UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22058

Nuveen Tax-Advantaged Dividend Growth Fund

(Exact name of registrant as specified in charter)

     333 West Wacker Drive, Chicago, Illinois 60606     
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary
     333 West Wacker Drive, Chicago, Illinois 60606     
(Name and address of agent for service)

Registrant’s telephone number, including area code:      312-917-7700     

Date of fiscal year end:        12/31      

Date of reporting period:    3/31/2009   

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Schedule of Investments

Nuveen Tax-Advantaged Dividend Growth Fund (JTD)
March 31, 2009

Shares				Description (1)								Value
				Common Stocks – 102.0% (75.4% of Total Investments)
				Aerospace & Defense – 2.4%
	83,638			Raytheon Company								$	3,256,863
				Beverages – 2.7%
	82,600			Coca-Cola Company									3,630,270
				Commercial Banks – 3.5%
	100,288			Cullen/Frost Bankers, Inc.									4,707,519
				Commercial Services & Supplies – 2.5%
	132,505			Waste Management, Inc.									3,392,128
				Communications Equipment – 5.9%
	301,225			Nokia Oyj, Sponsored ADR (2)									3,515,296
	116,030			QUALCOMM, Inc.									4,514,727
				Total Communications Equipment									8,030,023
				Computers & Peripherals – 3.7%
	51,610			International Business Machines Corporation (IBM)									5,000,493
				Construction Materials – 2.2%
	67,920			Vulcan Materials Company									3,008,177
				Diversified Telecommunication Services – 5.4%
	160,403			AT&T Inc.									4,042,156
	55,865			Telefonica SA, Sponsored ADR									3,330,671
				Total Diversified Telecommunication Services									7,372,827
				Electric Utilities – 8.8%
	77,642			Exelon Corporation (2)									3,524,170
	90,879			FPL Group, Inc.									4,610,292
	131,480			PPL Corporation									3,774,791
				Total Electric Utilities									11,909,253
				Electrical Equipment – 3.0%
	142,761			Emerson Electric Co.									4,080,109
				Gas Utilities – 3.3%
	140,507			EQT Corporation									4,402,084
				Health Care Equipment & Supplies – 6.2%
	42,020			Alcon, Inc.									3,820,038
	67,450			Becton, Dickinson and Company									4,535,338
				Total Health Care Equipment & Supplies									8,355,376
				Hotels, Restaurants & Leisure – 3.1%
	151,534			YUM! Brands, Inc.									4,164,154
				Household Products – 2.6%
	73,765			Procter & Gamble Company									3,473,594
				Insurance – 1.9%
	234,530			Manulife Financial Corporation									2,626,736
				IT Services – 3.2%
	167,848			Paychex, Inc. (2)									4,308,658
				Machinery – 2.9%
	154,213			PACCAR Inc.									3,972,527
				Metals & Mining – 3.7%
	289,351			Southern Copper Corporation (2)									5,040,494
				Oil, Gas & Consumable Fuels – 9.0%
	64,806			Chevron Corporation (2)									4,357,555
	98,000			EnCana Corporation									3,979,780
	87,853			Royal Dutch Shell PLC, Class A, ADR (2)									3,891,888
				Total Oil, Gas, & Consumable Fuels									12,229,223
				Pharmaceuticals – 5.5%
	77,849			Abbott Laboratories									3,713,397
	113,394			Eli Lilly and Company									3,788,494
				Total Pharmaceuticals									7,501,891
				Semiconductors & Equipment – 3.3%
	209,154			Microchip Technology Incorporated									4,431,973
				Specialty Retail – 3.0%
	78,040			Sherwin-Williams Company									4,055,739
				Textiles, Apparel & Luxury Goods – 2.4%
	56,405			VF Corporation									3,221,290
				Thrifts & Mortgage Finance – 5.9%
	325,503			Hudson City Bancorp, Inc.									3,805,130
	376,048			New York Community Bancorp, Inc.									4,200,456
				Total Thrifts & Mortgage Finance									8,005,586
				Tobacco – 5.9%
	69,589			Lorillard Inc.									4,296,425
	104,444			Philip Morris International									3,716,118
				Total Tobacco									8,012,543
				Total Common Stocks (cost $196,681,571)									138,189,530

Shares				Description (1)		Coupon				Ratings (3)		Value
				$25 Par (or similar) Preferred Securities – 23.7% (17.5% of Total Investments)
				Automobiles – 0.5%
	44,600			Daimler Finance NA LLC, Structured Asset Trust Unit Repackaging, Series DCX		7.000%				A-		$	612,804
				Capital Markets – 0.7%
	45,000			Deutsche Bank Capital Funding Trust V		8.050%				Aa3			627,300
	25,000			Deutsche Bank Capital Funding Trust IX		6.625%				Aa3			293,000
				Total Capital Markets									920,300
				Commercial Banks – 8.7%
	75,000			Banco Santander Finance		6.800%				Aa3			1,023,750
	65,000			Banco Santander Finance		6.500%				Aa3			909,350
	19,300			Bank of America Corporation, Series E		4.000%				BB-			126,801
	30,700			Bank of America Corporation		8.200%				BB-			336,472
	50,000			Bank of America Corporation		6.625%				BB-			465,000
	50,000			Barclays Bank PLC		8.125%				A			666,000
	50,000			Barclays Bank PLC		7.100%				A+			585,000
	32,300			Barclays Bank PLC		6.625%				A			348,517
	15,700			Capital One Capital II Corporation		7.500%				Baa2			232,360
	50,000			Credit Suisse		7.900%				Aa3			851,000
	18,200			Fleet Capital Trust VIII		7.200%				Baa3			189,280
	20,000			HSBC Holdings PLC		8.125%				A1			400,200
	18,100			HSBC Holdings PLC, Series A		6.200%				A1			269,509
	54,800			HSBC USA Inc.		6.500%				A-			714,592
	50,000			JP Morgan Chase & Company		8.625%				A2			1,084,500
	38,900			MBNA Corporation, Capital Trust D		8.125%				Baa3			435,680
	2,000			Morgan Stanley Capital Trust VI		6.600%				A3			30,980
	12,500			Morgan Stanley Capital Trust VII		6.600%				A3			191,625
	50,000			PNC Capital Trust		7.750%				A2			999,000
	1,100			PNC Financial Services, Series F		9.875%				A3			20,064
	50,000			Royal Bank of Scotland Group PLC, Series T		7.250%				Ba2			312,500
	75,000			Royal Bank of Scotland Group PLC		6.600%				Ba2			433,500
	72,900			Wells Fargo & Company		8.000%				A			1,135,053
				Total Commercial Banks									11,760,733
				Consumer Finance – 0.1%
	16,700			HSBC Finance Corporation		6.360%				BBB			131,429
				Diversified Financial Services – 0.8%
	30,000			ING Groep N.V		8.500%				A3			327,000
	25,000			ING Groep N.V		7.200%				A3			244,500
	60,000			ING Groep N.V		7.050%				BBB			547,200
				Total Diversified Financial Services									1,118,700
				Electric Utilities – 6.7%
	50,000			Alabama Power Company		6.450%				BBB+			979,690
	50,000			American Electric Power		8.750%				Baa3			1,273,000
	1,400			Consolidated Edison Company of New York Inc.		5.000%				A3			121,450
	5,700			DTE Energy Trust I		7.800%				Baa3			136,800
	4,200			Entergy Louisiana LLC		7.600%				A-			104,916
	19,800			FPC Capital I		7.100%				Baa2			433,818
	25,000			FPL Group Capital Inc.		8.750%				A3			637,250
	37,900			FPL Group Capital Inc.		7.450%				A3			962,660
	40,000			Georgia Power Company		8.200%				A			1,078,400
	57,100			PPL Capital Funding, Inc.		6.850%				Baa2			1,382,962
	15,000			PPL Electric Utilities Corporation		6.250%				BBB			298,595
	10,000			Southern California Edison Company, Series C		6.000%				Baa2			734,063
	40,000			Xcel Energy Inc.		7.600%				Baa2			928,400
				Total Electric Utilities									9,072,004
				Food Products – 1.3%
	20			HJ Heinz Finance Company, 144A		8.000%				BB+			1,730,000
				Independent Power Producers & Energy Traders – 0.7%
	50,000			Constellation Energy Group		8.625%				BB+			903,000
				Insurance – 2.1%
	36,000			Aegon N.V.		6.875%				Baa1			262,440
	4,700			Aegon N.V.		6.375%				Baa1			30,080
	25,000			Allianz SE		8.375%				A+			421,250
	21,800			Arch Capital Group Limited		8.000%				BBB-			432,730
	13,900			Endurance Specialty Holdings Limited		7.750%				BBB-			185,565
	45,500			Phoenix Companies Inc.		7.450%				Ba2			315,770
	75,000			Prudential Financial Inc.		9.000%				A-			1,260,000
				Total Insurance									2,907,835
				Media – 1.2%
	50,000			Comcast Corporation		7.000%				BBB+			1,006,500
	38,700			Viacom Inc.		6.850%				BBB			662,931
				Total Media									1,669,431
				Real Estate/Mortgage – 0.2%
	25,000			Kimco Realty Corporation, Series G		7.750%				Baa2			341,250
				Wireless Telecommunication Services – 0.7%
	25,600			Telephone and Data Systems Inc.		7.600%				Baa2			448,256
	25,000			United States Cellular Corporation		8.750%				Baa2			512,500
				Total Wireless Telecommunication Services									960,756
				Total $25 Par (or similar) Preferred Securities (cost $47,770,092)									32,128,242

Principal

Amount (000)

Description (1)

Coupon

Maturity

Ratings (3)

Value

Corporate Bonds – 0.5% (0.3% of Total Investments)

Commercial Banks – 0.5% (0.3% of Total Investments)

$

1,000

Capital One Financial Corporation

6.150%

9/01/16

BBB

$

633,837

Total Corporate Bonds (cost $738,037)

633,837

Principal

Amount (000)

Description (1)

Coupon

Maturity

Ratings (3)

Value

Capital Preferred Securities – 1.0% (0.7% of Total Investments)

Commercial Banks – 1.0% (0.7% of Total Investments)

$

1,000

JP Morgan Chase & Company

7.900%

4/29/49

A2

$

643,951

1,500

Wells Fargo & Company, Series K

7.980%

2/28/49

A

705,848

Total Commercial Banks

1,349,799

Total Capital Preferred Securities (cost $2,475,053)

1,349,799

Shares				Description (1)								Value
				Investment Companies – 0.8% (0.6% of Total Investments)
	160,000			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.								$	1,024,000
				Total Investment Companies (cost $1,951,837)									1,024,000

Principal

Amount (000)

Description (1)

Coupon

Maturity

Value

Short-Term Investments – 7.5% (5.5% of Total Investments)

$

10,148

Repurchase Agreement with State Street Bank, dated 3/31/09, repurchase price $10,147,948, collateralized by $10,365,000 U.S. Treasury Bills, 0.000%, due 8/27/09, value $10,352,562

0.100%

4/01/09

$

10,147,920

Total Short-Term Investments (cost $10,147,920)

10,147,920

Total Investments (cost $259,764,510) – 135.5%

183,473,328

Number of						Notional		Expiration		Strike
Contracts				Type		Amount (4)		Date		Price		Value
				Call Options Written – (1.1)%
	(100	)		S&P 500 INDEX		$  (8,250,000)		4/18/09	$	825		$	(151,000	)
	(100	)		S&P 500 INDEX		(8,500,000)		4/18/09		850			(79,000	)
	(100	)		S&P 500 INDEX		(9,000,000)		4/18/09		900			(15,500	)
	(100	)		S&P 500 INDEX		(8,000,000)		5/16/09		800			(431,500	)
	(100	)		S&P 500 INDEX		(8,250,000)		5/16/09		825			(311,500	)
	(100	)		S&P 500 INDEX		(8,250,000)		6/20/09		825			(436,500	)
	(600	)		Total Call Options Written (premiums received $1,741,800)		(50,250,000)							(1,425,000	)
				Borrowings – (32.1)% (5), (6)									(43,500,000	)
				Other Assets Less Liabilities – (2.3)%									(3,135,724	)
				Net Assets Applicable to Common Shares – 100%								$	135,412,604

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 –	Quoted prices in active markets for identical securities.
Level 2 –	Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of March 31, 2009:

		Level 1				Level 2				Level 3				Total
Investments		$	177,747,345			$	5,725,983			$	—			$	183,473,328
Call options written			(1,425,000	)			—				—				(1,425,000	)
Total		$	176,322,345			$	5,725,983			$	—			$	182,048,328

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) “Disclosures about Derivative Instruments and Hedging Activities”. This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows, if any. The Fund records derivative instruments at fair value with changes in fair value recognized in the Statement of Operations. Even though the Fund’s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for SFAS No. 161 disclosure purposes.

The table below presents the fair value of all derivative instruments held by the Fund as of March 31, 2009, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk

Instrument

Location

Fair Value

Location

Fair Value

Equity Price

Options

—

$

—

Call options written, at value

$

1,425,000

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 March 31, 2009, the cost of investments (excluding call options written) was $260,773,195.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding call options written) at March 31, 2009, were as follows:

Gross unrealized:
Appreciation		$	655,538
Depreciation			(77,955,405	)
Net unrealized appreciation (depreciation) of investments		$	(77,299,867	)

(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 under call options written.
(3)		Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.
(4)		For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.
(5)		Borrowings as a percentage of Total Investments is (23.7)%.
(6)		The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of March 31, 2009, investments with a value of $105,242,562 have been pledged as collateral for Borrowings.
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.

Item 2. Controls and Procedures.

	a.		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	b.		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Tax-Advantaged Dividend Growth Fund

Date May 29, 2009

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.

Date May 29, 2009

Date May 29, 2009