Nuveen Equity Premium and Growth Fund N-CSRS

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: June 30, 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.


			ï Robert P. Bremner ï Chairman of the Board

Dear Fellow Shareholders:

I’d like to use my initial letter to you to accomplish several things. First, I want to report that after fourteen years of service on your Fund’s Board, including the last twelve as chairman, Tim Schwertfeger retired from the Board in June. The Board has elected me to replace him as the chairman, the first time this role has been filled by someone who is not an employee of Nuveen Investments. Electing an independent chairman marks a significant milestone in the management of your Fund, and it aligns us with what is now considered a “best practice” in the fund industry. Further, it demonstrates the independence with which your Board has always acted on your behalf.

Following Tim will not be easy. During my eleven previous years on the Nuveen Fund Board, I found that Tim always set a very high standard by combining insightful industry and market knowledge and sound, clear judgment. While the Board will miss his wise counsel, I am certain we will retain the primary commitment Tim shared with all of us—an unceasing dedication to creating and retaining value for Nuveen Fund shareholders. This focus on value over time is a touchstone that I and all the other Board members will continue to use when making decisions on your behalf.

Second, I also want to report that we are very fortunate to be welcoming two new Board members to our team. John Amboian, the current chairman and CEO of Nuveen Investments, has agreed to replace Tim as Nuveen’s representative on the Board. John’s presence will allow the independent Board members to benefit not only from his leadership role at Nuveen but also his broad understanding of the fund industry and Nuveen’s role within it. We also are adding Terry Toth as an independent director. A former CEO of the Northern Trust Company’s asset management group, Terry will bring extensive experience in the fund industry to our deliberations.

Finally, I urge you to take the time to review the Portfolio Manager’s Comments, the Distribution and Share Price Information, and the Performance Overview sections of this report. All of us are grateful that you have chosen Nuveen Investments as a partner as you pursue your financial goals, and, on behalf of myself and the other members of your Fund’s Board, let me say we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner
Chairman of the Board
August 22, 2008


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 President and Chief Executive Officer. Ken joined Gateway in 1992 and has been a Vice President and Portfolio Manager since 1997. Mike joined Gateway in 1999 as a Vice President and Portfolio Manager. Here they talk about their management strategy and the performance of the Funds for the six-months ended June 30, 2008.

OVER THIS PERIOD, WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS?

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, their equity portfolio seeks to track the price movements of the S&P 500 Index. Over the course of the first half of 2008, JPZ actively sold listed S&P 500 Index call options against the entire stock portfolio. JPG differed from JPZ in that the index call option hedging activity was applied to 80% of the value of the equity portfolio, leaving 20% unhedged. The call option sales by these Funds generated meaningful amounts of regular cash flow, which served to both reduce the risk of owning the stock portfolio and also generated much of the portfolios’ returns. In the past, another component of the strategy had been the purchase of listed S&P 500 Index put options to help protect the value of the stock portfolio in the event of a significant market decline over a short period of time. As previously announced, the Funds completed the gradual phase-out of the put component of the investment strategy during the first quarter of 2008.

For JSN, its equity portfolio was invested to replicate the price performance of a custom benchmark consisting of 75% S&P 500 Index and 25% NASDAQ-100 Index. JSN employed an option strategy similar to JPZ, selling S&P 500 Index call options equal to roughly 75% of the value of the underlying equity portfolio and NASDAQ-100 Index calls equal to the remaining 25% of the equity portfolio.

For JLA, its underlying equity portfolio was designed to track the price movement of a custom

Discussions of specific investments are for illustrative purposes only and are not intended as recommendations of individual investments. The views expressed in this commentary represent those of the portfolio managers as of the date of this report and are subject to change at any time, based on market conditions and other factors. The Funds disclaim any obligation to advise shareholders of such changes.

benchmark reflecting 50% S&P 500 Index and 50% NASDAQ-100 Index. Its option strategy involved selling S&P 500 Index call options covering about 50% of the equity portfolio and NASDAQ-100 Index call options covering the remaining 50%.

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

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.

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

Cumulative Returns on Net Asset Value

For the six months ended 06/30/08



JPZ			-3.87%
S&P 500 Index¹			-11.91%
JSN			-3.00%
Comparative Benchmark²			-11.84%
JLA			-4.11%
Comparative Benchmark³			-11.81%
JPG			-5.92%
S&P 500 Index¹			-11.91%

For the six months ended June 30, 2008, the total return on net asset value for each Fund outperformed its respective index or benchmark.

Each Fund benefited from the increased volatility in the market during the period. The equity markets experienced sharp swings along a path that declined significantly. The Chicago Board Options Exchange Volatility Index (“VIX”), a popular gauge of market stability, averaged over 20 for the first half of 2008, and at one point reached 32.24, a level not seen since 2003. Similarly, the CBOE NDX Volatility Index (“VXN”) averaged about 27 for the first half of 2008, and had spikes to over 40 in January and 37 in March.

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

2 JSN comparative benchmark 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 comparative benchmark 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.

The benefit for the Funds of this increased market volatility was that option contract prices increased, in some cases substantially. As a result, the cash flow from the Funds’ option selling activity was robust and served two important purposes: first, more cash was available to support the Funds’ regular shareholder distributions, and second, the increased cash flow helped lower the risk profiles of the Funds’ investment portfolios and mitigate overall losses.

The negative equity markets were the biggest constraint on the Funds’ performance during the period. A number of headwinds buffeted the markets to a greater or lesser extent, including the continued struggles of the housing market, a general credit crunch among large and small financial institutions, the collapse of Bear Stearns, a weakened economy, declining consumer spending, rising energy prices and increased negative sentiment among market participants. At the end of the second quarter, nearly all major U.S. market indexes were down over 10% on a year-to-date basis.

The equity portfolios of the Funds struggled in this environment. While the option hedging activity employed by the Funds offset a portion of the losses in the underlying equity portfolios, it was unable to overcome all the negative price pressure.

Distribution and Share Price

INFORMATION

We are providing you with information regarding your Fund’s distributions. This information is as of June 30, 2008, and likely will vary over time based on the Funds’ investment activities and portfolio investment value changes.

Each Fund has a managed distribution program. The goal of a managed distribution program is to provide shareholders with relatively consistent and predictable cash flow by systematically converting its 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, it 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 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment.

The following table provides estimated information regarding each Fund’s distributions and total return performance for the six months ended June 30, 2008. The distribution information is presented on a tax basis rather than on a generally accepted accounting principles (GAAP) basis. This information is intended to help you better understand whether the Fund’s returns for the specified time period was sufficient to meet each Fund’s distributions.


As of 6/30/08	JPZ		JSN		JLA		JPG
Inception date		10/26/04		1/26/05		5/25/05		11/22/05
Six months ended June 30, 2008:
Per share distribution:
From net investment income		$0.18		$0.14		$0.08		$0.16
From realized capital gains		0.62		0.70		0.77		0.65
From return of capital		—		—		—		—

Total per share distribution		$0.80		$0.84		$0.85		$0.81


Distribution rate on NAV		4.76%		4.88%		5.01%		4.66%

Annualized total returns:
Six-Month (Cumulative) on NAV		-3.87%		-3.00%		-4.11%		-5.92%
1-Year on NAV		-1.33%		1.56%		0.79%		-5.29%
Since inception on NAV		5.51%		6.36%		5.69%		4.49%

COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION

The Board of Directors/Trustees for each of Nuveen’s 120 closed-end funds approved a program, effective August 7, 2008, under which each fund may repurchase up to 10% of its common shares.

As of June 30, 2008, the Funds’ share prices were trading relative to their NAVs as shown in the accompanying table:


	6/30/08	6-Month Average
	Discount	Discount
JPZ	-11.07%	-10.48%
JSN	-10.81%	-10.09%
JLA	-9.49%	-9.60%
JPG	-11.51%	-10.51%


Fund Snapshot
Share Price		$14.94

Net Asset Value		$16.80

Premium/(Discount) to NAV		-11.07%

Current Distribution Rate¹		10.71%

Net Assets ($000)		$649,696


Average Annual Total Return
(Inception 10/26/04)
	On Share
	Price			On NAV
6-Month (Cumulative)		-4.11	%		-3.87%

1-Year		-9.48	%		-1.33%

Since Inception		1.24	%		5.51%


JPZ Performance OVERVIEW			Nuveen Equity Premium Income Fund as of June 30, 2008

Portfolio Allocation (as a % of total investments)²


Industries
(as a % of total investments)²
Oil, Gas & Consumable Fuels		10.5%

Pharmaceuticals		7.3%

Commercial Banks		4.3%

Computers & Peripherals		4.1%

Diversified Telecommunication Services		3.9%

Energy Equipment & Services		3.8%

Software		3.6%

Industrial Conglomerates		3.1%

Insurance		2.9%

Capital Markets		2.8%

Machinery		2.6%

Tobacco		2.6%

Aerospace & Defense		2.6%

Household Products		2.5%

Chemicals		2.4%

Semiconductors & Equipment		2.4%

Communications Equipment		2.1%

Multi-Utilities		2.1%

Real Estate Investment Trust		2.0%

Metal & Mining		2.0%

Internet Software & Services		1.8%

Media		1.7%

Diversified Financial Services		1.5%

Short-Term Investments		5.9%

Other		19.5%

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	Excluding derivative transactions.


Fund Snapshot
Share Price		$15.35

Net Asset Value		$17.21

Premium/(Discount) to NAV		-10.81%

Current Distribution Rate¹		10.88%

Net Assets ($000)		$1,144,787


Average Annual Total Return
(Inception 1/26/05)
	On Share
	Price			On NAV
6-Month (Cumulative)		-0.91	%	-3.00%

1-Year		-6.41	%	1.56%

Since Inception		1.88	%	6.36%


JSN Performance OVERVIEW			Nuveen Equity Premium Opportunity Fund as of June 30, 2008

Portfolio Allocation (as a % of total investments)²


Industries
(as a % of total investments)²
Computers & Peripherals		7.6%

Oil, Gas & Consumable Fuels		6.9%

Software		6.4%

Communications Equipment		5.9%

Pharmaceuticals		5.7%

Semiconductors & Equipment		4.2%

Internet Software & Services		3.4%

Energy Equipment & Services		3.0%

Biotechnology		2.9%

Diversified Telecommunication Services		2.7%

Capital Markets		2.6%

Commercial Banks		2.6%

Media		2.4%

Aerospace & Defense		2.3%

Industrial Conglomerates		2.3%

Machinery		2.2%

Metal & Mining		1.8%

Household Products		1.6%

Tobacco		1.6%

Multi-Utilities		1.5%

Specialty Retail		1.5%

Chemicals		1.5%

Hotels, Restaurants & Leisure		1.4%

Food & Staples Retailing		1.4%

Short-Term Investments		5.9%

Other		18.7%

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	Excluding derivative transactions.


Fund Snapshot
Share Price		$15.35

Net Asset Value		$16.96

Premium/(Discount) to NAV		-9.49%

Current Distribution Rate¹		11.07%

Net Assets ($000)		$442,944


Average Annual Total Return
(Inception 5/25/05)
	On Share
	Price			On NAV
6-Month (Cumulative)		-1.48	%		-4.11%

1-Year		-7.71	%		0.79%

Since Inception		1.21	%		5.69%


JLA Performance OVERVIEW			Nuveen Equity Premium Advantage Fund as of June 30, 2008

Portfolio Allocation (as a % of total investments)²


Industries
(as a % of total investments)²
Computers & Peripherals		10.5%

Software		8.8%

Communications Equipment		8.2%

Semiconductors & Equipment		5.5%

Oil, Gas & Consumable Fuels		5.1%

Biotechnology		4.9%

Internet Software & Services		4.3%

Pharmaceuticals		3.9%

Media		2.6%

Capital Markets		2.2%

Diversified Telecommunication Services		2.2%

Energy Equipment & Services		2.2%

Commercial Banks		2.0%

Machinery		1.8%

Health Care Equipment & Supplies		1.7%

Hotels, Restaurants & Leisure		1.7%

Metal & Mining		1.4%

Specialty Retail		1.4%

Food Products		1.3%

IT Services		1.3%

Industrial Conglomerates		1.3%

Aerospace & Defense		1.2%

Short-Term Investments		5.1%

Other		19.4%

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	Excluding derivative transactions.


Fund Snapshot
Share Price		$15.37

Net Asset Value		$17.37

Premium/(Discount) to NAV		-11.51%

Current Distribution Rate¹		10.54%

Net Assets ($000)		$287,168


Average Annual Total Return
(Inception 11/22/05)
	On Share
	Price			On NAV
6-Month (Cumulative)		-5.58	%	-5.92%

1-Year		-11.35	%	-5.29%

Since Inception		-1.41	%	4.49%


JPG Performance OVERVIEW			Nuveen Equity Premium and Growth Fund as of June 30, 2008

Portfolio Allocation (as a % of total investments)²


Industries
(as a % of total investments)²
Oil, Gas & Consumable Fuels		12.3%

Pharmaceuticals		8.0%

Computers & Peripherals		4.5%

Energy Equipment & Services		4.2%

Commercial Banks		3.8%

Software		3.8%

Diversified Telecommunication Services		3.7%

Industrial Conglomerates		3.6%

Capital Markets		3.2%

Insurance		2.7%

Semiconductors & Equipment		2.6%

Household Products		2.4%

Communication Equipment		2.3%

Chemicals		2.1%

Real Estate Investment Trust		2.0%

Tobacco		2.0%

Food & Staples Retailing		1.9%

Machinery		1.9%

Internet Software & Services		1.9%

Aerospace & Defense		1.9%

Multi-Utilities		1.8%

Electric Utilities		1.7%

Beverages		1.5%

Short-Term Investments		4.3%

Other		19.9%

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	Excluding derivative transactions.



JPZ		Nuveen Equity Premium Income Fund Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Value
		Common Stocks – 96.1%
		Aerospace & Defense – 2.6%
	71,400	Boeing Company	$	4,692,408
	100,000	Honeywell International Inc.		5,028,000
	32,000	Raytheon Company		1,800,960
	89,400	United Technologies Corporation		5,515,980

		Total Aerospace & Defense		17,037,348
		Air Freight & Logistics – 0.3%
	31,758	United Parcel Service, Inc., Class B		1,952,164
		Airlines – 0.1%
	84,350	AMR Corporation, (2)		431,873
	19,134	Continental Airlines, inc., (2)		193,445

		Total Airlines		625,318
		Auto Components – 0.1%
	21,200	American Axle and Manufacturing Holdings Inc.		169,388
	30,487	Cooper Tire & Rubber		239,019

		Total Auto Components		408,407
		Automobiles – 0.4%
	204,000	Ford Motor Company, (2)		981,240
	111,481	General Motors Corporation		1,282,032
	4,000	Harley-Davidson, Inc.		145,040

		Total Automobiles		2,408,312
		Beverages – 1.3%
	107,304	Coca-Cola Company		5,577,662
	48,083	PepsiCo, Inc.		3,057,598

		Total Beverages		8,635,260
		Biotechnology – 0.6%
	33,936	Amgen Inc., (2)		1,600,422
	4,297	Genentech, Inc., (2)		326,142
	36,284	Gilead Sciences, Inc., (2)		1,921,238

		Total Biotechnology		3,847,802
		Building Products – 0.1%
	43,691	Masco Corporation		687,259
		Capital Markets – 2.8%
	59,333	Charles Schwab Corporation		1,218,700
	21,968	Goldman Sachs Group, Inc.		3,842,203
	48,534	Jefferies Group, Inc.		816,342
	177,861	JPMorgan Chase & Co.		6,102,411
	20,300	Legg Mason, Inc.		884,471
	26,500	Merrill Lynch & Co., Inc.		840,315
	73,498	Morgan Stanley		2,651,073
	59,400	Waddell & Reed Financial, Inc., Class A		2,079,594

		Total Capital Markets		18,435,109
		Chemicals – 2.4%
	51,511	Dow Chemical Company		1,798,249
	148,600	E.I. Du Pont de Nemours and Company		6,373,454
	40,400	Eastman Chemical Company		2,781,944
	42,998	Lubrizol Corporation		1,992,097
	19,000	NL Industries Inc.		181,070



JPZ		Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Chemicals (continued)

53,293
Olin Corporation
$ 1,395,211

63,622
RPM International, Inc.
1,310,613

Total Chemicals
15,832,638

Commercial Banks – 4.4%

383,779
Bank of America Corporation
9,160,805

38,658
Comerica Incorporated
990,805

52,600
HSBC Holdings PLC, Sponsored ADR
4,034,420

47,988
Lloyds TSB Group PLC, Sponsored ADR
1,183,864

3,120
Toronto-Dominion Bank
194,282

39,483
TrustCo Bank Corporation NY
292,964

175,300
U.S. Bancorp
4,889,117

200,633
Wachovia Corporation
3,115,830

190,800
Wells Fargo & Company
4,531,500

Total Commercial Banks
28,393,587

Commercial Services & Supplies – 1.1%

3,800
Avery Dennison Corporation
166,934

90,303
Deluxe Corporation
1,609,199

3,809
Manpower Inc.
221,836

23,000
Pitney Bowes Inc.
784,300

5,800
Priceline.com Incorporated, (2)
669,668

8,500
R.R. Donnelley & Sons Company
252,365

42,509
Resources Connection, Inc.
865,058

65,671
Waste Management, Inc.
2,476,453

Total Commercial Services & Supplies
7,045,813

Communications Equipment – 2.2%

18,403
ADTRAN, Inc.
438,728

8,828
Ciena Corporation, (2)
204,545

278,160
Cisco Systems, Inc., (2)
6,470,002

56,100
Corning Incorporated
1,293,105

11,875
JDS Uniphase Corporation, (2)
134,900

148,402
Motorola, Inc.
1,089,271

93,889
QUALCOMM Inc.
4,165,855

3,494
Research In Motion Limited, (2)
408,449

Total Communications Equipment
14,204,855

Computers & Peripherals – 4.2%

51,646
Apple, Inc., (2)
8,647,606

93,713
Dell Inc., (2)
2,050,440

93,700
EMC Corporation, (2)
1,376,453

129,100
Hewlett-Packard Company
5,707,511

70,881
International Business Machines Corporation (IBM)
8,401,525

10,457
McAfee Inc., (2)
355,852

33,400
Sun Microsystems Inc., (2)
363,392

Total Computers & Peripherals
26,902,779

Consumer Finance – 0.2%

71,634
Capitalsource Inc.
793,705

12,636
Discover Financial Services
166,416

2,140
MasterCard, Inc.
568,213

Total Consumer Finance
1,528,334

Containers & Packaging – 0.6%

65,700
Packaging Corp. of America
1,413,207

87,489
Sonoco Products Company
2,707,785

Total Containers & Packaging
4,120,992

Diversified Financial Services – 1.5%

297,363
Citigroup Inc.
4,983,804

8,700
CME Group, Inc.
3,333,753

30,866
New York Stock Exchange Euronext
1,563,672

Total Diversified Financial Services
9,881,229


Shares		Description (1)	Value
		Diversified Telecommunication Services – 4.0%
	582,077	AT&T Inc.	$	19,610,174
	220,900	Citizens Communications Company		2,505,006
	2,019	FairPoint Communications Inc.		14,557
	107,100	Verizon Communications Inc.		3,791,340
	21,026	Windstream Corporation		259,461

		Total Diversified Telecommunication Services		26,180,538
		Electric Utilities – 1.5%
	30,527	Ameren Corporation		1,289,155
	34,781	Consolidated Edison, Inc.		1,359,589
	26,923	Great Plains Energy Incorporated		680,613
	60,787	OGE Energy Corp.		1,927,556
	80,800	Pepco Holdings, Inc.		2,072,520
	33,573	Progress Energy, Inc.		1,404,359
	28,948	Southern Company		1,010,864

		Total Electric Utilities		9,744,656
		Electrical Equipment – 1.0%
	122,400	Emerson Electric Company		6,052,680
	14,000	Rockwell Automation, Inc.		612,220

		Total Electrical Equipment		6,664,900
		Electronic Equipment & Instruments – 0.0%
	4,194	Garmin Limited		179,671
		Energy Equipment & Services – 3.8%
	21,953	Diamond Offshore Drilling, Inc.		3,054,540
	24,668	ENSCO International Incorporated		1,991,694
	111,600	Halliburton Company		5,922,612
	26,902	Patterson-UTI Energy, Inc.		969,548
	79,200	Schlumberger Limited		8,508,456
	17,600	Smith International, Inc.		1,463,264
	46,500	Tidewater Inc.		3,023,895

		Total Energy Equipment & Services		24,934,009
		Food & Staples Retailing – 1.2%
	54,675	CVS Caremark Corporation		2,163,490
	38,696	SUPERVALU INC.		1,195,319
	74,728	Wal-Mart Stores, Inc.		4,199,714

		Total Food & Staples Retailing		7,558,523
		Food Products – 1.4%
	173,705	Kraft Foods Inc.		4,941,907
	26,827	Monsanto Company		3,392,006
	57,000	Sara Lee Corporation		698,250

		Total Food Products		9,032,163
		Gas Utilities – 1.0%
	28,977	AGL Resources Inc.		1,002,025
	62,810	Atmos Energy Corporation		1,731,672
	81,800	Nicor Inc.		3,483,862

		Total Gas Utilities		6,217,559
		Health Care Equipment & Supplies – 0.6%
	36,000	Baxter International Inc.		2,301,840
	10,904	Hologic Inc., (2)		237,707
	2,586	Intuitive Surgical, Inc., (2)		696,668
	16,292	Medtronic, Inc.		843,111

		Total Health Care Equipment & Supplies		4,079,326
		Health Care Providers & Services – 1.2%
	33,767	Brookdale Senior Living Inc.		687,496
	15,450	Coventry Health Care, Inc., (2)		469,989
	3,121	Henry Schein Inc., (2)		160,950
	83,690	Kindred Healthcare Inc., (2)		2,406,924



JPZ		Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Health Care Providers & Services (continued)

6,700
Mentor Corporation
$ 186,394

88,646
UnitedHealth Group Incorporated
2,326,958

27,628
Wellpoint Inc., (2)
1,316,750

Total Health Care Providers & Services
7,555,461

Health Care Technology – 0.0%

4,883
Cerner Corporation, (2)
220,614

Hotels, Restaurants & Leisure – 0.9%

17,000
Carnival Corporation
560,320

22,661
International Game Technology
566,072

86,900
McDonald’s Corporation
4,885,518

Total Hotels, Restaurants & Leisure
6,011,910

Household Durables – 1.4%

4,100
Black & Decker Corporation
235,791

107,400
Newell Rubbermaid Inc.
1,803,246

12,400
Snap-on Incorporated
644,924

25,600
Stanley Works
1,147,648

106,700
Tupperware Corporation
3,651,274

29,936
Whirlpool Corporation
1,847,949

Total Household Durables
9,330,832

Household Products – 2.6%

53,200
Colgate-Palmolive Company
3,676,120

22,833
Kimberly-Clark Corporation
1,364,957

193,080
Procter & Gamble Company
11,741,195

Total Household Products
16,782,272

Industrial Conglomerates – 3.2%

3,786
3M Co.
263,468

657,430
General Electric Company
17,546,807

52,800
Genuine Parts Company
2,095,104

4,702
Siemens AG, Sponsored ADR
517,831

Total Industrial Conglomerates
20,423,210

Insurance – 2.9%

36,800
Allstate Corporation
1,677,712

159,568
American International Group, Inc.
4,222,169

24,591
Arthur J. Gallagher & Co.
592,643

209,268
Fidelity National Title Group Inc., Class A
2,636,777

12,500
Hartford Financial Services Group, Inc.
807,125

80,446
Lincoln National Corporation
3,645,813

72,500
Marsh & McLennan Companies, Inc.
1,924,875

46,000
Travelers Companies, Inc.
1,996,400

52,700
Unitrin, Inc.
1,452,939

Total Insurance
18,956,453

Internet & Catalog Retail – 0.3%

24,004
Amazon.com, Inc., (2)
1,760,213

16,364
IAC/InterActiveCorp., (2)
315,498

Total Internet & Catalog Retail
2,075,711

Internet Software & Services – 1.8%

64,010
eBay Inc., (2)
1,749,393

13,441
Google Inc., Class A, (2)
7,075,611

159,665
United Online, Inc.
1,601,440

71,781
Yahoo! Inc., (2)
1,482,995

Total Internet Software & Services
11,909,439


Shares		Description (1)	Value
		IT Services – 0.7%
	65,710	Automatic Data Processing, Inc.	$	2,753,249
	6,395	Fidelity National Information Services		236,039
	47,862	Paychex, Inc.		1,497,123
	34,100	Standard Register Company		321,563

		Total IT Services		4,807,974
		Leisure Equipment & Products – 0.2%
	39,694	Eastman Kodak Company		572,784
	7,900	Polaris Industries Inc.		319,002

		Total Leisure Equipment & Products		891,786
		Machinery – 2.7%
	75,600	Caterpillar Inc.		5,580,792
	7,390	Cummins Inc.		484,193
	20,508	Deere & Company		1,479,242
	13,600	Graco Inc.		517,752
	16,555	Ingersoll Rand Company Limited, Class A		619,654
	9,750	Parker Hannifin Corporation		695,370
	57,966	SPX Corporation		7,635,861
	12,000	Timken Company		395,280

		Total Machinery		17,408,144
		Media – 1.7%
	45,213	CBS Corporation, Class B		881,201
	67,348	Clear Channel Communications, Inc.		2,370,650
	102,516	Comcast Corporation, Class A		1,944,729
	39,613	New York Times, Class A		609,644
	26,000	Omnicom Group Inc.		1,166,880
	183,600	Regal Entertainment Group, Class A		2,805,408
	10,489	ValueClick, Inc., (2)		158,908
	36,200	Walt Disney Company		1,129,440

		Total Media		11,066,860
		Metals & Mining – 2.0%
	23,589	Alcoa Inc.		840,240
	28,800	CONSOL Energy Inc.		3,236,256
	32,000	Nucor Corporation		2,389,440
	63,400	Southern Copper Corporation		6,760,342

		Total Metals & Mining		13,226,278
		Multiline Retail – 0.9%
	4,351	Costco Wholesale Corporation		305,179
	13,000	Family Dollar Stores, Inc.		259,220
	38,002	Federated Department Stores, Inc.		737,999
	55,400	Nordstrom, Inc.		1,678,620
	7,900	Sears Holding Corporation, (2)		581,914
	40,800	Target Corporation		1,896,792

		Total Multiline Retail		5,459,724
		Multi-Utilities – 2.1%
	125,900	Duke Energy Corporation		2,188,142
	82,456	Integrys Energy Group, Inc.		4,191,238
	29,095	National Fuel Gas Company		1,730,571
	15,861	Northwestern Corporation		403,187
	49,251	ONEOK, Inc.		2,404,926
	64,200	Public Service Enterprise Group Incorporated		2,948,706

		Total Multi-Utilities		13,866,770
		Oil, Gas & Consumable Fuels – 10.8%
	12,530	BP PLC, Sponsored ADR		871,712
	167,900	Chevron Corporation		16,643,927
	64,437	ConocoPhillips		6,082,208
	14,859	Continental Resources Inc., (2)		1,030,026
	3,331	EnCana Corporation		302,888
	31,800	EOG Resources, Inc.		4,172,160



JPZ		Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Oil, Gas & Consumable Fuels (continued)

409,200
Exxon Mobil Corporation
$ 36,062,796

39,148
Occidental Petroleum Corporation
3,517,839

6,136
Suncor Energy, Inc.
356,624

3,941
Total SA, Sponsored ADR
336,049

12,731
Valero Energy Corporation
524,263

Total Oil, Gas & Consumable Fuels
69,900,492

Paper & Forest Products – 0.4%

47,000
Weyerhaeuser Company
2,403,580

Pharmaceuticals – 7.5%

111,700
Abbott Laboratories
5,916,749

246,638
Bristol-Myers Squibb Company
5,063,478

63,940
Eli Lilly and Company
2,951,470

16,994
GlaxoSmithKline PLC, Sponsored ADR
751,475

169,722
Johnson & Johnson
10,919,913

234,802
Merck & Co. Inc.
8,849,687

466,574
Pfizer Inc.
8,151,048

32,315
Sanofi-Aventis, Sponsored ADR
1,073,827

80,215
Schering-Plough Corporation
1,579,433

69,200
Wyeth
3,318,832

Total Pharmaceuticals
48,575,912

Real Estate Investment Trust – 2.1%

83,552
Ashford Hospitality Trust Inc.
386,010

46,667
Brandywine Realty Trust
735,472

65,884
CapLease Inc.
493,471

39,900
First Industrial Realty Trust, Inc.
1,096,053

39,146
Glimcher Realty Trust
437,652

21,000
Health Care REIT, Inc.
934,500

49,761
Healthcare Realty Trust, Inc.
1,182,819

96,783
Hospitality Properties Trust
2,367,312

117,900
HRPT Properties Trust
798,183

78,791
Lexington Corporate Properties Trust
1,073,921

26,149
Liberty Property Trust
866,839

17,263
Medical Properties Trust Inc.
174,702

42,953
Nationwide Health Properties, Inc.
1,352,590

27,000
Senior Housing Properties Trust
527,310

11,215
Sun Communities Inc.
204,449

61,650
U-Store-It Trust
736,718

Total Real Estate Investment Trust
13,368,001

Road & Rail – 0.6%

17,247
Burlington Northern Santa Fe Corporation
1,722,803

13,563
Norfolk Southern Corporation
849,993

17,143
Union Pacific Corporation
1,294,297

Total Road & Rail
3,867,093

Semiconductors & Equipment – 2.4%

26,500
Analog Devices, Inc.
841,905

107,328
Applied Materials, Inc.
2,048,892

45,300
Broadcom Corporation, Class A, (2)
1,236,237

242,488
Intel Corporation
5,208,642

14,740
Intersil Holding Corporation, Class A
358,477

7,565
Lam Research Corporation, (2)
273,475

43,526
Microchip Technology Incorporated
1,329,284

24,800
National Semiconductor Corporation
509,392

31,200
NVIDIA Corporation, (2)
584,064

115,500
Texas Instruments Incorporated
3,252,480

Total Semiconductors & Equipment
15,642,848

Software – 3.7%

44,031
Adobe Systems Incorporated, (2)
1,734,381

12,597
Akamai Technologies, Inc., (2)
438,250

11,400
Autodesk, Inc., (2)
385,434


Shares		Description (1)					Value
		Software (continued)

	32,666	Cognizant Technology Solutions Corporation, Class A, (2)					$	1,061,972
	453,413	Microsoft Corporation						12,473,392
	16,433	NAVTEQ Corporation, (2)						1,265,341
	251,668	Oracle Corporation, (2)						5,285,028
	10,500	Salesforce.com, Inc., (2)						716,415
	21,414	VeriSign, Inc., (2)						809,449

		Total Software						24,169,662
		Specialty Retail – 1.4%
	27,715	Abercrombie & Fitch Co., Class A						1,737,176
	47,700	American Eagle Outfitters, Inc.						650,151
	52,650	Best Buy Co., Inc.						2,084,940
	82,758	Home Depot, Inc.						1,938,192
	52,315	Limited Brands, Inc.						881,508
	55,300	Lowe’s Companies, Inc.						1,147,475
	5,000	Tiffany & Co.						203,750
	19,700	TJX Companies, Inc.						619,959

		Total Specialty Retail						9,263,151
		Textiles, Apparel & Luxury Goods – 0.3%
	14,359	Cherokee Inc.						289,334
	27,238	VF Corporation						1,938,801

		Total Textiles, Apparel & Luxury Goods						2,228,135
		Thrifts & Mortgage Finance – 0.2%
	60,800	New York Community Bancorp, Inc.						1,084,672
		Tobacco – 2.7%
	217,733	Altria Group, Inc.						4,476,590
	217,733	Philip Morris International, (2)						10,753,833
	32,200	Reynolds American Inc.						1,502,774
	36,145	Vector Group Ltd.						583,019

		Total Tobacco						17,316,216
		Wireless Telecommunication Services – 0.0%
	24,054	USA Mobility Inc., (2)						181,608

		Total Common Stocks (cost $546,792,974)						624,533,359

Principal
Amount (000)		Description (1)	Coupon		Maturity		Value
		Short-Term Investments – 6.1%
$	39,457	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $39,458,303, collateralized by $32,330,000 U.S. Treasury Bonds, 6.500%, due 11/15/26, value $40,250,850		1.350%		7/01/08	$	39,456,823

		Total Short-Term Investments (cost $39,456,823)						39,456,823

		Total Investments (cost $586,249,797) – 102.2%						663,990,182



JPZ		Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Number of				Notional			Expiration		Strike
Contracts			Type	Amount (3)			Date		Price		Value
			Call Options Written – (0.4)% (4)
	(1,125	)	S&P 500 Index	$	(151,875,000	)		7/19/08	$	1,350	$	(298,125	)
	(948	)	S&P 500 Index		(130,350,000	)		7/19/08		1,375		(71,100	)
	(531	)	S&P 500 Index		(74,340,000	)		7/19/08		1,400		(15,930	)
	(534	)	S&P 500 Index		(72,090,000	)		8/16/08		1,350		(624,780	)
	(533	)	S&P 500 Index		(73,287,500	)		8/16/08		1,375		(325,130	)
	(590	)	S&P 500 Index		(82,600,000	)		8/16/08		1,400		(162,250	)
	(589	)	S&P 500 Index		(79,515,000	)		9/20/08		1,350		(1,301,690	)

	(4,850	)	Total Call Options Written (premiums received $20,999,485)		(664,057,500	)						(2,799,005	)

			Other Assets Less Liabilities – (1.8)%									(11,495,271	)

			Net Assets – 100%								$	649,695,906


(1)		All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
(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.



JSN		Nuveen Equity Premium Opportunity Fund Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Value
		Common Stocks – 96.4%
		Aerospace & Defense – 2.4%
	83,145	Boeing Company	$	5,464,289
	133,366	Honeywell International Inc.		6,705,642
	26,722	Lockheed Martin Corporation		2,636,393
	42,411	Northrop Grumman Corporation		2,837,296
	47,936	Raytheon Company		2,697,838
	110,660	United Technologies Corporation		6,827,722

		Total Aerospace & Defense		27,169,180
		Air Freight & Logistics – 0.5%
	101,679	United Parcel Service, Inc., Class B		6,250,209
		Airlines – 0.1%
	128,407	AMR Corporation, (2)		657,445
		Automobiles – 0.2%
	73,695	General Motors Corporation		847,493
	35,909	Harley-Davidson, Inc.		1,302,060

		Total Automobiles		2,149,553
		Beverages – 1.4%
	180,607	Coca-Cola Company		9,387,952
	107,391	PepsiCo, Inc.		6,828,994

		Total Beverages		16,216,946
		Biotechnology – 3.0%
	153,098	Amgen Inc., (2)		7,220,102
	89,281	Biogen Idec Inc., (2)		4,989,915
	112,644	Celgene Corporation, (2)		7,194,572
	45,376	Genentech, Inc., (2)		3,444,038
	215,745	Gilead Sciences, Inc., (2)		11,423,698

		Total Biotechnology		34,272,325
		Capital Markets – 2.7%
	161,024	Charles Schwab Corporation		3,307,433
	34,044	Goldman Sachs Group, Inc.		5,954,296
	307,146	JPMorgan Chase & Co.		10,538,179
	33,305	Legg Mason, Inc.		1,451,099
	136,220	Morgan Stanley		4,913,455
	136,190	Waddell & Reed Financial, Inc., Class A		4,768,012

		Total Capital Markets		30,932,474
		Chemicals – 1.5%
	61,184	Dow Chemical Company		2,135,933
	131,113	E.I. Du Pont de Nemours and Company		5,623,437
	41,441	Eastman Chemical Company		2,853,627
	72,000	Lubrizol Corporation		3,335,760
	152,430	RPM International, Inc.		3,140,058

		Total Chemicals		17,088,815
		Commercial Banks – 2.6%
	313,122	Bank of America Corporation		7,474,222
	65,289	Fifth Third Bancorp.		664,642
	71,373	First Horizon National Corporation		530,301
	11,360	HSBC Holdings PLC, Sponsored ADR		871,312
	65,686	Huntington BancShares Inc.		379,008
	90,928	Lloyds TSB Group PLC, Sponsored ADR		2,243,194
	122,029	National City Corporation		582,078
	46,961	Toronto-Dominion Bank		2,924,261



JSN		Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Commercial Banks (continued)

263,201
U.S. Bancorp
$ 7,340,676

112,812
Wachovia Corporation
1,751,970

222,372
Wells Fargo & Company
5,281,335

Total Commercial Banks
30,042,999

Commercial Services & Supplies – 1.1%

29,685
Corporate Executive Board Company
1,248,254

88,588
Deluxe Corporation
1,578,638

57,299
Manpower Inc.
3,337,094

50,346
R.R. Donnelley & Sons Company
1,494,773

90,337
Resources Connection, Inc.
1,838,358

96,384
Waste Management, Inc.
3,634,641

Total Commercial Services & Supplies
13,131,758

Communications Equipment – 6.1%

67,631
ADTRAN, Inc.
1,612,323

893,387
Cisco Systems, Inc., (2)
20,780,182

183,130
Corning Incorporated
4,221,147

55,800
Harris Corporation
2,817,342

244,613
Motorola, Inc.
1,795,459

549,055
QUALCOMM Inc.
24,361,570

121,135
Research In Motion Limited, (2)
14,160,682

Total Communications Equipment
69,748,705

Computers & Peripherals – 7.8%

306,101
Apple, Inc., (2)
51,253,551

232,326
Dell Inc., (2)
5,083,293

230,749
EMC Corporation, (2)
3,389,703

316,255
Hewlett-Packard Company
13,981,634

100,213
International Business Machines Corporation (IBM)
11,878,247

58,225
McAfee Inc., (2)
1,981,397

79,478
Netwwork Appliance Inc., (2)
1,721,493

Total Computers & Peripherals
89,289,318

Consumer Finance – 0.2%

50,531
American Express Company
1,903,503

64,305
Discover Financial Services
846,897

Total Consumer Finance
2,750,400

Containers & Packaging – 0.7%

202,483
Packaging Corp. of America
4,355,409

126,709
Sonoco Products Company
3,921,644

Total Containers & Packaging
8,277,053

Diversified Consumer Services – 0.1%

35,700
Hillenbrand Inc., (2)
763,981

Diversified Financial Services – 1.3%

299,544
Citigroup Inc.
5,020,357

11,000
CME Group, Inc.
4,215,090

35,273
Eaton Vance Corporation
1,402,454

126,150
ING Group N.V., Sponsored ADR
3,980,033

Total Diversified Financial Services
14,617,934

Diversified Telecommunication Services – 2.7%

711,379
AT&T Inc.
23,966,359

42,575
Citizens Communications Company
482,801

2,241
FairPoint Communications Inc.
16,158

191,528
Verizon Communications Inc.
6,780,091

Total Diversified Telecommunication Services
31,245,409

Electric Utilities – 1.2%

38,898
Ameren Corporation
1,642,663

94,002
Companhia Energetica de Minas Gerais, Sponsored ADR
2,307,749

113,425
Great Plains Energy Incorporated
2,867,384


Shares		Description (1)	Value
		Electric Utilities (continued)

	92,646	OGE Energy Corp.	$	2,937,805
	127,006	Pepco Holdings, Inc.		3,257,704
	24,128	Pinnacle West Capital Corporation		742,419

		Total Electric Utilities		13,755,724
		Electrical Equipment – 1.1%
	52,812	Cooper Industries, Ltd., Class A, (2)		2,086,074
	161,583	Emerson Electric Company		7,990,279
	29,254	Hubbell Incorporated, Class B		1,166,357
	38,983	Rockwell Automation, Inc.		1,704,727

		Total Electrical Equipment		12,947,437
		Electronic Equipment & Instruments – 0.5%
	123,007	Gentex Corporation		1,776,221
	51,356	Roper Industries Inc.		3,383,333

		Total Electronic Equipment & Instruments		5,159,554
		Energy Equipment & Services – 3.1%
	45,800	Diamond Offshore Drilling, Inc.		6,372,612
	36,348	ENSCO International Incorporated		2,934,738
	193,449	Halliburton Company		10,266,338
	57,882	Patterson-UTI Energy, Inc.		2,086,067
	77,652	Schlumberger Limited		8,342,154
	77,472	Tidewater Inc.		5,038,004

		Total Energy Equipment & Services		35,039,913
		Food & Staples Retailing – 1.5%
	115,376	CVS Caremark Corporation		4,565,428
	95,674	Kroger Co.		2,762,108
	37,348	SUPERVALU INC.		1,153,680
	40,471	Walgreen Co.		1,315,712
	121,319	Wal-Mart Stores, Inc.		6,818,128

		Total Food & Staples Retailing		16,615,056
		Food Products – 1.2%
	177,814	Kraft Foods Inc.		5,058,808
	60,792	Monsanto Company		7,686,540
	96,677	Sara Lee Corporation		1,184,293

		Total Food Products		13,929,641
		Gas Utilities – 0.9%
	24,964	AGL Resources Inc.		863,255
	149,706	Atmos Energy Corporation		4,127,394
	121,756	Nicor Inc.		5,185,588

		Total Gas Utilities		10,176,237
		Health Care Equipment & Supplies – 0.9%
	84,704	Baxter International Inc.		5,415,974
	36,641	Hill Rom Holdings Inc.		988,574
	71,015	Medtronic, Inc.		3,675,026

		Total Health Care Equipment & Supplies		10,079,574
		Health Care Providers & Services – 1.0%
	50,898	Aetna Inc.		2,062,896
	98,319	Brookdale Senior Living Inc.		2,001,775
	40,727	Coventry Health Care, Inc., (2)		1,238,915
	24,109	Mentor Corporation		670,712
	94,199	UnitedHealth Group Incorporated		2,472,724
	55,064	Wellpoint Inc., (2)		2,624,350

		Total Health Care Providers & Services		11,071,372



JSN		Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Hotels, Restaurants & Leisure – 1.5%

71,668
International Game Technology
$ 1,790,267

215,800
McDonald’s Corporation
12,132,276

43,957
Starwood Hotels & Resorts Worldwide, Inc.
1,761,357

15,847
Wynn Resorts Ltd
1,289,153

Total Hotels, Restaurants & Leisure
16,973,053

Household Durables – 0.8%

43,887
KB Home
743,007

185,735
Newell Rubbermaid Inc.
3,118,491

44,638
Stanley Works
2,001,122

52,780
Whirlpool Corporation
3,258,109

Total Household Durables
9,120,729

Household Products – 1.7%

59,883
Colgate-Palmolive Company
4,137,915

248,602
Procter & Gamble Company
15,117,488

Total Household Products
19,255,403

Industrial Conglomerates – 2.3%

26,468
3M Co.
1,841,908

847,674
General Electric Company
22,624,419

58,292
Genuine Parts Company
2,313,027

Total Industrial Conglomerates
26,779,354

Insurance – 0.9%

46,402
Allstate Corporation
2,115,467

108,576
American International Group, Inc.
2,872,921

41,110
Arthur J. Gallagher & Co.
990,751

77,278
Fidelity National Title Group Inc., Class A
973,703

106,285
Marsh & McLennan Companies, Inc.
2,821,867

450
Mercury General Corporation
21,024

13,660
Unitrin, Inc.
376,606

Total Insurance
10,172,339

Internet & Catalog Retail – 0.6%

73,597
Amazon.com, Inc., (2)
5,396,868

60,351
IAC/InterActiveCorp., (2)
1,163,567

Total Internet & Catalog Retail
6,560,435

Internet Software & Services – 3.5%

3,996
Baidu.com, Inc. Sponsored ADR, (2)
1,250,588

200,021
Earthlink, Inc., (2)
1,730,182

253,844
eBay Inc., (2)
6,937,557

45,492
Google Inc., Class A, (2)
23,947,899

202,286
United Online, Inc.
2,028,929

198,206
Yahoo! Inc., (2)
4,094,936

Total Internet Software & Services
39,990,091

IT Services – 0.7%

98,836
Automatic Data Processing, Inc.
4,141,228

91,261
Electronic Data Systems Corporation
2,248,671

30,465
Fidelity National Information Services
1,124,463

Total IT Services
7,514,362

Leisure Equipment & Products – 0.2%

85,721
Mattel, Inc.
1,467,544

15,338
Polaris Industries Inc.
619,348

Total Leisure Equipment & Products
2,086,892

Machinery – 2.2%

105,735
Caterpillar Inc.
7,805,358

19,239
Deere & Company
1,387,709

53,350
Graco Inc.
2,031,035

24,503
Joy Global Inc.
1,858,062


Shares		Description (1)	Value
		Machinery (continued)

	76,240	SPX Corporation	$	10,043,095
	66,995	Timken Company		2,206,815

		Total Machinery		25,332,074
		Marine – 0.1%
	31,233	Eagle Bulk Shipping Inc.		923,560
		Media – 2.4%
	71,700	Clear Channel Communications, Inc.		2,523,840
	337,544	Comcast Corporation, Special Class A		6,332,325
	109,629	GateHouse Media, Inc.		269,687
	75,017	New York Times, Class A		1,154,512
	154,035	News Corporation, Class A		2,316,686
	60,605	Omnicom Group Inc.		2,719,952
	233,520	Regal Entertainment Group, Class A		3,568,186
	47,476	Viacom Inc., Class B, (2)		1,449,917
	175,022	Walt Disney Company		5,460,686
	159,513	Warner Music Group Corporation		1,138,923
	136,242	XM Satellite Radio Holdings Inc., Class A, (2)		1,068,137

		Total Media		28,002,851
		Metals & Mining – 1.9%
	52,002	Alcoa Inc.		1,852,311
	309,252	Companhia Siderurgica Nacional S.A., Sponsored ADR		13,733,881
	55,255	Southern Copper Corporation		5,891,841

		Total Metals & Mining		21,478,033
		Multiline Retail – 0.8%
	87,461	Federated Department Stores, Inc.		1,698,493
	93,832	Nordstrom, Inc.		2,843,110
	28,887	Sears Holding Corporation, (2)		2,127,816
	64,097	Target Corporation		2,979,870

		Total Multiline Retail		9,649,289
		Multi-Utilities – 1.5%
	205,356	Duke Energy Corporation		3,569,087
	88,459	National Fuel Gas Company		5,261,541
	95,961	ONEOK, Inc.		4,685,776
	84,949	Public Service Enterprise Group Incorporated		3,901,708

		Total Multi-Utilities		17,418,112
		Oil, Gas & Consumable Fuels – 7.0%
	21,311	Cheniere Energy Inc., (2)		93,129
	186,224	Chevron Corporation		18,460,385
	2,445	CNOOC Limited, Sponsored ADR		424,305
	92,089	ConocoPhillips		8,692,281
	41,492	Delta Petroleum Corporation, (2)		1,058,876
	485,656	Exxon Mobil Corporation, Sponsored ADR		42,800,863
	8,844	Hess Corporation		1,116,024
	16,750	Occidental Petroleum Corporation		1,505,155
	5,305	PetroChina Company Limited, Sponsored ADR		683,602
	15,562	Royal Dutch Shell PLC, Class A		1,271,571
	38,764	StatoilHydro ASA, Sponsored ADR		1,448,998
	42,794	XTO Energy, Inc.		2,931,817

		Total Oil, Gas & Consumable Fuels		80,487,006
		Pharmaceuticals – 5.9%
	156,479	Abbott Laboratories		8,288,693
	234,582	Bristol-Myers Squibb Company		4,815,968
	95,936	Eli Lilly and Company		4,428,406
	49,194	GlaxoSmithKline PLC, Sponsored ADR		2,175,359
	189,516	Johnson & Johnson		12,193,459
	376,271	Merck & Co. Inc.		14,181,654
	675,705	Pfizer Inc.		11,804,566



JSN		Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Pharmaceuticals (continued)

133,041
Schering-Plough Corporation
$ 2,619,577

144,862
Wyeth
6,947,582

Total Pharmaceuticals
67,455,264

Real Estate Investment Trust – 1.4%

46,873
Apartment Investment & Management Company, Class A
1,596,494

70,937
Brandywine Realty Trust
1,117,967

37,509
CBL & Associates Properties Inc.
856,706

114,294
DCT Industrial Trust Inc.
946,354

25,213
Developers Diversified Realty Corporation
875,143

59,500
Health Care REIT, Inc.
2,647,750

2,838
Hospitality Properties Trust
69,417

89,707
Lexington Corporate Properties Trust
1,222,706

49,728
Liberty Property Trust
1,648,483

112,648
Nationwide Health Properties, Inc.
3,547,286

136,993
U-Store-It Trust
1,637,066

Total Real Estate Investment Trust
16,165,372

Road & Rail – 0.2%

32,802
Union Pacific Corporation
2,476,551

Semiconductors & Equipment – 4.3%

91,711
Altera Corporation
1,898,418

106,522
Analog Devices, Inc.
3,384,204

254,657
Applied Materials, Inc.
4,861,402

138,379
Broadcom Corporation, Class A, (2)
3,776,363

898,943
Intel Corporation
19,309,296

28,178
Intersil Holding Corporation, Class A
685,289

73,345
Linear Technology Corporation
2,388,847

93,975
Marvell Technology Group Ltd., (2)
1,659,599

122,774
National Semiconductor Corporation
2,521,778

208,083
Texas Instruments Incorporated
5,859,617

132,395
Xilinx, Inc.
3,342,974

Total Semiconductors & Equipment
49,687,787

Software – 6.5%

83,887
Activision Inc., (2)
2,858,030

193,152
Adobe Systems Incorporated, (2)
7,608,257

48,624
Akamai Technologies, Inc., (2)
1,691,629

75,052
Autodesk, Inc., (2)
2,537,508

1,344,035
Microsoft Corporation
36,974,403

39,361
NAVTEQ Corporation, (2)
3,030,797

691,792
Oracle Corporation, (2)
14,527,632

41,248
SAP AG, Sponsored ADR
2,149,433

88,898
VeriSign, Inc., (2)
3,360,344

Total Software
74,738,033

Specialty Retail – 1.5%

24,433
Abercrombie & Fitch Co., Class A
1,531,460

61,372
American Eagle Outfitters, Inc.
836,500

92,630
Best Buy Co., Inc.
3,668,148

69,994
CarMax, Inc., (2)
993,215

70,971
Gap, Inc.
1,183,087

188,439
Home Depot, Inc.
4,413,241

131,990
Limited Brands, Inc.
2,224,032

110,413
Lowe’s Companies, Inc.
2,291,070

Total Specialty Retail
17,140,753


Shares			Description (1)								Value
			Thrifts & Mortgage Finance – 0.6%
	104,358		Countrywide Financial Corporation								$	443,522
	67,964		Federal Home Loan Mortgage Corporation									1,114,610
	78,963		Federal National Mortgage Association									1,540,568
	187,079		New York Community Bancorp, Inc.									3,337,489
	101,879		Washington Mutual, Inc.									502,263

			Total Thrifts & Mortgage Finance									6,938,452
			Tobacco – 1.6%
	198,523		Altria Group, Inc.									4,081,633
	42,914		Lorillard Inc.									2,967,932
	198,523		Philip Morris International, (2)									9,805,051
	45,154		Reynolds American Inc.									2,107,337

			Total Tobacco									18,961,953
			Wireless Telecommunication Services – 0.5%
	83,549		China Mobile Hong Kong Limited, Sponsored ADR									5,593,606

			Total Common Stocks (cost $913,434,752)									1,104,280,366

Principal
Amount (000)			Description (1)	Coupon			Maturity				Value
			Short-Term Investments – 6.1%
$	69,565		Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $69,567,413, collateralized by $58,465,000 U.S. Treasury Bonds, 6.250%, due 8/15/23, value $70,961,894		1.350%			7/01/08			$	69,564,804

			Total Short-Term Investments (cost $69,564,804)									69,564,804


			Total Investments (cost $982,999,556) – 102.5%									1,173,845,170

Number of				Notional			Expiration		Strike
Contracts			Type	Amount (3)			Date		Price		Value
			Call Options Written – (0.5)% (4)
	(1,220	)	Mini-NDX 100 Index	$	(23,790,000	)		7/19/08	$	195.0	$	(103,090	)
	(1,585	)	Mini-NDX 100 Index		(31,303,750	)		7/19/08		197.5		(77,665	)
	(870	)	Mini-NDX 100 Index		(17,400,000	)		7/19/08		200.0		(25,665	)
	(320	)	Mini-NDX 100 Index		(6,240,000	)		8/16/08		195.0		(90,240	)
	(1,673	)	Mini-NDX 100 Index		(33,041,750	)		8/16/08		197.5		(356,349	)
	(1,670	)	Mini-NDX 100 Index		(33,400,000	)		8/16/08		200.0		(263,025	)
	(232	)	NASDAQ 100 Index		(45,240,000	)		7/19/08		1,950		(197,200	)
	(159	)	NASDAQ 100 Index		(31,402,500	)		7/19/08		1,975		(79,500	)
	(123	)	NASDAQ 100 Index		(24,600,000	)		7/19/08		2,000		(35,055	)
	(154	)	NASDAQ 100 Index		(30,030,000	)		8/16/08		1,950		(435,820	)
	(148	)	NASDAQ 100 Index		(29,230,000	)		8/16/08		1,975		(315,240	)
	(1,451	)	S&P 500 Index		(195,885,000	)		7/19/08		1,350		(384,515	)
	(1,238	)	S&P 500 Index		(170,225,000	)		7/19/08		1,375		(92,850	)
	(698	)	S&P 500 Index		(97,720,000	)		7/19/08		1,400		(20,940	)
	(700	)	S&P 500 Index		(94,500,000	)		8/16/08		1,350		(819,000	)
	(700	)	S&P 500 Index		(96,250,000	)		8/16/08		1,375		(427,000	)
	(772	)	S&P 500 Index		(108,080,000	)		8/16/08		1,400		(212,300	)
	(772	)	S&P 500 Index		(104,220,000	)		9/20/08		1,350		(1,706,120	)

	(14,485	)	Total Call Options Written (premiums received $40,995,034)		(1,172,558,000	)						(5,641,574	)

			Other Assets Less Liabilities – (2.0)%									(23,416,691	)

			Net Assets – 100%								$	1,144,786,905


(1)		All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
(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.



JLA		Nuveen Equity Premium Advantage Fund Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Value
		Common Stocks – 97.5%
		Aerospace & Defense – 1.3%
	26,200	Boeing Company	$	1,721,864
	41,300	Honeywell International Inc.		2,076,564
	29,966	United Technologies Corporation		1,848,902

		Total Aerospace & Defense		5,647,330
		Air Freight & Logistics – 0.4%
	31,710	United Parcel Service, Inc., Class B		1,949,214
		Airlines – 0.2%
	44,700	Lan Airlines S.A, Sponsored ADR		457,728
	48,013	Southwest Airlines Co.		626,090

		Total Airlines		1,083,818
		Auto Components – 0.1%
	41,333	American Axle and Manufacturing Holdings Inc.		330,251
	49,461	Cooper Tire & Rubber		387,774

		Total Auto Components		718,025
		Automobiles – 0.3%
	87,695	Ford Motor Company, (2)		421,813
	19,783	General Motors Corporation		227,505
	14,900	Harley-Davidson, Inc.		540,274

		Total Automobiles		1,189,592
		Beverages – 0.9%
	39,700	Coca-Cola Company		2,063,606
	28,800	PepsiCo, Inc.		1,831,392

		Total Beverages		3,894,998
		Biotechnology – 5.1%
	69,655	Amgen Inc., (2)		3,284,930
	67,600	Biogen Idec Inc., (2)		3,778,164
	59,600	Celgene Corporation, (2)		3,806,652
	12,600	Cephalon, Inc., (2)		840,294
	31,799	Genzyme Corporation, (2)		2,290,164
	158,520	Gilead Sciences, Inc., (2)		8,393,634

		Total Biotechnology		22,393,838
		Capital Markets – 2.3%
	22,452	Bank of New York Company, Inc.		849,359
	72,720	Charles Schwab Corporation		1,493,669
	9,100	Goldman Sachs Group, Inc.		1,591,590
	89,700	JPMorgan Chase & Co.		3,077,607
	35,700	Morgan Stanley		1,287,699
	51,000	Waddell & Reed Financial, Inc., Class A		1,785,510

		Total Capital Markets		10,085,434
		Chemicals – 0.5%
	12,674	Dow Chemical Company		442,449
	44,813	E.I. Du Pont de Nemours and Company		1,922,030

		Total Chemicals		2,364,479
		Commercial Banks – 2.0%
	108,993	Bank of America Corporation		2,601,663
	38,433	FirstMerit Corporation		626,842
	73,513	Lloyds TSB Group PLC, Sponsored ADR		1,813,566
	10,376	Toronto-Dominion Bank		646,114
	63,800	U.S. Bancorp		1,779,382


Shares		Description (1)	Value
		Commercial Banks (continued)

	34,900	Wachovia Corporation	$	541,997
	40,776	Wells Fargo & Company		968,430

		Total Commercial Banks		8,977,994
		Commercial Services & Supplies – 1.1%
	4,940	Corporate Executive Board Company		207,727
	32,672	Deluxe Corporation		582,215
	20,400	Manpower Inc.		1,188,096
	29,775	Pitney Bowes Inc.		1,015,328
	24,714	R.R. Donnelley & Sons Company		733,759
	26,700	Resources Connection, Inc.		543,345
	17,200	Robert Half International Inc.		412,284

		Total Commercial Services & Supplies		4,682,754
		Communications Equipment – 8.4%
	459,280	Cisco Systems, Inc., (2)		10,682,853
	33,878	Comverse Technology, Inc., (2)		574,232
	59,568	Corning Incorporated		1,373,042
	29,400	Harris Corporation		1,484,406
	28,730	Motorola, Inc.		210,878
	323,872	QUALCOMM Inc.		14,370,201
	73,997	Research In Motion Limited, (2)		8,650,249

		Total Communications Equipment		37,345,861
		Computers & Peripherals – 10.8%
	209,206	Apple, Inc., (2)		35,029,449
	47,100	EMC Corporation, (2)		691,899
	100,200	Hewlett-Packard Company		4,429,842
	43,935	International Business Machines Corporation (IBM)		5,207,616
	23,041	McAfee Inc., (2)		784,085
	38,820	Netwwork Appliance Inc., (2)		840,841
	61,900	Sun Microsystems Inc., (2)		673,472

		Total Computers & Peripherals		47,657,204
		Consumer Finance – 0.3%
	18,700	American Express Company		704,429
	21,700	SLM Corporation, (2)		419,895

		Total Consumer Finance		1,124,324
		Containers & Packaging – 0.4%
	43,903	Packaging Corp. of America		944,354
	24,900	Sonoco Products Company		770,655

		Total Containers & Packaging		1,715,009
		Diversified Consumer Services – 0.3%
	11,893	ITT Educational Services, Inc., (2)		982,719
	35,000	Service Corporation International		345,100

		Total Diversified Consumer Services		1,327,819
		Diversified Financial Services – 0.9%
	88,243	Citigroup Inc.		1,478,953
	4,400	CME Group, Inc.		1,686,036
	20,000	Moody’s Corporation		688,800

		Total Diversified Financial Services		3,853,789
		Diversified Telecommunication Services – 2.3%
	220,695	AT&T Inc.		7,435,215
	25,413	Chunghwa Telecom Co., Ltd., Sponsored ADR		644,728
	72,955	Citizens Communications Company		827,310
	586	FairPoint Communications Inc.		4,225
	31,090	Verizon Communications Inc.		1,100,586

		Total Diversified Telecommunication Services		10,012,064



JLA		Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Electric Utilities – 0.8%

17,700
Covanta Holding Corporation, (2)
$ 472,413

21,600
Exelon Corporation
1,943,136

10,700
Huaneng Power International Inc., Sponsored ADR
295,855

30,400
OGE Energy Corp.
963,984

Total Electric Utilities
3,675,388

Electrical Equipment – 1.2%

26,000
Cooper Industries, Ltd., Class A, (2)
1,027,000

59,800
Emerson Electric Company
2,957,110

13,500
Hubbell Incorporated, Class B
538,245

13,700
Rockwell Automation, Inc.
599,101

Total Electrical Equipment
5,121,456

Electronic Equipment & Instruments – 1.0%

17,182
Agilent Technologies, Inc., (2)
610,648

26,404
Amphenol Corporation, Class A
1,185,012

48,857
Gentex Corporation
705,495

7,800
MEMC Electronic Materials, (2)
480,012

18,868
Roper Industries Inc.
1,243,024

3,560
Tyco Electronics, Limited
127,519

Total Electronic Equipment & Instruments
4,351,710

Energy Equipment & Services – 2.2%

30,000
Cooper Cameron Corporation, (2)
1,660,500

19,059
Diamond Offshore Drilling, Inc.
2,651,869

52,800
Halliburton Company
2,802,096

34,200
Smith International, Inc.
2,843,388

Total Energy Equipment & Services
9,957,853

Food & Staples Retailing – 1.2%

43,162
CVS Caremark Corporation
1,707,920

15,016
Kroger Co.
433,512

23,562
SUPERVALU INC.
727,830

15,400
Walgreen Co.
500,654

31,292
Wal-Mart Stores, Inc.
1,758,610

Total Food & Staples Retailing
5,128,526

Food Products – 1.4%

10,500
Archer-Daniels-Midland Company
354,375

47,193
Kraft Foods Inc.
1,342,641

27,800
Monsanto Company
3,515,032

64,658
Sara Lee Corporation
792,061

Total Food Products
6,004,109

Gas Utilities – 0.6%

47,295
Nicor Inc.
2,014,294

26,700
Piedmont Natural Gas Company
698,472

Total Gas Utilities
2,712,766

Health Care Equipment & Supplies – 1.7%

33,800
Applera Corporation-Applied Biosystems Group
1,131,624

34,400
Baxter International Inc.
2,199,536

55,100
Boston Scientific Corporation, (2)
677,179

38,000
ev3, Inc., (2)
360,240

3,702
Intuitive Surgical, Inc., (2)
997,319

12,200
Medtronic, Inc.
631,350

19,174
Saint Jude Medical Inc., (2)
783,833

11,687
Zimmer Holdings, Inc., (2)
795,300

Total Health Care Equipment & Supplies
7,576,381

Health Care Providers & Services – 0.9%

27,200
Brookdale Senior Living Inc.
553,792

22,698
Medco Health Solutions, Inc., (2)
1,071,346

82,800
Tenet Healthcare Corporation, (2)
460,368

18,700
UnitedHealth Group Incorporated
490,875


Shares		Description (1)	Value
		Health Care Providers & Services (continued)

	11,200	Universal Health Services, Inc., Class B	$	708,064
	14,593	Wellpoint Inc., (2)		695,502

		Total Health Care Providers & Services		3,979,947
		Hotels, Restaurants & Leisure – 1.7%
	18,429	Carnival Corporation		607,420
	26,904	International Game Technology		672,062
	45,500	McDonald’s Corporation		2,558,010
	111,220	Starbucks Corporation, (2)		1,750,603
	15,700	Starwood Hotels & Resorts Worldwide, Inc.		629,099
	27,491	Tim Hortons Inc.		788,717
	20,300	Wendy’s International, Inc.		552,566

		Total Hotels, Restaurants & Leisure		7,558,477
		Household Durables – 0.4%
	20,700	KB Home		350,451
	38,500	Newell Rubbermaid Inc.		646,415
	12,700	Whirlpool Corporation		783,971

		Total Household Durables		1,780,837
		Household Products – 1.0%
	75,195	Procter & Gamble Company		4,572,608
		Industrial Conglomerates – 1.3%
	13,364	3M Co.		930,001
	158,640	General Electric Company		4,234,102
	17,994	Genuine Parts Company		714,002

		Total Industrial Conglomerates		5,878,105
		Insurance – 1.2%
	15,228	AFLAC Incorporated		956,318
	63,270	American International Group, Inc.		1,674,124
	34,260	Fidelity National Title Group Inc., Class A		431,676
	30,179	Marsh & McLennan Companies, Inc.		801,252
	13,260	Prudential Financial, Inc.		792,152
	18,273	Travelers Companies, Inc.		793,048

		Total Insurance		5,448,570
		Internet & Catalog Retail – 1.1%
	52,639	Amazon.com, Inc., (2)		3,860,018
	50,620	IAC/InterActiveCorp., (2)		975,954

		Total Internet & Catalog Retail		4,835,972
		Internet Software & Services – 4.4%
	132,839	eBay Inc., (2)		3,630,490
	25,123	Google Inc., Class A, (2)		13,225,250
	20,000	IBasis, Inc.		65,600
	43,727	United Online, Inc.		438,582
	98,705	Yahoo! Inc., (2)		2,039,245

		Total Internet Software & Services		19,399,167
		IT Services – 1.3%
	32,440	Automatic Data Processing, Inc.		1,359,236
	41,600	Electronic Data Systems Corporation		1,025,024
	17,573	Fidelity National Information Services		648,619
	7,816	Global Payments Inc.		364,226
	13,350	Infosys Technologies Limited, Sponsored ADR		580,191
	61,190	Paychex, Inc.		1,914,023

		Total IT Services		5,891,319
		Leisure Equipment & Products – 0.1%
	26,523	Eastman Kodak Company		382,727
		Machinery – 1.9%
	29,600	Caterpillar Inc.		2,185,072
	8,259	Danaher Corporation		638,421



JLA		Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Machinery (continued)

6,600
Deere & Company
$ 476,058

15,700
Eaton Corporation
1,334,029

18,700
Graco Inc.
711,909

3,343
Ingersoll Rand Company Limited, Class A
125,128

21,330
SPX Corporation
2,809,801

Total Machinery
8,280,418

Media – 2.6%

32,300
Clear Channel Communications, Inc.
1,136,960

239,323
Comcast Corporation, Special Class A
4,489,699

33,800
Entercom Communications Corporation
237,276

8,600
Liberty Media Holding Corporation-Capital, Class A, (2)
123,840

33,200
Liberty Media Holding Corporation-Entertainment, Class A, (2)
804,436

12,933
Monster Worldwide Inc., (2)
266,549

62,500
News Corporation, Class A
940,000

20,400
Omnicom Group Inc.
915,552

65,946
Regal Entertainment Group, Class A
1,007,655

44,300
Time Warner Inc.
655,640

34,600
Walt Disney Company
1,079,520

Total Media
11,657,127

Metals & Mining – 1.4%

107,079
Companhia Siderurgica Nacional S.A., Sponsored ADR
4,755,378

14,778
Southern Copper Corporation
1,575,778

Total Metals & Mining
6,331,156

Multiline Retail – 0.9%

25,000
Family Dollar Stores, Inc.
498,500

23,753
Federated Department Stores, Inc.
461,283

16,800
J.C. Penney Company, Inc.
609,672

12,439
Kohl’s Corporation, (2)
498,058

13,297
Sears Holding Corporation, (2)
979,457

16,500
Target Corporation
767,085

Total Multiline Retail
3,814,055

Multi-Utilities – 0.4%

61,600
Duke Energy Corporation
1,070,608

15,502
Integrys Energy Group, Inc.
787,967

26
National Grid PLC, Sponsored ADR
1,715

Total Multi-Utilities
1,860,290

Oil, Gas & Consumable Fuels – 5.3%

14,400
A/S Steamship Company Torm, Sponsored ADR
504,144

15,200
Cheniere Energy Inc., (2)
66,424

70,620
Chevron Corporation
7,000,561

27,800
ConocoPhillips
2,624,042

20,800
Delta Petroleum Corporation, (2)
530,816

136,446
Exxon Mobil Corporation
12,024,986

9,400
XTO Energy, Inc.
643,994

Total Oil, Gas & Consumable Fuels
23,394,967

Paper & Forest Products – 0.1%

23,723
International Paper Company
552,746

Pharmaceuticals – 4.1%

34,630
Abbott Laboratories
1,834,351

9,300
Allergan, Inc.
484,065

77,186
Bristol-Myers Squibb Company
1,584,629

29,208
Eli Lilly and Company
1,348,241

8,855
GlaxoSmithKline PLC, ADR
391,568

43,843
Johnson & Johnson
2,820,859

99,822
Merck & Co. Inc.
3,762,291

182,940
Pfizer Inc.
3,195,962


Shares		Description (1)	Value
		Pharmaceuticals (continued)

	33,686	Schering-Plough Corporation	$	663,277
	38,806	Wyeth		1,861,136

		Total Pharmaceuticals		17,946,379
		Real Estate Investment Trust – 1.0%
	13,700	Apartment Investment & Management Company, Class A		466,622
	72,400	DCT Industrial Trust Inc.		599,472
	12,300	Developers Diversified Realty Corporation		426,933
	51,777	Nationwide Health Properties, Inc.		1,630,458
	41,422	Senior Housing Properties Trust		808,972
	54,500	U-Store-It Trust		651,275

		Total Real Estate Investment Trust		4,583,732
		Road & Rail – 0.4%
	17,500	Burlington Northern Santa Fe Corporation		1,748,075
		Semiconductors & Equipment – 5.7%
	97,900	Advanced Micro Devices, Inc., (2)		570,757
	55,763	Altera Corporation		1,154,294
	15,765	Analog Devices, Inc.		500,854
	110,180	Applied Materials, Inc.		2,103,336
	144,000	Atmel Corporation, (2)		501,120
	67,900	Broadcom Corporation, Class A, (2)		1,852,991
	18,900	Cymer, Inc., (2)		508,032
	47,717	Cypress Semiconductor Corporation, (2)		1,180,996
	39,437	Fairchild Semiconductor International Inc., Class A, (2)		462,596
	46,242	Integrated Device Technology, Inc., (2)		459,645
	185,950	Intel Corporation		3,994,206
	20,531	Intersil Holding Corporation, Class A		499,314
	70,275	Linear Technology Corporation		2,288,857
	126,303	LSI Logic Corporation, (2)		775,500
	52,100	National Semiconductor Corporation		1,070,134
	27,401	Novellus Systems, Inc., (2)		580,627
	85,235	NVIDIA Corporation, (2)		1,595,599
	85,400	Qimonda AG, Sponsored ADR, (2)		203,252
	110,442	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR		1,204,922
	13,849	Tessera Technologies Inc., (2)		226,708
	79,714	Texas Instruments Incorporated		2,244,746
	33,502	Varian Semiconductor Equipment Associate, (2)		1,166,540
	2,103	Verigy Limited, (2)		47,759

		Total Semiconductors & Equipment		25,192,785
		Software – 9.0%
	60,364	Activision Inc., (2)		2,056,601
	100,430	Adobe Systems Incorporated, (2)		3,955,938
	28,690	Akamai Technologies, Inc., (2)		998,125
	28,718	Autodesk, Inc., (2)		970,956
	27,633	CA Inc.		638,046
	74,410	Cadence Design Systems, Inc., (2)		751,541
	62,757	CNET Networks, Inc., (2)		721,078
	638,901	Microsoft Corporation		17,576,167
	8,453	NAVTEQ Corporation, (2)		650,881
	490,178	Oracle Corporation, (2)		10,293,738
	8,038	SAP AG, Sponsored ADR		418,860
	38,088	Satyam Computer Services Limited, Sponsored ADR		933,918

		Total Software		39,965,849
		Specialty Retail – 1.4%
	28,650	Best Buy Co., Inc.		1,134,540
	50,492	Gap, Inc.		841,702
	36,934	Home Depot, Inc.		864,994
	40,900	Limited Brands, Inc.		689,165
	30,900	Lowe’s Companies, Inc.		641,175



JLA		Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Specialty Retail (continued)

28,938
TJX Companies, Inc.
$ 910,679

37,616
Urban Outfitters, Inc., (2)
1,173,243

Total Specialty Retail
6,255,498

Textiles Apparel & Luxury Goods – 0.1%

14,000
Coach, Inc., (2)
404,320

Thrifts & Mortgage Finance – 0.1%

17,500
Federal Home Loan Mortgage Corporation
287,000

19,669
Federal National Mortgage Association
383,742

Total Thrifts & Mortgage Finance
670,742

Tobacco – 1.1%

68,196
Altria Group, Inc.
1,402,110

68,196
Philip Morris International, (2)
3,368,200

Total Tobacco
4,770,310

Wireless Telecommunication Services – 0.9%

45,119
China Mobile Hong Kong Limited, Sponsored ADR
3,020,717

36,448
Vodafone Group PLC, Sponsored ADR
1,073,758

Total Wireless Telecommunication Services
4,094,475

Total Common Stocks (cost $338,217,722)
431,802,388

Principal

Amount (000) Description (1) Coupon Maturity Value

Short-Term Investments – 5.3%

$ 23,326
Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $23,327,023, collateralized by $22,420,000 U.S. Treasury Notes, 6.000%, due 8/15/09, value $23,793,225
1.350% 7/01/08 23,326,148

Total Short-Term Investments (cost $23,326,148)
23,326,148

Total Investments (cost $361,543,870) – 102.8%
455,128,536

Number of
Notional
Expiration
Strike

Contracts Type Amount (3) Date Price Value

Call Options Written – (0.6)% (4)

(785 )
Mini-NDX 100 Index
$ (15,307,500 ) 7/19/08 $ 195.0 $ (66,333 )

(1,345 )
Mini-NDX 100 Index
(26,563,750 ) 7/19/08 197.5 (65,905 )

(630 )
Mini-NDX 100 Index
(12,600,000 ) 7/19/08 200.0 (18,585 )

(230 )
Mini-NDX 100 Index
(4,485,000 ) 8/16/08 195.0 (64,860 )

(1,490 )
Mini-NDX 100 Index
(29,427,500 ) 8/16/08 197.5 (317,370 )

(204 )
NASDAQ 100 Index
(39,780,000 ) 7/19/08 1,950 (173,400 )

(138 )
NASDAQ 100 Index
(27,255,000 ) 7/19/08 1,975 (69,000 )

(74 )
NASDAQ 100 Index
(14,800,000 ) 7/19/08 2,000 (21,090 )

(101 )
NASDAQ 100 Index
(19,695,000 ) 8/16/08 1,950 (285,830 )

(120 )
NASDAQ 100 Index
(23,700,000 ) 8/16/08 1,975 (255,600 )

(131 )
NASDAQ 100 Index
(26,200,000 ) 8/16/08 2,000 (206,325 )

(360 )
S&P 500 Index
(48,600,000 ) 7/19/08 1,350 (95,400 )

(307 )
S&P 500 Index
(42,212,500 ) 7/19/08 1,375 (23,025 )

(174 )
S&P 500 Index
(24,360,000 ) 7/19/08 1,400 (5,220 )

(185 )
S&P 500 Index
(24,975,000 ) 8/16/08 1,350 (216,450 )

(185 )
S&P 500 Index
(25,437,500 ) 8/16/08 1,375 (112,850 )

(201 )
S&P 500 Index
(28,140,000 ) 8/16/08 1,400 (55,275 )

(201 )
S&P 500 Index
(27,135,000 ) 9/20/08 1,350 (444,210 )

(6,861 )
Total Call Options Written (premiums received $17,524,932)
(460,673,750 ) (2,496,728 )

Other Assets Less Liabilities – (2.2)%
(9,687,767 )

Net Assets – 100%
$ 442,944,041


(1)		All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
(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.



JPG		Nuveen Equity Premium and Growth Fund Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Value
		Common Stocks – 97.2%
		Aerospace & Defense – 1.9%
	25,768	Boeing Company	$	1,693,473
	4,500	Goodrich Corporation		213,570
	33,500	Honeywell International Inc.		1,684,380
	5,496	Raytheon Company		309,315
	25,203	United Technologies Corporation		1,555,025

		Total Aerospace & Defense		5,455,763
		Air Freight & Logistics – 0.3%
	15,798	United Parcel Service, Inc., Class B		971,103
		Airlines – 0.2%
	12,144	AMR Corporation-DEL, (2)		62,177
	3,200	Continental Airlines, inc., (2)		32,352
	55,105	Lan Airlines S.A, Sponsored ADR		564,275

		Total Airlines		658,804
		Auto Components – 0.1%
	24,800	American Axle and Manufacturing Holdings Inc.		198,152
	9,310	Cooper Tire & Rubber		72,990

		Total Auto Components		271,142
		Automobiles – 0.2%
	45,242	Ford Motor Company, (2)		217,614
	35,600	General Motors Corporation		409,400

		Total Automobiles		627,014
		Beverages – 1.5%
	44,948	Coca-Cola Company		2,336,397
	31,844	PepsiCo, Inc.		2,024,960

		Total Beverages		4,361,357
		Biotechnology – 0.6%
	6,508	Celgene Corporation, (2)		415,666
	560	Cephalon, Inc., (2)		37,346
	3,005	Genentech, Inc., (2)		228,080
	17,019	Gilead Sciences, Inc., (2)		901,156
	2,730	Invitrogen Corporation, (2)		107,180
	10,546	PDL Biopahrma Inc.		111,999

		Total Biotechnology		1,801,427
		Capital Markets – 3.2%
	62,385	Charles Schwab Corporation		1,281,388
	24,811	Federated Investors Inc.		853,995
	11,429	Goldman Sachs Group, Inc.		1,998,932
	90,178	JPMorgan Chase & Co.		3,094,007
	33,567	Morgan Stanley		1,210,762
	22,422	Waddell & Reed Financial, Inc., Class A		784,994

		Total Capital Markets		9,224,078
		Chemicals – 2.2%
	24,470	Chemtura Corporation		142,905
	56,173	Dow Chemical Company		1,960,999
	47,395	E.I. Du Pont de Nemours and Company		2,032,772
	5,835	Eastman Chemical Company		401,798
	29,107	Olin Corporation		762,021



JPG		Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Chemicals (continued)

13,161
PPG Industries, Inc.
$ 755,047

10,283
RPM International, Inc.
211,830

Total Chemicals
6,267,372

Commercial Banks – 3.9%

124,776
Bank of America Corporation
2,978,403

24,420
Comerica Incorporated
625,885

25,852
First Horizon National Corporation
192,080

8,605
FirstMerit Corporation
140,348

9,110
HSBC Holdings PLC, Sponsored ADR
698,737

49,105
Huntington BancShares Inc.
283,336

58,291
Regions Financial Corporation
635,955

96,551
U.S. Bancorp
2,692,807

75,340
Wachovia Corporation
1,170,030

75,026
Wells Fargo & Company
1,781,868

Total Commercial Banks
11,199,449

Commercial Services & Supplies – 0.3%

13,262
Avery Dennison Corporation
582,600

19,872
Deluxe Corporation
354,119

Total Commercial Services & Supplies
936,719

Communications Equipment – 2.3%

136,624
Cisco Systems, Inc., (2)
3,177,874

42,658
Corning Incorporated
983,267

20,792
Motorola, Inc.
152,613

49,232
QUALCOMM Inc.
2,184,424

550
Research In Motion Limited, (2)
64,295

Total Communications Equipment
6,562,473

Computers & Peripherals – 4.6%

25,205
Apple, Inc., (2)
4,220,325

42,123
Dell Inc., (2)
921,651

58,247
EMC Corporation, (2)
855,648

65,768
Hewlett-Packard Company
2,907,603

35,500
International Business Machines Corporation (IBM)
4,207,815

Total Computers & Peripherals
13,113,042

Consumer Finance – 0.2%

10,349
American Express Company
389,847

640
Visa Inc.
52,038

Total Consumer Finance
441,885

Containers & Packaging – 0.2%

21,200
Packaging Corp. of America
456,012

Diversified Consumer Services – 0.0%

3,078
Apollo Group, Inc., (2)
136,232

Diversified Financial Services – 1.5%

143,304
Citigroup Inc.
2,401,775

3,292
CME Group, Inc.
1,261,461

2,523
Intercontinental Exchange Inc., (2)
287,622

5,207
New York Stock Exchange Euronext
263,787

Total Diversified Financial Services
4,214,645

Diversified Telecommunication Services – 3.8%

4,000
Alaska Communications Systems Group Inc.
47,760

147,861
AT&T Inc.
4,981,437

81,953
Citizens Communications Company
929,347

3,700
Compania Anonima Nacional Telefonos de Venezuela, Sponsored ADR
41,613

7,463
FairPoint Communications Inc.
53,808


Shares		Description (1)	Value
		Diversified Telecommunication Services (continued)

	46,221	Sprint Nextel Corporation	$	439,100
	124,392	Verizon Communications Inc.		4,403,477

		Total Diversified Telecommunication Services		10,896,542
		Electric Utilities – 1.8%
	28,310	Ameren Corporation		1,195,531
	2,414	Companhia Energetica de Minas Gerais, Sponsored ADR		59,264
	24,452	Consolidated Edison, Inc.		955,829
	66,284	Great Plains Energy Incorporated		1,675,660
	26,735	Progress Energy, Inc.		1,118,325

		Total Electric Utilities		5,004,609
		Electrical Equipment – 1.3%
	8,053	Cooper Industries, Ltd., Class A, (2)		318,094
	60,000	Emerson Electric Company		2,967,000
	110	First Solar Inc., (2)		30,010
	2,000	Hubbell Incorporated, Class B		79,740
	6,417	Rockwell Automation, Inc.		280,615

		Total Electrical Equipment		3,675,459
		Electronic Equipment & Instruments – 0.2%
	9,421	MEMC Electronic Materials, (2)		579,768
		Energy Equipment & Services – 4.2%
	12,700	Baker Hughes Incorporated		1,109,218
	3,264	Carbo Ceramics Inc.		190,454
	3,196	Diamond Offshore Drilling, Inc.		444,691
	34,006	Halliburton Company		1,804,698
	17,916	National-Oilwell Varco Inc., (2)		1,589,508
	10,000	Noble Corporation		649,600
	37,639	Schlumberger Limited		4,043,558
	11,347	Smith International, Inc.		943,390
	2,000	Tidewater Inc.		130,060
	8,347	Transocean Inc., (2)		1,271,999

		Total Energy Equipment & Services		12,177,176
		Food & Staples Retailing – 1.9%
	31,368	CVS Caremark Corporation		1,241,232
	23,637	SUPERVALU INC.		730,147
	56,986	Wal-Mart Stores, Inc.		3,202,613
	14,890	Whole Foods Market, Inc.		352,744

		Total Food & Staples Retailing		5,526,736
		Food Products – 1.2%
	986	Archer-Daniels-Midland Company		33,278
	41,300	ConAgra Foods, Inc.		796,264
	48,088	Kraft Foods Inc.		1,368,104
	9,534	Monsanto Company		1,205,479

		Total Food Products		3,403,125
		Gas Utilities – 0.5%
	35,390	Nicor Inc.		1,507,260
		Health Care Equipment & Supplies – 0.7%
	9,938	Baxter International Inc.		635,436
	9,046	Boston Scientific Corporation, (2)		111,175
	2,840	Hologic Inc., (2)		61,912
	2,280	Lincare Holdings, (2)		64,752
	19,245	Medtronic, Inc.		995,929

		Total Health Care Equipment & Supplies		1,869,204
		Health Care Providers & Services – 1.2%
	12,303	Aetna Inc.		498,641
	30,791	Brookdale Senior Living Inc.		626,905
	7,142	Express Scripts, Inc., (2)		447,946



JPG		Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Health Care Providers & Services (continued)

540
Henry Schein Inc., (2)
$ 27,848

1,723
Humana Inc., (2)
68,524

7,521
Medco Health Solutions, Inc., (2)
354,991

17,342
Tenet Healthcare Corporation, (2)
96,422

34,501
UnitedHealth Group Incorporated
905,651

9,569
Wellpoint Inc., (2)
456,059

Total Health Care Providers & Services
3,482,987

Hotels, Restaurants & Leisure – 1.0%

6,073
International Game Technology
151,704

37,449
McDonald’s Corporation
2,105,383

12,813
Tim Hortons Inc.
367,605

10,200
Wendy’s International, Inc.
277,644

Total Hotels, Restaurants & Leisure
2,902,336

Household Durables – 0.9%

5,583
Black & Decker Corporation
321,078

1,658
KB Home
28,070

13,500
Kimball International Inc., Class B
111,780

3,450
Lennar Corporation, Class A
42,573

39,679
Newell Rubbermaid Inc.
666,210

12,000
Snap-on Incorporated
624,120

13,500
Stanley Works
605,205

2,527
Whirlpool Corporation
155,992

Total Household Durables
2,555,028

Household Products – 2.5%

8,897
Colgate-Palmolive Company
614,783

20,000
Kimberly-Clark Corporation
1,195,600

87,659
Procter & Gamble Company
5,330,544

Total Household Products
7,140,927

Industrial Conglomerates – 3.6%

19,540
3M Co.
1,359,789

296,601
General Electric Company
7,916,280

29,620
Genuine Parts Company
1,175,322

Total Industrial Conglomerates
10,451,391

Insurance – 2.7%

59,887
American International Group, Inc.
1,584,610

52,053
Arthur J. Gallagher & Co.
1,254,477

52,891
Fidelity National Title Group Inc., Class A
666,427

36,741
Lincoln National Corporation
1,665,102

21,461
Marsh & McLennan Companies, Inc.
569,790

17,648
Mercury General Corporation
824,515

2,841
Prudential Financial, Inc.
169,721

16,400
Travelers Companies, Inc.
711,760

13,560
Unitrin, Inc.
373,849

Total Insurance
7,820,251

Internet & Catalog Retail – 0.4%

14,348
Amazon.com, Inc., (2)
1,052,139

Internet Software & Services – 1.9%

29,263
eBay Inc., (2)
799,758

6,671
Google Inc., Class A, (2)
3,511,748

31,757
United Online, Inc.
318,523

40,985
Yahoo! Inc., (2)
846,750

Total Internet Software & Services
5,476,779


Shares		Description (1)	Value
		IT Services – 0.5%
	27,033	Automatic Data Processing, Inc.	$	1,132,683
	5,374	Fidelity National Information Services		198,354
	20,473	Standard Register Company		193,060

		Total IT Services		1,524,097
		Leisure Equipment & Products – 0.7%
	21,206	Eastman Kodak Company		306,003
	74,919	Mattel, Inc.		1,282,613
	8,000	Polaris Industries Inc.		323,040

		Total Leisure Equipment & Products		1,911,656
		Life Sciences Tools & Services – 0.0%
	470	Covance, Inc., (2)		40,429
		Machinery – 1.9%
	22,658	Briggs & Stratton Corporation		287,303
	30,000	Caterpillar Inc.		2,214,600
	1,896	Cummins Inc.		124,226
	19,204	Deere & Company		1,385,185
	11,436	Illinois Tool Works Inc.		543,324
	22,211	Ingersoll Rand Company Limited, Class A		831,358
	3,000	Pentair, Inc.		105,060

		Total Machinery		5,491,056
		Media – 1.4%
	1,500	Clear Channel Communications, Inc.		52,800
	25,763	Comcast Corporation, Class A		488,724
	25,770	Entercom Communications Corporation		180,905
	5,070	Lamar Advertising Company, (2)		182,672
	61,923	New York Times, Class A		952,995
	76,486	Regal Entertainment Group, Class A		1,168,706
	65,184	Sirius Satellite Radio Inc.		125,153
	50,823	World Wrestling Entertainment Inc.		786,232

		Total Media		3,938,187
		Metals & Mining – 1.5%
	18,415	Companhia Siderurgica Nacional S.A., Sponsored ADR		817,810
	2,072	CONSOL Energy Inc.		232,831
	11,210	Freeport-McMoRan Copper & Gold, Inc.		1,313,700
	523	Mittal Steel Company NV		51,814
	15,180	Southern Copper Corporation		1,618,643
	1,443	United States Steel Corporation		266,638

		Total Metals & Mining		4,301,436
		Multiline Retail – 0.3%
	7,921	Nordstrom, Inc.		240,006
	15,837	Target Corporation		736,262

		Total Multiline Retail		976,268
		Multi-Utilities – 1.8%
	26,500	CenterPoint Energy, Inc.		425,325
	25,128	Dominion Resources, Inc.		1,193,329
	76,000	Duke Energy Corporation		1,320,880
	33,554	Integrys Energy Group, Inc.		1,705,550
	10,500	ONEOK, Inc.		512,715

		Total Multi-Utilities		5,157,799
		Oil, Gas & Consumable Fuels – 12.5%
	4,793	Chesapeake Energy Corporation		316,146
	68,900	Chevron Corporation		6,830,056
	43,011	ConocoPhillips		4,059,808
	3,896	EOG Resources, Inc.		511,155
	176,981	Exxon Mobil Corporation		15,597,335
	13,013	Frontline Limited		908,047
	4,081	Hess Corporation		514,981



JPG		Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

Shares Description (1) Value

Oil, Gas & Consumable Fuels (continued)

20,290
Marathon Oil Corporation
$ 1,052,442

36,819
Occidental Petroleum Corporation
3,308,555

2,836
Peabody Energy Corporation
249,710

31,228
Ship Financial International Limited
922,163

1,547
Southwestern Energy Company, (2)
73,653

36,647
StatoilHydro ASA, Sponsored ADR
1,369,865

2,037
Valero Energy Corporation
83,884

2,646
XTO Energy, Inc.
181,277

Total Oil, Gas & Consumable Fuels
35,979,077

Paper & Forest Products – 0.6%

31,000
Weyerhaeuser Company
1,585,340

Personal Products – 0.3%

23,000
Avon Products, Inc.
828,460

Pharmaceuticals – 8.1%

65,000
Abbott Laboratories
3,443,050

1,126
AstraZeneca Group, Sponsored ADR
47,889

136,126
Bristol-Myers Squibb Company
2,794,667

30,800
Eli Lilly and Company
1,421,728

86,663
Johnson & Johnson
5,575,896

92,934
Merck & Co. Inc.
3,502,682

235,000
Pfizer Inc.
4,105,450

10,693
Sanofi-Aventis, Sponsored ADR
355,328

34,752
Schering-Plough Corporation
684,267

1,180
Teva Pharmaceutical Industries Limited, Sponsored ADR
54,044

29,480
Wyeth
1,413,861

Total Pharmaceuticals
23,398,862

Real Estate Investment Trust – 2.0%

27,659
Ashford Hospitality Trust Inc.
127,785

40,525
Brandywine Realty Trust
638,674

27,744
CapLease Inc.
207,803

46,856
Hospitality Properties Trust
1,146,098

73,822
Lexington Corporate Properties Trust
1,006,194

53,300
Nationwide Health Properties, Inc.
1,678,417

20,000
Senior Housing Properties Trust
390,600

51,252
U-Store-It Trust
612,461

Total Real Estate Investment Trust
5,808,032

Road & Rail – 0.9%

39,500
CSX Corporation
2,480,995

Semiconductors & Equipment – 2.7%

31,000
Analog Devices, Inc.
984,870

35,573
Applied Materials, Inc.
679,089

171,768
Intel Corporation
3,689,577

36,128
Microchip Technology Incorporated
1,103,349

20,469
NVIDIA Corporation, (2)
383,180

28,464
Texas Instruments Incorporated
801,546

Total Semiconductors & Equipment
7,641,611

Software – 3.8%

16,693
Adobe Systems Incorporated, (2)
657,537

2,401
Akamai Technologies, Inc., (2)
83,531

6,711
Autodesk, Inc., (2)
226,899

5,003
Cognizant Technology Solutions Corporation, Class A, (2)
162,648

233,666
Microsoft Corporation
6,428,151

9,000
NAVTEQ Corporation, (2)
693,000

107,815
Oracle Corporation, (2)
2,264,115

1,202
Salesforce.com, Inc., (2)
82,012

11,068
VeriSign, Inc., (2)
418,370

Total Software
11,016,263


Shares		Description (1)					Value
		Specialty Retail – 1.5%
	6,450	Abercrombie & Fitch Co., Class A					$	404,286
	25,500	American Eagle Outfitters, Inc.						347,565
	10,075	Best Buy Co., Inc.						398,970
	14,956	Gap, Inc.						249,317
	63,870	Home Depot, Inc.						1,495,835
	11,072	Limited Brands, Inc.						186,563
	7,442	Lowe’s Companies, Inc.						154,422
	7,300	Sherwin-Williams Company						335,289
	8,263	Talbots, Inc.						95,768
	2,993	Tiffany & Co.						121,965
	12,000	TJX Companies, Inc.						377,640

		Total Specialty Retail						4,167,620
		Textiles, Apparel & Luxury Goods – 0.5%
	3,330	Cherokee Inc.						67,100
	19,758	VF Corporation						1,406,374

		Total Textiles, Apparel & Luxury Goods						1,473,474
		Thrifts & Mortgage Finance – 0.8%
	26,634	Federal Home Loan Mortgage Corporation						436,798
	36,483	Federal National Mortgage Association						711,783
	58,864	New York Community Bancorp, Inc.						1,050,134

		Total Thrifts & Mortgage Finance						2,198,715
		Tobacco – 2.0%
	65,586	Altria Group, Inc.						1,348,448
	43,273	Philip Morris International, (2)						2,137,253
	3,000	Reynolds American Inc.						140,010
	28,638	UST Inc.						1,563,921
	38,056	Vector Group Ltd.						613,843

		Total Tobacco						5,803,475
		Trading Companies & Distributors – 0.1%
	2,380	W.W. Grainger, Inc.						194,684
		Wireless Telecommunication Services – 0.3%
	32,000	Vodafone Group PLC, Sponsored ADR						942,720

		Total Common Stocks (cost $271,568,995)						279,080,490

Principal
Amount (000)		Description (1)	Coupon		Maturity		Value
		Short-Term Investments – 4.3%
$	12,514	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $12,514,173, collateralized by $865,000 U.S. Treasury Notes, 5.000%, due 8/15/11, value $934,200, $3,790,000 U.S. Treasury Notes, 3.875%, due 2/15/13, value $3,936,863, $3,775,000 U.S. Treasury Notes, 4.000%, due 2/15/15, value $3,935,438, $3,780,000 U.S. Treasury Notes, 4.500%, due 5/15/17, value $3,959,550		1.350%		7/01/08		12,513,704

		Total Short-Term Investments (cost $12,513,704)						12,513,704

		Total Investments (cost $284,082,699) – 101.5%						291,594,194



JPG		Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Number of				Notional			Expiration		Strike
Contracts			Type	Amount (3)			Date		Price		Value
			Call Options Written – (0.4)% (4)
	(400	)	S&P 500 Index	$	(54,000,000	)		7/19/08	$	1,350	$	(106,000	)
	(336	)	S&P 500 Index		(46,200,000	)		7/19/08		1,375		(25,200	)
	(198	)	S&P 500 Index		(27,720,000	)		7/19/08		1,400		(5,940	)
	(191	)	S&P 500 Index		(25,785,000	)		8/16/08		1,350		(223,470	)
	(191	)	S&P 500 Index		(26,262,500	)		8/16/08		1,375		(116,510	)
	(212	)	S&P 500 Index		(29,680,000	)		8/16/08		1,400		(58,300	)
	(213	)	S&P 500 Index		(28,755,000	)		9/20/08		1,350		(470,730	)

	(1,741	)	Total Call Options Written (premium received $7,542,838)		(238,402,500	)						(1,006,150	)

			Other Assets Less Liabilities – (1.1)%									(3,420,070	)

			Net Assets – 100%								$	287,167,974


(1)		All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
(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.



		Statement of ASSETS & LIABILITIES June 30, 2008 (Unaudited)


	Equity			Equity			Equity			Equity
	Premium			Premium			Premium			Premium
	Income			Opportunity			Advantage			and Growth
	(JPZ)			(JSN)			(JLA)			(JPG)
Assets
Investments, at value (cost $586,249,797, $982,999,556, $361,543,870 and $284,082,699, respectively)	$	663,990,182		$	1,173,845,170		$	455,128,536		$	291,594,194
Receivables:
Call options closed		1,141,720			—			—			2,419,483
Dividends		1,190,157			1,559,222			402,858			525,475
Interest		1,480			2,609			875			469
Reclaims		—			1,941			2,088			1,599
Other assets		36,582			55,576			21,714			14,632

Total assets		666,360,121			1,175,464,518			455,556,071			294,555,852

Liabilities
Call options written, at value (premiums received $20,999,485, $40,995,034, $17,524,932 and $7,542,838, respectively)		2,799,005			5,641,574			2,496,728			1,006,150
Accrued expenses:
Management fees		321,730			554,739			259,721			213,201
Other		190,741			362,531			148,868			92,171
Dividends payable:		13,352,739			24,118,769			9,706,713			6,076,356

Total liabilities		16,664,215			30,677,613			12,612,030			7,387,878

Net assets	$	649,695,906		$	1,144,786,905		$	442,944,041		$	287,167,974

Shares outstanding		38,682,087			66,537,837			26,114,541			16,536,342

Net asset value per share outstanding	$	16.80		$	17.21		$	16.96		$	17.37


Net assets consist of:

Shares, $.01 par value per share	$	386,821		$	665,378		$	261,145		$	165,363
Paid-in surplus		589,439,301			1,009,666,264			396,671,399			282,275,348
Undistributed (Over-distribution of) net investment income		(23,802,296	)		(46,004,967	)		(20,191,140	)		(10,677,105	)
Accumulated net realized gain (loss) from investments, foreign currencies and call options written		(12,268,785	)		(45,738,844	)		(42,410,233	)		1,356,185
Net unrealized appreciation (depreciation) of investments, foreign currencies and call options written		95,940,865			226,199,074			108,612,870			14,048,183

Net assets	$	649,695,906		$	1,144,786,905		$	442,944,041		$	287,167,974

Authorized shares		Unlimited			Unlimited			Unlimited			Unlimited

See accompanying notes to financial statements.



		Statement of OPERATIONS Six months ended June 30, 2008 (Unaudited)


	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 $3,346, $46,614, $3,963 and $20,677, respectively)	$	8,952,752		$	12,746,029		$	3,581,933		$	4,008,706
Interest		394,764			650,317			229,465			135,894

Total investment income		9,347,516			13,396,346			3,811,398			4,144,600

Expenses
Management fees		2,974,393			5,114,479			2,021,853			1,308,279
Shareholders’ servicing agent fees and expenses		597			917			269			155
Custodian’s fees and expenses		62,467			103,707			56,304			33,120
Trustees’ fees and expenses		8,158			11,711			5,402			2,695
Professional fees		20,849			33,578			16,426			12,356
Shareholders’ reports – printing and mailing expenses		67,702			122,062			42,635			26,492
Stock exchange listing fees		6,930			12,013			4,585			4,639
Investor relations expense		58,800			105,198			39,023			19,224
Other expenses		29,522			123,095			79,558			23,880

Total expenses before custodian fee credit and expense reimbursement		3,229,418			5,626,760			2,266,055			1,430,840
Custodian fee credit		(10,152	)		(15,385	)		(4,297	)		(3,572	)
Expense reimbursement		(1,015,124	)		(1,769,156	)		(456,580	)		—

Net expenses		2,204,142			3,842,219			1,805,178			1,427,268

Net investment income		7,143,374			9,554,127			2,006,220			2,717,332

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currencies		(5,561,899	)		(12,342,558	)		963,482			(211,002	)
Option contracts written		48,036,509			71,603,014			23,538,314			17,584,322
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currencies		(88,535,864	)		(128,239,814	)		(55,512,661	)		(42,967,361	)
Option contracts written		11,626,100			22,244,315			9,148,047			4,138,885

Net realized and unrealized gain (loss)		(34,435,154	)		(46,735,043	)		(21,862,818	)		(21,455,156	)

Net increase (decrease) in net assets from operations	$	(27,291,780	)	$	(37,180,916	)	$	(19,856,598	)	$	(18,737,824	)

See accompanying notes to financial statements.



		Statement of CHANGES in NET ASSETS (Unaudited)


	Equity Premium						Equity Premium
	Income (JPZ)						Opportunity (JSN)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	6/30/08			12/31/07			6/30/08			12/31/07
Operations
Net investment income	$	7,143,374		$	16,953,460		$	9,554,127		$	23,817,103
Net realized gain (loss) from:
Investments and foreign currencies		(5,561,899	)		(13,563,781	)		(12,342,558	)		(18,391,814	)
Call options written		48,036,509			22,261,445			71,603,014			20,438,733
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currencies		(88,535,864	)		20,276,394			(128,239,814	)		98,725,088
Call options written		11,626,100			8,645,145			22,244,315			9,298,040

Net increase (decrease) in net assets from operations		(27,291,780	)		54,572,663			(37,180,916	)		133,887,150

Distributions to Shareholders
From and in excess of net investment income		(30,945,670	)		—			(55,559,094	)		—
From net investment income		—			(20,649,838	)		—			(23,107,788	)
Tax return of capital		—			(45,224,870	)		—			(94,982,869	)

Decrease in net assets from distributions to shareholders		(30,945,670	)		(65,874,708	)		(55,559,094	)		(118,090,657	)

Capital Share Transactions
Offering costs adjustments		—			—			—			—
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		—			3,555,475			—			7,009,592

Net increase (decrease) in net assets		(58,237,450	)		(7,746,570	)		(92,740,010	)		22,806,085

Net assets at the beginning of period		707,933,356			715,679,926			1,237,526,915			1,214,720,830

Net assets at the end of period	$	649,695,906		$	707,933,356		$	1,144,786,905			1,237,526,915

Undistributed (Over-distribution of) net investment income at the end of period	$	(23,802,296	)	$	—		$	(46,004,967	)	$	—

See accompanying notes to financial statements.

Statement of
CHANGES in NET ASSETS (continued) (Unaudited)


	Equity Premium						Equity Premium
	Advantage (JLA)						and Growth (JPG)
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	6/30/08			12/31/07			6/30/08			12/31/07
Operations
Net investment income	$	2,006,220		$	5,736,038		$	2,717,332		$	11,136,925
Net realized gain (loss) from:
Investments and foreign currencies		963,482			(10,102,981	)		(211,002	)		(5,678,097	)
Call options written		23,538,314			1,293,676			17,584,322			8,652,428
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currencies		(55,512,661	)		54,682,070			(42,967,361	)		4,660,601
Call options written		9,148,047			1,454,582			4,138,885			3,137,058

Net increase (decrease) in net assets from operations		(19,856,598	)		53,063,385			(18,737,824	)		21,908,915

Distributions to Shareholders
From and in excess of net investment income		(22,197,360	)		—			(13,394,437	)		—
From net investment income		—			(5,456,558	)		—			(13,005,997	)
Tax return of capital		—			(41,746,860	)		—			(13,774,719	)

Decrease in net assets from distributions to shareholders		(22,197,360	)		(47,203,418	)		(13,394,437	)		(26,780,716	)

Capital Share Transactions
Offering costs adjustments		—			—			—			(11,071	)
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		—			4,357,324			—			603,030

Net increase (decrease) in net assets		(42,053,958	)		10,217,291			(32,132,261	)		(4,268,771	)

Net assets at the beginning of period		484,997,999			474,780,708			319,300,235			323,569,006

Net assets at the end of period	$	442,944,041		$	484,997,999		$	287,167,974		$	319,300,235

Undistributed (Over-distribution of) net investment income at the end of period	$	(20,191,140	)	$	—		$	(10,677,105	)	$	—

See accompanying notes to financial statements.



		Notes to FINANCIAL STATEMENTS (Unaudited)


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. The value of options written are based on the last sale price in the case of exchange-traded options or, in the case of options traded in the OTC market, the last asked price. If the pricing service is unable to supply a price for an investment or derivative instrument the Funds may use market quotes provided by major broker/dealers in such investments. If it is determined that the market price for an investment or derivative instrument is unavailable or inappropriate, the Fund’s Board of Trustees, or its designee, may establish fair value in accordance with procedures established in good faith by the Board of Trustees. Short-term investments are valued at amortized cost, which approximates market 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.

Effective June 29, 2007, the Funds adopted Financial Accounting Standards Board (FASB) Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be



		Notes to FINANCIAL STATEMENTS (continued) (Unaudited)

taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., a greater than 50-percent likelihood) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold may result in a tax expense in the current year.

Implementation of FIN 48 required management of the Funds to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states. Open tax years are those that are open for examination by taxing authorities (i.e., generally, the last four tax year ends and the interim tax period since then). The Funds have no examinations in progress.

For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Funds has reviewed all tax positions taken or expected to be taken in the preparation of the Funds’ tax returns and concluded the adoption of FIN 48 resulted in no impact to the Funds’ net assets or results of operations as of and during the six months ended June 30, 2008.

The Funds are 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 financial statements contained in the annual report as of December 31 each year.

The actual character of distributions made by the Funds during the fiscal year ended December 31, 2007, is reflected in the accompanying financial statements.

The distributions made by the Funds during the six months ended June 30, 2008, are provisionally classified as being “From and in excess of net investment income”, and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end. For purposes of calculating “Undistributed (Over-distribution of) net investment income” as of June 30, 2008, the distribution amounts provisionally classified as “From and in excess of net investment income” were treated as being entirely from net investment income. Consequently, the financial statements at June 30, 2008, reflect an over-distribution of net investment income.

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 on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions. The gains or losses resulting from changes in foreign exchange rates, if any, are included in “Realized gain (loss) from investments and foreign currencies” and “Change in net unrealized appreciation (depreciation) of investments and foreign currencies” on the Statement of Operations.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments and 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.

Option Transactions

Each Fund is authorized to purchase index put options and write (sell) index call options. The purchase of put options involves the risk of loss of all or part of the cash paid for the options. Put options purchased are accounted for in the same manner as portfolio securities.

When a Fund writes a call 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 the Fund enters into a closing purchase transaction. When a call 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 writer of a call option, bears the risk of an unfavorable change in the market value of the security or index underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

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, Fair Value Measurements (SFAS 157). SFAS 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.

The following is a summary of each Fund’s fair value measurements as of June 30, 2008:


JPZ	Level 1			Level 2		Level 3		Total
Investments	$	663,990,182		$	—	$	—	$	663,990,182
Call options written		(2,799,005	)		—		—		(2,799,005	)

Total	$	661,191,177		$	—	$	—	$	661,191,177



		Notes to FINANCIAL STATEMENTS (continued) (Unaudited)

JSN Level 1 Level 2 Level 3 Total

Investments
$ 1,173,845,170 $ — $ — $ 1,173,845,170

Call options written
(5,641,574 ) — — (5,641,574 )

Total
$ 1,168,203,596 $ — $ — $ 1,168,203,596


JLA	Level 1			Level 2		Level 3		Total
Investments	$	455,128,536		$	—	$	—	$	455,128,536
Call options written		(2,496,728	)		—		—		(2,496,728	)

Total	$	452,631,808		$	—	$	—	$	452,631,808


JPG	Level 1			Level 2		Level 3		Total
Investments	$	291,552,581		$	41,613	$	—	$	291,594,194
Call options written		(1,006,150	)		—		—		(1,006,150	)

Total	$	290,546,431		$	41,613	$	—	$	290,588,044


3.	Fund Shares

Transactions in shares were as follows:

Equity Premium

Income (JPZ)

Opportunity (JSN)

Six Months

Year

Six Months

Year

Ended

6/30/08

12/31/07

6/30/08

12/31/07

Shares issued to shareholders due
to reinvestment of distributions

—

191,170

—

381,737

Equity Premium

Advantage (JLA)

and Growth (JPG)

Six Months

Year

Six Months

Year

Ended

6/30/08

12/31/07

6/30/08

12/31/07

Shares issued to shareholders due
to reinvestment of distributions

—

236,789

—

31,102


4.	Investment Transactions

Purchases and sales (excluding put options, call options written and short-term investments) during the six months ended June 30, 2008, were as follows:

Equity

Premium

Income

Opportunity

Advantage

and Growth

(JPZ)

(JSN)

(JLA)

(JPG)

Purchases

$49,901,235

$104,762,178

$30,339,245

$35,948,268

Sales

10,848,543

42,691,771

10,980,683

23,432,119

Transactions in call options written during the six months ended June 30, 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 period		4,652			$22,205,750			12,991			$41,558,293
Options written		17,155			59,324,857			48,572			110,395,253
Options terminated in closing purchase transactions		(12,851	)		(44,086,928	)		(35,108	)		(79,875,502	)
Options expired		(4,106	)		(16,444,194	)		(11,970	)		(31,083,010	)

Outstanding, end of period		4,850			$20,999,485			14,485			$40,995,034


	Equity Premium						Equity Premium
	Advantage (JLA)						and Growth (JPG)
	Number of			Premiums			Number of			Premiums
	Contracts			Received			Contracts			Received

Outstanding, beginning of period		5,908			$17,591,180			1,711			$8,134,443
Options written		23,235			45,726,866			6,210			21,581,858
Options terminated in closing purchase transactions		(18,091	)		(32,003,944	)		(4,771	)		(16,504,184	)
Options expired		(4,191	)		(13,789,170	)		(1,409	)		(5,669,279	)

Outstanding, end of period		6,861			$17,524,932			1,741			$7,542,838


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 June 30, 2008, the cost of investments (excluding call options written) was as follows:

Equity

Premium

Income

Opportunity

Advantage

and Growth

(JPZ)

(JSN)

(JLA)

(JPG)

Cost of Investments

$586,249,826

$982,999,587

$361,543,879

$284,082,699

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding call options written) at June 30, 2008, were as follows:


	Equity			Equity			Equity			Equity
	Premium			Premium			Premium			Premium
	Income			Opportunity			Advantage			and Growth
	(JPZ)			(JSN)			(JLA)			(JPG)
Gross unrealized:
Appreciation		$143,408,007			$282,260,465			$123,477,783			$39,960,151
Depreciation		(65,667,651	)		(91,414,882	)		(29,893,126	)		(32,448,656	)

Net unrealized appreciation (depreciation) of investments		$77,740,356			$190,845,583			$93,584,657			$7,511,495

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2007, the Funds’ last tax year end, were as follows:

Equity

Premium

Income

Opportunity

Advantage

and Growth

(JPZ)

(JSN)

(JLA)

(JPG)

Undistributed net ordinary income *

$ —

Undistributed net long-term capital gains

—


*	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’ last tax year ended December 31, 2007, was designated for purposes of the dividends paid deduction as follows:

Equity

Premium

Income

Opportunity

Advantage

and Growth

(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.



		Notes to FINANCIAL STATEMENTS (continued) (Unaudited)

At December 31, 2007, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:


	Equity		Equity		Equity		Equity
	Premium		Premium		Premium		Premium
	Income		Opportunity		Advantage		and Growth
	(JPZ)		(JSN)		(JLA)		(JPG)
Expiration:
December 31, 2013		$ 2,993,379		$ —		$ —		$ —
December 31, 2014		48,509,922		88,351,637		49,316,814		14,840,175
December 31, 2015		—		9,003,505		13,730,872		—

Total		$51,503,301		$97,355,142		$63,047,686		$14,840,175


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 table below. As of June 30, 2008, the complex-level fee rate was .1868%.

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 Managed Assets (“Managed Assets” means the average daily net assets of each fund including assets attributable to preferred stock issued by or borrowings by the Nuveen funds) of Nuveen sponsored funds in the U.S.

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 portion of the Fund’s investment portfolio allocated to common stocks. 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.



		Notes to FINANCIAL STATEMENTS (continued) (Unaudited)

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.

Related Party Holdings

Nuveen is owned by an investor group led by Madison Dearborn Partners, LLC. An affiliate of Merrill Lynch & Co., as part of this investor group, owns more than 5% of Nuveen’s common stock. As a result, Merrill Lynch is an indirect “affiliated person” (as that term is defined in the Investment Company Act of 1940) of each Fund.

At June 30, 2008, Equity Premium Income (JPZ) owned 26,500 shares of Merrill Lynch and Co., Inc. common stock with a market value of $840,315. Total income earned by Equity Premium Income (JPZ) from such securities amounted to $18,550, and is included in dividend income on the Statement of Operations.


7.	New Accounting Pronouncement

Financial Accounting Standards Board Statement of Financial Accounting Standards 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 June 30, 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.


8.	Subsequent Events

Common Share Repurchases

The Board of Directors/Trustees for each of Nuveen’s 120 closed-end funds approved a program, effective August 7, 2008, under which each fund may repurchase up to 10% of its common shares.



		Financial HIGHLIGHTS (Unaudited) 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(f)	$	18.30		$.18	******	$	(.88	)	$	(.70	)	$	(.80	)******		$ —		$	—		$	(.80	)	$	—			$16.80	$	14.94
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(f)		18.60		.14	******		(.69	)		(.55	)		(.84	)******		—			—			(.84	)		—			17.21	$	15.35
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(f)		18.57		.08	******		(.84	)		(.76	)		(.85	)******		—			—			(.85	)		—			16.96	$	15.35
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(f)		19.31		.16	******		(1.29	)		(1.13	)		(.81	)******		—			—			(.81	)		—			17.37	$	15.37
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


						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



	(4.11	)%		(3.87	)%	$	649,696		.96	%*****		1.81	%*****		.65	%*****		2.11	%*****		2	%
	(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





	(.91	)		(3.00	)		1,144,787		.96	*****		1.32	*****		.65	*****		1.62	*****		4
	(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





	(1.48	)		(4.11	)		442,944		.99	*****		.68	*****		.79	*****		.88	*****		2
	(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





	(5.58	)		(5.92	)		287,168		.95	*****		1.80	*****		.95	*****		1.80	*****		8
	(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	*****		—


*	Tax Return of Capital rounds to less than $.01 per share.
**	Offering Costs 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.
******	Represents distributions paid “From and in excess of net investment income” for the six months ended June 30, 2008.
(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.
(f)	For the six months ended June 30, 2008.

See accompanying notes to financial statements.

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 28-29, 2008 (the “May Meeting”), the Boards of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include the investment advisory agreements between Nuveen Asset Management (“NAM”) and each Fund and the sub-advisory agreements between NAM and Gateway Investment Advisers, LLC (the “Sub-Adviser”). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 23, 2008 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the applicable advisory agreements (each an “Investment Management Agreement”) and sub-advisory agreements (each a “Sub-Advisory Agreement,” and each Investment Management Agreement and Sub-Advisory Agreement, an “Advisory Agreement”), as described in further detail below, the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Adviser (NAM and the Sub-Adviser are each a “Fund Adviser”), including absolute performance, fee and expense information for the Funds as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Investment Management Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, NAM’s organization and business; the types of services that NAM or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line. With respect to personnel, the Independent Board Members evaluated the background, experience and track record of the Fund Adviser’s investment personnel. In this regard, the Independent Board Members considered the additional investment in personnel to support Nuveen fund advisory activities, including in operations, product

management and marketing as well as related fund support functions, including sales, executive, finance, human resources and information technology. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate NAM’s ability to attract and retain high quality investment personnel.

In evaluating the services of NAM, the Independent Board Members also considered NAM’s oversight of the performance, business activities and compliance of the Sub-Adviser, the ability to supervise the Funds’ other service providers and given the importance of compliance, NAM’s compliance program. Among other things, the Independent Board Members considered the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.

In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support.

The Independent Board Members reviewed an evaluation of the Sub-Adviser from NAM, including information as to the process followed by NAM in evaluating sub-advisers. The evaluation also included information relating to the Sub-Adviser’s organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Funds, developments affecting the Sub-Adviser, and an analysis of the Sub-Adviser. As described in further detail below, the Board considered the performance of each Fund. The Board also recognized that the Sub-Advisory Agreements were essentially agreements for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Funds. In addition, the Independent Board Members noted that they anticipate visiting each sub-adviser to the Nuveen funds at least once over the course of a multiple-year rotation. The Independent Board Members further noted that NAM recommended the renewal of the applicable Sub-Advisory Agreements and considered the basis for such recommendations and any qualifications in connection therewith.

In addition to the foregoing services, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, its secondary market support activities and the costs of such activities. The Independent Board Members recognized Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to timely provide information and education to financial advisers and investors; providing advertising and marketing for the closed-end funds; maintaining its closed-end fund website; and providing educational seminars. With respect to closed-end funds that utilize leverage through the issuance of auction rate preferred securities (“ARPS”), the Board has recognized the unprecedented market conditions in the auction rate market industry with the failure of the auction process. The Independent Board Members noted Nuveen’s efforts and the resources and personnel employed to analyze the situation, explore potential alternatives and develop and implement solutions that serve the interests of the affected funds and all of their respective shareholders. The Independent Board Members further noted Nuveen’s commitment and efforts to keep investors and financial advisers informed as to its progress in addressing the ARPS situation through, among other things, conference calls, press releases, and information posted on its website as well as its refinancing activities. The Independent Board Members also noted Nuveen’s continued support for holders of preferred shares of its closed-end funds by, among other things, seeking distribution for preferred shares with new market participants, managing relations with remarketing agents and the broker community, maintaining the leverage and risk management of leverage and maintaining systems necessary to test compliance with rating agency criteria.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Funds under the Investment Management Agreement or Sub-Advisory Agreement, as applicable, were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board considered the investment performance of each Fund, including the Fund’s historic performance as well as its performance compared to funds with similar investment objectives (the “Performance Peer Group”) based on data

Annual Investment

Management Agreement

APPROVAL PROCESS (continued)

provided by an independent third party (as described below). In addition, the Independent Board Members reviewed the respective Fund’s historic performance compared to recognized and/or customized benchmarks (as applicable).

In evaluating the performance information, the Board considered whether the Fund has operated within its investment objectives and parameters and the impact that the investment mandates may have had on performance. In addition, in comparing a Fund’s performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund’s investment objectives and strategies thereby hindering a meaningful comparison of the fund’s performance with that of the Performance Peer Group. These Performance Peer Groups include those for the Funds.

The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund’s Performance Peer Group as well as recognized and/or customized benchmarks (as appropriate) for the one-, three- and five-year periods (as applicable) ending December 31, 2007 and with the Fund’s Performance Peer Group for the quarter, one-, three-, and five- year periods ending March 31, 2008 (as applicable). This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings. Based on their review, the Independent Board Members determined that the respective Fund’s investment performance over time had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees (which take into account breakpoints), net management fees (which take into account fee waivers or reimbursements) and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the gross management fees, net management fees (after waivers and/or reimbursements) and total expense ratios (before and after waivers) of a comparable universe of unaffiliated funds based on data provided by an independent data provider (the “Peer Universe”) and/or a more focused subset of funds therein (the “Peer Group”). The Independent Board Members further reviewed data regarding the construction of Peer Groups as well as the methods of measurement for the fee and expense analysis and the performance analysis. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the size of the Fund relative to peers, the size and particular composition of the Peer Group, the investment objectives of the peers, expense anomalies, and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. The Independent Board Members also considered, among other things, the differences in the use of leverage. In addition, in reviewing the fee schedule for a Fund, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent

Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Adviser, the Independent Board Members also considered the pricing schedule or fees that the Sub-Adviser charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable. The Independent Board Members also noted that with respect to sub-advisers unaffiliated with Nuveen, such as the Sub-Adviser, such fees were the result of arm’s-length negotiations.

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years and the allocation methodology used in preparing the profitability data. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members considered Nuveen’s profitability compared with other fund sponsors prepared by two independent third party service providers as well as comparisons of the revenues, expenses and profit margins of various unaffiliated management firms with similar amounts of assets under management prepared by Nuveen.

In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations.

Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business.

Based on its review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided. With respect to funds with sub-advisers unaffiliated with Nuveen, such as the Funds, the Independent Board Members also considered the sub-adviser’s revenues, expenses (including the basis for allocating expenses) and profitability margins (pre- and post-tax). Based on their review, the Independent Board Members were satisfied that the Sub-Adviser’s level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base. The Independent Board Members therefore considered

Annual Investment

Management Agreement

APPROVAL PROCESS (continued)

whether the Funds have appropriately benefited from any economies of scale and whether there is potential realization of any further economies of scale. In considering economies of scale, the Independent Board Members have recognized that economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. Notwithstanding the foregoing, one method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Accordingly, the Independent Board Members reviewed and considered the fund-level breakpoints in the advisory fee schedules that reduce advisory fees. In this regard, given that the Funds are closed-end funds, the Independent Board Members recognized that although the Funds may from time to time make additional share offerings, the growth in their assets will occur primarily through appreciation of each such Fund’s investment portfolio.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex, including the Funds, are reduced as the assets in the fund complex reach certain levels. In evaluating the complex-wide fee arrangement, the Independent Board Members recognized that the complex-wide fee schedule was recently revised in 2007 to provide for additional fee savings to shareholders and considered the amended schedule. The Independent Board Members further considered that the complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Based on their review, the Independent Board Members concluded that the breakpoint schedule and complex-wide fee arrangement were acceptable and desirable in providing benefits from economies of scale to shareholders.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered revenues received by affiliates of NAM for serving as agent at Nuveen’s preferred trading desk and for serving as a co-manager in the initial public offering of new closed-end exchange traded funds.

In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions.

The Board also considered that while the Sub-Adviser may select brokers that provide it with research services, it is the Sub-Adviser’s current practice not to receive soft dollar credits in connection with trades executed for the Funds.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Investment Management Agreements and Sub-Advisory Agreements are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Investment Management Agreements and the Sub-Advisory Agreements be renewed.

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.

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.

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	*Market Yield (also known as Dividend Yield or Current Yield):* Market yield 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.

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. No shares were repurchased during the period covered by this report. 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.

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, Rittenhouse, Santa Barbara, Symphony and Tradewinds. In total, the Company managed $152 billion of assets on June 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.

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ESA-D-0608D

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

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.

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s 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.

(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 to this filing.

(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.


	JPZ	JSN	JLA	JPG
Approval of the Board Members was reached as follows:
	Common	Common	Common	Common
	Shares	Shares	Shares	Shares
John P. Amboian
For	34,303,126	60,291,076	23,326,571		13,380,050
Withhold	705,156	1,656,776	496,839		394,247

Total	35,008,282	61,947,852	23,823,410		13,774,297

William C. Hunter
For	34,290,091	60,296,446	23,316,397		13,379,115
Withhold	718,191	1,651,406	507,013		395,182

Total	35,008,282	61,947,852	23,823,410		13,774,297

David J. Kundert
For	34,294,407	60,276,350	23,318,436		13,376,803
Withhold	713,875	1,671,502	504,974		397,494

Total	35,008,282	61,947,852	23,823,410		13,774,297

Terence J. Toth
For	34,298,222	60,293,809	23,321,299		13,380,297
Withhold	710,060	1,654,043	502,111		394,000

Total	35,008,282	61,947,852	23,823,410		13,774,297


Semi-Annual Report June 30, 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


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(Registrant) Nuveen Equity Premium and Growth Fund
By (Signature and Title)*	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary



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



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


*		Print the name and title of each signing officer under his or her signature.