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) | ||||||||
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333 West Wacker Drive, Chicago, Illinois 60606 |
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(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 |
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Date of reporting period: |
9/30/2013 |
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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) |
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|
|
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Nuveen Tax-Advantaged Dividend Growth Fund (JTD) |
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|
|
|
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September 30, 2013 |
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Shares |
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Description (1) |
|
Value |
| ||||||||||||
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|
Long-Term Investments - 137.0% (95.4% of Total Investments) |
|
|
| ||||||||||||
|
|
Common Stocks - 105.6% (73.5% of Total Investments) |
|
|
| ||||||||||||
|
|
Aerospace & Defense - 2.9% |
|
|
| ||||||||||||
42,819 |
|
Honeywell International Inc. |
|
$ 3,555,690 |
| ||||||||||||
53,500 |
|
Safran S.A., (2) |
|
3,289,180 |
| ||||||||||||
|
|
Total Aerospace & Defense |
|
6,844,870 |
| ||||||||||||
|
|
Automobiles - 1.2% |
|
|
| ||||||||||||
36,200 |
|
Daimler AG, (2) |
|
2,827,220 |
| ||||||||||||
|
|
Beverages - 3.8% |
|
|
| ||||||||||||
164,190 |
|
Coca-Cola Company |
|
6,219,516 |
| ||||||||||||
71,076 |
|
Heineken NV, (2) |
|
2,519,644 |
| ||||||||||||
|
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Total Beverages |
|
8,739,160 |
| ||||||||||||
|
|
Capital Markets - 3.0% |
|
|
| ||||||||||||
108,935 |
|
Bank of New York Company, Inc. |
|
3,288,748 |
| ||||||||||||
13,298 |
|
BlackRock Inc. |
|
3,598,705 |
| ||||||||||||
|
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Total Capital Markets |
|
6,887,453 |
| ||||||||||||
|
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Chemicals - 2.3% |
|
|
| ||||||||||||
134,195 |
|
Linde AG, (2) |
|
2,650,351 |
| ||||||||||||
32,949 |
|
Syngenta AG, ADR |
|
2,678,754 |
| ||||||||||||
|
|
Total Chemicals |
|
5,329,105 |
| ||||||||||||
|
|
Commercial Banks - 10.4% |
|
|
| ||||||||||||
41,200 |
|
BOC Hong Kong Holdings Limited, (2) |
|
2,645,674 |
| ||||||||||||
82,553 |
|
Cullen/Frost Bankers, Inc. |
|
5,824,114 |
| ||||||||||||
49,200 |
|
HSBC Holdings PLC |
|
2,669,592 |
| ||||||||||||
278,736 |
|
Mitsubishi UFJ Financial Group, Inc., ADR |
|
1,786,698 |
| ||||||||||||
27,000 |
|
Toronto-Dominion Bank |
|
2,429,460 |
| ||||||||||||
135,600 |
|
Wells Fargo & Company, (3) |
|
5,602,992 |
| ||||||||||||
104,000 |
|
Westpac Banking Corporation, (3) |
|
3,189,680 |
| ||||||||||||
|
|
Total Commercial Banks |
|
24,148,210 |
| ||||||||||||
|
|
Communications Equipment - 3.6% |
|
|
| ||||||||||||
56,459 |
|
Motorola Solutions Inc. |
|
3,352,535 |
| ||||||||||||
73,665 |
|
QUALCOMM, Inc. |
|
4,962,074 |
| ||||||||||||
|
|
Total Communications Equipment |
|
8,314,609 |
| ||||||||||||
|
|
Computers & Peripherals - 1.9% |
|
|
| ||||||||||||
9,508 |
|
Apple, Inc., (3) |
|
4,532,939 |
| ||||||||||||
|
|
Diversified Financial Services - 2.8% |
|
|
| ||||||||||||
125,555 |
|
JPMorgan Chase & Co. |
|
6,489,935 |
| ||||||||||||
|
|
Diversified Telecommunication Services - 2.5% |
|
|
| ||||||||||||
171,708 |
|
AT&T Inc. |
|
5,807,165 |
| ||||||||||||
|
|
Electric Utilities - 3.1% |
|
|
| ||||||||||||
41,330 |
|
NextEra Energy Inc. |
|
3,313,013 |
| ||||||||||||
191,400 |
|
Red Electrica Corporacion, S.A., (2) |
|
2,179,989 |
| ||||||||||||
73,056 |
|
Scottish and Southern Energy PLC, (2) |
|
1,749,691 |
| ||||||||||||
|
|
Total Electric Utilities |
|
7,242,693 |
| ||||||||||||
|
|
Electrical Equipment - 3.4% |
|
|
| ||||||||||||
128,200 |
|
ABB Limited |
|
3,024,238 |
| ||||||||||||
71,000 |
|
Eaton PLC |
|
4,887,640 |
| ||||||||||||
|
|
Total Electrical Equipment |
|
7,911,878 |
| ||||||||||||
|
|
Energy Equipment & Services - 2.4% |
|
|
| ||||||||||||
68,600 |
|
Seadrill Limited |
|
3,092,488 |
| ||||||||||||
55,700 |
|
Tenaris, S.A. |
|
2,605,646 |
| ||||||||||||
|
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Total Energy Equipment & Services |
|
5,698,134 |
| ||||||||||||
|
|
Food & Staples Retailing - 2.3% |
|
|
| ||||||||||||
93,246 |
|
CVS Caremark Corporation |
|
5,291,711 |
| ||||||||||||
|
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Food Products - 2.4% |
|
|
| ||||||||||||
172,400 |
|
Danone, (2) |
|
2,592,896 |
| ||||||||||||
47,707 |
|
McCormick & Company, Incorporated |
|
3,086,643 |
| ||||||||||||
|
|
Total Food Products |
|
5,679,539 |
| ||||||||||||
|
|
Gas Utilities - 2.4% |
|
|
| ||||||||||||
103,800 |
|
ONEOK, Inc. |
|
5,534,616 |
| ||||||||||||
|
|
Health Care Equipment & Supplies - 1.4% |
|
|
| ||||||||||||
53,860 |
|
Covidien PLC |
|
3,282,228 |
| ||||||||||||
|
|
Health Care Providers & Services - 1.4% |
|
|
| ||||||||||||
45,132 |
|
UnitedHealth Group Incorporated, (3) |
|
3,231,903 |
| ||||||||||||
|
|
Hotels, Restaurants & Leisure - 3.1% |
|
|
| ||||||||||||
207,567 |
|
Compass Group PLC, (2) |
|
2,845,847 |
| ||||||||||||
60,436 |
|
YUM! Brands, Inc. |
|
4,314,526 |
| ||||||||||||
|
|
Total Hotels, Restaurants & Leisure |
|
7,160,373 |
| ||||||||||||
|
|
Household Durables - 3.0% |
|
|
| ||||||||||||
30,132 |
|
Tupperware Corporation, (3) |
|
2,602,501 |
| ||||||||||||
30,004 |
|
Whirlpool Corporation |
|
4,393,786 |
| ||||||||||||
|
|
Total Household Durables |
|
6,996,287 |
| ||||||||||||
|
|
Industrial Conglomerates - 1.1% |
|
|
| ||||||||||||
45,100 |
|
Jardine Matheson Holdings Limited, (2) |
|
2,475,990 |
| ||||||||||||
|
|
Insurance - 2.9% |
|
|
| ||||||||||||
43,366 |
|
Ace Limited |
|
4,057,323 |
| ||||||||||||
33,560 |
|
Swiss Re AG, (2) |
|
2,776,100 |
| ||||||||||||
|
|
Total Insurance |
|
6,833,423 |
| ||||||||||||
|
|
IT Services - 1.4% |
|
|
| ||||||||||||
45,276 |
|
Accenture Limited |
|
3,334,125 |
| ||||||||||||
|
|
Machinery - 2.2% |
|
|
| ||||||||||||
40,500 |
|
Caterpillar Inc. |
|
3,376,485 |
| ||||||||||||
23,471 |
|
Kubota Corporation, (2) |
|
1,694,695 |
| ||||||||||||
|
|
Total Machinery |
|
5,071,180 |
| ||||||||||||
|
|
Media - 4.7% |
|
|
| ||||||||||||
109,300 |
|
Pearson Public Limited Company |
|
2,223,162 |
| ||||||||||||
53,700 |
|
Time Warner Cable, Class A, (3) |
|
5,992,919 |
| ||||||||||||
26,271 |
|
WPP Group PLC |
|
2,704,337 |
| ||||||||||||
|
|
Total Media |
|
10,920,418 |
| ||||||||||||
|
|
Metals & Mining - 0.9% |
|
|
| ||||||||||||
32,667 |
|
BHP Billiton PLC, ADR, (3) |
|
2,172,356 |
| ||||||||||||
|
|
Office Electronics - 0.6% |
|
|
| ||||||||||||
42,100 |
|
Canon Inc. |
|
1,347,200 |
| ||||||||||||
|
|
Oil, Gas & Consumable Fuels - 8.4% |
|
|
| ||||||||||||
123,227 |
|
BG PLC., Sponsored ADR, (2) |
|
2,348,707 |
| ||||||||||||
50,550 |
|
Chevron Corporation, (3) |
|
6,141,824 |
| ||||||||||||
140,674 |
|
Kinder Morgan, Inc. |
|
5,003,774 |
| ||||||||||||
53,251 |
|
Phillips 66 |
|
3,078,973 |
| ||||||||||||
50,181 |
|
Total S.A., Sponsored ADR |
|
2,906,484 |
| ||||||||||||
|
|
Total Oil, Gas & Consumable Fuels |
|
19,479,762 |
| ||||||||||||
|
|
Personal Products - 1.0% |
|
|
| ||||||||||||
69,999 |
|
LOreal, (2) |
|
2,407,966 |
| ||||||||||||
|
|
Pharmaceuticals - 8.1% |
|
|
| ||||||||||||
115,136 |
|
AbbVie Inc. |
|
5,150,033 |
| ||||||||||||
32,667 |
|
Merck KGaA, (2) |
|
1,700,255 |
| ||||||||||||
40,300 |
|
Novartis AG, Sponsored ADR |
|
3,091,413 |
| ||||||||||||
18,619 |
|
Novo-Nordisk A/S |
|
3,150,707 |
| ||||||||||||
204,210 |
|
Pfizer Inc., (3) |
|
5,862,868 |
| ||||||||||||
|
|
Total Pharmaceuticals |
|
18,955,276 |
| ||||||||||||
|
|
Professional Services - 2.0% |
|
|
| ||||||||||||
143,700 |
|
Experian PLC, (2) |
|
2,725,989 |
| ||||||||||||
50,342 |
|
Nielsen Holdings BV |
|
1,834,966 |
| ||||||||||||
|
|
Total Professional Services |
|
4,560,955 |
| ||||||||||||
|
|
Road & Rail - 1.5% |
|
|
| ||||||||||||
22,665 |
|
Union Pacific Corporation |
|
3,520,781 |
| ||||||||||||
|
|
Software - 3.1% |
|
|
| ||||||||||||
172,550 |
|
Microsoft Corporation, (3) |
|
5,747,641 |
| ||||||||||||
20,589 |
|
SAP AG, Sponsored ADR |
|
1,521,939 |
| ||||||||||||
|
|
Total Software |
|
7,269,580 |
| ||||||||||||
|
|
Specialty Retail - 1.7% |
|
|
| ||||||||||||
85,586 |
|
Lowes Companies, Inc. |
|
4,074,749 |
| ||||||||||||
|
|
Textiles, Apparel & Luxury Goods - 1.8% |
|
|
| ||||||||||||
21,414 |
|
VF Corporation |
|
4,262,457 |
| ||||||||||||
|
|
Tobacco - 2.2% |
|
|
| ||||||||||||
59,222 |
|
Philip Morris International, (3) |
|
5,128,033 |
| ||||||||||||
|
|
Trading Companies & Distributors - 0.9% |
|
|
| ||||||||||||
84,600 |
|
Itochu Corporation, (2) |
|
2,072,649 |
| ||||||||||||
|
|
Wireless Telecommunication Services - 1.8% |
|
|
| ||||||||||||
130,182 |
|
KDDI Corporation, (2), (3) |
|
1,665,028 |
| ||||||||||||
74,000 |
|
Vodafone Group PLC, Sponsored ADR |
|
2,603,324 |
| ||||||||||||
|
|
Total Wireless Telecommunication Services |
|
4,268,352 |
| ||||||||||||
|
|
Total Common Stocks (cost $193,028,392) |
|
246,105,280 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Shares |
|
Description (1) |
|
Coupon |
|
|
|
Ratings (4) |
|
Value |
| ||||||
|
|
$25 Par (or similar) Retail Structures - 24.7% (17.2% of Total Investments) |
|
|
|
|
| ||||||||||
|
|
Capital Markets - 2.5% |
|
|
|
|
|
|
|
|
| ||||||
308 |
|
Affiliated Managers Group Inc. |
|
6.375% |
|
|
|
BBB |
|
$ |
7,010 |
| |||||
1,825 |
|
Allied Capital Corporation |
|
6.875% |
|
|
|
BBB |
|
42,523 |
| ||||||
32,575 |
|
Apollo Investment Corporation |
|
6.625% |
|
|
|
BBB |
|
707,203 |
| ||||||
40,500 |
|
Ares Capital Corporation |
|
7.000% |
|
|
|
BBB |
|
1,047,735 |
| ||||||
35,000 |
|
Fifth Street Finance Corporation |
|
6.125% |
|
|
|
BBB- |
|
792,400 |
| ||||||
8,300 |
|
Gladstone Investment Corporation |
|
7.125% |
|
|
|
N/R |
|
217,460 |
| ||||||
14,300 |
|
Hercules Technology Growth Capital Incorporated |
|
7.000% |
|
|
|
N/R |
|
367,796 |
| ||||||
20,225 |
|
Medley Capital Corporation |
|
6.125% |
|
|
|
N/R |
|
471,243 |
| ||||||
15,200 |
|
MVC Capital Incorporated |
|
7.250% |
|
|
|
N/R |
|
381,672 |
| ||||||
500 |
|
Saratoga Investment Corporation |
|
7.500% |
|
|
|
N/R |
|
12,625 |
| ||||||
71,250 |
|
Solar Capital Limited |
|
6.750% |
|
|
|
BBB- |
|
1,522,613 |
| ||||||
11,063 |
|
Triangle Capital Corporation |
|
7.000% |
|
|
|
N/R |
|
282,549 |
| ||||||
|
|
Total Capital Markets |
|
|
|
|
|
|
|
5,852,829 |
| ||||||
|
|
Commercial Banks - 4.0% |
|
|
|
|
|
|
|
|
| ||||||
28,500 |
|
Associated Banc-Corp. |
|
8.000% |
|
|
|
BB+ |
|
772,350 |
| ||||||
50,000 |
|
BB&T Corporation |
|
5.850% |
|
|
|
BBB |
|
1,073,500 |
| ||||||
48,015 |
|
First Niagara Finance Group |
|
8.625% |
|
|
|
BB+ |
|
1,385,713 |
| ||||||
31,850 |
|
First Republic Bank of San Francisco |
|
6.200% |
|
|
|
BBB |
|
711,848 |
| ||||||
10,300 |
|
HSBC Holdings PLC |
|
8.000% |
|
|
|
BBB+ |
|
278,615 |
| ||||||
32,400 |
|
Morgan Stanley, (6) |
|
7.125% |
|
|
|
BB+ |
|
816,480 |
| ||||||
35,700 |
|
PNC Financial Services |
|
6.125% |
|
|
|
BBB |
|
901,068 |
| ||||||
100,000 |
|
U.S. Bancorp. |
|
6.500% |
|
|
|
BBB+ |
|
2,599,000 |
| ||||||
30,676 |
|
Zions Bancorporation |
|
7.900% |
|
|
|
BB |
|
844,204 |
| ||||||
|
|
Total Commercial Banks |
|
|
|
|
|
|
|
9,382,778 |
| ||||||
|
|
Consumer Finance - 1.0% |
|
|
|
|
|
|
|
|
| ||||||
24,500 |
|
Discover Financial Services |
|
6.500% |
|
|
|
BB |
|
576,240 |
| ||||||
15,299 |
|
GMAC LLC |
|
7.250% |
|
|
|
BB- |
|
385,382 |
| ||||||
55,100 |
|
HSBC Finance Corporation |
|
6.360% |
|
|
|
BBB+ |
|
1,307,523 |
| ||||||
6,611 |
|
HSBC USA Inc. |
|
6.500% |
|
|
|
BBB+ |
|
158,796 |
| ||||||
|
|
Total Consumer Finance |
|
|
|
|
|
|
|
2,427,941 |
| ||||||
|
|
Diversified Consumer Services - 0.8% |
|
|
|
|
|
|
|
|
| ||||||
87,495 |
|
Gabelli Equity Trust |
|
5.000% |
|
|
|
AAA |
|
1,864,518 |
| ||||||
|
|
Diversified Financial Services - 1.3% |
|
|
|
|
|
|
|
|
| ||||||
4,615 |
|
Citigroup Inc. |
|
8.125% |
|
|
|
BB |
|
131,066 |
| ||||||
37,000 |
|
Citigroup Inc. |
|
7.125% |
|
|
|
BB |
|
934,250 |
| ||||||
30,900 |
|
Countrywide Capital Trust IV |
|
6.750% |
|
|
|
BB+ |
|
769,410 |
| ||||||
36,350 |
|
Main Street Capital Corporation |
|
6.125% |
|
|
|
N/R |
|
850,590 |
| ||||||
14,650 |
|
PennantPark Investment Corporation |
|
6.250% |
|
|
|
BBB- |
|
351,600 |
| ||||||
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
|
3,036,916 |
| ||||||
|
|
Diversified Telecommunication Services - 0.6% |
|
|
|
|
|
|
|
|
| ||||||
70,850 |
|
Qwest Corporation |
|
6.125% |
|
|
|
BBB- |
|
1,499,186 |
| ||||||
|
|
Electric Utilities - 0.4% |
|
|
|
|
|
|
|
|
| ||||||
6,625 |
|
NextEra Energy Inc. |
|
5.000% |
|
|
|
BBB |
|
125,544 |
| ||||||
17,581 |
|
PPL Capital Funding, Inc. |
|
5.900% |
|
|
|
BB+ |
|
374,827 |
| ||||||
18,479 |
|
SCE Trust I |
|
5.625% |
|
|
|
Baa2 |
|
379,743 |
| ||||||
|
|
Total Electric Utilities |
|
|
|
|
|
|
|
880,114 |
| ||||||
|
|
Household Durables - 0.4% |
|
|
|
|
|
|
|
|
| ||||||
33,800 |
|
Pitney Bowes Inc. |
|
6.700% |
|
|
|
BBB |
|
834,860 |
| ||||||
|
|
Insurance - 4.7% |
|
|
|
|
|
|
|
|
| ||||||
33,400 |
|
Allstate Corporation |
|
5.100% |
|
|
|
Baa1 |
|
774,880 |
| ||||||
62,400 |
|
American Financial Group |
|
7.000% |
|
|
|
BBB+ |
|
1,563,120 |
| ||||||
29,600 |
|
Argo Group US Inc. |
|
6.500% |
|
|
|
BBB- |
|
653,272 |
| ||||||
14,298 |
|
Aspen Insurance Holdings Limited |
|
7.401% |
|
|
|
BBB- |
|
367,316 |
| ||||||
50,000 |
|
Aspen Insurance Holdings Limited |
|
7.250% |
|
|
|
BBB- |
|
1,253,000 |
| ||||||
27,300 |
|
Axis Capital Holdings Limited |
|
6.875% |
|
|
|
BBB |
|
648,921 |
| ||||||
81,891 |
|
Endurance Specialty Holdings Limited |
|
7.500% |
|
|
|
BBB- |
|
2,042,359 |
| ||||||
1,000 |
|
Maiden Holdings NA Limited |
|
8.250% |
|
|
|
BBB- |
|
25,640 |
| ||||||
58,100 |
|
Principal Financial Group |
|
6.518% |
|
|
|
BBB |
|
1,444,947 |
| ||||||
69,800 |
|
Prudential Financial Inc. |
|
5.700% |
|
|
|
BBB+ |
|
1,500,700 |
| ||||||
25,800 |
|
Reinsurance Group of America Inc. |
|
6.200% |
|
|
|
BBB |
|
636,744 |
| ||||||
|
|
Total Insurance |
|
|
|
|
|
|
|
10,910,899 |
| ||||||
|
|
Metals & Mining - 0.1% |
|
|
|
|
|
|
|
|
| ||||||
7,578 |
|
Gamco Global Gold Natural Resources & Income Trust |
|
5.000% |
|
|
|
A1 |
|
152,469 |
| ||||||
|
|
Multi-Utilities - 1.6% |
|
|
|
|
|
|
|
|
| ||||||
25,000 |
|
Dominion Resources Inc. |
|
8.375% |
|
|
|
BBB |
|
652,000 |
| ||||||
95,460 |
|
DTE Energy Company |
|
6.500% |
|
|
|
Baa2 |
|
2,348,316 |
| ||||||
32,500 |
|
Scana Corporation |
|
7.700% |
|
|
|
BBB- |
|
857,675 |
| ||||||
|
|
Total Multi-Utilities |
|
|
|
|
|
|
|
3,857,991 |
| ||||||
|
|
Oil, Gas & Consumable Fuels - 0.4% |
|
|
|
|
|
|
|
|
| ||||||
20,000 |
|
Kayne Anderson MLP Trust |
|
4.600% |
|
|
|
AA |
|
497,000 |
| ||||||
5,300 |
|
Magnum Hunter Resources Corporation |
|
8.000% |
|
|
|
N/R |
|
243,005 |
| ||||||
4,200 |
|
Miller Energy Resources Inc., (6), (7) |
|
10.500% |
|
|
|
N/R |
|
105,000 |
| ||||||
4,200 |
|
Tsakos Energy Navigation Limited, (6) |
|
8.875% |
|
|
|
N/R |
|
103,740 |
| ||||||
|
|
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
948,745 |
| ||||||
|
|
Real Estate Investment Trust - 6.3% |
|
|
|
|
|
|
|
|
| ||||||
38,800 |
|
Apartment Investment & Management Company |
|
7.000% |
|
|
|
BB- |
|
970,776 |
| ||||||
8,800 |
|
Arbor Realty Trust Incorporated |
|
7.750% |
|
|
|
N/R |
|
205,920 |
| ||||||
62,500 |
|
Ashford Hospitality Trust Inc. |
|
9.000% |
|
|
|
N/R |
|
1,623,125 |
| ||||||
18,000 |
|
Capstead Mortgage Corporation |
|
7.500% |
|
|
|
N/R |
|
430,380 |
| ||||||
31,350 |
|
Developers Diversified Realty Corporation |
|
6.500% |
|
|
|
Ba1 |
|
690,327 |
| ||||||
72,500 |
|
Dupont Fabros Technology |
|
7.875% |
|
|
|
Ba2 |
|
1,827,000 |
| ||||||
25,000 |
|
Equity Residential Properties Trust (EQR), (5) |
|
8.290% |
|
|
|
Baa2 |
|
1,536,720 |
| ||||||
22,100 |
|
Inland Real Estate Corporation |
|
8.125% |
|
|
|
N/R |
|
565,539 |
| ||||||
6,300 |
|
Kimco Realty Corporation |
|
6.000% |
|
|
|
Baa2 |
|
138,222 |
| ||||||
9,200 |
|
National Retail Properties Inc. |
|
6.625% |
|
|
|
Baa3 |
|
211,140 |
| ||||||
35,550 |
|
National Retail Properties Inc. |
|
5.700% |
|
|
|
Baa3 |
|
699,980 |
| ||||||
22,900 |
|
Northstar Realty Finance Corporation |
|
8.875% |
|
|
|
N/R |
|
561,966 |
| ||||||
32,400 |
|
Northstar Realty Finance Corporation |
|
8.250% |
|
|
|
N/R |
|
760,752 |
| ||||||
36,600 |
|
Penn Real Estate Investment Trust |
|
7.375% |
|
|
|
N/R |
|
869,616 |
| ||||||
2,000 |
|
Prologis Inc., (5) |
|
8.540% |
|
|
|
BB+ |
|
121,813 |
| ||||||
10,500 |
|
Rait Financial Trust |
|
7.750% |
|
|
|
N/R |
|
243,915 |
| ||||||
33,000 |
|
Regency Centers Corporation |
|
6.625% |
|
|
|
Baa3 |
|
772,200 |
| ||||||
50,000 |
|
Senior Housing Properties Trust |
|
5.625% |
|
|
|
BBB- |
|
1,027,000 |
| ||||||
37,000 |
|
Taubman Centers Incorporated, Series K |
|
6.250% |
|
|
|
N/R |
|
827,320 |
| ||||||
19,652 |
|
Vornado Realty LP |
|
7.875% |
|
|
|
BBB |
|
515,275 |
| ||||||
|
|
Total Real Estate Investment Trust |
|
|
|
|
|
|
|
14,598,986 |
| ||||||
|
|
U.S. Agency - 0.6% |
|
|
|
|
|
|
|
|
| ||||||
8,700 |
|
Cobank Agricultural Credit Bank, 144A, (5) |
|
6.250% |
|
|
|
A- |
|
826,772 |
| ||||||
4,750 |
|
Farm Credit Bank of Texas, 144A, (5) |
|
6.750% |
|
|
|
Baa1 |
|
475,891 |
| ||||||
|
|
Total U.S. Agency |
|
|
|
|
|
|
|
1,302,663 |
| ||||||
|
|
Total $25 Par (or similar) Retail Structures (cost $58,997,812) |
|
|
|
57,550,895 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Principal |
|
|
|
|
|
|
|
|
|
|
| ||||||
Amount (000) |
|
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (4) |
|
Value |
| ||||||
|
|
Corporate Bonds - 1.1% (0.8% of Total Investments) |
|
|
|
|
|
|
|
|
| ||||||
|
|
Commercial Services & Supplies - 0.2% |
|
|
|
|
|
|
|
|
| ||||||
$ |
439 |
|
R.R. Donnelley & Son Company |
|
8.250% |
|
3/15/19 |
|
BB |
|
$ 487,290 |
| |||||
20 |
|
R.R. Donnelley & Son Company |
|
7.875% |
|
3/15/21 |
|
BB |
|
21,450 |
| ||||||
459 |
|
Total Commercial Services & Supplies |
|
|
|
|
|
|
|
508,740 |
| ||||||
|
|
Diversified Financial Services - 0.2% |
|
|
|
|
|
|
|
|
| ||||||
500 |
|
Icahn Enterprises Finance, 144A |
|
6.000% |
|
8/01/20 |
|
BBB- |
|
500,000 |
| ||||||
|
|
Diversified Telecommunication Services - 0.4% |
|
|
|
|
|
|
|
|
| ||||||
1,000 |
|
Frontier Communications Corporation |
|
7.125% |
|
1/15/23 |
|
BB+ |
|
997,500 |
| ||||||
|
|
Oil, Gas & Consumable Fuels - 0.3% |
|
|
|
|
|
|
|
|
| ||||||
425 |
|
DCP Midstream LLC, 144A |
|
5.850% |
|
5/21/43 |
|
Baa3 |
|
388,875 |
| ||||||
175 |
|
Vanguard Natural Resources Finance |
|
7.875% |
|
4/01/20 |
|
B |
|
177,188 |
| ||||||
600 |
|
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
566,063 |
| ||||||
$ |
2,559 |
|
Total Corporate Bonds (cost $2,551,243) |
|
|
|
|
|
|
|
2,572,303 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Principal |
|
|
|
|
|
|
|
|
|
|
| ||||||
Amount (000)/ |
|
|
|
|
|
|
|
|
|
|
| ||||||
Shares |
|
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (4) |
|
Value |
| ||||||
|
|
$1,000 Par (or similar) Institutional Structures - 5.6% (3.9% of Total Investments) |
|
|
|
|
| ||||||||||
|
|
Commercial Banks - 1.1% |
|
|
|
|
|
|
|
|
| ||||||
1,000 |
|
PNC Financial Services Inc., (8) |
|
6.750% |
|
N/A |
(9) |
BBB |
|
$ 1,030,000 |
| ||||||
1,276 |
|
Wells Fargo & Company |
|
7.500% |
|
N/A |
(9) |
BBB+ |
|
1,451,463 |
| ||||||
50 |
|
Zions Bancorporation, (8) |
|
7.200% |
|
N/A |
(9) |
BB |
|
49,750 |
| ||||||
|
|
Total Commercial Banks |
|
|
|
|
|
|
|
2,531,213 |
| ||||||
|
|
Diversified Financial Services - 2.2% |
|
|
|
|
|
|
|
|
| ||||||
540 |
|
Bank of America Corporation |
|
7.250% |
|
N/A |
(9) |
BB+ |
|
583,200 |
| ||||||
1,000 |
|
General Electric Capital Corporation, (8) |
|
7.125% |
|
N/A |
(9) |
AA- |
|
1,087,500 |
| ||||||
1,100 |
|
General Electric Capital Corporation, (3), (8) |
|
6.250% |
|
N/A |
(9) |
AA- |
|
1,111,000 |
| ||||||
1,400 |
|
JPMorgan Chase & Company, (8) |
|
5.150% |
|
N/A |
(9) |
BBB |
|
1,225,000 |
| ||||||
1,000 |
|
JPMorgan Chase & Company, (8) |
|
7.900% |
|
N/A |
(9) |
BBB |
|
1,085,000 |
| ||||||
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
|
5,091,700 |
| ||||||
|
|
Insurance - 2.3% |
|
|
|
|
|
|
|
|
| ||||||
1,482 |
|
Liberty Mutual Group, 144A, (8) |
|
7.800% |
|
3/15/37 |
|
Baa3 |
|
1,600,560 |
| ||||||
1,000 |
|
MetLife Inc., (8) |
|
10.750% |
|
8/01/39 |
|
BBB |
|
1,470,000 |
| ||||||
106 |
|
Prudential PLC, (8) |
|
7.750% |
|
N/A |
(9) |
A- |
|
113,287 |
| ||||||
1,508 |
|
Swiss Re Capital I, 144A, (8) |
|
6.854% |
|
N/A |
(9) |
A |
|
1,576,153 |
| ||||||
594 |
|
Symetra Financial Corporation, 144A, (8) |
|
8.300% |
|
10/15/37 |
|
BBB- |
|
605,880 |
| ||||||
100 |
|
XL Capital Ltd, (8) |
|
6.500% |
|
N/A |
(9) |
BBB- |
|
95,750 |
| ||||||
|
|
Total Insurance |
|
|
|
|
|
|
|
5,461,630 |
| ||||||
|
|
Total $1,000 Par (or similar) Institutional Structures (cost $11,723,049) |
|
|
|
13,084,543 |
| ||||||||||
|
|
Total Long-Term Investments (cost $266,300,496) |
|
|
|
|
|
319,313,021 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Principal |
|
|
|
|
|
|
|
|
|
|
| ||||||
Amount (000) |
|
Description (1) |
|
Coupon |
|
Maturity |
|
|
|
Value |
| ||||||
|
|
Short-Term Investments - 6.7% (4.6% of Total Investments) |
|
|
|
|
|
|
| ||||||||
$ |
15,627 |
|
Repurchase Agreement with State Street Bank, dated 9/30/13, repurchase price $15,626,595, collateralized by: $1,790,000 U.S. Treasury Notes, 0.875%, due 2/28/17, value $1,793,535 and $14,115,000 U.S. Treasury Notes, 0.625%, due 7/15/16, value $14,150,005 |
|
0.000% |
|
10/01/13 |
|
|
|
$ 15,626,595 |
| |||||
|
|
Total Short-Term Investments (cost $15,626,595) |
|
|
|
|
|
|
|
15,626,595 |
| ||||||
|
|
Total Investments (cost $281,927,091) - 143.7% |
|
|
|
|
|
|
|
334,939,616 |
| ||||||
|
|
Borrowings - (43.3)% (10), (11) |
|
|
|
|
|
|
|
(101,000,000 |
) | ||||||
|
|
Other Assets Less Liabilities - (0.4)% (12) |
|
|
|
|
|
|
|
(937,639 |
) | ||||||
|
|
Net Assets Applicable to Common Shares - 100% |
|
|
|
|
|
|
|
$ 233,001,977 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Investments in Derivatives as of September 30, 2013 |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Call Options Written outstanding: |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
Number of |
|
|
|
Notional |
|
Expiration |
|
Strike |
|
|
| ||||||
Contracts |
|
Type |
|
Amount (13) |
|
Date |
|
Price |
|
Value (12) |
| ||||||
(100 |
) |
NASDAQ 100 INDEX |
|
$ (33,000,000 |
) |
10/19/13 |
|
$ 3,300 |
|
$ (108,000 |
) | ||||||
(100 |
) |
RUSSELL 2000® INDEX |
|
(10,500,000 |
) |
10/19/13 |
|
1,050 |
|
(339,000 |
) | ||||||
(100 |
) |
RUSSELL 2000® INDEX |
|
(10,700,000 |
) |
10/19/13 |
|
1,070 |
|
(200,500 |
) | ||||||
(100 |
) |
RUSSELL 2000® INDEX |
|
(10,800,000 |
) |
10/19/13 |
|
1,080 |
|
(140,500 |
) | ||||||
(125 |
) |
RUSSELL 2000® INDEX |
|
(13,625,000 |
) |
10/19/13 |
|
1,090 |
|
(116,875 |
) | ||||||
(100 |
) |
S&P 500® Index |
|
(17,100,000 |
) |
10/19/13 |
|
1,710 |
|
(83,000 |
) | ||||||
(125 |
) |
S&P 500® Index |
|
(21,625,000 |
) |
10/19/13 |
|
1,730 |
|
(40,938 |
) | ||||||
(750 |
) |
Total Call Options Written (premiums received $997,477) |
$ (117,350,000 |
) |
|
|
|
|
$ (1,028,813 |
) | |||||||
Swaps outstanding:
|
|
|
|
Fund |
|
|
|
|
|
Fixed Rate |
|
|
|
|
|
Unrealized |
|
|
|
Notional |
|
Pay/Receive |
|
|
|
Fixed Rate |
|
Payment |
|
Effective |
|
Termination |
|
Appreciation |
|
Counterparty |
|
Amount |
|
Floating Rate |
|
Floating Rate Index |
|
(Annualized) |
|
Frequency |
|
Date (14) |
|
Date |
|
(Depreciation) (12) |
|
JPMorgan |
|
$ 16,750,000 |
|
Receive |
|
1-Month USD-LIBOR |
|
1.412 |
% |
Monthly |
|
3/29/11 |
|
3/29/14 |
|
$ (102,659 |
) |
JPMorgan |
|
27,625,000 |
|
Receive |
|
1-Month USD-LIBOR |
|
1.255 |
|
Monthly |
|
12/01/14 |
|
12/01/18 |
|
684,919 |
|
JPMorgan |
|
27,625,000 |
|
Receive |
|
1-Month USD-LIBOR |
|
1.673 |
|
Monthly |
|
12/01/14 |
|
12/01/20 |
|
1,309,764 |
|
Morgan Stanley |
|
16,750,000 |
|
Receive |
|
1-Month USD-LIBOR |
|
2.323 |
|
Monthly |
|
3/29/11 |
|
3/29/16 |
|
(761,816 |
) |
|
|
$ 88,750,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,130,208 |
|
|
|
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 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 managements assumptions in determining the fair value of investments). | |||||||||||||
|
|
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Funds fair value measurements as of the end of the reporting period: | |||||||||||||
|
|
| |||||||||||||
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
|
|
Long-Term Investments: |
|
|
|
|
|
|
|
|
| ||||
|
|
Common Stock |
|
$ 202,937,409 |
|
$ 43,167,871 |
|
$ |
|
$ 246,105,280 |
| ||||
|
|
$25 Par (or similar) Retail Structures |
|
54,484,699 |
|
2,961,196 |
|
105,000 |
|
57,550,895 |
| ||||
|
|
Corporate Bonds |
|
|
|
2,572,303 |
|
|
|
2,572,303 |
| ||||
|
|
$1,000 Par (or similar) Institutional Structures |
|
2,034,663 |
|
11,049,880 |
|
|
|
13,084,543 |
| ||||
|
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
| ||||
|
|
Repurchase Agreements |
|
|
|
15,626,595 |
|
|
|
15,626,595 |
| ||||
|
|
Derivatives: |
|
|
|
|
|
|
|
|
| ||||
|
|
Call Options Written |
|
(1,028,813 |
) |
|
|
|
|
(1,028,813 |
) | ||||
|
|
Interest Rate Swaps* |
|
|
|
1,130,208 |
|
|
|
1,130,208 |
| ||||
|
|
Total |
|
$ 258,427,958 |
|
$ 76,508,053 |
|
$ 105,000 |
|
$ 335,041,011 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
* |
Represents net unrealized appreciation (depreciation) 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. | |||||||||||||
|
|
| |||||||||||||
|
|
As of September 30, 2013, the cost of investments (excluding investments in derivatives) was $284,448,054. | |||||||||||||
|
|
| |||||||||||||
|
|
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of September 30, 2013, were as follows: | |||||||||||||
|
|
| |||||||||||||
|
|
Gross unrealized: |
|
| |||||||||||
|
|
Appreciation |
$ 58,723,093 |
| |||||||||||
|
|
Depreciation |
(8,231,531 |
) | |||||||||||
|
|
|
|
| |||||||||||
|
|
Net unrealized appreciation (depreciation) of investments |
$ 50,491,562 |
| |||||||||||
|
|
| |||||||||||||
|
|
| |||||||||||||
|
|
|
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 unless otherwise noted. | ||||||||||||
|
|
(2) |
For fair value measurement disclosure purposes, Common Stock categorized as Level 2. | ||||||||||||
|
|
(3) |
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. | ||||||||||||
|
|
(4) |
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. | ||||||||||||
|
|
(5) |
For fair value measurement disclosure purposes, $25 Par (or similar) Retail Structures categorized as Level 2. | ||||||||||||
|
|
(6) |
Non-income producing; issuer has not declared a dividend within the past twelve months. | ||||||||||||
|
|
(7) |
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. | ||||||||||||
|
|
(8) |
For fair value measurement disclosure purposes, $1,000 Par (or similar) Institutional Structures classified as Level 2. | ||||||||||||
|
|
(9) |
Perpetual security maturity date is not applicable. | ||||||||||||
|
|
(10) |
Borrowings as a percentage of Total Investments is 30.2%. | ||||||||||||
|
|
(11) |
The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of the end of the reporting period, investments with a value of $209,558,930 have been pledged as collateral for Borrowings. | ||||||||||||
|
|
(12) |
Other Assets Less Liabilities includes the Value or the Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives as of the end of the reporting period. | ||||||||||||
|
|
(13) |
For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. | ||||||||||||
|
|
(14) |
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each swap contract. | ||||||||||||
|
|
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 Dollar - London 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 27, 2013
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 27, 2013
By (Signature and Title) |
/s/ Stephen D. Foy |
|
|
Stephen D. Foy |
|
|
Vice President and Controller (principal financial officer) |
|
Date: November 27, 2013