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, 2013

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, 2013

JPZ

Nuveen Equity Premium Income Fund

JSN

Nuveen Equity Premium Opportunity Fund

JLA

Nuveen Equity Premium Advantage Fund

JPG

Nuveen Equity Premium and Growth Fund

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Table

of Contents

Chairman's Letter to Shareholders	4
Portfolio Managers' Comments	5
Share Information	8
Risk Considerations	10
Performance Overviews and Holding Summaries	11
Report of Independent Registered Public Accounting Firm	15
Portfolios of Investments	16
Statement of Assets and Liabilities	48
Statement of Operations	49
Statement of Changes in Net Assets	50
Financial Highlights	52
Notes to Financial Statements	54
Additional Fund Information	64
Glossary of Terms Used in this Report	66
Reinvest Automatically, Easily and Conveniently	67
Board Members & Officers	68

Nuveen Investments
3

Chairman's Letter

to Shareholders

Dear Shareholders,

I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board members, plan to continue his legacy of strong independent oversight of your funds.

The global economy has hit major turning points over the last several months to a year. The developed world is gradually recovering from its financial crisis while the emerging markets appear to be struggling with the downshift of China's growth potential. Japan is entering a new era of growth after decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the financial stress in emerging markets could all reverse the recent progress in the global economy.

On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcomes add to the uncertainties that could cause problems for the economy going forward.

In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveen's investment management teams work hard to balance return and risk with a range of investment strategies. I encourage you to read the following commentary on the management of your fund.

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

William J. Schneider
Chairman of the Nuveen Fund Board
February 21, 2014

Nuveen Investments
4

Portfolio Managers'

Comments

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. Kenneth H. Toft and Michael T. Buckius are co-portfolio managers for all four Funds. During the reporting period, effective February 21, 2013, J. Patrick Rogers no longer serves as a portfolio manager of the Funds. Each Fund's investment objectives and investment strategies remain unchanged.

Here they discuss general market conditions and trends, their management strategies and the performance of the Funds for the twelve-month reporting period ended December 31, 2013.

What factors affected the U.S. economy and the equity market during the twelve-month reporting period ended December 31, 2013?

During the first part of this reporting period, markets staged a strong period of performance following the late December 2012 temporary resolution of the debt ceiling issue. However, widespread uncertainty about the next step for the Federal Reserve's (Fed) quantitative easing program and the potential impact on the economy and financial markets led to increased market volatility in the second quarter of 2013. After surprising the market in September 2013 with its decision to wait for additional evidence of an improving economy before making any adjustments to the program, the Fed announced on December 18th that it would begin tapering its monthly bond-buying program by $10 billion (to $75 billion) in January 2014. The outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the "fiscal cliff." The tax consequences of the fiscal cliff situation were averted through a last-minute deal that raised payroll taxes, but left in place a number of tax breaks. However, lawmakers failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of fiscal 2013, the federal budget for fiscal 2014 continued to be debated.

On October 1, 2013, the start date for fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 7, 2014. At the end of the reporting period, Congress passed a federal budget deal that would guide government spending into 2015 and defuse the chances of another shutdown. In addition to the ongoing political debate over federal spending, Chairman Bernanke's June 2013 remarks about tapering the Fed's asset purchase program touched off widespread uncertainty about the next step for the Fed's quantitative easing program and about the potential impact on the economy and financial markets, leading to increased market volatility.

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 Investments
5

Portfolio Managers' Comments (continued)

In the third quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 4.1%, up from 2.5% for the second quarter of 2013, continuing the pattern of positive economic growth for the tenth consecutive quarter. The Consumer Price Index (CPI) rose 1.5% year-over-year as of December 2013, while the core CPI (which excludes food and energy) increased 1.7% during the same period, staying within the Fed's unofficial objective of 2.0% or lower for this inflation measure. Improvements in the labor markets continued to be slow, and unemployment remained above the Fed's target of 6.5%. As of December 2013, the national unemployment rate was 6.7%, down from 7.0% in November 2013. The housing market continued to deliver good news, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 13.7% for the twelve months ended November 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006.

For much of the reporting period, low interest rates and a fairly benign macro environment caused U.S. investors to move out the risk spectrum, resulting in robust flows into U.S. equity funds. Leading U.S. stock market indexes, including the S&P 500^® Index, and the Dow Jones Industrial Average, each hit all-time highs during the reporting period. The S&P 500^® Index gained 32.39%, the Dow Jones Industrial Average gained 29.65% and the NASDAQ-100^® Index gained 36.92% during the reporting period.

Volatility was low in the equity and equity index options markets. For the year, the S&P 500^® Index and the NASDAQ-100^® Index showed standard deviations of 11.07% and 12.36%, respectively. Not surprisingly, average S&P 500^® Index option volatility in 2013, as measured by the Chicago Board Options Exchange Volatility (CBOE) Index (the "VIX"), was 14.23%, also lower than its annual historical average of 20.20% calculated from its inception in 1990. The CBOE NASDAQ-100 Volatility Index (the "VXN"), which measures the implied volatility for the NASDAQ-100^® Index options market, averaged slightly higher at 15.14% for 2013, but still below its historical average of 27.46% since its inception in 2001. The lower volatility for the cash equity market and ample liquidity conspired to dampen the implied volatility measures. Note, however, that the implied volatility expressed in options prices was appreciably higher than the realized volatility in the corresponding equity markets

What key strategies were used to manage the Funds during this twelve-month reporting period ended December 31, 2013?

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 to provide the potential for growth in value during rising markets and/or risk mitigation in the event of a market decline. These strategies remained consistent for each Fund throughout the reporting period.

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

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 sacrifice some of their upside potential in return for premium received for the written index call options. 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.

Nuveen Investments
6

How did the Funds perform during this twelve-month reporting period ended December 31, 2013?

The tables in the Performance Overview and Holding Summaries section of this report provide total return performance for the Funds for the one-year, five-year and since inception periods ended December 31, 2013. For the twelve-month period ended December 31, 2013, the Funds' shares at net asset value (NAV) underperformed their respective comparative unhedged equity indexes. The two referenced indexes, the S&P 500^® Index and the NDX, both advanced significantly during the reporting period. Concurrently, implied volatility, which affects option premiums on both indexes, was slightly below historical averages, primarily due to the presence of ample central bank liquidity. Nevertheless, rising equity markets and modest option premiums were sufficient so that the four Funds produced positive returns for the reporting period. Most importantly, all four Funds delivered their returns with less risk than long only equities.

The Funds seek to generate returns by selling at-the-money index call options, which substitute a less variable option premium for market price appreciation. The Funds' returns were aided by the overall positive trend in the equity market, which permitted the Funds to consistently earn option premium.

Call option premiums were subdued throughout the reporting period, as evidenced by below-normal levels of the VIX and VXN, although market rallies provided an orderly environment to accrue the premium income. Often, as is typical in strongly rising equity markets, premium income was less than the market appreciation in the associated indexes. As a result, the costs of hedging during these periods limited the upside participation in the rally.

Nuveen Investments
7

Share

Information

DISTRIBUTION INFORMATION

The following information regarding each Fund's distributions is current as of December 31, 2013. Each Fund's distribution level may vary over time based on the Fund's investment activities and portfolio investment value changes.

Each Fund has a managed distribution program. The goal of this program is to provide shareholders with relatively consistent and predictable cash flow by systematically converting the Fund's expected long-term return potential into regular distributions. As a result, regular distributions throughout the year are likely to include a portion of expected long-term gains (both realized and unrealized), along with net investment income.

Important points to understand about the managed distribution program are:

•  Each Fund seeks to establish a relatively stable distribution rate that roughly corresponds to the projected total return from its investment strategy over an extended period of time. However, you should not draw any conclusions about a Fund's past or future investment performance from its current distribution rate.

•  Actual returns will differ from projected long-term returns (and therefore a Fund's distribution rate), at least over shorter time periods. Over a specific timeframe, the difference between actual returns and total distributions will be reflected in an increasing (returns exceed distributions) or a decreasing (distributions exceed returns) Fund net asset value.

•  Each distribution is expected to be paid from some or all of the following sources:

•  net investment income (regular interest and dividends),

•  realized capital gains, and

•  unrealized gains, or, in certain cases, a return of principal (non-taxable distributions).

•  A non-taxable distribution is a payment of a portion of a Fund's capital. When a Fund's returns exceed distributions, it may represent portfolio gains generated, but not realized as a taxable capital gain. In periods when a Fund's return falls short of distributions, the shortfall will represent a portion of your original principal, unless the shortfall is offset during other time periods over the life of your investment (previous or subsequent) when a Fund's total return exceeds distributions.

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

Nuveen Investments
8

The following table provides estimated information regarding each Fund's distributions and total return performance for the fiscal year ended December 31, 2013. 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 December 31, 2013	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, 2013:
Per share distribution:
From net investment income	$	0.20		$	0.16		$	0.13		$	0.22
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		0.88			0.96			1.01			0.90
Total per share distribution	$	1.08		$	1.12		$	1.14		$	1.12
Distribution rate on NAV		7.82	%		8.21	%		8.08	%		7.14	%
Current distribution rate*		8.64	%		8.82	%		8.99	%		7.93	%
Average annual total returns:
1-Year on NAV		13.85	%		13.74	%		14.88	%		17.47	%
5-Year on NAV		11.13	%		11.28	%		12.26	%		12.07	%
Since inception on NAV		5.59	%		5.68	%		5.93	%		5.74	%

*  Current distribution rate is based on the Funds' current annualized quarterly distribution divided by the Funds' current market price. The Funds' quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the fiscal year the Funds' cumulative net ordinary income and net realized gains are less than the amount of the Funds' distributions, a return of capital for tax purposes.

SHARE REPURCHASES

During November 2013, the Nuveen Funds' Board of Directors/Trustees authorized an 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, 2013, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired shares as shown in the accompanying table.

	JPZ		JSN		JLA		JPG
Shares Cummulatively Repurchase and Retired		460,238		550,600		462,633		383,763
Shares Authorized for Repurchase		3,845,000		6,650,000		2,570,000		1,615,000

During the current reporting period, the Funds did not repurchase any of their outstanding shares.

OTHER SHARE INFORMATION

As of December 31, 2013, and during the current reporting period, the Funds' share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

	JPZ			JSN			JLA			JPG
Share NAV	$	13.81		$	13.65		$	14.11		$	15.68
Share Price	$	12.55		$	12.65		$	12.64		$	14.12
Premium/(Discount) to NAV		(9.12	)%		(7.33	)%		(10.42	)%		(9.95	)%
12-Month Average Premium/(Discount) to NAV		(7.76	)%		(7.64	)%		(9.39	)%		(8.61	)%

Nuveen Investments
9

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 Funds 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.

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 their equity portfolios as fully as they 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 their equity portfolio.

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.

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.

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.

Nuveen Investments
10

JPZ

Nuveen Equity Premium Income Fund

Performance Overview and Holding Summaries as of December 31, 2013

Average Annual Total Returns as of December 31, 2013

	Average Annual
	1-Year			5-Year			Since Inception1
JPZ at NAV		13.85	%		11.13	%		5.59	%
JPZ at Share Price		15.53	%		13.56	%		4.58	%
S&P 500® Index		32.39	%		17.94	%		7.94	%

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. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Share Price Performance — Weekly Closing Price

Portfolio Allocation²

(as a % of net assets)

Common Stocks	101.1	%
Short-Term Investments	1.9	%
Call Options Written	(3.1	)%
Other4	0.1	%

Portfolio Composition^2,3

(as a % of total investments)

Oil, Gas & Consumable Fuels	8.0	%
Pharmaceuticals	6.1	%
Diversified Financial Services	4.7	%
Software	3.9	%
IT Services	3.7	%
Media	3.5	%
Computers & Peripherals	3.5	%
Aerospace & Defense	3.0	%
Diversified Telecommunication Services	2.8	%
Internet Software & Services	2.8	%
Specialty Retail	2.6	%
Industrial Conglomerates	2.6	%
Chemicals	2.5	%

Insurance	2.5	%
Beverages	2.5	%
Semiconductors & Equipment	2.4	%
Machinery	2.4	%
Real Estate Investment Trust	2.3	%
Biotechnology	2.2	%
Health Care Providers & Services	2.2	%
Capital Markets	2.2	%
Commercial Banks	2.1	%
Energy Equipment & Services	2.0	%
Communications Equipment	2.0	%
Short-Term Investments	1.9	%
Other	23.6	%

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Since inception returns are from 10/26/04.

2  Holdings are subject to change.

3  Excluding investments in derivatives.

4  Other assets less liabilities.

Nuveen Investments
11

JSN

Nuveen Equity Premium Opportunity Fund

Performance Overview and Holding Summaries as of December 31, 2013

Average Annual Total Returns as of December 31, 2013

	Average Annual
	1-Year			5-Year			Since Inception1
JSN at NAV		13.74	%		11.28	%		5.68	%
JSN at Share Price		14.50	%		14.15	%		4.86	%
JSN Blended Index (Comparative Index)		33.07	%		19.55	%		8.21	%

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. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Share Price Performance — Weekly Closing Price

Portfolio Allocation²

(as a % of net assets)

Common Stocks	101.2	%
Short-Term Investments	2.0	%
Call Options Written	(3.3	)%
Other4	0.1	%

Portfolio Composition^2,3

(as a % of total investments)

Computers & Peripherals	6.5	%
Software	6.1	%
Internet Software & Services	5.8	%
Oil, Gas & Consumable Fuels	5.2	%
Pharmaceuticals	4.9	%
Diversified Financial Services	4.1	%
Biotechnology	3.9	%
IT Services	3.6	%
Communications Equipment	3.6	%
Semiconductors & Equipment	3.4	%
Internet & Catalog Retail	2.7	%
Media	2.6	%
Aerospace & Defense	2.5	%

Specialty Retail	2.3	%
Health Care Providers & Services	2.1	%
Diversified Telecommunication Services	1.9	%
Commercial Banks	1.9	%
Energy Equipment & Services	1.9	%
Machinery	1.8	%
Beverages	1.8	%
Insurance	1.8	%
Health Care Equipment & Supplies	1.7	%
Electrical Equipment	1.7	%
Short-Term Investments	2.0	%
Other	24.2	%

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Since inception returns are from 1/26/05.

2  Holdings are subject to change.

3  Excluding investments in derivatives.

4  Other assets less liabilities.

Nuveen Investments
12

JLA

Nuveen Equity Premium Advantage Fund

Performance Overview and Holding Summaries as of December 31, 2013

Average Annual Total Returns as of December 31, 2013

	Average Annual
	1-Year			5-Year			Since Inception1
JLA at NAV		14.88	%		12.26	%		5.93	%
JLA at Share Price		16.23	%		14.89	%		4.75	%
JLA Blended Index (Comparative Index)		33.73	%		21.15	%		9.04	%

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. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Share Price Performance — Weekly Closing Price

Portfolio Allocation²

(as a % of net assets)

Common Stocks	101.2	%
Short-Term Investments	2.1	%
Call Options Written	(3.5	)%
Other4	0.2	%

Portfolio Composition^2,3

(as a % of total investments)

Internet Software & Services	9.7	%
Computers & Peripherals	8.5	%
Software	7.8	%
Biotechnology	5.6	%
Semiconductors & Equipment	5.3	%
Internet & Catalog Retail	4.3	%
Communications Equipment	4.0	%
Oil, Gas & Consumable Fuels	3.8	%
Pharmaceuticals	3.7	%
Media	3.5	%

IT Services	3.3	%
Health Care Providers & Services	2.7	%
Diversified Financial Services	2.6	%
Electrical Equipment	1.8	%
Food & Staples Retailing	1.8	%
Specialty Retail	1.7	%
Hotels, Restaurants & Leisure	1.6	%
Health Care Equipment & Supplies	1.6	%
Short-Term Investments	2.1	%
Other	24.6	%

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Since inception returns are from 5/25/05.

2  Holdings are subject to change.

3  Excluding investments in derivatives.

4  Other assets less liabilities.

Nuveen Investments
13

JPG

Nuveen Equity Premium and Growth Fund

Performance Overview and Holding Summaries as of December 31, 2013

Average Annual Total Returns as of December 31, 2013

	Average Annual
	1-Year			5-Year			Since Inception1
JPG at NAV		17.47	%		12.07	%		5.74	%
JPG at Share Price		18.32	%		15.03	%		4.56	%
S&P 500® Index		32.39	%		17.94	%		7.08	%

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. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Share Price Performance — Weekly Closing Price

Portfolio Allocation²

(as a % of net assets)

Common Stocks	101.1	%
Short-Term Investments	1.3	%
Call Options Written	(2.5	)%
Other4	0.1	%

Portfolio Composition^2,3

(as a % of total investments)

Oil, Gas & Consumable Fuels	8.6	%
Pharmaceuticals	6.1	%
Diversified Financial Services	5.6	%
Media	4.0	%
Computers & Peripherals	3.7	%
IT Services	3.7	%
Software	3.6	%
Internet Software & Services	3.1	%
Aerospace & Defense	3.0	%
Chemicals	2.9	%
Insurance	2.7	%
Commercial Banks	2.7	%
Machinery	2.6	%

Semiconductors & Equipment	2.4	%
Diversified Telecommunication Services	2.4	%
Specialty Retail	2.2	%
Capital Markets	2.2	%
Food & Staples Retailing	2.2	%
Communications Equipment	2.1	%
Household Products	2.1	%
Tobacco	2.1	%
Energy Equipment & Services	2.1	%
Beverages	2.0	%
Short-Term Investments	1.2	%
Other	24.7	%

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Since inception returns are from 11/22/05.

2  Holdings are subject to change.

3  Excluding investments in derivatives.

4  Other assets less liabilities.

Nuveen Investments
14

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, 2013, 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, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Chicago, IL
February 27, 2014

Nuveen Investments
15

JPZ

Nuveen Equity Premium Income Fund

Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 101.1%
		COMMON STOCKS – 101.1% (5)
		Aerospace & Defense – 3.1%
	40,566	Boeing Company	$	5,536,853
	44,474	Honeywell International Inc.		4,063,589
	32,905	Raytheon Company		2,984,484
	35,076	United Technologies Corporation		3,991,649
		Total Aerospace & Defense		16,576,575
		Air Freight & Logistics – 0.8%
	38,709	United Parcel Service, Inc., Class B		4,067,542
		Airlines – 0.0%
	3,957	United Continental Holdings Inc., (2)		149,693
		Auto Components – 0.1%
	30,296	Cooper Tire & Rubber		728,316
		Automobiles – 0.8%
	185,001	Ford Motor Company		2,854,565
	8,800	General Motors Company, (2)		359,656
	16,861	Harley-Davidson, Inc.		1,167,456
		Total Automobiles		4,381,677
		Beverages – 2.5%
	156,685	Coca-Cola Company		6,472,657
	14,723	Monster Beverage Corporation, (2)		997,778
	72,442	PepsiCo, Inc.		6,008,339
		Total Beverages		13,478,774
		Biotechnology – 2.3%
	40,799	Amgen Inc.		4,657,614
	22,699	Celgene Corporation, (2)		3,835,223
	47,374	Gilead Sciences, Inc., (2)		3,560,156
		Total Biotechnology		12,052,993
		Building Products – 0.2%
	4,369	Allegion PLC, (2)		193,066
	42,748	Masco Corporation		973,372
		Total Building Products		1,166,438
		Capital Markets – 2.2%
	99,725	Charles Schwab Corporation		2,592,850
	20,622	Goldman Sachs Group, Inc.		3,655,456
	35,138	Legg Mason, Inc.		1,527,800
	49,244	Morgan Stanley		1,544,292
	38,635	Waddell & Reed Financial, Inc., Class A		2,515,911
		Total Capital Markets		11,836,309
		Chemicals – 2.6%
	48,008	Dow Chemical Company		2,131,555
	42,638	E.I. Du Pont de Nemours and Company		2,770,191

Nuveen Investments
16

Shares		Description (1)	Value
		Chemicals (continued)
	28,457	Eastman Chemical Company	$	2,296,480
	22,507	Monsanto Company		2,623,191
	53,293	Olin Corporation		1,537,503
	60,403	RPM International, Inc.		2,507,329
		Total Chemicals		13,866,249
		Commercial Banks – 2.2%
	33,724	Comerica Incorporated		1,603,239
	16,998	HSBC Holdings PLC, Sponsored ADR		937,100
	17,184	PNC Financial Services Group, Inc.		1,333,135
	170,506	Wells Fargo & Company		7,740,972
		Total Commercial Banks		11,614,446
		Commercial Services & Supplies – 0.6%
	3,549	Deluxe Corporation		185,222
	40,642	Pitney Bowes Inc.		946,959
	16,031	R.R. Donnelley & Sons Company		325,109
	35,497	Waste Management, Inc.		1,592,750
		Total Commercial Services & Supplies		3,050,040
		Communications Equipment – 2.0%
	14,156	ADTRAN, Inc.		382,354
	3,408	Ciena Corporation, (2)		81,553
	222,389	Cisco Systems, Inc.		4,992,633
	11,034	JDS Uniphase Corporation, (2)		143,221
	21,303	Motorola Solutions Inc.		1,437,953
	50,347	QUALCOMM, Inc.		3,738,265
		Total Communications Equipment		10,775,979
		Computers & Peripherals – 3.6%
	28,795	Apple, Inc.		16,157,162
	108,453	EMC Corporation		2,727,593
		Total Computers & Peripherals		18,884,755
		Consumer Finance – 0.7%
	23,246	American Express Company		2,109,110
	28,647	Discover Financial Services		1,602,800
		Total Consumer Finance		3,711,910
		Containers & Packaging – 0.5%
	3,177	Avery Dennison Corporation		159,454
	37,972	Packaging Corp. of America		2,402,868
	5,718	Sonoco Products Company		238,555
		Total Containers & Packaging		2,800,877
		Distributors – 0.5%
	29,044	Genuine Parts Company		2,416,170
		Diversified Consumer Services – 0.0%
	7,623	Apollo Group, Inc., (2)		208,260
		Diversified Financial Services – 4.8%
	414,679	Bank of America Corporation		6,456,551
	112,577	Citigroup Inc.		5,866,387
	33,950	CME Group, Inc.		2,663,717
	6,934	IntercontinentalExchange Group Inc.		1,559,595

Nuveen Investments
17

JPZ  Nuveen Equity Premium Income Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Diversified Financial Services (continued)
	133,818	JP Morgan Chase & Co.	$	7,825,677
	39,312	Leucadia National Corporation		1,114,102
		Total Diversified Financial Services		25,486,029
		Diversified Telecommunication Services – 2.9%
	211,856	AT&T Inc.		7,448,857
	24,804	CenturyLink Inc.		790,007
	248,097	Frontier Communications Corporation		1,153,651
	118,769	Verizon Communications Inc.		5,836,309
	18,198	Windstream Holdings Inc.		145,220
		Total Diversified Telecommunication Services		15,374,044
		Electric Utilities – 1.0%
	14,367	Duke Energy Corporation		991,467
	27,323	Great Plains Energy Incorporated		662,310
	38,092	OGE Energy Corp.		1,291,319
	80,800	Pepco Holdings, Inc.		1,545,704
	15,004	Southern Company		616,814
		Total Electric Utilities		5,107,614
		Electrical Equipment – 0.7%
	28,305	Emerson Electric Company		1,986,445
	14,553	Rockwell Automation, Inc.		1,719,582
		Total Electrical Equipment		3,706,027
		Electronic Equipment & Instruments – 0.4%
	118,215	Corning Incorporated		2,106,591
		Energy Equipment & Services – 2.1%
	4,164	Diamond Offshore Drilling, Inc.		237,015
	18,452	Ensco PLC		1,055,085
	75,115	Halliburton Company		3,812,086
	8,300	Patterson-UTI Energy, Inc.		210,156
	52,180	Schlumberger Limited		4,701,940
	16,157	Tidewater Inc.		957,625
		Total Energy Equipment & Services		10,973,907
		Food & Staples Retailing – 1.5%
	39,079	CVS Caremark Corporation		2,796,884
	38,696	SUPERVALU INC., (2)		282,094
	59,540	Wal-Mart Stores, Inc.		4,685,203
		Total Food & Staples Retailing		7,764,181
		Food Products – 1.1%
	37,375	Kraft Foods Inc.		2,015,260
	112,127	Mondelez International Inc.		3,958,083
		Total Food Products		5,973,343
		Gas Utilities – 1.2%
	36,031	AGL Resources Inc.		1,701,744
	12,516	Atmos Energy Corporation		568,477
	22,995	National Fuel Gas Company		1,641,843
	38,518	ONEOK, Inc.		2,395,049
		Total Gas Utilities		6,307,113

Nuveen Investments
18

Shares		Description (1)	Value
		Health Care Equipment & Supplies – 1.6%
	72,041	Abbott Laboratories	$	2,761,332
	4,460	Hologic Inc., (2)		99,681
	3,342	Intuitive Surgical, Inc., (2)		1,283,595
	78,706	Medtronic, Inc.		4,516,937
		Total Health Care Equipment & Supplies		8,661,545
		Health Care Providers & Services – 2.2%
	6,002	Aetna Inc.		411,677
	6,901	Brookdale Senior Living Inc., (2)		187,569
	33,153	Express Scripts, Holding Company, (2)		2,328,667
	13,578	HCA Holdings Inc., (2)		647,806
	1,116	Henry Schein Inc., (2)		127,514
	39,267	Kindred Healthcare Inc.		775,131
	67,899	UnitedHealth Group Incorporated		5,112,794
	25,221	Wellpoint Inc.		2,330,168
		Total Health Care Providers & Services		11,921,326
		Health Care Technology – 0.0%
	228	Cerner Corporation, (2)		12,709
		Hotels, Restaurants & Leisure – 1.0%
	22,200	Carnival Corporation		891,774
	42,761	International Game Technology		776,540
	2,272	Interval Leisure Group Inc.		70,205
	39,308	McDonald's Corporation		3,814,055
		Total Hotels, Restaurants & Leisure		5,552,574
		Household Durables – 1.0%
	2,893	Garmin Limited		133,714
	64,653	Newell Rubbermaid Inc.		2,095,404
	13,864	Tupperware Corporation		1,310,564
	11,356	Whirlpool Corporation		1,781,302
		Total Household Durables		5,320,984
		Household Products – 2.0%
	29,756	Colgate-Palmolive Company		1,940,389
	11,711	Kimberly-Clark Corporation		1,223,331
	90,419	Procter & Gamble Company		7,361,011
		Total Household Products		10,524,731
		Industrial Conglomerates – 2.7%
	35,764	3M Co.		5,015,901
	323,504	General Electric Company		9,067,816
	57	Siemens AG, Sponsored ADR		7,895
		Total Industrial Conglomerates		14,091,612
		Insurance – 2.6%
	47,749	Allstate Corporation		2,604,230
	8,871	Arthur J. Gallagher & Co.		416,316
	24,225	Fidelity National Title Group Inc., Class A		786,101
	20,464	Hartford Financial Services Group, Inc.		741,411
	13,665	Kemper Corporation		558,625
	44,881	Lincoln National Corporation		2,316,757
	63,707	Marsh & McLennan Companies, Inc.		3,080,871
	35,546	Travelers Companies, Inc.		3,218,335
		Total Insurance		13,722,646

Nuveen Investments
19

JPZ  Nuveen Equity Premium Income Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Internet & Catalog Retail – 1.8%
	14,883	Amazon.com, Inc., (2)	$	5,935,192
	8,921	FTD Companies Inc., (2)		290,646
	3,103	Hosting Site Network, Inc.		193,317
	2,786	priceline.com Incorporated, (2)		3,238,446
		Total Internet & Catalog Retail		9,657,601
		Internet Software & Services – 2.9%
	10,937	Akamai Technologies, Inc., (2)		516,008
	24,425	eBay Inc., (2)		1,340,688
	8,710	Google Inc., Class A, (2)		9,761,383
	6,372	United Online, Inc.		87,679
	5,616	ValueClick, Inc., (2)		131,246
	10,002	VeriSign, Inc., (2)		597,920
	71,826	Yahoo! Inc., (2)		2,904,643
		Total Internet Software & Services		15,339,567
		IT Services – 3.8%
	1,600	Alliance Data Systems Corporation, (2)		420,688
	34,359	Automatic Data Processing, Inc.		2,776,551
	17,199	Cognizant Technology Solutions Corporation, Class A, (2)		1,736,755
	32,696	Fidelity National Information Services		1,755,121
	23,813	International Business Machines Corporation (IBM)		4,466,604
	3,197	Lender Processing Services Inc., (2)		119,504
	5,819	MasterCard, Inc.		4,861,542
	42,671	Paychex, Inc.		1,942,811
	10,058	Visa Inc.		2,239,715
		Total IT Services		20,319,291
		Leisure Equipment & Products – 0.4%
	15,522	Polaris Industries Inc.		2,260,624
		Machinery – 2.5%
	15,616	Caterpillar Inc.		1,418,089
	15,272	Cummins Inc.		2,152,894
	20,884	Deere & Company		1,907,336
	13,600	Graco Inc.		1,062,432
	13,107	Ingersoll Rand Company Limited, Class A		807,391
	16,893	Parker Hannifin Corporation		2,173,116
	11,767	Snap-on Incorporated		1,288,722
	5,979	SPX Corporation		595,568
	12,948	Stanley Black & Decker Inc.		1,044,774
	12,000	Timken Company		660,840
		Total Machinery		13,111,162
		Media – 3.6%
	41,236	CBS Corporation, Class B		2,628,383
	86,888	Comcast Corporation, Class A		4,515,135
	6,400	DISH Network Corporation – Class A, (2)		370,688
	39,613	New York Times, Class A		628,658
	2,025	News Corporation Class B Shares, (2)		36,106
	35,396	Omnicom Group, Inc.		2,632,401
	113,479	Regal Entertainment Group, Class A		2,207,167
	8,100	Twenty First Century Fox Inc., Class Bq Shares		280,260
	73,604	Walt Disney Company		5,623,345
		Total Media		18,922,143
		Metals & Mining – 0.7%
	88,284	Alcoa Inc.		938,459
	8,274	Freeport-McMoRan Copper & Gold, Inc.		312,261

Nuveen Investments
20

Shares		Description (1)	Value
		Metals & Mining (continued)
	6,726	Newmont Mining Corporation	$	154,900
	24,595	Nucor Corporation		1,312,881
	32,749	Southern Copper Corporation		940,224
		Total Metals & Mining		3,658,725
		Multiline Retail – 1.1%
	4,000	Family Dollar Stores, Inc.		259,880
	36,680	Macy's, Inc.		1,958,712
	25,718	Nordstrom, Inc.		1,589,372
	8,076	Sears Holding Corporation, (2)		396,047
	26,723	Target Corporation		1,690,764
		Total Multiline Retail		5,894,775
		Multi-Utilities – 1.3%
	40,212	Ameren Corporation		1,454,066
	22,660	Consolidated Edison, Inc.		1,252,645
	30,824	Integrys Energy Group, Inc.		1,677,134
	15,734	Northwestern Corporation		681,597
	60,347	Public Service Enterprise Group Incorporated		1,933,518
		Total Multi-Utilities		6,998,960
		Oil, Gas & Consumable Fuels – 8.2%
	9,051	Cenovus Energy Inc.		259,311
	65,327	Chevron Corporation		8,159,996
	59,011	ConocoPhillips		4,169,127
	39,168	CONSOL Energy Inc.		1,489,951
	22,581	Continental Resources Inc., (2)		2,540,814
	16,151	EnCana Corporation		291,526
	20,469	EOG Resources, Inc.		3,435,517
	152,804	Exxon Mobil Corporation		15,463,764
	36,332	Occidental Petroleum Corporation		3,455,173
	38,405	Phillips 66		2,962,178
	4,626	Total SA, Sponsored ADR		283,435
	22,108	Valero Energy Corporation		1,114,243
		Total Oil, Gas & Consumable Fuels		43,625,035
		Pharmaceuticals – 6.3%
	72,041	AbbVie Inc.		3,804,485
	68,565	Bristol-Myers Squibb Company		3,644,230
	41,183	Eli Lilly and Company		2,100,333
	98,400	Johnson & Johnson		9,012,456
	132,433	Merck & Company Inc.		6,628,272
	270,678	Pfizer Inc.		8,290,867
		Total Pharmaceuticals		33,480,643
		Professional Services – 0.1%
	3,665	Manpower Inc.		314,677
	6,949	Resources Connection, Inc.		99,579
		Total Professional Services		414,256
		Real Estate Investment Trust – 2.4%
	96,573	Annaly Capital Management Inc.		962,833
	39,521	Brandywine Realty Trust		556,851
	25,456	CommonWealth REIT		593,379
	55,131	CubeSmart		878,788
	15,432	Health Care REIT, Inc.		826,692
	47,225	Healthcare Realty Trust, Inc.		1,006,365
	45,684	Hospitality Properties Trust		1,234,839

Nuveen Investments
21

JPZ  Nuveen Equity Premium Income Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	88,469	Lexington Corporate Properties Trust	$	903,268
	27,077	Liberty Property Trust		917,098
	17,263	Medical Properties Trust Inc.		210,954
	28,311	MFA Mortgage Investments, Inc.		199,876
	26,716	Senior Housing Properties Trust		593,897
	11,215	Sun Communities Inc.		478,208
	25,238	Ventas Inc.		1,445,633
	54,475	Weyerhaeuser Company		1,719,776
		Total Real Estate Investment Trust		12,528,457
		Road & Rail – 1.1%
	17,765	Norfolk Southern Corporation		1,649,125
	24,329	Union Pacific Corporation		4,087,272
		Total Road & Rail		5,736,397
		Semiconductors & Equipment – 2.5%
	25,275	Analog Devices, Inc.		1,287,256
	96,369	Applied Materials, Inc.		1,704,768
	21,444	Broadcom Corporation, Class A		635,815
	213,873	Intel Corporation		5,552,142
	12,846	Intersil Holding Corporation, Class A		147,344
	3,087	Lam Research Corporation, (2)		168,087
	24,776	Microchip Technology Incorporated		1,108,726
	27,856	NVIDIA Corporation		446,253
	51,579	Texas Instruments Incorporated		2,264,834
		Total Semiconductors & Equipment		13,315,225
		Software – 4.0%
	23,572	Adobe Systems Incorporated, (2)		1,411,491
	18,599	Autodesk, Inc., (2)		936,088
	304,276	Microsoft Corporation		11,389,051
	146,688	Oracle Corporation		5,612,283
	37,900	Salesforce.com, Inc., (2)		2,091,701
		Total Software		21,440,614
		Specialty Retail – 2.7%
	18,330	Abercrombie & Fitch Co., Class A		603,240
	41,497	American Eagle Outfitters, Inc.		597,557
	21,475	Best Buy Co., Inc.		856,423
	7,749	CST Brands Inc.		284,543
	50,218	Home Depot, Inc.		4,134,949
	36,675	L Brands Inc.		2,268,349
	53,033	Lowe's Companies, Inc.		2,627,785
	472	Ross Stores, Inc.		35,367
	13,465	Tiffany & Co.		1,249,283
	28,637	TJX Companies, Inc.		1,825,036
		Total Specialty Retail		14,482,532
		Textiles, Apparel & Luxury Goods – 0.2%
	15,064	VF Corporation		939,090
		Thrifts & Mortgage Finance – 0.3%
	36,703	Hudson City Bancorp, Inc.		346,109
	60,610	New York Community Bancorp Inc.		1,021,279
		Total Thrifts & Mortgage Finance		1,367,388

Nuveen Investments
22

Shares		Description (1)	Value
		Tobacco – 1.7%
	97,022	Altria Group, Inc.	$	3,724,675
	45,868	Philip Morris International		3,996,479
	20,787	Reynolds American Inc.		1,039,142
	5,364	Vector Group Ltd.		87,809
		Total Tobacco		8,848,105
		Wireless Telecommunication Services – 0.0%
	5,500	USA Mobility Inc.		78,540
		Total Long-Term Investments (cost $323,246,746)		536,793,109

Principal Amount (000)		Description (1)	Coupon			Maturity	Value
		SHORT-TERM INVESTMENTS – 1.9%
$	10,246	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/13, repurchase price $10,245,579, collateralized by $10,705,000 U.S. Treasury Notes, 2.000%, due 11/30/20, value $10,450,756		0.000	%	1/02/14	$	10,245,579
		Total Short-Term Investments (cost $10,245,579)						10,245,579
		Total Investments (cost $333,492,325) – 103.0%						547,038,688
		Other Assets Less Liabilities – (3.0)% (3)						(15,926,194	)
		Net Assets – 100%					$	531,112,494

Investments in Derivatives as of December 31, 2013

Options Written outstanding:

Number of Contracts			Type	Notional Amount (4)			Expiration Date	Strike Price		Value (3)
	(310	)	S&P 500® Index	$	(55,180,000	)	1/03/14	$	1,780	$	(2,165,350	)
	(322	)	S&P 500® Index		(58,282,000	)	1/10/14		1,810		(1,384,600	)
	(321	)	S&P 500® Index		(56,977,500	)	1/18/14		1,775		(2,523,060	)
	(265	)	S&P 500® Index		(47,435,000	)	1/18/14		1,790		(1,706,600	)
	(343	)	S&P 500® Index		(61,740,000	)	1/18/14		1,800		(1,913,940	)
	(343	)	S&P 500® Index		(62,083,000	)	1/18/14		1,810		(1,608,670	)
	(341	)	S&P 500® Index		(61,380,000	)	2/22/14		1,800		(2,177,285	)
	(284	)	S&P 500® Index		(51,404,000	)	2/22/14		1,810		(1,598,920	)
	(345	)	S&P 500® Index		(63,480,000	)	2/22/14		1,840		(1,238,550	)
	(2,874	)	Total Options Written (premiums received $7,923,665)	$	(517,961,500	)				$	(16,316,975	)

  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 shown 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 as of 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 options written.

ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
23

JSN

Nuveen Equity Premium Opportunity Fund

Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 101.2%
		COMMON STOCKS – 101.2% (5)
		Aerospace & Defense – 2.5%
	37,352	Boeing Company	$	5,098,174
	48,538	Honeywell International Inc.		4,434,917
	8,874	Huntington Ingalls Industries Inc.		798,749
	17,575	Lockheed Martin Corporation		2,612,700
	31,240	Northrop Grumman Corporation		3,580,416
	32,796	Raytheon Company		2,974,597
	31,622	United Technologies Corporation		3,598,584
		Total Aerospace & Defense		23,098,137
		Air Freight & Logistics – 0.8%
	66,243	United Parcel Service, Inc., Class B		6,960,814
		Auto Components – 0.2%
	60,739	Gentex Corporation		2,003,780
		Automobiles – 0.6%
	213,263	Ford Motor Company		3,290,648
	33,442	Harley-Davidson, Inc.		2,315,524
		Total Automobiles		5,606,172
		Beverages – 1.8%
	235,730	Coca-Cola Company		9,738,006
	28,504	Monster Beverage Corporation, (2)		1,931,716
	61,746	PepsiCo, Inc.		5,121,213
		Total Beverages		16,790,935
		Biotechnology – 4.1%
	48,142	Amgen Inc.		5,495,891
	81,056	Celgene Corporation, (2)		13,695,222
	236,655	Gilead Sciences, Inc., (2)		17,784,623
		Total Biotechnology		36,975,736
		Capital Markets – 1.5%
	129,710	Charles Schwab Corporation		3,372,460
	48,725	Eaton Vance Corporation		2,084,943
	5,564	Goldman Sachs Group, Inc.		986,275
	43,099	Legg Mason, Inc.		1,873,945
	101,241	Morgan Stanley		3,174,918
	31,993	Waddell & Reed Financial, Inc., Class A		2,083,384
		Total Capital Markets		13,575,925
		Chemicals – 1.6%
	35,894	Dow Chemical Company		1,593,694
	26,873	E.I. Du Pont de Nemours and Company		1,745,939
	61,739	Eastman Chemical Company		4,982,337
	37,024	Monsanto Company		4,315,147
	10,878	Potash Corporation of Saskatchewan		358,539
	33,218	RPM International, Inc.		1,378,879
		Total Chemicals		14,374,535

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24

Shares		Description (1)	Value
		Commercial Banks – 2.0%
	71,851	Fifth Third Bancorp.	$	1,511,027
	86,613	First Horizon National Corporation		1,009,041
	143	HSBC Holdings PLC, Sponsored ADR		7,884
	6	Lloyds TSB Group PLC, Sponsored ADR, (2)		32
	111,373	U.S. Bancorp		4,499,469
	241,110	Wells Fargo & Company		10,946,394
		Total Commercial Banks		17,973,847
		Commercial Services & Supplies – 0.5%
	23,371	Deluxe Corporation		1,219,732
	49,936	R.R. Donnelley & Sons Company		1,012,702
	53,708	Waste Management, Inc.		2,409,878
		Total Commercial Services & Supplies		4,642,312
		Communications Equipment – 3.7%
	45,063	ADTRAN, Inc.		1,217,152
	630,518	Cisco Systems, Inc.		14,155,129
	19,247	Harris Corporation		1,343,633
	14,940	Motorola Solutions Inc.		1,008,450
	213,763	QUALCOMM, Inc.		15,871,903
		Total Communications Equipment		33,596,267
		Computers & Peripherals – 6.7%
	91,568	Apple, Inc.		51,379,720
	157,114	EMC Corporation		3,951,417
	114,325	Hewlett-Packard Company		3,198,814
	65,269	NetApp, Inc.		2,685,167
		Total Computers & Peripherals		61,215,118
		Consumer Finance – 1.1%
	51,885	American Express Company		4,707,526
	55,844	Discover Financial Services		3,124,472
	77,393	SLM Corporation		2,033,888
		Total Consumer Finance		9,865,886
		Containers & Packaging – 0.6%
	59,259	Packaging Corp. of America		3,749,910
	50,628	Sonoco Products Company		2,112,200
		Total Containers & Packaging		5,862,110
		Distributors – 0.3%
	31,204	Genuine Parts Company		2,595,861
		Diversified Consumer Services – 0.1%
	35,953	Hillenbrand Inc.		1,057,737
		Diversified Financial Services – 4.2%
	529,867	Bank of America Corporation		8,250,029
	82,207	Berkshire Hathaway Inc., Class B, (2)		9,746,462
	97,595	Citigroup Inc.		5,085,675
	41,458	CME Group, Inc.		3,252,795
	3,691	ING Groep N.V, Sponsored ADR, (2)		51,711
	201,985	JP Morgan Chase & Co.		11,812,083
		Total Diversified Financial Services		38,198,755

Nuveen Investments
25

JSN  Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Diversified Telecommunication Services – 2.0%
	263,253	AT&T Inc.	$	9,255,975
	93,521	Frontier Communications Corporation		434,873
	174,210	Verizon Communications Inc.		8,560,679
		Total Diversified Telecommunication Services		18,251,527
		Electric Utilities – 1.4%
	43,811	Companhia Energetica de Minas Gerais, Sponsored ADR		341,288
	44,184	Duke Energy Corporation		3,049,138
	71,296	Great Plains Energy Incorporated		1,728,215
	100,736	OGE Energy Corp.		3,414,950
	129,707	Pepco Holdings, Inc.		2,481,295
	25,438	Pinnacle West Capital Corporation		1,346,179
		Total Electric Utilities		12,361,065
		Electrical Equipment – 1.7%
	14,520	Eaton PLC		1,105,262
	51,549	Emerson Electric Company		3,617,709
	11,240	Hubbell Incorporated, Class B		1,224,036
	31,575	Rockwell Automation, Inc.		3,730,902
	42,974	Roper Industries Inc.		5,959,634
		Total Electrical Equipment		15,637,543
		Electronic Equipment & Instruments – 0.2%
	88,036	Corning Incorporated		1,568,802
		Energy Equipment & Services – 1.9%
	25,308	Diamond Offshore Drilling, Inc.		1,440,531
	36,079	Ensco PLC, Sponsored ADR		2,062,997
	90,607	Halliburton Company		4,598,305
	54,107	Patterson-UTI Energy, Inc.		1,369,989
	75,828	Schlumberger Limited		6,832,861
	17,510	Tidewater Inc.		1,037,818
		Total Energy Equipment & Services		17,342,501
		Food & Staples Retailing – 1.1%
	40,610	CVS Caremark Corporation		2,906,458
	82,219	Kroger Co.		3,250,117
	38,974	SUPERVALU INC., (2)		284,120
	62,176	Walgreen Co.		3,571,389
	3,390	Wal-Mart Stores, Inc.		266,759
		Total Food & Staples Retailing		10,278,843
		Food Products – 0.9%
	49,868	Kraft Foods Inc.		2,688,883
	149,606	Mondelez International Inc.		5,281,092
		Total Food Products		7,969,975
		Gas Utilities – 1.2%
	34,085	Atmos Energy Corporation		1,548,141
	41,373	National Fuel Gas Company		2,954,032
	99,610	ONEOK, Inc.		6,193,750
		Total Gas Utilities		10,695,923
		Health Care Equipment & Supplies – 1.8%
	91,444	Abbott Laboratories		3,505,049
	68,517	Baxter International, Inc.		4,765,357
	36,821	Hill Rom Holdings Inc.		1,522,180

Nuveen Investments
26

Shares		Description (1)	Value
		Health Care Equipment & Supplies (continued)
	97,109	Hologic Inc., (2)	$	2,170,386
	69,279	Medtronic, Inc.		3,975,922
		Total Health Care Equipment & Supplies		15,938,894
		Health Care Providers & Services – 2.2%
	52,702	Aetna Inc.		3,614,830
	62,293	Brookdale Senior Living Inc., (2)		1,693,124
	106,974	Express Scripts, Holding Company, (2)		7,513,854
	54,234	UnitedHealth Group Incorporated		4,083,820
	28,746	Wellpoint Inc.		2,655,843
		Total Health Care Providers & Services		19,561,471
		Hotels, Restaurants & Leisure – 1.7%
	51,390	International Game Technology		933,242
	8,487	Las Vegas Sands		669,370
	38,552	McDonald's Corporation		3,740,701
	49,918	Starbucks Corporation		3,913,072
	21,179	Starwood Hotels & Resorts Worldwide, Inc.		1,682,672
	23,029	Wynn Resorts Ltd		4,472,462
		Total Hotels, Restaurants & Leisure		15,411,519
		Household Durables – 0.6%
	38,947	KB Home		711,951
	54,753	Newell Rubbermaid Inc.		1,774,545
	19,851	Whirlpool Corporation		3,113,828
		Total Household Durables		5,600,324
		Household Products – 1.7%
	83,232	Colgate-Palmolive Company		5,427,559
	122,264	Procter & Gamble Company		9,953,512
		Total Household Products		15,381,071
		Industrial Conglomerates – 1.7%
	17,826	3M Co.		2,500,097
	466,839	General Electric Company		13,085,497
		Total Industrial Conglomerates		15,585,594
		Insurance – 1.8%
	59,372	Allstate Corporation		3,238,149
	23,207	American International Group		1,184,717
	26,066	Arthur J. Gallagher & Co.		1,223,277
	92,800	CNO Financial Group Inc.		1,641,632
	65,958	Genworth Financial Inc., Class A, (2)		1,024,328
	23,657	Hartford Financial Services Group, Inc.		857,093
	13,952	Kemper Corporation		570,358
	35,717	Lincoln National Corporation		1,843,712
	103,489	Marsh & McLennan Companies, Inc.		5,004,728
		Total Insurance		16,587,994
		Internet & Catalog Retail – 2.8%
	51,843	Amazon.com, Inc., (2)		20,674,470
	27,170	Hosting Site Network, Inc.		1,692,691
	2,747	priceline.com Incorporated, (2)		3,193,113
		Total Internet & Catalog Retail		25,560,274

Nuveen Investments
27

JSN  Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Internet Software & Services – 6.0%
	39,603	Akamai Technologies, Inc., (2)	$	1,868,470
	58,343	Earthlink, Inc.		295,799
	194,369	eBay Inc., (2)		10,668,914
	107,717	Facebook Inc., Class A Shares, (2)		5,887,811
	28,344	Google Inc., Class A, (2)		31,765,403
	22,576	IAC/InterActiveCorp.		1,550,745
	45,334	VeriSign, Inc., (2)		2,710,067
		Total Internet Software & Services		54,747,209
		IT Services – 3.8%
	105,019	Automatic Data Processing, Inc.		8,486,585
	61,069	Fidelity National Information Services		3,278,184
	51,410	International Business Machines Corporation (IBM)		9,642,974
	14,762	Lender Processing Services Inc., (2)		551,804
	108,876	Paychex, Inc.		4,957,124
	32,522	Visa Inc.		7,241,999
		Total IT Services		34,158,670
		Leisure Equipment & Products – 0.8%
	70,638	Mattel, Inc.		3,360,956
	29,666	Polaris Industries Inc.		4,320,556
		Total Leisure Equipment & Products		7,681,512
		Machinery – 1.9%
	16,432	Caterpillar Inc.		1,492,190
	18,970	Deere & Company		1,732,530
	43,913	Graco Inc.		3,430,484
	23,133	Joy Global Inc.		1,353,049
	27,707	SPX Corporation		2,759,894
	40,513	Stanley Black & Decker Inc.		3,268,994
	50,568	Timken Company		2,784,780
		Total Machinery		16,821,921
		Media – 2.7%
	97,817	New York Times, Class A		1,552,356
	75,168	News Corporation, Class A Shares, (2)		1,354,527
	58,689	Omnicom Group, Inc.		4,364,701
	82,498	Regal Entertainment Group, Class A		1,604,586
	300,675	Twenty First Century Fox Inc., Class A Shares		10,577,746
	60,260	Walt Disney Company		4,603,864
		Total Media		24,057,780
		Metals & Mining – 0.7%
	268,308	Alcoa Inc.		2,852,114
	20,083	Barrick Gold Corporation		354,063
	53,761	Freeport-McMoRan Copper & Gold, Inc.		2,028,940
	148,596	Hecla Mining Company		457,676
	16,325	Southern Copper Corporation		468,691
		Total Metals & Mining		6,161,484
		Multiline Retail – 1.0%
	52,643	Macy's, Inc.		2,811,136
	44,360	Nordstrom, Inc.		2,741,448
	21,415	Sears Holding Corporation, (2)		1,050,192
	37,279	Target Corporation		2,358,642
		Total Multiline Retail		8,961,418

Nuveen Investments
28

Shares		Description (1)	Value
		Multi-Utilities – 0.6%
	62,041	Ameren Corporation	$	2,243,403
	97,043	Public Service Enterprise Group Incorporated		3,109,258
		Total Multi-Utilities		5,352,661
		Oil, Gas & Consumable Fuels – 5.4%
	97,595	Chevron Corporation		12,190,591
	2,747	CNOOC Limited, Sponsored ADR		515,502
	81,203	ConocoPhillips		5,736,992
	160,904	Exxon Mobil Corporation		16,283,484
	27,119	Hess Corporation		2,250,877
	51,327	Occidental Petroleum Corporation		4,881,198
	3,274	PetroChina Company Limited, Sponsored ADR		359,289
	54,850	Phillips 66		4,230,581
	122,639	SandRidge Energy Inc., (2)		744,419
	39,133	StatoilHydro ASA, Sponsored ADR		944,279
	23,753	Suncor Energy, Inc.		832,543
		Total Oil, Gas & Consumable Fuels		48,969,755
		Pharmaceuticals – 5.1%
	83,632	AbbVie Inc.		4,416,606
	151,837	Bristol-Myers Squibb Company		8,070,137
	84,570	Eli Lilly and Company		4,313,070
	1,112	GlaxoSmithKline PLC, Sponsored ADR		59,370
	118,167	Johnson & Johnson		10,822,915
	174,141	Merck & Company Inc.		8,715,757
	308,024	Pfizer Inc.		9,434,775
		Total Pharmaceuticals		45,832,630
		Professional Services – 0.3%
	29,079	Manpower Inc.		2,496,723
	18,692	Resources Connection, Inc.		267,856
		Total Professional Services		2,764,579
		Real Estate Investment Trust – 1.2%
	60,679	Apartment Investment & Management Company, Class A		1,572,193
	69,975	Brandywine Realty Trust		985,948
	34,687	CBL & Associates Properties Inc.		622,979
	129,993	CubeSmart		2,072,088
	114,294	DCT Industrial Trust Inc.		814,916
	43,378	Health Care REIT, Inc.		2,323,759
	79,809	Lexington Corporate Properties Trust		814,850
	46,608	Liberty Property Trust		1,578,613
	8,511	Ventas Inc.		487,510
		Total Real Estate Investment Trust		11,272,856
		Road & Rail – 0.8%
	41,968	Union Pacific Corporation		7,050,624
		Semiconductors & Equipment – 3.5%
	98,918	Altera Corporation		3,217,803
	64,144	Analog Devices, Inc.		3,266,854
	107,440	Broadcom Corporation, Class A		3,185,596
	699,018	Intel Corporation		18,146,506
	26,060	Intersil Holding Corporation, Class A		298,908
	81,111	Linear Technology Corporation		3,694,606
		Total Semiconductors & Equipment		31,810,273

Nuveen Investments
29

JSN  Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Software – 6.3%
	154,461	Activision Blizzard Inc.	$	2,754,040
	134,980	Adobe Systems Incorporated, (2)		8,082,602
	79,219	Autodesk, Inc., (2)		3,987,092
	920,600	Microsoft Corporation		34,458,057
	200,553	Oracle Corporation		7,673,158
		Total Software		56,954,949
		Specialty Retail – 2.4%
	20,823	Abercrombie & Fitch Co., Class A		685,285
	59,432	American Eagle Outfitters, Inc.		855,821
	51,495	Best Buy Co., Inc.		2,053,621
	58,779	CarMax, Inc., (2)		2,763,789
	73,397	Gap, Inc.		2,868,355
	38,435	Home Depot, Inc.		3,164,738
	58,013	L Brands Inc.		3,588,104
	111,815	Lowe's Companies, Inc.		5,540,433
		Total Specialty Retail		21,520,146
		Thrifts & Mortgage Finance – 0.1%
	40,800	MGIC Investment Corporation, (2)		344,352
	56,714	New York Community Bancorp Inc.		955,631
		Total Thrifts & Mortgage Finance		1,299,983
		Tobacco – 1.4%
	72,934	Altria Group, Inc.		2,799,936
	95,982	Philip Morris International		8,362,912
	36,132	Reynolds American Inc.		1,806,239
		Total Tobacco		12,969,087
		Wireless Telecommunication Services – 0.2%
	4,018	China Mobile Limited, Sponsored ADR		210,101
	116,407	Sprint Corporation, (2)		1,251,375
		Total Wireless Telecommunication Services		1,461,476
		Total Long-Term Investments (cost $519,370,589)		917,976,260

Principal Amount (000)		Description (1)	Coupon			Maturity		Value
		SHORT-TERM INVESTMENTS – 2.0%
$	18,587	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/13, repurchase price $18,587,179, collateralized by $19,550,000 U.S. Treasury Notes, 2.500%, due 8/15/23, value $18,963,500		0.000	%		1/02/14	$	18,587,179
		Total Short-Term Investments (cost $18,587,179)							18,587,179
		Total Investments (cost $537,957,768) – 103.2%							936,563,439
		Other Assets Less Liabilities – (3.2)% (3)							(29,057,343	)
		Net Assets – 100%						$	907,506,096

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30

Investments in Derivatives as of December 31, 2013

  Options Written outstanding:

Number of Contracts			Type	Notional Amount (4)			Expiration Date	Strike Price		Value (3)
	(80	)	MINI-NASDAQ-100 Index	$	(27,200,000	)	1/18/14	$	3,400	$	(1,606,400	)
	(77	)	MINI-NASDAQ-100 Index		(26,565,000	)	1/18/14		3,450		(1,177,330	)
	(80	)	MINI-NASDAQ-100 Index		(27,800,000	)	1/18/14		3,475		(1,038,000	)
	(80	)	MINI-NASDAQ-100 Index		(28,400,000	)	1/18/14		3,550		(546,400	)
	(83	)	MINI-NASDAQ-100 Index		(28,220,000	)	2/22/14		3,400		(1,762,505	)
	(73	)	MINI-NASDAQ-100 Index		(25,367,500	)	2/22/14		3,475		(1,099,745	)
	(83	)	MINI-NASDAQ-100 Index		(29,050,000	)	2/22/14		3,500		(1,088,130	)
	(76	)	MINI-NASDAQ-100 Index		(26,980,000	)	2/22/14		3,550		(729,220	)
	(389	)	S&P 500® Index		(69,242,000	)	1/03/14		1,780		(2,717,165	)
	(429	)	S&P 500® Index		(77,649,000	)	1/10/14		1,810		(1,844,700	)
	(426	)	S&P 500® Index		(75,615,000	)	1/18/14		1,775		(3,348,360	)
	(348	)	S&P 500® Index		(62,292,000	)	1/18/14		1,790		(2,241,120	)
	(409	)	S&P 500® Index		(73,620,000	)	1/18/14		1,800		(2,282,220	)
	(420	)	S&P 500® Index		(76,020,000	)	1/18/14		1,810		(1,969,800	)
	(456	)	S&P 500® Index		(82,080,000	)	2/22/14		1,800		(2,911,560	)
	(358	)	S&P 500® Index		(64,798,000	)	2/22/14		1,810		(2,015,540	)
	(448	)	S&P 500® Index		(82,432,000	)	2/22/14		1,840		(1,608,320	)
	(4,315	)	Total Options Written (premiums received $15,265,138)	$	(883,330,500	)				$	(29,986,515	)

  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 shown 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 as of 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 options written.

ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
31

JLA

Nuveen Equity Premium Advantage Fund

Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 101.2%
		COMMON STOCKS – 101.2% (5)
		Aerospace & Defense – 1.5%
	15,279	Boeing Company	$	2,085,431
	16,032	Honeywell International Inc.		1,464,844
	15,314	United Technologies Corporation		1,742,733
		Total Aerospace & Defense		5,293,008
		Air Freight & Logistics – 0.7%
	22,785	United Parcel Service, Inc., Class B		2,394,248
		Airlines – 0.2%
	12,008	Delta Air Lines, Inc.		329,860
	26,363	Southwest Airlines Co.		496,679
		Total Airlines		826,539
		Auto Components – 0.1%
	10,102	American Axle and Manufacturing Holdings Inc., (2)		206,586
		Automobiles – 0.5%
	49,165	Ford Motor Company		758,616
	14,597	Harley-Davidson, Inc.		1,010,696
		Total Automobiles		1,769,312
		Beverages – 1.3%
	36,625	Coca-Cola Company		1,512,979
	15,729	Monster Beverage Corporation, (2)		1,065,954
	24,602	PepsiCo, Inc.		2,040,490
		Total Beverages		4,619,423
		Biotechnology – 5.8%
	55,224	Amgen Inc.		6,304,372
	36,471	Celgene Corporation, (2)		6,162,140
	113,472	Gilead Sciences, Inc., (2)		8,527,421
		Total Biotechnology		20,993,933
		Capital Markets – 1.3%
	28,551	Bank of New York Company, Inc.		997,572
	62,652	Charles Schwab Corporation		1,628,952
	1,581	Goldman Sachs Group, Inc.		280,248
	24,475	Morgan Stanley		767,536
	17,346	Waddell & Reed Financial, Inc., Class A		1,129,572
		Total Capital Markets		4,803,880
		Chemicals – 1.1%
	973	CF Industries Holdings, Inc.		226,748
	18,504	Dow Chemical Company		821,578
	22,041	E.I. Du Pont de Nemours and Company		1,432,004
	10,514	Monsanto Company		1,225,407
	4,219	Mosaic Company		199,432
		Total Chemicals		3,905,169

Nuveen Investments
32

Shares		Description (1)	Value
		Commercial Banks – 1.4%
	47,336	U.S. Bancorp	$	1,912,374
	66,560	Wells Fargo & Company		3,021,824
		Total Commercial Banks		4,934,198
		Commercial Services & Supplies – 0.1%
	10,378	R.R. Donnelley & Sons Company		210,466
		Communications Equipment – 4.2%
	348,053	Cisco Systems, Inc.		7,813,790
	98,669	QUALCOMM, Inc.		7,326,173
		Total Communications Equipment		15,139,963
		Computers & Peripherals – 8.8%
	51,048	Apple, Inc.		28,643,543
	28,119	EMC Corporation		707,193
	19,045	Hewlett-Packard Company		532,879
	24,916	Western Digital Corporation		2,090,452
		Total Computers & Peripherals		31,974,067
		Consumer Finance – 0.5%
	8,310	American Express Company		753,966
	6,671	Capital One Financial Corporation		511,065
	27,215	SLM Corporation		715,210
		Total Consumer Finance		1,980,241
		Containers & Packaging – 0.4%
	19,780	Packaging Corp. of America		1,251,678
	4,824	Sonoco Products Company		201,257
		Total Containers & Packaging		1,452,935
		Distributors – 0.1%
	3,449	Genuine Parts Company		286,922
		Diversified Consumer Services – 0.1%
	4,119	ITT Educational Services, Inc., (2)		138,316
	21,475	Service Corporation International		389,342
		Total Diversified Consumer Services		527,658
		Diversified Financial Services – 2.7%
	149,582	Bank of America Corporation		2,328,992
	3,641	Berkshire Hathaway Inc., Class B, (2)		431,677
	39,530	Citigroup Inc.		2,059,908
	19,235	CME Group, Inc.		1,509,178
	39,922	JP Morgan Chase & Co.		2,334,639
	13,902	Moody's Corporation		1,090,890
		Total Diversified Financial Services		9,755,284
		Diversified Telecommunication Services – 1.3%
	56,804	AT&T Inc.		1,997,229
	1	Frontier Communications Corporation		5
	58,014	Verizon Communications Inc.		2,850,808
		Total Diversified Telecommunication Services		4,848,042
		Electric Utilities – 1.4%
	26,993	Duke Energy Corporation		1,862,787
	48,358	Great Plains Energy Incorporated		1,172,198

Nuveen Investments
33

JLA  Nuveen Equity Premium Advantage Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Electric Utilities (continued)
	13,768	OGE Energy Corp.	$	466,735
	28,722	Pinnacle West Capital Corporation		1,519,968
		Total Electric Utilities		5,021,688
		Electrical Equipment – 1.9%
	29,489	Eaton PLC		2,244,703
	23,896	Emerson Electric Company		1,677,021
	11,238	Hubbell Incorporated, Class B		1,223,818
	13,491	Rockwell Automation, Inc.		1,594,097
		Total Electrical Equipment		6,739,639
		Electronic Equipment & Instruments – 0.6%
	17,200	Amphenol Corporation, Class A		1,533,896
	30,310	Corning Incorporated		540,124
		Total Electronic Equipment & Instruments		2,074,020
		Energy Equipment & Services – 1.3%
	23,374	Cameron International Corporation, (2)		1,391,454
	9,396	Diamond Offshore Drilling, Inc.		534,820
	25,616	Halliburton Company		1,300,012
	15,853	Schlumberger Limited		1,428,514
		Total Energy Equipment & Services		4,654,800
		Food & Staples Retailing – 1.8%
	28,444	CVS Caremark Corporation		2,035,737
	27,808	Kroger Co.		1,099,250
	23,214	Walgreen Co.		1,333,412
	28,013	Wal-Mart Stores, Inc.		2,204,343
		Total Food & Staples Retailing		6,672,742
		Food Products – 1.1%
	10,080	Archer-Daniels-Midland Company		437,472
	15,863	Kraft Foods Inc.		855,333
	72,807	Mondelez International Inc.		2,570,087
		Total Food Products		3,862,892
		Gas Utilities – 0.4%
	21,576	AGL Resources Inc.		1,019,034
	15,026	Piedmont Natural Gas Company		498,262
		Total Gas Utilities		1,517,296
		Health Care Equipment & Supplies – 1.7%
	41,688	Abbott Laboratories		1,597,901
	15,735	Baxter International, Inc.		1,094,369
	9,327	CareFusion Corporation, (2)		371,401
	5,822	Covidien PLC		396,478
	12,334	Hill Rom Holdings Inc.		509,888
	10,331	Medtronic, Inc.		592,896
	10,240	Saint Jude Medical Inc.		634,368
	8,617	Zimmer Holdings, Inc.		803,018
		Total Health Care Equipment & Supplies		6,000,319
		Health Care Providers & Services – 2.8%
	13,759	Brookdale Senior Living Inc., (2)		373,970
	22,180	Cardinal Health, Inc.		1,481,846
	47,084	Express Scripts, Holding Company, (2)		3,307,180
	1,520	McKesson HBOC Inc.		245,328

Nuveen Investments
34

Shares		Description (1)	Value
		Health Care Providers & Services (continued)
	11,450	Omnicare, Inc.	$	691,122
	12,175	Tenet Healthcare Corporation, (2)		512,811
	15,630	UnitedHealth Group Incorporated		1,176,939
	19,206	Universal Health Services, Inc., Class B		1,560,680
	8,528	Wellpoint Inc.		787,902
		Total Health Care Providers & Services		10,137,778
		Hotels, Restaurants & Leisure – 1.7%
	20,714	Carnival Corporation		832,081
	17,543	International Game Technology		318,581
	22,319	McDonald's Corporation		2,165,613
	12,224	Starwood Hotels & Resorts Worldwide, Inc.		971,197
	84,855	The Wendy's Company		739,936
	17,576	Tim Hortons Inc.		1,026,087
		Total Hotels, Restaurants & Leisure		6,053,495
		Household Durables – 0.9%
	41,536	KB Home		759,278
	36,936	Newell Rubbermaid Inc.		1,197,096
	7,376	Whirlpool Corporation		1,156,999
		Total Household Durables		3,113,373
		Household Products – 0.7%
	32,355	Procter & Gamble Company		2,634,021
		Industrial Conglomerates – 1.3%
	8,803	3M Co.		1,234,621
	13,006	Danaher Corporation		1,004,063
	82,528	General Electric Company		2,313,260
		Total Industrial Conglomerates		4,551,944
		Insurance – 1.4%
	12,439	American International Group		635,011
	824	Arch Capital Group Limited, (2)		49,185
	26,516	Fidelity National Title Group Inc., Class A		860,444
	24,192	Marsh & McLennan Companies, Inc.		1,169,925
	13,163	Prudential Financial, Inc.		1,213,892
	14,688	Travelers Companies, Inc.		1,329,852
		Total Insurance		5,258,309
		Internet & Catalog Retail – 4.5%
	27,694	Amazon.com, Inc., (2)		11,044,090
	10,391	Hosting Site Network, Inc.		647,359
	3,853	priceline.com Incorporated, (2)		4,478,727
		Total Internet & Catalog Retail		16,170,176
		Internet Software & Services – 10.0%
	19,016	Akamai Technologies, Inc., (2)		897,175
	2,017	AOL Inc., (2)		94,033
	15,082	Baidu Inc., Sponsored ADR, (2)		2,682,786
	82,285	eBay Inc., (2)		4,516,624
	98,180	Facebook Inc., Class A Shares, (2)		5,366,519
	16,044	Google Inc., Class A, (2)		17,980,671
	19,941	IAC/InterActiveCorp.		1,369,747
	85,817	Yahoo! Inc., (2)		3,470,439
		Total Internet Software & Services		36,377,994

Nuveen Investments
35

JLA  Nuveen Equity Premium Advantage Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		IT Services – 3.4%
	45,367	Automatic Data Processing, Inc.	$	3,666,107
	21,780	Fidelity National Information Services		1,169,150
	8,158	Global Payments Inc.		530,188
	8,467	Infosys Technologies Limited, Sponsored ADR		479,232
	9,631	International Business Machines Corporation (IBM)		1,806,487
	9,508	Lender Processing Services Inc., (2)		355,409
	58,743	Paychex, Inc.		2,674,569
	7,718	Visa Inc.		1,718,644
		Total IT Services		12,399,786
		Life Sciences Tools & Services – 0.2%
	15,384	Agilent Technologies, Inc.		879,811
		Machinery – 1.3%
	9,726	Caterpillar Inc.		883,218
	7,028	Deere & Company		641,867
	22,531	Graco Inc.		1,760,122
	16,187	SPX Corporation		1,612,387
		Total Machinery		4,897,594
		Media – 3.6%
	19,288	CBS Corporation, Class B		1,229,417
	49,965	DirecTV, (2)		3,452,082
	2,751	Liberty Media Corporation, (2)		402,884
	2,751	Starz – Class A, (2)		80,439
	12,888	News Corporation Class B Shares, (2)		229,793
	20,124	Omnicom Group, Inc.		1,496,622
	5,242	Time Warner Cable, Class A		710,291
	21,163	Time Warner Inc.		1,475,484
	51,552	Twenty First Century Fox Inc., Class Bq Shares		1,783,699
	30,876	Walt Disney Company		2,358,926
		Total Media		13,219,637
		Metals & Mining – 0.3%
	4,949	AngloGold Ashanti Limited, Sponsored ADR		58,002
	7,972	Cliffs Natural Resources Inc.		208,946
	54,923	Companhia Siderurgica Nacional S.A., Sponsored ADR		340,523
	5,432	Freeport-McMoRan Copper & Gold, Inc.		205,004
	1,736	Newmont Mining Corporation		39,980
	7,686	United States Steel Corporation		226,737
		Total Metals & Mining		1,079,192
		Multiline Retail – 0.3%
	10,865	Family Dollar Stores, Inc.		705,899
	4,575	J.C. Penney Company, Inc., (2)		41,861
	4,511	Kohl's Corporation		255,999
		Total Multiline Retail		1,003,759
		Multi-Utilities – 0.3%
	21,316	Integrys Energy Group, Inc.		1,159,804
		Oil, Gas & Consumable Fuels – 3.9%
	1,231	Anadarko Petroleum Corporation		97,643
	9,342	Cabot Oil & Gas Corporation		362,096
	30,857	Chevron Corporation		3,854,348
	30,285	ConocoPhillips		2,139,635
	51,660	Exxon Mobil Corporation		5,227,992
	1,606	Marathon Oil Corporation		56,692

Nuveen Investments
36

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)
	6,095	Occidental Petroleum Corporation	$	579,635
	22,649	Phillips 66		1,746,917
	1,685	Royal Dutch Shell PLC, Class A, Sponsored ADR		120,090
		Total Oil, Gas & Consumable Fuels		14,185,048
		Paper & Forest Products – 0.1%
	10,899	International Paper Company		534,378
		Pharmaceuticals – 3.9%
	34,838	AbbVie Inc.		1,839,795
	12,438	Allergan, Inc.		1,381,613
	40,636	Bristol-Myers Squibb Company		2,159,803
	6,117	Eli Lilly and Company		311,967
	13,675	Forest Laboratories, Inc., (2)		820,910
	3,397	GlaxoSmithKline PLC, Sponsored ADR		181,366
	20,631	Johnson & Johnson		1,889,593
	727	Mallinckrodt PLC, (2)		37,993
	52,757	Merck & Company Inc.		2,640,488
	3,747	Novartis AG, Sponsored ADR		301,184
	80,536	Pfizer Inc.		2,466,818
		Total Pharmaceuticals		14,031,530
		Professional Services – 0.8%
	18,950	Manpower Inc.		1,627,047
	30,314	Robert Half International Inc.		1,272,885
		Total Professional Services		2,899,932
		Real Estate Investment Trust – 0.9%
	18,413	Apartment Investment & Management Company, Class A		477,081
	28,958	CubeSmart		461,591
	4,590	Developers Diversified Realty Corporation		70,548
	40,126	Senior Housing Properties Trust		892,001
	25,511	Ventas Inc.		1,461,270
		Total Real Estate Investment Trust		3,362,491
		Road & Rail – 0.2%
	23,916	CSX Corporation		688,063
		Semiconductors & Equipment – 5.5%
	54,140	Advanced Micro Devices, Inc., (2)		209,522
	44,181	Altera Corporation		1,437,208
	25,698	Analog Devices, Inc.		1,308,799
	65,680	Applied Materials, Inc.		1,161,879
	1,253	ASML Holding NV, Sponsored ADR		117,406
	47,386	Atmel Corporation, (2)		371,032
	44,195	Broadcom Corporation, Class A		1,310,382
	4,697	Cree, Inc., (2)		293,891
	11,761	Cypress Semiconductor Corporation		123,491
	28,948	Fairchild Semiconductor International Inc., Class A, (2)		386,456
	17,789	Integrated Device Technology, Inc., (2)		181,270
	336,820	Intel Corporation		8,743,847
	2,596	Intersil Holding Corporation, Class A		29,776
	8,733	Lam Research Corporation, (2)		475,512
	45,919	Linear Technology Corporation		2,091,610
	35,700	LSI Logic Corporation		393,414
	76,193	NVIDIA Corporation		1,220,612
	5,819	SunEdison Inc., (2)		75,938
	2,774	Taiwan Semiconductor Manufacturing Company Limited, Sponsored ADR		48,379
		Total Semiconductors & Equipment		19,980,424

Nuveen Investments
37

JLA  Nuveen Equity Premium Advantage Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Software – 8.1%
	62,768	Activision Blizzard Inc.	$	1,119,153
	43,455	Adobe Systems Incorporated, (2)		2,602,085
	31,158	Autodesk, Inc., (2)		1,568,182
	62,885	CA Inc.		2,116,080
	33,659	Cadence Design Systems, Inc., (2)		471,899
	496,139	Microsoft Corporation		18,570,483
	73,727	Oracle Corporation		2,820,795
		Total Software		29,268,677
		Specialty Retail – 1.7%
	1,126	Best Buy Co., Inc.		44,905
	16,073	Gap, Inc.		628,133
	26,305	Home Depot, Inc.		2,165,955
	29,574	L Brands Inc.		1,829,152
	2,484	Lowe's Companies, Inc.		123,082
	10,184	TJX Companies, Inc.		649,026
	23,096	Urban Outfitters, Inc., (2)		856,862
		Total Specialty Retail		6,297,115
		Textiles, Apparel & Luxury Goods – 0.2%
	13,384	Coach, Inc.		751,244
		Thrifts & Mortgage Finance – 0.0%
	1,712	Tree.com Inc., (2)		56,222
		Tobacco – 0.7%
	20,575	Altria Group, Inc.		789,874
	20,620	Philip Morris International		1,796,621
		Total Tobacco		2,586,495
		Wireless Telecommunication Services – 0.2%
	9,319	Crown Castle International Corporation, (2)		684,294
		Total Long-Term Investments (cost $190,095,904)		366,727,856

Principal Amount (000)		Description (1)	Coupon			Maturity		Value
		SHORT-TERM INVESTMENTS – 2.1%
$	7,680	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/13, repurchase price $7,680,103, collateralized by $8,025,000 U.S. Treasury Notes, 2.000%, due 11/30/20, value $7,834,406		0.000	%		1/02/14	$	7,680,103
		Total Short-Term Investments (cost $7,680,103)							7,680,103
		Total Investments (cost $197,776,007) – 103.3%							374,407,959
		Other Assets Less Liabilities – (3.3)% (3)							(12,049,653	)
		Net Assets – 100%						$	362,358,306

Nuveen Investments
38

Investments in Derivatives as of December 31, 2013

  Options Written outstanding:

Number of Contracts			Type	Notional Amount (4)			Expiration Date	Strike Price		Value (3)
	(62	)	MINI-NASDAQ-100 Index	$	(21,080,000	)	1/18/14	$	3,400	$	(1,244,960	)
	(61	)	MINI-NASDAQ-100 Index		(21,045,000	)	1/18/14		3,450		(932,690	)
	(64	)	MINI-NASDAQ-100 Index		(22,240,000	)	1/18/14		3,475		(830,400	)
	(63	)	MINI-NASDAQ-100 Index		(22,365,000	)	1/18/14		3,550		(430,290	)
	(66	)	MINI-NASDAQ-100 Index		(22,440,000	)	2/22/14		3,400		(1,401,510	)
	(62	)	MINI-NASDAQ-100 Index		(21,545,000	)	2/22/14		3,475		(934,030	)
	(64	)	MINI-NASDAQ-100 Index		(22,400,000	)	2/22/14		3,500		(839,040	)
	(64	)	MINI-NASDAQ-100 Index		(22,720,000	)	2/22/14		3,550		(614,080	)
	(107	)	S&P 500® Index		(19,046,000	)	1/03/14		1,780		(747,395	)
	(116	)	S&P 500® Index		(20,996,000	)	1/10/14		1,810		(498,800	)
	(113	)	S&P 500® Index		(20,057,500	)	1/18/14		1,775		(888,180	)
	(88	)	S&P 500® Index		(15,752,000	)	1/18/14		1,790		(566,720	)
	(108	)	S&P 500® Index		(19,440,000	)	1/18/14		1,800		(602,640	)
	(115	)	S&P 500® Index		(20,815,000	)	1/18/14		1,810		(539,350	)
	(121	)	S&P 500® Index		(21,780,000	)	2/22/14		1,800		(772,585	)
	(94	)	S&P 500® Index		(17,014,000	)	2/22/14		1,810		(529,220	)
	(120	)	S&P 500® Index		(22,080,000	)	2/22/14		1,840		(430,800	)
	(1,488	)	Total Options Written (premiums received $6,784,410)	$	(352,815,500	)				$	(12,802,690	)

  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 shown 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 as of 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 options written.

ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
39

JPG

Nuveen Equity Premium and Growth Fund

Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 101.1%
		COMMON STOCKS – 101.1% (5)
		Aerospace & Defense – 3.0%
	17,408	Boeing Company	$	2,376,018
	19,938	Honeywell International Inc.		1,821,735
	11,161	Raytheon Company		1,012,303
	21,581	United Technologies Corporation		2,455,918
		Total Aerospace & Defense		7,665,974
		Air Freight & Logistics – 0.6%
	15,007	United Parcel Service, Inc., Class B		1,576,936
		Airlines – 0.1%
	13,205	Latam Airlines Group S.A, Sponsored ADR		215,374
		Auto Components – 0.1%
	9,310	Cooper Tire & Rubber		223,812
	5,900	Dana Holding Corporation		115,758
		Total Auto Components		339,570
		Automobiles – 0.6%
	92,502	Ford Motor Company		1,427,306
		Beverages – 2.1%
	70,266	Coca-Cola Company		2,902,688
	28,103	PepsiCo, Inc.		2,330,863
		Total Beverages		5,233,551
		Biotechnology – 1.9%
	11,565	Celgene Corporation, (2)		1,954,022
	35,792	Gilead Sciences, Inc., (2)		2,689,769
	10,546	PDL Biopahrma Inc.		89,008
		Total Biotechnology		4,732,799
		Capital Markets – 2.2%
	46,972	Charles Schwab Corporation		1,221,272
	24,627	Federated Investors Inc.		709,258
	7,757	Goldman Sachs Group, Inc.		1,375,006
	44,507	Morgan Stanley		1,395,740
	14,786	Waddell & Reed Financial, Inc., Class A		962,864
		Total Capital Markets		5,664,140
		Chemicals – 2.9%
	22,557	Dow Chemical Company		1,001,531
	17,703	E.I. Du Pont de Nemours and Company		1,150,164
	14,249	Eastman Chemical Company		1,149,894
	10,640	Monsanto Company		1,240,092
	27,207	Olin Corporation		784,922
	7,340	PPG Industries, Inc.		1,392,104
	16,530	RPM International, Inc.		686,160
		Total Chemicals		7,404,867

Nuveen Investments
40

Shares		Description (1)	Value
		Commercial Banks – 2.7%
	12,743	Comerica Incorporated	$	605,802
	12,783	Fifth Third Bancorp.		268,826
	11,582	First Horizon National Corporation		134,930
	8,574	FirstMerit Corporation		190,600
	49,105	Huntington BancShares Inc.		473,863
	33,673	Regions Financial Corporation		333,026
	33,569	U.S. Bancorp		1,356,188
	78,213	Wells Fargo & Company		3,550,870
		Total Commercial Banks		6,914,105
		Commercial Services & Supplies – 0.2%
	9,103	Deluxe Corporation		475,086
	8,400	Kimball International Inc., Class B		126,252
		Total Commercial Services & Supplies		601,338
		Communications Equipment – 2.2%
	2,984	Blackberry Limited, (2)		22,231
	103,837	Cisco Systems, Inc.		2,331,141
	11,542	Motorola Solutions Inc.		779,085
	32,090	QUALCOMM, Inc.		2,382,683
		Total Communications Equipment		5,515,140
		Computers & Peripherals – 3.8%
	14,183	Apple, Inc.		7,958,223
	40,436	EMC Corporation		1,016,965
	25,651	Hewlett-Packard Company		717,715
		Total Computers & Peripherals		9,692,903
		Consumer Finance – 0.7%
	20,573	American Express Company		1,866,588
		Containers & Packaging – 0.5%
	5,330	Avery Dennison Corporation		267,513
	15,192	Packaging Corp. of America		961,350
		Total Containers & Packaging		1,228,863
		Distributors – 0.0%
	796	Genuine Parts Company		66,219
		Diversified Consumer Services – 0.1%
	5,562	Apollo Group, Inc., (2)		151,954
		Diversified Financial Services – 5.8%
	200,358	Bank of America Corporation		3,119,574
	27,775	Berkshire Hathaway Inc., Class B, (2)		3,293,004
	52,605	Citigroup Inc.		2,741,247
	10,081	CME Group, Inc.		790,955
	3,704	IntercontinentalExchange Group Inc.		833,104
	64,689	JP Morgan Chase & Co.		3,783,013
		Total Diversified Financial Services		14,560,897
		Diversified Telecommunication Services – 2.5%
	3,700	Alaska Communications Systems Group Inc., (2)		7,844
	96,576	AT&T Inc.		3,395,612
	111,815	Frontier Communications Corporation		519,940
	47,132	Verizon Communications Inc.		2,316,066
		Total Diversified Telecommunication Services		6,239,462

Nuveen Investments
41

JPG  Nuveen Equity Premium and Growth Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Electric Utilities – 0.8%
	27,724	Duke Energy Corporation	$	1,913,233
	876	Great Plains Energy Incorporated		21,234
		Total Electric Utilities		1,934,467
		Electrical Equipment – 1.0%
	3,151	Eaton PLC		239,854
	22,224	Emerson Electric Company		1,559,680
	6,854	Rockwell Automation, Inc.		809,869
		Total Electrical Equipment		2,609,403
		Electronic Equipment & Instruments – 0.4%
	48,583	Corning Incorporated		865,749
		Energy Equipment & Services – 2.1%
	12,363	Baker Hughes Incorporated		683,179
	1,152	Carbo Ceramics Inc.		134,243
	24,408	Halliburton Company		1,238,706
	9,961	National-Oilwell Varco Inc.		792,198
	12,997	Noble Corporation PLC		486,998
	20,806	Schlumberger Limited		1,874,829
	1,869	Tidewater Inc.		110,776
		Total Energy Equipment & Services		5,320,929
		Food & Staples Retailing – 2.2%
	28,828	CVS Caremark Corporation		2,063,220
	23,426	SUPERVALU INC., (2)		170,776
	34,385	Wal-Mart Stores, Inc.		2,705,756
	11,974	Whole Foods Market, Inc.		692,456
		Total Food & Staples Retailing		5,632,208
		Food Products – 1.5%
	13,960	Archer-Daniels-Midland Company		605,864
	17,628	ConAgra Foods, Inc.		594,064
	15,625	Kraft Foods Inc.		842,500
	46,877	Mondelez International Inc.		1,654,758
		Total Food Products		3,697,186
		Gas Utilities – 0.6%
	13,418	AGL Resources Inc.		633,732
	14,636	ONEOK, Inc.		910,066
		Total Gas Utilities		1,543,798
		Health Care Equipment & Supplies – 1.6%
	45,691	Abbott Laboratories		1,751,336
	28,854	Boston Scientific Corporation, (2)		346,825
	3,976	Hologic Inc., (2)		88,864
	31,998	Medtronic, Inc.		1,836,365
		Total Health Care Equipment & Supplies		4,023,390
		Health Care Providers & Services – 2.0%
	9,358	Aetna Inc.		641,865
	1,637	Brookdale Senior Living Inc., (2)		44,494
	16,284	Express Scripts, Holding Company, (2)		1,143,788
	5,614	Humana Inc.		579,477
	6,162	Tenet Healthcare Corporation, (2)		259,543
	21,124	UnitedHealth Group Incorporated		1,590,637
	9,222	Wellpoint Inc.		852,021
		Total Health Care Providers & Services		5,111,825

Nuveen Investments
42

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure – 1.4%
	9,393	International Game Technology	$	170,577
	21,646	McDonald's Corporation		2,100,311
	13,188	MGM Resorts International Inc., (2)		310,182
	43,350	The Wendy's Company		378,012
	4,557	Tim Hortons Inc.		266,038
	5,749	Wyndham Worldwide Corporation		423,644
		Total Hotels, Restaurants & Leisure		3,648,764
		Household Durables – 0.6%
	9,410	KB Home		172,015
	7,325	Lennar Corporation, Class A		289,777
	16,964	Newell Rubbermaid Inc.		549,803
	2,393	Whirlpool Corporation		375,366
		Total Household Durables		1,386,961
		Household Products – 2.2%
	10,456	Colgate-Palmolive Company		681,836
	9,977	Kimberly-Clark Corporation		1,042,197
	46,510	Procter & Gamble Company		3,786,379
		Total Household Products		5,510,412
		Industrial Conglomerates – 2.0%
	15,041	3M Co.		2,109,500
	108,753	General Electric Company		3,048,347
		Total Industrial Conglomerates		5,157,847
		Insurance – 2.8%
	16,090	Arthur J. Gallagher & Co.		755,104
	16,883	Fidelity National Title Group Inc., Class A		547,853
	20,130	Genworth Financial Inc., Class A, (2)		312,619
	12,560	Kemper Corporation		513,453
	26,486	Lincoln National Corporation		1,367,207
	26,240	Marsh & McLennan Companies, Inc.		1,268,966
	5,504	Mercury General Corporation		273,604
	10,189	Prudential Financial, Inc.		939,630
	11,626	Travelers Companies, Inc.		1,052,618
		Total Insurance		7,031,054
		Internet & Catalog Retail – 1.3%
	7,722	Amazon.com, Inc., (2)		3,079,456
	4,592	FTD Companies Inc., (2)		149,607
		Total Internet & Catalog Retail		3,229,063
		Internet Software & Services – 3.2%
	3,711	Akamai Technologies, Inc., (2)		175,085
	25,659	eBay Inc., (2)		1,408,423
	4,340	Google Inc., Class A, (2)		4,863,881
	3,280	United Online, Inc.		45,133
	6,424	VeriSign, Inc., (2)		384,027
	27,685	Yahoo! Inc., (2)		1,119,581
		Total Internet Software & Services		7,996,130
		IT Services – 3.8%
	28,378	Automatic Data Processing, Inc.		2,293,226
	9,387	Cognizant Technology Solutions Corporation, Class A, (2)		947,899
	11,474	Fidelity National Information Services		615,924
	18,769	International Business Machines Corporation (IBM)		3,520,501

Nuveen Investments
43

JPG  Nuveen Equity Premium and Growth Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		IT Services (continued)
	2,687	Lender Processing Services Inc., (2)	$	100,440
	9,814	Visa Inc.		2,185,382
		Total IT Services		9,663,372
		Leisure Equipment & Products – 0.4%
	21,208	Mattel, Inc.		1,009,077
	634	Polaris Industries Inc.		92,336
		Total Leisure Equipment & Products		1,101,413
		Life Sciences Tools & Services – 0.2%
	1,370	Covance, Inc., (2)		120,642
	4,213	Life Technologies Corporation, (2)		319,345
		Total Life Sciences Tools & Services		439,987
		Machinery – 2.7%
	3,706	Briggs & Stratton Corporation		80,643
	12,391	Caterpillar Inc.		1,125,227
	3,049	Cummins Inc.		429,818
	11,246	Deere & Company		1,027,097
	13,943	Illinois Tool Works, Inc.		1,172,327
	5,351	Pentair Limited		415,612
	11,866	Snap-on Incorporated		1,299,564
	15,824	Stanley Black & Decker Inc.		1,276,839
		Total Machinery		6,827,127
		Media – 4.1%
	12,544	CBS Corporation, Class B		799,555
	55,015	Comcast Corporation, Class A		2,858,854
	14,912	DirecTV, (2)		1,030,270
	8,126	Gannett Company Inc.		240,367
	5,070	Lamar Advertising Company, (2)		264,908
	28,121	New York Times, Class A		446,280
	27,140	Regal Entertainment Group, Class A		527,873
	45,144	Sirius XM Holdings Inc., (2)		157,553
	66,379	Twenty First Century Fox Inc., Class A Shares		2,335,213
	17,340	Walt Disney Company		1,324,776
	24,892	World Wrestling Entertainment Inc.		412,709
		Total Media		10,398,358
		Metals & Mining – 0.5%
	4,770	Companhia Siderurgica Nacional S.A., Sponsored ADR		29,574
	23,593	Freeport-McMoRan Copper & Gold, Inc.		890,400
	10,237	Southern Copper Corporation		293,904
	3,047	United States Steel Corporation		89,887
		Total Metals & Mining		1,303,765
		Multiline Retail – 0.7%
	7,375	Nordstrom, Inc.		455,775
	18,749	Target Corporation		1,186,249
		Total Multiline Retail		1,642,024
		Multi-Utilities – 1.4%
	14,000	Ameren Corporation		506,240
	52,946	CenterPoint Energy, Inc.		1,227,288
	7,260	Consolidated Edison, Inc.		401,333
	22,250	Dominion Resources, Inc.		1,439,353
		Total Multi-Utilities		3,574,214

Nuveen Investments
44

Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels – 8.8%
	25,995	Chesapeake Energy Corporation	$	705,504
	34,906	Chevron Corporation		4,360,108
	20,462	ConocoPhillips		1,445,640
	11,317	CONSOL Energy Inc.		430,499
	6,936	EOG Resources, Inc.		1,164,138
	70,915	Exxon Mobil Corporation		7,176,598
	7,395	Hess Corporation		613,785
	20,768	Marathon Oil Corporation		733,110
	10,284	Marathon Petroleum Corporation		943,351
	16,727	Occidental Petroleum Corporation		1,590,738
	17,748	Peabody Energy Corporation		346,618
	10,973	Phillips 66		846,347
	24,031	Ship Financial International Limited		393,628
	17,375	Southwestern Energy Company, (2)		683,359
	16,856	Valero Energy Corporation		849,542
		Total Oil, Gas & Consumable Fuels		22,282,965
		Personal Products – 0.1%
	21,653	Avon Products, Inc.		372,865
		Pharmaceuticals – 6.3%
	38,882	AbbVie Inc.		2,053,358
	476	AstraZeneca PLC, Sponsored ADR		28,260
	36,576	Bristol-Myers Squibb Company		1,944,014
	12,124	Eli Lilly and Company		618,324
	52,429	Johnson & Johnson		4,801,972
	56,106	Merck & Company Inc.		2,808,105
	108,416	Pfizer Inc.		3,320,782
	5,422	Sanofi-Aventis, Sponsored ADR		290,782
		Total Pharmaceuticals		15,865,597
		Real Estate Investment Trust – 1.9%
	46,182	Annaly Capital Management Inc.		460,435
	35,857	Brandywine Realty Trust		505,225
	14,334	CubeSmart		228,484
	16,442	Hospitality Properties Trust		444,427
	54,457	Lexington Corporate Properties Trust		556,006
	32,604	Senior Housing Properties Trust		724,787
	23,740	Ventas Inc.		1,359,827
	19,112	Weyerhaeuser Company		603,366
		Total Real Estate Investment Trust		4,882,557
		Road & Rail – 0.8%
	12,155	Union Pacific Corporation		2,042,040
		Semiconductors & Equipment – 2.5%
	15,548	Analog Devices, Inc.		791,860
	35,188	Applied Materials, Inc.		622,476
	959	First Solar Inc., (2)		52,400
	99,422	Intel Corporation		2,580,996
	17,124	Microchip Technology Incorporated		766,299
	19,215	NVIDIA Corporation		307,824
	27,352	Texas Instruments Incorporated		1,201,026
		Total Semiconductors & Equipment		6,322,881
		Software – 3.7%
	16,588	Adobe Systems Incorporated, (2)		993,289
	8,286	Autodesk, Inc., (2)		417,034
	122,975	Microsoft Corporation		4,602,954

Nuveen Investments
45

JPG  Nuveen Equity Premium and Growth Fund (continued)
Portfolio of Investments December 31, 2013

Shares		Description (1)	Value
		Software (continued)
	65,063	Oracle Corporation	$	2,489,310
	16,980	Salesforce.com, Inc., (2)		937,126
		Total Software		9,439,713
		Specialty Retail – 2.3%
	6,506	Abercrombie & Fitch Co., Class A		214,112
	19,409	American Eagle Outfitters, Inc.		279,490
	14,239	Best Buy Co., Inc.		567,851
	1,872	CST Brands Inc.		68,740
	10,523	Gap, Inc.		411,239
	15,188	Home Depot, Inc.		1,250,581
	13,955	L Brands Inc.		863,117
	14,954	Lowe's Companies, Inc.		740,971
	7,525	Tiffany & Co.		698,170
	10,968	TJX Companies, Inc.		698,991
		Total Specialty Retail		5,793,262
		Textiles, Apparel & Luxury Goods – 0.5%
	20,604	VF Corporation		1,284,453
		Thrifts & Mortgage Finance – 0.3%
	41,183	New York Community Bancorp Inc.		693,934
		Tobacco – 2.1%
	50,557	Altria Group, Inc.		1,940,883
	28,556	Philip Morris International		2,488,084
	17,888	Reynolds American Inc.		894,221
		Total Tobacco		5,323,188
		Trading Companies & Distributors – 0.3%
	3,200	W.W. Grainger, Inc.		817,344
		Wireless Telecommunication Services – 0.0%
	3,490	Sprint Corporation, (2)		37,518
	1,065	Vodafone Group PLC, Sponsored ADR		41,865
		Total Wireless Telecommunication Services		79,383
		Total Long-Term Investments (cost $158,236,829)		255,947,614

Principal Amount (000)		Description (1)	Coupon			Maturity		Value
		SHORT-TERM INVESTMENTS – 1.3%
$	3,222	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/13, repurchase price $3,221,863, collateralized by $3,090,000 U.S. Treasury Notes, 2.000%, due 11/30/20, value $3,016,613 and collateralized by $235,000 U.S. Treasury Bonds, 4.625%, due 2/15/40, value $270,838		0.000	%		1/02/14	$	3,221,863
		Total Short-Term Investments (cost $3,221,863)							3,221,863
		Total Investments (cost $161,458,692) – 102.4%							259,169,477
		Other Assets Less Liabilities – (2.4)% (3)							(5,953,670	)
		Net Assets – 100%						$	253,215,807

Nuveen Investments
46

Investments in Derivatives as of December 31, 2013

  Options Written outstanding:

Number of Contracts			Type	Notional Amount (4)			Expiration Date	Strike Price		Value (3)
	(126	)	S&P 500® Index	$	(22,428,000	)	1/03/14	$	1,780	$	(880,110	)
	(123	)	S&P 500® Index		(22,263,000	)	1/10/14		1,810		(528,900	)
	(130	)	S&P 500® Index		(23,075,000	)	1/18/14		1,775		(1,021,800	)
	(102	)	S&P 500® Index		(18,258,000	)	1/18/14		1,790		(656,880	)
	(133	)	S&P 500® Index		(23,940,000	)	1/18/14		1,800		(742,140	)
	(131	)	S&P 500® Index		(23,711,000	)	1/18/14		1,810		(614,390	)
	(129	)	S&P 500® Index		(23,220,000	)	2/22/14		1,800		(823,665	)
	(101	)	S&P 500® Index		(18,281,000	)	2/22/14		1,810		(568,630	)
	(128	)	S&P 500® Index		(23,552,000	)	2/22/14		1,840		(459,520	)
	(1,103	)	Total Options Written (premiums received $3,027,743)	$	(198,728,000	)				$	(6,296,035	)

  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 shown 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 as of 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 options written.

ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
47

Statement of

Assets and Liabilities  December 31, 2013

	Equity Premium Income (JPZ)			Equity Premium Opportunity (JSN)			Equity Premium Advantage (JLA)			Equity Premium and Growth (JPG)
Assets
Long-term Investments, at value (cost $323,246,746, $519,370,589, $190,095,904 and $158,236,829, respectively)	$	536,793,109		$	917,976,260		$	366,727,856		$	255,947,614
Short-term Investments, at value (cost approximates value)		10,245,579			18,587,179			7,680,103			3,221,863
Cash		—			—			—			123,900
Receivable for:
Dividends		936,239			1,180,059			352,043			375,505
Premiums on options written		334,530			1,059,725			966,740			136,290
Reclaims		571			—			145			—
Other assets		58,170			92,006			36,760			23,215
Total assets		548,368,198			938,895,229			375,763,647			259,828,387
Liabilities
Cash overdraft		331,470			353,115			161,069			—
Options written, at value (premiums received $7,923,665, $15,265,138, $6,784,410 and $3,027,743, respectively)		16,316,975			29,986,515			12,802,690			6,296,035
Accrued expenses:
Management fees		390,172			659,551			266,848			181,384
Trustees fees		58,027			92,415			36,503			22,769
Other		159,060			297,537			138,231			112,392
Total liabilities		17,255,704			31,389,133			13,405,341			6,612,580
Net assets	$	531,112,494		$	907,506,096		$	362,358,306		$	253,215,807
Shares outstanding		38,464,973			66,487,744			25,679,417			16,152,579
Net asset value per share outstanding	$	13.81		$	13.65		$	14.11		$	15.68
Net assets consist of:
Shares, $.01 par value per share	$	384,650		$	664,877		$	256,794		$	161,526
Paid-in surplus		417,601,785			648,392,177			231,640,499			210,272,946
Undistributed (Over-distribution of) net investment income		—			—			—			—
Accumulated net realized gain (loss)		(92,026,994	)		(125,435,252	)		(40,152,659	)		(51,661,158	)
Net unrealized appreciation (depreciation)		205,153,053			383,884,294			170,613,672			94,442,493
Net assets	$	531,112,494		$	907,506,096		$	362,358,306		$	253,215,807
Authorized shares		Unlimited			Unlimited			Unlimited			Unlimited

See accompanying notes to financial statements.

Nuveen Investments
48

Statement of

Operations  Year Ended December 31, 2013

	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 $5,076, $28,771, $8,040 and $7,615, respectively)	$	12,749,480		$	19,261,948		$	6,876,688		$	5,866,791
Interest		875			1,679			575			357
Total investment income		12,750,355			19,263,627			6,877,263			5,867,148
Expenses
Management fees		4,530,741			7,672,785			3,067,850			2,076,493
Shareholder servicing agent fees and expenses		1,000			1,624			551			266
Custodian fees and expenses		89,961			145,114			74,652			52,062
Trustees fees and expenses		21,444			36,650			14,553			10,057
Professional fees		49,349			63,157			43,044			39,030
Shareholder reporting expenses		105,337			185,225			61,770			45,669
Stock exchange listing fees		12,285			21,235			8,586			8,586
Investor relations expenses		115,912			195,787			63,713			72,579
Other expenses		72,813			226,247			107,052			48,845
Total expenses before expense reimbursement		4,998,842			8,547,824			3,441,771			2,353,587
Expense reimbursement		—			(52,297	)		—			—
Net expenses		4,998,842			8,495,527			3,441,771			2,353,587
Net investment income (loss)		7,751,513			10,768,100			3,435,492			3,513,561
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		45,642,380			96,187,770			49,444,447			17,602,323
Options written		(69,124,090	)		(122,051,010	)		(48,969,808	)		(26,053,355	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		90,331,208			142,463,927			50,810,979			46,841,353
Options written		(6,774,541	)		(12,057,093	)		(5,382,212	)		(2,602,360	)
Net realized and unrealized gain (loss)		60,074,957			104,543,594			45,903,406			35,787,961
Net increase (decrease) in net assets from operations	$	67,826,470		$	115,311,694		$	49,338,898		$	39,301,522

See accompanying notes to financial statements.

Nuveen Investments
49

Statement of

Changes in Net Assets

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Year Ended 12/31/13			Year Ended 12/31/12			Year Ended 12/31/13			Year Ended 12/31/12
Operations
Net investment income (loss)	$	7,751,513		$	9,410,446		$	10,768,100		$	12,936,622
Net realized gain (loss) from:
Investments and foreign currency		45,642,380			14,716,979			96,187,770			36,351,932
Options written		(69,124,090	)		(22,510,016	)		(122,051,010	)		(45,753,145	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		90,331,208			50,950,393			142,463,927			83,633,596
Options written		(6,774,541	)		(1,764,899	)		(12,057,093	)		(5,845,583	)
Net increase (decrease) in net assets from operations		67,826,470			50,802,903			115,311,694			81,323,422
Distributions to Shareholders
From net investment income		(7,703,790	)		(9,513,512	)		(10,773,289	)		(13,421,449	)
Return of capital		(33,992,241	)		(32,189,236	)		(63,427,033	)		(60,782,807	)
Decrease in net assets from distributions to shareholders		(41,696,031	)		(41,702,748	)		(74,200,322	)		(74,204,256	)
Capital Share Transactions
Cost of shares repurchased or retired		—			(203,434	)		—			(53,251	)
Net increase (decrease) in net assets from capital share transactions		—			(203,434	)		—			(53,251	)
Net increase (decrease) in net assets		26,130,439			8,896,721			41,111,372			7,065,915
Net assets at the beginning of period		504,982,055			496,085,334			866,394,724			859,328,809
Net assets at the end of period	$	531,112,494		$	504,982,055		$	907,506,096		$	866,394,724
Undistributed (Over-distribution of) net investment income at the end of period	$	—		$	—		$	—		$	—

See accompanying notes to financial statements.

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	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Year Ended 12/31/13			Year Ended 12/31/12			Year Ended 12/31/13			Year Ended 12/31/12
Operations
Net investment income (loss)	$	3,435,492		$	3,614,555		$	3,513,561		$	4,074,097
Net realized gain (loss) from:
Investments and foreign currency		49,444,447			24,558,199			17,602,323			5,360,151
Options written		(48,969,808	)		(21,432,485	)		(26,053,355	)		(7,866,299	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		50,810,979			28,048,972			46,841,353			23,903,760
Options written		(5,382,212	)		(3,025,148	)		(2,602,360	)		(855,286	)
Net increase (decrease) in net assets from operations		49,338,898			31,764,093			39,301,522			24,616,423
Distributions to Shareholders
From net investment income		(3,442,882	)		(5,357,420	)		(3,514,811	)		(4,142,189	)
Return of capital		(25,728,936	)		(23,850,406	)		(14,576,077	)		(13,959,339	)
Decrease in net assets from distributions to shareholders		(29,171,818	)		(29,207,826	)		(18,090,888	)		(18,101,528	)
Capital Share Transactions
Cost of shares repurchased or retired		—			(893,691	)		—			(174,186	)
Net increase (decrease) in net assets from capital share transactions		—			(893,691	)		—			(174,186	)
Net increase (decrease) in net assets		20,167,080			1,662,576			21,210,634			6,340,709
Net assets at the beginning of period		342,191,226			340,528,650			232,005,173			225,664,464
Net assets at the end of period	$	362,358,306		$	342,191,226		$	253,215,807		$	232,005,173
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:
2013	$	13.13	$	.20	$	1.56	$	1.76	$	(.20	)	$	—		$	(.88	)	$	(1.08	)	$	—		$	13.81	$	12.55
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
Equity Premium Opportunity (JSN)
Year Ended 12/31:
2013		13.03		.16		1.58		1.74		(.16	)		—			(.96	)		(1.12	)		—			13.65		12.65
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
Equity Premium Advantage (JLA)
Year Ended 12/31:
2013		13.33		.13		1.79		1.92		(.13	)		—			(1.01	)		(1.14	)		—			14.11		12.64
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
Equity Premium and Growth (JPG)
Year Ended 12/31:
2013		14.36		.22		2.22		2.44		(.22	)		—			(.90	)		(1.12	)		—			15.68		14.12
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

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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 Net Asset Value(b)			Based on Market Value(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
Equity Premium Income (JPZ)
Year Ended 12/31:
2013		13.85	%		15.53	%	$	531,112		.96	%		1.48	%		N/A			N/A			—	%**
2012		10.43			15.58			504,982		.96			1.78			.91	%		1.84	%		3
2011		5.63			(3.41	)		496,085		.97			1.60			.84			1.73			4
2010		12.22			8.10			515,590		.98			1.78			.77			1.99			3
2009		13.74			35.46			502,488		.99			1.93			.71			2.21			9
Equity Premium Opportunity (JSN)
Year Ended 12/31:
2013		13.74			14.50			907,506		.95			1.20			.95			1.20			1
2012		9.62			15.68			866,395		.96			1.39			.88			1.47			6
2011		5.78			(2.02	)		859,329		.96			1.23			.81			1.38			4
2010		11.17			7.85			891,517		.97			1.15			.75			1.37			3
2009		16.39			38.49			878,321		.98			1.35			.68			1.65			4
Equity Premium Advantage (JLA)
Year Ended 12/31:
2013		14.88			16.23			362,358		.97			.97			N/A			N/A			6
2012		9.54			13.89			342,191		.99			1.04			N/A			N/A			6
2011		6.35			(1.82	)		340,529		.98			.83			.94			.87			14
2010		10.83			8.95			352,431		1.00			.66			.85			.80			5
2009		20.21			41.37			349,898		1.01			.82			.81			1.02			10
Equity Premium and Growth (JPG)
Year Ended 12/31:
2013		17.47			18.32			253,216		.96			1.43			N/A			N/A			1
2012		11.03			16.58			232,005		.96			1.74			N/A			N/A			1
2011		4.89			(4.88	)		225,664		.96			1.66			N/A			N/A			4
2010		12.60			14.90			235,095		.98			1.75			N/A			N/A			3
2009		14.77			33.63			226,187		.98			1.99			N/A			N/A			6

(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 October 31, 2012, January 31, 2013 and May 31, 2011, the Adviser is no longer reimbursing Equity Premium Income (JPZ), Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA), respectively, for any fees or expenses.

(d)  Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

N/A  Fund no longer has a contractual reimbursement agreement with the Adviser.

*  Rounds to less than $.01 per share.

**  Rounds to less than 1%.

See accompanying notes to financial statements.

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Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Fund Information

The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):

•  Nuveen Equity Premium Income Fund (JPZ) ("Equity Premium Income (JPZ)")

•  Nuveen Equity Premium Opportunity Fund (JSN) ("Equity Premium Opportunity (JSN)")

•  Nuveen Equity Premium Advantage Fund (JLA) ("Equity Premium Advantage (JLA)")

•  Nuveen Equity Premium and Growth Fund (JPG) ("Equity Premium and Growth (JPG)")

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Equity Premium Income (JPZ), Equity Premium Opportunity (JSN), Equity Premium Advantage (JLA) and Equity Premium and Growth (JPG) were organized as Massachusetts business trusts on July 23, 2004, November 11, 2004, February 22, 2005 and November 11, 2004, respectively.

Investment Adviser

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Gateway Investment Advisers, LLC ("Gateway"), under which Gateway manages the Funds' investment portfolios.

Investment Objectives

Equity Premium Income's (JPZ) investment objective is to provide a high level of current income and gains. The Fund invests its managed assets in a diversified equity portfolio that seeks to substantially replicate price movements of the 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^® Index 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^® Index 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 accounting principles generally accepted in the United States ("U.S. GAAP").

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54

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. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.

Dividends and Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

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, 2013 and December 31, 2012, are reflected in the accompanying financial statements.

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.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. As of December 31, 2013, the Funds were not invested in any portfolio securities or derivatives, other than repurchase agreements further described in Note 3 – Portfolio Securities and Investments in Derivatives that are subject to netting agreements.

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. Investment Valuation and Fair Value Measurements

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

Nuveen Investments
55

Notes to Financial Statements (continued)

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, 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 may represent a transfer from a Level 1 to a Level 2 security.

Index options are valued at the 4:00 p.m. Eastern Time (ET) close price of the NYSE. The values of exchange-traded options are based on the mean of the closing bid and ask prices. Index and exchange-traded options are generally classified as Level 1. Options traded in the over-the-counter market are valued using an evaluated mean price and are generally classified as Level 2.

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.

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	$	536,793,109		$	—	$	—	$	536,793,109
Short-Term Investments:
Repurchase Agreements		—			10,245,579		—		10,245,579
Derivatives:
Options Written		(16,316,975	)		—		—		(16,316,975	)
Total	$	520,476,134		$	10,245,579	$	—	$	530,721,713
Equity Premium Opportunity (JSN)	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	917,976,260		$	—	$	—	$	917,976,260
Short-Term Investments:
Repurchase Agreements		—			18,587,179		—		18,587,179
Derivatives:
Options Written		(29,986,515	)		—		—		(29,986,515	)
Total	$	887,989,745		$	18,587,179	$	—	$	906,576,924

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Equity Premium Advantage (JLA)	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	366,727,856		$	—	$	—	$	366,727,856
Short-Term Investments:
Repurchase Agreements		—			7,680,103		—		7,680,103
Derivatives:
Options Written		(12,802,690	)		—		—		(12,802,690	)
Total	$	353,925,166		$	7,680,103	$	—	$	361,605,269
Equity Premium and Growth (JPG)	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	255,947,614		$	—	$	—	$	255,947,614
Short-Term Investments:
Repurchase Agreements		—			3,221,863		—		3,221,863
Derivatives:
Options Written		(6,296,035	)		—		—		(6,296,035	)
Total	$	249,651,579		$	3,221,863	$	—	$	252,873,442

*  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 a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i)  If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii)  If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value 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 purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.

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. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

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 Funds' investments denominated in that currency will lose value because their 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.

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Notes to Financial Statements (continued)

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, 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 forward foreign currency exchange contracts, futures, options purchased, options written and swaps contracts are recognized as a component of "Change in net unrealized appreciation (depreciation) of forward foreign currency exchange contracts, futures, options purchased, options written and swap contracts, respectively" on the Statement of Operations, when applicable.

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.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.

Fund	Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Equity Premium Income (JPZ)	Fixed Income Clearing Corporation	$	10,245,579	$	(10,245,579	)	$	—
Equity Premium Opportunity (JSN)	Fixed Income Clearing Corporation	$	18,587,179	$	(18,587,179	)	$	—
Equity Premium Advantage (JLA)	Fixed Income Clearing Corporation	$	7,680,103	$	(7,680,103	)	$	—
Equity Premium and Growth (JPG)	Fixed Income Clearing Corporation	$	3,221,863	$	(3,221,863	)	$	—

*  As of December 31, 2013, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund's Portfolio of Investments for details on the repurchase agreements.

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from regulation by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. 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.

Options Transactions

When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of "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 a 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 options written" on the Statement of Operations. When an option is exercised or expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of "Net realized gain (loss) from options written" on the Statement of Operations. The Fund, as a writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

During the fiscal year ended December 31, 2013, each Fund wrote 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 options on the S&P 500^® Index. Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA) wrote options on a blend of the S&P 500^® and NASDAQ 100 Indexes.

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The average notional amount of outstanding options contracts during the fiscal year ended December 31, 2013, 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 outstanding options written*	$	(504,057,300	)	$	(862,987,700	)	$	(342,056,350	)	$	(190,146,000	)

*  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.

The following table presents the fair value of all options held by the Funds as of December 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
Underlying	Derivative	Asset Derivatives				(Liability) Derivatives
Risk Exposure	Instrument	Location		Value		Location	Value
Equity Premium Income (JPZ)
Equity price	Options		—	$	—	Options written, at value	$	(16,316,975	)
Equity Premium Opportunity (JSN)
Equity price	Options		—	$	—	Options written, at value	$	(29,986,515	)
Equity Premium Advantage (JLA)
Equity price	Options		—	$	—	Options written, at value	$	(12,802,690	)
Equity Premium and Growth (JPG)
Equity price	Options		—	$	—	Options written, at value	$	(6,296,035	)

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on options contracts during the fiscal year ended December 31, 2013, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Options Written			Change in Net Unrealized Appreciation (Depreciation) of Options Written
Equity Premium Income (JPZ)	Equity price	Options	$	(69,124,090	)	$	(6,774,541	)
Equity Premium Opportunity (JSN)	Equity price	Options		(122,051,010	)		(12,057,093	)
Equity Premium Advantage (JLA)	Equity price	Options		(48,969,808	)		(5,382,212	)
Equity Premium and Growth (JPG)	Equity price	Options		(26,053,355	)		(2,602,360	)

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.

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.

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Notes to Financial Statements (continued)

4. Fund Shares

Transactions in shares were as follows:

	Equity Premium Income (JPZ)						Equity Premium Opportunity (JSN)
	Year Ended 12/31/13			Year Ended 12/31/12			Year Ended 12/31/13			Year Ended 12/31/12
Shares repurchased and retired		—			(17,662	)		—			(4,700	)
Weighted average:
Price per share repurchased and retired	$	—		$	11.50		$	—		$	11.31
Discount per share repurchased and retired		—	%		19.37	%		—	%		12.12	%
	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Year Ended 12/31/13			Year Ended 12/31/12			Year Ended 12/31/13			Year Ended 12/31/12
Shares repurchased and retired		—			(75,394	)		—			(13,800	)
Weighted average:
Price per share repurchased and retired	$	—		$	11.83		$	—		$	12.60
Discount per share repurchased and retired		—	%		12.36	%		—	%		11.72	%

5. Investment Transactions

Purchases and sales (excluding short-term investments and derivative transactions) during the fiscal year ended December 31, 2013, were as follows:

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Purchases	$	1,302,494	$	13,299,352	$	19,697,610	$	3,334,549
Sales		102,675,024		201,156,118		93,781,919		44,312,873

Transactions in options written during the fiscal year ended December 31, 2013, 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		3,475		$	12,043,556			12,388		$	21,157,896
Options written		29,905			91,423,433			80,745			160,287,942
Options terminated in closing purchase transactions		(30,506	)		(95,543,324	)		(88,818	)		(166,180,700	)
Options outstanding, end of period		2,874		$	7,923,665			4,315		$	15,265,138
	Equity Premium Advantage (JLA)						Equity Premium and Growth (JPG)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Options outstanding, beginning of period		7,522		$	8,436,242			1,303		$	4,537,048
Options written		43,417			64,584,380			11,263			34,398,983
Options terminated in closing purchase transactions		(49,451	)		(66,236,212	)		(11,463	)		(35,908,288	)
Options outstanding, end of period		1,488		$	6,784,410			1,103		$	3,027,743

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6. Income Tax Information

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, 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.

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.

As of December 31, 2013, 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	$	333,766,027		$	538,131,910		$	197,761,637		$	161,429,838
Gross unrealized:
Appreciation	$	240,779,901		$	419,274,037		$	177,573,463		$	108,237,557
Depreciation		(27,507,240	)		(20,842,508	)		(927,141	)		(10,497,918	)
Net unrealized appreciation (depreciation) of investments	$	213,272,661		$	398,431,529		$	176,646,322		$	97,739,639

Permanent differences, primarily due to foreign currency reclassifications, Real Estate Investment Trust (REIT) adjustments, reclassification of litigation proceeds and return of capital distributions, resulted in reclassifications among the Funds' components of net assets as of December 31, 2013, 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	$	(33,983,778	)	$	(63,437,105	)	$	(25,738,444	)	$	(14,583,953	)
Undistributed (Over-distribution of) net investment income		33,944,518			63,432,222			25,736,326			14,577,327
Accumulated net realized gain (loss)		39,260			4,883			2,118			6,626

The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2013, 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		—		—		—		—

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Notes to Financial Statements (continued)

The tax character of distributions paid during the Funds' tax years ended December 31, 2013 and December 31, 2012, was designated for purposes of the dividends paid deduction as follows:

2013	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Distributions from net ordinary income1	$	7,703,790	$	10,773,289	$	3,442,882	$	3,514,811
Distributions from net long-term capital gains		—		—		—		—
Return of capital		33,992,241		63,427,033		25,728,936		14,576,077
2012	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Distributions from net ordinary income1	$	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

¹  Net ordinary income consists of net taxable income derived from dividends, interest and current year earnings and profits attributed to realized gains.

As of December 31, 2013, 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 shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

	Equity Premium Income (JPZ)		Equity Premium Opportunity (JSN)		Equity Premium Advantage (JLA)		Equity Premium and Growth (JPG)
Expiration:
December 31, 2017	$	55,219,856	$	47,988,639	$	25,262,705	$	30,503,738
December 31, 2018		4,958,903		38,327,754		14,352,958		7,655,485
Not subject to expiration:		26,177,861		39,677,239		1,632,124		14,389,045
Total	$	86,356,620	$	125,993,632	$	41,247,787	$	52,548,268

The Funds have elected to defer late-year losses 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 losses2	$	13,651,461	$	13,891,831	$	4,922,389	$	2,381,183
Late-year ordinary losses3		—		—		—		—

²  Capital losses incurred from November 1, 2013 through December 31, 2013, the Funds' tax year end.

³  Specified losses incurred from November 1, 2013 through December 31, 2013.

7. Management Fees and Other Transactions with Affiliates

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. Gateway is compensated for its services to the Funds from the management fees paid to the Adviser.

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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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 certain types of leverage. For these purposes, 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, 2013, the complex-level fee rate for each of these Funds was .1686%.

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 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.

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Additional

Fund Information

Board of Trustees

William Adams IV*	Robert P. Bremner	Jack B. Evans	William C. Hunter	David J. Kundert	John K. Nelson
William J. Schneider	Thomas S. Schreier, Jr.*	Judith M. Stockdale	Carole E. Stone	Virginia L. Stringer	Terence J. Toth

* Interested Board Member

Fund Manager
Nuveen Fund Advisers, LLC
333 West Wacker Drive
Chicago, IL 60606 Custodian
State Street Bank & Trust Company
Boston, MA 02111 Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603 Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL 60606 Transfer Agent and
Shareholder Services
State Street Bank &
Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787

Quarterly Form N-Q Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC -0330 for room hours and operation.

Nuveen Funds' Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund 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. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure

Each Fund's Chief Executive Officer (CEO) 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 CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Information

Each Fund intends to repurchase shares of its own common stock 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.

	JPZ		JSN		JLA		JPG
Shares Repurchased		—		—		—		—

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

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Distribution Information

Each Fund hereby designates its percentage of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (DRD) for corporations and its percentage 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.

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

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Glossary of Terms

Used in this Report

nAverage 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.

nChicago Board Options Exchange (CBOE) NASDAQ-100 Volatility Index (the "VXN"): A measure of market expectations of 30-day volatility for the NASDAQ-100^® Index, as implied by the price of near-term options on this index. The VXN index is a widely watched gauge of market sentiment and volatility for the NASDAQ-100^® Index, which includes the top 100 U.S. and international non-financial securities by market capitalization listed on the NASDAQ. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

nChicago Board Options Exchange (CBOE) Volatility Index (the "VIX"): A measure of market expectations of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

nComparative 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.

nComparative 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.

nDow Jones Industrial Average: A price-weighted index of the 30 largest, most widely held stocks traded on the New York Stock Exchange. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

nGross 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.

nNASDAQ-100^® Index (the "NDX"): 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.

nNet Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.

nS&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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Reinvest Automatically,

Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan

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

By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.

It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each quarter you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.

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

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

Call today to start reinvesting distributions

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

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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 of Trustees of the Funds. The number of trustees of the Funds is currently set at twelve. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent trustees") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees 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, Year of Birth & 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:
nWILLIAM J. SCHNEIDER
	1944 333 W. Wacker Drive Chicago, IL 60606	Chairman and 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; an owner in several other Miller Valentine entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company, Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.		206
nROBERT P. BREMNER
	1940 333 W. Wacker Drive Chicago, IL 60606	Board Member	1996 Class lll	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.		206
nJACK B. EVANS
	1948 333 W. Wacker Drive Chicago, IL 60606	Board Member	1999 Class lll	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; 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.		206
nWILLIAM C. HUNTER
	1948 333 W. Wacker Drive Chicago, IL 60606	Board Member	2004 Class l	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.		206
nDAVID J. KUNDERT
	1942 333 W. Wacker Drive Chicago, IL 60606	Board Member	2005 Class ll	Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), 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.		206

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Name, Year of Birth & 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):
nJOHN K. NELSON
	1962 333 West Wacker Drive Chicago, IL 60606	Board Member	2013 Class ll	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Whole- sale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.		206
nJUDITH M. STOCKDALE
	1947 333 W. Wacker Drive Chicago, IL 60606	Board Member	1997 Class l	Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).		206
nCAROLE E. STONE
	1947 333 W. Wacker Drive Chicago, IL 60606	Board Member	2007 Class l	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).		206
nVIRGINIA L. STRINGER
	1944 333 W. Wacker Drive Chicago, IL 60606	Board Member	2011 Class l	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).		206
nTERENCE J. TOTH
	1959 333 W. Wacker Drive Chicago, IL 60606	Board Member	2008 Class lI	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); 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 Chairman, 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).		206

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Board Members & Officers (Unaudited) (continued)

Name, Year of Birth & Address		Position(s) Held with the Funds	Year First Elected or Appointed and Term(1)		Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member
Interested Board Members:
nWILLIAM ADAMS IV(2)
	1955 333 W. Wacker Drive Chicago, IL 60606	Board Member		2013 Class ll	Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda s Club Chicago.		132
nTHOMAS S. SCHREIER, JR.(2)
	1962 333 W. Wacker Drive Chicago, IL 60606	Board Member		2013 Class lll	Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman's Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).		132
Name, Year of Birth & 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
	1956 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); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.		206
nCEDRIC H. ANTOSIEWICZ
	1962 333 W. Wacker Drive Chicago, IL 60606	Vice President		2007	Managing Director of Nuveen Securities, LLC.		100
nMARGO L. COOK
	1964 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.		206
nLORNA C. FERGUSON
	1945 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).		206

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Name, Year of Birth & 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):
nSTEPHEN D. FOY
	1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller		1998	Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.		206
nSCOTT S. GRACE
	1970 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.		206
nWALTER M. KELLY
	1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President		2003	Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.		206
nTINA M. LAZAR
	1961 333 W. Wacker Drive Chicago, IL 60606	Vice President		2002	Senior Vice President of Nuveen Investment Holdings, Inc.		206
nKEVIN J. MCCARTHY
	1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary		2007	Managing Director and Assistant Secretary (since 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.		206
nKATHLEEN L. PRUDHOMME
	1953 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).		206

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Board Members & Officers (Unaudited) (continued)

Name, Year of Birth & 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):
nJOEL T. SLAGER
1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary		2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).		206

(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)  "Interested person" as defined in the 1940 Act, by reason 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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Notes

Notes

Notes

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 approximately $215 billion as of September 30, 2013.

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-1213D

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, 2013	$	27,630		$	0		$	3,250		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%	0		%
December 31, 2012	$	26,309		$	0		$	1,960		$	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 calculation 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, 2013	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%
December 31, 2012	$	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, 2013	$	3,250	$	0	$	0	$	3,250
December 31, 2012	$	1,960	$	0	$	0	$	1,960

“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, Jack B. Evans, David J. Kundert, 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, 2013, Mr. Buckius and Mr. Toft were responsible for day-to-day management of 4 registered investment company accounts (excluding the Funds) having assets of approximately $8.6 billion.  Mr. Buckius and Mr. Toft were responsible for day-to-day management of 1 other pooled investment vehicle having assets of approximately $5 million.  Mr. Buckius was responsible for day-to-day management of 23 other accounts having assets of approximately $1.5 billion in the aggregate, and Mr. Toft was responsible for day-to-day management of 15 other accounts having assets of approximately $259 million in aggregate.  Neither Mr. Toft nor Mr. Buckius 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, a one-time retention incentive payment 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, 2013

Name of Portfolio Manager	Dollar range of equity securities beneficially owned in Fund
Michael T. Buckius	None
Kenneth H. Toft	$10,001 - $50,000

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(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 6, 2014

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 6, 2014

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

Date: March 6, 2014