UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number   811-21809

Nuveen Equity Premium and Growth Fund

(Exact name of registrant as specified in charter)

     333 West Wacker Drive, Chicago, Illinois 60606     
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary
     333 West Wacker Drive, Chicago, Illinois 60606     
(Name and address of agent for service)

Registrant’s telephone number, including area code:      312-917-7700     

Date of fiscal year end:        12/31      

Date of reporting period:    3/31/2008   

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

TABLE OF CONTENTS

	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES
Certifications

Item 1. Schedule of Investments

Nuveen Equity Premium and Growth Fund (Unaudited)

Portfolio of Investments (JPG)
March 31, 2008

Shares			Description (1)							Value
			Common Stocks – 97.7%
			Aerospace & Defense – 2.1%
	25,638		Boeing Company							$	1,906,698
	4,500		Goodrich Corporation								258,795
	33,500		Honeywell International Inc.								1,890,070
	5,096		Raytheon Company								329,253
	25,093		United Technologies Corporation								1,726,900
			Total Aerospace & Defense								6,111,716
			Air Freight & Logistics – 0.4%
	15,798		United Parcel Service, Inc., Class B								1,153,570
			Airlines – 0.3%
	3,200		Continental Airlines, Inc., (2)								61,536
	55,105		Lan Airlines S.A.								778,083
			Total Airlines								839,619
			Auto Components – 0.2%
	24,800		American Axle and Manufacturing Holdings Inc.								508,400
	9,310		Cooper Tire & Rubber								139,371
			Total Auto Components								647,771
			Automobiles – 0.2%
	35,600		General Motors Corporation								678,180
			Beverages – 1.7%
	44,948		Coca-Cola Company								2,735,985
	31,284		PepsiCo, Inc.								2,258,705
			Total Beverages								4,994,690
			Biotechnology – 0.1%
	2,875		Genentech, Inc., (2)								233,393
			Building Products – 0.2%
	13,961		American Standard Companies Inc.								640,810
			Capital Markets – 3.4%
	62,385		Charles Schwab Corporation								1,174,710
	24,811		Federated Investors Inc.								971,599
	11,309		Goldman Sachs Group, Inc.								1,870,396
	90,178		JPMorgan Chase & Co.								3,873,145
	33,567		Morgan Stanley								1,534,012
	22,422		Waddell & Reed Financial, Inc., Class A								720,419
			Total Capital Markets								10,144,281
			Chemicals – 2.2%
	24,470		Chemtura Corporation								179,610
	56,173		Dow Chemical Company								2,069,975
	47,395		E.I. Du Pont de Nemours and Company								2,216,190
	5,835		Eastman Chemical Company								364,396
	29,107		Olin Corporation								575,154
	13,161		PPG Industries, Inc.								796,372
	10,283		RPM International, Inc.								215,326
			Total Chemicals								6,417,023
			Commercial Banks – 5.7%
	124,776		Bank of America Corporation								4,730,258
	22,526		Citizens Republic Bancorp.								279,998
	24,420		Comerica Incorporated								856,654
	30,005		First Horizon National Corporation								420,370
	8,605		FirstMerit Corporation								177,779
	9,110		HSBC Holdings PLC, Sponsored ADR								749,753
	69,089		Huntington BancShares Inc.								742,707
	57,028		National City Corporation								567,429
	58,291		Regions Financial Corporation								1,151,247
	96,551		U.S. Bancorp								3,124,390
	75,340		Wachovia Corporation								2,034,180
	75,026		Wells Fargo & Company								2,183,257
			Total Commercial Banks								17,018,022
			Commercial Services & Supplies – 0.3%
	13,262		Avery Dennison Corporation								653,154
	19,872		Deluxe Corporation								381,741
			Total Commercial Services & Supplies								1,034,895
			Communications Equipment – 2.1%
	130,484		Cisco Systems, Inc., (2)								3,143,360
	42,658		Corning Incorporated								1,025,498
	1,000		Plantronics Inc.								19,310
	48,492		QUALCOMM Inc.								1,988,172
			Total Communications Equipment								6,176,340
			Computers & Peripherals – 4.1%
	25,205		Apple, Inc., (2)								3,616,918
	37,473		Dell Inc., (2)								746,462
	58,247		EMC Corporation, (2)								835,262
	65,768		Hewlett-Packard Company								3,002,967
	33,670		International Business Machines Corporation (IBM)								3,876,764
			Total Computers & Peripherals								12,078,373
			Containers & Packaging – 0.2%
	21,200		Packaging Corp. of America								473,396
			Diversified Financial Services – 1.6%
	143,304		Citigroup Inc.								3,069,572
	3,292		CME Group, Inc.								1,544,277
			Total Diversified Financial Services								4,613,849
			Diversified Telecommunication Services – 4.0%
	4,000		Alaska Communications Systems Group Inc.								48,960
	147,861		AT&T Inc.								5,663,076
	140,258		Citizens Communications Company								1,471,306
	3,700		Compania Anonima Nacional Telefonos de Venezuela								47,040
	5,021		FairPoint Communications Inc.								45,289
	129,500		Verizon Communications Inc.								4,720,275
			Total Diversified Telecommunication Services								11,995,946
			Electric Utilities – 1.7%
	28,310		Ameren Corporation								1,246,772
	2,367		Companhia Energetica de Minas Gerais								42,701
	24,452		Consolidated Edison, Inc.								970,744
	66,284		Great Plains Energy Incorporated								1,633,901
	26,735		Progress Energy, Inc.								1,114,850
			Total Electric Utilities								5,008,968
			Electrical Equipment – 1.3%
	8,053		Cooper Industries, Ltd., Class A								323,328
	60,000		Emerson Electric Co.								3,087,600
	2,000		Hubbell Incorporated, Class B								87,380
	6,417		Rockwell Automation, Inc.								368,464
			Total Electrical Equipment								3,866,772
			Electronic Equipment & Instruments – 0.2%
	9,421		MEMC Electronic Materials, (2)								667,949
			Energy Equipment & Services – 3.2%
	12,700		Baker Hughes Incorporated								869,950
	3,264		Carbo Ceramics Inc.								130,886
	3,196		Diamond Offshore Drilling, Inc.								372,014
	34,006		Halliburton Company								1,337,456
	17,916		National-Oilwell Varco Inc., (2)								1,045,936
	10,000		Noble Corporation								496,700
	37,639		Schlumberger Limited								3,274,593
	11,347		Smith International, Inc.								728,818
	2,000		Tidewater Inc.								110,220
	7,837		Transocean Inc.								1,059,562
			Total Energy Equipment & Services								9,426,135
			Food & Staples Retailing – 1.8%
	31,368		CVS Caremark Corporation								1,270,718
	23,637		SUPERVALU INC.								708,637
	56,846		Wal-Mart Stores, Inc.								2,994,647
	14,330		Whole Foods Market, Inc.								472,460
			Total Food & Staples Retailing								5,446,462
			Food Products – 0.8%
	41,300		ConAgra Foods, Inc.								989,135
	48,088		Kraft Foods Inc.								1,491,209
			Total Food Products								2,480,344
			Gas Utilities – 0.4%
	35,390		Nicor Inc.								1,185,919
			Health Care Equipment & Supplies – 0.5%
	9,368		Baxter International Inc.								541,658
	17,305		Medtronic, Inc.								837,043
			Total Health Care Equipment & Supplies								1,378,701
			Health Care Providers & Services – 1.1%
	12,173		Aetna Inc.								512,362
	30,791		Brookdale Senior Living Inc.								735,905
	4,802		Express Scripts, Inc., (2)								308,865
	6,193		Medco Health Solutions, Inc., (2)								271,191
	34,501		UnitedHealth Group Incorporated								1,185,454
	6,178		Wellpoint Inc., (2)								272,635
			Total Health Care Providers & Services								3,286,412
			Hotels, Restaurants & Leisure – 1.0%
	6,073		International Game Technology								244,195
	37,449		McDonald’s Corporation								2,088,531
	12,813		Tim Hortons Inc.								436,283
	10,200		Wendy’s International, Inc.								235,212
			Total Hotels, Restaurants & Leisure								3,004,221
			Household Durables – 1.0%
	5,583		Black & Decker Corporation								369,036
	13,500		Kimball International Inc., Class B								144,720
	39,679		Newell Rubbermaid Inc.								907,459
	12,000		Snap-on Incorporated								610,200
	13,500		Stanley Works								642,870
	2,527		Whirlpool Corporation								219,293
			Total Household Durables								2,893,578
			Household Products – 2.7%
	8,897		Colgate-Palmolive Company								693,165
	20,000		Kimberly-Clark Corporation								1,291,000
	87,659		Procter & Gamble Company								6,142,266
			Total Household Products								8,126,431
			Industrial Conglomerates – 4.6%
	19,540		3M Co.								1,546,591
	296,601		General Electric Company								10,977,203
	29,620		Genuine Parts Company								1,191,316
			Total Industrial Conglomerates								13,715,110
			Insurance – 3.1%
	59,887		American International Group, Inc.								2,590,113
	52,053		Arthur J. Gallagher & Co.								1,229,492
	52,891		Fidelity National Title Group Inc., Class A								969,492
	36,741		Lincoln National Corporation								1,910,532
	21,461		Marsh & McLennan Companies, Inc.								522,575
	17,648		Mercury General Corporation								781,983
	16,400		Travelers Companies, Inc.								784,740
	13,560		Unitrin, Inc.								479,210
			Total Insurance								9,268,137
			Internet & Catalog Retail – 0.3%
	h14,348		Amazon.com, Inc., (2)								1,023,012
			Internet Software & Services – 1.9%
	28,343		eBay Inc., (2)								845,755
	6,671		Google Inc., Class A, (2)								2,938,375
	53,728		United Online, Inc.								567,368
	40,765		Yahoo! Inc., (2)								1,179,331
			Total Internet Software & Services								5,530,829
			IT Services – 0.5%
	27,033		Automatic Data Processing, Inc.								1,145,929
	5,374		Fidelity National Information Services								204,964
	24,017		Standard Register Company								187,092
			Total IT Services								1,537,985
			Leisure Equipment & Products – 0.7%
	21,206		Eastman Kodak Company								374,710
	75,693		Mattel, Inc.								1,506,291
	8,000		Polaris Industries Inc.								328,080
			Total Leisure Equipment & Products								2,209,081
			Machinery – 2.0%
	24,801		Briggs & Stratton Corporation								443,938
	30,000		Caterpillar Inc.								2,348,700
	19,204		Deere & Company								1,544,770
	11,436		Illinois Tool Works Inc.								551,558
	19,000		Ingersoll Rand Company Limited, Class A								847,020
	3,000		Pentair, Inc.								95,700
			Total Machinery								5,831,686
			Media – 1.4%
	1,500		Clear Channel Communications, Inc.								43,830
	25,770		Entercom Communications Corporation								255,896
	4,590		Lamar Advertising Company								164,919
	63,253		New York Times, Class A								1,194,217
	76,486		Regal Entertainment Group, Class A								1,475,415
	59,243		World Wrestling Entertainment Inc.								1,102,512
			Total Media								4,236,789
			Metals & Mining – 1.4%
	25,691		Companhia Siderurgica Nacional S.A., Sponsored ADR								924,619
	11,210		Freeport-McMoRan Copper & Gold, Inc.								1,078,626
	523		Mittal Steel Company NV								42,781
	18,937		Southern Copper Corporation								1,966,229
			Total Metals & Mining								4,012,255
			Multiline Retail – 0.3%
	7,921		Nordstrom, Inc.								258,225
	15,307		Target Corporation								775,759
			Total Multiline Retail								1,033,984
			Multi-Utilities – 1.6%
	26,500		CenterPoint Energy, Inc.								378,155
	25,128		Dominion Resources, Inc.								1,026,228
	76,000		Duke Energy Corporation								1,356,600
	33,554		Integrys Energy Group, Inc.								1,564,959
	10,500		ONEOK, Inc.								468,615
			Total Multi-Utilities								4,794,557
			Oil, Gas & Consumable Fuels – 10.6%
	68,900		Chevron Corporation								5,881,304
	43,011		ConocoPhillips								3,277,868
	185,000		Exxon Mobil Corporation								15,647,297
	24,638		Frontline Limited								1,133,841
	20,290		Marathon Oil Corporation								925,224
	36,819		Occidental Petroleum Corporation								2,694,046
	36,878		Ship Financial International Limited								969,154
	36,647		Statoil ASA								1,094,646
			Total Oil, Gas & Consumable Fuels								31,623,380
			Paper & Forest Products – 0.7%
	1,200		International Paper Company								32,640
	31,000		Weyerhaeuser Company								2,016,240
			Total Paper & Forest Products								2,048,880
			Personal Products – 0.3%
	23,000		Avon Products, Inc.								909,420
			Pharmaceuticals – 8.3%
	65,000		Abbott Laboratories								3,584,750
	1,126		AstraZeneca Group								42,777
	136,126		Bristol-Myers Squibb Company								2,899,484
	30,800		Eli Lilly and Company								1,588,972
	86,663		Johnson & Johnson								5,621,829
	98,840		Merck & Co. Inc.								3,750,978
	235,000		Pfizer Inc.								4,918,550
	10,693		Sanofi-Aventis, ADR								401,415
	34,752		Schering-Plough Corporation								500,776
	29,480		Wyeth								1,231,085
			Total Pharmaceuticals								24,540,616
			Real Estate Investment Trust – 2.8%
	49,826		Ashford Hospitality Trust Inc.								283,012
	40,525		Brandywine Realty Trust								687,304
	35,411		CapLease Inc.								275,143
	77,976		Hospitality Properties Trust								2,652,744
	98,427		Lexington Corporate Properties Trust								1,418,333
	53,300		Nationwide Health Properties, Inc.								1,798,875
	20,000		Senior Housing Properties Trust								474,000
	51,252		U-Store-It Trust								580,685
			Total Real Estate Investment Trust								8,170,096
			Road & Rail – 0.7%
	39,500		CSX Corporation								2,214,765
			Semiconductors & Equipment – 2.6%
	31,000		Analog Devices, Inc.								915,120
	35,263		Applied Materials, Inc.								687,981
	171,768		Intel Corporation								3,638,046
	36,128		Microchip Technology Incorporated								1,182,469
	20,299		NVIDIA Corporation, (2)								401,717
	28,464		Texas Instruments Incorporated								804,677
			Total Semiconductors & Equipment								7,630,010
			Software – 3.5%
	14,113		Adobe Systems Incorporated, (2)								502,282
	6,241		Autodesk, Inc., (2)								196,467
	233,276		Microsoft Corporation								6,620,373
	9,000		NAVTEQ Corporation, (2)								612,000
	102,245		Oracle Corporation, (2)								1,999,912
	10,728		VeriSign, Inc., (2)								356,599
			Total Software								10,287,633
			Specialty Retail – 1.5%
	6,450		Abercrombie & Fitch Co., Class A								471,753
	25,500		American Eagle Outfitters, Inc.								446,505
	10,075		Best Buy Co., Inc.								417,710
	14,956		Gap, Inc.								294,334
	63,870		Home Depot, Inc.								1,786,444
	11,072		Limited Brands, Inc.								189,331
	7,300		Sherwin-Williams Company								372,592
	8,263		Talbots, Inc.								89,075
	2,993		Tiffany & Co.								125,227
	12,000		TJX Companies, Inc.								396,840
			Total Specialty Retail								4,589,811
			Textiles, Apparel & Luxury Goods – 0.6%
	5,418		Cherokee Inc.								182,424
	19,758		VF Corporation								1,531,443
			Total Textiles, Apparel & Luxury Goods								1,713,867
			Thrifts & Mortgage Finance – 0.9%
	26,634		Federal Home Loan Mortgage Corporation								674,373
	36,483		Federal National Mortgage Association								960,233
	58,864		New York Community Bancorp, Inc.								1,072,502
			Total Thrifts & Mortgage Finance								2,707,108
			Tobacco – 2.5%
	65,586		Altria Group, Inc.								1,456,009
	65,586		Philip Morris International, (2)								3,317,340
	3,000		Reynolds American Inc.								177,090
	28,638		UST Inc.								1,561,344
	47,400		Vector Group Ltd.								833,766
			Total Tobacco								7,345,549
			Trading Companies & Distributors – 0.1%
	2,380		W.W. Grainger, Inc.								181,808
			Wireless Telecommunication Services – 0.3%
	32,000		Vodafone Group PLC, Sponsored ADR								944,320
			Total Common Stocks (cost $267,781,555)								290,124,454
Principal
Amount (000)			Description (1)	Coupon			Maturity			Value
			Short-Term Investments – 4.7%
$	14,009		Repurchase Agreements with Fixed Income Clearing Corporation, dated 3/31/08, repurchase price $14,009,815, collateralized by $6,585,000 U.S. Treasury Bonds, 12.500%, due 8/15/14, value $7,663,294, collateralized by $3,985,000 U.S. Treasury Bonds, 7.500%, due 11/15/16, value $5,414,619, collateralized by $825,000 U.S. Treasury Bonds, 8.750%, due 8/15/20, value $1,216,875		1.100	%	4/01/08			$	14,009,387
			Total Short-Term Investments (cost $14,009,387)								14,009,387
			Total Investments (cost $281,790,942) – 102.4%								304,133,841
				Notional			Expiration	Strike
Contracts			Type	Amount (3)			Date	Price		Value
			Call Options Written – (0.8)% (4)
	(333	)	S&P 500 Index	$	(44,955,000	)	4/19/08	$	1,350	$	(522,810	)
	(213	)	S&P 500 Index		(29,287,500	)	4/19/08		1,375		(157,620	)
	(439	)	S&P 500 Index		(61,460,000	)	4/19/08		1,400		(120,725	)
	(338	)	S&P 500 Index		(46,475,000	)	5/17/08		1,375		(714,870	)
	(214	)	S&P 500 Index		(29,960,000	)	5/17/08		1,400		(277,130	)
	(211	)	S&P 500 Index		(29,540,000	)	6/21/08		1,400		(532,775	)
	(1,748	)	Total Call Options Written (premiums received $5,669,116)		(241,677,500	)					(2,325,930	)
			Other Assets Less Liabilities – (1.6)%								(4,842,626	)
			Net Assets – 100%							$	296,965,285

(1)	All percentages shown in the Portfolio of Investments are based on net assets.
(2)	Non-income producing.
(3)	For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by the Strike Price by 100.
(4)	The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written.
ADR	American Depositary Receipt.

Fair Value Measurements

During the current fiscal period, the Fund 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 the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

 Level 1 - Quoted prices in active markets for identical securities.

 Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 Level 3 - Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

		Level 1			Level 2		Level 3		Total
Investments	$	300,769,461		$	3,364,380	$	-	$	304,133,841
Call options written		(2,325,930	)		-		-		(2,325,930	)
Total	$	298,443,531		$	3,364,380	$	-	$	301,807,911

Income Tax Information

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

At March 31, 2008, the cost of investments was $281,790,942.

Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2008, were as follows:

Gross unrealized:
Appreciation	$	38,151,202
Depreciation		(15,808,303	)
Net unrealized appreciation (depreciation) of investments	$	22,342,899

Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: EX-99 CERT Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)   Nuveen Equity Premium and Growth Fund

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

Date May 30, 2008

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

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

Date May 30, 2008

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

Date May 30, 2008

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