sellers tend to forego full participation in strong up-market moves. In the second and fourth quarter, when the comparative indexes declined, similar premium capture allowed each Fund to slightly outperform their comparative equity indexes. As compared to the

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S&P 500^® Index, which earned the bulk of its annual return in the first quarter, and the NASDAQ-100 Index, which earned more than its annual return in the first quarter, all four Funds earned steady quarterly returns as is the nature of these hedged equity investments.

Throughout the period, the Funds' management team was able to benefit from the spikes in volatility that occurred by closing out near term (generally out-of-the-money) index option contracts and rewriting (rolling) closer-to-the-money longer-term contracts. This more conservative approach to adjusting strikes, lagging the more extreme market movements, benefited performance as the Funds suffered less from the whipsaws. When whipsaws occur during choppy markets, a security's price heads in one direction, but then is followed quickly by a movement in the opposite direction, which occurred during the choppy market.

Since the Funds follow a risk-managed investment discipline and strive to limit market volatility, the Funds will tend to post their most attractive relative returns in generally weak stock market environments: as noted above, all four Funds posted positive returns in the second quarter when the S&P 500^® Index and NASDAQ-100 Index were down 2.75% and 4.79%, respectively. Conversely, when equity markets are generally strong, the call-writing portion of the Funds' strategy will tend to constrain relative performance. This was evident in the first quarter when the S&P 500^® Index and NASDAQ-100 Index rose 12.59% and 21.24%, respectively. The range of the four Funds' net asset value (NAV) performance that quarter was from 5.26% to 6.46%.

We continue to maintain a cautious posture poised to benefit from market volatility through the sale of index call options. As we have seen over the last several years, especially within a whipsawing market that is driven more by liquidity infusions than economic growth, challenges facing investors appear more acute.

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. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks including:

Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the corporate securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like the Fund frequently trade at a discount to NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment 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.

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Common Stock Risk. Common stock 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.

Reinvestment Risk. If market interest rates decline, income earned from a Fund's portfolio may be reinvested at rates below that of the original bond that generated the income.

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Share Distribution and
Price Information

Distribution Information

The following information regarding each Fund's distributions is current as of December 31, 2012, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

During the current reporting period, each of the Funds maintained steady quarterly distributions. 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.

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•  Because distribution source estimates are updated during the year based on a Fund's performance and forecast for its current fiscal year (which is the calendar year for each Fund), estimates on the nature of your distributions provided at the time distributions are paid may differ from both the tax information reported to you in your Fund's IRS Form 1099 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment.

The following table provides estimated information regarding each Fund's distributions and total return performance for the year ended December 31, 2012. This information is intended to help you better understand whether the Funds' returns for the specified time period were sufficient to meet each Fund's distributions.

As of 12/31/12	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, 2012:
Per share distribution:
From net investment income	$	0.25		$	0.20		$	0.21		$	0.26
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		0.83			0.92			0.93			0.86
Total per share distribution	$	1.08		$	1.12		$	1.14		$	1.12
Distribution rate on NAV		8.23	%		8.60	%		8.55	%		7.80	%
Average annual total returns:
1-Year on NAV		10.43	%		9.62	%		9.54	%		11.03	%
5-Year on NAV		2.70	%		2.49	%		2.91	%		2.35	%
Since inception on NAV		4.62	%		4.71	%		4.81	%		4.19	%

Share Repurchases and Price Information

During November 2012, the Nuveen Funds Board of Directors/Trustees reauthorized the Funds' open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of December 31, 2012, 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		460,238		1.2	%
JSN		550,600		0.8	%
JLA		462,633		1.8	%
JPG		383,763		2.4	%

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During the current 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		17,662	$	11.50		19.37	%
JSN		4,700	$	11.31		12.12	%
JLA		75,394	$	11.83		12.36	%
JPG		13,800	$	12.60		11.72	%

As of December 31, 2012, and during the twelve-month reporting period, the Funds' share prices were trading at (–) discounts relative to their NAVs as shown in the accompanying table.

Fund	12/31/12 (–) Discount	Twelve-Month Average (–) Discount
JPZ	(-) 9.90%	(-) 9.25%
JSN	(-) 7.37%	(-) 8.65%
JLA	(-) 10.73%	(-) 10.77%
JPG	(-) 9.96%	(-) 10.28%

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JPZ

Performance

OVERVIEW

Nuveen Equity Premium Income Fund

  as of December 31, 2012

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

2012 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	$	11.83
Net Asset Value (NAV)	$	13.13
Premium/(Discount) to NAV		-9.90	%
Current Distribution Rate1		9.16	%
Net Assets ($000)	$	504,982

Average Annual Total Returns

(Inception 10/26/04)

	On Share Price			On NAV
1-Year		15.58	%		10.43	%
5-Year		3.65	%		2.70	%
Since Inception		3.31	%		4.62	%

Portfolio Composition³

(as a % of total common stocks)

Oil, Gas & Consumable Fuels	9.3	%
Pharmaceuticals	5.9	%
Computers & Peripherals	4.4	%
Diversified Financial Services	4.3	%
IT Services	3.7	%
Software	3.7	%
Diversified Telecommunication Services	3.4	%
Media	3.0	%
Machinery	2.7	%
Aerospace & Defense	2.7	%
Commercial Banks	2.7	%
Real Estate Investment Trust	2.6	%
Industrial Conglomerates	2.5	%
Beverages	2.5	%
Specialty Retail	2.4	%
Internet Software & Services	2.4	%
Chemicals	2.4	%
Semiconductors & Equipment	2.2	%
Communications Equipment	2.2	%
Tobacco	2.1	%
Food & Staples Retailing	2.1	%
Energy Equipment & Services	2.1	%
Insurance	2.1	%
Household Products	2.1	%
Health Care Providers & Services	2.0	%
Capital Markets	1.9	%
Health Care Equipment & Supplies	1.9	%
Other	18.7	%

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Fund Snapshot

Share Price	$	12.07
Net Asset Value (NAV)	$	13.03
Premium/(Discount) to NAV		-7.37	%
Current Distribution Rate1		9.25	%
Net Assets ($000)	$	866,395

Average Annual Total Returns

(Inception 1/26/05)

	On Share Price			On NAV
1-Year		15.68	%		9.62	%
5-Year		4.41	%		2.49	%
Since Inception		3.70	%		4.71	%

Portfolio Composition³

(as a % of total common stocks)

Computers & Peripherals	8.5	%
Software	6.9	%
Oil, Gas & Consumable Fuels	6.4	%
Pharmaceuticals	5.0	%
Internet Software & Services	4.5	%
Media	3.7	%
IT Services	3.6	%
Communications Equipment	3.5	%
Semiconductors & Equipment	3.1	%
Diversified Financial Services	2.9	%
Specialty Retail	2.4	%
Diversified Telecommunication Services	2.3	%
Insurance	2.3	%
Biotechnology	2.2	%
Internet & Catalog Retail	2.1	%
Commercial Banks	2.1	%
Beverages	2.1	%
Machinery	2.1	%
Health Care Providers & Services	2.0	%
Health Care Equipment & Supplies	1.9	%
Chemicals	1.8	%
Real Estate Investment Trust	1.8	%
Aerospace & Defense	1.8	%
Energy Equipment & Services	1.8	%
Food & Staples Retailing	1.7	%
Industrial Conglomerates	1.7	%
Other	19.8	%

JSN

Performance

OVERVIEW

Nuveen Equity Premium Opportunity Fund

  as of December 31, 2012

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

2012 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%.

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JLA

Performance

OVERVIEW

Nuveen Equity Premium Advantage Fund

  as of December 31, 2012

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

2012 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	$	11.90
Net Asset Value (NAV)	$	13.33
Premium/(Discount) to NAV		-10.73	%
Current Distribution Rate1		9.55	%
Net Assets ($000)	$	342,191

Average Annual Total Returns

(Inception 5/25/05)

	On Share Price			On NAV
1-Year		13.89	%		9.54	%
5-Year		4.02	%		2.91	%
Since Inception		3.33	%		4.81	%

Portfolio Composition³

(as a % of total common stocks)

Software	10.6	%
Computers & Peripherals	10.4	%
Internet Software & Services	7.3	%
Semiconductors & Equipment	5.1	%
Oil, Gas & Consumable Fuels	4.8	%
Communications Equipment	4.7	%
Media	4.6	%
Pharmaceuticals	3.9	%
Biotechnology	3.3	%
IT Services	3.1	%
Internet & Catalog Retail	2.9	%
Specialty Retail	2.3	%
Diversified Financial Services	2.2	%
Electrical Equipment	2.1	%
Hotels, Restaurants & Leisure	1.9	%
Health Care Equipment & Supplies	1.8	%
Insurance	1.8	%
Food & Staples Retailing	1.7	%
Diversified Telecommunication Services	1.7	%
Commercial Banks	1.6	%
Electric Utilities	1.6	%
Aerospace & Defense	1.5	%
Other	19.1	%

Nuveen Investments
15

Fund Snapshot

Share Price	$	12.93
Net Asset Value (NAV)	$	14.36
Premium/(Discount) to NAV		-9.96	%
Current Distribution Rate1		8.66	%
Net Assets ($000)	$	232,005

Average Annual Total Returns

(Inception 11/22/05)

	On Share Price			On NAV
1-Year		16.58	%		11.03	%
5-Year		3.53	%		2.35	%
Since Inception		2.76	%		4.19	%

Portfolio Composition³

(as a % of total common stocks)

Oil, Gas & Consumable Fuels	9.5	%
Pharmaceuticals	6.3	%
Computers & Peripherals	4.5	%
Diversified Financial Services	4.3	%
IT Services	3.9	%
Software	3.7	%
Diversified Telecommunication Services	3.5	%
Insurance	3.4	%
Specialty Retail	2.9	%
Commercial Banks	2.7	%
Machinery	2.7	%
Internet Software & Services	2.6	%
Chemicals	2.6	%
Media	2.6	%
Real Estate Investment Trust	2.4	%
Aerospace & Defense	2.4	%
Beverages	2.3	%
Communications Equipment	2.3	%
Health Care Providers & Services	2.2	%
Semiconductors & Equipment	2.1	%
Energy Equipment & Services	2.1	%
Tobacco	2.1	%
Household Products	2.0	%
Multi-Utilities	2.0	%
Health Care Equipment & Supplies	2.0	%
Food & Staples Retailing	1.9	%
Other	19.0	%

JPG

Performance

OVERVIEW

Nuveen Equity Premium and Growth Fund

  as of December 31, 2012

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

2012 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
16

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, 2012, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the 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, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Chicago, IL
February 28, 2013

Nuveen Investments
17

JPZ

Nuveen Equity Premium Income Fund

Portfolio of Investments

  December 31, 2012

Shares		Description (1)	Value
		Common Stocks – 99.1% (5)
		Aerospace & Defense – 2.7%
	44,366	Boeing Company	$	3,343,422
	62,823	Honeywell International Inc.		3,987,376
	32,905	Raytheon Company		1,894,012
	52,443	United Technologies Corporation		4,300,850
		Total Aerospace & Defense		13,525,660
		Air Freight & Logistics – 0.9%
	60,593	United Parcel Service, Inc., Class B		4,467,522
		Airlines – 0.0%
	3,957	United Continental Holdings Inc., (2)		92,515
		Auto Components – 0.2%
	30,296	Cooper Tire & Rubber		768,307
		Automobiles – 0.8%
	195,811	Ford Motor Company		2,535,752
	32,461	Harley-Davidson, Inc.		1,585,395
		Total Automobiles		4,121,147
		Beverages – 2.5%
	180,676	Coca-Cola Company		6,549,505
	14,723	Monster Beverage Corporation, (2)		778,552
	75,742	PepsiCo, Inc.		5,183,025
		Total Beverages		12,511,082
		Biotechnology – 1.4%
	40,799	Amgen Inc.		3,521,770
	22,699	Celgene Corporation, (2)		1,786,865
	23,687	Gilead Sciences, Inc., (2)		1,739,810
		Total Biotechnology		7,048,445
		Building Products – 0.1%
	42,748	Masco Corporation		712,182
		Capital Markets – 1.9%
	109,476	Charles Schwab Corporation		1,572,075
	21,672	Goldman Sachs Group, Inc.		2,764,480
	48,534	Jefferies Group, Inc.		901,276
	40,593	Legg Mason, Inc.		1,044,052
	107,319	Morgan Stanley		2,051,939
	38,635	Waddell & Reed Financial, Inc., Class A		1,345,271
		Total Capital Markets		9,679,093

Nuveen Investments
18

Shares		Description (1)	Value
		Chemicals – 2.3%
	53,348	Dow Chemical Company	$	1,724,207
	54,215	E.I. Du Pont de Nemours and Company		2,438,049
	34,457	Eastman Chemical Company		2,344,799
	24,907	Monsanto Company		2,357,448
	53,293	Olin Corporation		1,150,596
	60,403	RPM International, Inc.		1,773,432
		Total Chemicals		11,788,531
		Commercial Banks – 2.7%
	33,724	Comerica Incorporated		1,023,186
	16,998	HSBC Holdings PLC, Sponsored ADR		902,084
	17,184	PNC Financial Services Group, Inc.		1,001,999
	100,054	U.S. Bancorp		3,195,725
	213,264	Wells Fargo & Company		7,289,364
		Total Commercial Banks		13,412,358
		Commercial Services & Supplies – 0.7%
	3,177	Avery Dennison Corporation		110,941
	56,149	Deluxe Corporation		1,810,244
	40,642	Pitney Bowes Inc.		432,431
	16,031	R.R. Donnelley & Sons Company		144,279
	35,497	Waste Management, Inc.		1,197,669
		Total Commercial Services & Supplies		3,695,564
		Communications Equipment – 2.2%
	14,156	ADTRAN, Inc.		276,608
	3,408	Ciena Corporation, (2)		53,506
	230,385	Cisco Systems, Inc.		4,527,065
	11,034	JDS Uniphase Corporation, (2)		149,400
	25,703	Motorola Solutions Inc.		1,431,143
	71,809	QUALCOMM, Inc.		4,453,594
		Total Communications Equipment		10,891,316
		Computers & Peripherals – 4.3%
	34,529	Apple, Inc.		18,404,992
	67,332	Dell Inc.		682,073
	108,453	EMC Corporation, (2)		2,743,861
		Total Computers & Peripherals		21,830,926
		Consumer Finance – 0.5%
	23,246	American Express Company		1,336,180
	32,690	Discover Financial Services		1,260,200
		Total Consumer Finance		2,596,380
		Containers & Packaging – 0.4%
	43,759	Packaging Corp. of America		1,683,409
	5,718	Sonoco Products Company		169,996
		Total Containers & Packaging		1,853,405
		Distributors – 0.4%
	29,044	Genuine Parts Company		1,846,618
		Diversified Consumer Services – 0.0%
	7,623	Apollo Group, Inc., Class A, (2)		159,473

Nuveen Investments
19

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Diversified Financial Services – 4.2%
	414,679	Bank of America Corporation	$	4,810,276
	118,386	Citigroup Inc.		4,683,350
	33,950	CME Group, Inc.		1,721,605
	194,835	JP Morgan Chase & Co.		8,566,895
	47,644	New York Stock Exchange Euronext		1,502,692
		Total Diversified Financial Services		21,284,818
		Diversified Telecommunication Services – 3.4%
	262,347	AT&T Inc.		8,843,717
	29,237	CenturyLink Inc.		1,143,751
	250,097	Frontier Communications Corporation		1,070,415
	134,231	Verizon Communications Inc.		5,808,175
	18,198	Windstream Corporation		150,679
		Total Diversified Telecommunication Services		17,016,737
		Electric Utilities – 1.5%
	55,280	Duke Energy Corporation		3,526,864
	27,323	Great Plains Energy Incorporated		554,930
	19,046	OGE Energy Corp.		1,072,480
	80,800	Pepco Holdings, Inc.		1,584,488
	20,004	Southern Company		856,371
		Total Electric Utilities		7,595,133
		Electrical Equipment – 0.7%
	47,209	Emerson Electric Company		2,500,189
	14,553	Rockwell Automation, Inc.		1,222,306
		Total Electrical Equipment		3,722,495
		Electronic Equipment & Instruments – 0.3%
	118,215	Corning Incorporated		1,491,873
		Energy Equipment & Services – 2.1%
	6,964	Diamond Offshore Drilling, Inc.		473,273
	18,452	Ensco International PLC, Class A, Sponsored ADR		1,093,835
	83,720	Halliburton Company		2,904,247
	16,059	Patterson-UTI Energy, Inc.		299,179
	72,390	Schlumberger Limited		5,015,903
	16,157	Tidewater Inc.		721,895
		Total Energy Equipment & Services		10,508,332
		Food & Staples Retailing – 2.1%
	97,386	CVS Caremark Corporation		4,708,613
	38,696	SUPERVALU INC., (2)		95,579
	84,905	Wal-Mart Stores, Inc.		5,793,068
		Total Food & Staples Retailing		10,597,260
		Food Products – 0.9%
	37,375	Kraft Foods Inc., Class A		1,699,441
	112,127	Mondelez International Inc.		2,855,875
		Total Food Products		4,555,316
		Gas Utilities – 0.9%
	36,031	AGL Resources Inc.		1,440,159
	12,516	Atmos Energy Corporation		439,562
	22,995	National Fuel Gas Company		1,165,617
	38,518	ONEOK, Inc.		1,646,645
		Total Gas Utilities		4,691,983

Nuveen Investments
20

Shares		Description (1)	Value
		Health Care Equipment & Supplies – 1.9%
	72,041	Abbott Laboratories	$	4,718,686
	4,460	Hologic Inc., (2)		89,334
	3,342	Intuitive Surgical, Inc., (2)		1,638,817
	78,706	Medtronic, Inc.		3,228,520
		Total Health Care Equipment & Supplies		9,675,357
		Health Care Providers & Services – 2.0%
	6,901	Brookdale Senior Living Inc., (2)		174,733
	15,450	Coventry Health Care, Inc.		692,624
	48,093	Express Scripts, (2)		2,597,022
	17,609	HCA Holdings Inc.		531,264
	1,116	Henry Schein Inc., (2)		89,793
	39,267	Kindred Healthcare Inc., (2)		424,869
	71,299	UnitedHealth Group Incorporated		3,867,258
	25,221	Wellpoint Inc.		1,536,463
		Total Health Care Providers & Services		9,914,026
		Health Care Technology – 0.0%
	114	Cerner Corporation, (2)		8,851
		Hotels, Restaurants & Leisure – 1.4%
	22,200	Carnival Corporation		816,294
	42,761	International Game Technology		605,923
	2,272	Interval Leisure Group Inc.		44,054
	63,330	McDonald's Corporation		5,586,339
		Total Hotels, Restaurants & Leisure		7,052,610
		Household Durables – 0.7%
	2,990	Garmin Limited		122,052
	64,653	Newell Rubbermaid Inc.		1,439,822
	13,864	Tupperware Corporation		888,682
	11,356	Whirlpool Corporation		1,155,473
		Total Household Durables		3,606,029
		Household Products – 2.0%
	14,878	Colgate-Palmolive Company		1,555,346
	11,711	Kimberly-Clark Corporation		988,760
	114,328	Procter & Gamble Company		7,761,728
		Total Household Products		10,305,834
		Industrial Conglomerates – 2.5%
	40,506	3M Co.		3,760,982
	421,001	General Electric Company		8,836,811
	57	Siemens AG, Sponsored ADR		6,240
		Total Industrial Conglomerates		12,604,033
		Insurance – 2.1%
	47,749	Allstate Corporation		1,918,077
	8,871	Arthur J. Gallagher & Co.		307,380
	36,694	Fidelity National Title Group Inc., Class A		864,144
	26,683	Hartford Financial Services Group, Inc.		598,767
	13,665	Kemper Corporation		403,118
	60,781	Lincoln National Corporation		1,574,228
	63,707	Marsh & McLennan Companies, Inc.		2,195,980
	35,546	Travelers Companies, Inc.		2,552,914
		Total Insurance		10,414,608

Nuveen Investments
21

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Internet & Catalog Retail – 1.1%
	14,883	Amazon.com, Inc., (2)	$	3,737,717
	3,103	HSN, Inc.		170,913
	2,786	Priceline.com Incorporated, (2)		1,730,663
		Total Internet & Catalog Retail		5,639,293
		Internet Software & Services – 2.4%
	10,937	Akamai Technologies, Inc., (2)		447,433
	49,259	eBay Inc., (2)		2,513,194
	9,760	Google Inc., Class A, (2)		6,923,451
	44,605	United Online, Inc.		249,342
	5,616	ValueClick, Inc., (2)		109,007
	10,002	VeriSign, Inc., (2)		388,278
	71,826	Yahoo! Inc., (2)		1,429,337
		Total Internet Software & Services		12,060,042
		IT Services – 3.7%
	34,359	Automatic Data Processing, Inc.		1,958,807
	17,199	Cognizant Technology Solutions Corporation, Class A, (2)		1,273,586
	32,696	Fidelity National Information Services		1,138,148
	38,580	International Business Machines Corporation (IBM)		7,389,999
	3,197	Lender Processing Services Inc.		78,710
	5,819	MasterCard, Inc.		2,858,758
	42,671	Paychex, Inc.		1,328,775
	16,519	Visa Inc., Class A		2,503,950
		Total IT Services		18,530,733
		Leisure Equipment & Products – 0.3%
	19,609	Polaris Industries Inc.		1,650,097
		Machinery – 2.7%
	19,606	Caterpillar Inc.		1,756,305
	16,595	Cummins Inc.		1,798,068
	24,334	Deere & Company		2,102,944
	13,600	Graco Inc.		700,264
	13,107	Ingersoll Rand Company Limited, Class A		628,612
	16,893	Parker Hannifin Corporation		1,436,919
	11,767	Snap-on Incorporated		929,475
	22,597	SPX Corporation		1,585,180
	27,348	Stanley Black & Decker Inc.		2,022,932
	12,000	Timken Company		573,960
		Total Machinery		13,534,659
		Media – 3.0%
	56,665	CBS Corporation, Class B		2,156,103
	114,249	Comcast Corporation, Class A		4,270,628
	39,613	New York Times, Class A, (2)		337,899
	35,396	Omnicom Group, Inc.		1,768,384
	114,479	Regal Entertainment Group, Class A		1,596,982
	96,590	Walt Disney Company		4,809,216
		Total Media		14,939,212
		Metals & Mining – 1.0%
	88,284	Alcoa Inc.		766,305
	44,474	Freeport-McMoRan Copper & Gold, Inc.		1,521,011
	6,726	Newmont Mining Corporation		312,355
	28,148	Nucor Corporation		1,215,431
	32,749	Southern Copper Corporation		1,239,877
		Total Metals & Mining		5,054,979

Nuveen Investments
22

Shares		Description (1)	Value
		Multiline Retail – 1.0%
	4,000	Family Dollar Stores, Inc.	$	253,640
	36,680	Macy's, Inc.		1,431,254
	25,718	Nordstrom, Inc.		1,375,913
	8,076	Sears Holding Corporation, (2)		334,023
	30,023	Target Corporation		1,776,461
		Total Multiline Retail		5,171,291
		Multi-Utilities – 1.6%
	40,212	Ameren Corporation		1,235,313
	22,660	Consolidated Edison, Inc.		1,258,536
	63,324	Integrys Energy Group, Inc.		3,306,779
	15,734	Northwestern Corporation		546,442
	60,347	Public Service Enterprise Group Incorporated		1,846,618
		Total Multi-Utilities		8,193,688
		Oil, Gas & Consumable Fuels – 9.2%
	9,051	Cenovus Energy Inc.		303,571
	88,783	Chevron Corporation		9,600,994
	74,346	ConocoPhillips		4,311,325
	39,168	CONSOL Energy Inc.		1,257,293
	22,581	Continental Resources Inc., (2)		1,659,478
	16,151	EnCana Corporation		319,144
	28,180	EOG Resources, Inc.		3,403,862
	201,503	Exxon Mobil Corporation		17,440,085
	45,954	Occidental Petroleum Corporation		3,520,536
	38,405	Phillips 66		2,039,306
	4,626	Total SA, Sponsored ADR		240,598
	74,029	Valero Energy Corporation		2,525,869
		Total Oil, Gas & Consumable Fuels		46,622,061
		Pharmaceuticals – 5.9%
	116,326	Bristol-Myers Squibb Company		3,791,064
	56,803	Eli Lilly and Company		2,801,524
	131,044	Johnson & Johnson		9,186,184
	152,239	Merck & Company Inc.		6,232,665
	308,278	Pfizer Inc.		7,731,612
		Total Pharmaceuticals		29,743,049
		Professional Services – 0.1%
	3,665	Manpower Inc.		155,543
	6,949	Resources Connection, Inc.		82,971
		Total Professional Services		238,514
		Real Estate Investment Trust (REIT) – 2.6%
	111,810	Annaly Capital Management Inc.		1,569,812
	39,521	Brandywine Realty Trust		481,761
	44,183	CapLease Inc.		246,099
	25,456	CommonWealth REIT		403,223
	55,131	CubeSmart		803,259
	15,432	Health Care REIT, Inc.		945,827
	47,225	Healthcare Realty Trust, Inc.		1,133,872
	45,684	Hospitality Properties Trust		1,069,919
	88,469	Lexington Corporate Properties Trust		924,501
	27,077	Liberty Property Trust		968,544
	17,263	Medical Properties Trust Inc.		206,465
	28,311	MFA Mortgage Investments, Inc.		229,602
	26,716	Senior Housing Properties Trust		631,566

Nuveen Investments
23

JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	11,215	Sun Communities Inc.	$	447,366
	25,238	Ventas Inc.		1,633,403
	54,475	Weyerhaeuser Company		1,515,495
		Total Real Estate Investment Trust		13,210,714
		Road & Rail – 0.9%
	17,765	Norfolk Southern Corporation		1,098,588
	25,475	Union Pacific Corporation		3,202,717
		Total Road & Rail		4,301,305
		Semiconductors & Equipment – 2.2%
	25,275	Analog Devices, Inc.		1,063,067
	96,369	Applied Materials, Inc.		1,102,461
	21,444	Broadcom Corporation, Class A		712,155
	247,273	Intel Corporation		5,101,242
	12,846	Intersil Holding Corporation, Class A		106,493
	3,087	Lam Research Corporation, (2)		111,533
	24,776	Microchip Technology Incorporated		807,450
	27,856	NVIDIA Corporation		342,350
	51,579	Texas Instruments Incorporated		1,595,854
		Total Semiconductors & Equipment		10,942,605
		Software – 3.6%
	23,572	Adobe Systems Incorporated, (2)		888,193
	18,599	Autodesk, Inc., (2)		657,475
	343,555	Microsoft Corporation		9,183,225
	181,687	Oracle Corporation		6,053,811
	9,475	Salesforce.com, Inc., (2)		1,592,748
		Total Software		18,375,452
		Specialty Retail – 2.4%
	18,330	Abercrombie & Fitch Co., Class A		879,290
	41,497	American Eagle Outfitters, Inc.		851,103
	21,475	Best Buy Co., Inc.		254,479
	62,729	Home Depot, Inc.		3,879,789
	36,675	Limited Brands, Inc.		1,725,926
	71,238	Lowe's Companies, Inc.		2,530,374
	364	Orchard Supply Hardware Stores Corporation, (2)		2,697
	472	Ross Stores, Inc.		25,559
	13,465	Tiffany & Co.		772,083
	28,637	TJX Companies, Inc.		1,215,641
		Total Specialty Retail		12,136,941
		Textiles, Apparel & Luxury Goods – 0.4%
	7,159	Cherokee Inc.		98,150
	14,066	VF Corporation		2,123,544
		Total Textiles, Apparel & Luxury Goods		2,221,694
		Thrifts & Mortgage Finance – 0.2%
	36,703	Hudson City Bancorp, Inc.		298,395
	60,610	New York Community Bancorp Inc.		793,991
		Total Thrifts & Mortgage Finance		1,092,386

Nuveen Investments
24

Shares		Description (1)	Value
		Tobacco – 2.1%
	102,342	Altria Group, Inc.	$	3,215,586
	77,216	Philip Morris International		6,458,346
	20,787	Reynolds American Inc.		861,205
	5,109	Vector Group Ltd.		75,971
		Total Tobacco		10,611,108
		Wireless Telecommunication Services – 0.0%
	5,500	USA Mobility Inc.		64,240
		Total Common Stocks (cost $377,164,727)		500,379,882

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 3.6%
$	18,137	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/12, repurchase price $18,136,903, collateralized by $17,730,000 U.S. Treasury Notes, 1.750%, due 7/31/15, value $18,504,482		0.010	%	1/02/13	$	18,136,893
		Total Short-Term Investments (cost $18,136,893)						18,136,893
		Total Investments (cost $395,301,620) – 102.7%						518,516,775
		Other Assets Less Liabilities – (2.7)% (3)						(13,534,720	)
		Net Assets – 100%					$	504,982,055

Investments in Derivatives as of December 31, 2012

Call Options Written outstanding:

Number of Contracts			Type	Notional Amount (4)			Expiration Date	Strike Price		Value (3)
			Call Options Written – (2.7)%
	(399	)	S&P 500 Index	$	(53,865,000	)	1/19/13	$	1,350	$	(3,273,795	)
	(406	)	S&P 500 Index		(55,825,000	)	1/19/13		1,375		(2,419,760	)
	(668	)	S&P 500 Index		(93,520,000	)	1/19/13		1,400		(2,655,300	)
	(436	)	S&P 500 Index		(62,130,000	)	1/19/13		1,425		(996,260	)
	(648	)	S&P 500 Index		(93,960,000	)	1/19/13		1,450		(592,920	)
	(474	)	S&P 500 Index		(66,360,000	)	2/16/13		1,400		(2,301,270	)
	(444	)	S&P 500 Index		(63,270,000	)	2/16/13		1,425		(1,423,020	)
	(3,475	)	Total Call Options Written (premiums received $12,043,556)	$	(488,930,000	)				$	(13,662,325	)

    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 listed within Investments in Derivatives at the end of the reporting period.

  (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.

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25

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Nuveen Equity Premium Opportunity Fund

Portfolio of Investments

  December 31, 2012

Shares		Description (1)	Value
		Common Stocks – 99.9% (5)
		Aerospace & Defense – 1.8%
	41,310	Boeing Company	$	3,113,122
	56,028	Honeywell International Inc.		3,556,097
	8,874	Huntington Ingalls Industries Inc.		384,599
	17,575	Lockheed Martin Corporation		1,621,997
	34,529	Northrop Grumman Corporation		2,333,470
	32,796	Raytheon Company		1,887,738
	31,622	United Technologies Corporation		2,593,320
		Total Aerospace & Defense		15,490,343
		Air Freight & Logistics – 0.9%
	102,575	United Parcel Service, Inc., Class B		7,562,855
		Auto Components – 0.1%
	60,739	Gentex Corporation		1,143,108
		Automobiles – 0.5%
	213,263	Ford Motor Company		2,761,756
	33,442	Harley-Davidson, Inc.		1,633,307
		Total Automobiles		4,395,063
		Beverages – 2.1%
	281,224	Coca-Cola Company		10,194,370
	28,504	Monster Beverage Corporation, (2)		1,507,292
	91,296	PepsiCo, Inc.		6,247,385
		Total Beverages		17,949,047
		Biotechnology – 2.2%
	109,715	Celgene Corporation, (2)		8,636,765
	146,183	Gilead Sciences, Inc., (2)		10,737,141
		Total Biotechnology		19,373,906
		Capital Markets – 1.4%
	129,710	Charles Schwab Corporation		1,862,636
	48,725	Eaton Vance Corporation		1,551,891
	27,060	Goldman Sachs Group, Inc.		3,451,774
	43,099	Legg Mason, Inc.		1,108,506
	121,415	Morgan Stanley		2,321,455
	61,497	Waddell & Reed Financial, Inc., Class A		2,141,326
		Total Capital Markets		12,437,588
		Chemicals – 1.8%
	63,776	Dow Chemical Company		2,061,240
	42,800	E.I. Du Pont de Nemours and Company		1,924,716
	61,739	Eastman Chemical Company		4,201,339
	43,409	Monsanto Company		4,108,662
	21,181	Potash Corporation of Saskatchewan		861,855
	95,980	RPM International, Inc.		2,817,973
		Total Chemicals		15,975,785

Nuveen Investments
26

Shares		Description (1)	Value
		Commercial Banks – 2.1%
	71,851	Fifth Third Bancorp.	$	1,091,417
	86,613	First Horizon National Corporation		858,335
	143	HSBC Holdings PLC, Sponsored ADR		7,589
	6	Lloyds TSB Group PLC, Sponsored ADR, (2)		19
	187,221	U.S. Bancorp		5,979,839
	293,450	Wells Fargo & Company		10,030,121
		Total Commercial Banks		17,967,320
		Commercial Services & Supplies – 0.4%
	23,371	Deluxe Corporation		753,481
	49,936	R.R. Donnelley & Sons Company		449,424
	77,545	Waste Management, Inc.		2,616,368
		Total Commercial Services & Supplies		3,819,273
		Communications Equipment – 3.6%
	45,063	ADTRAN, Inc.		880,531
	13,861	Aviat Networks Inc., (2)		45,603
	630,518	Cisco Systems, Inc.		12,389,679
	19,247	Harris Corporation		942,333
	14,940	Motorola Solutions Inc.		831,859
	252,230	QUALCOMM, Inc.		15,643,305
		Total Communications Equipment		30,733,310
		Computers & Peripherals – 8.5%
	118,462	Apple, Inc.		63,143,797
	211,358	Dell Inc.		2,141,057
	157,114	EMC Corporation, (2)		3,974,984
	125,310	Hewlett-Packard Company		1,785,668
	72,669	NetApp, Inc., (2)		2,438,045
		Total Computers & Peripherals		73,483,551
		Consumer Finance – 0.8%
	59,964	American Express Company		3,446,731
	55,844	Discover Financial Services		2,152,786
	77,393	SLM Corporation		1,325,742
		Total Consumer Finance		6,925,259
		Containers & Packaging – 0.5%
	63,738	Packaging Corp. of America		2,452,001
	50,628	Sonoco Products Company		1,505,170
		Total Containers & Packaging		3,957,171
		Distributors – 0.2%
	31,204	Genuine Parts Company		1,983,950
		Diversified Consumer Services – 0.1%
	35,953	Hillenbrand Inc.		812,897
		Diversified Financial Services – 2.9%
	600,967	Bank of America Corporation		6,971,217
	134,600	Citigroup Inc.		5,324,776
	53,445	CME Group, Inc.		2,710,196
	3,691	ING Groep N.V., Sponsored ADR, (2)		35,028
	224,788	JP Morgan Chase & Co.		9,883,928
		Total Diversified Financial Services		24,925,145

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27

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Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Diversified Telecommunication Services – 2.4%
	353,211	AT&T Inc.	$	11,906,743
	93,521	Frontier Communications Corporation		400,270
	185,468	Verizon Communications Inc.		8,025,200
		Total Diversified Telecommunication Services		20,332,213
		Electric Utilities – 1.6%
	38,821	Companhia Energetica de Minas Gerais, Sponsored ADR		421,596
	65,844	Duke Energy Corporation		4,200,847
	112,676	Great Plains Energy Incorporated		2,288,450
	50,368	OGE Energy Corp.		2,836,222
	129,707	Pepco Holdings, Inc.		2,543,554
	25,438	Pinnacle West Capital Corporation		1,296,829
		Total Electric Utilities		13,587,498
		Electrical Equipment – 1.5%
	19,020	Eaton PLC		1,030,884
	59,698	Emerson Electric Company		3,161,606
	11,240	Hubbell Incorporated, Class B		951,241
	31,575	Rockwell Automation, Inc.		2,651,984
	42,974	Roper Industries Inc.		4,790,742
		Total Electrical Equipment		12,586,457
		Electronic Equipment & Instruments – 0.1%
	102,078	Corning Incorporated		1,288,224
		Energy Equipment & Services – 1.8%
	25,308	Diamond Offshore Drilling, Inc.		1,719,932
	36,079	Ensco International PLC, Class A, Sponsored ADR		2,138,763
	109,180	Halliburton Company		3,787,454
	54,107	Patterson-UTI Energy, Inc.		1,008,013
	83,227	Schlumberger Limited		5,766,799
	17,510	Tidewater Inc.		782,347
		Total Energy Equipment & Services		15,203,308
		Food & Staples Retailing – 1.7%
	102,543	CVS Caremark Corporation		4,957,954
	82,219	Kroger Co.		2,139,338
	38,974	SUPERVALU INC., (2)		96,266
	68,576	Walgreen Co.		2,537,998
	76,927	Wal-Mart Stores, Inc.		5,248,729
		Total Food & Staples Retailing		14,980,285
		Food Products – 0.7%
	49,868	Kraft Foods Inc., Class A		2,267,498
	149,606	Mondelez International Inc.		3,810,465
		Total Food Products		6,077,963
		Gas Utilities – 1.1%
	57,627	AGL Resources Inc.		2,303,351
	34,085	Atmos Energy Corporation		1,197,065
	41,373	National Fuel Gas Company		2,097,197
	99,610	ONEOK, Inc.		4,258,328
		Total Gas Utilities		9,855,941

Nuveen Investments
28

Shares		Description (1)	Value
		Health Care Equipment & Supplies – 1.9%
	91,444	Abbott Laboratories	$	5,989,582
	68,517	Baxter International, Inc.		4,567,343
	36,821	Hill Rom Holdings Inc.		1,049,399
	97,109	Hologic Inc., (2)		1,945,093
	69,279	Medtronic, Inc.		2,841,825
		Total Health Care Equipment & Supplies		16,393,242
		Health Care Providers & Services – 2.0%
	47,194	Aetna Inc.		2,185,082
	62,293	Brookdale Senior Living Inc., (2)		1,577,259
	27,564	Coventry Health Care, Inc.		1,235,694
	106,974	Express Scripts, (2)		5,776,596
	80,097	UnitedHealth Group Incorporated		4,344,461
	40,174	Wellpoint Inc.		2,447,400
		Total Health Care Providers & Services		17,566,492
		Hotels, Restaurants & Leisure – 1.7%
	51,390	International Game Technology		728,196
	17,582	Las Vegas Sands		811,585
	98,066	McDonald's Corporation		8,650,402
	21,179	Starwood Hotels & Resorts Worldwide, Inc.		1,214,827
	25,889	Wynn Resorts Ltd		2,912,254
		Total Hotels, Restaurants & Leisure		14,317,264
		Household Durables – 0.5%
	68,264	KB Home		1,078,571
	54,753	Newell Rubbermaid Inc.		1,219,349
	19,851	Whirlpool Corporation		2,019,839
		Total Household Durables		4,317,759
		Household Products – 1.6%
	41,616	Colgate-Palmolive Company		4,350,537
	143,912	Procter & Gamble Company		9,770,186
		Total Household Products		14,120,723
		Industrial Conglomerates – 1.7%
	21,774	3M Co.		2,021,716
	595,443	General Electric Company		12,498,349
		Total Industrial Conglomerates		14,520,065
		Insurance – 2.3%
	65,172	Allstate Corporation		2,617,959
	23,207	American International Group, (2)		819,207
	26,066	Arthur J. Gallagher & Co.		903,187
	82,207	Berkshire Hathaway Inc., Class B, (2)		7,373,968
	92,800	CNO Financial Group Inc.		865,824
	60,339	Fidelity National Title Group Inc., Class A		1,420,983
	65,958	Genworth Financial Inc., Class A, (2)		495,345
	30,951	Hartford Financial Services Group, Inc.		694,540
	13,952	Kemper Corporation		411,584
	35,717	Lincoln National Corporation		925,070
	103,489	Marsh & McLennan Companies, Inc.		3,567,266
		Total Insurance		20,094,933

Nuveen Investments
29

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Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Internet & Catalog Retail – 2.1%
	66,713	Amazon.com, Inc., (2)	$	16,754,303
	27,170	HSN, Inc.		1,496,524
		Total Internet & Catalog Retail		18,250,827
		Internet Software & Services – 4.5%
	39,603	Akamai Technologies, Inc., (2)		1,620,159
	58,343	Earthlink, Inc.		376,896
	199,069	eBay Inc., (2)		10,156,500
	33,280	Google Inc., Class A, (2)		23,607,834
	22,576	IAC/InterActiveCorp.		1,067,845
	64,234	VeriSign, Inc., (2)		2,493,564
		Total Internet Software & Services		39,322,798
		IT Services – 3.7%
	117,025	Automatic Data Processing, Inc.		6,671,595
	61,069	Fidelity National Information Services		2,125,812
	73,744	International Business Machines Corporation (IBM)		14,125,663
	14,762	Lender Processing Services Inc.		363,440
	108,876	Paychex, Inc.		3,390,399
	32,522	Visa Inc., Class A		4,929,685
		Total IT Services		31,606,594
		Leisure Equipment & Products – 0.6%
	77,138	Mattel, Inc.		2,824,794
	29,666	Polaris Industries Inc.		2,496,394
		Total Leisure Equipment & Products		5,321,188
		Machinery – 2.1%
	49,486	Caterpillar Inc.		4,432,956
	25,197	Deere & Company		2,177,525
	43,913	Graco Inc.		2,261,080
	26,329	Joy Global Inc.		1,679,264
	27,707	SPX Corporation		1,943,646
	40,513	Stanley Black & Decker Inc.		2,996,747
	50,568	Timken Company		2,418,667
		Total Machinery		17,909,885
		Media – 3.7%
	314,985	Comcast Corporation, Special Class A		11,323,711
	97,817	New York Times, Class A, (2)		834,379
	309,975	News Corporation, Class A		7,916,762
	58,689	Omnicom Group, Inc.		2,932,102
	82,498	Regal Entertainment Group, Class A		1,150,847
	164,210	Walt Disney Company		8,176,016
		Total Media		32,333,817
		Metals & Mining – 0.9%
	287,484	Alcoa Inc.		2,495,361
	33,263	Barrick Gold Corporation		1,164,538
	66,105	Freeport-McMoRan Copper & Gold, Inc.		2,260,791
	148,596	Hecla Mining Company		866,315
	28,154	Southern Copper Corporation		1,065,910
		Total Metals & Mining		7,852,915

Nuveen Investments
30

Shares		Description (1)	Value
		Multiline Retail – 0.9%
	59,243	Macy's, Inc.	$	2,311,662
	47,582	Nordstrom, Inc.		2,545,637
	21,415	Sears Holding Corporation, (2)		885,724
	37,279	Target Corporation		2,205,798
		Total Multiline Retail		7,948,821
		Multi-Utilities – 0.6%
	62,041	Ameren Corporation		1,905,900
	97,043	Public Service Enterprise Group Incorporated		2,969,516
		Total Multi-Utilities		4,875,416
		Oil, Gas & Consumable Fuels – 6.4%
	111,313	Chevron Corporation		12,037,388
	2,747	CNOOC Limited, Sponsored ADR		604,340
	105,076	ConocoPhillips		6,093,357
	280,195	Exxon Mobil Corporation		24,250,877
	34,787	Hess Corporation		1,842,320
	58,407	Occidental Petroleum Corporation		4,474,560
	3,274	PetroChina Company Limited, Sponsored ADR		470,736
	54,850	Phillips 66		2,912,535
	3,460	Royal Dutch Shell PLC, Class A, Sponsored ADR		238,567
	122,639	SandRidge Energy Inc., (2)		778,758
	39,133	StatoilHydro ASA, Sponsored ADR		979,890
	28,912	Suncor Energy, Inc.		953,518
		Total Oil, Gas & Consumable Fuels		55,636,846
		Pharmaceuticals – 5.0%
	158,937	Bristol-Myers Squibb Company		5,179,757
	106,819	Eli Lilly and Company		5,268,313
	1,112	GlaxoSmithKline PLC, Sponsored ADR		48,339
	182,759	Johnson & Johnson		12,811,406
	211,656	Merck & Company Inc.		8,665,197
	460,108	Pfizer Inc.		11,539,509
		Total Pharmaceuticals		43,512,521
		Professional Services – 0.2%
	29,079	Manpower Inc.		1,234,113
	18,692	Resources Connection, Inc.		223,182
		Total Professional Services		1,457,295
		Real Estate Investment Trust (REIT) – 1.8%
	60,679	Apartment Investment & Management Company, Class A		1,641,974
	69,975	Brandywine Realty Trust		852,995
	34,687	CBL & Associates Properties Inc.		735,711
	129,993	CubeSmart		1,893,998
	114,294	DCT Industrial Trust Inc.		741,768
	43,378	Health Care REIT, Inc.		2,658,638
	79,809	Lexington Corporate Properties Trust		834,004
	46,608	Liberty Property Trust		1,667,168
	71,664	Ventas Inc.		4,638,094
		Total Real Estate Investment Trust		15,664,350
		Road & Rail – 0.6%
	41,968	Union Pacific Corporation		5,276,217

Nuveen Investments
31

JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Semiconductors & Equipment – 3.1%
	98,918	Altera Corporation	$	3,406,736
	64,144	Analog Devices, Inc.		2,697,897
	107,440	Broadcom Corporation, Class A		3,568,082
	699,018	Intel Corporation		14,420,741
	26,060	Intersil Holding Corporation, Class A		216,037
	81,111	Linear Technology Corporation		2,782,107
		Total Semiconductors & Equipment		27,091,600
		Software – 6.9%
	296,620	Activision Blizzard Inc.		3,150,104
	141,680	Adobe Systems Incorporated, (2)		5,338,502
	79,219	Autodesk, Inc., (2)		2,800,392
	1,048,957	Microsoft Corporation		28,038,621
	623,263	Oracle Corporation		20,767,123
		Total Software		60,094,742
		Specialty Retail – 2.4%
	20,823	Abercrombie & Fitch Co., Class A		998,879
	59,432	American Eagle Outfitters, Inc.		1,218,950
	51,495	Best Buy Co., Inc.		610,216
	58,779	CarMax, Inc., (2)		2,206,564
	73,397	Gap, Inc.		2,278,243
	101,477	Home Depot, Inc.		6,276,352
	63,713	Limited Brands, Inc.		2,998,334
	118,515	Lowe's Companies, Inc.		4,209,653
		Total Specialty Retail		20,797,191
		Thrifts & Mortgage Finance – 0.1%
	40,800	MGIC Investment Corporation, (2)		108,528
	56,714	New York Community Bancorp Inc.		742,953
		Total Thrifts & Mortgage Finance		851,481
		Tobacco – 1.5%
	72,934	Altria Group, Inc.		2,291,586
	114,180	Philip Morris International		9,550,015
	36,132	Reynolds American Inc.		1,496,949
		Total Tobacco		13,338,550
		Wireless Telecommunication Services – 0.3%
	4,018	China Mobile Limited, Sponsored ADR		235,937
	444,739	Sprint Nextel Corporation, (2)		2,521,670
		Total Wireless Telecommunication Services		2,757,607
		Total Common Stocks (cost $609,936,844)		866,078,599

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 2.8%
$	24,042	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/12, repurchase price $24,042,112, collateralized by $18,760,000 U.S. Treasury Bonds, 10.625%, due 8/15/15, value $24,528,700		0.010	%	1/02/13	$	24,042,099
		Total Short-Term Investments (cost $24,042,099)						24,042,099
		Total Investments (cost $633,978,944) – 102.7%						890,120,698
		Other Assets Less Liabilities – (2.7)% (3)						(23,725,974	)
		Net Assets – 100%					$	866,394,724

Nuveen Investments
32

Investments in Derivatives as of December 31, 2012

Call Options Written outstanding:

Number of Contracts			Type	Notional Amount (4)			Expiration Date	Strike Price		Value (3)
			Call Options Written – (2.7)%
	(1,998	)	MINI-Nasdaq-100 Index	$	(51,448,500	)	1/19/13	$	257.5	$	(2,087,910	)
	(1,064	)	MINI-Nasdaq-100 Index		(27,664,000	)	1/19/13		260.0		(909,720	)
	(963	)	MINI-Nasdaq-100 Index		(25,278,750	)	1/19/13		262.5		(650,025	)
	(999	)	MINI-Nasdaq-100 Index		(26,473,500	)	1/19/13		265.0		(514,485	)
	(1,010	)	MINI-Nasdaq-100 Index		(27,017,500	)	1/19/13		267.5		(376,225	)
	(816	)	MINI-Nasdaq-100 Index		(21,828,000	)	2/16/13		267.5		(510,000	)
	(992	)	MINI-Nasdaq-100 Index		(26,784,000	)	2/16/13		270.0		(503,440	)
	(555	)	S&P 500 Index		(74,925,000	)	1/19/13		1,350.0		(4,553,775	)
	(555	)	S&P 500 Index		(76,312,500	)	1/19/13		1,375.0		(3,307,800	)
	(896	)	S&P 500 Index		(125,440,000	)	1/19/13		1,400.0		(3,561,600	)
	(577	)	S&P 500 Index		(82,222,500	)	1/19/13		1,425.0		(1,318,445	)
	(774	)	S&P 500 Index		(112,230,000	)	1/19/13		1,450.0		(708,210	)
	(612	)	S&P 500 Index		(85,680,000	)	2/16/13		1,400.0		(2,971,260	)
	(577	)	S&P 500 Index		(82,222,500	)	2/16/13		1,425.0		(1,849,285	)
	(12,388	)	Total Call Options Written (premiums received $21,157,896)	$	(845,526,750	)				$	(23,822,180	)

    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 listed within Investments in Derivatives at the end of the reporting period.

  (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
33

JLA

Nuveen Equity Premium Advantage Fund

Portfolio of Investments

  December 31, 2012

Shares		Description (1)	Value
		Common Stocks – 99.5% (5)
		Aerospace & Defense – 1.5%
	19,091	Boeing Company	$	1,438,698
	29,256	Honeywell International Inc.		1,856,878
	20,561	United Technologies Corporation		1,686,208
		Total Aerospace & Defense		4,981,784
		Air Freight & Logistics – 0.5%
	24,839	United Parcel Service, Inc., Class B		1,831,379
		Airlines – 0.1%
	12,008	Delta Air Lines, Inc., (2)		142,535
	26,363	Southwest Airlines Co.		269,957
		Total Airlines		412,492
		Auto Components – 0.0%
	10,102	American Axle and Manufacturing Holdings Inc., (2)		113,142
		Automobiles – 0.4%
	59,240	Ford Motor Company		767,158
	14,597	Harley-Davidson, Inc.		712,917
		Total Automobiles		1,480,075
		Beverages – 1.4%
	56,899	Coca-Cola Company		2,062,589
	15,729	Monster Beverage Corporation, (2)		831,750
	26,928	PepsiCo, Inc.		1,842,683
		Total Beverages		4,737,022
		Biotechnology – 3.3%
	80,965	Amgen Inc.		6,988,899
	55,390	Celgene Corporation, (2)		4,360,301
		Total Biotechnology		11,349,200
		Capital Markets – 0.9%
	32,441	Bank of New York Company, Inc.		833,734
	62,652	Charles Schwab Corporation		899,683
	1,581	Goldman Sachs Group, Inc.		201,672
	30,105	Morgan Stanley		575,608
	17,346	Waddell & Reed Financial, Inc., Class A		603,988
		Total Capital Markets		3,114,685
		Chemicals – 1.2%
	973	CF Industries Holdings, Inc.		197,675
	45,174	Dow Chemical Company		1,460,024
	25,684	E.I. Du Pont de Nemours and Company		1,155,009
	10,514	Monsanto Company		995,150
	4,219	Mosaic Company		238,922
		Total Chemicals		4,046,780

Nuveen Investments
34

Shares		Description (1)	Value
		Commercial Banks – 1.6%
	65,040	U.S. Bancorp	$	2,077,378
	101,331	Wells Fargo & Company		3,463,494
		Total Commercial Banks		5,540,872
		Commercial Services & Supplies – 0.0%
	10,378	R.R. Donnelley & Sons Company		93,402
		Communications Equipment – 4.7%
	6,820	Aviat Networks Inc., (2)		22,438
	399,665	Cisco Systems, Inc.		7,853,417
	132,642	QUALCOMM, Inc.		8,226,457
		Total Communications Equipment		16,102,312
		Computers & Peripherals – 10.4%
	63,545	Apple, Inc.		33,871,390
	54,919	EMC Corporation, (2)		1,389,451
	19,045	Hewlett-Packard Company		271,391
	1,485	Western Digital Corporation		63,098
		Total Computers & Peripherals		35,595,330
		Consumer Finance – 0.6%
	20,371	American Express Company		1,170,925
	6,671	Capital One Financial Corporation		386,451
	27,215	SLM Corporation		466,193
		Total Consumer Finance		2,023,569
		Containers & Packaging – 0.3%
	19,780	Packaging Corp. of America		760,937
	4,824	Sonoco Products Company		143,418
		Total Containers & Packaging		904,355
		Distributors – 0.1%
	3,449	Genuine Parts Company		219,287
		Diversified Consumer Services – 0.1%
	4,119	ITT Educational Services, Inc., (2)		71,300
	21,475	Service Corporation International		296,570
		Total Diversified Consumer Services		367,870
		Diversified Financial Services – 2.2%
	149,582	Bank of America Corporation		1,735,151
	56,156	Citigroup Inc.		2,221,531
	19,235	CME Group, Inc.		975,407
	39,922	JP Morgan Chase & Co.		1,755,370
	13,902	Moody's Corporation		699,549
		Total Diversified Financial Services		7,387,008
		Diversified Telecommunication Services – 1.7%
	93,269	AT&T Inc.		3,144,098
	1	Frontier Communications Corporation		4
	59,414	Verizon Communications Inc.		2,570,844
		Total Diversified Telecommunication Services		5,714,946

Nuveen Investments
35

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Electric Utilities – 1.6%
	30,093	Duke Energy Corporation	$	1,919,933
	48,358	Great Plains Energy Incorporated		982,151
	19,953	OGE Energy Corp.		1,123,553
	28,722	Pinnacle West Capital Corporation		1,464,248
		Total Electric Utilities		5,489,885
		Electrical Equipment – 2.0%
	33,441	Eaton PLC		1,812,502
	28,532	Emerson Electric Company		1,511,055
	11,238	Hubbell Incorporated, Class B		951,072
	15,244	Rockwell Automation, Inc.		1,280,344
	13,012	Roper Industries Inc.		1,450,578
		Total Electrical Equipment		7,005,551
		Electronic Equipment & Instruments – 0.5%
	17,200	Amphenol Corporation, Class A		1,112,840
	39,646	Corning Incorporated		500,333
		Total Electronic Equipment & Instruments		1,613,173
		Energy Equipment & Services – 1.3%
	26,765	Cameron International Corporation, (2)		1,511,152
	9,396	Diamond Offshore Drilling, Inc.		638,552
	29,446	Halliburton Company		1,021,482
	18,594	Schlumberger Limited		1,288,378
		Total Energy Equipment & Services		4,459,564
		Food & Staples Retailing – 1.7%
	37,645	CVS Caremark Corporation		1,820,136
	27,808	Kroger Co.		723,564
	26,567	Walgreen Co.		983,245
	33,111	Wal-Mart Stores, Inc.		2,259,164
		Total Food & Staples Retailing		5,786,109
		Food Products – 0.8%
	10,080	Archer-Daniels-Midland Company		276,091
	15,863	Kraft Foods Inc., Class A		721,291
	72,807	Mondelez International Inc.		1,854,394
		Total Food Products		2,851,776
		Gas Utilities – 0.4%
	21,576	AGL Resources Inc.		862,393
	15,026	Piedmont Natural Gas Company		470,464
		Total Gas Utilities		1,332,857
		Health Care Equipment & Supplies – 1.8%
	41,688	Abbott Laboratories		2,730,564
	16,835	Baxter International, Inc.		1,122,221
	9,327	CareFusion Corporation, (2)		266,566
	5,822	Covidien PLC		336,162
	12,334	Hill Rom Holdings Inc.		351,519
	11,631	Medtronic, Inc.		477,104
	11,540	Saint Jude Medical Inc.		417,056
	8,617	Zimmer Holdings, Inc.		574,409
		Total Health Care Equipment & Supplies		6,275,601

Nuveen Investments
36

Shares		Description (1)	Value
		Health Care Providers & Services – 1.4%
	13,759	Brookdale Senior Living Inc., (2)	$	348,378
	23,480	Cardinal Health, Inc.		966,906
	1,520	McKesson HBOC Inc.		147,379
	11,450	Omnicare, Inc.		413,345
	12,175	Tenet Healthcare Corporation, (2)		395,322
	19,406	UnitedHealth Group Incorporated		1,052,581
	20,106	Universal Health Services, Inc., Class B		972,125
	8,528	Wellpoint Inc.		519,526
		Total Health Care Providers & Services		4,815,562
		Hotels, Restaurants & Leisure – 1.9%
	20,714	Carnival Corporation		761,654
	17,543	International Game Technology		248,584
	29,562	McDonald's Corporation		2,607,664
	26,474	Starwood Hotels & Resorts Worldwide, Inc.		1,518,549
	84,855	The Wendy's Company		398,819
	19,573	Tim Hortons Inc.		962,600
		Total Hotels, Restaurants & Leisure		6,497,870
		Household Durables – 0.7%
	41,536	KB Home		656,269
	36,936	Newell Rubbermaid Inc.		822,565
	7,376	Whirlpool Corporation		750,508
		Total Household Durables		2,229,342
		Household Products – 0.6%
	32,355	Procter & Gamble Company		2,196,581
		Industrial Conglomerates – 1.0%
	10,431	3M Co.		968,518
	13,006	Danaher Corporation		727,035
	82,528	General Electric Company		1,732,263
		Total Industrial Conglomerates		3,427,816
		Insurance – 1.8%
	12,439	American International Group, (2)		439,097
	3,318	Arch Capital Group Limited, (2)		146,058
	7,497	Berkshire Hathaway Inc., Class B, (2)		672,481
	26,516	Fidelity National Title Group Inc., Class A		624,452
	29,867	Marsh & McLennan Companies, Inc.		1,029,515
	24,982	Prudential Financial, Inc.		1,332,290
	24,970	Travelers Companies, Inc.		1,793,345
		Total Insurance		6,037,238
		Internet & Catalog Retail – 2.9%
	36,959	Amazon.com, Inc., (2)		9,281,883
	10,391	HSN, Inc.		572,336
		Total Internet & Catalog Retail		9,854,219
		Internet Software & Services – 7.3%
	30,462	Akamai Technologies, Inc., (2)		1,246,200
	2,017	AOL Inc.		59,723
	16,544	Baidu.com, Inc., Sponsored ADR, (2)		1,659,198
	115,993	eBay Inc., (2)		5,917,963
	19,217	Google Inc., Class A, (2)		13,631,963
	20,300	IAC/InterActiveCorp.		960,190
	69,658	Yahoo! Inc., (2)		1,386,194
		Total Internet Software & Services		24,861,431

Nuveen Investments
37

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		IT Services – 3.1%
	46,267	Automatic Data Processing, Inc.	$	2,637,682
	23,280	Fidelity National Information Services		810,377
	8,158	Global Payments Inc.		369,557
	14,822	Infosys Technologies Limited, Sponsored ADR		626,971
	14,439	International Business Machines Corporation (IBM)		2,765,790
	12,871	Lender Processing Services Inc.		316,884
	58,743	Paychex, Inc.		1,829,257
	7,718	Visa Inc., Class A		1,169,894
		Total IT Services		10,526,412
		Life Sciences Tools & Services – 0.2%
	15,384	Agilent Technologies, Inc.		629,821
		Machinery – 1.4%
	18,500	Caterpillar Inc.		1,657,230
	10,346	Deere & Company		894,101
	22,531	Graco Inc.		1,160,121
	16,187	SPX Corporation		1,135,518
		Total Machinery		4,846,970
		Media – 4.6%
	23,415	CBS Corporation, Class B		890,941
	157,751	Comcast Corporation, Special Class A		5,671,148
	68,525	DIRECTV Group, Inc., (2)		3,437,214
	2,751	Liberty Media Corporation, Liberty Capital Class A, Tracking Stock, (2)		319,144
	51,552	News Corporation, Class B		1,352,724
	20,124	Omnicom Group, Inc.		1,005,395
	6,011	Time Warner Cable, Class A		584,209
	21,163	Time Warner Inc.		1,012,226
	30,876	Walt Disney Company		1,537,316
		Total Media		15,810,317
		Metals & Mining – 0.4%
	8,735	AngloGold Ashanti Limited, Sponsored ADR		274,017
	7,972	Cliffs Natural Resources Inc.		307,400
	54,923	Companhia Siderurgica Nacional S.A., Sponsored ADR		324,046
	5,432	Freeport-McMoRan Copper & Gold, Inc.		185,774
	1,736	Newmont Mining Corporation		80,620
	7,686	United States Steel Corporation		183,465
		Total Metals & Mining		1,355,322
		Multiline Retail – 0.6%
	10,865	Family Dollar Stores, Inc.		688,950
	4,575	J.C. Penney Company, Inc., (2)		90,173
	4,511	Kohl's Corporation		193,883
	25,836	Macy's, Inc.		1,008,121
		Total Multiline Retail		1,981,127
		Multi-Utilities – 0.3%
	21,316	Integrys Energy Group, Inc.		1,113,122
		Oil, Gas & Consumable Fuels – 4.8%
	1,231	Anadarko Petroleum Corporation		91,476
	4,671	Cabot Oil & Gas Corporation		232,336
	43,696	Chevron Corporation		4,725,285
	44,045	ConocoPhillips		2,554,170
	79,182	Exxon Mobil Corporation		6,853,202
	1,606	Marathon Oil Corporation		49,240

Nuveen Investments
38

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	6,095	Occidental Petroleum Corporation	$	466,938
	22,649	Phillips 66		1,202,662
	4,232	Royal Dutch Shell PLC, Class A, Sponsored ADR		291,796
		Total Oil, Gas & Consumable Fuels		16,467,105
		Paper & Forest Products – 0.3%
	21,984	International Paper Company		875,843
		Pharmaceuticals – 3.9%
	13,538	Allergan, Inc.		1,241,841
	69,669	Bristol-Myers Squibb Company		2,270,513
	7,517	Eli Lilly and Company		370,738
	13,675	Forest Laboratories, Inc., (2)		483,001
	7,458	GlaxoSmithKline PLC, Sponsored ADR		324,199
	35,898	Johnson & Johnson		2,516,450
	91,276	Merck & Company Inc.		3,736,839
	6,190	Novartis AG, Sponsored ADR		391,827
	82,836	Pfizer Inc.		2,077,527
		Total Pharmaceuticals		13,412,935
		Professional Services – 0.5%
	18,950	Manpower Inc.		804,238
	30,314	Robert Half International Inc.		964,591
		Total Professional Services		1,768,829
		Real Estate Investment Trust – 1.1%
	18,413	Apartment Investment & Management Company, Class A		498,256
	28,958	CubeSmart		421,918
	4,590	Developers Diversified Realty Corporation		71,879
	40,126	Senior Housing Properties Trust		948,579
	25,511	Ventas Inc.		1,651,072
		Total Real Estate Investment Trust		3,591,704
		Road & Rail – 0.1%
	23,916	CSX Corporation		471,863
		Semiconductors & Equipment – 5.1%
	54,140	Advanced Micro Devices, Inc., (2)		129,936
	49,030	Altera Corporation		1,688,593
	25,698	Analog Devices, Inc.		1,080,858
	65,680	Applied Materials, Inc.		751,379
	93,518	Atmel Corporation, (2)		612,543
	48,224	Broadcom Corporation, Class A		1,601,519
	4,697	Cree, Inc., (2)		159,604
	1,090	Cymer, Inc., (2)		98,569
	11,761	Cypress Semiconductor Corporation		127,489
	28,948	Fairchild Semiconductor International Inc., Class A, (2)		416,851
	17,789	Integrated Device Technology, Inc., (2)		129,860
	363,454	Intel Corporation		7,498,056
	2,596	Intersil Holding Corporation, Class A		21,521
	8,733	Lam Research Corporation, (2)		315,523
	45,919	Linear Technology Corporation		1,575,022
	35,700	LSI Logic Corporation, (2)		252,756
	5,819	MEMC Electronic Materials, (2)		18,679
	76,193	NVIDIA Corporation		936,412
	2,774	Taiwan Semiconductor Manufacturing Company Limited, Sponsored ADR		47,602
		Total Semiconductors & Equipment		17,462,772

Nuveen Investments
39

JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Software – 10.6%
	171,474	Activision Blizzard Inc.	$	1,821,054
	60,160	Adobe Systems Incorporated, (2)		2,266,829
	43,406	Autodesk, Inc., (2)		1,534,402
	65,185	CA Inc.		1,432,766
	33,659	Cadence Design Systems, Inc., (2)		454,733
	616,868	Microsoft Corporation		16,488,882
	367,125	Oracle Corporation		12,232,605
		Total Software		36,231,271
		Specialty Retail – 2.3%
	1,126	Best Buy Co., Inc.		13,343
	16,073	Gap, Inc.		498,906
	32,724	Home Depot, Inc.		2,023,979
	32,217	Limited Brands, Inc.		1,516,132
	35,867	Lowe's Companies, Inc.		1,273,996
	814	Orchard Supply Hardware Stores Corporation, (2)		6,032
	28,032	TJX Companies, Inc.		1,189,958
	35,381	Urban Outfitters, Inc., (2)		1,392,596
		Total Specialty Retail		7,914,942
		Textiles, Apparel & Luxury Goods – 0.2%
	14,587	Coach, Inc.		809,724
		Thrifts & Mortgage Finance – 0.0%
	1,712	Tree.com Inc.		30,867
		Tobacco – 1.1%
	34,008	Altria Group, Inc.		1,068,531
	33,961	Philip Morris International		2,840,498
		Total Tobacco		3,909,029
		Wireless Telecommunication Services – 0.2%
	9,319	Crown Castle International Corporation, (2)		672,459
		Total Common Stocks (cost $214,811,546)		340,632,519

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 3.2%
$	10,810	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/12, repurchase price $10,810,122, collateralized by $8,435,000 U.S. Treasury Bonds, 10.625%, due 8/15/15, value $11,028,763		0.010	%	1/02/13	$	10,810,116
		Total Short-Term Investments (cost $10,810,116)						10,810,116
		Total Investments (cost $225,621,662) – 102.7%						351,442,635
		Other Assets Less Liabilities – (2.7)% (3)						(9,251,409	)
		Net Assets – 100%					$	342,191,226

Nuveen Investments
40

Investments in Derivatives as of December 31, 2012

Call Options Written outstanding:

Number of Contracts			Type	Notional Amount (4)			Expiration Date	Strike Price		Value (3)
			Call Options Written – (2.7)%
	(1,519	)	MINI-Nasdaq-100 Index	$	(39,114,250	)	1/19/13	$	257.5	$	(1,587,355	)
	(781	)	MINI-Nasdaq-100 Index		(20,306,000	)	1/19/13		260.0		(667,755	)
	(746	)	MINI-Nasdaq-100 Index		(19,582,500	)	1/19/13		262.5		(503,550	)
	(974	)	MINI-Nasdaq-100 Index		(25,811,000	)	1/19/13		265.0		(501,610	)
	(763	)	MINI-Nasdaq-100 Index		(20,410,250	)	1/19/13		267.5		(284,217	)
	(781	)	MINI-Nasdaq-100 Index		(20,891,750	)	2/16/13		267.5		(488,125	)
	(777	)	MINI-Nasdaq-100 Index		(20,979,000	)	2/16/13		270.0		(394,328	)
	(146	)	S&P 500 Index		(19,710,000	)	1/19/13		1,350.0		(1,197,930	)
	(119	)	S&P 500 Index		(16,362,500	)	1/19/13		1,375.0		(709,240	)
	(230	)	S&P 500 Index		(32,200,000	)	1/19/13		1,400.0		(914,250	)
	(151	)	S&P 500 Index		(21,517,500	)	1/19/13		1,425.0		(345,035	)
	(224	)	S&P 500 Index		(32,480,000	)	1/19/13		1,450.0		(204,960	)
	(168	)	S&P 500 Index		(23,520,000	)	2/16/13		1,400.0		(815,640	)
	(143	)	S&P 500 Index		(20,377,500	)	2/16/13		1,425.0		(458,315	)
	(7,522	)	Total Call Options Written (premiums received $8,436,242)	$	(333,262,250	)				$	(9,072,310	)

    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 listed within Investments in Derivatives at the end of the reporting period.

  (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
41

JPG

Nuveen Equity Premium and Growth Fund

Portfolio of Investments

  December 31, 2012

Shares		Description (1)	Value
		Common Stocks – 100.0% (5)
		Aerospace & Defense – 2.4%
	21,609	Boeing Company	$	1,628,454
	20,644	Honeywell International Inc.		1,310,275
	14,434	Raytheon Company		830,821
	22,344	United Technologies Corporation		1,832,431
		Total Aerospace & Defense		5,601,981
		Air Freight & Logistics – 0.8%
	25,299	United Parcel Service, Inc., Class B		1,865,295
		Airlines – 0.1%
	13,205	Latam Airlines Group, Sponsored ADR		311,110
		Auto Components – 0.1%
	9,310	Cooper Tire & Rubber		236,102
	5,900	Dana Holding Corporation		92,099
		Total Auto Components		328,201
		Automobiles – 0.5%
	92,502	Ford Motor Company		1,197,901
		Beverages – 2.3%
	86,588	Coca-Cola Company		3,138,815
	33,203	PepsiCo, Inc.		2,272,081
		Total Beverages		5,410,896
		Biotechnology – 1.1%
	11,864	Celgene Corporation, (2)		933,934
	20,273	Gilead Sciences, Inc., (2)		1,489,052
	10,546	PDL Biopahrma Inc.		74,349
		Total Biotechnology		2,497,335
		Capital Markets – 1.6%
	53,257	Charles Schwab Corporation		764,771
	24,627	Federated Investors Inc.		498,204
	7,757	Goldman Sachs Group, Inc.		989,483
	46,141	Morgan Stanley		882,216
	14,786	Waddell & Reed Financial, Inc., Class A		514,849
		Total Capital Markets		3,649,523
		Chemicals – 2.6%
	26,983	Dow Chemical Company		872,091
	21,896	E.I. Du Pont de Nemours and Company		984,663
	14,249	Eastman Chemical Company		969,644
	11,108	Monsanto Company		1,051,372
	27,207	Olin Corporation		587,399
	8,038	PPG Industries, Inc.		1,087,943
	16,530	RPM International, Inc.		485,321
		Total Chemicals		6,038,433

Nuveen Investments
42

Shares		Description (1)	Value
		Commercial Banks – 2.7%
	12,843	Comerica Incorporated	$	389,657
	12,783	Fifth Third Bancorp.		194,174
	11,582	First Horizon National Corporation		114,778
	8,574	FirstMerit Corporation		121,665
	49,105	Huntington BancShares Inc.		313,781
	33,673	Regions Financial Corporation		239,752
	46,627	U.S. Bancorp		1,489,266
	101,536	Wells Fargo & Company		3,470,500
		Total Commercial Banks		6,333,573
		Commercial Services & Supplies – 0.3%
	5,330	Avery Dennison Corporation		186,124
	14,872	Deluxe Corporation		479,473
	8,400	Kimball International Inc., Class B		97,524
		Total Commercial Services & Supplies		763,121
		Communications Equipment – 2.3%
	113,457	Cisco Systems, Inc.		2,229,430
	14,740	Motorola Solutions Inc.		820,723
	35,475	QUALCOMM, Inc.		2,200,160
	2,984	Research In Motion Limited, (2)		35,450
		Total Communications Equipment		5,285,763
		Computers & Peripherals – 4.5%
	16,159	Apple, Inc.		8,613,228
	30,455	Dell Inc.		308,509
	47,936	EMC Corporation, (2)		1,212,781
	25,651	Hewlett-Packard Company		365,527
		Total Computers & Peripherals		10,500,045
		Consumer Finance – 0.5%
	21,390	American Express Company		1,229,497
		Containers & Packaging – 0.3%
	17,965	Packaging Corp. of America		691,114
		Distributors – 0.5%
	19,736	Genuine Parts Company		1,254,815
		Diversified Consumer Services – 0.1%
	5,562	Apollo Group, Inc., Class A, (2)		116,357
		Diversified Financial Services – 4.3%
	220,358	Bank of America Corporation		2,556,153
	53,890	Citigroup Inc.		2,131,888
	12,960	CME Group, Inc.		657,202
	4,327	Intercontinental Exchange, Inc., (2)		535,726
	83,543	JP Morgan Chase & Co.		3,673,386
	9,862	New York Stock Exchange Euronext		311,047
		Total Diversified Financial Services		9,865,402
		Diversified Telecommunication Services – 3.5%
	3,700	Alaska Communications Systems Group Inc., (2)		7,178
	136,321	AT&T Inc.		4,595,381
	111,815	Frontier Communications Corporation		478,568
	72,804	Verizon Communications Inc.		3,150,229
		Total Diversified Telecommunication Services		8,231,356

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Electric Utilities – 1.5%
	34,345	Duke Energy Corporation	$	2,191,211
	60,263	Great Plains Energy Incorporated		1,223,942
		Total Electric Utilities		3,415,153
		Electrical Equipment – 0.9%
	3,151	Eaton PLC		170,784
	23,075	Emerson Electric Company		1,222,052
	6,854	Rockwell Automation, Inc.		575,667
		Total Electrical Equipment		1,968,503
		Electronic Equipment & Instruments – 0.3%
	48,583	Corning Incorporated		613,117
		Energy Equipment & Services – 2.1%
	12,363	Baker Hughes Incorporated		504,905
	2,246	Carbo Ceramics Inc.		175,952
	30,868	Halliburton Company		1,070,811
	9,961	National-Oilwell Varco Inc.		680,834
	12,997	Noble Corporation		452,556
	27,641	Schlumberger Limited		1,915,245
	1,869	Tidewater Inc.		83,507
		Total Energy Equipment & Services		4,883,810
		Food & Staples Retailing – 1.9%
	28,828	CVS Caremark Corporation		1,393,834
	23,426	SUPERVALU INC., (2)		57,862
	35,291	Wal-Mart Stores, Inc.		2,407,905
	5,987	Whole Foods Market, Inc.		546,793
		Total Food & Staples Retailing		4,406,394
		Food Products – 1.4%
	13,960	Archer-Daniels-Midland Company		382,364
	33,648	ConAgra Foods, Inc.		992,616
	15,625	Kraft Foods Inc., Class A		710,469
	46,877	Mondelez International Inc.		1,193,957
		Total Food Products		3,279,406
		Gas Utilities – 0.5%
	13,418	AGL Resources Inc.		536,317
	14,636	ONEOK, Inc.		625,689
		Total Gas Utilities		1,162,006
		Health Care Equipment & Supplies – 2.0%
	45,691	Abbott Laboratories		2,992,761
	28,854	Boston Scientific Corporation, (2)		165,333
	3,976	Hologic Inc., (2)		79,639
	31,998	Medtronic, Inc.		1,312,558
		Total Health Care Equipment & Supplies		4,550,291
		Health Care Providers & Services – 2.2%
	13,746	Aetna Inc.		636,440
	1,637	Brookdale Senior Living Inc., (2)		41,449
	26,964	Express Scripts, (2)		1,456,056
	5,614	Humana Inc.		385,289
	6,162	Tenet Healthcare Corporation, (2)		200,080
	28,552	UnitedHealth Group Incorporated		1,548,660
	11,994	Wellpoint Inc.		730,674
		Total Health Care Providers & Services		4,998,648

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Shares		Description (1)	Value
		Hotels, Restaurants & Leisure – 1.3%
	9,393	International Game Technology	$	133,099
	22,404	McDonald's Corporation		1,976,257
	13,188	MGM Resorts International Inc., (2)		153,508
	43,350	The Wendy's Company		203,745
	4,557	Tim Hortons Inc.		224,113
	5,749	Wyndham Worldwide Corporation		305,904
		Total Hotels, Restaurants & Leisure		2,996,626
		Household Durables – 0.5%
	9,410	KB Home		148,678
	7,325	Lennar Corporation, Class A		283,258
	16,964	Newell Rubbermaid Inc.		377,788
	2,393	Whirlpool Corporation		243,488
		Total Household Durables		1,053,212
		Household Products – 2.0%
	5,228	Colgate-Palmolive Company		546,535
	9,977	Kimberly-Clark Corporation		842,358
	47,393	Procter & Gamble Company		3,217,511
		Total Household Products		4,606,404
		Industrial Conglomerates – 1.6%
	15,527	3M Co.		1,441,682
	108,753	General Electric Company		2,282,725
		Total Industrial Conglomerates		3,724,407
		Insurance – 3.4%
	18,935	Arthur J. Gallagher & Co.		656,098
	27,775	Berkshire Hathaway Inc., Class B, (2)		2,491,418
	16,883	Fidelity National Title Group Inc., Class A		397,595
	20,130	Genworth Financial Inc., Class A, (2)		151,176
	12,560	Kemper Corporation		370,520
	26,486	Lincoln National Corporation		685,987
	26,240	Marsh & McLennan Companies, Inc.		904,493
	16,516	Mercury General Corporation		655,520
	14,302	Prudential Financial, Inc.		762,726
	11,626	Travelers Companies, Inc.		834,979
		Total Insurance		7,910,512
		Internet & Catalog Retail – 0.8%
	7,722	Amazon.com, Inc., (2)		1,939,303
		Internet Software & Services – 2.6%
	5,170	Akamai Technologies, Inc., (2)		211,505
	26,548	eBay Inc., (2)		1,354,479
	5,040	Google Inc., Class A, (2)		3,575,225
	22,961	United Online, Inc.		128,352
	6,424	VeriSign, Inc., (2)		249,380
	27,685	Yahoo! Inc., (2)		550,932
		Total Internet Software & Services		6,069,873
		IT Services – 3.9%
	29,841	Automatic Data Processing, Inc.		1,701,235
	9,387	Cognizant Technology Solutions Corporation, Class A, (2)		695,107
	11,474	Fidelity National Information Services		399,410
	24,100	International Business Machines Corporation (IBM)		4,616,355
	2,687	Lender Processing Services Inc.		66,154
	9,814	Visa Inc., Class A		1,487,606
		Total IT Services		8,965,867

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Leisure Equipment & Products – 0.9%
	24,528	Mattel, Inc.	$	898,215
	14,292	Polaris Industries Inc.		1,202,672
		Total Leisure Equipment & Products		2,100,887
		Life Sciences Tools & Services – 0.1%
	1,370	Covance, Inc., (2)		79,145
	4,213	Life Technologies Corporation, (2)		206,774
		Total Life Sciences Tools & Services		285,919
		Machinery – 2.7%
	3,706	Briggs & Stratton Corporation		78,122
	13,149	Caterpillar Inc.		1,177,887
	5,474	Cummins Inc.		593,108
	11,992	Deere & Company		1,036,349
	14,691	Illinois Tool Works, Inc.		893,360
	5,351	Pentair Limited		263,002
	11,866	Snap-on Incorporated		937,295
	18,194	Stanley Black & Decker Inc.		1,345,810
		Total Machinery		6,324,933
		Media – 2.6%
	12,544	CBS Corporation, Class B		477,299
	82,347	Comcast Corporation, Class A		3,078,131
	14,912	DIRECTV Group, Inc., (2)		747,986
	8,126	Gannett Company Inc.		146,349
	5,070	Lamar Advertising Company, (2)		196,463
	28,121	New York Times, Class A, (2)		239,872
	51,096	Regal Entertainment Group, Class A		712,789
	45,144	Sirius XM Radio Inc.		130,466
	24,892	World Wrestling Entertainment Inc.		196,398
		Total Media		5,925,753
		Metals & Mining – 0.6%
	4,770	Companhia Siderurgica Nacional S.A., Sponsored ADR		28,143
	24,931	Freeport-McMoRan Copper & Gold, Inc.		852,640
	11,424	Southern Copper Corporation		432,513
	3,047	United States Steel Corporation		72,732
		Total Metals & Mining		1,386,028
		Multiline Retail – 0.7%
	8,878	Nordstrom, Inc.		474,973
	19,537	Target Corporation		1,156,004
		Total Multiline Retail		1,630,977
		Multi-Utilities – 2.0%
	14,000	Ameren Corporation		430,080
	52,946	CenterPoint Energy, Inc.		1,019,211
	8,097	Consolidated Edison, Inc.		449,707
	23,143	Dominion Resources, Inc.		1,198,807
	28,718	Integrys Energy Group, Inc.		1,499,654
		Total Multi-Utilities		4,597,459
		Oil, Gas & Consumable Fuels – 9.5%
	32,095	Chesapeake Energy Corporation		533,419
	41,178	Chevron Corporation		4,452,989
	21,336	ConocoPhillips		1,237,275
	11,317	CONSOL Energy Inc.		363,276
	6,936	EOG Resources, Inc.		837,799

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Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	91,175	Exxon Mobil Corporation	$	7,891,196
	7,395	Hess Corporation		391,639
	20,768	Marathon Oil Corporation		636,747
	10,284	Marathon Petroleum Corporation		647,892
	20,324	Occidental Petroleum Corporation		1,557,022
	23,308	Peabody Energy Corporation		620,226
	10,973	Phillips 66		582,666
	24,031	Ship Financial International Limited		399,636
	17,375	Southwestern Energy Company, (2)		580,499
	23,750	StatoilHydro ASA, Sponsored ADR		594,700
	18,205	Valero Energy Corporation		621,155
		Total Oil, Gas & Consumable Fuels		21,948,136
		Personal Products – 0.1%
	21,653	Avon Products, Inc.		310,937
		Pharmaceuticals – 6.3%
	476	AstraZeneca PLC, Sponsored ADR		22,501
	47,168	Bristol-Myers Squibb Company		1,537,205
	28,605	Eli Lilly and Company		1,410,799
	57,590	Johnson & Johnson		4,037,059
	70,896	Merck & Company Inc.		2,902,482
	181,817	Pfizer Inc.		4,559,970
	5,422	Sanofi-Aventis, Sponsored ADR		256,894
		Total Pharmaceuticals		14,726,910
		Real Estate Investment Trust – 2.4%
	52,352	Annaly Capital Management Inc.		735,022
	35,857	Brandywine Realty Trust		437,097
	14,334	CubeSmart		208,846
	16,442	Hospitality Properties Trust		385,072
	54,457	Lexington Corporate Properties Trust		569,076
	49,304	Senior Housing Properties Trust		1,165,547
	24,458	Ventas Inc.		1,582,922
	19,112	Weyerhaeuser Company		531,696
		Total Real Estate Investment Trust		5,615,278
		Road & Rail – 0.7%
	12,780	Union Pacific Corporation		1,606,702
		Semiconductors & Equipment – 2.1%
	15,548	Analog Devices, Inc.		653,949
	35,188	Applied Materials, Inc.		402,551
	959	First Solar Inc., (2)		29,614
	109,250	Intel Corporation		2,253,828
	17,124	Microchip Technology Incorporated		558,071
	19,215	NVIDIA Corporation		236,152
	27,352	Texas Instruments Incorporated		846,271
		Total Semiconductors & Equipment		4,980,436
		Software – 3.7%
	16,588	Adobe Systems Incorporated, (2)		625,036
	8,286	Autodesk, Inc., (2)		292,910
	159,313	Microsoft Corporation		4,258,436
	76,771	Oracle Corporation		2,558,010
	4,926	Salesforce.com, Inc., (2)		828,061
		Total Software		8,562,453

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Nuveen Equity Premium and Growth Fund (continued)

Portfolio of InvestmentsDecember 31, 2012

Shares		Description (1)	Value
		Specialty Retail – 2.9%
	6,506	Abercrombie & Fitch Co., Class A		312,093
	19,409	American Eagle Outfitters, Inc.		398,079
	14,239	Best Buy Co., Inc.		168,732
	12,843	Gap, Inc.		398,647
	32,302	Home Depot, Inc.		1,997,879
	18,133	Limited Brands, Inc.		853,339
	34,642	Lowe's Companies, Inc.		1,230,484
	7,525	Tiffany & Co.		431,484
	19,611	TJX Companies, Inc.		832,487
		Total Specialty Retail		6,623,224
		Textiles, Apparel & Luxury Goods – 0.5%
	8,185	VF Corporation		1,235,689
		Thrifts & Mortgage Finance – 0.3%
	52,183	New York Community Bancorp Inc.		683,597
		Tobacco – 2.1%
	51,979	Altria Group, Inc.		1,633,180
	29,266	Philip Morris International		2,447,808
	18,986	Reynolds American Inc.		786,590
		Total Tobacco		4,867,578
		Trading Companies & Distributors – 0.3%
	3,200	W.W. Grainger, Inc.		647,584
		Wireless Telecommunication Services – 0.1%
	54,217	Sprint Nextel Corporation, (2)		307,410
	1,065	Vodafone Group PLC, Sponsored ADR		26,827
		Total Wireless Telecommunication Services		334,237
		Total Common Stocks (cost $181,240,535)		232,109,967

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		Short-Term Investments – 2.2%
$	5,076	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/12, repurchase price $5,075,661, collateralized by $3,960,000 U.S. Treasury Bonds, 10.625%, due 8/15/15, value $5,177,700		0.010	%	1/02/13	$	5,075,658
		Total Short-Term Investments (cost $5,075,658)						5,075,658
		Total Investments (cost $186,316,193) – 102.2%						237,185,625
		Other Assets Less Liabilities – (2.2)% (3)						(5,180,452	)
		Net Assets – 100%					$	232,005,173

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Investments in Derivatives as of December 31, 2012

Call Options Written outstanding:

Number of Contracts			Type	Notional Amount (4)			Expiration Date	Strike Price		Value (3)
			Call Options Written – (2.2)%
	(156	)	S&P 500 Index	$	(21,060,000	)	1/19/13	$	1,350	$	(1,279,980	)
	(157	)	S&P 500 Index		(21,587,500	)	1/19/13		1,375		(935,720	)
	(260	)	S&P 500 Index		(36,400,000	)	1/19/13		1,400		(1,033,500	)
	(158	)	S&P 500 Index		(22,515,000	)	1/19/13		1,425		(361,030	)
	(234	)	S&P 500 Index		(33,930,000	)	1/19/13		1,450		(214,110	)
	(179	)	S&P 500 Index		(25,060,000	)	2/16/13		1,400		(869,045	)
	(159	)	S&P 500 Index		(22,657,500	)	2/16/13		1,425		(509,595	)
	(1,303	)	Total Call Options Written (premiums received $4,537,048)	$	(183,210,000	)				$	(5,202,980	)

    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 listed within Investments in Derivatives at the end of the reporting period.

  (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.

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Statement of

ASSETS & LIABILITIES

December 31, 2012

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Assets
Investments, at value (cost $395,301,620, $633,978,944, $225,621,662 and $186,316,193, respectively)	$	518,516,775		$	890,120,698		$	351,442,635		$	237,185,625
Cash		3,043			—			—			—
Cash denominated in foreign currencies (cost $—, $2,965, $—and $—, respectively)		—			2,955			—			—
Receivables:
Dividends and interest		662,891			970,268			243,806			281,960
Investments sold		—			—			1,294			—
Reclaims		555			—			145			—
Other assets		51,057			80,232			32,076			19,855
Total assets		519,234,321			891,174,153			351,719,956			237,487,440
Liabilities
Call options written, at value (premiums received $12,043,556, $21,157,896, $8,436,242 and $4,537,048, respectively)		13,662,325			23,822,180			9,072,310			5,202,980
Accrued expenses:
Management fees		373,571			581,096			252,679			167,623
Trustees fees		50,975			80,704			31,868			19,618
Other		165,395			295,449			171,873			92,046
Total liabilities		14,252,266			24,779,429			9,528,730			5,482,267
Net assets	$	504,982,055		$	866,394,724		$	342,191,226		$	232,005,173
Shares outstanding		38,464,973			66,487,744			25,679,417			16,152,579
Net asset value per share outstanding	$	13.13		$	13.03		$	13.33		$	14.36
Net assets consist of:
Shares, $.01 par value per share	$	384,650		$	664,877		$	256,794		$	161,526
Paid-in surplus		451,585,563			711,829,282			257,378,943			224,856,899
Undistributed (Over-distribution of) net investment income		—			—			—			—
Accumulated net realized gain (loss)		(68,584,544	)		(99,576,895	)		(40,629,416	)		(43,216,752	)
Net unrealized appreciation (depreciation)		121,596,386			253,477,460			125,184,905			50,203,500
Net assets	$	504,982,055		$	866,394,724		$	342,191,226		$	232,005,173
Authorized shares		Unlimited			Unlimited			Unlimited			Unlimited

See accompanying notes to financial statements.

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Statement of

OPERATIONS

Year Ended December 31, 2012

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Investment Income
Dividends (net of foreign tax withheld of $5,245, $29,215, $13,393 and $9,817, respectively)	$	14,039,376		$	20,695,631		$	7,066,591		$	6,317,522
Interest		2,062			4,070			1,685			815
Total investment income		14,041,438			20,699,701			7,068,276			6,318,337
Expenses
Management fees		4,450,361			7,582,617			3,042,810			1,992,518
Shareholder servicing agent fees and expenses		1,384			2,087			947			734
Custodian fees and expenses		89,059			146,391			70,618			49,226
Trustees fees and expenses		14,028			24,088			9,660			6,513
Professional fees		58,863			93,407			53,108			42,987
Shareholder reporting expenses		104,956			179,892			60,244			44,528
Stock exchange listing fees		12,102			20,910			8,453			8,453
Investor relations expense		130,124			224,100			76,178			54,222
Other expenses		68,444			157,808			131,703			45,059
Total expenses before expense reimbursement		4,929,321			8,431,300			3,453,721			2,244,240
Expense reimbursement		(298,329	)		(668,221	)		—			—
Net expenses		4,630,992			7,763,079			3,453,721			2,244,240
Net investment income (loss)		9,410,446			12,936,622			3,614,555			4,074,097
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		14,716,979			36,351,932			24,558,199			5,360,151
Call options written		(22,510,016	)		(45,753,145	)		(21,432,485	)		(7,866,299	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		50,950,393			83,633,596			28,048,972			23,903,760
Call options written		(1,764,899	)		(5,845,583	)		(3,025,148	)		(855,286	)
Net realized and unrealized gain (loss)		41,392,457			68,386,800			28,149,538			20,542,326
Net increase (decrease) in net assets from operations	$	50,802,903		$	81,323,422		$	31,764,093		$	24,616,423

See accompanying notes to financial statements.

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Statement of

CHANGES in NET ASSETS

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Year Ended 12/31/12			Year Ended 12/31/11			Year Ended 12/31/12			Year Ended 12/31/11
Operations
Net investment income (loss)	$	9,410,446		$	8,760,447		$	12,936,622		$	12,064,655
Net realized gain (loss) from:
Investments and foreign currency		14,716,979			16,618,497			36,351,932			35,216,557
Call options written		(22,510,016	)		6,090,806			(45,753,145	)		14,882,498
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		50,950,393			(8,413,092	)		83,633,596			(21,844,932	)
Call options written		(1,764,899	)		4,282,450			(5,845,583	)		8,297,702
Net increase (decrease) in net assets from operations		50,802,903			27,339,108			81,323,422			48,616,480
Distributions to Shareholders
From net investment income		(9,513,512	)		(28,891,374	)		(13,421,449	)		(68,934,322	)
Return of capital		(32,189,236	)		(15,989,671	)		(60,782,807	)		(11,166,014	)
Decrease in net assets from distributions to shareholders		(41,702,748	)		(44,881,045	)		(74,204,256	)		(80,100,336	)
Capital Share Transactions
Cost of shares repurchased or retired		(203,434	)		(1,962,247	)		(53,251	)		(704,719	)
Net increase (decrease) in net assets from capital share transactions		(203,434	)		(1,962,247	)		(53,251	)		(704,719	)
Net increase (decrease) in net assets		8,896,721			(19,504,184	)		7,065,915			(32,188,575	)
Net assets at the beginning of period		496,085,334			515,589,518			859,328,809			891,517,384
Net assets at the end of period	$	504,982,055		$	496,085,334		$	866,394,724		$	859,328,809
Undistributed (Over-distribution of) net investment income at the end of period	$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

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Statement of

CHANGES in NET ASSETS(continued)

	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Year Ended 12/31/12			Year Ended 12/31/11			Year Ended 12/31/12			Year Ended 12/31/11
Operations
Net investment income (loss)	$	3,614,555		$	3,021,132		$	4,074,097		$	3,840,600
Net realized gain (loss) from:
Investments and foreign currency		24,558,199			8,482,789			5,360,151			(1,541,071	)
Call options written		(21,432,485	)		7,418,649			(7,866,299	)		2,537,159
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		28,048,972			(1,596,017	)		23,903,760			3,980,788
Call options written		(3,025,148	)		3,585,041			(855,286	)		1,703,631
Net increase (decrease) in net assets from operations		31,764,093			20,911,594			24,616,423			10,521,107
Distributions to Shareholders
From net investment income		(5,357,420	)		(22,520,322	)		(4,142,189	)		(6,455,660	)
Return of capital		(23,850,406	)		(8,943,289	)		(13,959,339	)		(11,765,192	)
Decrease in net assets from distributions to shareholders		(29,207,826	)		(31,463,611	)		(18,101,528	)		(18,220,852	)
Capital Share Transactions
Cost of shares repurchased or retired		(893,691	)		(1,350,259	)		(174,186	)		(1,730,753	)
Net increase (decrease) in net assets from capital share transactions		(893,691	)		(1,350,259	)		(174,186	)		(1,730,753	)
Net increase (decrease) in net assets		1,662,576			(11,902,276	)		6,340,709			(9,430,498	)
Net assets at the beginning of period		340,528,650			352,430,926			225,664,464			235,094,962
Net assets at the end of period	$	342,191,226		$	340,528,650		$	232,005,173		$	225,664,464
Undistributed (Over-distribution of) net investment income at the end of period	$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

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Financial

HIGHLIGHTS

Selected data for a share outstanding throughout each period:

				Investment Operations								Less Distributions
		Beginning Net Asset Value		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Return of Capital			Total			Discount From Shares Repurchased and Retired			Ending Net Asset Value		Ending Market Value
Equity Premium Income (JPZ)
Year Ended 12/31:
	2012	$	12.89	$	.24	$	1.08		$	1.32		$	(.25	)	$	—		$	(.83	)	$	(1.08	)	$	—	*	$	13.13	$	11.83
	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
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2012		12.92		.19		1.04			1.23			(.20	)		—			(.92	)		(1.12	)		—	*		13.03		12.07
	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
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2012		13.22		.14		1.11			1.25			(.21	)		—			(.93	)		(1.14	)		—	*		13.33		11.90
	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
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2012		13.96		.25		1.27			1.52			(.26	)		—			(.86	)		(1.12	)		—	*		14.36		12.93
	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

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								Ratios/Supplemental Data
		Total Returns								Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(c)
		Based on Market Value(b)			Based on Net Asset Value(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate
Equity Premium Income (JPZ)
Year Ended 12/31:
	2012		15.58	%		10.43	%	$	504,982		.96	%		1.78	%		.91	%		1.84	%		3	%
	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
Equity Premium Opportunity (JSN)
Year Ended 12/31:
	2012		15.68			9.62			866,395		.96			1.39			.88			1.47			6
	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
Equity Premium Advantage (JLA)
Year Ended 12/31:
	2012		13.89			9.54			342,191		.99			1.04			N/A			N/A			6
	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
Equity Premium and Growth (JPG)
Year Ended 12/31:
	2012		16.58			11.03			232,005		.96			1.74			N/A			N/A			1
	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

(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. 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, or no longer has, a contractual reimbursement agreement with the Adviser.

*  Rounds to less than $.01 per share.

See accompanying notes to financial statements.

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Notes to

FINANCIAL STATEMENTS

1. General Information and Significant Accounting Policies

General Information

The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are Nuveen Equity Premium Income Fund (JPZ), Nuveen Equity Premium Opportunity Fund (JSN), Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG) (each a "Fund" and collectively, the "Funds"). The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies.

On December 31, 2012, the Funds' investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisers, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), changed its name to Nuveen Fund Advisers, LLC (the "Adviser"). There were no changes to the identities or roles of any personnel as a result of the change.

Equity Premium Income's (JPZ) investment objective is to provide a high level of current income and gains. The Fund invests its Managed Assets (as defined in Footnote 7—Management Fees and Other Transactions with Affiliates) in a diversified equity portfolio that seeks to substantially replicate price movements of the Standard & Poor's ("S&P") 500^® Index. The Fund also uses an index option strategy of writing (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^® Index and the NASDAQ-100 Index, respectively. The Fund also uses an index option strategy of writing (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^® Index and the NASDAQ-100 Index, respectively. The Fund also uses an index option strategy of writing (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^® Index. The Fund also uses an index option strategy of writing (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.

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 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,

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56

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

Index options are valued at the mean of the closing bid and ask prices. 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.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.

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. 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,

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Notes to

FINANCIAL STATEMENTS (continued)

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 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, 2012 and December 31, 2011, are reflected in the accompanying financial statements.

Foreign Currency Transactions

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

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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.

During the fiscal year ended December 31, 2012, each Fund wrote call options on a stock index, or a blend of stock indexes, while investing in a portfolio of equities, to enhance returns while foregoing some upside potential of its equity portfolio. Equity Premium Income (JPZ) and Equity Premium and Growth (JPG) wrote call options on the S&P 500^® Index. Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA) wrote call options on a blend of the S&P 500^® and NASDAQ 100 Indexes.

The average notional amount of call options written during the fiscal year ended December 31, 2012, 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*	$	(489,377,500	)	$	(839,854,500	)	$	(333,129,800	)	$	(180,303,500	)

*  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.

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.

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Notes to

FINANCIAL STATEMENTS (continued)

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 the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 —  Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 —  Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 —  Prices are determined using 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 risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:

Equity Premium Income (JPZ)	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	500,379,882		$	—	$	—	$	500,379,882
Short-Term Investments:
Repurchase Agreements		—			18,136,893		—		18,136,893
Derivatives:
Call Options Written		(13,662,325	)		—		—		(13,662,325	)
Total	$	486,717,557		$	18,136,893	$	—	$	504,854,450
Equity Premium Opportunity (JSN)	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	866,078,599		$	—	$	—	$	866,078,599
Short-Term Investments:
Repurchase Agreements		—			24,042,099		—		24,042,099
Derivatives:
Call Options Written		(23,822,180	)		—		—		(23,822,180	)
Total	$	842,256,419		$	24,042,099	$	—	$	866,298,518

*  Refer to the Fund's Portfolio of Investments for industry classifications.

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Equity Premium Advantage (JLA)	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	340,632,519		$	—	$	—	$	340,632,519
Short-Term Investments:
Repurchase Agreements		—			10,810,116		—		10,810,116
Derivatives:
Call Options Written		(9,072,310	)		—		—		(9,072,310	)
Total	$	331,560,209		$	10,810,116	$	—	$	342,370,325
Equity Premium and Growth (JPG)	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	232,109,967		$	—	$	—	$	232,109,967
Short-Term Investments:
Repurchase Agreements		—			5,075,658		—		5,075,658
Derivatives:
Call Options Written		(5,202,980	)		—		—		(5,202,980	)
Total	$	226,906,987		$	5,075,658	$	—	$	231,982,645

*  Refer to the Fund's Portfolio of Investments for industry classifications.

The Nuveen funds' Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds' pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

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.

The following tables present the fair value of all derivative instruments held by the Funds as of December 31, 2012, 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	$	(13,662,325	)

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Notes to

FINANCIAL STATEMENTS (continued)

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	$	(23,822,180	)

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	$	(9,072,310	)

Equity Premium and Growth (JPG)

		Location on the Statement of Assets and Liabilities
Underlying	Derivative	Asset Derivatives				Liability Derivatives
Risk Exposure	Instrument	Location		Value		Location	Value
Equity Price	Options		—	$	—	Call options written, at value	$	(5,202,980	)

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, 2012, 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	$	(22,510,016	)	$	(45,753,145	)	$	(21,432,485	)	$	(7,866,299	)
Change in Net Unrealized Appreciation (Depreciation) of Call Options Written	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Risk Exposure
Equity Price	$	(1,764,899	)	$	(5,845,583	)	$	(3,025,148	)	$	(855,286	)

4. Fund Shares

Transactions in shares were as follows:

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Year Ended 12/31/12			Year Ended 12/31/11			Year Ended 12/31/12			Year Ended 12/31/11
Shares repurchased and retired		(17,662	)		(178,376	)		(4,700	)		(66,600	)
Weighted average:
Price per share repurchased and retired	$	11.50		$	10.98		$	11.31		$	10.56
Discount per share repurchased and retired		19.37	%		13.69	%		12.12	%		15.38	%

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	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Year Ended 12/31/12			Year Ended 12/31/11			Year Ended 12/31/12			Year Ended 12/31/11
Shares repurchased and retired		(75,394	)		(119,189	)		(13,800	)		(145,263	)
Weighted average:
Price per share repurchased and retired	$	11.83		$	11.31		$	12.60		$	11.89
Discount per share repurchased and retired		12.36	%		13.39	%		11.72	%		13.56	%

5. Investment Transactions

Purchases and sales (excluding short-term investments and derivative transactions) during the fiscal year ended December 31, 2012, were as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Purchases	$	16,075,146	$	54,757,201	$	21,844,250	$	2,807,082
Sales		66,516,438		145,351,332		67,551,094		21,447,874

Transactions in call options written during the fiscal year ended December 31, 2012, were as follows:

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Options outstanding, beginning of period		3,800		$	23,565,960			13,873		$	39,105,309
Options written		29,630			104,102,673			104,798			189,566,594
Options terminated in closing purchase transactions		(29,955	)		(115,625,077	)		(102,545	)		(204,524,727	)
Options expired		—			—			(3,738	)		(2,989,280	)
Options outstanding, end of period		3,475		$	12,043,556			12,388		$	21,157,896
	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Options outstanding, beginning of period		8,649		$	14,772,216			1,408		$	8,825,084
Options written		63,362			79,696,507			10,868			38,251,731
Options terminated in closing purchase transactions		(61,435	)		(83,576,971	)		(10,973	)		(42,539,767	)
Options expired		(3,054	)		(2,455,510	)		—			—
Options outstanding, end of period		7,522		$	8,436,242			1,303		$	4,537,048

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recording income, timing differences in recognizing certain gains and losses on investment transactions and the recognition of unrealized gain or loss for tax (mark-to-market) on option contracts. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

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Notes to

FINANCIAL STATEMENTS (continued)

As of December 31, 2012, 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	$	395,593,326		$	634,350,746		$	225,597,784		$	186,300,378
Gross unrealized:
Appreciation	$	167,138,999		$	298,973,253		$	128,311,025		$	69,833,109
Depreciation		(44,215,550	)		(43,203,301	)		(2,466,174	)		(18,947,862	)
Net unrealized appreciation (depreciation) of investments	$	122,923,449		$	255,769,952		$	125,844,851		$	50,885,247

Permanent differences, primarily due to Real Estate Investment Trust (REIT) adjustments, reclassification of litigation proceeds, return of capital distributions and tax basis earnings and profit adjustments resulted in reclassifications among the Funds' components of net assets as of December 31, 2012, 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	$	(32,237,929	)	$	(60,798,194	)	$	(25,537,800	)	$	(13,960,625	)
Undistributed (Over-distribution of) net investment income		32,292,302			61,267,634			25,593,271			14,027,431
Accumulated net realized gain (loss)		(54,373	)		(469,440	)		(55,471	)		(66,806	)

The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2012, 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, 2012 and December 31, 2011, was designated for purposes of the dividends paid deduction as follows:

2012	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Distributions from net ordinary income*	$	9,513,512	$	13,421,449	$	5,357,420	$	4,142,189
Distributions from net long-term capital gains		—		—		—		—
Return of capital		32,189,236		60,782,807		23,850,406		13,959,339

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

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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

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

As of December 31, 2012, 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	$	25,262,705	$	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	$	39,615,663	$	38,159,223

During the Funds' tax year ended December 31, 2012, the following Fund utilized its capital loss carryforwards as follows:

	Equity Premium Advantage (JLA)
Utilized capital loss carryforwards	$	1,694,153

Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after December 31, 2010, will not be subject to expiration.

Capital losses incurred that will be carried forward under the provisions of the Act are as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium and Growth (JPG)
Post-enactment losses
Short-term	$	7,288,963	$	10,105,025	$	2,770,620
Long-term		649,615		—		1,940,680

The Funds have elected to defer losses incurred from November 1, 2012 through December 31, 2012, the Funds' 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 Funds have elected to defer losses as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Post-October capital losses	$	1,673,731	$	5,340,042	$	1,649,058	$	990,831
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 respective Funds as well as from growth in the amount of complex-wide assets managed by the Adviser.

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Notes to

FINANCIAL STATEMENTS (continued)

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

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

The annual complex-level fee for each Fund, payable monthly, 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, 2012, the complex-level fee rate for each of these Funds was .1684%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund's overall strategy and asset allocation decisions. The Adviser has entered into

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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 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.

8. New Accounting Pronouncements

Financial Accounting Standards Board ("FASB") Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-11 ("ASU No. 2011-11") to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting ("netting") on the Statement of Assets and Liabilities. This information will enable users of the entity's financial statements to evaluate the effect or potential effect of netting arrangements on the entity's financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

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Board Members & Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the board members of the Funds. The number of board members of the Funds 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 & 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:
nROBERT P. BREMNER
	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.		216
nJACK 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.		216
nWILLIAM C. HUNTER
	3/6/48 333 W. Wacker Drive Chicago, IL 60606	Board Member	2004 Class I	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The 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.		216

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Name, Birthdate & 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):
nDAVID J. KUNDERT
	10/28/42 333 W. Wacker Drive Chicago, IL 60606	Board Member	2005 Class II	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, 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; member of the Board of Directors (Milwaukee), College Possible.		216
nWILLIAM J. SCHNEIDER
	9/24/44 333 W. Wacker Drive Chicago, IL 60606	Board Member	1996 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.		216
nJUDITH M. STOCKDALE
	12/29/47 333 W. Wacker Drive Chicago, IL 60606	Board Member	1997 Class I	Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).		216
nCAROLE E. STONE
	6/28/47 333 W. Wacker Drive Chicago, IL 60606	Board Member	2007 Class I	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).		216
nVIRGINIA L. STRINGER
	8/16/44 333 W. Wacker Drive Chicago, IL 60606	Board Member	2011 Class I	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute's Independent Directors Council; 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).		216

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Board Members & Officers (Unaudited) (continued)

Name, Birthdate & 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):
nTERENCE J. TOTH
	9/29/59 333 W. Wacker Drive Chicago, IL 60606	Board Member	2008 Class II	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, 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: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; 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).		216
Interested Board Member:
nJOHN P. AMBOIAN(2)
	6/14/61 333 W. Wacker Drive Chicago, IL 60606	Board Member	2008 Class II	Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., 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, LLC.		216
Name, Birthdate and Address		Position(s) Held with the Funds	Year First Elected or Appointed(3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
nGIFFORD R. ZIMMERMAN
	9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary 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, LLC; 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), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.		216

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Name, Birthdate and Address		Position(s) Held with the Funds	Year First Elected or Appointed(3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds (continued):
nWILLIAM 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, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.		116
nCEDRIC H. ANTOSIEWICZ
	1/11/62 333 W. Wacker Drive Chicago, IL 60606	Vice President	2007	Managing Director of Nuveen Securities, LLC.		116
nMARGO 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, LLC (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.		216
nLORNA C. FERGUSON
	10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).		216
nSTEPHEN 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, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.		216
nSCOTT 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, LLC, 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, LLC.; 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.		216

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Board Members & Officers (Unaudited) (continued)

Name, Birthdate and Address		Position(s) Held with the Funds	Year First Elected or Appointed(3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds (continued):
nWALTER 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, LLC; Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.		216
nTINA 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, LLC.		216
nKEVIN J. MCCARTHY
	3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (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, LLC; 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, NWQ Holdings, LLC,Symphony Asset Management LLC, Santa Barbara Asset Management,LLC, and of Winslow Capital Management, LLC (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).		216
nKATHLEEN 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, LLC; 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).		216

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

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

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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.

•  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.

•  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.

•  Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

•  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.

•  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.

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Notes

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74

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, LLC
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.

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

Common Share Information

Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

Fund	Shares Repurchased
JPZ		17,662
JSN		4,700
JLA		75,394
JPG		13,800

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

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Nuveen Investments:
Serving Investors for Generations

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 $219 billion as of December 31, 2012.

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-1212D

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/Shareholder/FundGovernance.aspx. (To view the code, 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, 2012	$	26,309		$	0		$	1,960		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%	0		%
December 31, 2011	$	26,942		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%	0		%

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

(2) “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

(3) “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

(4) “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

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, LLC (formerly Nuveen Fund Advisors, Inc.) (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, 2012	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%
December 31, 2011	$	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, 2012	$	1,960	$	0	$	0	$	1,960
December 31, 2011	$	0	$	0	$	0	$	0

“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.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

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.

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Gateway Investment Advisers, LLC (“Gateway” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services.  As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures.  The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its 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.

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc. (“NFALLC”), is the registrant’s investment adviser (NFALLC is also referred to as the “Adviser”).  NFALLC is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  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

Michael T. Buckius and Kenneth H. Toft - Michael T. Buckius, CFA and Kenneth H. Toft, CFA, are responsible for investing the Managed Assets of the Nuveen Equity Premium Income Fund, Nuveen Equity Premium and Growth Fund, Nuveen Equity Premium Opportunity Fund, and Nuveen Equity Premium Advantage Fund.  Mr. Buckius is Gateway’s Chief Investment Officer as well as a Senior Vice President and Portfolio Manager.  He joined Gateway in 1999 as Vice President and Portfolio Manager, prior to which he worked as an equity derivative sales professional at Bear Stearns & Co. and Bankers Trust Company. Mr. Toft joined Gateway in 1992 and is currently a Senior Vice President and Portfolio Manager.  He had been a Vice President and Portfolio Manager for the firm since 1997, prior to which he held the position of Senior Trader and Research Analyst.  Messrs. Buckius and Toft also serve as co-portfolio managers of Gateway’s flagship open-end fund, the Gateway Fund.

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

As of December 31, 2012, Mr. Rogers was responsible for day-to-day management of 2 registered investment company accounts (excluding the Funds) having assets of approximately $7.2 billion.  Mr. Toft was responsible for day-to-day management of 1 registered investment company account (excluding the Funds) having assets of approximately $28 million.  Mr. Rogers was responsible for day-to-day management of 1 other pooled investment vehicle having assets of approximately $17 million.  Mr. Rogers was responsible for day-to-day management of 27 other accounts having assets of approximately $1.4 billion in the aggregate, and Mr. Toft was responsible for day-to-day management of 9 other accounts having assets of approximately $245 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. Buckius and Toft are compensated for their services by Gateway.  Their compensation consists of a fixed salary, retention incentives, 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. Buckius 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, retention incentives and certain undertakings not to compete with the Adviser or solicit its clients.  Their 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. Buckius 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, 2012

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, 2012	3,000	$	11.35	3,000	2,494,970
FEBRUARY 1-29, 2012	0			0	2,494,970
MARCH 1-31, 2012	2,600	$	12.04	2,600	2,492,370
APRIL 1-30, 2012	12,000	$	11.93	12,000	2,480,370
MAY 1-31, 2012	10,000	$	11.97	10,000	2,470,370
JUNE 1-30, 2012	15,877	$	11.67	15,877	2,454,493
JULY 1-31, 2012	0			0	2,454,493
AUGUST 1-31, 2012	4,817	$	12.37	4,817	2,449,676
SEPTEMBER 1-30, 2012	5,600	$	12.48	5,600	2,444,076
OCTOBER 1-31, 2012	0			0	2,444,076
NOVEMBER 1-30, 2012	21,500	$	11.59	21,500	2,563,500
DECEMBER 1-31, 2012	0			0	2,563,500
TOTAL	75,394

* The registrant’s repurchase program, for the repurchase of 2,580,000 shares, was authorized November 16, 2011.  The program was reauthorized for a maximum repurchase amount of 2,570,000 shares on November 15, 2012.  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.

(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/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on 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 8, 2013

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 8, 2013

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

Date: March 8, 2013

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 8, 2013	/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 8, 2013	/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, 2012 (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 8, 2013

/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)