		Portfolio of Investments (Unaudited)
		Nuveen Equity Premium Advantage Fund (JLA)
		September 30, 2010

Shares		Description (1)			Value
		Common Stocks – 99.7%
		Aerospace & Defense – 1.3%
19,116		Boeing Company			$ 1,271,979
29,354		Honeywell International Inc.			1,289,815
24,368		United Technologies Corporation			1,735,733
		Total Aerospace & Defense			4,297,527
		Air Freight & Logistics – 0.9%
47,270		United Parcel Service, Inc., Class B			3,152,436
		Airlines – 0.5%
22,470		Delta Air Lines, Inc., (2)			261,551
27,885		Lan Airlines S.A., Sponsored ADR			820,934
34,353		Southwest Airlines Co.			448,994
		Total Airlines			1,531,479
		Auto Components – 0.5%
10,102		American Axle and Manufacturing Holdings Inc., (2)			91,120
28,366		Cooper Tire & Rubber			556,825
51,860		Gentex Corporation			1,011,789
		Total Auto Components			1,659,734
		Automobiles – 0.5%
109,234		Ford Motor Company, (2)			1,337,024
14,597		Harley-Davidson, Inc.			415,139
		Total Automobiles			1,752,163
		Beverages – 1.3%
43,999		Coca-Cola Company			2,574,821
29,271		PepsiCo, Inc.			1,944,765
		Total Beverages			4,519,586
		Biotechnology – 4.3%
47,483		Amgen Inc., (2)			2,616,788
66,664		Celgene Corporation, (2)			3,840,513
12,644		Cephalon, Inc., (2)			789,491
43,232		Genzyme Corporation, (2)			3,060,393
110,785		Gilead Sciences, Inc., (2)			3,945,054
18,280		Human Genome Sciences, Inc., (2)			544,561
		Total Biotechnology			14,796,800
		Capital Markets – 1.1%
19,686		Bank of New York Company, Inc.			514,395
46,966		Charles Schwab Corporation			652,827
9,397		Goldman Sachs Group, Inc.			1,358,618
24,295		Morgan Stanley			599,601
17,346		Waddell & Reed Financial, Inc., Class A			474,587
		Total Capital Markets			3,600,028
		Chemicals – 0.9%
33,915		Dow Chemical Company			931,306
35,575		E.I. Du Pont de Nemours and Company			1,587,357
13,584		Monsanto Company			651,081
		Total Chemicals			3,169,744
		Commercial Banks – 1.3%
31,331		FirstMerit Corporation			573,984
9,487		Toronto-Dominion Bank			685,531
65,040		U.S. Bancorp			1,406,165
70,518		Wells Fargo & Company			1,772,117
		Total Commercial Banks			4,437,797
		Commercial Services & Supplies – 0.4%
29,414		Covanta Holding Corporation			463,271
13,828		Deluxe Corporation			264,530
26,895		R.R. Donnelley & Sons Company			456,139
		Total Commercial Services & Supplies			1,183,940
		Communications Equipment – 6.0%
6,820		Aviat Networks Inc., (2)			27,894
312,383		Cisco Systems, Inc., (2)			6,841,188
21,578		Comverse Technology, Inc., (2)			145,220
17,501		Harris Corporation			775,119
213,361		QUALCOMM, Inc.			9,626,848
59,842		Research In Motion Limited, (2)			2,913,707
		Total Communications Equipment			20,329,976
		Computers & Peripherals – 12.6%
140,369		Apple, Inc., (2)			39,829,700
56,388		EMC Corporation, (2)			1,145,240
53,361		Hewlett-Packard Company			2,244,897
		Total Computers & Peripherals			43,219,837
		Consumer Finance – 0.4%
24,868		American Express Company			1,045,202
23,560		SLM Corporation, (2)			272,118
		Total Consumer Finance			1,317,320
		Containers & Packaging – 0.2%
19,780		Packaging Corp. of America			458,303
4,824		Sonoco Products Company			161,315
		Total Containers & Packaging			619,618
		Distributors – 0.0%
2,607		Genuine Parts Company			116,246
		Diversified Consumer Services – 0.3%
7,119		ITT Educational Services, Inc., (2)			500,252
63,150		Service Corporation International			544,353
		Total Diversified Consumer Services			1,044,605
		Diversified Financial Services – 1.8%
146,487		Bank of America Corporation			1,920,445
3,262		CME Group, Inc.			849,588
81,151		JP Morgan Chase & Co.			3,089,419
13,902		Moody’s Corporation			347,272
		Total Diversified Financial Services			6,206,724
		Diversified Telecommunication Services – 2.1%
137,927		AT&T Inc.			3,944,712
25,758		Chunghwa Telecom Co., Ltd, Sponsored ADR			577,494
81,073		Frontier Communications Corporation			662,366
59,238		Verizon Communications Inc.			1,930,566
		Total Diversified Telecommunication Services			7,115,138
		Electric Utilities – 1.1%
86,906		Duke Energy Corporation			1,539,105
48,358		Great Plains Energy Incorporated			913,966
28,722		Pinnacle West Capital Corporation			1,185,357
		Total Electric Utilities			3,638,428
		Electrical Equipment – 1.4%
17,689		Cooper Industries Inc.			865,523
32,402		Emerson Electric Company			1,706,289
11,238		Hubbell Incorporated, Class B			570,329
14,562		Rockwell Automation, Inc.			898,912
13,012		Roper Industries Inc.			848,122
		Total Electrical Equipment			4,889,175
		Electronic Equipment & Instruments – 0.8%
21,961		Agilent Technologies, Inc., (2)			732,839
24,324		Amphenol Corporation, Class A			1,191,390
50,810		Corning Incorporated			928,807
		Total Electronic Equipment & Instruments			2,853,036
		Energy Equipment & Services – 1.4%
29,580		Cooper Cameron Corporation, (2)			1,270,757
11,464		Diamond Offshore Drilling, Inc.			776,915
52,810		Halliburton Company			1,746,427
18,804		Schlumberger Limited			1,158,514
		Total Energy Equipment & Services			4,952,613
		Food & Staples Retailing – 1.2%
34,754		CVS Caremark Corporation			1,093,708
22,982		Kroger Co.			497,790
23,034		SUPERVALU INC.			265,582
27,047		Walgreen Co.			906,075
27,876		Wal-Mart Stores, Inc.			1,491,924
		Total Food & Staples Retailing			4,255,079
		Food Products – 0.8%
18,807		Archer-Daniels-Midland Company			600,319
42,081		Kraft Foods Inc.			1,298,620
63,041		Sara Lee Corporation			846,641
		Total Food Products			2,745,580
		Gas Utilities – 0.6%
25,741		Nicor Inc.			1,179,453
26,900		Piedmont Natural Gas Company			780,100
		Total Gas Utilities			1,959,553
		Health Care Equipment & Supplies – 1.1%
35,925		Accuray, Inc., (2)			223,454
16,693		Baxter International, Inc.			796,423
37,622		Boston Scientific Corporation, (2)			230,623
9,327		CareFusion Corporation, (2)			231,683
1,798		Covidien PLC			72,262
12,334		Hill Rom Holdings Inc.			442,667
15,744		Medtronic, Inc.			528,684
16,736		Saint Jude Medical Inc., (2)			658,394
11,285		Zimmer Holdings, Inc., (2)			590,544
		Total Health Care Equipment & Supplies			3,774,734
		Health Care Providers & Services – 1.7%
13,759		Brookdale Senior Living Inc., (2)			224,409
22,283		Cardinal Health, Inc.			736,230
28,734		Lincare Holdings			720,936
22,869		Medco Health Solutions, Inc., (2)			1,190,560
10,900		Omnicare, Inc.			260,292
82,800		Tenet Healthcare Corporation, (2)			390,816
19,747		UnitedHealth Group Incorporated			693,317
20,106		Universal Health Services, Inc., Class B			781,319
12,531		Wellpoint Inc., (2)			709,756
		Total Health Care Providers & Services			5,707,635
		Hotels, Restaurants & Leisure – 2.7%
12,614		Carnival Corporation			481,981
27,099		International Game Technology			391,581
10,272		Interval Leisure Group Inc., (2)			138,364
22,012		McDonald’s Corporation			1,640,114
141,670		Starbucks Corporation			3,623,919
33,342		Starwood Hotels & Resorts Worldwide, Inc.			1,752,122
19,573		Tim Hortons Inc.			712,653
84,855		Wendy’s International, Inc.			384,393
		Total Hotels, Restaurants & Leisure			9,125,127
		Household Durables – 0.3%
13,979		KB Home			158,382
36,936		Newell Rubbermaid Inc.			657,830
4,344		Whirlpool Corporation			351,690
		Total Household Durables			1,167,902
		Household Products – 0.8%
46,095		Procter & Gamble Company			2,764,317
		Industrial Conglomerates – 1.2%
15,629		3M Co.			1,355,191
177,574		General Electric Company			2,885,578
		Total Industrial Conglomerates			4,240,769
		Insurance – 1.2%
17,619		AFLAC Incorporated			911,078
1,106		Arch Capital Group Limited, (2)			92,683
26,516		Fidelity National Title Group Inc., Class A			416,566
30,409		Marsh & McLennan Companies, Inc.			733,465
14,446		Prudential Financial, Inc.			782,684
24,701		Travelers Companies, Inc.			1,286,922
		Total Insurance			4,223,398
		Internet & Catalog Retail – 2.0%
41,595		Amazon.com, Inc., (2)			6,532,911
10,391		HSN, Inc., (2)			310,691
		Total Internet & Catalog Retail			6,843,602
		Internet Software & Services – 5.1%
26,494		Akamai Technologies, Inc., (2)			1,329,469
2,017		AOL Inc., (2)			49,921
137,675		eBay Inc., (2)			3,359,270
20,048		Google Inc., Class A, (2)			10,541,038
20,300		IAC/InterActiveCorp., (2)			533,281
43,598		United Online, Inc.			249,381
104,026		Yahoo! Inc., (2)			1,474,048
		Total Internet Software & Services			17,536,408
		IT Services – 3.4%
61,947		Automatic Data Processing, Inc.			2,603,632
23,280		Fidelity National Information Services			631,586
8,158		Global Payments Inc.			349,897
25,920		Infosys Technologies Limited, Sponsored ADR			1,744,675
25,772		International Business Machines Corporation (IBM)			3,457,056
9,443		Lender Processing Services Inc.			313,791
63,148		Paychex, Inc.			1,735,939
8,557		Visa Inc.			635,443
		Total IT Services			11,472,019
		Life Sciences Tools & Services – 0.6%
40,968		Life Technologies Corporation, (2)			1,912,796
		Machinery – 1.8%
24,655		Caterpillar Inc.			1,939,855
15,941		Danaher Corporation			647,364
16,763		Deere & Company			1,169,722
7,327		Eaton Corporation			604,404
22,531		Graco Inc.			714,909
15,335		SPX Corporation			970,399
		Total Machinery			6,046,653
		Media – 3.8%
19,588		CBS Corporation, Class B			310,666
178,336		Comcast Corporation, Special Class A			3,033,495
97,220		DIRECTV Group, Inc., (2)			4,047,269
3,122		Liberty Media Starz, (2)			202,555
12,927		Live Nation Inc., (2)			127,719
96,097		News Corporation, Class A			1,255,027
54,235		News Corporation, Class B			816,779
21,715		Omnicom Group, Inc.			857,308
17,377		Regal Entertainment Group, Class A			227,986
5,992		Time Warner Cable, Class A			323,508
11,302		Time Warner Inc.			346,406
42,225		Walt Disney Company			1,398,070
		Total Media			12,946,788
		Metals & Mining – 0.9%
13,175		AngloGold Ashanti Limited, Sponsored ADR			609,212
77,426		Companhia Siderurgica Nacional S.A., Sponsored ADR			1,368,117
31,323		Southern Copper Corporation			1,100,064
		Total Metals & Mining			3,077,393
		Multiline Retail – 1.1%
10,865		Family Dollar Stores, Inc.			479,798
10,883		J.C. Penney Company, Inc.			295,800
4,515		Kohl’s Corporation, (2)			237,850
26,822		Macy’s, Inc.			619,320
18,536		Sears Holding Corporation, (2)			1,337,187
17,559		Target Corporation			938,353
		Total Multiline Retail			3,908,308
		Multi-Utilities – 0.6%
21,316		Integrys Energy Group, Inc.			1,109,711
25,517		OGE Energy Corp.			1,017,363
		Total Multi-Utilities			2,127,074
		Oil, Gas & Consumable Fuels – 4.3%
508		BP PLC, Sponsored ADR			20,914
57,716		Chevron Corporation			4,677,882
51,533		ConocoPhillips			2,959,540
12,007		Delta Petroleum Corporation, (2)			9,445
110,891		Exxon Mobil Corporation			6,851,955
5,224		Royal Dutch Shell PLC, Class A, Sponsored ADR			315,007
		Total Oil, Gas & Consumable Fuels			14,834,743
		Paper & Forest Products – 0.1%
21,521		International Paper Company			468,082
		Pharmaceuticals – 4.8%
34,060		Abbott Laboratories			1,779,294
15,020		Allergan, Inc.			999,281
59,703		Bristol-Myers Squibb Company			1,618,548
25,114		Eli Lilly and Company			917,414
23,968		Forest Laboratories, Inc., (2)			741,330
16,139		GlaxoSmithKline PLC, Sponsored ADR			637,813
47,182		Johnson & Johnson			2,923,397
87,671		Merck & Company Inc.			3,227,170
9,013		Novartis AG, Sponsored ADR			519,780
179,032		Pfizer Inc.			3,073,979
		Total Pharmaceuticals			16,438,006
		Professional Services – 0.6%
17,552		Manpower Inc.			916,214
21,473		Resources Connection, Inc., (2)			295,468
30,314		Robert Half International Inc.			788,164
		Total Professional Services			1,999,846
		Real Estate Investment Trust – 0.9%
18,413		Apartment Investment & Management Company, Class A			393,670
49,000		DCT Industrial Trust Inc.			234,710
4,590		Developers Diversified Realty Corporation			51,500
31,254		Nationwide Health Properties, Inc.			1,208,592
40,126		Senior Housing Properties Trust			942,961
28,958		U-Store-It Trust			241,799
		Total Real Estate Investment Trust			3,073,232
		Semiconductors & Equipment – 5.1%
58,540		Advanced Micro Devices, Inc., (2)			416,219
57,825		Altera Corporation			1,744,002
9,099		Analog Devices, Inc.			285,527
96,614		Applied Materials, Inc.			1,128,452
93,518		Atmel Corporation, (2)			744,403
56,856		Broadcom Corporation, Class A			2,012,134
1,449		Cree, Inc., (2)			78,666
1,090		Cymer, Inc., (2)			40,417
26,510		Cypress Semiconductor Corporation, (2)			333,496
28,948		Fairchild Semiconductor International Inc., Class A, (2)			272,111
17,789		Integrated Device Technology, Inc., (2)			104,066
276,903		Intel Corporation			5,324,845
2,596		Intersil Holding Corporation, Class A			30,347
46,004		Linear Technology Corporation			1,413,703
95,908		LSI Logic Corporation, (2)			437,340
14,662		MEMC Electronic Materials, (2)			174,771
24,328		National Semiconductor Corporation			310,669
4,888		Novellus Systems, Inc., (2)			129,923
88,873		NVIDIA Corporation, (2)			1,038,037
45,017		Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR			456,472
24,262		Texas Instruments Incorporated			658,471
15,725		Varian Semiconductor Equipment Associate, (2)			452,566
		Total Semiconductors & Equipment			17,586,637
		Software – 8.2%
171,474		Activision Blizzard Inc.			1,855,349
81,133		Adobe Systems Incorporated, (2)			2,121,628
43,406		Autodesk, Inc., (2)			1,387,690
65,789		CA Inc.			1,389,464
33,659		Cadence Design Systems, Inc., (2)			256,818
43,062		Electronic Arts Inc. (EA), (2)			707,509
13,047		McAfee Inc., (2)			616,601
448,810		Microsoft Corporation			10,991,357
314,039		Oracle Corporation			8,431,947
5,668		SAP AG, Sponsored ADR			279,489
		Total Software			28,037,852
		Specialty Retail – 1.7%
16,694		Best Buy Co., Inc.			681,616
14,338		Gap, Inc.			267,260
41,949		Home Depot, Inc.			1,328,944
30,941		Limited Brands, Inc.			828,600
34,823		Lowe’s Companies, Inc.			776,205
17,774		TJX Companies, Inc.			793,254
35,381		Urban Outfitters, Inc., (2)			1,112,379
		Total Specialty Retail			5,788,258
		Textiles, Apparel & Luxury Goods – 0.2%
12,633		Coach, Inc.			542,714
		Thrifts & Mortgage Finance – 0.0%
2,762		Capitol Federal Financial			68,221
1,712		Tree.com Inc., (2)			11,214
		Total Thrifts & Mortgage Finance			79,435
		Tobacco – 1.0%
44,849		Altria Group, Inc.			1,077,273
41,366		Philip Morris International			2,317,323
		Total Tobacco			3,394,596
		Wireless Telecommunication Services – 0.8%
21,095		China Mobile Hong Kong Limited, Sponsored ADR			1,078,587
9,319		Crown Castle International Corporation, (2)			411,434
45,343		Vodafone Group PLC, Sponsored ADR			1,124,960
		Total Wireless Telecommunication Services			2,614,981
		Total Common Stocks (cost $266,553,488)			341,097,467

Principal
Amount (000)		Description (1)	Coupon	Maturity	Value
		Short-Term Investments – 7.9%
$	26,852	Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2010, repurchase price $26,852,023, collateralized by $25,420,000 U.S. Treasury Notes, 3.125%, due 5/15/19, value $27,390,050	0.080%	10/01/10	$	26,851,963
		Total Short-Term Investments (cost $26,851,963)			26,851,963
		Total Investments (cost $293,405,451) – 107.6%			367,949,430
		Other Assets Less Liabilities – (7.6)%			(25,973,289		)
		Net Assets – 100%			$	341,976,141

Investments in Derivatives

Call Options Written as of September 30, 2010:

Number of			Notional	Expiration	Strike
Contracts		Type	Amount (3)	Date	Price	Value
		Call Options Written (4)
(632	)	Mini-NDX 100 Index	$ (11,534,000)	10/16/10	$ 182.5	$	(1,123,380	)
(547	)	Mini-NDX 100 Index	(10,119,500)	10/16/10	185.0	(842,380		)
(1,151	)	Mini-NDX 100 Index	(22,156,750)	10/16/10	192.5	(984,105		)
(1,205	)	Mini-NDX 100 Index	(22,895,000)	11/20/10	190.0	(1,602,650		)
(570	)	Mini-NDX 100 Index	(11,257,500)	11/20/10	197.5	(517,275		)
(609	)	Mini-NDX 100 Index	(12,180,000)	12/18/10	200.0	(520,695		)
(13	)	NASDAQ 100 Index	(2,372,500)	10/16/10	1,825.0	(228,475		)
(51	)	NASDAQ 100 Index	(9,435,000)	10/16/10	1,850.0	(778,005		)
(84	)	NASDAQ 100 Index	(16,170,000)	10/16/10	1,925.0	(714,840		)
(103	)	NASDAQ 100 Index	(19,570,000)	11/20/10	1,900.0	(1,372,990		)
(71	)	NASDAQ 100 Index	(14,022,500)	11/20/10	1,975.0	(638,823		)
(52	)	NASDAQ 100 Index	(10,400,000)	12/18/10	2,000.0	(444,860		)
(190	)	S&P 500 Index	(20,900,000)	10/16/10	1,100.0	(893,000		)
(359	)	S&P 500 Index	(40,387,500)	10/16/10	1,125.0	(990,840		)
(174	)	S&P 500 Index	(18,705,000)	11/20/10	1,075.0	(1,397,220		)
(190	)	S&P 500 Index	(20,900,000)	11/20/10	1,100.0	(1,162,800		)
(177	)	S&P 500 Index	(19,912,500)	11/20/10	1,125.0	(780,570		)
(190	)	S&P 500 Index	(21,375,000)	12/18/10	1,125.0	(1,026,000		)
(196	)	S&P 500 Index	(22,540,000)	12/18/10	1,150.0	(774,200		)
(6,564	)	Total Call Options written (premiums received $11,867,080)	$ (326,832,750)			$	(16,793,108	)

	Fair Value Measurements

	In determining the fair value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
	Level 1 – Quoted prices in active markets for identical securities.
	Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
	Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
	The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of September 30, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$341,097,467		$	–	$	–	$341,097,467
Short-Term Investments	26,851,963			–		–	26,851,963
Derivatives:
Call Options Written	(16,793,108	)		–		–	(16,793,108	)
Total	$351,156,322		$	–	$	–	$351,156,322

Derivative Instruments and Hedging Activities

The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund's investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

The following table presents the fair value of all derivative instruments held by the Fund as of September 30, 2010, 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 Price

Options

—

Call options written, at value

16,793,108

Income Tax Information

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

At September 30, 2010, the cost of investments (excluding investments in derivatives) was $293,406,216.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at September 30, 2010, were as follows:

Gross unrealized:

Appreciation

$ 93,849,460

Depreciation

(19,306,246

)

Net unrealized appreciation (depreciation) of investments

$ 74,543,214

		For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
	(1)	All percentages in the Portfolio of Investments are based on net assets.
	(2)	Non-income producing; issuer has not declared a dividend within the past twelve months.
	(3)	For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.
	(4)	The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written.
	ADR	American Depositary Receipt.

Nuveen Equity Premium Advantage Fund
(Exact name of registrant as specified in charter)
			333 West Wacker Drive, Chicago, Illinois 60606
			(Address of principal executive offices) (Zip code)
			Kevin J. McCarthy—Vice President and Secretary 333 West Wacker Drive, Chicago, Illinois 60606
			(Name and address of agent for service)
Registrant’s telephone number, including area code:				312-917-7700
Date of fiscal year end:	12/31
Date of reporting period:		9/30/2010

(Registrant)	Nuveen Equity Premium Advantage Fund


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

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

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