Edgar Filing: Nuveen Tax-Advantaged Dividend Growth Fund

Nuveen Tax-Advantaged Dividend Growth Fund

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 811-22058

Nuveen Tax-Advantaged Dividend Growth Fund

(Exact name of registrant as specified in charter)

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman—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: December 31

Date of reporting period: September 30, 2016

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.

Item 1. Schedule of Investments

JTD


Nuveen Tax-Advantaged Dividend Growth Fund
Portfolio of Investments		September 30, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 144.5% (96.8% of Total Investments)

		COMMON STOCKS – 108.0% (72.4% of Total Investments)

		Aerospace & Defense – 2.5%

	14,304	Lockheed Martin Corporation	$	3,428,955
	135,105	Safran SA, (2)		2,421,082
		Total Aerospace & Defense		5,850,037

		Automobiles – 2.8%

	30,426	Daimler AG, (2)		2,148,988
	136,030	General Motors Company, (3)		4,321,673
		Total Automobiles		6,470,661

		Banks – 12.1%

	41,737	BOC Hong Kong Holdings Limited, (2)		2,848,550
	189,055	Danske Bank A/S, (2)		2,786,671
	95,021	JPMorgan Chase & Co., (3)		6,327,448
	524,523	Lloyds TSB Group PLC		1,505,381
	436,519	Mitsubishi UFJ Financial Group Inc.		2,204,421
	111,979	Swedbank AB, (2), (3)		2,622,548
	55,396	Toronto-Dominion Bank		2,459,582
	111,981	Wells Fargo & Company		4,958,519
	100,618	Westpac Banking Corporation, (3)		2,288,053
		Total Banks		28,001,173

		Beverages – 3.6%

	60,735	Heineken NV, (2)		2,663,837
	51,472	PepsiCo, Inc., (3), (4)		5,598,609
		Total Beverages		8,262,446

		Biotechnology – 3.3%

	88,578	AbbVie Inc.		5,586,615
	129,276	Grifols SA		2,064,538
		Total Biotechnology		7,651,153

		Capital Markets – 1.4%

	8,968	BlackRock Inc.		3,250,541

		Chemicals – 2.8%

	29,397	Monsanto Company, (3)		3,004,373
	27,868	Praxair, Inc., (4)		3,367,290
		Total Chemicals		6,371,663

		Consumer Finance – 1.6%

	64,835	Discover Financial Services, (3), (4)		3,666,419

		Containers & Packaging – 3.1%

	51,457	Amcor Limited, (2)		2,386,277
	59,224	Packaging Corp. of America		4,812,542
		Total Containers & Packaging		7,198,819

		Diversified Financial Services – 0.8%

	24,503	Orix Corporation		1,817,143

		Diversified Telecommunication Services – 3.5%

	143,048	AT&T Inc., (3)		5,809,179


NUVEEN			1


JTD	Nuveen Tax-Advantaged Dividend Growth Fund
	Portfolio of Investments (continued)	September 30, 2016 (Unaudited)


Shares		Description (1)	Value

		Diversified Telecommunication Services (continued)

	84,020	HKT Trust and HKT Limited, (2)	$	2,365,919
		Total Diversified Telecommunication Services		8,175,098

		Electric Utilities – 4.9%

	46,113	NextEra Energy Inc., (4)		5,640,542
	254,284	Red Electrica Corporacion SA, (2)		2,733,553
	148,510	Scottish and Southern Energy PLC, (2)		3,026,634
		Total Electric Utilities		11,400,729

		Equity Real Estate Investment Trusts – 1.1%

	33,113	Extra Space Storage Inc.		2,629,503

		Food & Staples Retailing – 2.2%

	58,042	CVS Health Corporation, (3)		5,165,158

		Food Products – 0.9%

	144,088	Groupe Danone, (2)		2,139,707

		Health Care Equipment & Supplies – 2.6%

	70,572	Medtronic, PLC		6,097,421

		Health Care Providers & Services – 2.8%

	46,582	UnitedHealth Group Incorporated, (3), (4)		6,521,480

		Hotels, Restaurants & Leisure – 1.5%

	175,190	Compass Group PLC, (2)		3,400,438

		Household Durables – 2.1%

	30,431	Whirlpool Corporation, (4)		4,934,691

		Household Products – 3.3%

	68,365	Colgate-Palmolive Company, (4)		5,068,581
	127,352	Reckitt and Benckiser, (2)		2,441,338
		Total Household Products		7,509,919

		Industrial Conglomerates – 2.3%

	46,420	Honeywell International Inc., (3), (4)		5,412,108

		Insurance – 3.7%

	35,678	Ace Limited, (3)		4,482,941
	58,897	Marsh & McLennan Companies, Inc., (3)		3,960,823
		Total Insurance		8,443,764

		IT Services – 5.4%

	53,604	Accenture Limited, (3)		6,548,801
	77,342	Fidelity National Information Services		5,957,654
		Total IT Services		12,506,455

		Machinery – 1.7%

	28,073	Ingersoll Rand Company Limited, Class A		1,907,280
	27,952	Kubota Corporation, (2)		2,115,966
		Total Machinery		4,023,246

		Media – 1.2%

	22,895	WPP Group PLC		2,695,199

		Oil, Gas & Consumable Fuels – 5.9%

	49,984	Chevron Corporation, (3), (4)		5,144,353
	48,571	Enbridge Inc.		2,148,295


	2			NUVEEN


Shares		Description (1)					Value

		Oil, Gas & Consumable Fuels (continued)

	48,442	Phillips 66, (4)					$	3,902,003
	53,048	Total SA, Sponsored ADR						2,530,390
		Total Oil, Gas & Consumable Fuels						13,725,041

		Personal Products – 1.5%

	47,391	L’Oreal, (2), (3)						1,790,906
	35,922	Unilever NV						1,702,703
		Total Personal Products						3,493,609

		Pharmaceuticals – 7.4%

	34,344	Johnson & Johnson, (4)						4,057,057
	46,705	Novartis AG, Sponsored ADR, (4)						3,687,827
	53,397	Novo-Nordisk A/S, (3)						2,220,781
	161,198	Pfizer Inc., (4)						5,459,776
	41,299	Sanofi-Aventis, (3), (4)						1,577,209
		Total Pharmaceuticals						17,002,650

		Professional Services – 3.7%

	86,990	Experian PLC, (2)						1,738,060
	127,413	Nielsen Holdings PLC, (3)						6,825,514
		Total Professional Services						8,563,574

		Road & Rail – 2.1%

	49,847	Union Pacific Corporation, (4)						4,861,578

		Software – 3.5%

	101,956	Microsoft Corporation, (3), (4)						5,872,666
	25,229	SAP SE, Sponsored ADR, (4)						2,306,183
		Total Software						8,178,849

		Specialty Retail – 2.1%

	67,981	Lowe’s Companies, Inc., (3)						4,908,908

		Technology Hardware, Storage & Peripherals – 3.0%

	60,999	Apple, Inc., (3), (4)						6,895,937

		Textiles, Apparel & Luxury Goods – 1.8%

	74,984	VF Corporation, (4)						4,202,853

		Trading Companies & Distributors – 1.4%

	125,365	Itochu Corporation, (2)						3,124,686

		Wireless Telecommunication Services – 2.4%

	204,864	KDDI Corporation, (2), (3)						3,165,149
	79,293	Vodafone Group PLC, Sponsored ADR, (4)						2,311,391
		Total Wireless Telecommunication Services						5,476,540
		Total Common Stocks (cost $189,990,045)						250,029,196

Shares		Description (1)	Coupon		Ratings (5)		Value

		CONVERTIBLE PREFERRED SECURITIES – 1.2% (0.8% of Total Investments)

		Banks – 0.8%

	975	Bank of America Corporation		7.250%		BB+	$	1,190,319
	525	Wells Fargo & Company		7.500%		BBB		687,015
		Total Banks						1,877,334

		Diversified Telecommunication Services – 0.2%

	4,800	Frontier Communications Corporation		11.125%		N/R		402,768


NUVEEN			3


JTD	Nuveen Tax-Advantaged Dividend Growth Fund
	Portfolio of Investments (continued)	September 30, 2016 (Unaudited)


Shares		Description (1)	Coupon		Ratings (5)		Value

		Electric Utilities – 0.1%

	6,350	Great Plains Energy Inc.		7.000%		N/R	$	326,962

		Pharmaceuticals – 0.1%

	375	Teva Pharmaceutical Industries Limited, (2)		7.000%		N/R		303,600
		Total Convertible Preferred Securities (cost $2,976,069)						2,910,664

Shares		Description (1)	Coupon		Ratings (5)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 21.1% (14.2% of Total Investments)

		Banks – 4.5%

	33,065	Boston Private Financial Holdings Inc.		6.950%		N/R	$	866,634
	4,615	Citigroup Inc.		8.125%		BB+		131,158
	17,200	Citigroup Inc.		7.125%		BB+		498,112
	8,700	Cobank Agricultural Credit Bank, (2)		6.250%		BBB+		915,675
	2,209	Cobank Agricultural Credit Bank, (2)		6.125%		BBB+		224,904
	29,100	Fifth Third Bancorp.		6.625%		Baa3		888,714
	31,776	FNB Corporation		7.250%		Ba2		936,756
	18,106	HSBC Holdings PLC		8.000%		Baa1		472,748
	32,000	Huntington Bancshares Inc.		6.250%		Baa3		881,280
	15,765	KeyCorp		8.131%		Baa3		411,782
	15,211	Private Bancorp Incorporated		7.125%		N/R		406,271
	41,202	Regions Financial Corporation		6.375%		BB		1,192,798
	62,171	U.S. Bancorp.		6.500%		A3		1,872,591
	8,225	Western Alliance Bancorp.		6.250%		N/R		213,357
	21,224	Zions Bancorporation		7.900%		BB–		559,465
		Total Banks						10,472,245

		Capital Markets – 3.2%

	6,700	Apollo Investment Corporation		6.875%		BBB–		179,694
	25,675	Apollo Investment Corporation		6.625%		BBB–		666,266
	22,570	Capitala Finance Corporation		7.125%		N/R		577,792
	36,400	Charles Schwab Corporation		6.000%		BBB		1,002,092
	11,059	Fifth Street Finance Corporation		6.125%		BBB–		284,437
	5,100	Gladstone Capital Corporation		6.750%		N/R		130,101
	9,655	Hercules Technology Growth Capital Incorporated		7.000%		BBB–		246,492
	23,881	Hercules Technology Growth Capital Incorporated		6.250%		BBB–		618,996
	37,900	Ladenburg Thalmann Financial Services Inc.		8.000%		N/R		947,879
	32,400	Morgan Stanley		7.125%		Ba1		956,124
	30,802	Solar Capital Limited		6.750%		BBB–		787,299
	34,000	Stifel Financial Corporation		6.250%		BB–		946,900
	2,472	Triangle Capital Corporation		6.375%		N/R		63,876
		Total Capital Markets						7,407,948

		Consumer Finance – 1.5%

	36,550	Capital One Financial Corporation		6.700%		Baa3		1,028,152
	18,225	Discover Financial Services		6.500%		BB–		475,308
	32,855	GMAC Capital Trust I		8.125%		B+		834,846
	22,115	SLM Corporation, Series A		6.970%		Ba3		1,136,932
		Total Consumer Finance						3,475,238

		Diversified Financial Services – 0.5%

	35,300	KKR Financial Holdings LLC		7.375%		BBB		943,216
	12,444	Main Street Capital Corporation		6.125%		N/R		321,553
		Total Diversified Financial Services						1,264,769

		Diversified Telecommunication Services – 0.2%

	16,000	Qwest Corporation		6.875%		BBB–		432,800


	4			NUVEEN


Shares		Description (1)	Coupon		Ratings (5)		Value

		Equity Real Estate Investment Trusts – 3.3%

	16,000	Cedar Shopping Centers Inc., Series A		7.250%		N/R	$	411,200
	31,350	DDR Corporation		6.500%		Baa3		801,620
	33,600	Digital Realty Trust Inc.		7.375%		Baa3		923,664
	31,840	DuPont Fabros Technology		6.625%		Ba2		900,754
	16,325	LaSalle Hotel Properties		6.300%		N/R		414,818
	22,900	Northstar Realty Finance Corporation		8.875%		N/R		584,637
	11,327	Northstar Realty Finance Corporation		8.750%		N/R		288,838
	9,100	Northstar Realty Finance Corporation		8.250%		N/R		230,776
	36,600	Penn Real Estate Investment Trust		7.375%		N/R		947,940
	16,953	Regency Centers Corporation		6.625%		Baa2		433,827
	10,453	Senior Housing Properties Trust		5.625%		BBB–		265,611
	18,295	Sunstone Hotel Investors Inc.		6.950%		N/R		487,745
	32,755	VEREIT, Inc.		6.700%		N/R		872,593
		Total Equity Real Estate Investment Trusts						7,564,023

		Food Products – 1.0%

	39,225	CHS Inc.		7.100%		N/R		1,175,181
	36,210	CHS Inc.		6.750%		N/R		1,036,692
		Total Food Products						2,211,873

		Insurance – 4.2%

	20,579	Arch Capital Group Limited		6.750%		BBB+		527,234
	31,498	Argo Group US Inc.		6.500%		BBB–		817,058
	50,000	Aspen Insurance Holdings Limited		7.250%		BBB–		1,293,500
	30,865	Axis Capital Holdings Limited		6.875%		BBB		790,761
	64,150	Endurance Specialty Holdings Limited		6.350%		BBB–		1,796,200
	20,688	Kemper Corporation		7.375%		Ba1		553,818
	39,825	Maiden Holdings Limited		8.250%		BB		1,034,255
	14,094	Maiden Holdings NA Limited		8.000%		BBB–		361,793
	15,118	Maiden Holdings NA Limited		7.750%		BBB–		407,128
	27,804	National General Holding Company		7.500%		N/R		717,343
	8,250	National General Holding Company		7.500%		N/R		215,077
	13,775	Reinsurance Group of America Inc.		6.200%		BBB		395,618
	16,000	Reinsurance Group of America, Inc.		5.750%		BBB		465,440
	16,500	Torchmark Corporation		6.125%		BBB+		449,130
		Total Insurance						9,824,355

		Mortgage Real Estate Investment Trusts – 0.8%

	9,359	Apollo Commercial Real Estate Finance		8.625%		N/R		240,994
	17,369	Arbor Realty Trust Incorporated		7.375%		N/R		442,041
	5,990	Capstead Mortgage Corporation		7.500%		N/R		151,008
	7,585	Colony Financial Inc.		7.500%		N/R		190,763
	12,520	Colony Financial Inc.		7.125%		N/R		310,246
	4,662	Colony Financial Inc.		8.500%		N/R		119,580
	6,042	Invesco Mortgage Capital Inc.		7.750%		N/R		153,769
	10,028	MFA Financial Inc.		8.000%		N/R		262,433
		Total Mortgage Real Estate Investment Trusts						1,870,834

		Oil, Gas & Consumable Fuels – 0.2%

	845	Scorpio Tankers Inc.		7.500%		N/R		21,395
	16,203	Scorpio Tankers Inc.		6.750%		N/R		385,469
		Total Oil, Gas & Consumable Fuels						406,864

		Real Estate Management & Development – 0.2%

	16,770	Kennedy-Wilson Inc.		7.750%		BB–		457,318

		Specialty Retail – 0.4%

	32,570	TravelCenters of America LLC		8.000%		N/R		832,163


NUVEEN			5


JTD	Nuveen Tax-Advantaged Dividend Growth Fund
	Portfolio of Investments (continued)	September 30, 2016 (Unaudited)


Shares		Description (1)	Coupon				Ratings (5)		Value

		Thrifts & Mortgage Finance – 0.4%

	31,750	Federal Agricultural Mortgage Corporation		6.875%				N/R	$	856,615

		U.S. Agency – 0.2%

	4,750	Farm Credit Bank of Texas, (2)		6.750%				Baa1		509,586

		Wireless Telecommunication Services – 0.5%

	48,000	United States Cellular Corporation		7.250%				Ba1		1,279,680
		Total $25 Par (or similar) Retail Preferred (cost $45,179,377)								48,866,311

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (5)		Value

		CORPORATE BONDS – 4.1% (2.7% of Total Investments)

		Banks – 0.1%

$	125	Bank of America Corporation		6.300%		3/10/66		BB+	$	$135,781

		Beverages – 0.3%

	450	Cott Beverages Inc.		6.750%		1/01/20		B–		469,125
	150	Cott Beverages Inc.		5.375%		7/01/22		B–		154,500
	600	Total Beverages								623,625

		Chemicals – 0.3%

	275	A Schulman Inc., 144A		6.875%		6/01/23		B+		277,750
	325	CVR Partners LP / CVR Nitrogen Finance Corp., 144A		9.250%		6/15/23		B+		314,031
	600	Total Chemicals								591,781

		Commercial Services & Supplies – 0.3%

	175	GFL Environmental Corporation, 144A		7.875%		4/01/20		B–		183,750
	250	GFL Environmental Corporation, 144A		9.875%		2/01/21		B–		273,750
	350	R.R. Donnelley & Sons Company		6.500%		11/15/23		B+		352,625
	775	Total Commercial Services & Supplies								810,125

		Diversified Telecommunication Services – 0.6%

	890	Frontier Communications Corporation		11.000%		9/15/25		BB		927,825
	582	US West Communications Company		6.875%		9/15/33		BBB–		581,082
	1,472	Total Diversified Telecommunication Services								1,508,907

		Electric Utilities – 0.5%

	1,110	Emera, Inc.		6.750%		6/15/76		BBB–		1,193,805

		Equity Real Estate Investment Trusts – 0.2%

	475	Communications Sales & Leasing Inc.		8.250%		10/15/23		BB–		498,508

		Health Care Providers & Services – 0.2%

	430	Kindred Healthcare Inc.		8.000%		1/15/20		B–		437,525

		Machinery – 0.2%

	400	Dana Financing Luxembourg Sarl, 144A		6.500%		6/01/26		BB+		419,200

		Media – 0.4%

	825	Dish DBS Corporation, 144A		7.750%		7/01/26		Ba3		876,563

		Metals & Mining – 0.1%

	225	ArcelorMittal		8.000%		10/15/39		BB+		243,000

		Real Estate Management & Development – 0.0%

	25	Kennedy-Wilson Holdings Incorporated		5.875%		4/01/24		BB–		25,186


	6			NUVEEN


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (5)		Value

		Specialty Retail – 0.4%

$	825	L Brands, Inc.		6.875%		11/01/35		BB+	$	899,250

		Wireless Telecommunication Services – 0.5%

	250	Altice Financing SA, 144A		7.500%		5/15/26		BB–		260,313
	750	Viacom Inc.		6.875%		4/30/36		BBB		886,395
	1,000	Total Wireless Telecommunication Services								1,146,708
$	8,887	Total Corporate Bonds (cost $9,019,207)								9,409,964

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (5)		Value

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 10.1% (6.7% of Total Investments)

		Banks – 4.9%

$	1,400	Bank of America Corporation		6.500%		N/A (6)		BB+	$	1,516,375
	450	Citigroup Inc.		6.250%		N/A (6)		BB+		484,734
	900	Citigroup Inc.		5.950%		N/A (6)		BB+		918,090
	875	Citigroup Inc.		5.800%		5/15/65		BB+		880,469
	800	Citizens Financial Group Inc.		5.500%		N/A (6)		BB+		784,000
	275	Cobank Agricultural Credit Bank		6.250%		N/A (6)		BBB+		301,150
	600	JPMorgan Chase & Company		7.900%		12/31/49		BBB–		616,500
	900	JPMorgan Chase & Company		6.750%		N/A (6)		BBB–		1,003,500
	125	JPMorgan Chase & Company		6.100%		N/A (6)		BBB–		132,031
	975	M&T Bank Corporation		6.450%		N/A (6)		Baa2		1,097,070
	1,150	PNC Financial Services Inc.		6.750%		12/31/49		Baa2		1,288,000
	900	SunTrust Bank Inc.		5.625%		N/A (6)		Baa3		930,375
	900	Wells Fargo & Company, (3)		5.875%		N/A (6)		BBB		976,500
	475	Zions Bancorporation		7.200%		N/A (6)		BB–		507,656
	10,725	Total Banks								11,436,450

		Capital Markets – 0.6%

	425	Goldman Sachs Group Inc.		5.300%		N/A (6)		Ba1		435,625
	850	Morgan Stanley		5.550%		N/A (6)		Ba1		868,063
	1,275	Total Capital Markets								1,303,688

		Consumer Finance – 0.4%

	575	American Express Company		5.200%		N/A (6)		Baa2		580,031
	400	Capital One Financial Corporation		5.550%		N/A (6)		Baa3		407,000
	975	Total Consumer Finance								987,031

		Energy Equipment & Services – 0.2%

	475	TransCanada Trust		5.875%		N/A (6)		BBB		502,550

		Food Products – 1.2%

	2,175	Land O’ Lakes Incorporated, 144A		8.000%		N/A (6)		BB		2,251,125
	425	Land O’ Lakes Incorporated, 144A		8.000%		N/A (6)		BB		439,875
	2,600	Total Food Products								2,691,000

		Industrial Conglomerates – 0.9%

	1,914	General Electric Company		5.000%		N/A (6)		A		2,035,348

		Insurance – 1.9%

	895	Liberty Mutual Group, 144A		7.800%		3/07/87		Baa3		1,047,150
	1,000	MetLife Inc.		10.750%		8/01/69		BBB		1,602,600
	1,000	Nationwide Financial Services Inc., (4)		6.750%		5/15/67		Baa2		1,065,000
	594	Symetra Financial Corporation, 144A		8.300%		10/15/37		Baa2		601,425
	3,489	Total Insurance								4,316,175
$	21,453	Total $1,000 Par (or similar) Institutional Preferred (cost $21,377,511)								23,272,242
		Total Long-Term Investments (cost $268,542,209)								334,488,377


NUVEEN			7


JTD	Nuveen Tax-Advantaged Dividend Growth Fund
	Portfolio of Investments (continued)	September 30, 2016 (Unaudited)

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 4.7% (3.2% of Total Investments)

REPURCHASE AGREEMENTS – 4.7% (3.2% of Total Investments)

10,962

Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/16, repurchase price $10,962,469, collateralized by: $1,835,000 U.S. Treasury Inflation Indexed Obligations, 0.125%, due 4/15/17, value $1,949,688 and $7,915,000 U.S. Treasury Bonds, 3.000%, due 11/15/45, value $9,240,763

0.030%

10/03/16

10,962,469

Total Short-Term Investments (cost $10,962,469)

10,962,469

Total Investments (cost $279,504,678) – 149.2%

345,450,846

Borrowings – (45.3)% (7), (8)

(105,000,000

)

Other Assets Less Liabilities – (3.9)% (9)

(8,937,216

)

Net Assets Applicable to Common Shares – 100%

231,513,630

Investments in Derivatives as of September 30, 2016

Options Written


Number of Contracts			Description	Notional Amount (10)			Expiration Date		Strike Price		Value
	(50	)	NASDAQ 100^® Index	$	(24,250,000	)		10/21/16	$	4,850	$	(354,000	)
	(40	)	NASDAQ 100^® Index		(19,500,000	)		10/21/16		4,875		(221,000	)
	(275	)	Russell 2000^® Index		(34,375,000	)		10/21/16		1,250		(482,625	)
	(125	)	Russell 2000^® Index		(15,750,000	)		10/21/16		1,260		(150,000	)
	(175	)	Russell 2000^® Index		(22,225,000	)		10/21/16		1,270		(132,125	)
	(665	)	Total Options Written (premiums received $969,693)	$	(116,100,000	)					$	(1,339,750	)

Interest Rate Swaps


Counterparty	Notional Amount		Fund Pay/ Receive Floating Rate		Floating Rate Index		Fixed Rate (Annua lized)			Fixed Rate Payment Fre quency		Effective Date (11)		Optional Termina tion Date		Termina tion Date		Value			Unrealized Apprecia tion (Deprecia tion)
JPMorgan Chase Bank, N.A.	$	27,625,000		Receive		1-Month USD-LIBOR-ICE		1.462	%		Monthly		1/03/17		12/01/18		12/01/20	$	(642,296	)	$	(887,320	)
JPMorgan Chase Bank, N.A.		27,625,000		Receive		1-Month USD-LIBOR-ICE		1.842			Monthly		1/03/17		12/01/20		12/01/22		(1,372,688	)		(1,732,296	)
	$	55,250,000																$	(2,014,984	)	$	(2,619,616	)

Fair Value Measurements

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or the liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or the liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.


Level 1 –		Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –		Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).


	8			NUVEEN

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:


	Level 1			Level 2			Level 3		Total
Long-Term Investments:
Common Stocks	$	204,108,888		$	45,920,308		$	—	$	250,029,196
Convertible Preferred Securities		2,607,064			303,600			—		2,910,664
$25 Par (or similar) Retail Preferred		47,216,146			1,650,165			—		48,866,311
Corporate Bonds		—			9,409,964			—		9,409,964
$1,000 Par (or similar) Institutional Preferred		—			23,272,242			—		23,272,242
Short-Term Investments:
Repurchase Agreements		—			10,962,469			—		10,962,469
Investments in Derivatives:
Options Written		(1,339,750	)		—			—		(1,339,750	)
Interest Rate Swaps*		—			(2,619,616	)		—		(2,619,616	)
Total	$	252,592,348		$	88,899,132		$	—	$	341,491,480

*	Represents net unrealized appreciation (depreciation).

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 the recognition of unrealized gain or loss for tax (mark-to market) on options contracts, timing differences in the recognition of income and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statements 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.

As of September 30, 2016, the cost of investments (excluding investments in derivatives) was $280,624,907.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of September 30, 2016, were as follows:


Gross unrealized:
Appreciation	$	70,388,018
Depreciation		(5,562,079	)
Net unrealized appreciation (depreciation) of investments	$	64,825,939

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

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

(2)	For fair value measurement disclosure purposes, investment classified as Level 2.

(3)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(4)	Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $71,934,176.

(5)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(6)	Perpetual Security. Maturity date is not applicable.

(7)	Borrowings as a percentage of Total Investments is 30.4%.

(8)

The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $232,445,393 have been pledged as collateral for borrowings.

(9)	Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC-cleared and exchange-traded derivatives, when applicable. Other assets less liabilities also includes the value of options.

(10)	For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

(11)	Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each contract.

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

ADR	American Depositary Receipt

USD-LIBOR-ICE

United States Dollar – London Inter-Bank Offered Rate – Intercontinental Exchange


NUVEEN			9

Item 2. Controls and Procedures.

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)).

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 Tax-Advantaged Dividend Growth Fund

By (Signature and Title)		/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Vice President and Secretary

Date: November 29, 2016

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/ Cedric H. Antosiewicz
		Cedric H. Antosiewicz
		Chief Administrative Officer (principal executive officer)

Date: November 29, 2016

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

Date: November 29, 2016