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      

(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:    3/31/2010   

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)
March 31, 2010

Shares				Description (1)		Value
				Common Stocks – 88.7% (71.5% of Total Investments)
				Aerospace & Defense – 2.9%
	98,038			Raytheon Company		$	5,599,927
				Beverages – 2.6%
	90,945			Coca-Cola Company			5,001,975
				Capital Markets – 2.1%
	18,325			BlackRock Inc.			3,990,452
				Commercial Banks – 3.8%
	62,653			Cullen/Frost Bankers, Inc.			3,496,037
	147,800			U.S. Bancorp, (2)			3,825,064
				Total Commercial Banks			7,321,101
				Commercial Services & Supplies – 2.7%
	147,505			Waste Management, Inc.			5,078,597
				Communications Equipment – 2.4%
	107,435			QUALCOMM, Inc.			4,511,196
				Computers & Peripherals – 2.3%
	33,710			International Business Machines Corporation (IBM)			4,323,308
				Diversified Financial Services – 2.8%
	120,920			JPMorgan Chase & Co.			5,411,170
				Diversified Telecommunication Services – 2.4%
	180,403			AT&T Inc.			4,661,614
				Electric Utilities – 2.0%
	78,304			FPL Group, Inc.			3,784,432
				Electrical Equipment – 2.3%
	85,461			Emerson Electric Company			4,302,107
				Food & Staples Retailing – 2.3%
	78,200			Wal-Mart Stores, Inc.			4,347,920
				Gas Utilities – 2.1%
	99,342			EQT Corporation			4,073,022
				Health Care Equipment & Supplies – 1.8%
	44,005			Becton, Dickinson and Company			3,464,514
				Hotels, Restaurants & Leisure – 2.6%
	131,379			YUM! Brands, Inc.			5,035,757
				Household Products – 1.9%
	57,465			Procter & Gamble Company			3,635,811
				Insurance – 2.5%
	89,825			AFLAC Incorporated, (2)			4,876,599
				IT Services – 2.3%
	144,848			Paychex, Inc.			4,446,834
				Machinery – 3.7%
	56,900			Caterpillar Inc.			3,576,165
	79,213			PACCAR Inc.			3,433,091
				Total Machinery			7,009,256
				Media – 3.7%
	178,300			Shaw Communication Inc.			3,542,821
	97,910			Thomson Corporation			3,554,133
				Total Media			7,096,954
				Metals & Mining – 2.7%
	164,910			Southern Copper Corporation, (2)			5,222,700
				Oil, Gas & Consumable Fuels – 7.5%
	71,850			Chevron Corporation, (2)			5,448,386
	151,570			EnCana Corporation			4,703,217
	71,853			Royal Dutch Shell PLC, Class A, ADR			4,157,415
				Total Oil, Gas & Consumable Fuels			14,309,018
				Pharmaceuticals – 7.4%
	95,280			Abbott Laboratories			5,019,350
	65,900			Novo-Nordisk A/S			5,082,208
	239,400			Pfizer Inc.			4,105,710
				Total Pharmaceuticals			14,207,268
				Semiconductors & Equipment – 2.7%
	184,154			Microchip Technology Incorporated			5,185,777
				Software – 2.4%
	157,850			Microsoft Corporation			4,620,270
				Specialty Retail – 2.0%
	56,940			Sherwin-Williams Company			3,853,699
				Textiles, Apparel & Luxury Goods – 2.3%
	54,005			VF Corporation			4,328,502
				Thrifts & Mortgage Finance – 5.2%
	374,803			Hudson City Bancorp, Inc.			5,307,210
	286,948			New York Community Bancorp, Inc.			4,746,120
				Total Thrifts & Mortgage Finance			10,053,330
				Tobacco – 5.3%
	61,669			Lorillard Inc.			4,639,976
	106,089			Philip Morris International			5,533,602
				Total Tobacco			10,173,578
				Total Common Stocks (cost $164,317,988)			169,926,688

Shares				Description (1)		Coupon				Ratings (3)		Value
				$25 Par (or similar) Preferred Securities – 23.6% (19.0% of Total Investments)
				Capital Markets – 1.6%
	50,000			Credit Suisse		7.900%				A3		$	1,294,500
	41,250			Deutsche Bank Capital Funding Trust V		8.050%				BBB+			1,050,638
	22,000			Deutsche Bank Capital Funding Trust IX		6.625%				BBB+			507,100
	8,750			Deutsche Bank Contingent Capital Trust III		7.600%				BBB+			217,350
				Total Capital Markets									3,069,588
				Commercial Banks – 5.2%
	104,550			Banco Santander Finance		10.500%				A-			2,953,538
	25,000			Barclays Bank PLC		8.125%				A-			643,500
	50,000			Barclays Bank PLC		7.100%				Baa2			1,218,000
	20,000			Barclays Bank PLC		6.625%				A-			454,000
	75,000			BB&T Capital Trust VI		9.600%				A3			2,152,500
	15,000			BB&T Capital Trust VII		8.100%				A3			399,600
	20,000			HSBC Holdings PLC		8.125%				A-			535,000
	18,100			HSBC Holdings PLC		6.200%				A-			413,042
	9,199			National City Capital Trust IV		8.000%				BBB			236,966
	40,744			PNC Capital Trust		7.750%				BBB			1,060,974
				Total Commercial Banks									10,067,120
				Commercial Services & Supplies – 0.8%
	1,500			Pitney Bowes Interntational Holdings, 144A		6.125%				A3			1,490,719

				Consumer Finance – 1.4%
	25,000			HSBC Finance Corporation		6.360%				BBB		$	578,000
	30,600			HSBC USA Inc.		6.500%				A-			735,930
	75,000			SLM Corporation		6.000%				BBB-			1,339,500
				Total Consumer Finance									2,653,430
				Diversified Financial Services – 3.7%
	25,000			Bank of America Corporation		8.200%				BB			643,500
	28,000			Citigroup Capital Trust VIII		6.950%				Ba1			587,160
	45,000			Citigroup Capital Trust XII		8.500%				Ba1			1,155,150
	18,200			Fleet Capital Trust VIII		7.200%				Baa3			418,964
	46,800			ING Groep N.V.		8.500%				Ba1			1,131,156
	50,000			ING Groep N.V.		7.200%				Ba1			1,092,000
	50,000			ING Groep N.V.		7.050%				Ba1			1,066,000
	38,900			MBNA Corporation, Capital Trust D		8.125%				Baa3			965,887
				Total Diversified Financial Services									7,059,817
				Electric Utilities – 1.8%
	25,000			American Electric Power		8.750%				Baa3			707,500
	13,000			BGE Capital Trust II		6.200%				BBB-			315,120
	5,700			DTE Energy Trust I		7.800%				Baa3			149,169
	4,200			Entergy Louisiana LLC		7.600%				A-			105,378
	25,000			Entergy Texas Inc.		7.875%				BBB+			698,750
	19,800			FPC Capital I		7.100%				Baa2			499,158
	10,000			Southern California Edison Company, Series C		6.000%				Baa2			942,813
				Total Electric Utilities									3,417,888
				Food Products – 1.1%
	20			HJ Heinz Finance Company, 144A		8.000%				BB+			2,115,625
				Insurance – 4.6%
	7,701			Aegon N.V.		6.875%				BBB			166,188
	45,000			Aegon N.V.		6.500%				BBB			921,600
	45,000			Aegon N.V.		6.375%				BBB			915,300
	67,100			Arch Capital Group Limited, Series B		7.875%				BBB-			1,714,405
	28,800			Arch Capital Group Limited		8.000%				BBB-			743,616
	35,844			Endurance Specialty Holdings Limited		7.750%				BBB-			878,536
	19,600			Genworth Financial Inc., Series A		5.250%				BB+			986,738
	20,000			Phoenix Companies Inc.		7.450%				B1			362,200
	75,000			Prudential Financial Inc.		9.000%				BBB+			2,073,750
				Total Insurance									8,762,333
				Media – 0.5%
	40,800			Viacom Inc.		6.850%				BBB			1,018,776
				Multi-Utilities – 1.2%
	25,000			Dominion Resources Inc.		8.375%				BBB			694,500
	32,500			Scana Corporation		7.700%				BBB-			890,175
	25,000			Xcel Energy Inc.		7.600%				Baa2			673,000
				Total Multi-Utilities									2,257,675
				Real Estate Investment Trust – 1.3%
	25,000			Kimco Realty Corporation, Series G		7.750%				Baa2			631,750
	72,500			Vornado Realty LP		7.875%				BBB			1,824,824
				Total Real Estate Investment Trust									2,456,574
				Wireless Telecommunication Services – 0.4%
	32,600			Telephone and Data Systems Inc.		7.600%				Baa2			808,480
				Total $25 Par (or similar) Preferred Securities (cost $41,793,814)									45,178,025

Shares				Description (1)		Coupon				Ratings (3)		Value
				Convertible Preferred Securities – 2.5% (2.0% of Total Investments)
				Commercial Banks – 1.3%
	20,720			Sovereign Capital Trust IV, Convertible Security		4.375%				BBB+		$	673,400
	1,787			Wells Fargo & Company, Convertible Bond		7.500%				A-			1,745,899
				Total Commercial Banks									2,419,299
				Diversified Financial Services – 1.2%
	19,400			CitiGroup Inc., Convertible		7.500%				N/A			2,364,472
				Total Convertible Preferred Securities (cost $4,065,969)									4,783,771

Principal
Amount (000)				Description (1)						Coupon				Maturity				Ratings (3)				Value
				Corporate Bonds – 2.0% (1.6% of Total Investments)
				Commercial Banks – 0.5%
$	1,000			Zions Bancorp.							7.750	%			9/23/14			BBB-				$	1,009,562
				Consumer Finance – 0.9%
	1,500			Discover Financial Services							10.250	%			7/15/19			BBB-					1,787,430
				Insurance – 0.6%
	1,000			Genworth Financial Inc.							8.625	%			12/15/16			BBB					1,092,659
$	3,500			Total Corporate Bonds (cost $3,389,194)																			3,889,651
Principal
Amount (000)				Description (1)						Coupon				Maturity				Ratings (3)				Value
				Capital Preferred Securities – 3.8% (3.1% of Total Investments)
				Commercial Banks – 1.3%
	1,000			City National Capital Trust I							9.625	%			2/01/40				A3			$	1,113,965
	1,250			Wells Fargo & Company, Series K							7.980	%			N/A (4)				A-				1,312,500
				Total Commercial Banks																			2,426,465
				Consumer Finance – 0.9%
	1,000			Capital On Capital V, Cumulative Trust Preferred Securities							10.250	%			8/15/39			Baa3					1,187,791
	500			Capital One Capital VI							8.875	%			5/15/40			Baa3					548,642
				Total Consumer Finance																			1,736,433
				Diversified Financial Services – 0.9%
	1,000			BAC Capital Trust XIV							5.630	%			12/31/49			BB					760,000
	1,000			JP Morgan Chase & Company							7.900	%			N/A (4)			BBB+					1,069,704
				Total Diversified Financial Services																			1,829,704
				Insurance – 0.7%
	1,000			MetLife Inc.							10.750	%			8/01/39			BBB					1,292,223
				Total Capital Preferred Securities (cost $6,019,917)																			7,284,825
Shares				Description (1)																		Value
				Investment Companies – 1.3% (1.0% of Total Investments)
	160,000			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.																		$	2,448,000
				Total Investment Companies (cost $1,951,837)																			2,448,000
Principal
Amount (000)				Description (1)						Coupon				Maturity								Value
				Short-Term Investments – 2.2% (1.8% of Total Investments)
$	4,189			Repurchase agreement with State Street Bank, dated 3/31/10, repurchase price $4,188,577, collateralized by $4,280,000 U.S. Treasury Bills, 0.000%, due 9/16/10, value $4,275,720							0.000	%			4/01/10							$	4,188,577
				Total Short-Term Investments (cost $4,188,577)																			4,188,577
				Total Investments (cost $225,727,296) – 124.1%																			237,699,537
				Borrowings – (22.7)% (6), (7)																			(43,500,000	)
				Other Assets Less Liabilities – (1.4)%																			(2,646,786	)
				Net Assets Applicable to Common Shares – 100%																		$	191,552,751
				Investments in Derivatives
Number of										Notional				Expiration				Strike
Contracts				Type						Amount (5)				Date				Price				Value
				Call Options Written – (1.1)%
	(150	)		S&P 500 INDEX							$(16,500,000	)			4/17/10				$1,100			$	(1,059,000	)
	(100	)		S&P 500 INDEX							(11,250,000	)			4/17/10				1,125				(472,000	)
	(100	)		S&P 500 INDEX							(11,750,000	)			5/22/10				1,175				(229,500	)
	(150	)		S&P 500 INDEX							(18,000,000	)			6/19/10				1,200				(288,750	)
	(500	)		Total Call Options Written (premiums received $1,139,500)							(57,500,000	)										$	(2,049,250	)

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, 2010:

		Level 1				Level 2				Level 3				Total
Investments:
Common Stocks		$	169,926,688			$	–			$	–			$	169,926,688
Preferred Securities*			43,752,501				13,494,120				–				57,246,621
Corporate Bonds			–				3,889,651				–				3,889,651
Investment Companies			2,448,000				–				–				2,448,000
Short-Term Investments			4,188,577				–				–				4,188,577
Derivatives:
Call Options Written			(2,049,250	)			–				–				(2,049,250	)
Total		$	218,266,516			$	17,383,771			$	–			$	235,650,287

* Preferred Securities includes Convertible Preferred Securities, $25 Par (or similar) Preferred Securities and Capital Preferred Securities held by the Fund at the end of the reporting period, if any.

Derivative Instruments and Hedging Activities

The Fund records derivative instruments at fair value with changes in fair value recognized in the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for disclosure purposes.

The table below presents the fair value of all derivative instruments held by the Fund as of March 31, 2010, 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

Value

Location

Value

Equity Price

Options

—

$

—

Call options written, at value

$

2,049,250

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 March 31, 2010, the cost of investments was $226,987,689.

Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2010, were as follows:

Gross unrealized:
Appreciation		$	20,086,428
Depreciation			(9,374,580	)
Net unrealized appreciation (depreciation) of investments		$	10,711,848

(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)		Perpetual security. Maturity date is not applicable.
(5)		For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.
(6)		Borrowings as a percentage of Total Investments is 18.3%.
(7)		The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of March 31, 2010, investments with a value of $212,732,481 have been pledged as collateral for Borrowings.
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.

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 28, 2010

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 28, 2010

Date May 28, 2010