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)

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: December 31

Date of reporting period: March 31, 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		March 31, 2016 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 140.7% (97.6% of Total Investments)

		COMMON STOCKS – 105.8% (73.3% of Total Investments)

		Aerospace & Defense – 5.0%

	31,640	Boeing Company	$	4,016,382
	45,172	Honeywell International Inc., (2)		5,061,523
	133,720	Safran SA, (3)		2,328,065
		Total Aerospace & Defense		11,405,970

		Automobiles – 2.9%

	30,114	Daimler AG, (3)		2,347,687
	132,374	General Motors Company, (2)		4,160,515
		Total Automobiles		6,508,202

		Banks – 11.9%

	41,309	BOC Hong Kong Holdings Limited, (3)		2,465,796
	187,116	Danske Bank A/S, (3)		2,647,355
	92,467	JP Morgan Chase & Co., (2)		5,475,896
	519,142	Lloyds TSB Group PLC		2,050,611
	432,042	Mitsubishi UFJ Financial Group Inc.		1,983,073
	110,831	Swedbank AB, (2), (3)		2,374,000
	54,828	Toronto-Dominion Bank		2,364,732
	108,971	Wells Fargo & Company		5,269,838
	99,586	Westpac Banking Corporation, (2)		2,316,370
		Total Banks		26,947,671

		Beverages – 3.5%

	60,112	Heineken NV, (3)		2,722,472
	50,088	PepsiCo, Inc., (2)		5,133,018
		Total Beverages		7,855,490

		Biotechnology – 3.1%

	86,197	AbbVie Inc.		4,923,573
	127,950	Grifols SA		1,979,386
		Total Biotechnology		6,902,959

		Capital Markets – 1.3%

	8,727	BlackRock Inc.		2,972,154

		Chemicals – 2.5%

	28,607	Monsanto Company, (2)		2,509,978
	27,119	Praxair, Inc.		3,103,770
		Total Chemicals		5,613,748

		Consumer Finance – 1.4%

	63,092	Discover Financial Services, (2)		3,212,645

		Containers & Packaging – 2.6%

	50,929	Amcor Limited, (3)		2,248,765
	59,224	Packaging Corp. of America		3,577,130
		Total Containers & Packaging		5,825,895

		Diversified Financial Services – 0.8%

	24,251	Orix Corporation		1,731,279


Nuveen Investments			1


JTD	Nuveen Tax-Advantaged Dividend Growth Fund
	Portfolio of Investments (continued)	March 31, 2016 (Unaudited)


Shares		Description (1)	Value

		Diversified Telecommunication Services – 3.4%

	139,203	AT&T Inc., (2)	$	5,452,581
	83,158	HKT Trust and HKT Limited, (3)		2,290,005
		Total Diversified Telecommunication Services		7,742,586

		Electric Utilities – 4.7%

	44,873	NextEra Energy Inc.		5,310,271
	157,298	Red Electrica Corporacion SA, (3)		2,722,828
	115,590	Scottish and Southern Energy PLC, (3)		2,499,056
		Total Electric Utilities		10,532,155

		Energy Equipment & Services – 0.9%

	86,099	Tenaris SA		2,131,811

		Food & Staples Retailing – 2.6%

	56,482	CVS Health Corporation, (2)		5,858,878

		Food Products – 0.9%

	142,610	Groupe Danone, (3)		2,026,488

		Health Care Equipment & Supplies – 2.3%

	68,675	Medtronic, PLC		5,150,625

		Health Care Providers & Services – 2.6%

	45,330	UnitedHealth Group Incorporated, (2)		5,843,037

		Hotels, Restaurants & Leisure – 1.4%

	173,394	Compass Group PLC, (3)		3,091,615

		Household Durables – 2.4%

	29,613	Whirlpool Corporation		5,340,408

		Household Products – 3.2%

	66,527	Colgate-Palmolive Company		4,700,133
	126,046	Reckitt and Benckiser, (3)		2,460,418
		Total Household Products		7,160,551

		Insurance – 3.4%

	34,719	Ace Limited, (2)		4,136,769
	57,314	Marsh & McLennan Companies, Inc., (2)		3,484,118
		Total Insurance		7,620,887

		IT Services – 4.8%

	52,163	Accenture Limited, (2)		6,019,610
	75,263	Fidelity National Information Services		4,764,901
		Total IT Services		10,784,511

		Machinery – 0.8%

	27,665	Kubota Corporation, (3)		1,890,903

		Media – 1.2%

	22,660	WPP Group PLC		2,638,304

		Multiline Retail – 1.4%

	71,604	Macy’s, Inc.		3,157,020


	2			Nuveen Investments


Shares		Description (1)					Value

		Oil, Gas & Consumable Fuels – 5.7%

	48,640	Chevron Corporation, (2)					$	4,640,256
	122,244	Kinder Morgan, Inc., (2)						2,183,278
	43,389	Phillips 66						3,757,054
	52,504	Total SA, Sponsored ADR						2,384,732
		Total Oil, Gas & Consumable Fuels						12,965,320

		Personal Products – 0.7%

	46,905	L’Oreal, (2), (3)						1,674,508

		Pharmaceuticals – 7.1%

	33,421	Johnson & Johnson						3,616,152
	46,226	Novartis AG, Sponsored ADR						3,348,611
	52,849	Novo-Nordisk A/S, (2)						2,863,887
	156,865	Pfizer Inc.						4,649,479
	40,875	Sanofi-Aventis						1,641,540
		Total Pharmaceuticals						16,119,669

		Professional Services – 3.9%

	118,131	Experian PLC, (3)						2,119,270
	125,152	Nielsen Holdings PLC, (2)						6,590,504
		Total Professional Services						8,709,774

		Road & Rail – 1.7%

	48,507	Union Pacific Corporation						3,858,732

		Software – 3.3%

	99,216	Microsoft Corporation, (2)						5,479,700
	24,970	SAP SE, Sponsored ADR						2,008,087
		Total Software						7,487,787

		Specialty Retail – 2.2%

	66,154	Lowe’s Companies, Inc., (2)						5,011,165

		Technology Hardware, Storage & Peripherals – 4.5%

	59,359	Apple, Inc., (2)						6,469,537
	140,241	EMC Corporation						3,737,423
		Total Technology Hardware, Storage & Peripherals						10,206,960

		Textiles, Apparel & Luxury Goods – 2.1%

	72,968	VF Corporation						4,725,408

		Trading Companies & Distributors – 1.3%

	124,080	Itochu Corporation, (3)						3,047,529

		Wireless Telecommunication Services – 2.3%

	202,763	KDDI Corporation, (2), (3)						2,704,858
	78,480	Vodafone Group PLC, Sponsored ADR						2,515,284
		Total Wireless Telecommunication Services						5,220,142
		Total Common Stocks (cost $191,071,901)						238,972,786

Shares		Description (1)	Coupon		Ratings (4)		Value

		CONVERTIBLE PREFERRED SECURITIES – 0.3% (0.2% of Total Investments)

		Diversified Telecommunication Services – 0.3%

	7,400	Frontier Communications Corporation		11.125%		N/R	$	772,560
		Total Convertible Preferred Securities (cost $747,750)						772,560


Nuveen Investments			3


JTD	Nuveen Tax-Advantaged Dividend Growth Fund
	Portfolio of Investments (continued)	March 31, 2016 (Unaudited)


Shares		Description (1)	Coupon		Ratings (4)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 22.8% (15.9% of Total Investments)

		Banks – 4.7%

	33,065	Boston Private Financial Holdings Inc.		6.950%		N/R	$	841,504
	4,615	Citigroup Inc.		8.125%		BB+		130,143
	17,200	Citigroup Inc.		7.125%		BB+		470,076
	8,700	Cobank Agricultural Credit Bank, 144A, (3)		6.250%		BBB+		889,575
	2,209	Cobank Agricultural Credit Bank, (3)		6.125%		BBB+		209,510
	32,800	Fifth Third Bancorp.		6.625%		Baa3		953,824
	15,765	First Niagara Finance Group		8.625%		BB–		419,980
	31,776	FNB Corporation		7.250%		Ba2		939,934
	18,106	HSBC Holdings PLC		8.000%		Baa1		474,377
	5,375	PNC Financial Services		6.125%		Baa2		156,520
	15,211	Private Bancorp Incorporated		7.125%		N/R		407,655
	49,375	RBS Capital Trust		6.080%		BB–		1,190,925
	41,202	Regions Financial Corporation		6.375%		BB		1,114,926
	62,171	U.S. Bancorp.		6.500%		A3		1,829,071
	21,224	Zions Bancorporation		7.900%		BB–		574,534
		Total Banks						10,602,554

		Capital Markets – 3.0%

	6,700	Apollo Investment Corporation		6.875%		BBB–		169,443
	25,675	Apollo Investment Corporation		6.625%		BBB–		643,159
	22,570	Capitala Finance Corporation		7.125%		N/R		559,059
	36,400	Charles Schwab Corporation		6.000%		BBB		960,232
	11,059	Fifth Street Finance Corporation		6.125%		BBB–		274,595
	6,550	Gladstone Capital Corporation		6.750%		N/R		160,541
	9,655	Hercules Technology Growth Capital Incorporated		7.000%		N/R		246,299
	23,881	Hercules Technology Growth Capital Incorporated		6.250%		N/R		603,712
	2,500	JMP Group Inc.		7.250%		N/R		57,500
	37,900	Ladenburg Thalmann Financial Services Inc.		8.000%		N/R		909,979
	32,400	Morgan Stanley		7.125%		Ba1		921,780
	14,895	MVC Capital Incorporated		7.250%		N/R		360,608
	30,802	Solar Capital Limited		6.750%		BBB–		766,046
	2,472	Triangle Capital Corporation		6.375%		N/R		61,355
		Total Capital Markets						6,694,308

		Consumer Finance – 1.2%

	36,550	Capital One Financial Corporation		6.700%		Baa3		992,698
	18,225	Discover Financial Services		6.500%		BB–		485,696
	7,470	HSBC Finance Corporation		6.360%		BBB–		187,348
	22,115	SLM Corporation, Series A		6.970%		Ba3		1,026,136
		Total Consumer Finance						2,691,878

		Diversified Financial Services – 0.7%

	35,300	KKR Financial Holdings LLC		7.375%		BBB		949,570
	12,444	Main Street Capital Corporation		6.125%		N/R		315,953
	15,650	PennantPark Investment Corporation		6.250%		BBB–		365,115
		Total Diversified Financial Services						1,630,638

		Electric Utilities – 0.4%

	35,700	Entergy Arkansas Inc., (3)		6.450%		Baa3		894,731

		Food Products – 0.9%

	39,225	CHS Inc.		7.100%		N/R		1,086,140
	36,210	CHS Inc.		6.750%		N/R		962,100
		Total Food Products						2,048,240

		Insurance – 4.8%

	26,533	Arch Capital Group Limited		6.750%		BBB+		706,043
	29,600	Argo Group US Inc.		6.500%		BBB–		752,136
	5,066	Aspen Insurance Holdings Limited		7.401%		BBB–		124,826
	50,000	Aspen Insurance Holdings Limited		7.250%		BBB–		1,320,000


	4			Nuveen Investments


Shares		Description (1)	Coupon		Ratings (4)		Value
		Insurance (continued)

	30,865	Axis Capital Holdings Limited		6.875%		BBB	$	798,786
	65,000	Endurance Specialty Holdings Limited		7.500%		BBB–		1,659,450
	51,050	Endurance Specialty Holdings Limited		6.350%		BBB–		1,338,021
	20,688	Kemper Corporation		7.375%		Ba1		553,404
	36,036	Maiden Holdings Limited		8.250%		BB		938,377
	14,094	Maiden Holdings NA Limited		8.000%		BBB–		366,444
	17,943	Maiden Holdings NA Limited		7.750%		BBB–		487,332
	27,804	National General Holding Company		7.500%		N/R		713,451
	8,250	National General Holding Company		7.500%		N/R		211,695
	15,375	Reinsurance Group of America Inc.		6.200%		BBB		436,342
	16,500	Torchmark Corporation, (3), (WI/DD)		6.125%		BBB+		424,710
		Total Insurance						10,831,017

		Multi-Utilities – 0.2%

	19,065	DTE Energy Company		6.500%		Baa1		491,877

		Oil, Gas & Consumable Fuels – 0.2%

	4,190	Scorpio Tankers Inc.		7.500%		N/R		103,912
	16,203	Scorpio Tankers Inc.		6.750%		N/R		367,970
		Total Oil, Gas & Consumable Fuels						471,882

		Pharmaceuticals – 0.2%

	450	Teva Pharmaceutical Industries Limited, (3)		7.000%		N/R		395,100

		Real Estate Investment Trust – 5.4%

	38,800	Apartment Investment & Management Company		7.000%		BB		991,728
	15,259	Apollo Commercial Real Estate Finance		8.625%		N/R		384,679
	17,369	Arbor Realty Trust Incorporated		7.375%		N/R		432,835
	34,882	Ashford Hospitality Trust Inc.		9.000%		N/R		833,680
	5,990	Capstead Mortgage Corporation		7.500%		N/R		144,179
	13,020	Colony Financial Inc.		7.125%		N/R		287,482
	4,662	Colony Financial Inc.		0.000%		N/R		116,970
	8,075	Colony Financial Inc.		0.000%		N/R		196,222
	31,350	DDR Corporation		6.500%		Baa3		813,532
	33,600	Digital Realty Trust Inc.		7.375%		Baa3		932,400
	62,825	DuPont Fabros Technology		7.875%		Ba2		1,602,666
	773	First Potomac Realty Trust		7.750%		N/R		19,711
	22,075	Inland Real Estate Corporation, (3)		8.125%		N/R		556,511
	4,900	Inland Real Estate Corporation, (3)		6.950%		N/R		123,039
	12,487	Invesco Mortgage Capital Inc.		7.750%		N/R		277,336
	10,028	MFA Financial Inc.		8.000%		N/R		255,915
	22,900	Northstar Realty Finance Corporation		8.875%		N/R		548,455
	11,327	Northstar Realty Finance Corporation		8.750%		N/R		255,877
	11,950	Northstar Realty Finance Corporation		8.250%		N/R		267,799
	36,600	Penn Real Estate Investment Trust		7.375%		N/R		941,718
	9,798	Rait Financial Trust		7.625%		N/R		194,588
	18,903	Regency Centers Corporation		6.625%		Baa2		491,667
	10,453	Senior Housing Properties Trust		5.625%		BBB–		261,534
	16,475	Sunstone Hotel Investors Inc.		0.000%		N/R		432,469
	32,755	VEREIT, Inc.		6.700%		N/R		829,684
		Total Real Estate Investment Trust						12,192,676

		Real Estate Management & Development – 0.2%

	16,770	Kennedy-Wilson Inc.		7.750%		BB–		434,846

		Specialty Retail – 0.3%

	32,700	TravelCenters of America LLC		8.000%		N/R		802,785

		U.S. Agency – 0.2%

	4,750	Farm Credit Bank of Texas, 144A, (3)		6.750%		Baa1		510,328


Nuveen Investments			5


JTD	Nuveen Tax-Advantaged Dividend Growth Fund
	Portfolio of Investments (continued)	March 31, 2016 (Unaudited)


Shares		Description (1)	Coupon				Ratings (4)		Value

		Wireless Telecommunication Services – 0.4%

	36,400	United States Cellular Corporation		7.250%				Ba1	$	931,112
		Total $25 Par (or similar) Retail Preferred (cost $49,404,270)								51,623,972

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

		CORPORATE BONDS – 4.9% (3.4% of Total Investments)

		Banks – 1.6%

$	525	Bank of America Corporation		6.250%		3/05/65		BB+	$	514,500
	125	Bank of America Corporation		6.300%		3/10/66		BB+		129,050
	900	Citigroup Inc.		5.950%		12/31/49		BB+		866,250
	900	JP Morgan Chase & Company		6.750%		12/31/49		BBB–		988,200
	975	M&T Bank Corporation		6.450%		12/31/49		Baa2		1,045,687
	3,425	Total Banks								3,543,687

		Beverages – 0.3%

	450	Cott Beverages Inc.		6.750%		1/01/20		B–		472,500
	150	Cott Beverages Inc.		5.375%		7/01/22		B–		152,250
	600	Total Beverages								624,750

		Capital Markets – 0.1%

	300	BGC Partners Inc.		5.375%		12/09/19		BBB–		315,247

		Commercial Services & Supplies – 0.3%

	425	GFL Environmental Corporation, 144A		7.875%		4/01/20		B		421,812
	350	R.R. Donnelley & Sons Company		6.500%		11/15/23		BB–		299,250
	775	Total Commercial Services & Supplies								721,062

		Diversified Consumer Services – 0.0%

	175	Gibson Brands Inc., 144A		8.875%		8/01/18		CCC+		101,500

		Diversified Telecommunication Services – 0.6%

	890	Frontier Communications Corporation, 144A		11.000%		9/15/25		BB		894,450
	582	US West Communications Company		6.875%		9/15/33		BBB–		567,473
	1,472	Total Diversified Telecommunication Services								1,461,923

		Health Care Providers & Services – 0.2%

	415	Kindred Healthcare Inc.		6.375%		4/15/22		B2		374,019

		Industrial Conglomerates – 0.9%

	1,914	General Electric Company		5.000%		12/29/49		AA–		1,971,420

		Media – 0.1%

	250	Altice S.A, 144A		7.625%		2/15/25		B		239,375

		Metals & Mining – 0.2%

	450	ArcelorMittal		7.750%		10/15/39		BB+		391,500

		Real Estate Investment Trust – 0.2%

	475	Communications Sales & Leasing Inc.		8.250%		10/15/23		BB–		440,563

		Real Estate Management & Development – 0.4%

	770	Forestar USA Real Estate Group Inc., 144A		8.500%		6/01/22		B+		766,150
	25	Kennedy-Wilson Holdings Incorporated		5.875%		4/01/24		BB–		24,438
	795	Total Real Estate Management & Development								790,588
	11,046	Total Corporate Bonds (cost $10,838,192)								10,975,634


	6			Nuveen Investments


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

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 6.9% (4.8% of Total Investments)

		Banks – 3.1%

$	675	Bank of America Corporation		6.500%		N/A (5)		BB+	$	696,735
	600	Bank of America Corporation		6.100%		N/A (5)		BB+		591,000
	875	Citigroup Inc.		5.800%		N/A (5)		BB+		836,937
	800	Citizens Financial Group Inc., 144A		5.500%		N/A (5)		BB+		760,000
	600	JP Morgan Chase & Company		7.900%		N/A (5)		BBB–		600,000
	125	JP Morgan Chase & Company		6.100%		N/A (5)		BBB–		127,376
	1,000	PNC Financial Services Inc.		6.750%		N/A (5)		Baa2		1,093,650
	900	SunTrust Bank Inc.		5.625%		N/A (5)		Baa3		891,000
	900	Wells Fargo & Company, (2)		5.875%		N/A (5)		BBB		961,020
	475	Zions Bancorporation		7.200%		N/A (5)		BB–		485,688
		Total Banks								7,043,406

		Capital Markets – 0.4%

	850	Morgan Stanley		5.550%		N/A (5)		Ba1		837,888

		Consumer Finance – 0.4%

	575	American Express Company		5.200%		N/A (5)		Baa2		546,250
	400	Capital One Financial Corporation		5.500%		N/A (5)		Baa3		400,000
		Total Consumer Finance								946,250

		Food Products – 0.9%

	1,890	Land O’ Lakes Incorporated, 144A		8.000%		N/A (5)		BB		1,946,700

		Insurance – 1.8%

	895	Liberty Mutual Group, 144A		7.800%		3/07/87		Baa3		975,550
	1,000	MetLife Inc.		10.750%		8/01/69		BBB		1,520,000
	1,000	National Financial Services Inc., (6)		6.750%		5/15/67		Baa2		1,008,750
	594	Symetra Financial Corporation, 144A		8.300%		10/15/37		Baa2		594,000
		Total Insurance								4,098,300

		Specialty Retail – 0.3%

	758	Swiss Re Capital I, 144A		6.854%		N/A (5)		A		756,608
		Total $1,000 Par (or similar) Institutional Preferred (cost $14,867,665)								15,629,152
		Total Long-Term Investments (cost $266,929,778)								317,974,104

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

		SHORT-TERM INVESTMENTS – 3.5% (2.4% of Total Investments)

		REPURCHASE AGREEMENTS – 3.5% (2.4% of Total Investments)

$	7,874	Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/16, repurchase price $7,874,492, collateralized by $7,650,000 U.S. Treasury Bonds, 2.875%, due 8/15/45, value $8,042,063		0.030%		4/01/16			$	7,874,485
		Total Short-Term Investments (cost $7,874,485)								7,874,485
		Total Investments (cost $274,804,263) – 144.2%								325,848,589
		Borrowings – (41.6)% (7), (8)								(94,000,000	)
		Other Assets Less Liabilities – (2.6)% (9)								(5,873,204	)
		Net Assets Applicable to Common Shares – 100%							$	225,975,385


Nuveen Investments			7


JTD	Nuveen Tax-Advantaged Dividend Growth Fund
	Portfolio of Investments (continued)	March 31, 2016 (Unaudited)

Investments in Derivatives as of March 31, 2016

Options Written outstanding:


Number of Contracts			Description	Notional Amount (10)			Expiration Date		Strike Price		Value
	(97	)	NASDAQ 100^® Index	$	(43,165,000	)		4/15/16	$	4,450	$	(669,785	)
	(60	)	NASDAQ 100^® Index		(27,000,000	)		4/15/16		4,500		(232,800	)
	(25	)	Russell 2000^® Index		(2,687,500	)		4/15/16		1,075		(103,000	)
	(135	)	Russell 2000^® Index		(14,850,000	)		4/15/16		1,100		(289,575	)
	(75	)	Russell 2000^® Index		(8,325,000	)		4/15/16		1,110		(112,500	)
	(125	)	Russell 2000^® Index		(14,125,000	)		5/20/16		1,130		(218,125	)
	(25	)	Russell 2000^® Index		(2,875,000	)		6/17/16		1,150		(40,250	)
	(542	)	Total Options Written (premiums received $864,150)	$	(113,027,500	)					$	(1,666,035	)

Interest Rate Swaps outstanding:


Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index	Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Effective Date (11)		Optional Termination Date		Termination Date		Value			Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	$	27,625,000		Receive	1-Month USD-LIBOR-ICE		1.462	%		Monthly		6/01/16		12/01/18		12/01/20	$	(772,372	)	$	(904,230	)
JPMorgan Chase Bank, N.A.		27,625,000		Receive	1-Month USD-LIBOR-ICE		1.842			Monthly		6/01/16		12/01/20		12/01/22		(1,390,177	)		(1,574,659	)
	$	55,250,000															$	(2,162,549	)	$	(2,478,889	)

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).

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	$	195,311,168		$	43,661,618		$	—	$	238,972,786
Convertible Preferred Securities		772,560			—			—		772,560
$25 Par (or similar) Retail Preferred		47,620,468			4,003,504			—		51,623,972
Corporate Bonds		—			10,975,634			—		10,975,634
$1,000 Par (or similar) Institutional Preferred		—			15,629,152			—		15,629,152

Short-Term Investments:
Repurchase Agreements		—			7,874,485			—		7,874,485

Investments in Derivatives:
Options Written		(1,666,035	)		—			—		(1,666,035	)
Interest Rate Swaps*		—			(2,478,889	)		—		(2,478,889	)
Total	$	242,038,161		$	79,665,504		$	—	$	321,703,665

*	Represents net unrealized appreciation (depreciation).


	8			Nuveen Investments

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 March 31, 2016, the cost of investments (excluding investments in derivatives) was $275,928,149.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of March 31, 2016, were as follows:


Gross unrealized:
Appreciation	$	60,061,344
Depreciation		(10,140,904	)
Net unrealized appreciation (depreciation) of investments	$	49,920,440

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

(4)

Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 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)	Perpetual Security. Maturity date is not applicable.

(6)	Investment, or portion of investment, hypothecated. The total value of investments hypothecated as of the end of the reporting period was $100,875.

(7)	Borrowings Payable as a percentage of Total Investments is 28.8%.

(8)

The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivates) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $222,873,271 have been pledged as collateral for borrowings.

(9)	Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as well as the exchange-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.

(WI/DD)

Purchased on a when-issued or delayed delivery basis.

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 Investments			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/ Kevin J. McCarthy
		Kevin J. McCarthy
		Vice President and Secretary

Date: May 27, 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/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Chief Administrative Officer (principal executive officer)

Date: May 27, 2016

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

Date: May 27, 2016