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:    3/31/2011   

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)

Portfolio of Investments
March 31, 2011 (Unaudited)

Shares				Description (1)														Value
				Common Stocks – 98.6% (73.7% of Total Investments)
				Aerospace & Defense – 1.9%
	81,438			Raytheon Company														$	4,142,751
				Beverages – 2.8%
	90,945			Coca-Cola Company															6,034,201
				Capital Markets – 2.7%
	28,630			BlackRock Inc.															5,754,916
				Commercial Banks – 4.8%
	86,353			Cullen/Frost Bankers, Inc.															5,096,554
	196,800			U.S. Bancorp, (2)															5,201,424
				Total Commercial Banks															10,297,978
				Commercial Services & Supplies – 2.6%
	147,505			Waste Management, Inc.															5,507,837
				Communications Equipment – 2.6%
	99,765			QUALCOMM, Inc.															5,470,115
				Diversified Financial Services – 2.4%
	108,920			JP Morgan Chase & Co.															5,021,212
				Diversified Telecommunication Services – 2.9%
	201,403			AT&T Inc.															6,162,932
				Electric Utilities – 2.5%
	97,239			NextEra Energy Inc.															5,359,814
				Electrical Equipment – 2.0%
	71,161			Emerson Electric Company															4,157,937
				Energy Equipment & Services – 2.6%
	152,200			Seadrill Limited															5,489,854
				Food Products – 2.1%
	91,500			McCormick & Company, Incorporated															4,376,445
				Gas Utilities – 2.3%
	73,100			ONEOK, Inc.															4,888,928
				Health Care Providers & Services – 2.5%
	134,250			AmerisourceBergen Corporation															5,310,930
				Hotels, Restaurants & Leisure – 2.8%
	116,384			YUM! Brands, Inc.															5,979,810
				Household Durables – 1.9%
	169,100			Leggett and Platt Inc.															4,142,950
				Household Products – 2.0%
	69,015			Procter & Gamble Company															4,251,324
				Insurance – 1.9%
	73,825			AFLAC Incorporated															3,896,484
				IT Services – 7.5%
	97,000			Accenture Limited															5,332,090
	33,710			International Business Machines Corporation (IBM)															5,497,090
	162,848			Paychex, Inc.															5,106,913
				Total IT Services															15,936,093
				Machinery – 4.4%
	48,400			Caterpillar Inc.															5,389,340
	76,513			PACCAR Inc.															4,005,456
				Total Machinery															9,394,796
				Media – 4.1%
	203,300			Shaw Communication Inc.															4,283,531
	112,910			Thomson Corporation															4,430,588
				Total Media															8,714,119
				Metals & Mining – 2.6%
	140,050			Southern Copper Corporation, (2)															5,639,814
				Oil, Gas & Consumable Fuels – 8.7%
	63,850			Chevron Corporation, (2)															6,859,406
	106,392			EQT Corporation															5,308,961
	88,743			Royal Dutch Shell PLC, Class A, ADR															6,465,815
				Total Oil, Gas & Consumable Fuels															18,634,182
				Pharmaceuticals – 7.4%
	109,880			Abbott Laboratories															5,389,614
	32,700			Novo-Nordisk A/S															4,095,021
	311,400			Pfizer Inc.															6,324,534
				Total Pharmaceuticals															15,809,169
				Road & Rail – 2.7%
	58,600			Union Pacific Corporation															5,762,138
				Semiconductors & Equipment – 2.9%
	162,654			Microchip Technology Incorporated															6,182,479
				Software – 2.5%
	212,950			Microsoft Corporation															5,400,412
				Textiles, Apparel & Luxury Goods – 2.4%
	51,005			VF Corporation															5,025,523
				Thrifts & Mortgage Finance – 2.7%
	335,748			New York Community Bancorp Inc.															5,795,010
				Tobacco – 5.4%
	55,694			Lorillard Inc.															5,291,484
	93,789			Philip Morris International															6,155,372
				Total Tobacco															11,446,856
				Total Common Stocks (cost $178,399,628)															209,987,009
Shares				Description (1)		Coupon								Ratings (3)				Value
				$25 Par (or similar) Preferred Securities – 22.8% (17.1% of Total Investments)
				Capital Markets – 0.1%
	4,651			Credit Suisse			7.900	%							A			$	125,205
				Commercial Banks – 3.2%
	25,000			Barclays Bank PLC			8.125	%							A				657,250
	38,200			BB&T Capital Trust VI			9.600	%							A-				1,067,308
	15,000			BB&T Capital Trust VII			8.100	%							A-				404,250
	25,000			HSBC Holdings PLC			8.000	%							A+				682,000
	16,200			HSBC Holdings PLC			6.200	%							A+				391,230
	19,810			National City Capital Trust IV			8.000	%							A-				514,466
	16,307			PNC Capital Trust			7.750	%							A-				428,548
	4,000			Popular Inc.			8.250	%							B2				88,000
	48,000			Zions Bancorporation			11.000	%							BB				1,307,040
	50,000			Zions Bancorporation			9.500	%							BB				1,310,000
				Total Commercial Banks															6,850,092
				Consumer Finance – 2.4%
	63,000			Ally Financial Inc.			8.500	%							B				1,566,810
	28,000			Heller Financial Inc.			6.687	%							A+				2,720,376
	36,300			HSBC Finance Corporation			6.360	%							A				855,228
				Total Consumer Finance															5,142,414
				Diversified Financial Services – 0.7%
	25,000			Bank of America Corporation			8.200	%							BBB				656,750
	28,700			Citigroup Inc., Series F			8.500	%							BBB				747,635
	4,615			Citigroup Inc., Series M			8.125	%							BBB				121,836
				Total Diversified Financial Services															1,526,221
				Electric Utilities – 4.3%
	24,150			American Electric Power			8.750	%							Baa3				667,023
	11,700			BGE Capital Trust II			6.200	%							BBB-				292,266
	75,000			Entergy Arkansas Inc.			6.450	%							BB+				1,989,848
	25,000			Entergy Texas Inc.			7.875	%							BBB+				701,500
	20,000			Gulf Power Company			6.000	%							BBB+				1,944,260
	25,000			PPL Electric Utilities Corporation			6.250	%							BBB-				623,438
	25,000			Southern California Edison Company, Series C			6.000	%							BBB+				2,399,220
	5,000			Southern California Edison Company			6.500	%							Baa2				496,719
				Total Electric Utilities															9,114,274
				Food Products – 1.0%
	20			HJ Heinz Finance Company, 144A			8.000	%							BB+				2,150,000
				Insurance – 4.8%
	84,000			American Financial Group			7.000	%							BBB+				2,108,400
	64,700			Arch Capital Group Limited, Series B			7.875	%							BBB				1,642,086
	50,000			Aspen Insurance Holdings Limited			7.401	%							BBB-				1,218,000
	35,844			Endurance Specialty Holdings Limited			7.750	%							BBB-				917,248
	58,100			Principal Financial Group			6.518	%							BBB				1,408,925
	9,600			Principal Financial Group			5.563	%							BBB				900,900
	75,000			Prudential Financial Inc.			9.000	%							BBB+				2,063,250
				Total Insurance															10,258,809
				Media – 0.5%
	40,800			Viacom Inc.			6.850	%							BBB+				1,060,392
				Multi-Utilities – 0.9%
	25,000			Dominion Resources Inc.			8.375	%							BBB				709,750
	32,500			Scana Corporation			7.700	%							BBB-				906,100
	9,029			Xcel Energy Inc.			7.600	%							BBB				251,638
				Total Multi-Utilities															1,867,488
				Real Estate Investment Trust – 4.2%
	48,000			Apartment Investment & Management Company, Series U			7.750	%							Ba3				1,198,560
	56,100			Ashford Hospitality Trust Inc., Series D			8.450	%							N/A				1,367,718
	72,500			Dupont Fabros Technology			7.875	%							Ba3				1,816,125
	25,000			Equity Residential Properties Trust			8.290	%							BBB				1,296,875
	50,000			Kimco Realty Corporation, Series G			7.750	%							Baa2				1,293,000
	72,500			Vornado Realty LP			7.875	%							BBB				1,964,025
				Total Real Estate Investment Trust															8,936,303
				Wireless Telecommunication Services – 0.7%
	18,419			Telephone and Data Systems Inc.			7.600	%							Baa2				462,869
	45,400			Telephone and Data Systems Inc.			7.000	%							Baa2				1,134,092
				Total Wireless Telecommunication Services															1,596,961
				Total $25 Par (or similar) Preferred Securities (cost $45,708,951)															48,628,159
Shares				Description (1)		Coupon								Ratings (3)				Value
				Convertible Preferred Securities – 2.7% (2.0% of Total Investments)
				Automobiles – 0.3%
	11,300			General Motors Corporation			4.750	%							B-			$	544,660
				Commercial Banks – 0.9%
	1,904			Wells Fargo & Company, Convertible Bond			7.500	%							A				1,971,021
				Diversified Financial Services – 1.1%
	19,400			CitiGroup Inc., Convertible			7.500	%							N/A				2,454,100
				Professional Services – 0.4%
	1,450,000			Nielsen Holdings BV Convertible Preferred			6.250	%							B				824,688
				Total Convertible Preferred Securities (cost $4,851,939)															5,794,469
Principal
Amount (000)				Description (1)		Coupon				Maturity				Ratings (3)				Value
				Corporate Bonds – 1.0% (0.7% of Total Investments)
				Commercial Banks – 0.5%
$	1,000			Western Alliance Bancorporation			10.000	%			9/01/15				Ba3			$	1,055,000
				Insurance – 0.5%
	969			Genworth Financial Inc.			7.625	%			9/24/21				BBB				972,100
$	1,969			Total Corporate Bonds (cost $1,955,432)															2,027,100
Principal
Amount (000)/
Shares				Description (1)		Coupon				Maturity				Ratings (3)				Value
				Capital Preferred Securities – 5.5% (4.1% of Total Investments)
				Commercial Banks – 1.5%
	2			U.S. Bancorp.			7.189	%			N/A (5)				A3			$	2,062,974
	1,000			Wells Fargo & Company, Series K			7.980	%			N/A (5)				A-				1,095,000
				Total Commercial Banks															3,157,974
				Commercial Services & Supplies – 0.7%
	2			Pitney Bowes Interntational Holdings, 144A			6.125	%			4/15/50				Baa1				1,462,969
				Consumer Finance – 0.7%
	1,000			Capital One Capital V, Cumulative Trust Preferred Securities			10.250	%			8/15/39				BBB				1,085,000
	500			Capital One Capital VI			8.875	%			5/15/40				BBB				526,875
				Total Consumer Finance															1,611,875
				Diversified Financial Services – 1.0%
	1,000			JP Morgan Chase & Company			7.900	%			N/A (5)				A				1,094,110
	1,000			MBNA Corporation, Capital Trust A			8.278	%			12/01/26				BBB				1,025,000
				Total Diversified Financial Services															2,119,110
				Insurance – 1.6%
	20			Axis Capital Holdings Limited			7.500	%			N/A (5)				BBB				1,972,500
	1,000			MetLife Inc.			10.750	%			8/01/69				BBB				1,380,000
				Total Insurance															3,352,500
				Total Capital Preferred Securities (cost $10,326,822)															11,704,428
Shares				Description (1)														Value
				Investment Companies – 1.2% (0.9% of Total Investments)
	152,900			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.														$	2,611,532
				Total Investment Companies (cost $1,850,216)															2,611,532
Principal
Amount (000)				Description (1)		Coupon				Maturity								Value
				Short-Term Investments – 2.0% (1.5% of Total Investments)
$	4,175			Repurchase Agreement with State Street Bank, dated 3/31/11, repurchase price $4,174,956, collateralized by $4,195,000 U.S. Treasury Notes, 1.375%, due 5/15/13 value $4,262,553			0.010	%			4/01/11							$	4,174,955
				Total Short-Term Investments (cost $4,174,955)															4,174,955
				Total Investments (cost $247,267,943) – 133.8%															284,927,652
				Borrowings – (31.5)% (6), (7)															(67,000,000	)
				Other Assets Less Liabilities – (2.3)% (8)															(4,962,688	)
				Net Assets Applicable to Common Shares – 100%														$	212,964,964

Investments in Derivatives

Call Options Written at March 31, 2011:

	Number of					Notional				Expiration				Strike
	Contracts			Type		Amount (9)				Date				Price				Value
				Call Options Written
	(100	)		S&P 500 INDEX		$	(13,750,000	)			4/16/11			$	1,375			$	(6,250	)
	(100	)		S&P 500 INDEX			(14,000,000	)			4/16/11				1,400				(2,500	)
	(100	)		S&P 500 INDEX			(12,750,000	)			5/21/11				1,275				(645,500	)
	(100	)		S&P 500 INDEX			(13,000,000	)			5/21/11				1,300				(455,000	)
	(100	)		S&P 500 INDEX			(13,250,000	)			5/21/11				1,325				(294,000	)
	(500	)		Total Call Options Written (premiums received $941,993)		$	(66,750,000	)										$	(1,403,250	)

Interest Rate Swaps outstanding at March 31, 2011:

Unrealized

Fund

Fixed Rate

Appreciation

Notional

Pay/Receive

Floating Rate

Fixed

Payment

Termination

Value

(Depreciation)

Counterparty

Amount

Floating Rate

Index

Rate*

Frequency

Date

(U.S. Dollars)

(U.S. Dollars)

JPMorgan Chase

$

16,750,000

Receive

1-Month USD-LIBOR

1.412

%

Monthly

3/29/14

$

13,738

$

13,738

Morgan Stanley

16,750,000

Receive

1-Month USD-LIBOR

0.409

%

Monthly

3/29/12

(4,885

)

(4,885

)

Morgan Stanley

16,750,000

Receive

1-Month USD-LIBOR

2.323

%

Monthly

3/29/16

17,716

17,716

$

26,569

*         Annualized

Fair Value Measurements

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of 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 three-tier hierarchy of inputs is 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 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 March 31, 2011:

		Level 1				Level 2				Level 3				Total
Investments:
Common Stocks		$	209,987,009			$	—			$	—			$	209,987,009
$25 Par (or similar) Preferred Securities			34,018,523				14,609,636				—				48,628,159
Convertible Preferred Securities			4,969,781				824,688				—				5,794,469
Corporate Bonds			—				2,027,100				—				2,027,100
Capital Preferred Securities			2,062,974				9,641,454				—				11,704,428
Investment Companies			2,611,532				—				—				2,611,532
Short-Term Investments			—				4,174,955				—				4,174,955
Derivatives:
Call options written			(1,403,250	)			—				—				(1,403,250	)
Interest Rate Swaps*			—				26,569				—				26,569
Total		$	252,246,569			$	31,304,402			$	—			$	283,550,971