Nuveen Equity Premium Advantage Fund (the Fund) is a diversified, closed-end management investment company. The Fund seeks to provide a high level of current income and gains by investing primarily in a diversified equity portfolio that seeks to substantially replicate price movements of either the Standard & Poor's 500 Stock Index, or a weighted average of the Standard & Poor's 500 Stock Index and the NASDAQ-100 Index, and is designed to support the Funds' index option strategies. The Fund seeks to replicate a 50/50 blend of S&P 500 Index and NASDAQ-100 Index. It invests in industries, such as software, computer and peripherals, communications equipment, biotechnology, semiconductors and equipment, and oil, gas and consumable fuels. The Fund's investment advisor is Nuveen Asset Management, wholly owned subsidiary of Nuveen Investments, Inc.