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, 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 September 30, 2018

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 139.2% (95.8% of Total Investments)

		COMMON STOCKS – 107.4% (73.9% of Total Investments)

		Aerospace & Defense – 3.5%

	14,547	Lockheed Martin Corp	$	5,032,680
	110,873	Safran SA, ADR, (2), (3)		3,871,685
		Total Aerospace & Defense		8,904,365

		Automobiles – 1.1%

	188,204	Daimler AG, ADR, (2)		2,954,803

		Banks – 12.4%

	38,538	BOC Hong Kong Holdings Ltd, Sponsored ADR, (2)		3,664,235
	174,664	Danske Bank A/S, Sponsored ADR, (2)		2,288,098
	83,342	JPMorgan Chase & Co		9,404,311
	1,223,526	Lloyds Banking Group PLC, ADR		3,719,519
	129,084	Swedbank AB, ADR, (2)		3,198,702
	61,420	Toronto-Dominion Bank/The		3,734,336
	113,880	Wells Fargo & Co, (3)		5,985,533
		Total Banks		31,994,734

		Beverages – 3.4%

	61,831	Heineken NV, Sponsored ADR, (2)		2,898,019
	52,344	PepsiCo Inc., (4)		5,852,059
		Total Beverages		8,750,078

		Biotechnology – 1.0%

	115,391	Grifols SA, ADR, (3)		2,465,906

		Capital Markets – 3.3%

	10,834	BlackRock Inc.		5,106,389
	37,231	Macquarie Group Ltd, ADR, (2), (3)		3,368,102
		Total Capital Markets		8,474,491

		Chemicals – 3.3%

	141,868	Koninklijke DSM NV, Sponsored ADR, (2), (3)		3,739,640
	30,025	Praxair Inc., (3)		4,825,918
		Total Chemicals		8,565,558

		Containers & Packaging – 3.5%

	87,989	Amcor Ltd/Australia, Sponsored ADR, (2)		3,470,726
	49,900	Packaging Corp of America		5,473,531
		Total Containers & Packaging		8,944,257

		Diversified Financial Services – 0.9%

	30,122	ORIX Corp, Sponsored ADR		2,440,786

		Diversified Telecommunication Services – 3.9%

	189,315	AT&T Inc.		6,357,198
	268,016	HKT Trust & HKT Ltd, ADR, (2)		3,685,488
		Total Diversified Telecommunication Services		10,042,686

		Electric Utilities – 4.7%

	34,804	NextEra Energy Inc., (3)		5,833,150
	366,447	Red Electrica Corp SA, ADR, (2), (3)		3,818,378


JTD		Nuveen Tax-Advantaged Dividend Growth Fund (continued)
JTD		Portfolio of Investments September 30, 2018
		(Unaudited)


Shares		Description (1)	Value

		Electric Utilities (continued)

	171,195	SSE PLC, Sponsored ADR, (2)	$	2,555,085
		Total Electric Utilities		12,206,613

		Electronic Equipment, Instruments & Components – 0.8%

	41,836	Alps Electric Co Ltd, ADR, (2)		2,125,963

		Food Products – 1.2%

	191,702	Danone SA, Sponsored ADR, (2)		2,964,671

		Health Care Providers & Services – 2.5%

	24,011	UnitedHealth Group Inc., (4)		6,387,886

		Hotels, Restaurants & Leisure – 2.3%

	37,847	Carnival Corp		2,413,503
	158,250	Compass Group PLC, Sponsored ADR, (2)		3,578,824
		Total Hotels, Restaurants & Leisure		5,992,327

		Household Durables – 1.0%

	22,700	Whirlpool Corp, (3)		2,695,625

		Household Products – 3.0%

	73,377	Colgate-Palmolive Co, (3)		4,912,590
	146,805	Reckitt Benckiser Group PLC, Sponsored ADR, (2)		2,692,404
		Total Household Products		7,604,994

		Industrial Conglomerates – 3.1%

	47,207	Honeywell International Inc.		7,855,245

		IT Services – 6.6%

	50,992	Accenture PLC, (3), (4)		8,678,838
	76,065	Fidelity National Information Services Inc., (3)		8,296,410
		Total IT Services		16,975,248

		Machinery – 1.1%

	27,452	Ingersoll-Rand PLC		2,808,340

		Media – 2.3%

	113,892	Comcast Corp, Class A, (4)		4,032,916
	27,065	WPP PLC, Sponsored ADR		1,983,053
		Total Media		6,015,969

		Oil, Gas & Consumable Fuels – 7.3%

	46,499	Chevron Corp, (4)		5,685,898
	102,301	Enbridge Inc., (4)		3,303,299
	52,314	Phillips 66, (3)		5,896,834
	61,151	Total SA, Sponsored ADR		3,937,513
		Total Oil, Gas & Consumable Fuels		18,823,544

		Personal Products – 1.9%

	48,346	L’Oreal SA, ADR, (2)		2,327,135
	47,965	Unilever PLC, Sponsored ADR		2,636,636
		Total Personal Products		4,963,771

		Pharmaceuticals – 7.0%

	11,572	Allergan PLC		2,204,235
	26,802	Johnson & Johnson, (3)		3,703,232
	189,931	Pfizer Inc., (3), (4)		8,370,259
	81,145	Sanofi, ADR		3,624,747
		Total Pharmaceuticals		17,902,473


Shares		Description (1)							Value

		Professional Services – 1.2%

	116,072	Experian PLC, Sponsored ADR, (2)							$	2,980,149

		Real Estate Management & Development – 1.2%

	619,764	CapitaLand Ltd, Sponsored ADR, (2)								3,057,234

		Road & Rail – 3.2%

	50,692	Union Pacific Corp								8,254,178

		Semiconductors & Semiconductor Equipment – 1.7%

	39,636	Texas Instruments Inc.								4,252,546

		Software – 6.2%

	103,684	Microsoft Corp, (3)								11,858,339
	32,747	SAP SE, Sponsored ADR, (3)								4,027,881
		Total Software								15,886,220

		Specialty Retail – 3.0%

	67,276	Lowe’s Cos Inc., (3), (4)								7,724,630

		Technology Hardware, Storage & Peripherals – 3.5%

	40,297	Apple Inc., (3), (4)								9,096,645

		Tobacco – 1.8%

	55,961	Philip Morris International Inc.								4,563,060

		Trading Companies & Distributors – 2.0%

	142,088	ITOCHU Corp, ADR, (2)								5,203,916

		Wireless Telecommunication Services – 2.5%

	284,684	KDDI Corp, ADR, (2)								3,907,288
	118,059	Vodafone Group PLC, Sponsored ADR, (3)								2,561,880
		Total Wireless Telecommunication Services								6,469,168
		Total Common Stocks (cost $185,849,811)								276,348,079

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

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 14.3% (9.9% of Total Investments)

		Automobiles – 0.7%

$	75	General Motors Financial Co Inc.		6.500%		N/A (6)		BB+	$	73,594
	1,685	General Motors Financial Co Inc.		5.750%		N/A (6)		BB+		1,596,538
	1,760	Total Automobiles								1,670,132

		Banks – 7.5%

	1,850	Bank of America Corp		6.500%		N/A (6)		BBB–		1,998,000
	170	Bank of America Corp		6.300%		N/A (6)		BBB–		183,175
	1,700	CIT Group Inc.		5.800%		N/A (6)		B+		1,674,500
	1,950	Citigroup Inc.		6.250%		N/A (6)		BB+		2,035,313
	875	Citigroup Inc.		5.800%		N/A (6)		BB+		893,375
	925	Citizens Financial Group Inc.		5.500%		N/A (6)		BB+		948,328
	275	CoBank ACB		6.250%		N/A (6)		BBB+		291,500
	850	Huntington Bancshares Inc./OH		5.700%		N/A (6)		Baa3		842,562
	1,925	JPMorgan Chase & Company		6.750%		N/A (6)		BBB		2,100,656
	125	JPMorgan Chase & Company		6.100%		N/A (6)		BBB		129,375
	825	JPMorgan Chase & Company, (3-Month LIBOR reference rate + 3.470% spread), (7)		5.809%		N/A (6)		BBB–		828,506
	625	Lloyds Bank PLC, 144A		12.000%		N/A (6)		Baa3		764,088
	975	M&T Bank Corp		6.450%		N/A (6)		Baa2		1,048,125
	1,575	PNC Financial Services Group Inc./The		6.750%		N/A (6)		Baa2		1,703,756
	825	SunTrust Banks Inc.		5.625%		N/A (6)		Baa3		838,406
	1,600	Wells Fargo & Co		5.875%		N/A (6)		Baa2		1,683,024


JTD		Nuveen Tax-Advantaged Dividend Growth Fund (continued)
JTD		Portfolio of Investments September 30, 2018
		(Unaudited)



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

		Banks (continued)

$	1,150	Zions Bancorporation		7.200%		N/A (6)		BB	$	1,230,500
	18,220	Total Banks								19,193,189

		Capital Markets – 0.5%

	500	Goldman Sachs Group Inc./The		5.300%		N/A (6)		Ba1		500,250
	850	Morgan Stanley		5.550%		N/A (6)		BB+		872,525
	1,350	Total Capital Markets								1,372,775

		Consumer Finance – 0.3%

	845	Capital One Financial Corp		5.550%		N/A (6)		Baa3		859,788

		Diversified Financial Services – 0.7%

	1,275	Discover Financial Services		5.500%		N/A (6)		BB–		1,259,063
	500	Voya Financial Inc.		6.125%		N/A (6)		BB+		508,125
	1,775	Total Diversified Financial Services								1,767,188

		Electric Utilities – 0.7%

	1,610	Emera Inc.		6.750%		6/15/76		BBB–		1,714,650

		Energy Equipment & Services – 0.2%

	625	Transcanada Trust		5.875%		8/15/76		Baa2		638,281

		Food Products – 1.3%

	400	Land O’ Lakes Inc., 144A		7.250%		N/A (6)		BB		416,000
	2,600	Land O’ Lakes Inc., 144A		8.000%		9/15/66		BB		2,821,000
	3,000	Total Food Products								3,237,000

		Industrial Conglomerates – 0.6%

	1,714	General Electric Co		5.000%		N/A (6)		Baa1		1,670,936

		Insurance – 1.6%

	895	Liberty Mutual Group Inc., 144A		7.800%		3/15/37		Baa3		1,047,150
	1,000	MetLife Inc.		10.750%		8/01/39		BBB		1,535,000
	1,000	Nationwide Financial Services Inc.		6.750%		5/15/37		Baa2		1,090,000
	500	Progressive Corp/The		5.375%		N/A (6)		BBB+		498,750
	3,395	Total Insurance								4,170,900

		U.S. Agency – 0.2%

	525	Farm Credit Bank of Texas, 144A		6.200%		N/A (6)		BBB		532,875
$	34,819	Total $1,000 Par (or similar) Institutional Preferred (cost $35,649,890)								36,827,714

Shares		Description (1)	Coupon				Ratings (5)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 12.8% (8.8% of Total Investments)

		Banks – 3.7%

	30,400	Citigroup Inc.		7.125%				BB+	$	848,464
	8,700	CoBank ACB, (2)		6.250%				BBB+		904,800
	2,209	CoBank ACB, (2)		6.125%				BBB+		221,452
	29,100	Fifth Third Bancorp		6.625%				Baa3		800,250
	31,776	FNB Corp/PA		7.250%				Ba2		909,747
	32,000	Huntington Bancshares Inc./OH		6.250%				Baa3		823,680
	32,975	KeyCorp		6.125%				Baa3		881,422
	25,700	People’s United Financial Inc.		5.625%				BB+		661,775
	44,587	Regions Financial Corp		6.375%				BB+		1,182,001
	56,493	US Bancorp		6.500%				A3		1,538,304
	25,108	Western Alliance Bancorp		6.250%				N/R		631,466
		Total Banks								9,403,361



Shares		Description (1)	Coupon		Ratings (5)		Value

		Capital Markets – 2.5%

	7,065	Apollo Investment Corp		6.875%		BBB–	$	177,049
	16,600	B. Riley Financial Inc.		7.500%		N/R		423,300
	22,950	B. Riley Financial Inc.		7.250%		N/R		576,045
	50,579	Charles Schwab Corp/The		6.000%		BBB		1,298,869
	16,000	Cowen Inc.		7.350%		N/R		411,200
	7,715	Hercules Capital Inc.		6.250%		N/R		195,035
	37,900	Ladenburg Thalmann Financial Services Inc.		8.000%		N/R		948,258
	48,535	Morgan Stanley		7.125%		BB+		1,363,348
	11,059	Oaktree Specialty Lending Corp		6.125%		BB+		276,364
	31,470	Stifel Financial Corp		6.250%		BB–		795,876
		Total Capital Markets						6,465,344

		Consumer Finance – 0.8%

	31,035	Capital One Financial Corp		6.700%		Baa3		810,634
	49,015	GMAC Capital Trust I		8.097%		B+		1,289,095
		Total Consumer Finance						2,099,729

		Diversified Telecommunication Services – 0.2%

	26,175	Qwest Corp		6.875%		BBB–		638,670

		Equity Real Estate Investment Trusts – 1.0%

	10,288	Digital Realty Trust Inc.		7.375%		Baa3		261,727
	15,951	Digital Realty Trust Inc.		6.625%		Baa3		418,554
	17,225	LaSalle Hotel Properties		6.300%		N/R		419,601
	22,032	Senior Housing Properties Trust		5.625%		BBB–		535,818
	20,300	Sunstone Hotel Investors Inc.		6.950%		N/R		521,304
	16,530	VEREIT Inc.		6.700%		BB		410,770
		Total Equity Real Estate Investment Trusts						2,567,774

		Food Products – 1.0%

	550	CHS Inc.		7.875%		N/R		15,505
	39,675	CHS Inc.		7.100%		N/R		1,070,431
	58,065	CHS Inc.		6.750%		N/R		1,523,045
		Total Food Products						2,608,981

		Insurance – 2.1%

	3,215	Allstate Corp/The		6.750%		BBB–		80,279
	32,616	Argo Group US Inc.		6.500%		BBB–		820,292
	32,400	Enstar Group Ltd		7.000%		BB+		855,360
	19,650	Hartford Financial Services Group Inc./The		7.875%		Baa2		550,397
	26,438	Kemper Corp		7.375%		Ba1		676,813
	24,434	National General Holdings Corp		7.500%		N/R		609,384
	9,191	National General Holdings Corp		7.500%		N/R		227,202
	3,774	PartnerRe Ltd		7.250%		Baa2		101,898
	15,875	Reinsurance Group of America Inc.		6.200%		BBB+		423,386
	24,700	Reinsurance Group of America Inc.		5.750%		BBB+		629,109
	16,500	Torchmark Corp		6.125%		BBB+		421,080
		Total Insurance						5,395,200

		Mortgage Real Estate Investment Trusts – 0.1%

	10,028	MFA Financial Inc.		8.000%		N/R		256,917

		Thrifts & Mortgage Finance – 0.7%

	31,915	Federal Agricultural Mortgage Corp		6.875%		N/R		835,535
	33,900	New York Community Bancorp Inc.		6.375%		Ba1		905,130
		Total Thrifts & Mortgage Finance						1,740,665

		U.S. Agency – 0.2%

	4,750	Farm Credit Bank of Texas, 144A, (2)		6.750%		Baa1		508,250

		Wireless Telecommunication Services – 0.5%

	48,325	United States Cellular Corp		7.250%		Ba1		1,240,020
		Total $25 Par (or similar) Retail Preferred (cost $31,655,673)						32,924,911


JTD		Nuveen Tax-Advantaged Dividend Growth Fund (continued)
JTD		Portfolio of Investments September 30, 2018
		(Unaudited)



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

		CORPORATE BONDS – 2.7% (1.8% of Total Investments)

		Chemicals – 0.1%

$	325	CVR Partners LP / CVR Nitrogen Finance Corp, 144A		9.250%		6/15/23		B+	$	345,823

		Consumer Finance – 0.1%

	305	Ally Financial Inc.		8.000%		3/15/20		BB+		323,910

		Containers & Packaging – 0.2%

	400	Sealed Air Corp, 144A		6.875%		7/15/33		BB+		430,000

		Entertainment – 0.3%

	575	Viacom Inc.		6.875%		4/30/36		BBB		653,928

		Food Products – 0.0%

	125	Land O’ Lakes Inc., 144A		7.000%		N/A (6)		BB		126,563

		IT Services – 0.3%

	800	First Data Corp, 144A		7.000%		12/01/23		B+		833,000

		Machinery – 0.2%

	400	Dana Financing Luxembourg Sarl, 144A		6.500%		6/01/26		BB+		407,620

		Media – 0.6%

	825	DISH DBS Corp		7.750%		7/01/26		BB		781,688
	757	Liberty Interactive LLC		8.500%		7/15/29		BB		811,883
	1,582	Total Media								1,593,571

		Metals & Mining – 0.1%

	225	ArcelorMittal, (8)		7.000%		10/15/39		BBB–		261,452

		Oil, Gas & Consumable Fuels – 0.4%

	900	Enviva Partners LP / Enviva Partners Finance Corp		8.500%		11/01/21		BB–		930,843

		Specialty Retail – 0.3%

	825	L Brands Inc.		6.875%		11/01/35		Ba1		697,125

		Wireless Telecommunication Services – 0.1%

	250	Altice Financing SA, 144A		7.500%		5/15/26		B+		243,750
$	6,712	Total Corporate Bonds (cost $6,969,852)								6,847,585

Shares		Description (1)	Coupon				Ratings (5)		Value

		CONVERTIBLE PREFERRED SECURITIES – 1.8% (1.3% of Total Investments)

		Banks – 0.6%

	975	Bank of America Corp		7.250%				BBB–	$	1,261,894
	325	Wells Fargo & Co		7.500%				Baa2		419,536
		Total Banks								1,681,430

		Electric Utilities – 0.5%

	21,900	NextEra Energy Inc.		6.123%				BBB		1,247,205

		Multi-Utilities – 0.5%

	12,200	Sempra Energy		6.750%				N/R		1,224,148

		Independent Power & Renewable Electricity Producers – 0.2%

	5,400	Vistra Energy Corp		7.000%				N/R		525,366
		Total Convertible Preferred Securities (cost $4,613,851)								4,678,149

Principal
Amount (000)

Description (1)

Coupon

Maturity

Ratings (5)

Value

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

Media – 0.2%

674

Liberty Interactive LLC

4.000%

11/15/29

466,746

674

Total Convertible Bonds (cost $447,685)

466,746

Total Long-Term Investments (cost $265,186,762)

358,093,184

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 6.2% (4.2% of Total Investments)

REPURCHASE AGREEMENTS – 6.2% (4.2% of Total Investments)

15,871

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 9/28/18, repurchase price $15,872,640,
collateralized by $14,985,000 U.S. Treasury Bonds,
3.625%, due 2/15/44, value $16,194,379

1.050%

10/01/18

15,871,251

Total Short-Term Investments (cost $15,871,251)

15,871,251

Total Investments (cost $281,058,013) – 145.4%

373,964,435

Borrowings – (45.1)% (9), (10)

(116,000,000

)

Other Assets Less Liabilities – (0.3)% (11)

(669,977

)

Net Assets Applicable to Common Shares – 100%

257,294,458

Investments in Derivatives

Options Written


Description (12)	Type		Number of Contracts			Notional Amount (13)			Exercise Price		Expiration Date		Value
Russell 2000^® Index		Call		(250	)	$	(43,500,000	)	$	1,740		10/19/18	$	(85,000	)
Total Options Written (premiums received $198,491)				(250	)	$	(43,500,000	)					$	(85,000	)

Interest Rate Swaps – OTC Uncleared

Counterparty

Notional
Amount

Fund Receive
Floating Rate

Floating Rate Index

Fixed Rate
(Annualized)

Fixed Rate
Payment
Frequency

Effective
Date (14)

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

2,909,993

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 and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or 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 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).


JTD		Nuveen Tax-Advantaged Dividend Growth Fund (continued)
JTD		Portfolio of Investments September 30, 2018
		(Unaudited)

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	$	207,997,534		$	68,350,545	$	—	$	276,348,079
$1,000 Par (or similar) Institutional Preferred		—			36,827,714		—		36,827,714
$25 Par (or similar) Retail Preferred		31,290,409			1,634,502		—		32,924,911
Corporate Bonds		—			6,847,585		—		6,847,585
Convertible Preferred Securities		4,678,149			—		—		4,678,149
Convertible Bonds		—			466,746		—		466,746

Short-Term Investments:
Repurchase Agreements		—			15,871,251		—		15,871,251

Investments in Derivatives:
Options Written		(85,000	)		—		—		(85,000	)
Interest Rate Swaps*		—			2,909,993		—		2,909,993
Total	$	243,881,092		$	132,908,336	$	—	$	376,789,428

*	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 September 30, 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	$	282,470,085
Gross unrealized:
Appreciation	$	100,124,719
Depreciation		(8,630,369	)
Net unrealized appreciation (depreciation) of investments	$	91,494,350


Tax cost of options written	$ (85,000	)
Net unrealized appreciation (depreciation) of options written	—


Tax cost of swaps	$	—
Net unrealized appreciation (depreciation) of swaps		2,909,993

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, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $103,024,249.

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

(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)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

(8)	Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.

(9)	Borrowings as a percentage of Total Investments is 31.0%.

(10)

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 $250,580,582 have been pledged as collateral for borrowings.

(11)	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.

(12)	Exchange-traded, unless otherwise noted.

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

(14)	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: November 29, 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: November 29, 2018

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

Date: November 29, 2018