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)
Gifford R. ZimmermanVice President and Secretary
333 West Wacker Drive, Chicago, Illinois 60606
(Name and address of agent for service)
Registrants telephone number, including area code: 312-917-7700
Date of fiscal year end: December 31
Date of reporting period: September 30, 2018
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
Portfolio of Investments September 30, 2018 | |
(Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
LONG-TERM INVESTMENTS 139.2% (95.8% of Total Investments) |
| |||||||||||||||||||
COMMON STOCKS 107.4% (73.9% of Total Investments) |
| |||||||||||||||||||
Aerospace & Defense 3.5% | ||||||||||||||||||||
14,547 | Lockheed Martin Corp |
$ | 5,032,680 | |||||||||||||||||
110,873 | Safran SA, ADR, (2), (3) |
3,871,685 | ||||||||||||||||||
Total Aerospace & Defense |
8,904,365 | |||||||||||||||||||
Automobiles 1.1% | ||||||||||||||||||||
188,204 | Daimler AG, ADR, (2) |
2,954,803 | ||||||||||||||||||
Banks 12.4% | ||||||||||||||||||||
38,538 | BOC Hong Kong Holdings Ltd, Sponsored ADR, (2) |
3,664,235 | ||||||||||||||||||
174,664 | Danske Bank A/S, Sponsored ADR, (2) |
2,288,098 | ||||||||||||||||||
83,342 | JPMorgan Chase & Co |
9,404,311 | ||||||||||||||||||
1,223,526 | Lloyds Banking Group PLC, ADR |
3,719,519 | ||||||||||||||||||
129,084 | Swedbank AB, ADR, (2) |
3,198,702 | ||||||||||||||||||
61,420 | Toronto-Dominion Bank/The |
3,734,336 | ||||||||||||||||||
113,880 | Wells Fargo & Co, (3) |
5,985,533 | ||||||||||||||||||
Total Banks |
31,994,734 | |||||||||||||||||||
Beverages 3.4% | ||||||||||||||||||||
61,831 | Heineken NV, Sponsored ADR, (2) |
2,898,019 | ||||||||||||||||||
52,344 | PepsiCo Inc., (4) |
5,852,059 | ||||||||||||||||||
Total Beverages |
8,750,078 | |||||||||||||||||||
Biotechnology 1.0% | ||||||||||||||||||||
115,391 | Grifols SA, ADR, (3) |
2,465,906 | ||||||||||||||||||
Capital Markets 3.3% | ||||||||||||||||||||
10,834 | BlackRock Inc. |
5,106,389 | ||||||||||||||||||
37,231 | Macquarie Group Ltd, ADR, (2), (3) |
3,368,102 | ||||||||||||||||||
Total Capital Markets |
8,474,491 | |||||||||||||||||||
Chemicals 3.3% | ||||||||||||||||||||
141,868 | Koninklijke DSM NV, Sponsored ADR, (2), (3) |
3,739,640 | ||||||||||||||||||
30,025 | Praxair Inc., (3) |
4,825,918 | ||||||||||||||||||
Total Chemicals |
8,565,558 | |||||||||||||||||||
Containers & Packaging 3.5% | ||||||||||||||||||||
87,989 | Amcor Ltd/Australia, Sponsored ADR, (2) |
3,470,726 | ||||||||||||||||||
49,900 | Packaging Corp of America |
5,473,531 | ||||||||||||||||||
Total Containers & Packaging |
8,944,257 | |||||||||||||||||||
Diversified Financial Services 0.9% | ||||||||||||||||||||
30,122 | ORIX Corp, Sponsored ADR |
2,440,786 | ||||||||||||||||||
Diversified Telecommunication Services 3.9% | ||||||||||||||||||||
189,315 | AT&T Inc. |
6,357,198 | ||||||||||||||||||
268,016 | HKT Trust & HKT Ltd, ADR, (2) |
3,685,488 | ||||||||||||||||||
Total Diversified Telecommunication Services |
10,042,686 | |||||||||||||||||||
Electric Utilities 4.7% | ||||||||||||||||||||
34,804 | NextEra Energy Inc., (3) |
5,833,150 | ||||||||||||||||||
366,447 | Red Electrica Corp SA, ADR, (2), (3) |
3,818,378 |
1
JTD | Nuveen Tax-Advantaged Dividend Growth Fund (continued) | |
Portfolio of Investments September 30, 2018 | ||
(Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
Electric Utilities (continued) | ||||||||||||||||||||
171,195 | SSE PLC, Sponsored ADR, (2) |
$ | 2,555,085 | |||||||||||||||||
Total Electric Utilities |
12,206,613 | |||||||||||||||||||
Electronic Equipment, Instruments & Components 0.8% | ||||||||||||||||||||
41,836 | Alps Electric Co Ltd, ADR, (2) |
2,125,963 | ||||||||||||||||||
Food Products 1.2% | ||||||||||||||||||||
191,702 | Danone SA, Sponsored ADR, (2) |
2,964,671 | ||||||||||||||||||
Health Care Providers & Services 2.5% | ||||||||||||||||||||
24,011 | UnitedHealth Group Inc., (4) |
6,387,886 | ||||||||||||||||||
Hotels, Restaurants & Leisure 2.3% | ||||||||||||||||||||
37,847 | Carnival Corp |
2,413,503 | ||||||||||||||||||
158,250 | Compass Group PLC, Sponsored ADR, (2) |
3,578,824 | ||||||||||||||||||
Total Hotels, Restaurants & Leisure |
5,992,327 | |||||||||||||||||||
Household Durables 1.0% | ||||||||||||||||||||
22,700 | Whirlpool Corp, (3) |
2,695,625 | ||||||||||||||||||
Household Products 3.0% | ||||||||||||||||||||
73,377 | Colgate-Palmolive Co, (3) |
4,912,590 | ||||||||||||||||||
146,805 | Reckitt Benckiser Group PLC, Sponsored ADR, (2) |
2,692,404 | ||||||||||||||||||
Total Household Products |
7,604,994 | |||||||||||||||||||
Industrial Conglomerates 3.1% | ||||||||||||||||||||
47,207 | Honeywell International Inc. |
7,855,245 | ||||||||||||||||||
IT Services 6.6% | ||||||||||||||||||||
50,992 | Accenture PLC, (3), (4) |
8,678,838 | ||||||||||||||||||
76,065 | Fidelity National Information Services Inc., (3) |
8,296,410 | ||||||||||||||||||
Total IT Services |
16,975,248 | |||||||||||||||||||
Machinery 1.1% | ||||||||||||||||||||
27,452 | Ingersoll-Rand PLC |
2,808,340 | ||||||||||||||||||
Media 2.3% | ||||||||||||||||||||
113,892 | Comcast Corp, Class A, (4) |
4,032,916 | ||||||||||||||||||
27,065 | WPP PLC, Sponsored ADR |
1,983,053 | ||||||||||||||||||
Total Media |
6,015,969 | |||||||||||||||||||
Oil, Gas & Consumable Fuels 7.3% | ||||||||||||||||||||
46,499 | Chevron Corp, (4) |
5,685,898 | ||||||||||||||||||
102,301 | Enbridge Inc., (4) |
3,303,299 | ||||||||||||||||||
52,314 | Phillips 66, (3) |
5,896,834 | ||||||||||||||||||
61,151 | Total SA, Sponsored ADR |
3,937,513 | ||||||||||||||||||
Total Oil, Gas & Consumable Fuels |
18,823,544 | |||||||||||||||||||
Personal Products 1.9% | ||||||||||||||||||||
48,346 | LOreal SA, ADR, (2) |
2,327,135 | ||||||||||||||||||
47,965 | Unilever PLC, Sponsored ADR |
2,636,636 | ||||||||||||||||||
Total Personal Products |
4,963,771 | |||||||||||||||||||
Pharmaceuticals 7.0% | ||||||||||||||||||||
11,572 | Allergan PLC |
2,204,235 | ||||||||||||||||||
26,802 | Johnson & Johnson, (3) |
3,703,232 | ||||||||||||||||||
189,931 | Pfizer Inc., (3), (4) |
8,370,259 | ||||||||||||||||||
81,145 | Sanofi, ADR |
3,624,747 | ||||||||||||||||||
Total Pharmaceuticals |
17,902,473 |
2
Shares | Description (1) | Value | ||||||||||||||||||
Professional Services 1.2% | ||||||||||||||||||||
116,072 | Experian PLC, Sponsored ADR, (2) |
$ | 2,980,149 | |||||||||||||||||
Real Estate Management & Development 1.2% | ||||||||||||||||||||
619,764 | CapitaLand Ltd, Sponsored ADR, (2) |
3,057,234 | ||||||||||||||||||
Road & Rail 3.2% | ||||||||||||||||||||
50,692 | Union Pacific Corp |
8,254,178 | ||||||||||||||||||
Semiconductors & Semiconductor Equipment 1.7% | ||||||||||||||||||||
39,636 | Texas Instruments Inc. |
4,252,546 | ||||||||||||||||||
Software 6.2% | ||||||||||||||||||||
103,684 | Microsoft Corp, (3) |
11,858,339 | ||||||||||||||||||
32,747 | SAP SE, Sponsored ADR, (3) |
4,027,881 | ||||||||||||||||||
Total Software |
15,886,220 | |||||||||||||||||||
Specialty Retail 3.0% | ||||||||||||||||||||
67,276 | Lowes Cos Inc., (3), (4) |
7,724,630 | ||||||||||||||||||
Technology Hardware, Storage & Peripherals 3.5% | ||||||||||||||||||||
40,297 | Apple Inc., (3), (4) |
9,096,645 | ||||||||||||||||||
Tobacco 1.8% | ||||||||||||||||||||
55,961 | Philip Morris International Inc. |
4,563,060 | ||||||||||||||||||
Trading Companies & Distributors 2.0% | ||||||||||||||||||||
142,088 | ITOCHU Corp, ADR, (2) |
5,203,916 | ||||||||||||||||||
Wireless Telecommunication Services 2.5% | ||||||||||||||||||||
284,684 | KDDI Corp, ADR, (2) |
3,907,288 | ||||||||||||||||||
118,059 | Vodafone Group PLC, Sponsored ADR, (3) |
2,561,880 | ||||||||||||||||||
Total Wireless Telecommunication Services |
6,469,168 | |||||||||||||||||||
Total Common Stocks (cost $185,849,811) |
276,348,079 | |||||||||||||||||||
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED 14.3% (9.9% of Total Investments) |
| |||||||||||||||||||
Automobiles 0.7% |
||||||||||||||||||||
$ | 75 | General Motors Financial Co Inc. |
6.500% | N/A (6) | BB+ | $ | 73,594 | |||||||||||||
1,685 | General Motors Financial Co Inc. |
5.750% | N/A (6) | BB+ | 1,596,538 | |||||||||||||||
1,760 | Total Automobiles |
1,670,132 | ||||||||||||||||||
Banks 7.5% | ||||||||||||||||||||
1,850 | Bank of America Corp |
6.500% | N/A (6) | BBB | 1,998,000 | |||||||||||||||
170 | Bank of America Corp |
6.300% | N/A (6) | BBB | 183,175 | |||||||||||||||
1,700 | CIT Group Inc. |
5.800% | N/A (6) | B+ | 1,674,500 | |||||||||||||||
1,950 | Citigroup Inc. |
6.250% | N/A (6) | BB+ | 2,035,313 | |||||||||||||||
875 | Citigroup Inc. |
5.800% | N/A (6) | BB+ | 893,375 | |||||||||||||||
925 | Citizens Financial Group Inc. |
5.500% | N/A (6) | BB+ | 948,328 | |||||||||||||||
275 | CoBank ACB |
6.250% | N/A (6) | BBB+ | 291,500 | |||||||||||||||
850 | Huntington Bancshares Inc./OH |
5.700% | N/A (6) | Baa3 | 842,562 | |||||||||||||||
1,925 | JPMorgan Chase & Company |
6.750% | N/A (6) | BBB | 2,100,656 | |||||||||||||||
125 | JPMorgan Chase & Company |
6.100% | N/A (6) | BBB | 129,375 | |||||||||||||||
825 | JPMorgan Chase & Company, (3-Month LIBOR reference rate + 3.470% spread), (7) |
5.809% | N/A (6) | BBB | 828,506 | |||||||||||||||
625 | Lloyds Bank PLC, 144A |
12.000% | N/A (6) | Baa3 | 764,088 | |||||||||||||||
975 | M&T Bank Corp |
6.450% | N/A (6) | Baa2 | 1,048,125 | |||||||||||||||
1,575 | PNC Financial Services Group Inc./The |
6.750% | N/A (6) | Baa2 | 1,703,756 | |||||||||||||||
825 | SunTrust Banks Inc. |
5.625% | N/A (6) | Baa3 | 838,406 | |||||||||||||||
1,600 | Wells Fargo & Co |
5.875% | N/A (6) | Baa2 | 1,683,024 |
3
JTD | Nuveen Tax-Advantaged Dividend Growth Fund (continued) | |
Portfolio of Investments September 30, 2018 | ||
(Unaudited) |
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Banks (continued) | ||||||||||||||||||||
$ | 1,150 | Zions Bancorporation |
7.200% | N/A (6) | BB | $ | 1,230,500 | |||||||||||||
18,220 | Total Banks |
19,193,189 | ||||||||||||||||||
Capital Markets 0.5% | ||||||||||||||||||||
500 | Goldman Sachs Group Inc./The |
5.300% | N/A (6) | Ba1 | 500,250 | |||||||||||||||
850 | Morgan Stanley |
5.550% | N/A (6) | BB+ | 872,525 | |||||||||||||||
1,350 | Total Capital Markets |
1,372,775 | ||||||||||||||||||
Consumer Finance 0.3% | ||||||||||||||||||||
845 | Capital One Financial Corp |
5.550% | N/A (6) | Baa3 | 859,788 | |||||||||||||||
Diversified Financial Services 0.7% | ||||||||||||||||||||
1,275 | Discover Financial Services |
5.500% | N/A (6) | BB | 1,259,063 | |||||||||||||||
500 | Voya Financial Inc. |
6.125% | N/A (6) | BB+ | 508,125 | |||||||||||||||
1,775 | Total Diversified Financial Services |
1,767,188 | ||||||||||||||||||
Electric Utilities 0.7% | ||||||||||||||||||||
1,610 | Emera Inc. |
6.750% | 6/15/76 | BBB | 1,714,650 | |||||||||||||||
Energy Equipment & Services 0.2% | ||||||||||||||||||||
625 | Transcanada Trust |
5.875% | 8/15/76 | Baa2 | 638,281 | |||||||||||||||
Food Products 1.3% | ||||||||||||||||||||
400 | Land O Lakes Inc., 144A |
7.250% | N/A (6) | BB | 416,000 | |||||||||||||||
2,600 | Land O Lakes Inc., 144A |
8.000% | 9/15/66 | BB | 2,821,000 | |||||||||||||||
3,000 | Total Food Products |
3,237,000 | ||||||||||||||||||
Industrial Conglomerates 0.6% | ||||||||||||||||||||
1,714 | General Electric Co |
5.000% | N/A (6) | Baa1 | 1,670,936 | |||||||||||||||
Insurance 1.6% | ||||||||||||||||||||
895 | Liberty Mutual Group Inc., 144A |
7.800% | 3/15/37 | Baa3 | 1,047,150 | |||||||||||||||
1,000 | MetLife Inc. |
10.750% | 8/01/39 | BBB | 1,535,000 | |||||||||||||||
1,000 | Nationwide Financial Services Inc. |
6.750% | 5/15/37 | Baa2 | 1,090,000 | |||||||||||||||
500 | Progressive Corp/The |
5.375% | N/A (6) | BBB+ | 498,750 | |||||||||||||||
3,395 | Total Insurance |
4,170,900 | ||||||||||||||||||
U.S. Agency 0.2% | ||||||||||||||||||||
525 | Farm Credit Bank of Texas, 144A |
6.200% | N/A (6) | BBB | 532,875 | |||||||||||||||
$ | 34,819 |
Total $1,000 Par (or similar) Institutional Preferred (cost $35,649,890) |
|
36,827,714 | ||||||||||||||||
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED 12.8% (8.8% of Total Investments) |
| |||||||||||||||||||
Banks 3.7% | ||||||||||||||||||||
30,400 | Citigroup Inc. |
7.125% | BB+ | $ | 848,464 | |||||||||||||||
8,700 | CoBank ACB, (2) |
6.250% | BBB+ | 904,800 | ||||||||||||||||
2,209 | CoBank ACB, (2) |
6.125% | BBB+ | 221,452 | ||||||||||||||||
29,100 | Fifth Third Bancorp |
6.625% | Baa3 | 800,250 | ||||||||||||||||
31,776 | FNB Corp/PA |
7.250% | Ba2 | 909,747 | ||||||||||||||||
32,000 | Huntington Bancshares Inc./OH |
6.250% | Baa3 | 823,680 | ||||||||||||||||
32,975 | KeyCorp |
6.125% | Baa3 | 881,422 | ||||||||||||||||
25,700 | Peoples United Financial Inc. |
5.625% | BB+ | 661,775 | ||||||||||||||||
44,587 | Regions Financial Corp |
6.375% | BB+ | 1,182,001 | ||||||||||||||||
56,493 | US Bancorp |
6.500% | A3 | 1,538,304 | ||||||||||||||||
25,108 | Western Alliance Bancorp |
6.250% | N/R | 631,466 | ||||||||||||||||
Total Banks |
9,403,361 |
4
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
Capital Markets 2.5% | ||||||||||||||||||||
7,065 | Apollo Investment Corp |
6.875% | BBB | $ | 177,049 | |||||||||||||||
16,600 | B. Riley Financial Inc. |
7.500% | N/R | 423,300 | ||||||||||||||||
22,950 | B. Riley Financial Inc. |
7.250% | N/R | 576,045 | ||||||||||||||||
50,579 | Charles Schwab Corp/The |
6.000% | BBB | 1,298,869 | ||||||||||||||||
16,000 | Cowen Inc. |
7.350% | N/R | 411,200 | ||||||||||||||||
7,715 | Hercules Capital Inc. |
6.250% | N/R | 195,035 | ||||||||||||||||
37,900 | Ladenburg Thalmann Financial Services Inc. |
8.000% | N/R | 948,258 | ||||||||||||||||
48,535 | Morgan Stanley |
7.125% | BB+ | 1,363,348 | ||||||||||||||||
11,059 | Oaktree Specialty Lending Corp |
6.125% | BB+ | 276,364 | ||||||||||||||||
31,470 | Stifel Financial Corp |
6.250% | BB | 795,876 | ||||||||||||||||
Total Capital Markets |
6,465,344 | |||||||||||||||||||
Consumer Finance 0.8% | ||||||||||||||||||||
31,035 | Capital One Financial Corp |
6.700% | Baa3 | 810,634 | ||||||||||||||||
49,015 | GMAC Capital Trust I |
8.097% | B+ | 1,289,095 | ||||||||||||||||
Total Consumer Finance |
2,099,729 | |||||||||||||||||||
Diversified Telecommunication Services 0.2% | ||||||||||||||||||||
26,175 | Qwest Corp |
6.875% | BBB | 638,670 | ||||||||||||||||
Equity Real Estate Investment Trusts 1.0% | ||||||||||||||||||||
10,288 | Digital Realty Trust Inc. |
7.375% | Baa3 | 261,727 | ||||||||||||||||
15,951 | Digital Realty Trust Inc. |
6.625% | Baa3 | 418,554 | ||||||||||||||||
17,225 | LaSalle Hotel Properties |
6.300% | N/R | 419,601 | ||||||||||||||||
22,032 | Senior Housing Properties Trust |
5.625% | BBB | 535,818 | ||||||||||||||||
20,300 | Sunstone Hotel Investors Inc. |
6.950% | N/R | 521,304 | ||||||||||||||||
16,530 | VEREIT Inc. |
6.700% | BB | 410,770 | ||||||||||||||||
Total Equity Real Estate Investment Trusts |
2,567,774 | |||||||||||||||||||
Food Products 1.0% | ||||||||||||||||||||
550 | CHS Inc. |
7.875% | N/R | 15,505 | ||||||||||||||||
39,675 | CHS Inc. |
7.100% | N/R | 1,070,431 | ||||||||||||||||
58,065 | CHS Inc. |
6.750% | N/R | 1,523,045 | ||||||||||||||||
Total Food Products |
2,608,981 | |||||||||||||||||||
Insurance 2.1% | ||||||||||||||||||||
3,215 | Allstate Corp/The |
6.750% | BBB | 80,279 | ||||||||||||||||
32,616 | Argo Group US Inc. |
6.500% | BBB | 820,292 | ||||||||||||||||
32,400 | Enstar Group Ltd |
7.000% | BB+ | 855,360 | ||||||||||||||||
19,650 | Hartford Financial Services Group Inc./The |
7.875% | Baa2 | 550,397 | ||||||||||||||||
26,438 | Kemper Corp |
7.375% | Ba1 | 676,813 | ||||||||||||||||
24,434 | National General Holdings Corp |
7.500% | N/R | 609,384 | ||||||||||||||||
9,191 | National General Holdings Corp |
7.500% | N/R | 227,202 | ||||||||||||||||
3,774 | PartnerRe Ltd |
7.250% | Baa2 | 101,898 | ||||||||||||||||
15,875 | Reinsurance Group of America Inc. |
6.200% | BBB+ | 423,386 | ||||||||||||||||
24,700 | Reinsurance Group of America Inc. |
5.750% | BBB+ | 629,109 | ||||||||||||||||
16,500 | Torchmark Corp |
6.125% | BBB+ | 421,080 | ||||||||||||||||
Total Insurance |
5,395,200 | |||||||||||||||||||
Mortgage Real Estate Investment Trusts 0.1% | ||||||||||||||||||||
10,028 | MFA Financial Inc. |
8.000% | N/R | 256,917 | ||||||||||||||||
Thrifts & Mortgage Finance 0.7% | ||||||||||||||||||||
31,915 | Federal Agricultural Mortgage Corp |
6.875% | N/R | 835,535 | ||||||||||||||||
33,900 | New York Community Bancorp Inc. |
6.375% | Ba1 | 905,130 | ||||||||||||||||
Total Thrifts & Mortgage Finance |
1,740,665 | |||||||||||||||||||
U.S. Agency 0.2% | ||||||||||||||||||||
4,750 | Farm Credit Bank of Texas, 144A, (2) |
6.750% | Baa1 | 508,250 | ||||||||||||||||
Wireless Telecommunication Services 0.5% | ||||||||||||||||||||
48,325 | United States Cellular Corp |
7.250% | Ba1 | 1,240,020 | ||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $31,655,673) |
32,924,911 |
5
JTD | Nuveen Tax-Advantaged Dividend Growth Fund (continued) | |
Portfolio of Investments September 30, 2018 | ||
(Unaudited) |
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
CORPORATE BONDS 2.7% (1.8% of Total Investments) |
||||||||||||||||||||
Chemicals 0.1% | ||||||||||||||||||||
$ | 325 | CVR Partners LP / CVR Nitrogen Finance Corp, 144A |
9.250% | 6/15/23 | B+ | $ | 345,823 | |||||||||||||
Consumer Finance 0.1% | ||||||||||||||||||||
305 | Ally Financial Inc. |
8.000% | 3/15/20 | BB+ | 323,910 | |||||||||||||||
Containers & Packaging 0.2% | ||||||||||||||||||||
400 | Sealed Air Corp, 144A |
6.875% | 7/15/33 | BB+ | 430,000 | |||||||||||||||
Entertainment 0.3% | ||||||||||||||||||||
575 | Viacom Inc. |
6.875% | 4/30/36 | BBB | 653,928 | |||||||||||||||
Food Products 0.0% | ||||||||||||||||||||
125 | Land O Lakes Inc., 144A |
7.000% | N/A (6) | BB | 126,563 | |||||||||||||||
IT Services 0.3% | ||||||||||||||||||||
800 | First Data Corp, 144A |
7.000% | 12/01/23 | B+ | 833,000 | |||||||||||||||
Machinery 0.2% | ||||||||||||||||||||
400 | Dana Financing Luxembourg Sarl, 144A |
6.500% | 6/01/26 | BB+ | 407,620 | |||||||||||||||
Media 0.6% | ||||||||||||||||||||
825 | DISH DBS Corp |
7.750% | 7/01/26 | BB | 781,688 | |||||||||||||||
757 | Liberty Interactive LLC |
8.500% | 7/15/29 | BB | 811,883 | |||||||||||||||
1,582 | Total Media |
1,593,571 | ||||||||||||||||||
Metals & Mining 0.1% | ||||||||||||||||||||
225 | ArcelorMittal, (8) |
7.000% | 10/15/39 | BBB | 261,452 | |||||||||||||||
Oil, Gas & Consumable Fuels 0.4% | ||||||||||||||||||||
900 | Enviva Partners LP / Enviva Partners Finance Corp |
8.500% | 11/01/21 | BB | 930,843 | |||||||||||||||
Specialty Retail 0.3% | ||||||||||||||||||||
825 | L Brands Inc. |
6.875% | 11/01/35 | Ba1 | 697,125 | |||||||||||||||
Wireless Telecommunication Services 0.1% | ||||||||||||||||||||
250 | Altice Financing SA, 144A |
7.500% | 5/15/26 | B+ | 243,750 | |||||||||||||||
$ | 6,712 | Total Corporate Bonds (cost $6,969,852) |
6,847,585 | |||||||||||||||||
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
CONVERTIBLE PREFERRED SECURITIES 1.8% (1.3% of Total Investments) |
| |||||||||||||||||||
Banks 0.6% | ||||||||||||||||||||
975 | Bank of America Corp |
7.250% | BBB | $ | 1,261,894 | |||||||||||||||
325 | Wells Fargo & Co |
7.500% | Baa2 | 419,536 | ||||||||||||||||
Total Banks |
1,681,430 | |||||||||||||||||||
Electric Utilities 0.5% | ||||||||||||||||||||
21,900 | NextEra Energy Inc. |
6.123% | BBB | 1,247,205 | ||||||||||||||||
Multi-Utilities 0.5% | ||||||||||||||||||||
12,200 | Sempra Energy |
6.750% | N/R | 1,224,148 | ||||||||||||||||
Independent Power & Renewable Electricity Producers 0.2% | ||||||||||||||||||||
5,400 | Vistra Energy Corp |
7.000% | N/R | 525,366 | ||||||||||||||||
Total Convertible Preferred Securities (cost $4,613,851) |
4,678,149 |
6
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
CONVERTIBLE BONDS 0.2% (0.1% of Total Investments) |
|
|||||||||||||||||||
Media 0.2% | ||||||||||||||||||||
$ | 674 | Liberty Interactive LLC |
4.000% | 11/15/29 | BB | $ | 466,746 | |||||||||||||
$ | 674 | Total Convertible Bonds (cost $447,685) |
466,746 | |||||||||||||||||
Total Long-Term Investments (cost $265,186,762) |
358,093,184 | |||||||||||||||||||
Principal Amount (000) |
Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS 6.2% (4.2% of Total Investments) |
||||||||||||||||||||
REPURCHASE AGREEMENTS 6.2% (4.2% of Total Investments) | ||||||||||||||||||||
$ | 15,871 | Repurchase Agreement with Fixed Income Clearing
Corporation, |
1.050% | 10/01/18 | $ | 15,871,251 | ||||||||||||||
Total Short-Term Investments (cost $15,871,251) |
15,871,251 | |||||||||||||||||||
Total Investments (cost $281,058,013) 145.4% |
373,964,435 | |||||||||||||||||||
Borrowings (45.1)% (9), (10) |
(116,000,000 | ) | ||||||||||||||||||
Other Assets Less Liabilities (0.3)% (11) |
(669,977 | ) | ||||||||||||||||||
Net Assets Applicable to Common Shares 100% |
$ | 257,294,458 |
Investments in Derivatives
Options Written
Description (12) | Type | Number of Contracts |
Notional Amount (13) |
Exercise Price |
Expiration Date |
Value | ||||||||||||||||||
Russell 2000® Index |
Call | (250 | ) | $ | (43,500,000 | ) | $ | 1,740 | 10/19/18 | $ | (85,000 | ) | ||||||||||||
Total Options Written (premiums received $198,491) |
(250 | ) | $ | (43,500,000 | ) | $ | (85,000 | ) |
Interest Rate Swaps OTC Uncleared
Counterparty | Notional Amount |
Fund Receive Floating Rate |
Floating Rate Index | Fixed Rate (Annualized) |
Fixed Rate Payment Frequency |
Effective Date (14) |
Optional Termination Date |
Maturity Date |
Value | Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. |
$ | 52,500,000 | Receive | 1-Month LIBOR | 1.969 | % | Monthly | 6/01/18 | 7/01/25 | 7/01/27 | $ | 2,909,993 | $ | 2,909,993 |
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 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). |
7
JTD | Nuveen Tax-Advantaged Dividend Growth Fund (continued) | |
Portfolio of Investments September 30, 2018 | ||
(Unaudited) |
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 the end of the reporting period:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments: |
||||||||||||||||
Common Stocks |
$ | 207,997,534 | $ | 68,350,545 | $ | | $ | 276,348,079 | ||||||||
$1,000 Par (or similar) Institutional Preferred |
| 36,827,714 | | 36,827,714 | ||||||||||||
$25 Par (or similar) Retail Preferred |
31,290,409 | 1,634,502 | | 32,924,911 | ||||||||||||
Corporate Bonds |
| 6,847,585 | | 6,847,585 | ||||||||||||
Convertible Preferred Securities |
4,678,149 | | | 4,678,149 | ||||||||||||
Convertible Bonds |
| 466,746 | | 466,746 | ||||||||||||
Short-Term Investments: |
||||||||||||||||
Repurchase Agreements |
| 15,871,251 | | 15,871,251 | ||||||||||||
Investments in Derivatives: |
||||||||||||||||
Options Written |
(85,000 | ) | | | (85,000 | ) | ||||||||||
Interest Rate Swaps* |
| 2,909,993 | | 2,909,993 | ||||||||||||
Total |
$ | 243,881,092 | $ | 132,908,336 | $ | | $ | 376,789,428 |
* | Represents net unrealized appreciation (depreciation). |
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 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.
The tables below present the cost and unrealized appreciation (depreciation) of the Funds investment portfolio, as determined on a federal income tax basis, as of September 30, 2018.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.
Tax cost of investments |
$ | 282,470,085 | ||
Gross unrealized: |
||||
Appreciation |
$ | 100,124,719 | ||
Depreciation |
(8,630,369 | ) | ||
Net unrealized appreciation (depreciation) of investments |
$ | 91,494,350 |
Tax cost of options written |
$ (85,000 | ) | ||
Net unrealized appreciation (depreciation) of options written |
|
Tax cost of swaps |
$ | | ||
Net unrealized appreciation (depreciation) of swaps |
2,909,993 |
8
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) | For fair value measurement disclosure purposes, investment classified as Level 2. |
(3) | Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $103,024,249. |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
(5) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys) or Fitch, Inc. (Fitch) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. |
(6) | Perpetual security. Maturity date is not applicable. |
(7) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
(8) | Step-up coupon bond, a bond with a coupon that increases (steps up), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
(9) | Borrowings as a percentage of Total Investments is 31.0%. |
(10) | The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $250,580,582 have been pledged as collateral for borrowings. |
(11) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the counter (OTC) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. Other assets less liabilities also includes the value of options. |
(12) | Exchange-traded, unless otherwise noted. |
(13) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
(14) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
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 |
LIBOR | London Inter-Bank Offered Rate |
9
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/ Gifford R. Zimmerman | |||
Gifford R. Zimmerman | ||||
Vice President and Secretary |
Date: November 29, 2018
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/ Cedric H. Antosiewicz | |||
Cedric H. Antosiewicz | ||||
Chief Administrative Officer (principal executive officer) | ||||
Date: November 29, 2018 | ||||
By (Signature and Title) | /s/ Stephen D. Foy | |||
Stephen D. Foy | ||||
Vice President and Controller (principal financial officer) | ||||
Date: November 29, 2018 |