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)

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:    9/30/2008   

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.

 

 

Item 1. Schedule of Investments

Nuveen Tax-Advantaged Dividend Growth Fund (JTD)
September 30, 2008

Shares				Description (1)								Value
				Common Stocks – 110.6% (73.6% of Total Investments)
				Aerospace & Defense – 3.1%
	115,908			Raytheon Company								$	6,202,237
				Beverages – 3.5%
	131,400			Coca-Cola Company									6,948,432
				Commercial Banks – 11.3%
	118,288			Cullen/Frost Bankers, Inc.									7,097,280
	99,605			PNC Financial Services Group, Inc.									7,440,494
	218,064			U.S. Bancorp									7,854,665
				Total Commercial Banks									22,392,439
				Commercial Services & Supplies – 2.9%
	183,685			Waste Management, Inc.									5,784,241
				Communications Equipment – 5.4%
	256,755			Nokia Oyj, Sponsored ADR, (2)									4,788,481
	135,495			QUALCOMM Inc.									5,822,220
				Total Communications Equipment									10,610,701
				Computers & Peripherals – 3.2%
	54,900			International Business Machines Corporation (IBM)									6,421,104
				Construction Materials – 3.4%
	90,020			Vulcan Materials Company									6,706,490
				Diversified Telecommunication Services – 6.1%
	225,613			AT&T Inc.									6,299,115
	81,310			Telefonica S.A., ADR									5,812,852
				Total Diversified Telecommunication Services									12,111,967
				Electric Utilities – 8.0%
	82,242			Exelon Corporation, (2)									5,149,994
	98,679			FPL Group, Inc.									4,963,554
	152,480			PPL Corporation									5,644,810
				Total Electric Utilities									15,758,358
				Electrical Equipment – 2.7%
	131,561			Emerson Electric Co.									5,366,373
				Gas Utilities – 2.7%
	148,277			Equitable Resources Inc.									5,438,800
				Health Care Equipment & Supplies – 3.3%
	82,055			Becton, Dickinson and Company									6,585,734
				Hotels, Restaurants & Leisure – 3.2%
	191,534			YUM! Brands, Inc.									6,245,924
				Household Products – 3.3%
	93,465			Procter & Gamble Company									6,513,576
				Insurance – 3.6%
	192,130			Manulife Financial Corporation									7,049,250
				IT Services – 3.2%
	191,048			Paychex, Inc., (2)									6,310,315
				Machinery – 2.8%
	147,213			PACCAR Inc.									5,622,064
				Media – 3.1%
	562,463			Pearson Public Limited Company, ADR									6,130,847
				Metals & Mining – 2.8%
	289,276			Southern Copper Corporation, (2)									5,519,386
				Oil, Gas & Consumable Fuels – 9.4%
	78,576			Chevron Corporation, (2)									6,480,948
	98,000			EnCana Corporation									6,441,540
	97,123			Royal Dutch Shell PLC, Class A, ADR, (2)									5,731,228
				Total Oil, Gas & Consumable Fuels									18,653,716
				Pharmaceuticals – 6.9%
	128,049			Abbott Laboratories									7,373,061
	141,504			Eli Lilly and Company									6,230,421
				Total Pharmaceuticals									13,603,482
				Semiconductors & Equipment – 3.4%
	229,154			Microchip Technology Incorporated									6,744,002
				Thrifts & Mortgage Finance – 7.0%
	394,503			Hudson City Bancorp, Inc.									7,278,580
	389,968			New York Community Bancorp, Inc.									6,547,563
				Total Thrifts & Mortgage Finance									13,826,143
				Tobacco – 6.3%
	94,819			Lorillard Inc.									6,746,372
	117,464			Philip Morris International									5,650,019
				Total Tobacco									12,396,391
				Total Common Stocks (cost $244,414,973)									218,941,972
Shares				Description (1)		Coupon				Ratings (3)		Value
				$25 Par (or similar) Preferred Securities – 23.6% (15.7% of Total Investments)
				Automobiles – 0.3%
	41,600			Daimler Finance NA LLC, Structured Asset Trust Unit Repackaging, Series DCX		7.000%				A-		$	665,600
				Capital Markets – 2.2%
	45,000			Deutsche Bank Capital Funding Trust V		8.050%				Aa3			909,000
	25,000			Deutsche Bank Capital Funding Trust IX		6.625%				Aa3			384,750
	50,000			JP Morgan Chase & Company		8.625%				A			1,249,500
	2,000,000			JP Morgan Chase & Company		7.900%				A1			1,688,262
	12,500			Morgan Stanley Capital Trust VII		6.600%				A2			148,125
				Total Capital Markets									4,379,637
				Commercial Banks – 8.6%
	25,000			Allianz SE		8.375%				A+			503,750
	75,000			Banco Santander Finance		6.800%				Aa3			1,275,000
	50,000			Banco Santander Finance		6.500%				A+			826,500
	50,000			Bank of America Corporation, Series H		8.200%				A+			1,137,500
	50,000			Bank of America Corporation		6.625%				A			950,000
	50,000			Barclays Bank PLC		8.125%				Aa3			855,000
	50,000			Barclays Bank PLC		7.100%				Aa3			724,500
	52,300			Barclays Bank PLC		6.625%				Aa3			779,270
	25,000			BB&T Capital Trust V		8.950%				A1			612,500
	10,000			Capital One Capital II Corporation		7.500%				Baa1			117,500
	60,000			Credit Suisse		7.900%				A			1,224,000
	18,200			Fleet Capital Trust VIII		7.200%				Aa3			325,780
	20,000			HSBC Holdings PLC		8.125%				A			441,200
	18,100			HSBC Holdings PLC, Series A		6.200%				A1			310,415
	54,800			HSBC USA Inc.		6.500%				A			1,068,600
	50,000			PNC Capital Trust		7.750%				A-			1,022,500
	50,000			Royal Bank of Scotland Group PLC, Series T		7.250%				Aa3			500,000
	50,000			Royal Bank of Scotland Group PLC		6.600%				Aa3			432,500
	90,000			Wachovia Corporation		8.000%				A-			751,500
	85,000			Wells Fargo Capital Trust XIV		8.625%				AA-			2,133,500
	1,000,000			Wells Fargo Capital Trust XV		9.750%				Aa2			970,933
				Total Commercial Banks									16,962,448
				Consumer Finance – 0.5%
	16,700			HSBC Finance Corporation		6.360%				A			259,685
	38,900			MBNA Corporation, Capital Trust D		8.125%				Aa3			745,324
				Total Consumer Finance									1,005,009
				Diversified Financial Services – 2.5%
	90,000			Citigroup Inc., Series M		8.125%				A			1,485,000
	2,000,000			Citigroup Inc.		8.400%				A			1,363,820
	35,000			General Electric Capital Corporation, Debentures		6.500%				AAA			776,300
	30,000			ING Groep N.V.		8.500%				A			543,900
	25,000			ING Groep N.V.		7.200%				A1			343,750
	35,000			ING Groep N.V.		7.050%				A			460,600
				Total Diversified Financial Services									4,973,370
				Electric Utilities – 4.6%
	70,000			Alabama Power Company		5.625%				BBB+			1,585,941
	50,000			American Electric Power		8.750%				BB+			1,240,000
	1,400			Consolidated Edison Company of New York Inc.		5.000%				A3			121,660
	5,700			DTE Energy Trust I		7.800%				Baa3			130,530
	4,200			Entergy Louisiana LLC		7.600%				A-			95,508
	19,800			FPC Capital I		7.100%				Baa2			422,730
	50,000			FPL Group Capital Inc.		7.450%				BBB+			1,230,500
	57,100			PPL Capital Funding, Inc.		6.850%				Baa2			1,202,526
	50,000			PPL Electric Utilities Corporation		6.250%				BBB			1,210,940
	10,000			Southern California Edison Company, Series C		6.000%				Baa2			956,250
	40,000			Xcel Energy Inc.		7.600%				BBB-			936,000
				Total Electric Utilities									9,132,585
				Food Products – 0.5%
	10			HJ Heinz Finance Company		8.000%				BB+			977,188
				Independent Power Producers & Energy Traders – 0.7%
	60,900			Constellation Energy Group		8.625%				BB+			1,370,250
				Insurance – 1.4%
	10,000			Aegon N.V.		6.875%				A-			87,900
	4,700			Aegon N.V.		6.375%				A-			40,091
	21,800			Arch Capital Group Limited		8.000%				BBB-			442,540
	13,900			Endurance Specialty Holdings Limited		7.750%				BBB-			194,600
	25,000			Phoenix Companies Inc.		7.450%				BBB-			352,000
	75,000			Prudential Financial Inc.		9.000%				A-			1,698,750
				Total Insurance									2,815,881
				Media – 0.8%
	50,000			Comcast Corporation		7.000%				BBB+			959,500
	38,700			Viacom Inc.		6.850%				BBB			692,730
				Total Media									1,652,230
				Real Estate/Mortgage – 0.5%
	50,000			Kimco Realty Corporation, Series G		7.750%				BBB+			1,020,500
				U.S. Agency – 0.5%
	75,000			Federal Home Loan Mortgage Corporation		5.570%				Ca			93,750
	47,865			Federal Home Loan Mortgage Corporation		5.660%				Ca			40,388
	25,000			Federal Home Loan Mortgage Corporation		5.100%				Ca			60,000
	25,000			Federal Home Loan Mortgage Corporation		5.000%				Ca			53,625
	75,000			Federal Home Loan Mortgage Corporation		8.375%				C			122,250
	60,000			Federal National Mortgage Association		8.250%				AAA			123,000
	40,000			Federal National Mortgage Association		6.750%				Ca			72,000
	25,000			Federal National Mortgage Association		5.810%				Ca			90,000
	25,000			Federal National Mortgage Association		5.375%				Ca			82,500
	75,000			Federal National Mortgage Association		8.250%				C			163,500
				Total U.S. Agency									901,013
				Wireless Telecommunication Services – 0.5%
	25,600			Telephone and Data Systems Inc.		7.600%				Baa2			422,144
	25,000			United States Cellular Corporation		8.750%				Baa2			447,500
				Total Wireless Telecommunication Services									869,644
				Total $25 Par (or similar) Preferred Securities (cost $72,894,182)									46,725,355
Principal
Amount (000)				Description (1)		Coupon		Maturity		Ratings (3)		Value
				Capital Preferred Securities – 0.3% (0.2% of Total Investments)
				Commercial Banks – 0.3% (0.2% of Total Investments)
$	1,500			Wachovia Corporation		7.980%		9/15/49		A-		$	627,735
				Total Capital Preferred Securities (cost $1,475,033)									627,735
Shares				Description (1)								Value
				Investment Companies – 0.4% (0.3% of Total Investments)
	100,000			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.								$	761,000
				Total Investment Companies (cost $1,479,633)									761,000
Principal
Amount (000)				Description (1)		Coupon		Maturity				Value
				Short-Term Investments – 15.3% (10.2% of Total Investments)
$	30,304			Repurchase Agreement with State Street Bank, dated 9/30/08, repurchase price $30,303,768, collateralized by $30,875,000 U.S. Treasury Bills, 0.000%, due 12/18/08, value $30,859,563 and $55,000 U.S. Treasury Bills, 0.000%, due 12/26/08, value $54,931		0.100%		10/01/08				$	30,303,684
				Total Short-Term Investments (cost $30,303,684)									30,303,684
				Total Investments (cost $350,567,505) – 150.2%									297,359,746
Number of						Notional		Expiration		Strike
Contracts				Type		Amount (4)		Date		Price		Value
				Call Options Written – (0.5)%
	(80	)		S&P 500 Index	$	(9,600,000)		10/18/08		$  1,200		$	(198,000	)
	(80	)		S&P 500 Index		(9,800,000)		10/18/08		1,225			(127,200	)
	(80	)		S&P 500 Index		(10,400,000)		10/18/08		1,300			(22,000	)
	(80	)		S&P 500 Index		(10,000,000)		11/22/08		1,250			(186,800	)
	(80	)		S&P 500 Index		(10,200,000)		11/22/08		1,275			(130,400	)
	(50	)		S&P 500 Index		(6,375,000)		12/20/08		1,275			(118,750	)
	(80	)		S&P 500 Index		(10,400,000)		12/20/08		1,300			(138,400	)
	(530	)		Total Call Options Written (premiums received $1,947,810)		(66,775,000)							(921,550	)
				Borrowings – (47.5)% (5), (6)									(94,000,000	)
				Other Assets Less Liabilities – (2.2)%									(4,402,540	)
				Net Assets Applicable to Common Shares – 100%								$	198,035,656

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Portion of investments has been pledged to collateralize the net payment obligations under call options written.
(3)		Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.
(4)		For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.
(5)		Borrowings as a percentage of Total Investments is 31.6%.
(6)		The Fund may pledge up to 100% of its eligible securities in the Portfolio of Investments as collateral for Borrowings.
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 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 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 September 30, 2008:

		Level 1				Level 2				Level 3				Total
Investments		$	287,232,039			$	10,127,707			$	–			$	297,359,746
Call options written			(921,550	)			–				–				(921,550	)
Total		$	286,310,489			$	10,127,707			$	–			$	296,438,196

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 option 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.

At September 30, 2008, the cost of investments (excluding call options written) was $350,567,505.

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

Gross unrealized:
Appreciation		$	6,218,753
Depreciation			(59,426,512	)
Net unrealized appreciation (depreciation) of investments		$	(53,207,759	)

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 Tax-Advantaged Dividend Growth Fund

Date November 28, 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.

Date November 28, 2008

Date November 28, 2008