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 811-21809

Nuveen Equity Premium and Growth 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, 2008

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 SHAREHOLDERS

Annual Report
December 31, 2008 Nuveen Investments
Closed-End Funds

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

Attractive Monthly Distributions and a Measure of Downside

Protection from an Integrated Index Option and Equity Strategy

 

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Chairman’s

LETTER TO SHAREHOLDERS

ï Robert P. Bremner            ï            Chairman of the Board

Dear Shareholders,

I write this letter in a time of continued uncertainty about the current state of the U.S. financial system and pessimism about the future of the global economy. Many have observed that the conditions that led to the crisis have built up over time and will complicate and extend the course of recovery. At the same time, government officials in the U.S. and abroad have implemented a wide range of programs to restore stability to the financial system and encourage economic recovery. History teaches us that these efforts will moderate the extent of the downturn and hasten the inevitable recovery, even though it is hard to envision that outcome in the current environment.

As you will read in this report, the continuing financial and economic problems are weighing heavily on the values of equities, real estate and fixed-income assets, and unfortunately the performance of your Nuveen Fund has been similarly affected. In addition to the financial statements, I hope that you will carefully review the Portfolio Managers’ Comments, the Distribution and Share Price Information and the Performance Overview sections of this report. These comments highlight the managers’ pursuit of investment strategies that depend on thoroughly researched securities, diversified portfolio holdings and well established investment disciplines to achieve your Fund’s investment goals. The Fund Board believes that a consistent focus on long-term investment goals provides the basis for successful investment over time and we monitor your Fund with that objective in mind.

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

Sincerely,

Robert P. Bremner
Chairman of the Board
February 23, 2009

 Portfolio Managers’ COMMENTS

Nuveen Investments Closed-End Funds JPZ, JSN, JLA, JPG

These Funds feature portfolio management by Gateway Investment Advisers, LLC, (Gateway). J. Patrick Rogers and Kenneth H. Toft serve as co-portfolio managers for JSN and JLA; Patrick and Michael T. Buckius are co-portfolio managers for JPZ and JPG. Patrick joined Gateway in 1989 and is the firm’s Chief Executive Officer. Ken joined Gateway in 1992 and has been a Vice President and Portfolio Manager since 1997. Mike joined Gateway in 1999 and is currently Senior Vice President and Portfolio Manager. Here they talk about their management strategy and the performance of the Funds for the twelve-month period ended December 31, 2008.

WHAT WERE THE GENERAL ECONOMIC CONDITIONS AND MARKET TRENDS DURING THE TWELVE-MONTH PERIOD ENDED DECEMBER 31, 2008?

The period was dominated by fears of an economic recession, triggered or exacerbated by several significant developments. The cascading effects of sub-prime mortgage defaults, constrained liquidity in the capital markets and limited lending by many financial institutions caused many investors to seek refuge in U.S. Treasury securities. These events forced some financial firms to merge, restructure or go out of business. At the same time, the U.S. government essentially took over Fannie Mae and Freddie Mac, and also intervened on behalf of the giant insurer AIG. By the end of 2008, the U.S. Treasury had disbursed approximately $350 billion of capital to financial institutions and others under the Troubled Assets Relief Program, with indications that a like amount would be distributed in 2009.

Another indicator of economic weakness was the U.S. unemployment rate, which soared to 7.2% as of December 31, 2008, compared with 4.9% one year earlier. Practically all segments of the economy showed signs of slowing by the end of the period. During the third quarter of 2008, gross domestic product contracted to an annual rate of 0.5%, the biggest decrease since 2001. Preliminary reports for the fourth quarter showed a contraction of 3.8%, the worst showing in more than 25 years. This was mainly the result of the first decline in consumer spending since 1991 and an 18% drop in residential investment. Fortunately, inflation was not a significant factor as the Consumer Price Index rose just 0.1% in 2008. The Federal Reserve cut the widely followed short-term federal funds rate seven times during 2008, lowering the rate from 4.25% to 0-0.25% as of year end.

As a result of all these economic factors, the U.S. equity markets experienced significant turbulence during the period. The Dow Jones Industrial Average was down 32% for the year,

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 of 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.

4

the worst single year decline since 1931. The S&P 500 index was down 37%, its worst year since 1937.

As the economic contraction accelerated, widening swings in daily stock market prices sent volatility measures sharply upward, particularly in the fourth quarter of 2008. One of the most widely followed indicators of market volatility, the Chicago Board Options Exchange Volatility Index (VIX), peaked at an all-time closing high of 80.86 on November 20 after beginning the year at 22.50. Periodic spikes in the VIX coincided with a number of headline market events, including the bailout/restructuring of Bear Stearns in March, the bailout of Fannie Mae and Freddie Mac in July and the failure of Lehman Brothers in September. Late into the fourth quarter, the higher VIX levels were further reinforced by news of economic deterioration and a massive global government intervention on behalf of a host of financial services firms. As of year-end, the VIX stood at 40.00, its lowest value since the beginning of the fourth quarter, but near its pre-2008 closing peak of 45.08 in 2002.

WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING THE REPORTING PERIOD?

The core strategy employed in JPZ, JSN, JLA and JPG consists of an investment in a broadly diversified portfolio of equity securities that seeks to substantially track the price movement of a stock market index or a custom blend of stock market indexes. The primary purpose of each equity portfolio is to support the index option-based risk management strategy employed by each Fund.

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

5

HOW DID THE FUNDS PERFORM OVER THIS TWELVE-MONTH PERIOD?

The performance of JPZ, JSN, JLA and JPG, as well as comparative indexes, is presented in the accompanying table.

Past performance does not guarantee future results. Current performance may be higher or lower than the data shown.

Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report.

Average Annual Total Returns on Net Asset Value

For the twelve-month period ended 12/31/08

JPZ	–23.27%
S&P 500 Index1	–37.00%
JSN	–24.65%
Comparative Index2	–38.22%
JLA	–25.63%
Comparative Index3	–39.45%
JPG	–25.38%
S&P 500 Index1	–37.00%

1 The S&P 500 Index is an unmanaged Index generally considered representative of the U.S. Stock Market.

2 JSN’s comparative index performance is a blended return consisting of: 1) 75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100 Index, which includes 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.

3 JLA’s comparative index performance is a blended return consisting of: 1) 50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100 Index.

For the twelve months ended December 31, 2008, the total return on net asset value for each Fund outperformed its respective comparative index. All four Funds were able to benefit from the increased level of volatility the market experienced during this period. Higher volatility translated directly into higher prices for the index call options written (sold) by the Funds. This increased cash flow served two important purposes: first, more cash was available to support the Funds’ regular distributions, and second, the increased cash flow helped lower the risk profile of the Funds and help mitigate losses in difficult markets.

The overall negative equity market performance was the biggest constraint on the Funds’ returns through 2008. While the option strategy and the Funds’ cash flows were clear beneficiaries of heightened VIX levels, the S&P 500 Index was down 37% during 2008 and the NASDAQ 100 Index was down an even more dramatic 41.57%. The Funds’ equity portfolios could not escape the negative effects of these general market declines.

While the absolute return figures for the Funds were not positive for the year, the value of actively managing the index call options is evident when comparing the Funds’ returns to passive overwrite strategies. The S&P 500 Buywrite Monthly Index was down 28.65% for the year, and the CBOE NDX 100 Buywrite Index was down 37.61%. These hypothetical indexes consist of (1) owning the index stocks and (2) writing an at-the-money call option on each expiration date, as the previously-written option expires.

6

Distribution and Share Price

INFORMATION

The information below regarding your Fund’s distributions is current as of December 31, 2008, and likely will vary over time based on the Funds’ investment activities and portfolio investment value changes.

Each Fund reduced its quarterly distributions to shareholders twice during the course of 2008. Some of the factors affecting the amount and composition of these distributions are summarized below.

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

Important points to understand about the managed distribution program are:

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

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

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

•  net investment income (regular interest and dividends),

•  realized capital gains, and

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

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

•  Because distribution source estimates are updated during the year based on a Fund’s performance and forecast for its current fiscal year (which is the calendar year for each Fund), estimates on the nature of your distributions provided at the time the distributions are paid may differ from both the tax information reported to you in your Fund’s IRS Form 1099

7

statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment.

The following table provides information regarding each Fund’s distributions and total return performance for the fiscal year ended December 31, 2008. This information is intended to help you better understand whether the Funds’ returns for the specified time period were sufficient to meet each Fund’s distributions.

As of 12/31/08	JPZ		JSN		JLA		JPG
Inception date		10/26/04		1/26/05		5/25/05		11/22/05
Calendar year ended December 31, 2008:
Per share distribution:
From net investment income		$0.39		$0.62		$0.92		$0.40
From short-term capital gains		0.00		0.00		0.00		0.00
From long-term capital gains		1.14		0.97		0.69		1.09
From return of capital		0.00		0.00		0.00		0.00
Total per share distribution		$1.53		$1.59		$1.61		$1.49
Distribution rate on NAV		12.00%		12.53%		12.91%		11.31%
Annualized total returns:
1-Year on NAV		-23.27%		-24.65%		-25.63%		-25.38%
Since inception on NAV		-0.67%		-1.04%		-2.27%		-3.70%

COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION

The Funds’ Board of Trustees approved an open-market share repurchase program on July 30, 2008, under which each Fund may repurchase up to 10% of its outstanding common shares. As of December 31, 2008, JPZ, JSN, JLA and JPG repurchased 127,300, 194,100, 126,500 and 134,300 common shares, respectively, representing approximately 0.3%, 0.3%, 0.5% and 0.8% of each Fund’s common shares outstanding, respectively.

As of December 31, 2008, the Funds’ share prices were trading relative to their NAVs as shown in the accompanying table:

	12/31/08	12-Month Average
	Discount	Discount
JPZ	-15.76%	-12.73%
JSN	-15.84%	-12.90%
JLA	-17.08%	-13.04%
JPG	-18.22%	-14.02%

8

Fund Snapshot
Share Price	$10.74
Net Asset Value	$12.75
Premium/(Discount) to NAV	-15.76%
Current Distribution Rate1	12.29%
Net Assets ($000)	$491,706

Average Annual Total Return
(Inception 10/26/04)
	On Share
	Price			On NAV
1-Year		-26.73	%		-23.27%
Since Inception		-5.21	%		-0.67%

Industries
(as a % of total common stocks)
Oil, Gas & Consumable Fuels	12.1%
Pharmaceuticals	9.6%
Commercial Banks	6.7%
Diversified Telecommunication Services	5.0%
Industrial Conglomerates	3.7%
Software	3.6%
Household Products	3.5%
Tobacco	2.9%
Computers & Peripherals	2.9%
Food & Staples Retailing	2.9%
Aerospace & Defense	2.7%
Insurance	2.5%
Communications Equipment	2.3%
Energy Equipment & Services	2.1%
Semiconductors & Equipment	2.1%
Multi-Utilities	2.1%
Chemicals	2.0%
Beverages	1.8%
Biotechnology	1.8%
Internet Software & Services	1.7%
Health Care Providers & Services	1.7%
Machinery	1.7%
Real Estate Investment Trust	1.7%
Food Products	1.5%
Other	19.4%

JPZ
Performance
OVERVIEW Nuveen Equity
Premium Income
Fund
as of December 31, 2008

Fund Allocation (as a % of total net assets)

2007-2008 Distributions Per Share

Share Price Performance—Weekly Closing Price

1

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

2

Other assets less liabilities.

9

Fund Snapshot
Share Price	$10.68
Net Asset Value	$12.69
Premium/(Discount) to NAV	-15.84%
Current Distribution Rate1	12.58%
Net Assets ($000)	$841,579

Average Annual Total Return
(Inception 1/26/05)
	On Share
	Price			On NAV
1-Year		-26.64	%	-24.65%
Since Inception		-5.85	%	-1.04%

Industries
(as a % of total common stocks)
Oil, Gas & Consumable Fuels	8.3%
Pharmaceuticals	7.8%
Computers & Peripherals	6.8%
Software	6.3%
Communications Equipment	5.5%
Commercial Banks	5.0%
Biotechnology	4.4%
Semiconductors & Equipment	3.8%
Diversified Telecommunication Services	3.4%
Internet Software & Services	3.0%
Aerospace & Defense	2.6%
Household Products	2.4%
Industrial Conglomerates	2.3%
Media	2.2%
Food & Staples Retailing	2.2%
Tobacco	1.9%
Hotels, Restaurants & Leisure	1.9%
Energy Equipment & Services	1.8%
Beverages	1.8%
Specialty Retail	1.6%
Health Care Equipment & Supplies	1.5%
Health Care Providers & Services	1.5%
Machinery	1.5%
Multi-Utilities	1.4%
Other	19.1%

JSN
Performance
OVERVIEW Nuveen Equity
Premium Opportunity
Fund
as of December 31, 2008

Fund Allocation (as a % of total net assets)

2007-2008 Distributions Per Share

Share Price Performance—Weekly Closing Price

1

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

2

Other assets less liabilities.

10

Fund Snapshot
Share Price	$10.34
Net Asset Value	$12.47
Premium/(Discount) to NAV	-17.08%
Current Distribution Rate1	12.80%
Net Assets ($000)	$323,971

Average Annual Total Return
(Inception 5/25/05)
	On Share
	Price			On NAV
1-Year		-29.22	%		-25.63%
Since Inception		-7.82	%		-2.27%

Industries
(as a % of total common stocks)
Software	9.5%
Computers & Peripherals	8.8%
Communications Equipment	7.9%
Biotechnology	6.2%
Oil, Gas & Consumable Fuels	5.9%
Semiconductors & Equipment	5.7%
Pharmaceuticals	5.6%
Internet Software & Services	4.2%
Commercial Banks	3.5%
Media	3.1%
Diversified Telecommunication Services	2.8%
Health Care Equipment & Supplies	2.1%
Hotels, Restaurants & Leisure	2.0%
Household Products	1.5%
Specialty Retail	1.5%
Electrical Equipment	1.4%
Food Products	1.3%
Machinery	1.3%
Food & Staples Retailing	1.3%
Aerospace & Defense	1.3%
IT Services	1.3%
Industrial Conglomerates	1.3%
Tobacco	1.3%
Other	19.2%

JLA
Performance
OVERVIEW Nuveen Equity
Premium Advantage
Fund
as of December 31, 2008

Fund Allocation (as a % of total net assets)

2007-2008 Distributions Per Share

Share Price Performance—Weekly Closing Price

1

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

2

Other assets less liabilities.

11

Fund Snapshot
Share Price	$10.77
Net Asset Value	$13.17
Premium/(Discount) to NAV	-18.22%
Current Distribution Rate1	10.81%
Net Assets ($000)	$216,044

Average Annual Total Return
(Inception 11/22/05)
	On Share
	Price			On NAV
1-Year		-30.09	%	-25.38%
Since Inception		-10.29	%	-3.70%

Industries
(as a % of total common stocks)
Oil, Gas & Consumable Fuels	12.3%
Pharmaceuticals	11.1%
Commercial Banks	7.7%
Diversified Telecommunication Services	4.7%
Industrial Conglomerates	3.8%
Software	3.6%
Household Products	3.4%
Computers & Peripherals	3.0%
Insurance	2.8%
Tobacco	2.6%
Food & Staples Retailing	2.3%
Semiconductors & Equipment	2.3%
Communications Equipment	2.2%
Electric Utilities	2.1%
Aerospace & Defense	2.1%
Beverages	2.1%
Multi-Utilities	2.0%
Specialty Retail	1.9%
Energy Equipment & Services	1.9%
Machinery	1.8%
Real Estate Investment Trust	1.7%
Chemicals	1.7%
Food Products	1.6%
Other	19.3%

JPG
Performance
OVERVIEW Nuveen Equity
Premium and Growth
Fund
as of December 31, 2008

Fund Allocation (as a % of total net assets)

2007-2008 Distributions Per Share

Share Price Performance—Weekly Closing Price

1

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

2

Other assets less liabilities.

12

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 positions of Nuveen Equity Premium Income Fund, Nuveen Equity Premium Opportunity Fund, Nuveen Equity Premium Advantage Fund and Nuveen Equity Premium and Growth Fund (the “Funds”) at December 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the periods indicated 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on 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, 2008 with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
February 25, 2009

13

JPZ	Nuveen Equity Premium Income Fund Portfolio of INVESTMENTS
		December 31, 2008

Shares		Description (1)	Value
		Common Stocks – 97.7%
		Aerospace & Defense – 2.6%
	71,400	Boeing Company	$	3,046,638
	100,000	Honeywell International Inc.		3,283,000
	32,182	Raytheon Company		1,642,569
	90,400	United Technologies Corporation		4,845,440
		Total Aerospace & Defense		12,817,647
		Air Freight & Logistics – 0.4%
	35,213	United Parcel Service, Inc., Class B		1,942,349
		Airlines – 0.3%
	84,350	AMR Corporation, (2)		900,015
	19,134	Continental Airlines, Inc., (2)		345,560
		Total Airlines		1,245,575
		Auto Components – 0.1%
	21,000	American Axle and Manufacturing Holdings Inc.		60,690
	30,296	Cooper Tire & Rubber		186,623
		Total Auto Components		247,313
		Automobiles – 0.3%
	204,000	Ford Motor Company, (2)		467,160
	321,342	General Motors Corporation		1,028,294
	4,000	Harley-Davidson, Inc.		67,880
		Total Automobiles		1,563,334
		Beverages – 1.8%
	112,303	Coca-Cola Company		5,083,957
	67,177	PepsiCo, Inc.		3,679,284
		Total Beverages		8,763,241
		Biotechnology – 1.8%
	50,643	Amgen Inc., (2)		2,924,633
	21,483	Celgene Corporation, (2)		1,187,580
	15,495	Genentech, Inc., (2)		1,284,690
	63,427	Gilead Sciences, Inc., (2)		3,243,657
		Total Biotechnology		8,640,560
		Building Products – 0.1%
	42,748	Masco Corporation		475,785
		Capital Markets – 0.6%
	63,332	Charles Schwab Corporation		1,024,078
	48,534	Jefferies Group, Inc.		682,388
	19,500	Legg Mason, Inc.		427,245
	59,400	Waddell & Reed Financial, Inc., Class A		918,324
		Total Capital Markets		3,052,035
		Chemicals – 1.9%
	51,511	Dow Chemical Company		777,301
	145,006	E.I. Du Pont de Nemours and Company		3,668,652
	40,400	Eastman Chemical Company		1,281,084
	42,998	Lubrizol Corporation		1,564,697
	19,000	NL Industries Inc.		254,600
	53,293	Olin Corporation		963,537
	2,438	Potash Corporation of Saskatchewan		178,510
	63,622	RPM International, Inc.		845,536
		Total Chemicals		9,533,917
		Commercial Banks – 6.6%
	364,185	Bank of America Corporation		5,127,725
	35,262	Comerica Incorporated		699,951

14

Shares		Description (1)	Value
		Commercial Banks (continued)
	51,540	HSBC Holdings PLC, Sponsored ADR	$	2,508,452
	248,521	JPMorgan Chase & Co.		7,835,867
	47,788	Lloyds TSB Group PLC, Sponsored ADR		367,968
	26,500	Merrill Lynch & Co., Inc.		308,460
	239,395	Morgan Stanley		3,839,896
	3,281	Toronto-Dominion Bank		117,689
	39,483	TrustCo Bank Corporation NY		375,483
	177,092	U.S. Bancorp		4,429,071
	171,570	Wachovia Corporation		950,498
	192,733	Wells Fargo & Company		5,681,769
		Total Commercial Banks		32,242,829
		Commercial Services & Supplies – 1.1%
	3,800	Avery Dennison Corporation		124,374
	90,141	Deluxe Corporation		1,348,509
	3,809	Manpower Inc.		129,468
	23,000	Pitney Bowes Inc.		586,040
	6,100	Priceline.com Incorporated, (2)		449,265
	8,500	R.R. Donnelley & Sons Company		115,430
	42,509	Resources Connection, Inc., (2)		696,297
	65,838	Waste Management, Inc.		2,181,871
		Total Commercial Services & Supplies		5,631,254
		Communications Equipment – 2.2%
	18,403	ADTRAN, Inc.		273,837
	8,994	Ciena Corporation, (2)		60,260
	317,202	Cisco Systems, Inc., (2)		5,170,393
	61,398	Corning Incorporated		585,123
	11,875	JDS Uniphase Corporation, (2)		43,344
	148,402	Motorola, Inc.		657,421
	108,408	QUALCOMM Inc.		3,884,259
	8,004	Research In Motion Limited, (2)		324,802
		Total Communications Equipment		10,999,439
		Computers & Peripherals – 2.8%
	57,873	Apple, Inc., (2)		4,939,461
	98,707	Dell Inc., (2)		1,010,760
	94,079	EMC Corporation, (2)		985,007
	77,871	International Business Machines Corporation (IBM)		6,553,623
	10,613	McAfee Inc., (2)		366,891
	33,400	Sun Microsystems Inc., (2)		127,588
		Total Computers & Peripherals		13,983,330
		Consumer Finance – 0.2%
	67,197	Capitalsource Inc.		310,450
	12,636	Discover Financial Services		120,421
	5,500	MasterCard, Inc.		786,115
		Total Consumer Finance		1,216,986
		Containers & Packaging – 0.6%
	65,543	Packaging Corp. of America		882,209
	87,335	Sonoco Products Company		2,022,679
		Total Containers & Packaging		2,904,888
		Diversified Financial Services – 0.9%
	289,785	Citigroup Inc.		1,944,457
	8,700	CME Group, Inc.		1,810,557
	30,707	New York Stock Exchange Euronext		840,758
		Total Diversified Financial Services		4,595,772
		Diversified Telecommunication Services – 4.9%
	567,350	AT&T Inc.		16,169,474
	2,019	FairPoint Communications Inc.		6,622
	216,168	Frontier Communications Corporation		1,889,308
	165,751	Verizon Communications Inc.		5,618,959
	20,804	Windstream Corporation		191,397
		Total Diversified Telecommunication Services		23,875,760

15

   JPZ Nuveen Equity Premium Income Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Electric Utilities – 1.5%
	30,527	Ameren Corporation	$	1,015,328
	34,781	Consolidated Edison, Inc.		1,354,024
	26,923	Great Plains Energy Incorporated		520,422
	60,787	OGE Energy Corp.		1,567,089
	80,800	Pepco Holdings, Inc.		1,435,008
	33,573	Progress Energy, Inc.		1,337,884
	540	Southern Company		19,980
		Total Electric Utilities		7,249,735
		Electrical Equipment – 1.0%
	122,241	Emerson Electric Company		4,475,243
	14,000	Rockwell Automation, Inc.		451,360
		Total Electrical Equipment		4,926,603
		Electronic Equipment & Instruments – 0.0%
	4,194	Garmin Limited		80,399
		Energy Equipment & Services – 2.1%
	23,687	Diamond Offshore Drilling, Inc.		1,396,112
	24,817	ENSCO International Incorporated		704,555
	112,366	Halliburton Company		2,042,814
	30,468	Patterson-UTI Energy, Inc.		350,687
	81,576	Schlumberger Limited		3,453,112
	18,961	Smith International, Inc.		434,017
	46,500	Tidewater Inc.		1,872,555
		Total Energy Equipment & Services		10,253,852
		Food & Staples Retailing – 2.8%
	22,609	Costco Wholesale Corporation		1,186,973
	158,491	CVS Caremark Corporation		4,555,031
	38,696	SUPERVALU INC		564,962
	134,441	Wal-Mart Stores, Inc.		7,536,762
		Total Food & Staples Retailing		13,843,728
		Food Products – 1.5%
	175,705	Kraft Foods Inc.		4,717,679
	30,912	Monsanto Company		2,174,659
	57,000	Sara Lee Corporation		558,030
		Total Food Products		7,450,368
		Gas Utilities – 1.1%
	28,977	AGL Resources Inc.		908,429
	62,810	Atmos Energy Corporation		1,488,597
	81,800	Nicor Inc.		2,841,732
		Total Gas Utilities		5,238,758
		Health Care Equipment & Supplies – 0.5%
	15,916	Hologic Inc., (2)		208,022
	3,415	Intuitive Surgical, Inc., (2)		433,671
	54,136	Medtronic, Inc.		1,700,953
		Total Health Care Equipment & Supplies		2,342,646
		Health Care Providers & Services – 1.7%
	33,767	Brookdale Senior Living Inc.		188,420
	15,450	Coventry Health Care, Inc., (2)		229,896
	6,787	Henry Schein Inc., (2)		249,015
	83,690	Kindred Healthcare Inc., (2)		1,089,644
	6,700	Mentor Corporation		207,231
	188,246	UnitedHealth Group Incorporated		5,007,344
	28,558	Wellpoint Inc., (2)		1,203,149
		Total Health Care Providers & Services		8,174,699
		Health Care Technology – 0.0%
	5,583	Cerner Corporation, (2)		214,666

16

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure – 1.3%
	17,000	Carnival Corporation	$	413,440
	22,661	International Game Technology		269,439
	3,272	Interval Leisure Group Inc., (2)		17,636
	87,661	McDonald’s Corporation		5,451,638
		Total Hotels, Restaurants & Leisure		6,152,153
		Household Durables – 1.3%
	4,100	Black & Decker Corporation		171,421
	106,577	Newell Rubbermaid Inc.		1,042,323
	12,400	Snap-on Incorporated		488,312
	25,600	Stanley Works		872,960
	105,743	Tupperware Corporation		2,400,366
	29,254	Whirlpool Corporation		1,209,653
		Total Household Durables		6,185,035
		Household Products – 3.4%
	53,200	Colgate-Palmolive Company		3,646,328
	22,833	Kimberly-Clark Corporation		1,204,212
	195,445	Procter & Gamble Company		12,082,409
		Total Household Products		16,932,949
		Industrial Conglomerates – 3.6%
	24,726	3M Co.		1,422,734
	870,466	General Electric Company		14,101,548
	52,800	Genuine Parts Company		1,999,008
	4,702	Siemens AG, Sponsored ADR		356,177
		Total Industrial Conglomerates		17,879,467
		Insurance – 2.5%
	36,800	Allstate Corporation		1,205,568
	158,387	American International Group, Inc.		248,668
	24,591	Arthur J. Gallagher & Co.		637,153
	208,366	Fidelity National Title Group Inc., Class A		3,698,497
	12,500	Hartford Financial Services Group, Inc.		205,250
	80,283	Lincoln National Corporation		1,512,532
	72,500	Marsh & McLennan Companies, Inc.		1,759,575
	46,000	Travelers Companies, Inc.		2,079,200
	52,700	Unitrin, Inc.		840,038
		Total Insurance		12,186,481
		Internet & Catalog Retail – 0.3%
	28,202	Amazon.com, Inc., (2)		1,446,199
	3,272	Hosting Site Network, Inc., (2)		23,787
	8,182	IAC/InterActiveCorp., (2)		128,703
	3,272	Ticketmaster Online-Citysearch, Inc., (2)		21,006
		Total Internet & Catalog Retail		1,619,695
		Internet Software & Services – 1.7%
	69,632	eBay Inc., (2)		972,063
	17,417	Google Inc., Class A, (2)		5,358,340
	158,937	United Online, Inc.		964,748
	78,555	Yahoo! Inc., (2)		958,371
		Total Internet Software & Services		8,253,522
		IT Services – 1.0%
	65,915	Automatic Data Processing, Inc.		2,593,096
	6,564	Fidelity National Information Services		106,796
	3,197	Lender Processing Services Inc.		94,152
	62,662	Paychex, Inc.		1,646,757
	34,100	Standard Register Company		304,513
		Total IT Services		4,745,314
		Leisure Equipment & Products – 0.1%
	39,513	Eastman Kodak Company		259,996
	7,900	Polaris Industries Inc.		226,335
		Total Leisure Equipment & Products		486,331

17

   JPZ Nuveen Equity Premium Income Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Machinery – 1.6%
	75,600	Caterpillar Inc.	$	3,377,052
	7,568	Cummins Inc.		202,293
	23,019	Deere & Company		882,088
	13,600	Graco Inc.		322,728
	16,555	Ingersoll Rand Company Limited, Class A		287,229
	9,750	Parker Hannifin Corporation		414,765
	57,827	SPX Corporation		2,344,885
	12,000	Timken Company		235,560
		Total Machinery		8,066,600
		Media – 1.5%
	44,982	CBS Corporation, Class B		368,403
	185,412	Comcast Corporation, Class A		3,129,755
	39,613	New York Times, Class A		290,363
	26,741	Omnicom Group Inc.		719,868
	182,679	Regal Entertainment Group, Class A		1,865,153
	10,489	ValueClick, Inc., (2)		71,745
	40,885	Walt Disney Company		927,681
		Total Media		7,372,968
		Metals & Mining – 1.2%
	23,784	Alcoa Inc.		267,808
	53,800	CONSOL Energy Inc.		1,537,604
	32,000	Nucor Corporation		1,478,400
	170,410	Southern Copper Corporation		2,736,785
		Total Metals & Mining		6,020,597
		Multiline Retail – 0.7%
	13,000	Family Dollar Stores, Inc.		338,910
	38,002	Federated Department Stores, Inc.		393,321
	54,539	Nordstrom, Inc.		725,914
	8,700	Sears Holding Corporation, (2)		338,169
	41,660	Target Corporation		1,438,520
		Total Multiline Retail		3,234,834
		Multi-Utilities – 2.0%
	125,900	Duke Energy Corporation		1,889,759
	82,456	Integrys Energy Group, Inc.		3,543,959
	29,095	National Fuel Gas Company		911,546
	15,861	Northwestern Corporation		372,258
	49,251	ONEOK, Inc.		1,434,189
	64,378	Public Service Enterprise Group Incorporated		1,877,906
		Total Multi-Utilities		10,029,617
		Oil, Gas & Consumable Fuels – 11.8%
	13,525	BP PLC, Sponsored ADR		632,159
	217,900	Chevron Corporation		16,118,062
	115,432	ConocoPhillips		5,979,378
	70,259	Continental Resources Inc., (2)		1,455,064
	10,017	EnCana Corporation		465,590
	46,769	EOG Resources, Inc.		3,113,880
	303,153	Exxon Mobil Corporation		24,200,703
	43,228	Occidental Petroleum Corporation		2,593,248
	6,924	Suncor Energy, Inc.		135,018
	4,114	Total SA, Sponsored ADR		227,504
	147,021	Valero Energy Corporation		3,181,534
		Total Oil, Gas & Consumable Fuels		58,102,140
		Paper & Forest Products – 0.3%
	46,841	Weyerhaeuser Company		1,433,803
		Pharmaceuticals – 9.4%
	114,336	Abbott Laboratories		6,102,112
	248,402	Bristol-Myers Squibb Company		5,775,347
	64,787	Eli Lilly and Company		2,608,972
	17,216	GlaxoSmithKline PLC, Sponsored ADR		641,640
	183,508	Johnson & Johnson		10,979,284
	226,478	Merck & Co. Inc.		6,884,931

18

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	470,096	Pfizer Inc.	$	8,325,400
	32,315	Sanofi-Aventis, Sponsored ADR		1,039,250
	80,878	Schering-Plough Corporation		1,377,352
	70,188	Wyeth		2,632,752
		Total Pharmaceuticals		46,367,040
		Real Estate Investment Trust – 1.6%
	46,493	Brandywine Realty Trust		358,461
	65,884	CapLease Inc.		113,979
	39,900	First Industrial Realty Trust, Inc.		301,245
	39,146	Glimcher Realty Trust		110,000
	21,000	Health Care REIT, Inc.		886,200
	49,761	Healthcare Realty Trust, Inc.		1,168,388
	96,015	Hospitality Properties Trust		1,427,743
	116,913	HRPT Properties Trust		393,997
	78,791	Lexington Corporate Properties Trust		393,955
	26,149	Liberty Property Trust		596,982
	17,263	Medical Properties Trust Inc.		108,930
	42,953	Nationwide Health Properties, Inc.		1,233,610
	27,000	Senior Housing Properties Trust		483,840
	11,215	Sun Communities Inc.		157,010
	61,650	U-Store-It Trust		274,343
		Total Real Estate Investment Trust		8,008,683
		Road & Rail – 0.6%
	20,459	Burlington Northern Santa Fe Corporation		1,548,951
	14,239	Norfolk Southern Corporation		669,945
	19,766	Union Pacific Corporation		944,815
		Total Road & Rail		3,163,711
		Semiconductors & Equipment – 2.0%
	26,657	Analog Devices, Inc.		507,016
	113,228	Applied Materials, Inc.		1,147,000
	46,600	Broadcom Corporation, Class A, (2)		790,802
	276,691	Intel Corporation		4,056,290
	16,140	Intersil Holding Corporation, Class A		148,327
	10,165	Lam Research Corporation, (2)		216,311
	44,326	Microchip Technology Incorporated		865,687
	24,800	National Semiconductor Corporation		249,736
	33,400	NVIDIA Corporation, (2)		269,538
	115,500	Texas Instruments Incorporated		1,792,560
		Total Semiconductors & Equipment		10,043,267
		Software – 3.5%
	48,441	Adobe Systems Incorporated, (2)		1,031,309
	17,598	Akamai Technologies, Inc., (2)		265,554
	15,237	Autodesk, Inc., (2)		299,407
	36,768	Cognizant Technology Solutions Corporation, Class A, (2)		664,030
	494,336	Microsoft Corporation		9,609,892
	259,505	Oracle Corporation, (2)		4,601,024
	10,500	Salesforce.com, Inc., (2)		336,105
	26,139	VeriSign, Inc., (2)		498,732
		Total Software		17,306,053
		Specialty Retail – 1.4%
	27,715	Abercrombie & Fitch Co., Class A		639,385
	46,762	American Eagle Outfitters, Inc.		437,692
	52,479	Best Buy Co., Inc.		1,475,185
	82,758	Home Depot, Inc.		1,905,089
	51,450	Limited Brands, Inc.		516,558
	55,524	Lowe’s Companies, Inc.		1,194,876
	5,000	Tiffany & Co.		118,150
	20,462	TJX Companies, Inc.		420,903
		Total Specialty Retail		6,707,838

19

   JPZ Nuveen Equity Premium Income Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares			Description (1)								Value
			Textiles, Apparel & Luxury Goods – 0.4%
	14,359		Cherokee Inc.								$	249,129
	27,238		VF Corporation									1,491,825
			Total Textiles, Apparel & Luxury Goods									1,740,954
			Thrifts & Mortgage Finance – 0.1%
	60,610		New York Community Bancorp, Inc.									724,896
	545		Tree.com Inc., (2)									1,417
			Total Thrifts & Mortgage Finance									726,313
			Tobacco – 2.9%
	196,835		Altria Group, Inc.									2,964,335
	215,447		Philip Morris International									9,374,099
	31,534		Reynolds American Inc.									1,271,136
	37,952		Vector Group Ltd.									516,906
			Total Tobacco									14,126,476
			Wireless Telecommunication Services – 0.1%
	24,054		USA Mobility Inc., (2)									278,305
			Total Common Stocks (cost $586,602,825)									480,677,614
Principal
Amount (000)			Description (1)	Coupon			Maturity				Value
			Short-Term Investments – 5.9%
$	28,884		Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $28,883,772, collateralized by $20,580,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $29,462,328		0.010%			1/02/09			$	28,883,756
			Total Short-Term Investments (cost $28,883,756)									28,883,756
			Total Investments (cost $615,486,581) – 103.6%									509,561,370
Number of				Notional			Expiration		Strike
Contracts			Type	Amount (3)			Date		Price		Value
			Call Options Written – (3.8)% (4)
	(1,231	)	S&P 500 Index	$	(104,635,000	)		1/17/09	$	850	$	(7,638,355	)
	(414	)	S&P 500 Index		(37,260,000	)		1/17/09		900		(1,119,870	)
	(665	)	S&P 500 Index		(63,175,000	)		1/17/09		950		(468,825	)
	(749	)	S&P 500 Index		(67,410,000	)		2/21/09		900		(3,666,355	)
	(783	)	S&P 500 Index		(74,385,000	)		2/21/09		950		(1,969,245	)
	(614	)	S&P 500 Index		(58,330,000	)		3/21/09		950		(2,348,550	)
	(761	)	S&P 500 Index		(76,100,000	)		3/21/09		1,000		(1,556,245	)
	(5,217	)	Total Call Options Written (premiums received $23,243,839)		(481,295,000	)						(18,767,445	)
			Other Assets Less Liabilities – 0.2%									912,279
			Net Assets – 100%								$	491,706,204

(1)	All percentages in the Portfolio of Investments are based on net assets.
(2)	Non-income producing.
(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.

See accompanying notes to financial statements.

20

JSN	Nuveen Equity Premium Opportunity Fund Portfolio of INVESTMENTS
		December 31, 2008

Shares		Description (1)	Value
		Common Stocks – 97.1%
		Aerospace & Defense – 2.5%
	87,305	Boeing Company	$	3,725,304
	134,199	Honeywell International Inc.		4,405,753
	27,539	Lockheed Martin Corporation		2,315,479
	43,071	Northrop Grumman Corporation		1,939,918
	48,781	Raytheon Company		2,489,782
	114,660	United Technologies Corporation		6,145,776
		Total Aerospace & Defense		21,022,012
		Air Freight & Logistics – 0.7%
	104,969	United Parcel Service, Inc., Class B		5,790,090
		Airlines – 0.3%
	231,521	AMR Corporation, (2)		2,470,329
		Automobiles – 0.2%
	412,672	General Motors Corporation		1,320,550
	36,887	Harley-Davidson, Inc.		625,972
		Total Automobiles		1,946,522
		Beverages – 1.7%
	185,607	Coca-Cola Company		8,402,429
	110,981	PepsiCo, Inc.		6,078,429
		Total Beverages		14,480,858
		Biotechnology – 4.3%
	171,098	Amgen Inc., (2)		9,880,910
	89,907	Biogen Idec Inc., (2)		4,282,270
	116,048	Celgene Corporation, (2)		6,415,133
	45,376	Genentech, Inc., (2)		3,762,124
	232,038	Gilead Sciences, Inc., (2)		11,866,423
		Total Biotechnology		36,206,860
		Capital Markets – 0.7%
	164,993	Charles Schwab Corporation		2,667,937
	41,795	Legg Mason, Inc.		915,728
	21,543	UBS AG, (2)		308,065
	136,190	Waddell & Reed Financial, Inc., Class A		2,105,497
		Total Capital Markets		5,997,227
		Chemicals – 1.3%
	65,169	Dow Chemical Company		983,400
	131,799	E.I. Du Pont de Nemours and Company		3,334,515
	41,570	Eastman Chemical Company		1,318,185
	72,000	Lubrizol Corporation		2,620,080
	3,493	Potash Corporation of Saskatchewan		255,757
	152,430	RPM International, Inc.		2,025,795
		Total Chemicals		10,537,732
		Commercial Banks – 4.8%
	67,334	American Express Company		1,249,046
	337,388	Bank of America Corporation		4,750,423
	65,480	Fifth Third Bancorp.		540,865
	74,909	First Horizon National Corporation		791,791
	51,044	Goldman Sachs Group, Inc.		4,307,603
	11,544	HSBC Holdings PLC, Sponsored ADR		561,846
	4,932	Huntington BancShares Inc.		37,779
	308,035	JPMorgan Chase & Co.		9,712,344
	90,328	Lloyds TSB Group PLC, Sponsored ADR		695,526
	158,201	Morgan Stanley		2,537,544
	46,961	Toronto-Dominion Bank		1,684,491
	263,201	U.S. Bancorp		6,582,657

21

   JSN Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Commercial Banks (continued)
	87,894	Wachovia Corporation	$	486,933
	223,458	Wells Fargo & Company		6,587,542
		Total Commercial Banks		40,526,390
		Commercial Services & Supplies – 1.1%
	24,027	Corporate Executive Board Company		530,036
	88,588	Deluxe Corporation		1,325,276
	57,452	Manpower Inc.		1,952,793
	51,209	R.R. Donnelley & Sons Company		695,418
	90,337	Resources Connection, Inc., (2)		1,479,720
	97,220	Waste Management, Inc.		3,221,871
		Total Commercial Services & Supplies		9,205,114
		Communications Equipment – 5.3%
	67,631	ADTRAN, Inc.		1,006,349
	901,387	Cisco Systems, Inc., (2)		14,692,608
	192,977	Corning Incorporated		1,839,071
	55,800	Harris Corporation		2,123,190
	19,554	Motorola, Inc.		86,624
	550,042	QUALCOMM Inc.		19,708,005
	124,769	Research In Motion Limited, (2)		5,063,126
		Total Communications Equipment		44,518,973
		Computers & Peripherals – 6.6%
	313,801	Apple, Inc., (2)		26,782,915
	258,787	Dell Inc., (2)		2,649,979
	232,095	EMC Corporation, (2)		2,430,035
	316,255	Hewlett-Packard Company		11,476,894
	107,213	International Business Machines Corporation (IBM)		9,023,046
	58,385	McAfee Inc., (2)		2,018,369
	84,356	Network Appliance Inc., (2)		1,178,453
		Total Computers & Peripherals		55,559,691
		Consumer Finance – 0.2%
	68,627	Discover Financial Services		654,015
	76,610	SLM Corporation, (2)		681,829
		Total Consumer Finance		1,335,844
		Containers & Packaging – 0.7%
	202,483	Packaging Corp. of America		2,725,421
	126,709	Sonoco Products Company		2,934,580
		Total Containers & Packaging		5,660,001
		Diversified Consumer Services – 0.1%
	35,825	Hillenbrand Inc.		597,561
		Diversified Financial Services – 1.1%
	150,034	CIT Group Inc.		681,154
	569,755	Citigroup Inc.		3,823,056
	11,800	CME Group, Inc.		2,455,698
	49,229	Eaton Vance Corporation		1,034,301
	126,602	ING Groep N.V., Sponsored ADR		1,405,282
		Total Diversified Financial Services		9,399,491
		Diversified Telecommunication Services – 3.3%
	711,379	AT&T Inc.		20,274,302
	2,241	FairPoint Communications Inc.		7,350
	42,575	Frontier Communications Corporation		372,106
	197,528	Verizon Communications Inc.		6,696,199
	23,838	Vimpel Communications, Sponsored ADR		170,680
		Total Diversified Telecommunication Services		27,520,637
		Electric Utilities – 1.2%
	39,063	Ameren Corporation		1,299,235
	94,002	Companhia Energetica de Minas Gerais, Sponsored ADR		1,291,587
	113,425	Great Plains Energy Incorporated		2,192,505
	92,646	OGE Energy Corp.		2,388,414

22

Shares		Description (1)	Value
		Electric Utilities (continued)
	127,242	Pepco Holdings, Inc.	$	2,259,818
	24,280	Pinnacle West Capital Corporation		780,116
		Total Electric Utilities		10,211,675
		Electrical Equipment – 1.2%
	52,963	Cooper Industries, Ltd., Class A		1,548,108
	162,426	Emerson Electric Company		5,946,416
	2,122	First Solar Inc., (2)		292,751
	29,254	Hubbell Incorporated, Class B		956,021
	39,140	Rockwell Automation, Inc.		1,261,874
		Total Electrical Equipment		10,005,170
		Electronic Equipment & Instruments – 0.4%
	124,013	Gentex Corporation		1,095,035
	51,356	Roper Industries Inc.		2,229,364
		Total Electronic Equipment & Instruments		3,324,399
		Energy Equipment & Services – 1.8%
	45,800	Diamond Offshore Drilling, Inc.		2,699,452
	37,042	ENSCO International Incorporated		1,051,622
	193,639	Halliburton Company		3,520,357
	58,578	Patterson-UTI Energy, Inc.		674,233
	86,681	Schlumberger Limited		3,669,207
	77,472	Tidewater Inc.		3,119,797
		Total Energy Equipment & Services		14,734,668
		Food & Staples Retailing – 2.1%
	132,549	CVS Caremark Corporation		3,809,458
	99,835	Kroger Co.		2,636,642
	38,242	SUPERVALU INC.		558,333
	62,071	Walgreen Co.		1,531,292
	163,919	Wal-Mart Stores, Inc.		9,189,299
		Total Food & Staples Retailing		17,725,024
		Food Products – 1.2%
	181,554	Kraft Foods Inc.		4,874,725
	61,544	Monsanto Company		4,329,620
	97,807	Sara Lee Corporation		957,531
		Total Food Products		10,161,876
		Gas Utilities – 1.0%
	25,125	AGL Resources Inc.		787,669
	149,706	Atmos Energy Corporation		3,548,032
	121,756	Nicor Inc.		4,229,803
		Total Gas Utilities		8,565,504
		Health Care Equipment & Supplies – 1.5%
	85,553	Baxter International Inc.		4,584,785
	36,821	Hill Rom Holdings Inc.		606,074
	163,169	Hologic Inc., (2)		2,132,619
	15,043	Intuitive Surgical, Inc., (2)		1,910,311
	104,115	Medtronic, Inc.		3,271,293
		Total Health Care Equipment & Supplies		12,505,082
		Health Care Providers & Services – 1.5%
	51,887	Aetna Inc.		1,478,780
	240,584	Brookdale Senior Living Inc.		1,342,459
	22,283	Coventry Health Care, Inc., (2)		331,571
	64,221	Express Scripts, Inc., (2)		3,530,871
	24,265	Mentor Corporation		750,516
	98,040	UnitedHealth Group Incorporated		2,607,864
	57,698	Wellpoint Inc., (2)		2,430,817
		Total Health Care Providers & Services		12,472,878

23

   JSN Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure – 1.8%
	69,390	International Game Technology	$	825,047
	5,770	Interval Leisure Group Inc., (2)		31,100
	215,800	McDonald’s Corporation		13,420,602
	15,122	Starwood Hotels & Resorts Worldwide, Inc.		270,684
	23,112	Wynn Resorts Ltd, (2)		976,713
		Total Hotels, Restaurants & Leisure		15,524,146
		Household Durables – 0.8%
	112,487	KB Home		1,532,073
	185,735	Newell Rubbermaid Inc.		1,816,488
	44,814	Stanley Works		1,528,157
	52,780	Whirlpool Corporation		2,182,453
		Total Household Durables		7,059,171
		Household Products – 2.3%
	60,709	Colgate-Palmolive Company		4,160,995
	251,449	Procter & Gamble Company		15,544,577
		Total Household Products		19,705,572
		Industrial Conglomerates – 2.2%
	44,468	3M Co.		2,558,689
	856,674	General Electric Company		13,878,119
	58,958	Genuine Parts Company		2,232,150
		Total Industrial Conglomerates		18,668,958
		Insurance – 1.1%
	47,157	Allstate Corporation		1,544,863
	172,660	American International Group, Inc.		271,076
	41,263	Arthur J. Gallagher & Co.		1,069,124
	197,780	Fidelity National Title Group Inc., Class A		3,510,595
	107,129	Marsh & McLennan Companies, Inc.		2,600,021
	593	Mercury General Corporation		27,272
	13,802	Unitrin, Inc.		220,004
		Total Insurance		9,242,955
		Internet & Catalog Retail – 0.6%
	77,504	Amazon.com, Inc., (2)		3,974,405
	12,070	Hosting Site Network, Inc., (2)		87,749
	33,905	IAC/InterActiveCorp., (2)		533,326
	6,485	Ticketmaster Online-Citysearch, Inc., (2)		41,634
		Total Internet & Catalog Retail		4,637,114
		Internet Software & Services – 2.9%
	4,160	Baidu.com, Inc., Sponsored ADR, (2)		543,171
	200,021	Earthlink, Inc., (2)		1,352,142
	202,141	eBay Inc., (2)		2,821,888
	51,092	Google Inc., Class A, (2)		15,718,454
	202,286	United Online, Inc.		1,227,876
	203,616	Yahoo! Inc., (2)		2,484,115
		Total Internet Software & Services		24,147,646
		IT Services – 0.9%
	99,002	Automatic Data Processing, Inc.		3,894,739
	31,237	Fidelity National Information Services		508,226
	15,383	Lender Processing Services Inc.		453,029
	93,580	Paychex, Inc.		2,459,282
		Total IT Services		7,315,276
		Leisure Equipment & Products – 0.2%
	86,552	Mattel, Inc.		1,384,832
	15,485	Polaris Industries Inc.		443,645
		Total Leisure Equipment & Products		1,828,477
		Machinery – 1.4%
	106,774	Caterpillar Inc.		4,769,595
	23,240	Deere & Company		890,557
	53,498	Graco Inc.		1,269,508
	25,322	Joy Global Inc.		579,621

24

Shares		Description (1)	Value
		Machinery (continued)
	76,240	SPX Corporation	$	3,091,532
	67,275	Timken Company		1,320,608
		Total Machinery		11,921,421
		Marine – 0.0%
	31,233	Eagle Bulk Shipping Inc.		213,009
		Media – 2.2%
	363,623	Comcast Corporation, Special Class A		5,872,511
	101,917	New York Times, Class A		747,052
	180,277	News Corporation, Class A		1,638,718
	61,441	Omnicom Group Inc.		1,653,992
	233,520	Regal Entertainment Group, Class A		2,384,239
	637,542	Sirius XM Radio Inc., (2)		76,505
	48,441	Viacom Inc., Class B, (2)		923,285
	197,802	Walt Disney Company		4,488,127
	159,513	Warner Music Group Corporation		481,729
		Total Media		18,266,158
		Metals & Mining – 0.7%
	84,002	Alcoa Inc.		945,863
	285,865	Southern Copper Corporation		4,590,992
		Total Metals & Mining		5,536,855
		Multiline Retail – 0.8%
	54,366	Federated Department Stores, Inc.		562,688
	94,749	Nordstrom, Inc.		1,261,109
	47,965	Sears Holding Corporation, (2)		1,864,400
	89,425	Target Corporation		3,087,845
		Total Multiline Retail		6,776,042
		Multi-Utilities – 1.3%
	206,587	Duke Energy Corporation		3,100,871
	88,459	National Fuel Gas Company		2,771,420
	96,140	ONEOK, Inc.		2,799,597
	85,674	Public Service Enterprise Group Incorporated		2,499,111
		Total Multi-Utilities		11,170,999
		Oil, Gas & Consumable Fuels – 8.1%
	189,460	Chevron Corporation		14,014,356
	2,610	CNOOC Limited, Sponsored ADR		248,576
	110,089	ConocoPhillips		5,702,610
	63,890	Delta Petroleum Corporation, (2)		304,116
	485,656	Exxon Mobil Corporation		38,769,918
	10,248	Hess Corporation		549,703
	34,750	Occidental Petroleum Corporation		2,084,653
	5,460	PetroChina Company Limited, Sponsored ADR		485,831
	15,875	Royal Dutch Shell PLC, Class A		840,423
	99,339	SandRidge Energy Inc., (2)		610,935
	38,979	StatoilHydro ASA, Sponsored ADR		649,390
	16,105	Suncor Energy, Inc.		314,048
	96,615	XTO Energy, Inc.		3,407,611
		Total Oil, Gas & Consumable Fuels		67,982,170
		Pharmaceuticals – 7.6%
	162,479	Abbott Laboratories		8,671,504
	235,584	Bristol-Myers Squibb Company		5,477,328
	97,936	Eli Lilly and Company		3,943,883
	49,445	GlaxoSmithKline PLC, Sponsored ADR		1,842,815
	201,516	Johnson & Johnson		12,056,702
	376,271	Merck & Co. Inc.		11,438,638
	724,005	Pfizer Inc.		12,822,129
	138,221	Schering-Plough Corporation		2,353,904
	145,784	Wyeth		5,468,358
		Total Pharmaceuticals		64,075,261

25

   JSN Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Real Estate Investment Trust – 1.2%
	57,977	Apartment Investment & Management Company, Class A	$	669,634
	70,937	Brandywine Realty Trust		546,924
	37,509	CBL & Associates Properties Inc.		243,809
	114,294	DCT Industrial Trust Inc.		578,328
	26,265	Developers Diversified Realty Corporation		128,173
	60,137	Health Care REIT, Inc.		2,537,781
	89,707	Lexington Corporate Properties Trust		448,535
	49,877	Liberty Property Trust		1,138,692
	112,648	Nationwide Health Properties, Inc.		3,235,251
	136,993	U-Store-It Trust		609,619
		Total Real Estate Investment Trust		10,136,746
		Road & Rail – 0.2%
	48,329	Union Pacific Corporation		2,310,126
		Semiconductors & Equipment – 3.7%
	92,590	Altera Corporation		1,547,179
	106,522	Analog Devices, Inc.		2,026,048
	255,895	Applied Materials, Inc.		2,592,216
	139,340	Broadcom Corporation, Class A, (2)		2,364,600
	899,268	Intel Corporation		13,183,269
	28,351	Intersil Holding Corporation, Class A		260,546
	77,047	Linear Technology Corporation		1,704,280
	95,116	Marvell Technology Group Ltd., (2)		634,424
	122,986	National Semiconductor Corporation		1,238,469
	208,316	Texas Instruments Incorporated		3,233,064
	133,163	Xilinx, Inc.		2,372,965
		Total Semiconductors & Equipment		31,157,060
		Software – 6.1%
	338,041	Activision Blizzard Inc., (2)		2,920,674
	194,048	Adobe Systems Incorporated, (2)		4,131,282
	35,886	Akamai Technologies, Inc., (2)		541,520
	75,849	Autodesk, Inc., (2)		1,490,433
	1,345,399	Microsoft Corporation		26,154,557
	719,792	Oracle Corporation, (2)		12,761,912
	41,248	SAP AG, Sponsored ADR		1,494,003
	89,065	VeriSign, Inc., (2)		1,699,360
		Total Software		51,193,741
		Specialty Retail – 1.5%
	25,307	Abercrombie & Fitch Co., Class A		583,832
	65,590	American Eagle Outfitters, Inc.		613,922
	96,787	Best Buy Co., Inc.		2,720,683
	70,867	CarMax, Inc., (2)		558,432
	91,615	Gap, Inc.		1,226,725
	143,178	Home Depot, Inc.		3,295,958
	132,963	Limited Brands, Inc.		1,334,949
	114,558	Lowe’s Companies, Inc.		2,465,288
		Total Specialty Retail		12,799,789
		Thrifts & Mortgage Finance – 0.3%
	187,079	New York Community Bancorp, Inc.		2,237,465
	2,011	Tree.com Inc., (2)		5,229
		Total Thrifts & Mortgage Finance		2,242,694
		Tobacco – 1.9%
	198,523	Altria Group, Inc.		2,989,756
	42,914	Lorillard Inc.		2,418,204
	198,523	Philip Morris International		8,637,736
	45,154	Reynolds American Inc.		1,820,158
		Total Tobacco		15,865,854
		Wireless Telecommunication Services – 0.5%
	83,549	China Mobile Hong Kong Limited, Sponsored ADR		4,248,470
		Total Common Stocks (cost $961,798,390)		816,507,318

26

Principal
Amount (000)			Description (1)	Coupon			Maturity				Value
			Short-Term Investments – 5.7%
$	48,244		Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $48,244,346, collateralized by $36,055,000 U.S. Treasury Bonds, 4.500%, due 2/15/36, value $49,215,075		0.010%			1/02/09			$	48,244,319
			Total Short-Term Investments (cost $48,244,319)									48,244,319
			Total Investments (cost $1,010,042,709) – 102.8%									864,751,637
Number of				Notional			Expiration		Strike
Contracts			Type	Amount (3)			Date		Price		Value
			Call Options Written – (3.5)% (4)
	(882	)	Mini-NDX 100 Index	$	(10,143,000	)		1/17/09	$	115	$	(601,965	)
	(968	)	Mini-NDX 100 Index		(11,616,000	)		1/17/09		120		(348,480	)
	(967	)	Mini-NDX 100 Index		(12,571,000	)		1/17/09		130		(57,053	)
	(881	)	Mini-NDX 100 Index		(10,572,000	)		2/21/09		120		(599,080	)
	(1,220	)	Mini-NDX 100 Index		(15,860,000	)		2/21/09		130		(347,090	)
	(1,299	)	Mini-NDX 100 Index		(17,536,500	)		2/21/09		135		(194,850	)
	(1,299	)	Mini-NDX 100 Index		(17,536,500	)		3/21/09		135		(389,700	)
	(125	)	NASDAQ 100 Index		(14,375,000	)		1/17/09		1,150		(853,125	)
	(141	)	NASDAQ 100 Index		(16,920,000	)		1/17/09		1,200		(509,715	)
	(141	)	NASDAQ 100 Index		(18,330,000	)		1/17/09		1,300		(61,335	)
	(239	)	NASDAQ 100 Index		(33,460,000	)		1/17/09		1,400		(10,158	)
	(126	)	NASDAQ 100 Index		(15,120,000	)		2/21/09		1,200		(853,650	)
	(55	)	NASDAQ 100 Index		(7,150,000	)		2/21/09		1,300		(139,425	)
	(77	)	NASDAQ 100 Index		(10,395,000	)		2/21/09		1,350		(115,115	)
	(77	)	NASDAQ 100 Index		(10,395,000	)		3/21/09		1,350		(229,460	)
	(1,575	)	S&P 500 Index		(133,875,000	)		1/17/09		850		(9,772,875	)
	(604	)	S&P 500 Index		(54,360,000	)		1/17/09		900		(1,633,820	)
	(837	)	S&P 500 Index		(79,515,000	)		1/17/09		950		(590,085	)
	(963	)	S&P 500 Index		(86,670,000	)		2/21/09		900		(4,713,885	)
	(962	)	S&P 500 Index		(91,390,000	)		2/21/09		950		(2,419,430	)
	(794	)	S&P 500 Index		(75,430,000	)		3/21/09		950		(3,037,050	)
	(969	)	S&P 500 Index		(96,900,000	)		3/21/09		1,000		(1,981,605	)
	(15,201	)	Total Call Options Written (premiums received $40,820,889)		(840,120,000	)						(29,458,951	)
			Other Assets Less Liabilities – 0.7%									6,285,838
			Net Assets – 100%								$	841,578,524

(1)	All percentages in the Portfolio of Investments are based on net assets.
(2)	Non-income producing.
(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.

See accompanying notes to financial statements.

27

JLA	Nuveen Equity Premium Advantage Fund Portfolio of INVESTMENTS
		December 31, 2008

Shares		Description (1)	Value
		Common Stocks – 95.2%
		Aerospace & Defense – 1.3%
	26,200	Boeing Company	$	1,117,954
	41,300	Honeywell International Inc.		1,355,879
	29,966	United Technologies Corporation		1,606,178
		Total Aerospace & Defense		4,080,011
		Air Freight & Logistics – 0.5%
	31,710	United Parcel Service, Inc., Class B		1,749,124
		Airlines – 0.5%
	80,017	Delta Air Lines, Inc., (2)		916,995
	44,700	Lan Airlines S.A., Sponsored ADR		359,835
	48,013	Southwest Airlines Co.		413,872
		Total Airlines		1,690,702
		Auto Components – 0.1%
	41,333	American Axle and Manufacturing Holdings Inc.		119,452
	49,461	Cooper Tire & Rubber		304,680
		Total Auto Components		424,132
		Automobiles – 0.3%
	374,095	Ford Motor Company, (2)		856,678
	14,900	Harley-Davidson, Inc.		252,853
		Total Automobiles		1,109,531
		Beverages – 1.0%
	39,700	Coca-Cola Company		1,797,219
	28,800	PepsiCo, Inc.		1,577,376
		Total Beverages		3,374,595
		Biotechnology – 5.9%
	70,655	Amgen Inc., (2)		4,080,326
	67,000	Celgene Corporation, (2)		3,703,760
	12,600	Cephalon, Inc., (2)		970,704
	32,799	Genzyme Corporation, (2)		2,176,870
	158,520	Gilead Sciences, Inc., (2)		8,106,713
		Total Biotechnology		19,038,373
		Capital Markets – 0.8%
	27,452	Bank of New York Company, Inc.		777,715
	72,720	Charles Schwab Corporation		1,175,882
	51,000	Waddell & Reed Financial, Inc., Class A		788,460
		Total Capital Markets		2,742,057
		Chemicals – 0.4%
	12,674	Dow Chemical Company		191,251
	44,813	E.I. Du Pont de Nemours and Company		1,133,769
		Total Chemicals		1,325,020
		Commercial Banks – 3.4%
	18,700	American Express Company		346,885
	133,993	Bank of America Corporation		1,886,621
	38,433	FirstMerit Corporation		791,335
	9,100	Goldman Sachs Group, Inc.		767,949
	89,700	JPMorgan Chase & Co.		2,828,241
	73,513	Lloyds TSB Group PLC, Sponsored ADR		566,050
	35,700	Morgan Stanley		572,628
	10,376	Toronto-Dominion Bank		372,187
	63,800	U.S. Bancorp		1,595,638
	40,776	Wells Fargo & Company		1,202,076
		Total Commercial Banks		10,929,610

28

Shares		Description (1)	Value
		Commercial Services & Supplies – 1.0%
	4,940	Corporate Executive Board Company	$	108,976
	32,672	Deluxe Corporation		488,773
	20,400	Manpower Inc.		693,396
	29,775	Pitney Bowes Inc.		758,667
	24,714	R.R. Donnelley & Sons Company		335,616
	26,700	Resources Connection, Inc., (2)		437,346
	17,200	Robert Half International Inc.		358,104
		Total Commercial Services & Supplies		3,180,878
		Communications Equipment – 7.5%
	459,280	Cisco Systems, Inc., (2)		7,486,264
	33,878	Comverse Technology, Inc., (2)		212,076
	59,568	Corning Incorporated		567,683
	29,400	Harris Corporation		1,118,670
	323,872	QUALCOMM Inc.		11,604,334
	85,167	Research In Motion Limited, (2)		3,456,077
		Total Communications Equipment		24,445,104
		Computers & Peripherals – 8.4%
	213,906	Apple, Inc., (2)		18,256,877
	47,100	EMC Corporation, (2)		493,137
	100,200	Hewlett-Packard Company		3,636,258
	43,935	International Business Machines Corporation (IBM)		3,697,570
	23,041	McAfee Inc., (2)		796,527
	61,900	Sun Microsystems Inc., (2)		236,458
		Total Computers & Peripherals		27,116,827
		Consumer Finance – 0.1%
	22,760	SLM Corporation, (2)		202,564
		Containers & Packaging – 0.4%
	43,903	Packaging Corp. of America		590,934
	24,900	Sonoco Products Company		576,684
		Total Containers & Packaging		1,167,618
		Diversified Consumer Services – 0.4%
	11,893	ITT Educational Services, Inc., (2)		1,129,597
	41,675	Service Corporation International		207,125
		Total Diversified Consumer Services		1,336,722
		Diversified Financial Services – 0.4%
	4,400	CME Group, Inc.		915,684
	20,000	Moody’s Corporation		401,800
		Total Diversified Financial Services		1,317,484
		Diversified Telecommunication Services – 2.7%
	225,695	AT&T Inc.		6,432,308
	30,739	Chunghwa Telecom Co., Ltd., Sponsored ADR		479,528
	586	FairPoint Communications Inc.		1,922
	72,955	Frontier Communications Corporation		637,627
	31,090	Verizon Communications Inc.		1,053,951
		Total Diversified Telecommunication Services		8,605,336
		Electric Utilities – 1.1%
	17,700	Covanta Holding Corporation, (2)		388,692
	21,600	Exelon Corporation		1,201,176
	19,758	Great Plains Energy Incorporated		381,922
	30,400	OGE Energy Corp.		783,712
	27,782	Pinnacle West Capital Corporation		892,636
		Total Electric Utilities		3,648,138

29

   JLA Nuveen Equity Premium Advantage Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Electrical Equipment – 1.3%
	26,000	Cooper Industries, Ltd., Class A	$	759,980
	59,800	Emerson Electric Company		2,189,278
	13,500	Hubbell Incorporated, Class B		441,180
	13,700	Rockwell Automation, Inc.		441,688
	13,087	SunPower Corporation, (2)		398,368
		Total Electrical Equipment		4,230,494
		Electronic Equipment & Instruments – 0.8%
	17,182	Agilent Technologies, Inc., (2)		268,555
	26,404	Amphenol Corporation, Class A		633,168
	48,857	Gentex Corporation		431,407
	23,400	MEMC Electronic Materials, (2)		334,152
	18,868	Roper Industries Inc.		819,060
		Total Electronic Equipment & Instruments		2,486,342
		Energy Equipment & Services – 1.1%
	30,000	Cooper Cameron Corporation, (2)		615,000
	19,059	Diamond Offshore Drilling, Inc.		1,123,337
	52,800	Halliburton Company		959,904
	34,200	Smith International, Inc.		782,838
		Total Energy Equipment & Services		3,481,079
		Food & Staples Retailing – 1.3%
	43,162	CVS Caremark Corporation		1,240,476
	15,016	Kroger Co.		396,573
	23,562	SUPERVALU INC.		344,005
	15,400	Walgreen Co.		379,918
	31,292	Wal-Mart Stores, Inc.		1,754,230
		Total Food & Staples Retailing		4,115,202
		Food Products – 1.3%
	10,500	Archer-Daniels-Midland Company		302,715
	47,193	Kraft Foods Inc.		1,267,132
	27,800	Monsanto Company		1,955,730
	64,658	Sara Lee Corporation		633,002
		Total Food Products		4,158,579
		Gas Utilities – 0.8%
	47,295	Nicor Inc.		1,643,028
	26,700	Piedmont Natural Gas Company		845,589
		Total Gas Utilities		2,488,617
		Health Care Equipment & Supplies – 2.0%
	47,844	Accuray, Inc., (2)		246,875
	34,400	Baxter International Inc.		1,843,496
	55,100	Boston Scientific Corporation, (2)		426,474
	9,694	Cardinal Health, Inc.		334,152
	42,325	ev3, Inc., (2)		258,183
	14,126	Hill Rom Holdings Inc.		232,514
	6,402	Intuitive Surgical, Inc., (2)		812,990
	25,859	Lincare Holdings, (2)		696,383
	12,200	Medtronic, Inc.		383,324
	19,174	Saint Jude Medical Inc., (2)		631,975
	11,687	Zimmer Holdings, Inc., (2)		472,389
		Total Health Care Equipment & Supplies		6,338,755
		Health Care Providers & Services – 1.0%
	40,030	Brookdale Senior Living Inc.		223,367
	22,698	Medco Health Solutions, Inc., (2)		951,273
	82,800	Tenet Healthcare Corporation, (2)		95,220
	31,105	UnitedHealth Group Incorporated		827,393
	11,200	Universal Health Services, Inc., Class B		420,784
	14,593	Wellpoint Inc., (2)		614,803
		Total Health Care Providers & Services		3,132,840
		Hotels, Restaurants & Leisure – 1.9%
	18,429	Carnival Corporation		448,193
	26,904	International Game Technology		319,889

30

Shares		Description (1)	Value
		Hotels, Restaurants & Leisure (continued)
	10,272	Interval Leisure Group Inc., (2)	$	55,366
	45,500	McDonald’s Corporation		2,829,645
	112,350	Starbucks Corporation, (2)		1,062,831
	15,700	Starwood Hotels & Resorts Worldwide, Inc.		281,030
	27,491	Tim Hortons Inc.		792,840
	86,275	Wendys Arbys Group Inc.		426,199
		Total Hotels, Restaurants & Leisure		6,215,993
		Household Durables – 0.4%
	20,700	KB Home		281,934
	38,500	Newell Rubbermaid Inc.		376,530
	12,700	Whirlpool Corporation		525,145
		Total Household Durables		1,183,609
		Household Products – 1.4%
	75,195	Procter & Gamble Company		4,648,555
		Industrial Conglomerates – 1.2%
	13,364	3M Co.		768,965
	158,640	General Electric Company		2,569,968
	17,994	Genuine Parts Company		681,253
		Total Industrial Conglomerates		4,020,186
		Insurance – 1.0%
	15,228	AFLAC Incorporated		698,052
	64,450	American International Group, Inc.		101,187
	35,260	Fidelity National Title Group Inc., Class A		625,865
	30,179	Marsh & McLennan Companies, Inc.		732,444
	13,260	Prudential Financial, Inc.		401,248
	18,273	Travelers Companies, Inc.		825,940
		Total Insurance		3,384,736
		Internet & Catalog Retail – 1.1%
	58,539	Amazon.com, Inc., (2)		3,001,880
	10,272	Hosting Site Network, Inc., (2)		74,677
	25,680	IAC/InterActiveCorp., (2)		403,946
	10,272	Ticketmaster Online-Citysearch, Inc., (2)		65,946
		Total Internet & Catalog Retail		3,546,449
		Internet Software & Services – 4.0%
	136,989	eBay Inc., (2)		1,912,366
	29,323	Google Inc., Class A, (2)		9,021,221
	20,000	IBasis, Inc., (2)		28,200
	43,727	United Online, Inc.		265,423
	132,875	Yahoo! Inc., (2)		1,621,075
		Total Internet Software & Services		12,848,285
		IT Services – 1.2%
	32,440	Automatic Data Processing, Inc.		1,276,190
	18,573	Fidelity National Information Services		302,183
	7,816	Global Payments Inc.		256,287
	13,350	Infosys Technologies Limited, Sponsored ADR		328,010
	9,286	Lender Processing Services Inc.		273,473
	61,190	Paychex, Inc.		1,608,073
		Total IT Services		4,044,216
		Leisure Equipment & Products – 0.1%
	26,523	Eastman Kodak Company		174,521
		Life Sciences Tools & Services – 0.1%
	15,355	Life Technologies Corporation, (2)		357,925
		Machinery – 1.3%
	29,600	Caterpillar Inc.		1,322,232
	8,259	Danaher Corporation		467,542
	6,600	Deere & Company		252,912
	15,700	Eaton Corporation		780,447

31

   JLA Nuveen Equity Premium Advantage Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Machinery (continued)
	18,700	Graco Inc.	$	443,751
	21,330	SPX Corporation		864,932
		Total Machinery		4,131,816
		Media – 3.0%
	19,588	CBS Corporation, Class B		160,426
	245,323	Comcast Corporation, Special Class A		3,961,966
	80,790	DIRECTV Group, Inc., (2)		1,850,899
	33,200	Liberty Media Corporation, Entertainment Tracking Shares, Class A, (2)		580,336
	45,085	McClatchy Company		36,068
	62,500	News Corporation, Class A		568,125
	20,400	Omnicom Group Inc.		549,168
	65,946	Regal Entertainment Group, Class A		673,309
	44,300	Time Warner Inc.		445,658
	34,600	Walt Disney Company		785,074
		Total Media		9,611,029
		Metals & Mining – 0.8%
	18,751	AngloGold Ashanti Limited, Sponsored ADR		519,590
	107,079	Companhia Siderurgica Nacional S.A., Sponsored ADR		1,371,682
	44,334	Southern Copper Corporation		712,004
		Total Metals & Mining		2,603,276
		Multiline Retail – 0.9%
	25,000	Family Dollar Stores, Inc.		651,750
	24,733	Federated Department Stores, Inc.		255,987
	16,800	J.C. Penney Company, Inc.		330,960
	13,209	Kohl’s Corporation, (2)		478,166
	18,367	Sears Holding Corporation, (2)		713,925
	17,100	Target Corporation		590,463
		Total Multiline Retail		3,021,251
		Multi-Utilities – 0.5%
	61,600	Duke Energy Corporation		924,616
	15,502	Integrys Energy Group, Inc.		666,276
		Total Multi-Utilities		1,590,892
		Oil, Gas & Consumable Fuels – 5.6%
	14,400	A/S Steamship Company Torm, Sponsored ADR		156,528
	70,620	Chevron Corporation		5,223,761
	27,800	ConocoPhillips		1,440,040
	47,700	Delta Petroleum Corporation, (2)		227,052
	136,446	Exxon Mobil Corporation		10,892,484
	9,400	XTO Energy, Inc.		331,538
		Total Oil, Gas & Consumable Fuels		18,271,403
		Paper & Forest Products – 0.1%
	23,723	International Paper Company		279,931
		Pharmaceuticals – 5.4%
	34,630	Abbott Laboratories		1,848,203
	9,300	Allergan, Inc.		374,976
	77,186	Bristol-Myers Squibb Company		1,794,575
	37,208	Eli Lilly and Company		1,498,366
	15,263	Forest Laboratories, Inc., (2)		388,749
	8,855	GlaxoSmithKline PLC, Sponsored ADR		330,026
	43,843	Johnson & Johnson		2,623,127
	99,822	Merck & Co. Inc.		3,034,589
	197,940	Pfizer Inc.		3,505,517
	33,686	Schering-Plough Corporation		573,673
	38,806	Wyeth		1,455,613
		Total Pharmaceuticals		17,427,414
		Real Estate Investment Trust – 1.0%
	16,690	Apartment Investment & Management Company, Class A		192,770
	72,400	DCT Industrial Trust Inc.		366,344
	12,300	Developers Diversified Realty Corporation		60,024
	51,777	Nationwide Health Properties, Inc.		1,487,035

32

Shares		Description (1)	Value
		Real Estate Investment Trust (continued)
	41,422	Senior Housing Properties Trust	$	742,282
	54,500	U-Store-It Trust		242,525
		Total Real Estate Investment Trust		3,090,980
		Road & Rail – 0.4%
	17,500	Burlington Northern Santa Fe Corporation		1,324,925
		Semiconductors & Equipment – 5.4%
	160,900	Advanced Micro Devices, Inc., (2)		347,544
	55,763	Altera Corporation		931,800
	15,765	Analog Devices, Inc.		299,850
	110,180	Applied Materials, Inc.		1,116,123
	144,000	Atmel Corporation, (2)		450,720
	76,700	Broadcom Corporation, Class A, (2)		1,301,599
	18,900	Cymer, Inc., (2)		414,099
	47,717	Cypress Semiconductor Corporation, (2)		213,295
	39,437	Fairchild Semiconductor International Inc., Class A, (2)		192,847
	46,242	Integrated Device Technology, Inc., (2)		259,418
	379,715	Intel Corporation		5,566,622
	20,531	Intersil Holding Corporation, Class A		188,680
	70,275	Linear Technology Corporation		1,554,483
	126,303	LSI Logic Corporation, (2)		415,537
	52,100	National Semiconductor Corporation		524,647
	27,401	Novellus Systems, Inc., (2)		338,128
	97,135	NVIDIA Corporation, (2)		783,879
	110,998	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR		876,884
	79,714	Texas Instruments Incorporated		1,237,161
	33,502	Varian Semiconductor Equipment Associate, (2)		607,056
		Total Semiconductors & Equipment		17,620,372
		Software – 9.0%
	204,828	Activision Blizzard Inc., (2)		1,769,714
	100,430	Adobe Systems Incorporated, (2)		2,138,155
	80,810	Akamai Technologies, Inc., (2)		1,219,423
	29,618	Autodesk, Inc., (2)		581,994
	33,593	CA Inc.		622,478
	74,410	Cadence Design Systems, Inc., (2)		272,341
	55,000	Electronic Arts Inc. (EA), (2)		882,200
	638,901	Microsoft Corporation		12,420,235
	490,178	Oracle Corporation, (2)		8,690,856
	8,038	SAP AG, Sponsored ADR		291,136
	38,088	Satyam Computer Services Limited, Sponsored ADR		344,316
		Total Software		29,232,848
		Specialty Retail – 1.4%
	28,650	Best Buy Co., Inc.		805,352
	50,492	Gap, Inc.		676,088
	37,874	Home Depot, Inc.		871,859
	40,900	Limited Brands, Inc.		410,636
	30,900	Lowe’s Companies, Inc.		664,968
	28,938	TJX Companies, Inc.		595,255
	37,616	Urban Outfitters, Inc., (2)		563,488
		Total Specialty Retail		4,587,646
		Textiles, Apparel & Luxury Goods – 0.1%
	14,000	Coach, Inc., (2)		290,780
		Thrifts & Mortgage Finance – 0.0%
	1,712	Tree.com Inc., (2)		4,451
		Tobacco – 1.2%
	68,196	Altria Group, Inc.		1,027,032
	68,196	Philip Morris International		2,967,208
		Total Tobacco		3,994,240

33

   JLA Nuveen Equity Premium Advantage Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares			Description (1)								Value
			Wireless Telecommunication Services – 0.9%
	45,119		China Mobile Hong Kong Limited, Sponsored ADR								$	2,294,300
	36,448		Vodafone Group PLC, Sponsored ADR									744,995
			Total Wireless Telecommunication Services									3,039,295
			Total Common Stocks (cost $360,769,328)									308,462,758
Principal
Amount (000)			Description (1)	Coupon			Maturity				Value
			Short-Term Investments – 7.8%
$	25,237		Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $25,237,277, collateralized by $17,985,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $25,747,326		0.010%			1/02/09			$	25,237,263
			Total Short-Term Investments (cost $25,237,263)									25,237,263
			Total Investments (cost $386,006,591) – 103.0%									333,700,021
Number of				Notional			Expiration		Strike
Contracts			Type	Amount (3)			Date		Price		Value
			Call Options Written – (3.1)% (4)
	(75	)	Mini-NDX 100 Index	$	(862,500	)		1/17/09	$	115	$	(51,188	)
	(988	)	Mini-NDX 100 Index		(11,856,000	)		1/17/09		120		(355,680	)
	(987	)	Mini-NDX 100 Index		(12,831,000	)		1/17/09		130		(58,233	)
	(75	)	Mini-NDX 100 Index		(900,000	)		2/21/09		120		(51,000	)
	(785	)	Mini-NDX 100 Index		(10,205,000	)		2/21/09		130		(223,333	)
	(1,060	)	Mini-NDX 100 Index		(14,310,000	)		2/21/09		135		(159,000	)
	(1,060	)	Mini-NDX 100 Index		(14,310,000	)		3/21/09		135		(318,000	)
	(139	)	NASDAQ 100 Index		(15,985,000	)		1/17/09		1,150		(948,675	)
	(87	)	NASDAQ 100 Index		(10,440,000	)		1/17/09		1,200		(314,505	)
	(86	)	NASDAQ 100 Index		(11,180,000	)		1/17/09		1,300		(37,410	)
	(141	)	NASDAQ 100 Index		(19,740,000	)		1/17/09		1,400		(5,992	)
	(140	)	NASDAQ 100 Index		(16,800,000	)		2/21/09		1,200		(948,500	)
	(63	)	NASDAQ 100 Index		(8,190,000	)		2/21/09		1,300		(159,705	)
	(50	)	NASDAQ 100 Index		(6,750,000	)		2/21/09		1,350		(74,750	)
	(51	)	NASDAQ 100 Index		(6,885,000	)		3/21/09		1,350		(151,980	)
	(409	)	S&P 500 Index		(34,765,000	)		1/17/09		850		(2,537,845	)
	(140	)	S&P 500 Index		(12,600,000	)		1/17/09		900		(378,700	)
	(223	)	S&P 500 Index		(21,185,000	)		1/17/09		950		(157,215	)
	(223	)	S&P 500 Index		(20,070,000	)		2/21/09		900		(1,091,585	)
	(247	)	S&P 500 Index		(23,465,000	)		2/21/09		950		(621,205	)
	(201	)	S&P 500 Index		(19,095,000	)		3/21/09		950		(768,825	)
	(246	)	S&P 500 Index		(24,600,000	)		3/21/09		1,000		(503,070	)
	(7,476	)	Total Call Options Written (premiums received $15,373,901)		(317,024,500	)						(9,916,396	)
			Other Assets Less Liabilities – 0.1%									187,610
			Net Assets – 100%								$	323,971,235

(1)	All percentages shown in the Portfolio of Investments are based on net assets.
(2)	Non-income producing.
(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.

See accompanying notes to financial statements.

34

JPG
	Nuveen Equity Premium and Growth Fund Portfolio of INVESTMENTS
		December 31, 2008

Shares		Description (1)	Value
		Common Stocks – 97.5%
		Aerospace & Defense – 2.1%
	26,968	Boeing Company	$	1,150,725
	4,500	Goodrich Corporation		166,590
	33,500	Honeywell International Inc.		1,099,805
	7,596	Raytheon Company		387,700
	31,003	United Technologies Corporation		1,661,761
		Total Aerospace & Defense		4,466,581
		Air Freight & Logistics – 0.7%
	25,498	United Parcel Service, Inc., Class B		1,406,470
		Airlines – 0.3%
	13,544	AMR Corporation, (2)		144,514
	6,708	Continental Airlines, Inc., (2)		121,146
	55,105	Lan Airlines S.A., Sponsored ADR		443,595
		Total Airlines		709,255
		Auto Components – 0.1%
	24,800	American Axle and Manufacturing Holdings Inc.		71,672
	9,310	Cooper Tire & Rubber		57,350
		Total Auto Components		129,022
		Automobiles – 0.2%
	99,139	Ford Motor Company, (2)		227,028
	35,600	General Motors Corporation		113,920
		Total Automobiles		340,948
		Beverages – 2.0%
	44,948	Coca-Cola Company		2,034,796
	42,344	PepsiCo, Inc.		2,319,181
		Total Beverages		4,353,977
		Biotechnology – 1.0%
	11,525	Celgene Corporation, (2)		637,102
	560	Cephalon, Inc., (2)		43,142
	2,109	Facet Biotech Corporation, (2)		20,225
	3,005	Genentech, Inc., (2)		249,145
	21,301	Gilead Sciences, Inc., (2)		1,089,333
	10,546	PDL Biopahrma Inc., (2)		65,174
		Total Biotechnology		2,104,121
		Capital Markets – 0.8%
	62,385	Charles Schwab Corporation		1,008,765
	24,811	Federated Investors Inc.		420,795
	22,422	Waddell & Reed Financial, Inc., Class A		346,644
		Total Capital Markets		1,776,204
		Chemicals – 1.7%
	24,470	Chemtura Corporation		34,258
	61,873	Dow Chemical Company		933,664
	47,395	E.I. Du Pont de Nemours and Company		1,199,094
	5,835	Eastman Chemical Company		185,028
	29,107	Olin Corporation		526,255
	13,161	PPG Industries, Inc.		558,421
	10,283	RPM International, Inc.		136,661
		Total Chemicals		3,573,381
		Commercial Banks – 7.5%
	21,743	American Express Company		403,333
	160,176	Bank of America Corporation		2,255,278
	24,420	Comerica Incorporated		484,737

35

   JPG Nuveen Equity Premium and Growth Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Commercial Banks (continued)
	27,132	First Horizon National Corporation	$	286,790
	8,605	FirstMerit Corporation		177,177
	15,129	Goldman Sachs Group, Inc.		1,276,736
	9,110	HSBC Holdings PLC, Sponsored ADR		443,384
	49,105	Huntington BancShares Inc.		376,144
	90,178	JPMorgan Chase & Co.		2,843,312
	57,367	Morgan Stanley		920,167
	46,699	Regions Financial Corporation		371,724
	96,551	U.S. Bancorp		2,414,741
	75,340	Wachovia Corporation		417,384
	119,526	Wells Fargo & Company		3,523,626
		Total Commercial Banks		16,194,533
		Commercial Services & Supplies – 0.3%
	13,262	Avery Dennison Corporation		434,065
	19,872	Deluxe Corporation		297,285
		Total Commercial Services & Supplies		731,350
		Communications Equipment – 2.1%
	136,624	Cisco Systems, Inc., (2)		2,226,971
	42,658	Corning Incorporated		406,531
	43,022	Motorola, Inc.		190,587
	49,232	QUALCOMM Inc.		1,763,983
	550	Research In Motion Limited, (2)		22,319
		Total Communications Equipment		4,610,391
		Computers & Peripherals – 2.9%
	25,205	Apple, Inc., (2)		2,151,247
	42,123	Dell Inc., (2)		431,340
	58,247	EMC Corporation, (2)		609,846
	36,700	International Business Machines Corporation (IBM)		3,088,672
		Total Computers & Peripherals		6,281,105
		Consumer Finance – 0.0%
	640	Visa Inc.		33,568
		Containers & Packaging – 0.1%
	21,200	Packaging Corp. of America		285,352
		Diversified Consumer Services – 0.1%
	4,177	Apollo Group, Inc., (2)		320,042
		Diversified Financial Services – 1.2%
	143,304	Citigroup Inc.		961,570
	3,692	CME Group, Inc.		768,342
	4,567	Intercontinental Exchange Inc., (2)		376,503
	14,394	New York Stock Exchange Euronext		394,108
		Total Diversified Financial Services		2,500,523
		Diversified Telecommunication Services – 4.6%
	4,000	Alaska Communications Systems Group Inc.		37,520
	171,861	AT&T Inc.		4,898,039
	7,463	FairPoint Communications Inc.		24,479
	81,953	Frontier Communications Corporation		716,269
	65,821	Sprint Nextel Corporation, (2)		120,452
	124,392	Verizon Communications Inc.		4,216,889
		Total Diversified Telecommunication Services		10,013,648
		Electric Utilities – 2.1%
	34,510	Ameren Corporation		1,147,803
	2,414	Companhia Energetica de Minas Gerais, Sponsored ADR		33,168
	24,452	Consolidated Edison, Inc.		951,916
	66,284	Great Plains Energy Incorporated		1,281,270
	26,735	Progress Energy, Inc.		1,065,390
		Total Electric Utilities		4,479,547

36

Shares		Description (1)	Value
		Electrical Equipment – 1.3%
	8,053	Cooper Industries, Ltd., Class A	$	235,389
	60,000	Emerson Electric Company		2,196,600
	910	First Solar Inc., (2)		125,544
	2,000	Hubbell Incorporated, Class B		65,360
	6,417	Rockwell Automation, Inc.		206,884
		Total Electrical Equipment		2,829,777
		Electronic Equipment & Instruments – 0.1%
	9,421	MEMC Electronic Materials, (2)		134,532
		Energy Equipment & Services – 1.8%
	12,700	Baker Hughes Incorporated		407,289
	3,264	Carbo Ceramics Inc.		115,970
	3,196	Diamond Offshore Drilling, Inc.		188,372
	34,006	Halliburton Company		618,229
	17,916	National-Oilwell Varco Inc., (2)		437,867
	10,000	Noble Corporation		220,900
	37,639	Schlumberger Limited		1,593,259
	11,347	Smith International, Inc.		259,733
	2,000	Tidewater Inc.		80,540
		Total Energy Equipment & Services		3,922,159
		Food & Staples Retailing – 2.2%
	33,795	CVS Caremark Corporation		971,268
	23,637	SUPERVALU INC.		345,100
	60,386	Wal-Mart Stores, Inc.		3,385,239
	14,890	Whole Foods Market, Inc.		140,562
		Total Food & Staples Retailing		4,842,169
		Food Products – 1.6%
	15,986	Archer-Daniels-Midland Company		460,876
	41,300	ConAgra Foods, Inc.		681,450
	48,088	Kraft Foods Inc.		1,291,163
	14,187	Monsanto Company		998,055
		Total Food Products		3,431,544
		Gas Utilities – 0.6%
	35,390	Nicor Inc.		1,229,449
		Health Care Equipment & Supplies – 0.5%
	28,854	Boston Scientific Corporation, (2)		223,330
	4,168	Hologic Inc., (2)		54,476
	2,280	Lincare Holdings, (2)		61,400
	26,145	Medtronic, Inc.		821,476
		Total Health Care Equipment & Supplies		1,160,682
		Health Care Providers & Services – 1.4%
	12,303	Aetna Inc.		350,636
	23,173	Brookdale Senior Living Inc.		129,305
	8,687	Express Scripts, Inc., (2)		477,611
	540	Henry Schein Inc., (2)		19,813
	3,614	Humana Inc., (2)		134,730
	12,849	Medco Health Solutions, Inc., (2)		538,502
	24,649	Tenet Healthcare Corporation, (2)		28,346
	34,501	UnitedHealth Group Incorporated		917,727
	11,042	Wellpoint Inc., (2)		465,199
		Total Health Care Providers & Services		3,061,869
		Hotels, Restaurants & Leisure – 1.4%
	6,073	International Game Technology		72,208
	37,449	McDonald’s Corporation		2,328,953
	12,813	Tim Hortons Inc.		369,527
	43,350	Wendys Arbys Group Inc.		214,149
		Total Hotels, Restaurants & Leisure		2,984,837
		Household Durables – 0.9%
	5,583	Black & Decker Corporation		233,425
	11,658	KB Home		158,782

37

   JPG Nuveen Equity Premium and Growth Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Household Durables (continued)
	13,500	Kimball International Inc., Class B	$	116,235
	3,450	Lennar Corporation, Class A		29,912
	39,679	Newell Rubbermaid Inc.		388,061
	12,000	Snap-on Incorporated		472,560
	13,500	Stanley Works		460,350
	2,527	Whirlpool Corporation		104,491
		Total Household Durables		1,963,816
		Household Products – 3.3%
	8,897	Colgate-Palmolive Company		609,800
	20,000	Kimberly-Clark Corporation		1,054,800
	87,659	Procter & Gamble Company		5,419,079
		Total Household Products		7,083,679
		Industrial Conglomerates – 3.7%
	19,540	3M Co.		1,124,332
	352,401	General Electric Company		5,708,896
	29,620	Genuine Parts Company		1,121,413
		Total Industrial Conglomerates		7,954,641
		Insurance – 2.7%
	61,843	American International Group, Inc.		97,094
	52,053	Arthur J. Gallagher & Co.		1,348,693
	52,891	Fidelity National Title Group Inc., Class A		938,815
	36,741	Lincoln National Corporation		692,200
	21,461	Marsh & McLennan Companies, Inc.		520,858
	17,648	Mercury General Corporation		811,632
	14,581	Prudential Financial, Inc.		441,221
	16,400	Travelers Companies, Inc.		741,280
	13,560	Unitrin, Inc.		216,146
		Total Insurance		5,807,939
		Internet & Catalog Retail – 0.3%
	14,348	Amazon.com, Inc., (2)		735,765
		Internet Software & Services – 1.5%
	29,263	eBay Inc., (2)		408,511
	6,671	Google Inc., Class A, (2)		2,052,333
	29,461	United Online, Inc.		178,828
	40,985	Yahoo! Inc., (2)		500,017
		Total Internet Software & Services		3,139,689
		IT Services – 0.6%
	27,033	Automatic Data Processing, Inc.		1,063,478
	5,374	Fidelity National Information Services		87,435
	2,687	Lender Processing Services Inc.		79,132
	18,017	Standard Register Company		160,892
		Total IT Services		1,390,937
		Leisure Equipment & Products – 0.7%
	21,206	Eastman Kodak Company		139,535
	70,793	Mattel, Inc.		1,132,688
	8,000	Polaris Industries Inc.		229,200
		Total Leisure Equipment & Products		1,501,423
		Life Sciences Tools & Services – 0.0%
	470	Covance, Inc., (2)		21,634
	2,730	Life Technologies Corporation, (2)		63,636
		Total Life Sciences Tools & Services		85,270
		Machinery – 1.8%
	22,658	Briggs & Stratton Corporation		398,554
	30,000	Caterpillar Inc.		1,340,100
	8,616	Cummins Inc.		230,306
	19,204	Deere & Company		735,897
	17,836	Illinois Tool Works Inc.		625,152

38

Shares		Description (1)	Value
		Machinery (continued)
	22,211	Ingersoll Rand Company Limited, Class A	$	385,361
	3,000	Pentair, Inc.		71,010
		Total Machinery		3,786,380
		Marine – 0.2%
	8,347	Transocean Inc., (2)		394,396
		Media – 1.6%
	102,034	Comcast Corporation, Class A		1,722,334
	5,070	Lamar Advertising Company, (2)		63,679
	51,178	New York Times, Class A		375,135
	76,486	Regal Entertainment Group, Class A		780,922
	110,328	Sirius XM Radio Inc., (2)		13,239
	38,305	World Wrestling Entertainment Inc.		424,419
		Total Media		3,379,728
		Metals & Mining – 0.8%
	18,415	Companhia Siderurgica Nacional S.A., Sponsored ADR		235,896
	11,087	CONSOL Energy Inc.		316,866
	18,810	Freeport-McMoRan Copper & Gold, Inc.		459,716
	523	Mittal Steel Company NV		12,861
	32,078	Southern Copper Corporation		515,173
	6,332	United States Steel Corporation		235,550
		Total Metals & Mining		1,776,062
		Multiline Retail – 0.4%
	11,221	Nordstrom, Inc.		149,352
	20,938	Target Corporation		722,989
		Total Multiline Retail		872,341
		Multi-Utilities – 1.9%
	30,400	CenterPoint Energy, Inc.		383,648
	25,128	Dominion Resources, Inc.		900,588
	76,000	Duke Energy Corporation		1,140,760
	33,554	Integrys Energy Group, Inc.		1,442,151
	10,500	ONEOK, Inc.		305,760
		Total Multi-Utilities		4,172,907
		Oil, Gas & Consumable Fuels – 12.0%
	10,461	Chesapeake Energy Corporation		169,154
	74,700	Chevron Corporation		5,525,559
	48,311	ConocoPhillips		2,502,510
	6,236	EOG Resources, Inc.		415,193
	136,981	Exxon Mobil Corporation		10,935,193
	9,247	Frontline Limited		273,804
	8,381	Hess Corporation		449,557
	22,790	Marathon Oil Corporation		623,534
	36,819	Occidental Petroleum Corporation		2,208,772
	14,441	Peabody Energy Corporation		328,533
	30,750	Ship Financial International Limited		339,788
	14,714	Southwestern Energy Company, (2)		426,265
	36,647	StatoilHydro ASA, Sponsored ADR		610,539
	21,254	Valero Energy Corporation		459,937
	20,451	XTO Energy, Inc.		721,307
		Total Oil, Gas & Consumable Fuels		25,989,645
		Paper & Forest Products – 0.4%
	31,000	Weyerhaeuser Company		948,910
		Personal Products – 0.3%
	23,000	Avon Products, Inc.		552,690
		Pharmaceuticals – 10.8%
	65,000	Abbott Laboratories		3,469,050
	1,126	AstraZeneca Group, Sponsored ADR		46,200
	136,126	Bristol-Myers Squibb Company		3,164,930
	31,400	Eli Lilly and Company		1,264,478
	86,663	Johnson & Johnson		5,185,047

39

   JPG Nuveen Equity Premium and Growth Fund (continued)
Portfolio of INVESTMENTS December 31, 2008

Shares		Description (1)	Value
		Pharmaceuticals (continued)
	89,562	Merck & Co. Inc.	$	2,722,685
	246,400	Pfizer Inc.		4,363,744
	23,293	Sanofi-Aventis, Sponsored ADR		749,103
	69,952	Schering-Plough Corporation		1,191,283
	1,180	Teva Pharmaceutical Industries Limited, Sponsored ADR		50,233
	29,480	Wyeth		1,105,795
		Total Pharmaceuticals		23,312,548
		Real Estate Investment Trust – 1.7%
	40,525	Brandywine Realty Trust		312,448
	27,744	CapLease Inc.		47,997
	18,248	Hospitality Properties Trust		271,348
	62,544	Lexington Corporate Properties Trust		312,720
	53,300	Nationwide Health Properties, Inc.		1,530,776
	50,200	Senior Housing Properties Trust		899,584
	51,252	U-Store-It Trust		228,071
		Total Real Estate Investment Trust		3,602,944
		Semiconductors & Equipment – 2.2%
	31,000	Analog Devices, Inc.		589,620
	35,573	Applied Materials, Inc.		360,354
	171,768	Intel Corporation		2,518,119
	36,128	Microchip Technology Incorporated		705,580
	20,469	NVIDIA Corporation, (2)		165,185
	28,464	Texas Instruments Incorporated		441,761
		Total Semiconductors & Equipment		4,780,619
		Software – 3.5%
	16,693	Adobe Systems Incorporated, (2)		355,394
	4,723	Akamai Technologies, Inc., (2)		71,270
	6,711	Autodesk, Inc., (2)		131,871
	8,586	Cognizant Technology Solutions Corporation, Class A, (2)		155,063
	233,666	Microsoft Corporation		4,542,467
	107,815	Oracle Corporation, (2)		1,911,560
	4,207	Salesforce.com, Inc., (2)		134,666
	11,068	VeriSign, Inc., (2)		211,177
		Total Software		7,513,468
		Specialty Retail – 1.8%
	6,450	Abercrombie & Fitch Co., Class A		148,802
	25,500	American Eagle Outfitters, Inc.		238,680
	10,075	Best Buy Co., Inc.		283,208
	14,956	Gap, Inc.		200,261
	63,870	Home Depot, Inc.		1,470,287
	28,172	Limited Brands, Inc.		282,847
	25,280	Lowe’s Companies, Inc.		544,026
	7,300	Sherwin-Williams Company		436,175
	8,263	Talbots, Inc.		19,749
	2,993	Tiffany & Co.		70,725
	12,000	TJX Companies, Inc.		246,840
		Total Specialty Retail		3,941,600
		Textiles, Apparel & Luxury Goods – 0.5%
	1,014	Cherokee Inc.		17,593
	19,758	VF Corporation		1,082,146
		Total Textiles, Apparel & Luxury Goods		1,099,739
		Thrifts & Mortgage Finance – 0.3%
	58,864	New York Community Bancorp, Inc.		704,013
		Tobacco – 2.5%
	65,586	Altria Group, Inc.		987,725
	43,273	Philip Morris International		1,882,808
	3,000	Reynolds American Inc.		120,930
	28,638	UST Inc.		1,986,904
	35,638	Vector Group Ltd.		485,390
		Total Tobacco		5,463,757

40

Shares			Description (1)								Value
			Trading Companies & Distributors – 0.1%
	3,480		W.W. Grainger, Inc.								$	274,363
			Wireless Telecommunication Services – 0.3%
	33,200		Vodafone Group PLC, Sponsored ADR									678,607
			Total Common Stocks (cost $279,186,555)									210,814,912
Principal
Amount (000)			Description (1)	Coupon			Maturity				Value
			Short-Term Investments – 5.4%
$	11,596		Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $11,595,775, collateralized by $8,265,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $11,832,174		0.010%			1/02/09			$	11,595,769
			Total Short-Term Investments (cost $11,595,769)									11,595,769
			Total Investments (cost $290,782,324) – 102.9%									222,410,681
Number of				Notional			Expiration		Strike
Contracts			Type	Amount (3)			Date		Price		Value
			Call Options Written – (3.1)% (4)
	(428	)	S&P 500 Index	$	(36,380,000	)		1/17/09	$	850	$	(2,655,740	)
	(143	)	S&P 500 Index		(12,870,000	)		1/17/09		900		(386,815	)
	(229	)	S&P 500 Index		(21,755,000	)		1/17/09		950		(161,445	)
	(276	)	S&P 500 Index		(24,840,000	)		2/21/09		900		(1,351,020	)
	(301	)	S&P 500 Index		(28,595,000	)		2/21/09		950		(757,015	)
	(215	)	S&P 500 Index		(20,425,000	)		3/21/09		950		(822,375	)
	(269	)	S&P 500 Index		(26,900,000	)		3/21/09		1,000		(550,105	)
	(1,861	)	Total Call Options Written (premiums received $8,176,023)		(171,765,000	)						(6,684,515	)
			Other Assets Less Liabilities – 0.2%									317,422
			Net Assets – 100%								$	216,043,588

(1)	All percentages shown in the Portfolio of Investments are based on net assets.
(2)	Non-income producing.
(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.

See accompanying notes to financial statements.

41

Statement of ASSETS & LIABILITIES
	December 31, 2008

	Equity			Equity			Equity			Equity
	Premium			Premium			Premium			Premium
	Income			Opportunity			Advantage			and Growth
	(JPZ)			(JSN)			(JLA)			(JPG)
Assets
Investments, at value (cost $615,486,581, $1,010,042,709, $386,006,591 and $290,782,324, respectively)	$	509,561,370		$	864,751,637		$	333,700,021		$	222,410,681
Cash in other banks		—			5,186,393			—			—
Receivables:
Dividends and interest		1,364,007			1,902,276			528,019			564,747
Investment sold		—			—			9,273,516			—
Reclaims		584			—			1,517			—
Other assets		28,880			43,264			17,316			10,616
Total assets		510,954,841			871,883,570			343,520,389			222,986,044
Liabilities
Cash overdraft		—			—			9,273,528			—
Call options written, at value (premiums received $23,243,839, $40,820,889, $15,373,901 and $8,176,023, respectively)		18,767,445			29,458,951			9,916,396			6,684,515
Accrued expenses:
Management fees		241,467			407,428			186,213			156,114
Other		239,725			438,667			173,017			101,827
Total liabilities		19,248,637			30,305,046			19,549,154			6,942,456
Net assets	$	491,706,204		$	841,578,524		$	323,971,235		$	216,043,588
Shares outstanding		38,554,787			66,343,737			25,988,041			16,402,042
Net asset value per share outstanding	$	12.75		$	12.69		$	12.47		$	13.17
Net assets consist of:
Shares, $.01 par value per share	$	385,548		$	663,437		$	259,880		$	164,020
Paid-in surplus		588,083,677			986,208,475			376,018,693			280,819,541
Undistributed (Over-distribution of) net investment income		—			(2,311	)		(765	)		(20	)
Accumulated net realized gain (loss) from investments, foreign currency and call options written		4,685,796			(11,361,943	)		(5,457,508	)		1,940,182
Net unrealized appreciation (depreciation) of investments and call options written		(101,448,817	)		(133,929,134	)		(46,849,065	)		(66,880,135	)
Net assets	$	491,706,204		$	841,578,524		$	323,971,235		$	216,043,588

See accompanying notes to financial statements.

42

Statement of OPERATIONS
	Year Ended December 31, 2008

	Equity			Equity			Equity			Equity
	Premium			Premium			Premium			Premium
	Income			Opportunity			Advantage			and Growth
	(JPZ)			(JSN)			(JLA)			(JPG)
Investment Income
Dividends (net of foreign tax withheld of $5,340, $79,038, $29,700 and $24,316, respectively)	$	18,531,835		$	26,148,600		$	7,578,991		$	8,380,837
Interest		533,619			905,407			308,893			188,940
Total investment income		19,065,454			27,054,007			7,887,884			8,569,777
Expenses
Management fees		5,527,094			9,509,805			3,749,818			2,412,312
Shareholders’ servicing agent fees and expenses		1,097			1,742			452			310
Custodian’s fees and expenses		114,925			189,583			97,358			61,819
Trustees’ fees and expenses		12,922			21,973			8,845			4,698
Professional fees		46,801			74,330			35,805			26,635
Shareholders’ reports – printing and mailing expenses		132,143			231,144			81,118			50,034
Stock exchange listing fees		13,937			24,159			9,220			9,329
Investor relations expense		110,871			175,406			66,902			39,842
Other expenses		91,780			255,833			141,462			46,009
Total expenses before custodian fee credit and expense reimbursement		6,051,570			10,483,975			4,190,980			2,650,988
Custodian fee credit		(13,577	)		(21,721	)		(6,765	)		(4,732	)
Expense reimbursement		(1,875,938	)		(3,269,555	)		(843,581	)		—
Net expenses		4,162,055			7,192,699			3,340,634			2,646,256
Net investment income		14,903,399			19,861,308			4,547,250			5,923,521
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(1,456,797	)		(19,195,055	)		12,318,905			(1,308,979	)
Call options written		105,051,099			177,079,782			67,110,542			37,807,215
Change in net unrealized appreciation (depreciation) of:
Investments		(272,201,460	)		(464,376,500	)		(201,403,897	)		(118,850,499	)
Call options written		(2,097,986	)		(1,747,207	)		(422,652	)		(906,295	)
Net realized and unrealized gain (loss)		(170,705,144	)		(308,238,980	)		(122,397,102	)		(83,258,558	)
Net increase (decrease) in net assets from operations	$	(155,801,745	)	$	(288,377,672	)	$	(117,849,852	)	$	(77,335,037	)

See accompanying notes to financial statements.

43

Statement of
CHANGES in NET ASSETS

	Equity Premium						Equity Premium
	Income (JPZ)						Opportunity (JSN)
	Year Ended			Year Ended			Year Ended			Year Ended
	12/31/08			12/31/07			12/31/08			12/31/07
Operations
Net investment income	$	14,903,399		$	16,953,460		$	19,861,308		$	23,817,103
Net realized gain (loss) from:
Investments and foreign currency		(1,456,797	)		(13,563,781	)		(19,195,055	)		(18,391,814	)
Call options written		105,051,099			22,261,445			177,079,782			20,438,733
Change in net unrealized appreciation (depreciation) of:
Investments		(272,201,460	)		20,276,394			(464,376,500	)		98,725,088
Call options written		(2,097,986	)		8,645,145			(1,747,207	)		9,298,040
Net increase (decrease) in net assets from operations		(155,801,745	)		54,572,663			(288,377,672	)		133,887,150
Distributions to Shareholders
From net investment income		(15,175,060	)		(20,649,838	)		(40,991,628	)		(23,107,788	)
From accumulated net realized gains		(43,974,543	)		—			(64,641,062	)		—
Tax return of capital		—			(45,224,870	)		—			(94,982,869	)
Decrease in net assets from distributions to shareholders		(59,149,603	)		(65,874,708	)		(105,632,690	)		(118,090,657	)
Capital Share Transactions
Offering costs adjustments		—			—			—			—
Shares repurchased		(1,275,804	)		—			(1,938,029	)		—
Net proceeds from shares issued to shareholders due to reinvestment of distributions		—			3,555,475			—			7,009,592
Net increase (decrease) in net assets from capital share transactions		(1,275,804	)		3,555,475			(1,938,029	)		7,009,592
Net increase (decrease) in net assets		(216,227,152	)		(7,746,570	)		(395,948,391	)		22,806,085
Net assets at the beginning of year		707,933,356			715,679,926			1,237,526,915			1,214,720,830
Net assets at the end of year	$	491,706,204		$	707,933,356		$	841,578,524		$	1,237,526,915
Undistributed (Over-distribution of) net investment income at the end of year	$	—		$	—		$	(2,311	)	$	—

See accompanying notes to financial statements.

44

Statement of
CHANGES in NET ASSETS (continued) 

	Equity Premium						Equity Premium
	Advantage (JLA)						and Growth (JPG)
	Year Ended			Year Ended			Year Ended			Year Ended
	12/31/08			12/31/07			12/31/08			12/31/07
Operations
Net investment income	$	4,547,250		$	5,736,038		$	5,923,521		$	11,136,925
Net realized gain (loss) from:
Investments and foreign currency		12,318,905			(10,102,981	)		(1,308,979	)		(5,678,097	)
Call options written		67,110,542			1,293,676			37,807,215			8,652,428
Change in net unrealized appreciation (depreciation) of:
Investments		(201,403,897	)		54,682,070			(118,850,499	)		4,660,601
Call options written		(422,652	)		1,454,582			(906,295	)		3,137,058
Net increase (decrease) in net assets from operations		(117,849,852	)		53,063,385			(77,335,037	)		21,908,915
Distributions to Shareholders
From net investment income		(23,919,169	)		(5,456,558	)		(6,573,928	)		(13,005,997	)
From accumulated net realized gains		(17,979,679	)		—			(17,961,421	)		—
Tax return of capital		—			(41,746,860	)		—			(13,774,719	)
Decrease in net assets from distributions to shareholders		(41,898,848	)		(47,203,418	)		(24,535,349	)		(26,780,716	)
Capital Share Transactions
Offering costs adjustments		—			—			—			(11,071	)
Shares repurchased		(1,278,064	)		—			(1,386,261	)		—
Net proceeds from shares issued to shareholders due to reinvestment of distributions		—			4,357,324			—			614,101
Net increase (decrease) in net assets from capital share transactions		(1,278,064	)		4,357,324			(1,386,261	)		603,030
Net increase (decrease) in net assets		(161,026,764	)		10,217,291			(103,256,647	)		(4,268,771	)
Net assets at the beginning of year		484,997,999			474,780,708			319,300,235			323,569,006
Net assets at the end of year	$	323,971,235		$	484,997,999		$	216,043,588		$	319,300,235
Undistributed (Over-distribution of) net investment income at the end of year	$	(765	)	$	—		$	(20	)	$	—

See accompanying notes to financial statements.

45

Notes to
FINANCIAL STATEMENTS 

1.  General Information and Significant Accounting Policies

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

Each 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. On November 21, 2007, the Funds announced their intention to begin gradually phasing-out the put option component of their investment strategy. The Funds completed the gradual phase-out during the first calendar quarter of 2008. The Funds will continue to follow their integrated stock-call option strategy, buying stocks and selling index call options in pursuit of attractive distributions and more stable returns than an all-equity portfolio.

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.

Investment Valuation

Exchange-listed securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. When market price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including 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. Short-term investments are valued at amortized cost, which approximates value.

Index options are generally valued at the average of the closing bid and asked quotations. The close of trading of index options traded on the Chicago Board Options Exchange normally occurs at 4:15 ET, which is different from the normal 4:00 ET close of the NYSE (the time of day as of which each Fund’s NAV is calculated). Under normal market circumstances, closing index option quotations are considered to reflect the index option contract values as of the close of the NYSE and will be used to value the option contracts. However, a significant change in the S&P 500 or NASDAQ-100 futures contracts between the NYSE close and the options market close will be considered as an indication that closing market quotations for index options do not reflect the value of the contracts as of the stock market close. In the event of such a significant change, the Fund’s Board of Trustees, or its designee, will determine a value for the options. Any such valuation will likely take into account any information that may be available about the actual trading price of the affected option as of 4:00 ET, and if no such information is reliably available, the valuation of the option may take into account various option pricing methodologies, as determined to be appropriate under the circumstances.

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.

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis.

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Each Fund intends to distribute substantially all of its investment company taxable income to shareholders. 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

46

examination by taxing authorities (i.e.,generally the last four tax year ends and the interim tax period since then). Further, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal corporate income tax regulations, which may differ from accounting principles generally accepted in the United States.

The Funds make 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 from net unrealized gains, if any, would be distributed from the Fund’s assets and would be treated by shareholders as a non-taxable distribution 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 be treated as a return of capital for tax purposes and 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 accompanying financial statements.

Foreign Currency Transactions

The Funds are authorized to engage in foreign currency exchange transactions, including foreign currency forward, futures, options and swap contracts. To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund’s investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received.

The realized gains or losses resulting from changes in foreign exchange rates, if any, are included in “Realized gain (loss) from investments and foreign currency” on the Statement of Operations.

Options Transactions

Each Fund is authorized to purchase and write (sell) call and put options on securities, futures, swaps (“swaptions”) or currencies. The purchase of put options involves the risk of loss of all or a part of the cash paid for the options. Put options purchased are accounted for in the same manner as portfolio securities. The risk associated with purchasing put options is limited to the premium paid. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to reflect the current value of the written option until the option expires or a Fund enters into a closing purchase transaction. When a call or put option 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 effecting a closing purchase transaction, including commission, is treated as a net realized gain on option contracts written or, if the net premium received is less than the amount paid, as a net realized loss on option contracts written. 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 the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. Equity Premium Opportunity (JSN) has $5,186,393 in “Cash in other banks” on the Statement of Assets and liabilities for which it does not have full access. Such amounts represent investments segregated by the Fund’s custodian as collateral for call options written.

47

Notes to
FINANCIAL STATEMENTS (continued) 

Market and Credit Risk

In the normal course of business each Fund invests in financial instruments and enters 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 (credit risk). Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose a Fund to credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of a Fund’s exposure to credit and counterparty risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage credit risk by entering into agreements only with counterparties Nuveen Asset Management (the “Adviser”) a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, all counterparties are required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of a Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when a Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund 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 predetermined threshold amount.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Funds’ 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 seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

Indemnifications

Under the Funds’ organizational documents, their Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2.  Fair Value Measurements

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of each 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 methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

48

The following is a summary of each Fund’s fair value measurements as of December 31, 2008:

Equity Premium Income (JPZ)	Level 1			Level 2			Level 3		Total
Investments	$	509,561,370		$	—		$	—	$	509,561,370
Call options written		(17,178,750	)		(1,588,695	)		—		(18,767,445	)
Total	$	492,382,620		$	(1,588,695	)	$	—	$	490,793,925

Equity Premium Opportunity (JSN)	Level 1			Level 2			Level 3		Total
Investments	$	864,751,637		$	—		$	—	$	864,751,637
Call options written		(27,235,046	)		(2,223,905	)		—		(29,458,951	)
Total	$	837,516,591		$	(2,223,905	)	$	—	$	835,292,686

Equity Premium Advantage (JLA)	Level 1			Level 2			Level 3		Total
Investments	$	333,700,021		$	—		$	—	$	333,700,021
Call options written		(9,380,481	)		(535,915	)		—		(9,916,396	)
Total	$	324,319,540		$	(535,915	)	$	—	$	323,783,625

Equity Premium and Growth (JPG)	Level 1			Level 2			Level 3		Total
Investments	$	222,410,681		$	—		$	—	$	222,410,681
Call options written		(6,136,255	)		(548,260	)		—		(6,684,515	)
Total	$	216,274,426		$	(548,260	)	$	—	$	215,726,166

3.  Fund Shares

On July 30, 2008, the Funds’ Board of Trustees approved an open-market share repurchase program under which the Fund may repurchase an aggregate of up to approximately 10% of it’s outstanding shares.

Transactions in shares were as follows:

	Equity Premium					Equity Premium
	Income (JPZ)					Opportunity (JSN)
	Year			Year		Year			Year
	Ended			Ended		Ended			Ended
	12/31/08			12/31/07		12/31/08			12/31/07
Shares issued to shareholders due to reinvestment of distributions		—			191,170		—			381,737
Shares repurchased		(127,300	)		—		(194,100	)		—
		(127,300	)		191,170		(194,100	)		381,737
Weighted average price per share repurchased		$10.00			—		$9.96			—
Weighted average discount per share repurchased		20.21	%		—		20.72	%		—

	Equity Premium					Equity Premium
	Advantage (JLA)					and Growth (JPG)
	Year			Year		Year			Year
	Ended			Ended		Ended			Ended
	12/31/08			12/31/07		12/31/08			12/31/07
Shares issued to shareholders due to reinvestment of distributions		—			236,789		—			31,102
Shares repurchased		(126,500	)		—		(134,300	)		—
		(126,500	)		236,789		(134,300	)		31,102
Weighted average price per share repurchased		$10.08			—		$10.30			—
Weighted average discount per share repurchased		20.81	%		—		22.85	%		—

49

Notes to
FINANCIAL STATEMENTS (continued) 

4.  Investment Transactions

Purchases and sales (excluding put options, call options written and short-term investments) during the fiscal year ended December 31, 2008, were as follows:

	Equity		Equity		Equity		Equity
	Premium		Premium		Premium		Premium
	Income		Opportunity		Advantage		and Growth
	(JPZ)		(JSN)		(JLA)		(JPG)
Purchases	$	112,584,536	$	208,534,173	$	82,812,556	$	55,768,735
Sales		34,017,666		83,317,864		48,061,170		33,813,454

Transactions in call options written during the fiscal year ended December 31, 2008, were as follows:

	Equity Premium						Equity Premium
	Income (JPZ)						Opportunity (JSN)
	Number of			Premiums			Number of			Premiums
	Contracts			Received			Contracts			Received
Outstanding, beginning of year		4,652		$	22,205,750			12,991		$	41,558,293
Options written		38,077			134,644,429			106,055			241,142,029
Options terminated in closing purchase transactions		(22,498	)		(74,377,397	)		(60,948	)		(137,146,289	)
Options expired		(15,014	)		(59,228,943	)		(42,897	)		(104,733,144	)
Outstanding, end of year		5,217		$	23,243,839			15,201		$	40,820,889

	Equity Premium						Equity Premium
	Advantage (JLA)						and Growth (JPG)
	Number of			Premiums			Number of			Premiums
	Contracts			Received			Contracts			Received
Outstanding, beginning of year		5,908		$	17,591,180			1,711		$	8,134,443
Options written		49,145			95,715,897			13,601			48,036,407
Options terminated in closing purchase transactions		(27,932	)		(55,579,950	)		(8,094	)		(26,890,310	)
Options expired		(19,645	)		(42,353,226	)		(5,357	)		(21,104,517	)
Outstanding, end of year		7,476		$	15,373,901			1,861		$	8,176,023

5.  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 values of the Funds.

At December 31, 2008, the cost of investments (excluding call options written) was as follows:

	Equity		Equity		Equity		Equity
	Premium		Premium		Premium		Premium
	Income		Opportunity		Advantage		and Growth
	(JPZ)		(JSN)		(JLA)		(JPG)
Cost of Investments		$615,289,359	$	1,009,961,349		$385,974,640	$	290,713,056

50

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding call options written) at December 31, 2008, were as follows:

	Equity			Equity			Equity			Equity
	Premium			Premium			Premium			Premium
	Income			Opportunity			Advantage			and Growth
	(JPZ)			(JSN)			(JLA)			(JPG)
Gross unrealized:
Appreciation	$	43,714,351		$	79,013,775		$	24,890,509		$	11,635,493
Depreciation		(149,442,340	)		(224,223,487	)		(77,165,128	)		(79,937,868	)
Net unrealized appreciation (depreciation) of investments	$	(105,727,989	)	$	(145,209,712	)	$	(52,274,619	)	$	(68,302,375	)

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2008, the Funds’ tax year end, were as follows:

	Equity		Equity		Equity		Equity
	Premium		Premium		Premium		Premium
	Income		Opportunity		Advantage		and Growth
	(JPZ)		(JSN)		(JLA)		(JPG)
Undistributed net ordinary income *		$ —	$	—		$ —	$	—
Undistributed net long-term capital gains		9,162,194		—		—		3,431,689

*   Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ tax years ended December 31, 2008 and December 31, 2007, was designated for purposes of the dividends paid deduction as follows:

	Equity		Equity		Equity		Equity
	Premium		Premium		Premium		Premium
	Income		Opportunity		Advantage		and Growth
2008	(JPZ)		(JSN)		(JLA)		(JPG)
Distributions from net ordinary income *		$15,175,060	$	40,991,628		$23,919,169	$	6,573,928
Distributions from net long-term capital gains **		43,974,543		64,641,062		17,979,679		17,961,421

	Equity		Equity		Equity		Equity
	Premium		Premium		Premium		Premium
	Income		Opportunity		Advantage		and Growth
2007	(JPZ)		(JSN)		(JLA)		(JPG)
Distributions from net ordinary income *		$20,649,838		23,107,788		5,456,558		13,005,997
Tax return of capital		45,224,870		94,982,869		41,746,860		13,774,719

*	Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
**	The Fund hereby designates this amount paid during the fiscal year ended December 31, 2008, as long-term capital gain dividends pursuant to Internal Revenue Code Section 852(b)(3).

51

Notes to
FINANCIAL STATEMENTS (continued) 

The following Funds elected to defer net realized losses from investments incurred from November 1, 2008 through December 31, 2008, the Funds’ tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the following fiscal year:

	Equity		Equity		Equity
	Premium		Premium		Premium
	Opportunity		Advantage		and Growth
	(JSN)		(JLA)		(JPG)
Post-October currency losses		$2,311		$765		$20

6.  Management Fees and Other Transactions with Affiliates

Each Fund’s management fee is separated into two components – a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the “Adviser”), a wholly owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is based upon the average daily Managed Assets of each Fund as follows:

	Equity Premium Income (JPZ)
	Equity Premium Opportunity (JSN)
	Equity Premium Advantage (JLA)
Average Daily Managed Assets	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, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the following table. As of December 31, 2008, the complex-level fee rate was .2000%.

52

The complex-level fee schedule is as follows:

Complex-Level Asset Breakpoint Level (1)	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

(1)  The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock issued by or borrowings by such funds (“Managed Assets”) but to exclude assets attributable to investments in other Nuveen funds.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for the overall strategy and asset allocation decisions. The Adviser has entered into a Sub-Advisory Agreement with Gateway Investment Advisers, L.P. (“Gateway”), under which Gateway manages the investment portfolio of the Fund. Gateway is compensated for its services to the Fund from the management fee paid to the Adviser.

The Fund pays 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 Fund from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds.

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

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

*  From the commencement of operations.

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

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

Year Ending			Year Ending
January 31,			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.

53

Notes to
FINANCIAL STATEMENTS (continued) 

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

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

*  From the commencement of operations.

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

7.  New Accounting Pronouncement

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161 (SFAS No. 161)

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund’s financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of December 31, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.

54

Financial
HIGHLIGHTS

55

Financial
HIGHLIGHTS 
     Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
					Net
	Beginning		Net		Realized/						Net						Tax									Ending		Ending
	Net Asset		Investment		Unrealized						Investment			Capital			Return of						Offering			Net Asset		Market
	Value		Income(a)		Gain (Loss)			Total			Income			Gains			Capital			Total			Costs			Value		Value
Equity Premium Income (JPZ)
Year Ended 12/31:
2008	$	18.30		$.39	$	(4.41	)	$	(4.02	)	$	(.39	)		$(1.14	)	$	—		$	(1.53	)	$	—			$12.75	$	10.74
2007		18.59		.44		.98			1.42			(.54	)		—			(1.17	)		(1.71	)		—			18.30		16.41
2006		18.48		.43		1.39			1.82			(.43	)		—			(1.28	)		(1.71	)		—	*		18.59		19.22
2005		19.28		.42		.48			.90			(.40	)		—			(1.30	)		(1.70	)		—	*		18.48		17.38
2004(b)		19.10		.12		.24			.36			(.15	)		—			—*			(.15	)		(.03	)		19.28		20.25
Equity Premium Opportunity (JSN)
Year Ended 12/31:
2008		18.60		.30		(4.62	)		(4.32	)		(.62	)		(.97	)		—			(1.59	)		—			12.69	$	10.68
2007		18.36		.36		1.66			2.02			(.35	)		—			(1.43	)		(1.78	)		—			18.60		16.34
2006		18.66		.32		1.16			1.48			(.32	)		—			(1.46	)		(1.78	)		—	*		18.36		18.62
2005(c)		19.10		.30		.78			1.08			(.30	)		(.15	)		(1.05	)		(1.50	)		(.02	)		18.66		17.39
Equity Premium Advantage (JLA)
Year Ended 12/31:
2008		18.57		.17		(4.66	)		(4.49	)		(.92	)		(.69	)		—			(1.61	)		—			12.47	$	10.34
2007		18.35		.22		1.82			2.04			(.21	)		—			(1.61	)		(1.82	)		—			18.57		16.45
2006		18.84		.20		1.13			1.33			(.20	)		—			(1.62	)		(1.82	)		—	*		18.35		19.20
2005(d)		19.10		.10		.60			.70			(.10	)		(.13	)		(.69	)		(.92	)		(.04	)		18.84		17.56
Equity Premium and Growth (JPG)
Year Ended 12/31:
2008		19.31		.36		(5.01	)		(4.65	)		(.40	)		(1.09	)		—			(1.49	)		—			13.17	$	10.77
2007		19.60		.68		.65			1.33			(.79	)		—			(.83	)		(1.62	)		—	*		19.31		17.13
2006		19.04		.46		1.72			2.18			(.49	)		(.14	)		(.99	)		(1.62	)		—			19.60		19.38
2005(e)		19.10		.04		(.06	)		(.02	)		—			—			—			—			(.04	)		19.04		17.25

56

						Ratios/Supplemental Data
Total Returns								Ratios to Average Net Assets Before Credit/Reimbursement						Ratios to Average Net Assets After Credit/Reimbursement***
			Based
Based			on
on			Net			Ending					Net						Net			Portfolio
Market			Asset			Net Assets					Investment						Investment			Turnover
Value**			Value**			(000)		Expenses			Income			Expenses			Income			Rate
	(26.73	)%		(23.27	)%	$	491,706		.97	%		2.08	%		.67	%		2.39	%		6	%
	(6.07	)		7.80			707,933		.95			2.05			.65			2.35			7
	21.30			10.22			715,680		.96			1.99			.66			2.30			23
	(6.12	)		4.88			708,049		.96			1.93			.65			2.25			29
	1.96			1.68			723,894		1.07	****		3.49	****		.73	****		3.82	****		1
	(26.64	)%		(24.65	)%		841,579		.96			1.52			.66			1.82			8
	(3.03	)		11.35			1,237,527		.94			1.62			.64			1.93			4
	17.86			8.28			1,214,721		.95			1.41			.65			1.72			8
	(5.90	)		5.65			1,225,535		.95	****		1.40	****		.63	****		1.72	****		16
	(29.22	)%		(25.63	)%		323,971		.99			.88			.79			1.08			12
	(5.15	)		11.50			484,998		.98			.99			.78			1.19			3
	20.52			7.35			474,781		.99			.85			.78			1.06			26
	(7.87	)		3.43			482,979		1.01	****		.71	****		.78	****		.93	****		9
	(30.09	)%		(25.38	)%		216,044		.96			2.13			.95			2.14			12
	(3.55	)		6.86			319,300		.95			3.40			.95			3.40			26
	22.68			11.90			323,569		.96			2.34			.93			2.37			37
	(13.75	)		(.31	)		314,202		1.11	****		2.08	****		1.11	****		2.08	****		—

*

Rounds to less than $.01 per share.

**

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.

***	After custodian fee credit and expense reimbursement, where applicable.
****	Annualized.
(a)	Per share Net Investment Income is calculated using the average daily shares method.
(b)	For the period October 26, 2004 (commencement of operations) through December 31, 2004.
(c)	For the period January 26, 2005 (commencement of operations) through December 31, 2005.
(d)	For the period May 25, 2005 (commencement of operations) through December 31, 2005.
(e)	For the period November 22, 2005 (commencement of operations) through December 31, 2005.

See accompanying notes to financial statements.

57

Board Members & OFFICERS

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at nine. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

			Year First		Number of Portfolios
			Elected or	Principal Occupation(s)	in Fund Complex
Name, Birthdate		Position(s) Held with	Appointed	Including other Directorships	Overseen by
and Address		the Funds	and Term(1)	During Past 5 Years	Board Member
INDEPENDENT BOARD MEMBERS:
n ROBERT P. BREMNER
8/22/40 333 W. Wacker Drive Chicago, IL 60606	ï	Chairman of the Board and Board member	1997 Class III	Private Investor and Management Consultant.	192
n JACK B. EVANS
10/22/48 333 W. Wacker Drive Chicago, IL 60606	ï	Board member	1999 Class III	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College and Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of Iowa; 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.	192
n WILLIAM C. HUNTER
3/6/48 333 W. Wacker Drive Chicago, IL 60606	ï	Board member	2004 Annual	Dean, Tippie College of Business, University of Iowa (since July 2006); 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); Director (since 1997), Credit Research Center at Georgetown University; Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director, SS&C Technologies, Inc. (May 2005-October 2005).	192

58

			Year First		Number of Portfolios
			Elected or	Principal Occupation(s)	in Fund Complex
Name, Birthdate		Position(s) Held with	Appointed	Including other Directorships	Overseen by
and Address		the Funds	and Term(1)	During Past 5 Years	Board Member
INDEPENDENT BOARD MEMBERS (continued):
n DAVID J. KUNDERT
10/28/42 333 W. Wacker Drive Chicago, IL 60606	ï	Board member	2005 Class II	Director, Northwestern Mutual Wealth Management Company; Retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation.	192
n WILLIAM J. SCHNEIDER
9/24/44 333 W. Wacker Drive Chicago, IL 60606	ï	Board member	1997 Annual	Chairman, formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller-Valentine Partners Ltd., a real estate investment company; Director, Dayton Development Coalition; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.	192
n JUDITH M. STOCKDALE
12/29/47 333 W. Wacker Drive Chicago, IL 60606	ï	Board member	1997 Class I	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994).	192
n CAROLE E. STONE
6/28/47 333 W. Wacker Drive Chicago, IL 60606	ï	Board member	2007 Class I	Director, Chicago Board Options Exchange (since 2006); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair New York Racing Association Oversight Board (2005-2007); formerly, Director, New York State Division of the Budget (2000-2004), Chair, Public Authorities Control Board (2000-2004) and Director, Local Government Assistance Corporation (2000-2004).	192
n TERENCE J. TOTH
9/29/59 333 W. Wacker Drive Chicago, IL 60606	ï	Board member	2008 Class II	Director, Legal & General Investment Management (since 2008); Private Investor (since 2007); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2004-2007); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (Since 2004); Chicago Fellowship Boards (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	192
INTERESTED BOARD MEMBER:
n JOHN P. AMBOIAN(2)
6/14/61 333 W. Wacker Drive Chicago, IL 60606	ï	Board member	2008 Class II	Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Rittenhouse Asset Management, Nuveen Investments Advisors, Inc. formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3)	192

59

					Number of Portfolios
			Year First	Principal	in Fund Complex
Name, Birthdate		Position(s) Held with	Elected or	Occupation(s)	Overseen
and Address		the Funds	Appointed(4)	During Past 5 Years	by Officer
OFFICERS of the FUND:
n GIFFORD R. ZIMMERMAN
9/9/56 333 W. Wacker Drive Chicago, IL 60606	ï	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Symphony Asset Management LLC, and NWQ Investment Management Company, LLC (since 2003), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. (since 2003); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Chartered Financial Analyst.	192
n WILLIAM ADAMS IV
6/9/55 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President	2007	Executive Vice President of Nuveen Investments, Inc.; Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC, (since 1999), prior thereto, Managing Director of Structured Investments.	120
n CEDRIC H. ANTOSIEWICZ
1/11/62 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President	2007	Managing Director, (since 2004) previously, Vice President (1993-2004) of Nuveen Investments, LLC.	120
n MICHAEL T. ATKINSON
2/3/66 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President and Assistant Secretary	2000	Vice President (since 2002) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005).	192
n LORNA C. FERGUSON
10/24/45 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President	1998	Managing Director (since 2004), formerly, Vice President of Nuveen Investments, LLC, Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005) formerly, Vice President (1998-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3)	192
n STEPHEN D. FOY
5/31/54 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President and Controller	1998	Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; formerly, Vice President and Funds Controller (1998-2004) of Nuveen Investments, Inc.; Certified Public Accountant.	192
n WALTER M. KELLY
2/24/70 333 W. Wacker Drive Chicago, IL 60606	ï	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008), Vice President (2006-2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2008) of Nuveen Asset Management.	192

60

					Number of Portfolios
			Year First	Principal	in Fund Complex
Name, Birthdate		Position(s) Held with	Elected or	Occupation(s)	Overseen
and Address		the Funds	Appointed(4)	During Past 5 Years	by Officer
OFFICERS of the FUND (continued):
n DAVID J. LAMB
3/22/63 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President	2000	Vice President (since 2000) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005); Certified Public Accountant.	192
n TINA M. LAZAR
8/27/61 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President	2002	Vice President of Nuveen Investments, LLC (since 1999); Vice President of Nuveen Asset Management (since 2005).	192
n LARRY W. MARTIN
7/27/51 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President and Assistant Secretary	1988	Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President (since 2000), Assistant Secretary and Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3)	192
n KEVIN J. MCCARTHY
3/26/66 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President and Secretary	2007	Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Vice President, and Assistant Secretary, Nuveen Asset Management, Rittenhouse Asset Management, Inc., Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	192
n JOHN V. MILLER
4/10/67 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President	2007	Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst.	192
n CHRISTOPHER M. ROHRBACHER
8/1/71 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008).	192
n JAMES F. RUANE
7/3/62 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President and Assistant Secretary	2007	Vice President, Nuveen Investments, LLC (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant.	192

61

					Number of Portfolios
			Year First	Principal	in Fund Complex
Name, Birthdate		Position(s) Held with	Elected or	Occupation(s)	Overseen
and Address		the Funds	Appointed(4)	During Past 5 Years	by Officer
OFFICERS of the FUND (continued):
n MARK L. WINGET
12/21/68 333 W. Wacker Drive Chicago, IL 60606	ï	Vice President and Assistant Secretary	2008	Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, Vedder Price P.C. (1997-2007).	192

(1)	Board Members serve three year terms. The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)	Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)	Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005.
(4)	Officers serve one year terms through July 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.

62

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 Dividend Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains 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 tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or 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 month you’ll receive a statement showing your total dividends and 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. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and 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 dividend or 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.

63

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee.

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 dividends and/or 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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Glossary of

TERMS USED in this REPORT

n	Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
n	Current Distribution Rate (also known as Market Yield, Dividend Yield or Current Yield): Current distribution rate is based on the Fund’s current annualized quarterly distribution divided by the Fund’s current market price. The Fund’s quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a tax return of capital.
n	Net Asset Value (NAV): A Fund’s NAV per share is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

65

66

Board of Trustees

John P. Amboian

Robert P. Bremner

Jack B. Evans

William C. Hunter

David J. Kundert

William J. Schneider

Judith M. Stockdale

Carole E. Stone

Terence J. Toth

Fund Manager

Nuveen Asset Management

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and

Shareholder Services

State Street Bank & Trust Company

Nuveen Funds

P.O. Box 43071

Providence, RI 02940-3071

(800) 257-8787

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, JPZ, JSN, JLA and JPG repurchased 127,300, 194,100, 126,500 and 134,300 shares, respectively, of their common stock. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

Other Useful INFORMATION

QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION

You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2008, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

CEO Certification Disclosure

Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the Securities and Exchange Commission the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Distribution Information

Equity Premium Income (JPZ), Equity Premium Opportunity (JSN), Equity Premium Advantage (JLA) and Equity Premium and Growth (JPG) hereby designate 100.00%, 54.62%, 28.86% and 100.00%, respectively, of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction for corporations and 100.00%, 61.76%, 31.25% and 100.00%, respectively, as qualified dividend income for individuals under Section 1 (h)(11) of the Internal Revenue Code. 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.

67

Nuveen Investments:

SERVING INVESTORS FOR GENERATIONS

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.

Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.

We offer many different investing solutions for our clients’ different needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow. In total, the Company managed approximately $134 billion of assets on September 30, 2008.

Find out how we can help you reach your financial goals.

To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest.

Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For 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

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EAN-D-1208D

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 executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder/. (To view the code, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Jack B. Evans, Chairman of the Audit Committee, who is “independent” for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

NUVEEN EQUITY PREMIUM AND GROWTH 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 full fiscal years. For engagements with PricewaterhouseCoopers LLP the Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes 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 are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought 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 Audit Committee).

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 Fund1			Billed to Fund2			Billed to Fund3			Billed to Fund
December 31, 2008	$	19,619		$	0		$	3,750		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
December 31, 2007	$	17,770		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

1	“Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2	“Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements and are not reported under “Audit Fees.”
3	“Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.

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 Asset Management (“NAM” or the “Adviser”), and any entity controlling, controlled by or under common control with NAM (“Control Affiliate”) 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 last two 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 the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit 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, 2008	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
December 31, 2007	$	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 Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the de minimis exception described above). The Audit Committee requested and received information from PricewaterhouseCoopers LLP about any non-audit services that PricewaterhouseCoopers LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered 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, 2008	$	3,750	$	0	$	0	$	3,750
December 31, 2007	$	0	$	0	$	0	$	0

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board of Directors or Trustees 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 and William J. Schneider.

ITEM 6. SCHEDULE OF INVESTMENTS.

See Portfolio of Investments in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Adviser has engaged Gateway Investment Advisers, LLC (formerly known as Gateway Investment Advisers, L.P.) (“Gateway” or the “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has also delegated to the Sub-Adviser the full responsibility for proxy voting and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically will monitor the Sub-Adviser’s voting to ensure that they are carrying out their duties. The Sub-Adviser’s proxy voting policies and procedures are summarized as follows:

The SEC has issued regulations with respect to proxy voting for all registered investment advisers and their clients. To meet these requirements on a client’s behalf, Gateway has adopted policies as described below.

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 interests. To that end and because of increasing complexity in administering policies in this area, Gateway has contracted with Institutional Shareholder Services, an affiliate of RiskMetrics Group (“ISS”), a nationally recognized proxy voting agent, to assist in administering client proxy votes and to provide voting recommendation on each ballot issue. ISS has developed its US Proxy Voting Manual, which provides guidelines for proxy voting that are designed to serve the best interest of investors. Effective July 1, 2003, Gateway incorporated these guidelines into its proxy voting policies and procedures and has instructed ISS to vote accordingly. Gateway’s policies and procedures now reflect ISS’s voting guidelines with regard to particular types of issues that my come before shareholder meetings, and also address the rare circumstances in which ISS’ voting recommendations may not be followed. The procedures also describe how any conflicts of interest would be handled.

The regulations were implemented to improve corporate governance and the functioning of the free market. We support these objectives and have adopted the policies and procedures as described above to effectively represent each client’s interests.

A client may obtain Gateway’s full proxy voting policy upon request. For clients for whom Gateway votes proxies, a voting record for an account’s respective votes can be obtained by calling or writing Gateway.

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

The Adviser has engaged Gateway as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser.

Item 8 (a)(1). PORTFOLIO MANAGER BIOGRAPHIES

J. Patrick Rogers and Michael T. Buckius- J. Patrick Rogers, CFA, and Michael T. Buckius, CFA are responsible for investing the Managed Assets of the Nuveen Equity Premium Income and Nuveen Equity Premium and Growth Funds. Mr. Rogers is Gateway’s Chief Executive Officer. He joined Gateway in 1989 and has been the President and a member of the Board of Directors of Gateway since 1995. Mr. Rogers and Mr. Buckius also serve as co-portfolio managers of Gateway’s flagship open-end fund, the Gateway Fund. Mr. Buckius is a Senior Vice President and Portfolio Manager at Gateway, having joined the firm as Vice President and Portfolio Manager in 1999, prior to which he worked as an equity derivative sales professional at Bear Stearns & Co. and Bankers Trust Company.

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

As of December 31, 2008, Mr. Rogers and Mr. Buckius were responsible for day-to-day management of 1 registered investment company account (excluding the Funds) having assets of approximately $4.7 billion. Mr. Rogers and Mr. Buckius were responsible for day-to-day management of 1 other pooled investment vehicle having assets of approximately $50 million. Mr. Rogers was responsible for day-to-day management of 43 other accounts having assets of approximately $478 million in the aggregate, and Mr. Buckius was responsible for day-to-day management of 19 other accounts having assets of approximately $120 million in the aggregate. Neither Mr. Rogers 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. Rogers and Buckius are compensated for their services by Gateway. Their compensation consists of a fixed salary, bonuses 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.

Item 8 (a)(4). OWNERSHIP OF JPG SECURITIES AS OF DECEMBER 31, 2008

	Dollar range of equity securities beneficially owned
Name of Portfolio Manager	in Fund
J. Patrick Rogers	$	0
Michael T. Buckius	$	0

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

			(b)		(c)		(d)*
	(a)		AVERAGE		TOTAL NUMBER OF SHARES		MAXIMUM NUMBER (OR
	TOTAL NUMBER OF		PRICE		(OR UNITS) PURCHASED AS		APPROXIMATE DOLLAR VALUE) OF
	SHARES (OR		PAID PER		PART OF PUBLICLY		SHARES (OR UNITS) THAT MAY YET
	UNITS)		SHARE (OR		ANNOUNCED PLANS OR		BE PURCHASED UNDER THE PLANS OR
Period*	PURCHASED		UNIT)		PROGRAMS		PROGRAMS
AUGUST 7-31, 2008		0				0		1,655,000
SEPTEMBER 1-30, 2008		0				0		1,655,000
OCTOBER 1-31, 2008		81,200	$	10.71		81,200		1,573,800
NOVEMBER 1-30, 2008		48,200	$	9.68		48,200		1,525,600
DECEMBER 1-31, 2008		4,900	$	9.69		4,900		1,520,700
TOTAL		134,300

* The registrant’s repurchase program, which authorized the repurchase of 1,655,000 shares, was announced on August 7, 2008. Any repurchases made by the registrant pursuant to the program were made through open-market transactions.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented 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 the registrant’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 the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 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 (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

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

exhibits in the sequence indicated.

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

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

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered 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 1940 Act (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)), and Section 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 this paragraph 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 of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange 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 caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Equity Premium and Growth Fund

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

Date: March 9, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: March 9, 2009

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

Date: March 9, 2009