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: March 31, 2018

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 March 31, 2018

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 143.9% (98.2% of Total Investments)

		COMMON STOCKS – 110.4% (75.3% of Total Investments)

		Aerospace & Defense – 3.6%

	14,547	Lockheed Martin Corporation, (3)	$	4,915,868
	151,021	Safran SA, (5)		4,006,587
		Total Aerospace & Defense		8,922,455

		Automobiles – 1.6%

	188,204	Daimler AG, (5)		3,994,630

		Banks – 13.3%

	38,538	BOC Hong Kong Holdings Limited, (5)		3,718,917
	217,933	Danske Bank A/S, (5)		4,113,485
	83,342	JPMorgan Chase & Co., (2)		9,165,120
	993,585	Lloyds Banking Group PLC		3,696,136
	129,084	Swedbank AB, (5)		2,909,553
	61,420	Toronto-Dominion Bank		3,491,727
	113,880	Wells Fargo & Company, (3)		5,968,451
		Total Banks		33,063,389

		Beverages – 3.6%

	61,831	Heineken NV, (5)		3,330,218
	52,344	PepsiCo, Inc., (2), (3)		5,713,348
		Total Beverages		9,043,566

		Biotechnology – 3.8%

	73,552	AbbVie Inc., (2)		6,961,697
	115,391	Grifols SA		2,446,289
		Total Biotechnology		9,407,986

		Capital Markets – 3.3%

	7,223	BlackRock Inc.		3,912,844
	54,103	Macquarie Group Limited, (5)		4,270,307
		Total Capital Markets		8,183,151

		Chemicals – 4.6%

	141,868	Koninklijke DSM NV, (5)		3,522,582
	39,262	Linde AG		761,683
	24,196	Monsanto Company, (2)		2,823,431
	30,025	Praxair, Inc.		4,332,607
		Total Chemicals		11,440,303

		Containers & Packaging – 3.6%

	76,843	Amcor Limited, (5)		3,371,487
	49,900	Packaging Corp. of America, (3)		5,623,730
		Total Containers & Packaging		8,995,217

		Diversified Financial Services – 1.4%

	38,889	Orix Corporation		3,494,566

		Diversified Telecommunication Services – 4.1%

	189,315	AT&T Inc., (2)		6,749,080
	268,016	HKT Trust and HKT Limited, (5)		3,370,569
		Total Diversified Telecommunication Services		10,119,649


JTD		Nuveen Tax-Advantaged Dividend Growth Fund (continued)
JTD		Portfolio of Investments March 31, 2018
		(Unaudited)


Shares		Description (1)	Value

		Electric Utilities – 5.8%

	46,895	NextEra Energy Inc., (3)	$	7,659,360
	366,447	Red Electrica Corporacion SA, (5)		3,756,082
	171,195	Scottish and Southern Energy PLC, (5)		3,092,638
		Total Electric Utilities		14,508,080

		Electronic Equipment, Instruments & Components – 0.6%

	30,426	Alps Electric Company, Limited, (5)		1,481,962

		Food Products – 1.3%

	191,702	Groupe Danone, (3), (5)		3,117,075

		Health Care Equipment & Supplies – 1.3%

	40,345	Medtronic, PLC, (2)		3,236,476

		Health Care Providers & Services – 3.6%

	41,922	UnitedHealth Group Incorporated, (2), (3)		8,971,308

		Hotels, Restaurants & Leisure – 1.3%

	158,250	Compass Group PLC, (5)		3,297,139

		Household Durables – 1.4%

	22,700	Whirlpool Corporation, (3)		3,475,597

		Household Products – 3.1%

	73,377	Colgate-Palmolive Company		5,259,663
	146,805	Reckitt and Benckiser, (5)		2,470,728
		Total Household Products		7,730,391

		Industrial Conglomerates – 2.7%

	47,207	Honeywell International Inc., (3)		6,821,884

		IT Services – 6.1%

	50,992	Accenture Limited, (2)		7,827,272
	76,065	Fidelity National Information Services, (3)		7,325,059
		Total IT Services		15,152,331

		Machinery – 1.0%

	27,452	Ingersoll Rand Company Limited, Class A		2,347,421

		Media – 2.1%

	64,552	Comcast Corporation, Class A, (2)		2,205,742
	37,104	WPP Group PLC		2,951,623
		Total Media		5,157,365

		Oil, Gas & Consumable Fuels – 6.7%

	46,499	Chevron Corporation, (2), (3)		5,302,746
	85,006	Enbridge Inc., (2)		2,675,139
	52,314	Phillips 66, (3)		5,017,959
	61,151	Total SA, Sponsored ADR, (3)		3,527,801
		Total Oil, Gas & Consumable Fuels		16,523,645

		Personal Products – 2.0%
	52,046	L’Oreal, (5)		2,349,617
	47,965	Unilever NV		2,664,935
		Total Personal Products		5,014,552

		Pharmaceuticals – 6.0%

	11,031	Allergan PLC		1,856,407
	26,802	Johnson & Johnson		3,434,676
	189,931	Pfizer Inc., (3)		6,740,651


Shares		Description (1)					Value

		Pharmaceuticals (continued)

	72,148	Sanofi-Aventis, (3)					$	2,891,692
		Total Pharmaceuticals						14,923,426

		Professional Services – 2.4%

	114,784	Experian PLC, (5)						2,490,813
	107,230	Nielsen Holdings PLC						3,408,842
		Total Professional Services						5,899,655

		Real Estate Management & Development – 0.9%

	399,676	Capitaland Limited, (5)						2,176,236

		Road & Rail – 2.7%

	50,692	Union Pacific Corporation, (3)						6,814,526

		Semiconductors & Semiconductor Equipment – 0.7%

	16,435	Texas Instruments Incorporated						1,707,432

		Software – 5.2%

	103,684	Microsoft Corporation, (3)						9,463,239
	32,747	SAP SE, Sponsored ADR, (3)						3,443,675
		Total Software						12,906,914

		Specialty Retail – 2.4%

	67,276	Lowe’s Companies, Inc., (2), (3)						5,903,469

		Technology Hardware, Storage & Peripherals – 3.5%

	52,370	Apple, Inc., (2), (3)						8,786,639

		Trading Companies & Distributors – 2.2%

	142,088	Itochu Corporation, (5)						5,481,783

		Wireless Telecommunication Services – 2.5%

	236,156	KDDI Corporation, (5)						3,023,975
	118,059	Vodafone Group PLC, Sponsored ADR, (3)						3,284,401
		Total Wireless Telecommunication Services						6,308,376
		Total Common Stocks (cost $187,570,099)						274,408,594

Shares		Description (1)	Coupon		Ratings (4)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 14.9% (10.1% of Total Investments)

		Banks – 4.3%

	33,065	Boston Private Financial Holdings Inc.		6.950%		N/R	$	839,190
	30,400	Citigroup Inc.		7.125%		BB+		868,224
	8,700	Cobank Agricultural Credit Bank, (5)		6.250%		BBB+		917,850
	2,209	Cobank Agricultural Credit Bank, (5)		6.125%		BBB+		224,213
	29,100	Fifth Third Bancorp.		6.625%		Baa3		848,265
	31,776	FNB Corporation		7.250%		Ba2		921,154
	18,106	HSBC Holdings PLC		8.000%		BBB+		473,291
	32,000	Huntington BancShares Inc.		6.250%		Baa3		872,000
	32,975	KeyCorp Preferred Stock		6.125%		Baa3		930,554
	25,700	People’s United Financial, Inc.		5.625%		BB+		671,798
	44,587	Regions Financial Corporation		6.375%		BB+		1,239,964
	56,493	U.S. Bancorp.		6.500%		A3		1,577,849
	16,025	Western Alliance Bancorp.		6.250%		N/R		407,035
		Total Banks						10,791,387

		Capital Markets – 2.7%

	7,065	Apollo Investment Corporation		6.875%		BBB–		178,744
	22,950	B. Riley Financial Inc.		7.250%		N/R		573,750
	16,600	B. Riley Financial, Inc.		7.500%		N/R		421,640


JTD		Nuveen Tax-Advantaged Dividend Growth Fund (continued)
JTD		Portfolio of Investments March 31, 2018
		(Unaudited)



Shares		Description (1)	Coupon		Ratings (4)		Value

		Capital Markets (continued)

	50,579	Charles Schwab Corporation		6.000%		BBB	$	1,317,077
	16,000	Cowen Group, Inc.		7.350%		N/R		404,000
	7,715	Hercules Technology Growth Capital Incorporated		6.250%		BBB–		194,958
	37,900	Ladenburg Thalmann Financial Services Inc.		8.000%		N/R		959,628
	48,535	Morgan Stanley		7.125%		BB+		1,400,720
	11,059	Oaktree Specialty Lending Corporation		6.125%		BB		276,033
	31,470	Stifel Financial Corporation		6.250%		BB–		837,102
	2,372	Triangle Capital Corporation		6.375%		N/R		59,703
		Total Capital Markets						6,623,355

		Consumer Finance – 0.8%

	31,035	Capital One Financial Corporation		6.700%		Baa3		820,255
	49,015	GMAC Capital Trust I		8.128%		B+		1,273,410
		Total Consumer Finance						2,093,665

		Diversified Financial Services – 0.1%

	12,444	Main Street Capital Corporation		6.125%		N/R		313,962

		Diversified Telecommunication Services – 0.6%

	42,700	Qwest Corporation		7.000%		BBB–		984,662
	26,000	Qwest Corporation		6.875%		BBB–		581,100
		Total Diversified Telecommunication Services						1,565,762

		Equity Real Estate Investment Trusts – 1.7%

	31,350	DDR Corporation		6.500%		Ba1		724,498
	10,288	Digital Realty Trust Inc.		7.375%		Baa3		270,472
	31,651	Digital Realty Trust Inc.		6.625%		Baa3		858,692
	17,225	LaSalle Hotel Properties		6.300%		N/R		417,017
	22,032	Senior Housing Properties Trust		5.625%		BBB–		549,478
	18,620	Sunstone Hotel Investors Inc.		6.950%		N/R		467,548
	33,530	VEREIT, Inc.		6.700%		BB		851,662
		Total Equity Real Estate Investment Trusts						4,139,367

		Food Products – 1.1%

	550	CHS Inc.		7.875%		N/R		16,137
	39,675	CHS Inc.		7.100%		N/R		1,114,867
	56,265	CHS Inc.		6.750%		N/R		1,515,216
		Total Food Products						2,646,220

		Insurance – 1.9%

	3,215	Allstate Corporation		6.750%		BBB–		82,625
	32,616	Argo Group US Inc.		6.500%		BBB–		822,902
	26,438	Kemper Corporation		7.375%		Ba1		684,480
	34,125	Maiden Holdings Limited		8.250%		N/R		656,906
	11,293	Maiden Holdings NA Limited		7.750%		N/R		220,213
	26,934	National General Holding Company		7.500%		N/R		674,427
	9,191	National General Holding Company		7.500%		N/R		227,845
	15,875	Reinsurance Group of America Inc.		6.200%		BBB		449,421
	16,000	Reinsurance Group of America, Inc.		5.750%		BBB		421,120
	16,500	Torchmark Corporation		6.125%		BBB+		437,085
		Total Insurance						4,677,024

		Mortgage Real Estate Investment Trusts – 0.3%

	14,385	Arbor Realty Trust Incorporated		7.375%		N/R		363,653
	10,028	MFA Financial Inc.		8.000%		N/R		259,725
		Total Mortgage Real Estate Investment Trusts						623,378

		Thrifts & Mortgage Finance – 0.7%

	31,915	Federal Agricultural Mortgage Corporation		6.875%		N/R		829,471
	33,900	New York Community Bancorp Inc.		6.375%		Ba1		923,097
		Total Thrifts & Mortgage Finance						1,752,568


Shares		Description (1)	Coupon				Ratings (4)		Value

		Wireless Telecommunication Services – 0.5%

	48,325	United States Cellular Corporation		7.250%				Ba1	$	1,243,890

		U.S. Agency – 0.2%

	4,750	Farm Credit Bank of Texas, 144A, (5)		6.750%				Baa1		513,000
		Total $25 Par (or similar) Retail Preferred (cost $35,473,212)								36,983,578

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 12.8% (8.8% of Total Investments)

		Automobiles – 0.7%

$	1,685	General Motors Financial Company Inc.		5.750%		N/A (6)		BB+	$	1,655,513

		Banks – 7.2%

	1,825	Bank of America Corporation		6.500%		N/A (6)		BBB–		1,962,057
	1,700	CIT Group Inc., Series A		5.800%		N/A (6)		B+		1,700,000
	875	Citigroup Inc.		5.800%		N/A (6)		BB+		905,354
	1,950	Citigroup Inc.		6.250%		N/A (6)		BB+		2,059,687
	925	Citizens Financial Group Inc.		5.500%		N/A (6)		BB+		944,656
	275	Cobank Agricultural Credit Bank		6.250%		N/A (6)		BBB+		293,294
	850	Huntington Bancshares Inc/OH		5.700%		N/A (6)		Baa3		854,250
	825	JPMorgan Chase & Company		5.829%		N/A (6)		BBB–		829,207
	1,925	JPMorgan Chase & Company		6.750%		N/A (6)		BBB–		2,100,175
	125	JPMorgan Chase & Company		6.100%		N/A (6)		BBB–		131,250
	975	M&T Bank Corporation		6.450%		N/A (6)		Baa2		1,072,500
	1,575	PNC Financial Services Inc.		6.750%		N/A (6)		Baa2		1,709,662
	825	SunTrust Bank Inc.		5.625%		N/A (6)		Baa3		848,719
	1,200	Wells Fargo & Company		5.875%		N/A (6)		Baa2		1,262,400
	1,150	Zions Bancorporation		7.200%		N/A (6)		BB		1,242,000
	17,000	Total Banks								17,915,211

		Capital Markets – 0.5%

	500	Goldman Sachs Group Inc.		5.300%		N/A (6)		Ba1		501,250
	850	Morgan Stanley		5.550%		N/A (6)		BB+		876,367
	1,350	Total Capital Markets								1,377,617

		Consumer Finance – 0.8%

	845	Capital One Financial Corporation		5.550%		N/A (6)		Baa3		865,069
	1,275	Discover Financial Services		5.500%		N/A (6)		BB–		1,246,312
	2,120	Total Consumer Finance								2,111,381

		Energy Equipment & Services – 0.2%

	500	Transcanada Trust		5.875%		8/15/76		Baa2		521,250

		Food Products – 1.2%

	2,600	Land O’ Lakes Incorporated, 144A		8.000%		N/A (6)		BB		2,915,250

		Industrial Conglomerates – 0.7%

	1,714	General Electric Capital Corporation		5.000%		N/A (6)		A–		1,696,860

		Insurance – 1.5%

	895	Liberty Mutual Group, 144A		7.800%		3/15/37		Baa3		1,107,564
	1,000	MetLife Inc.		10.750%		8/01/39		BBB		1,570,000
	1,000	Nationwide Financial Services Inc.		6.750%		5/15/37		Baa2		1,110,000
	2,895	Total Insurance								3,787,564
$	29,864	Total $1,000 Par (or similar) Institutional Preferred (cost $30,385,680)								31,980,646


JTD		Nuveen Tax-Advantaged Dividend Growth Fund (continued)
JTD		Portfolio of Investments March 31, 2018
		(Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value

		CORPORATE BONDS – 4.3% (3.0% of Total Investments)

		Banks – 0.4%

$	125	Bank of America Corporation		6.300%		N/A (6)		BBB–	$	134,063
	625	Lloyds Bank PLC, 144A		12.000%		N/A (6)		BBB–		786,198
	750	Total Banks								920,261

		Chemicals – 0.2%

	275	A Schulman Inc.		6.875%		6/01/23		B		290,125
	325	CVR Partners LP / CVR Nitrogen Finance Corp., 144A		9.250%		6/15/23		B+		346,028
	600	Total Chemicals								636,153

		Commercial Services & Supplies – 0.2%

	250	GFL Environmental Corporation, 144A		9.875%		2/01/21		B–		263,750
	350	R.R. Donnelley & Sons Company		6.500%		11/15/23		B		344,750
	600	Total Commercial Services & Supplies								608,500

		Containers & Packaging – 0.2%

	400	Sealed Air Corporation, 144A		6.875%		7/15/33		BB+		444,000

		Electric Utilities – 0.5%

	1,160	Emera, Inc.		6.750%		6/15/76		BBB–		1,252,800

		Equity Real Estate Investment Trusts – 0.3%

	825	Communications Sales & Leasing Inc.		8.250%		10/15/23		BB–		779,625

		Food Products – 0.2%

	400	Land O’ Lakes Incorporated, 144A		7.250%		N/A (6)		BB		446,000

		Health Care Providers & Services – 0.2%

	430	Kindred Healthcare Inc.		8.000%		1/15/20		B–		455,263

		Machinery – 0.2%

	400	Dana Financing Luxembourg Sarl, 144A		6.500%		6/01/26		BB+		416,000

		Media – 1.0%

	825	Dish DBS Corporation		7.750%		7/01/26		BB		776,531
	757	Liberty Interactive LLC		8.500%		7/15/29		BB		817,560
	750	Viacom Inc.		6.875%		4/30/36		BBB		890,519
	2,332	Total Media								2,484,610

		Metals & Mining – 0.1%

	225	ArcelorMittal		7.250%		10/15/39		BBB–		266,061

		Oil, Gas & Consumable Fuels – 0.4%

	900	Enviva Partners LP / Enviva Partners Finance Corp.		8.500%		11/01/21		BB–		951,750

		Specialty Retail – 0.3%

	900	L Brands, Inc.		6.875%		11/01/35		BB+		873,000

		Wireless Telecommunication Services – 0.1%

	250	Altice Financing SA, 144A		7.500%		5/15/26		B+		245,000
$	10,172	Total Corporate Bonds (cost $10,713,986)								10,779,023

Shares		Description (1)	Coupon				Ratings (4)		Value

		CONVERTIBLE PREFERRED SECURITIES – 1.3% (0.9% of Total Investments)

		Banks – 0.9%

	975	Bank of America Corporation		7.250%				BBB–	$	1,257,214
	700	Wells Fargo & Company		7.500%				Baa2		903,000
		Total Banks								2,160,214

Shares

Description (1)

Coupon

Ratings (4)

Value

Electric Utilities – 0.4%

14,100

NextEra Energy Inc.

6.371%

BBB

1,025,352

Total Convertible Preferred Securities (cost $2,917,069)

3,185,566

Principal
Amount (000)

Description (1)

Coupon

Maturity

Ratings (4)

Value

CONVERTIBLE BONDS – 0.2% (0.1% of Total Investments)

Media – 0.2%

675

Liberty Media Corporation

4.000%

11/15/29

475,875

675

Total Convertible Bonds (cost $442,405)

475,875

Total Long-Term Investments (cost $267,502,451)

357,813,282

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 2.7% (1.8% of Total Investments)

REPURCHASE AGREEMENTS – 2.7% (1.8% of Total Investments)

6,597

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 3/29/18, repurchase price $6,597,607,
collateralized by $6,870,000 U.S. Treasury Notes,
2.250%, due 11/15/24, value $6,735,678

0.740%

4/02/18

6,597,065

Total Short-Term Investments (cost $6,597,065)

6,597,065

Total Investments (cost $274,099,516) – 146.6%

364,410,347

Borrowings – (46.7)% (7), (8)

(116,000,000

)

Other Assets Less Liabilities – 0.1% (9)

161,848

Net Assets Applicable to Common Shares – 100%

248,572,195

Investments in Derivatives

Options Written


Description (10)	Type		Number of Contracts			Notional Amount (11)			Exercise Price		Expiration Date		Value
NASDAQ 100^® Index		Call		(45	)	$	(31,950,000	)	$	7,100		4/20/18	$	(34,650	)
Russell 2000^® Index		Call		(110	)		(17,875,000	)		1,625		4/20/18		(14,850	)
Russell 2000^® Index		Call		(100	)		(16,100,000	)		1,610		4/20/18		(23,250	)
Russell 2000^® Index		Call		(100	)		(16,000,000	)		1,600		4/20/18		(31,000	)
Russell 2000^® Index		Call		(25	)		(3,937,500	)		1,575		4/20/18		(19,250	)
S&P 500^® Index		Call		(30	)		(8,250,000	)		2,750		4/20/18		(22,800	)
Total Options Written (premiums received $318,615)				(410	)	$	(94,112,500	)					$	(145,800	)

Interest Rate Swaps – OTC Uncleared

Counterparty

Notional
Amount

Fund
Pay/Receive
Floating Rate

Floating

Rate Index

Fixed Rate
(Annualized)

Fixed Rate
Payment
Frequency

Effective
Date (12)

Optional
Termination
Date

Maturity
Date

Value

Unrealized
Appreciation
(Depreciation)

JPMorgan Chase Bank, N.A.

52,500,000

Receive

1-Month LIBOR

1.969

Monthly

6/01/18

7/01/25

7/01/27

1,924,280

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


JTD		Nuveen Tax-Advantaged Dividend Growth Fund (continued)
JTD		Portfolio of Investments March 31, 2018
		(Unaudited)

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).

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	$	205,062,211		$	69,346,383	$	—	$	274,408,594
$25 Par (or similar) Retail Preferred		35,328,515			1,655,063		—		36,983,578
$1,000 Par (or similar) Institutional Preferred		—			31,980,646		—		31,980,646
Corporate Bonds		—			10,779,023		—		10,779,023
Convertible Preferred Securities		3,185,566			—		—		3,185,566
Convertible Bonds		—			475,875		—		475,875

Short-Term Investments:
Repurchase Agreements		—			6,597,065		—		6,597,065

Investments in Derivatives:
Options Written		(145,800	)		—		—		(145,800	)
Interest Rate Swaps*		—			1,924,280		—		1,924,280
Total	$	243,430,492		$	122,758,335	$	—	$	366,188,827

*	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 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.

The tables below present the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal income tax basis, as of March 31, 2018.

For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.


Tax cost of investments	$	275,510,113
Gross unrealized:
Appreciation		96,128,522
Depreciation		(7,228,288	)
Net unrealized appreciation (depreciation) of investments	$	88,900,234

Tax cost of options	$	(145,800	)
Net unrealized appreciation (depreciation) of options		—

Tax cost of swaps		—
Net unrealized appreciation (depreciation) of swaps	$	1,924,280

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

(3)	Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $107,640,617.

(4)

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.

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

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

(7)	Borrowings as a percentage of Total Investments is 31.8%.

(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 $269,474,028 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 unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives, when applicable. Other assets less liabilities also includes the value of options.

(10)	Exchange-traded, unless otherwise noted.

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

(12)	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

LIBOR

London Inter-Bank Offered Rate

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: May 30, 2018

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: May 30, 2018

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

Date: May 30, 2018