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) |
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|
Kevin J. McCarthyVice President and Secretary |
| ||||||
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(Name and address of agent for service) |
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Registrants telephone number, including area code: |
312-917-7700 |
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Date of fiscal year end: |
12/31 |
| ||||||
Date of reporting period: |
9/30/2011 |
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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
|
|
Portfolio of Investments (Unaudited) |
|
|
|
|
|
Nuveen Tax-Advantaged Dividend Growth Fund (JTD) |
|
|
|
|
|
September 30, 2011 |
|
|
|
Shares |
|
Description (1) |
|
Value |
|
|
|
Common Stocks 97.0% (68.8% of Total Investments) |
|
|
|
|
|
Aerospace & Defense 1.9% (1.4% of Total Investments) |
|
|
|
145,000 |
|
Bombardier Inc., CLass B Shares |
|
$ 510,110 |
|
71,188 |
|
Raytheon Company |
|
2,909,454 |
|
|
|
Total Aerospace & Defense |
|
3,419,564 |
|
|
|
Beverages 3.6% (2.6% of Total Investments) |
|
|
|
80,945 |
|
Coca-Cola Company |
|
5,468,644 |
|
43,500 |
|
Heineken NV, (9) |
|
962,655 |
|
|
|
Total Beverages |
|
6,431,299 |
|
|
|
Capital Markets 2.1% (1.5% of Total Investments) |
|
|
|
25,330 |
|
BlackRock Inc. |
|
3,749,093 |
|
|
|
Chemicals 1.6% (1.2% of Total Investments) |
|
|
|
87,000 |
|
Linde AG, (9) |
|
1,168,410 |
|
33,300 |
|
Syngenta AG, ADR |
|
1,727,271 |
|
|
|
Total Chemicals |
|
2,895,681 |
|
|
|
Commercial Banks 5.5% (3.9% of Total Investments) |
|
|
|
78,053 |
|
Cullen/Frost Bankers, Inc. |
|
3,579,511 |
|
30,600 |
|
HSBC Holdings PLC |
|
1,164,024 |
|
166,500 |
|
U.S. Bancorp (2) |
|
3,919,410 |
|
12,000 |
|
Westpac Banking Corporation |
|
1,152,720 |
|
|
|
Total Commercial Banks |
|
9,815,665 |
|
|
|
Commercial Services & Supplies - 1.8% (1.2% of Total Investments) |
|
|
|
95,705 |
|
Waste Management, Inc. |
|
3,116,155 |
|
|
|
Communications Equipment 2.5% (1.8% of Total Investments) |
|
|
|
90,365 |
|
QUALCOMM, Inc. |
|
4,394,450 |
|
|
|
Diversified Financial Services 2.1% (1.5% of Total Investments) |
|
|
|
123,770 |
|
JP Morgan Chase & Co. |
|
3,727,952 |
|
|
|
Diversified Telecommunication Services 3.1% (2.2% of Total Investments) |
|
|
|
151,453 |
|
AT&T Inc. |
|
4,319,440 |
|
62,900 |
|
Telefonica S.A., Sponsored ADR |
|
1,202,648 |
|
|
|
Total Diversified Telecommunication Services |
|
5,522,088 |
|
|
|
Electric Utilities 2.7% (1.9% of Total Investments) |
|
|
|
88,139 |
|
NextEra Energy Inc. |
|
4,761,269 |
|
|
|
Electrical Equipment 2.1% (1.5% of Total Investments) |
|
|
|
68,200 |
|
ABB Limited, ADR |
|
1,164,856 |
|
62,461 |
|
Emerson Electric Company |
|
2,580,264 |
|
|
|
Total Electrical Equipment |
|
3,745,120 |
|
|
|
Energy Equipment & Services 1.1% (0.8% of Total Investments) |
|
|
|
28,200 |
|
ENSCO International Incorporated |
|
1,140,126 |
|
33,100 |
|
Tenaris SA |
|
842,395 |
|
|
|
Total Energy Equipment & Services |
|
1,982,521 |
|
|
|
Food Products 2.8% (2.0% of Total Investments) |
|
|
|
98,200 |
|
Danone, (9) |
|
1,219,644 |
|
81,100 |
|
McCormick & Company, Incorporated |
|
3,743,576 |
|
|
|
Total Food Products |
|
4,963,220 |
|
|
|
Gas Utilities 1.6% (1.1% of Total Investments) |
|
|
|
43,500 |
|
ONEOK, Inc. |
|
2,872,740 |
|
|
|
Health Care Providers & Services 3.6% (2.6% of Total Investments) |
|
|
|
121,650 |
|
AmerisourceBergen Corporation |
|
4,533,896 |
|
28,100 |
|
Fresenius SE, ADR |
|
1,897,593 |
|
|
|
Total Health Care Providers & Services |
|
6,431,489 |
|
|
|
Hotels, Restaurants & Leisure 3.6% (2.5% of Total Investments) |
|
|
|
157,000 |
|
Compass Group PLC, (9) |
|
1,259,140 |
|
102,584 |
|
YUM! Brands, Inc. |
|
5,066,624 |
|
|
|
Total Hotels, Restaurants & Leisure |
|
6,325,764 |
|
|
|
Household Durables 2.4% (1.7% of Total Investments) |
|
|
|
150,600 |
|
Leggett and Platt Inc. |
|
2,980,374 |
|
64,900 |
|
Sony Corporation |
|
1,233,100 |
|
|
|
Total Household Durables |
|
4,213,474 |
|
|
|
Household Products 2.2% (1.5% of Total Investments) |
|
|
|
61,215 |
|
Procter & Gamble Company |
|
3,867,564 |
|
|
|
Independent Power Producers & Energy Traders 0.8% (0.5% of Total Investments) |
|
|
|
28,900 |
|
International Power PLC, (9) |
|
1,381,229 |
|
|
|
Industrial Conglomerates 1.5% (1.0% of Total Investments) |
|
|
|
29,000 |
|
Jardine Matheson Holdings Limited, (9) |
|
1,331,100 |
|
14,000 |
|
Siemens AG, Sponsored ADR |
|
1,257,060 |
|
|
|
Total Industrial Conglomerates |
|
2,588,160 |
|
|
|
Insurance 1.4% (1.0% of Total Investments) |
|
|
|
71,225 |
|
AFLAC Incorporated (2) |
|
2,489,314 |
|
|
|
IT Services 5.1% (3.6% of Total Investments) |
|
|
|
87,850 |
|
Accenture Limited |
|
4,627,938 |
|
24,910 |
|
International Business Machines Corporation (IBM) |
|
4,359,997 |
|
|
|
Total IT Services |
|
8,987,935 |
|
|
|
Machinery 4.7% (3.3% of Total Investments) |
|
|
|
31,700 |
|
Caterpillar Inc. |
|
2,340,728 |
|
64,500 |
|
Eaton Corporation |
|
2,289,750 |
|
34,700 |
|
Kubota Corporation |
|
1,385,224 |
|
66,813 |
|
PACCAR Inc. |
|
2,259,616 |
|
|
|
Total Machinery |
|
8,275,318 |
|
|
|
Media 1.2% (0.9% of Total Investments) |
|
|
|
69,300 |
|
Pearson Public Limited Company |
|
1,213,443 |
|
21,300 |
|
WPP Group PLC |
|
980,865 |
|
|
|
Total Media |
|
2,194,308 |
|
|
|
Metals & Mining 1.0% (0.7% of Total Investments) |
|
|
|
26,600 |
|
BHP Billiton PLC, ADR |
|
1,767,304 |
|
|
|
Office Electronics 0.7% (0.5% of Total Investments) |
|
|
|
26,900 |
|
Canon Inc. |
|
1,217,494 |
|
|
|
Oil, Gas & Consumable Fuels 6.7% (4.8% of Total Investments) |
|
|
|
20,600 |
|
BG PLC., Sponsored ADR, (9) |
|
1,965,240 |
|
48,350 |
|
Chevron Corporation (2) |
|
4,473,342 |
|
60,542 |
|
EQT Corporation |
|
3,230,521 |
|
29,300 |
|
Sasol Ltd |
|
1,189,580 |
|
24,000 |
|
Total SA, Sponsored ADR |
|
1,052,880 |
|
|
|
Total Oil, Gas & Consumable Fuels |
|
11,911,563 |
|
|
|
Personal Products 1.0% (0.7% of Total Investments) |
|
|
|
45,400 |
|
LOreal, (9) |
|
885,300 |
|
42,600 |
|
Shiseido Company, Limited, Sponsored ADR, (9) |
|
816,642 |
|
|
|
Total Personal Products |
|
1,701,942 |
|
|
|
Pharmaceuticals 8.1% (5.8% of Total Investments) |
|
|
|
100,230 |
|
Abbott Laboratories (2) |
|
5,125,762 |
|
35,300 |
|
Merck KGaA, (9) |
|
970,927 |
|
25,600 |
|
Novartis AG, Sponsored ADR |
|
1,427,712 |
|
20,700 |
|
Novo-Nordisk A/S |
|
2,060,064 |
|
275,050 |
|
Pfizer Inc. (2) |
|
4,862,884 |
|
|
|
Total Pharmaceuticals |
|
14,447,349 |
|
|
|
Professional Services 0.5% (0.3% of Total Investments) |
|
|
|
73,000 |
|
Experian PLC, (9) |
|
811,760 |
|
|
|
Road & Rail 1.8% (1.3% of Total Investments) |
|
|
|
39,500 |
|
Union Pacific Corporation |
|
3,225,965 |
|
|
|
Semiconductors & Equipment 2.6% (1.9% of Total Investments) |
|
|
|
150,054 |
|
Microchip Technology Incorporated |
|
4,668,180 |
|
|
|
Software 3.1% (2.2% of Total Investments) |
|
|
|
170,150 |
|
Microsoft Corporation |
|
4,235,034 |
|
24,700 |
|
SAP AG, Sponsored ADR |
|
1,250,314 |
|
|
|
Total Software |
|
5,485,348 |
|
|
|
Textiles, Apparel & Luxury Goods 2.9% (2.1% of Total Investments) |
|
|
|
43,005 |
|
VF Corporation |
|
5,225,968 |
|
|
|
Thrifts & Mortgage Finance 2.1% (1.4% of Total Investments) |
|
|
|
306,348 |
|
New York Community Bancorp Inc. |
|
3,645,541 |
|
|
|
Tobacco 5.5% (3.9% of Total Investments) |
|
|
|
42,044 |
|
Lorillard Inc. |
|
4,654,268 |
|
80,789 |
|
Philip Morris International (2) |
|
5,039,616 |
|
|
|
Total Tobacco |
|
9,693,884 |
|
|
|
Total Common Stocks (cost $174,520,204) |
|
171,953,670 |
|
Shares |
|
Description (1) |
|
Coupon |
|
|
|
Ratings (3) |
|
Value |
| ||
|
|
$25 Par (or similar) Preferred Securities 29.0% (20.7% of Total Investments) |
|
|
|
| |||||||
|
|
Commercial Banks 2.8% (2.0% of Total Investments) |
|
|
|
|
| ||||||
43,700 |
|
Associated Banc-Corp. |
|
8.000% |
|
|
|
Ba1 |
|
$ 1,071,524 |
| ||
27,439 |
|
BB&T Capital Trust VI |
|
9.600% |
|
|
|
A- |
|
728,505 |
| ||
14,861 |
|
BB&T Capital Trust VII |
|
8.100% |
|
|
|
A- |
|
384,900 |
| ||
10,300 |
|
HSBC Holdings PLC |
|
8.000% |
|
|
|
A+ |
|
261,929 |
| ||
19,810 |
|
National City Capital Trust IV |
|
8.000% |
|
|
|
A- |
|
504,561 |
| ||
16,307 |
|
PNC Capital Trust |
|
7.750% |
|
|
|
A- |
|
420,884 |
| ||
11,000 |
|
Popular Inc. |
|
8.250% |
|
|
|
B2 |
|
198,000 |
| ||
50,000 |
|
Zions Bancorporation |
|
9.500% |
|
|
|
BB |
|
1,262,500 |
| ||
|
|
Total Commercial Banks |
|
|
|
|
|
|
|
4,832,803 |
| ||
|
|
Consumer Finance 3.6% (2.6% of Total Investments) |
|
|
|
|
|
|
| ||||
72,800 |
|
Ally Financial Inc. |
|
8.500% |
|
|
|
B |
|
1,270,360 |
| ||
14,626 |
|
GMAC LLC |
|
7.250% |
|
|
|
BB |
|
293,105 |
| ||
28,000 |
|
Heller Financial Inc. |
|
6.687% |
|
|
|
A+ |
|
2,802,626 |
| ||
50,500 |
|
HSBC Finance Corporation |
|
6.360% |
|
|
|
A |
|
1,049,895 |
| ||
24,800 |
|
SLM Corporation, Series A |
|
6.970% |
|
|
|
B |
|
1,043,832 |
| ||
|
|
Total Consumer Finance |
|
|
|
|
|
|
|
6,459,818 |
| ||
|
|
Diversified Financial Services 2.0% (1.4% of Total Investments) |
|
|
|
|
|
|
| ||||
56,000 |
|
Bank of America Corporation |
|
8.200% |
|
|
|
BBB |
|
1,233,120 |
| ||
1,360 |
|
Bank of America Corporation |
|
7.250% |
|
|
|
BBB |
|
1,041,746 |
| ||
28,700 |
|
Citigroup Inc. |
|
8.500% |
|
|
|
BBB |
|
724,675 |
| ||
4,615 |
|
Citigroup Inc. |
|
8.125% |
|
|
|
BBB |
|
116,160 |
| ||
9,012 |
|
Citigroup Inc. |
|
6.500% |
|
|
|
BBB |
|
414,552 |
| ||
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
|
3,530,253 |
| ||
|
|
Electric Utilities 4.3% (3.0% of Total Investments) |
|
|
|
|
|
| |||||
11,700 |
|
BGE Capital Trust II |
|
6.200% |
|
|
|
BBB- |
|
301,158 |
| ||
75,000 |
|
Entergy Arkansas Inc. |
|
6.450% |
|
|
|
BB+ |
|
1,872,660 |
| ||
20,000 |
|
Gulf Power Company |
|
6.000% |
|
|
|
BBB+ |
|
2,001,628 |
| ||
21,300 |
|
PPL Electric Utilities Corporation |
|
6.250% |
|
|
|
BBB- |
|
533,831 |
| ||
25,000 |
|
Southern California Edison Company, Series C |
|
6.000% |
|
|
|
BBB+ |
|
2,385,158 |
| ||
5,000 |
|
Southern California Edison Company |
|
6.500% |
|
|
|
Baa2 |
|
505,938 |
| ||
|
|
Total Electric Utilities |
|
|
|
|
|
|
|
7,600,373 |
| ||
|
|
Food Products 1.2% (0.9% of Total Investments) |
|
|
|
|
|
|
| ||||
20 |
|
HJ Heinz Finance Company, 144A |
|
8.000% |
|
|
|
BBB- |
|
2,143,750 |
| ||
|
|
Insurance 5.9% (4.2% of Total Investments) |
|
|
|
|
|
|
|
|
| ||
84,000 |
|
American Financial Group |
|
7.000% |
|
|
|
BBB+ |
|
2,157,120 |
| ||
50,000 |
|
Aspen Insurance Holdings Limited |
|
7.401% |
|
|
|
BBB- |
|
1,220,000 |
| ||
18,735 |
|
Endurance Specialty Holdings Limited |
|
7.750% |
|
|
|
BBB- |
|
474,932 |
| ||
95,300 |
|
Endurance Specialty Holdings Limited |
|
7.500% |
|
|
|
BBB- |
|
2,345,333 |
| ||
30,500 |
|
Montpelier Re Holdings Limited |
|
8.875% |
|
|
|
BB+ |
|
782,630 |
| ||
58,100 |
|
Principal Financial Group |
|
6.518% |
|
|
|
BBB |
|
1,467,025 |
| ||
75,000 |
|
Prudential Financial Inc. |
|
9.000% |
|
|
|
BBB+ |
|
2,077,500 |
| ||
|
|
Total Insurance |
|
|
|
|
|
|
|
10,524,540 |
| ||
|
|
Multi-Utilities 0.9% (0.7% of Total Investments) |
|
|
|
|
|
|
| ||||
25,000 |
|
Dominion Resources Inc. |
|
8.375% |
|
|
|
BBB |
|
727,250 |
| ||
32,500 |
|
Scana Corporation |
|
7.700% |
|
|
|
BBB- |
|
921,700 |
| ||
|
|
Total Multi-Utilities |
|
|
|
|
|
|
|
1,648,950 |
| ||
|
|
Oil, Gas & Consumable Fuels 0.7% (0.5% of Total Investments) |
|
|
|
|
|
|
| ||||
17,802 |
|
Magnum Hunter Resources Corporation |
|
10.250% |
|
|
|
N/A |
|
444,160 |
| ||
18,500 |
|
Magnum Hunter Resources Corporation |
|
8.000% |
|
|
|
N/A |
|
789,950 |
| ||
|
|
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
1,234,110 |
| ||
|
|
Real Estate Investment Trust 6.8% (4.8% of Total Investments) |
|
|
|
|
|
|
| ||||
29,023 |
|
Apartment Investment & Management Company, Series U |
|
7.750% |
|
|
|
Ba3 |
|
719,190 |
| ||
100,000 |
|
Ashford Hospitality Trust Inc. |
|
9.000% |
|
|
|
N/A |
|
2,408,000 |
| ||
22,800 |
|
Ashford Hospitality Trust Inc. |
|
8.450% |
|
|
|
N/A |
|
530,100 |
| ||
67,800 |
|
CommomWealth REIT |
|
7.250% |
|
|
|
Baa3 |
|
1,657,032 |
| ||
72,500 |
|
Dupont Fabros Technology |
|
7.875% |
|
|
|
Ba2 |
|
1,853,825 |
| ||
25,000 |
|
Equity Residential Properties Trust |
|
8.290% |
|
|
|
Baa2 |
|
1,613,283 |
| ||
50,000 |
|
Kimco Realty Corporation, Series G |
|
7.750% |
|
|
|
Baa2 |
|
1,280,000 |
| ||
72,500 |
|
Vornado Realty LP |
|
7.875% |
|
|
|
BBB |
|
1,943,000 |
| ||
|
|
Total Real Estate Investment Trust |
|
|
|
|
|
|
|
12,004,430 |
| ||
|
|
Wireless Telecommunication Services 0.8% (0.6% of Total Investments) |
|
|
|
|
| ||||||
35,263 |
|
Telephone and Data Systems Inc. |
|
7.000% |
|
|
|
Baa2 |
|
910,843 |
| ||
18,382 |
|
United States Cellular Corporation |
|
6.950% |
|
|
|
Baa2 |
|
470,212 |
| ||
|
|
Total Wireless Telecommunication Services |
|
|
|
|
|
|
|
1,381,055 |
| ||
|
|
Total $25 Par (or similar) Preferred Securities (cost $53,802,962) |
|
|
|
|
|
51,360,082 |
| ||||
Shares |
|
Description (1) |
|
Coupon |
|
|
|
Ratings (3) |
|
Value |
|
|
|
Convertible Preferred Securities 2.7% (1.9% of Total Investments) |
|
|
|
|
| ||||
|
|
Commercial Banks 2.0% (1.4% of Total Investments) |
|
|
|
|
| ||||
3,500 |
|
Wells Fargo & Company, Convertible Bond |
|
7.500% |
|
|
|
A- |
|
3,615,710 |
|
|
|
Diversified Financial Services 0.7% (0.5% of Total Investments) |
|
|
|
|
| ||||
16,651 |
|
CitiGroup Inc., Convertible |
|
7.500% |
|
|
|
N/A |
|
$ 1,325,919 |
|
|
|
Total Convertible Preferred Securities (cost $1,593,792) |
|
|
|
|
|
4,941,629 |
|
Principal |
|
|
|
|
|
|
|
|
|
|
| |
Amount (000) |
|
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (3) |
|
Value |
| |
|
|
Corporate Bonds 1.6% (1.1% of Total Investments) |
|
|
|
|
|
|
| |||
|
|
Commercial Banks 0.6% (0.4% of Total Investments) |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
| |||
$ |
1,000 |
|
Western Alliance Bancorporation |
|
10.000% |
|
9/01/15 |
|
Ba3 |
|
$ 1,042,500 |
|
|
|
Independent Power Producers & Energy Traders 0.5% (0.4% of Total Investments) |
|
|
|
|
| |||||
968 |
|
NRG Energy Inc., 144A |
|
7.875% |
|
5/15/21 |
|
BB |
|
885,720 |
| |
|
|
Insurance 0.5% (0.3% of Total Investments) |
|
|
|
|
|
|
|
|
| |
969 |
|
Genworth Financial Inc. |
|
7.200% |
|
2/15/21 |
|
BBB |
|
823,506 |
| |
$ |
2,937 |
|
Total Corporate Bonds (cost $2,792,130) |
|
|
|
|
|
|
|
2,751,726 |
|
Principal |
|
|
|
|
|
|
|
|
|
|
| |
Amount (000)/ |
|
|
|
|
|
|
|
|
|
|
| |
Shares |
|
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (3) |
|
Value |
| |
|
|
Capital Preferred Securities 4.7% (3.3% of Total Investments) |
|
|
|
|
|
|
| |||
|
|
Commercial Banks 1.0% (0.7% of Total Investments) |
|
|
|
|
|
|
| |||
|
1,000 |
|
PNC Financial Services Inc. |
|
6.750% |
|
8/01/21 |
|
A- |
|
$ 957,730 |
|
1 |
|
U.S. Bancorp. |
|
3.500% |
|
N/A (4) |
|
A |
|
754,548 |
| |
|
|
Total Commercial Banks |
|
|
|
|
|
|
|
1,712,278 |
| |
|
|
Consumer Finance 0.8% (0.6% of Total Investments) |
|
|
|
|
|
|
| |||
1,000 |
|
Capital One Capital V Corporation |
|
10.250% |
|
8/15/39 |
|
BBB |
|
1,015,000 |
| |
500 |
|
Capital One Capital VI |
|
8.875% |
|
5/15/40 |
|
BBB |
|
507,366 |
| |
|
|
Total Consumer Finance |
|
|
|
|
|
|
|
1,522,366 |
| |
|
|
Diversified Financial Services 1.1% (0.8% of Total Investments) |
|
|
|
|
|
|
| |||
1,000 |
|
JP Morgan Chase & Company |
|
7.900% |
|
N/A (4) |
|
A |
|
1,030,010 |
| |
1,000 |
|
MBNA Capital Trust |
|
8.278% |
|
12/01/26 |
|
BBB |
|
930,000 |
| |
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
|
1,960,010 |
| |
|
|
Insurance 1.8% (1.2% of Total Investments) |
|
|
|
|
|
|
|
|
| |
20 |
|
Axis Capital Holdings Limited |
|
7.500% |
|
N/A (4) |
|
BBB |
|
1,886,876 |
| |
1,000 |
|
MetLife Inc. |
|
10.750% |
|
8/01/69 |
|
BBB |
|
1,250,000 |
| |
|
|
Total Insurance |
|
|
|
|
|
|
|
3,136,876 |
| |
|
|
Total Capital Preferred Securities (cost $8,130,399) |
|
|
|
|
|
8,331,530 |
| |||
Principal |
|
|
|
|
|
|
|
|
|
|
| |
Amount (000) |
|
Description (1) |
|
Coupon |
|
Maturity |
|
|
|
Value |
| |
|
|
Short-Term Investments - 5.9% (4.2% of Total Investments) |
|
|
|
|
|
|
| |||
$ |
10,539 |
|
Repurchase Agreement with State Street Bank, dated 9/30/11, repurchase price $10,538,945, collateralized by $10,820,000 U.S. Treasury Notes, 1.375%, due 9/30/18, value $10,752,375 |
|
0.010% |
|
10/03/11 |
|
|
|
$ 10,538,936 |
|
|
|
Total Short-Term Investments (cost $10,538,936) |
|
|
|
|
|
10,538,936 |
| |||
|
|
Total Investments (cost $251,378,423) 140.9% |
|
|
|
|
|
249,877,573 |
| |||
|
|
Borrowings (37.8)% (5), (6) |
|
|
|
|
|
|
(67,000,000 |
) | ||
|
|
Other Assets Less Liabilities (3.1)% (7) |
|
|
|
|
|
(5,523,886 |
) | |||
|
|
Net Assets Applicable to Common Shares 100% |
|
|
|
|
|
$ 177,353,687 |
| |||
Investments in Derivatives at September 30, 2011:
Call Options Written outstanding:
Number of |
|
|
|
Notional |
|
Expiration |
|
Strike |
|
|
|
Contracts |
|
Type |
|
Amount (8) |
|
Date |
|
Price |
|
Value |
|
|
|
Call Options Written |
|
|
|
|
|
|
|
|
|
(100 |
) |
S&P 500 INDEX |
|
$(12,000,000) |
|
10/22/11 |
|
1,200 |
|
$(125,000) |
|
(50 |
) |
S&P 500 INDEX |
|
(6,125,000) |
|
10/22/11 |
|
1,225 |
|
(34,000) |
|
(100 |
) |
S&P 500 INDEX |
|
(12,500,000) |
|
11/19/11 |
|
1,250 |
|
(122,000) |
|
(250 |
) |
Total Call Options Written(premiums received $719,494) |
|
$(30,625,000) |
|
|
|
|
|
$(281,000) |
|
Interest Rate Swaps outstanding:
|
|
|
|
Fund |
|
Floating |
|
|
|
Fixed Rate |
|
|
|
Unrealized |
|
|
|
Notional |
|
Pay/Receive |
|
Rate |
|
Fixed |
|
Payment |
|
Termination |
|
Appreciation |
|
Counterparty |
|
Amount |
|
Floating Rate |
|
Index |
|
Rate* |
|
Frequency |
|
Date |
|
(Depreciation) |
|
JPMorgan |
|
$16,750,000 |
|
Receive |
|
1-Month USD-LIBOR |
|
1.412 |
% |
Monthly |
|
3/29/14 |
|
$ (370,938) |
|
Morgan Stanley |
|
16,750,000 |
|
Receive |
|
1-Month USD-LIBOR |
|
0.409 |
|
Monthly |
|
3/29/12 |
|
(6,697) |
|
Morgan Stanley |
|
16,750,000 |
|
Receive |
|
1-Month USD-LIBOR |
|
2.323 |
|
Monthly |
|
3/29/16 |
|
(955,176) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(1,332,811) |
|
*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 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 entitys 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 managements 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 Funds fair value measurements as of September 30, 2011:
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
Common Stocks** |
|
$ 159,181,623 |
|
$ 12,772,047 |
|
$ |
|
$ 171,953,670 |
|
|
$25 Par (or similar) Preferred Securities |
|
37,303,208 |
|
14,056,874 |
|
|
|
51,360,082 |
|
|
Convertible Preferred Securities |
|
4,941,629 |
|
|
|
|
|
4,941,629 |
|
|
Corporate Bonds |
|
|
|
2,751,726 |
|
|
|
2,751,726 |
|
|
Capital Preferred Securities |
|
754,548 |
|
7,576,982 |
|
|
|
8,331,530 |
|
|
Short-Term Investments |
|
|
|
10,538,936 |
|
|
|
10,538,936 |
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
Call Options Written |
|
(281,000 |
) |
|
|
|
|
(281,000 |
) |
|
Interest Rate Swaps* |
|
|
|
(1,332,811 |
) |
|
|
(1,332,811 |
) |
|
Total |
|
$ 201,900,008 |
|
$ 46,363,754 |
|
$ |
|
$ 248,263,762 |
|
* Represents net unrealized appreciation (depreciation) as reported in the Funds Portfolio of Investments.
** Refer to the Funds Portfolio of Investments for industry breakdown of Common Stocks classified as Level 2.
During the period ended September 30, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
Derivative Instruments and Hedging Activities
The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
The following table presents the fair value of all derivative instruments held by the Fund as of September 30, 2011, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.
|
|
|
|
|
Location on the Statements of Assets and Liabilities |
| ||||||
|
Underlying |
|
Derivative |
|
Asset Derivatives |
|
Liability Derivatives |
| ||||
|
Risk Exposure |
|
Instrument |
|
Location |
|
Value |
|
Location |
|
Value |
|
|
Equity Price |
|
Options |
|
|
|
$ |
|
Call options written, at value |
|
$ 281,000 |
|
|
Interest Rate |
|
Swaps |
|
Unrealized appreciation on interest rate swaps* |
|
|
|
Unrealized depreciation on interest rate swaps* |
|
1,332,811 |
|
|
Total |
|
|
|
|
|
$ |
|
|
|
$ 1,613,811 |
|
* Value represents cumulative gross appreciation (depreciation) of swap contracts as reported in the Funds Portfolio of 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 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, 2011, the cost of investments (excluding investments in derivatives) was $252,642,689.
Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2011, were as follows:
|
|
|
|
| |
|
Gross unrealized: |
|
|
| |
|
Appreciation |
|
$ |
19,107,859 |
|
|
Depreciation |
|
(21,872,975) |
| |
|
Net unrealized appreciation (depreciation) of investments |
|
$ |
(2,765,116) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
For Fund portfolio compliance purposes, the Funds 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) |
Ratings: Using the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys) or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys 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. | |
|
(4) |
Perpetual security. Maturity date is not applicable. | |
|
(5) |
Borrowings as a percentage of total investments is 26.8%. | |
|
(6) |
The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of September 30, 2011, investments with a value of $139,681,293 has been pledged as collateral for Borrowings. | |
|
(7) |
Other Assets Less Liabilities includes Value and/or Net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at September 30, 2011. | |
|
(8) |
For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. | |
|
(9) |
For fair value measurement disclosure purposes, Common Stock categorized as Level 2. | |
|
N/A |
Not applicable. | |
|
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 |
United States DollarLondon Inter-Bank Offered Rate. | |
Item 2. Controls and Procedures.
a. The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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 November 29, 2011
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 November 29, 2011
By (Signature and Title) |
/s/ Stephen D. Foy |
|
|
Stephen D. Foy |
|
|
Vice President and Controller (principal financial officer) |
|
Date November 29, 2011