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, 2016
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 Growth Fund | ||
Portfolio of Investments |
September 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
LONG-TERM INVESTMENTS 144.5% (96.8% of Total Investments) |
|
|||||||||||||||||||
COMMON STOCKS 108.0% (72.4% of Total Investments) |
|
|||||||||||||||||||
Aerospace & Defense 2.5% | ||||||||||||||||||||
14,304 | Lockheed Martin Corporation |
$ | 3,428,955 | |||||||||||||||||
135,105 | Safran SA, (2) |
2,421,082 | ||||||||||||||||||
Total Aerospace & Defense |
5,850,037 | |||||||||||||||||||
Automobiles 2.8% | ||||||||||||||||||||
30,426 | Daimler AG, (2) |
2,148,988 | ||||||||||||||||||
136,030 | General Motors Company, (3) |
4,321,673 | ||||||||||||||||||
Total Automobiles |
6,470,661 | |||||||||||||||||||
Banks 12.1% | ||||||||||||||||||||
41,737 | BOC Hong Kong Holdings Limited, (2) |
2,848,550 | ||||||||||||||||||
189,055 | Danske Bank A/S, (2) |
2,786,671 | ||||||||||||||||||
95,021 | JPMorgan Chase & Co., (3) |
6,327,448 | ||||||||||||||||||
524,523 | Lloyds TSB Group PLC |
1,505,381 | ||||||||||||||||||
436,519 | Mitsubishi UFJ Financial Group Inc. |
2,204,421 | ||||||||||||||||||
111,979 | Swedbank AB, (2), (3) |
2,622,548 | ||||||||||||||||||
55,396 | Toronto-Dominion Bank |
2,459,582 | ||||||||||||||||||
111,981 | Wells Fargo & Company |
4,958,519 | ||||||||||||||||||
100,618 | Westpac Banking Corporation, (3) |
2,288,053 | ||||||||||||||||||
Total Banks |
28,001,173 | |||||||||||||||||||
Beverages 3.6% | ||||||||||||||||||||
60,735 | Heineken NV, (2) |
2,663,837 | ||||||||||||||||||
51,472 | PepsiCo, Inc., (3), (4) |
5,598,609 | ||||||||||||||||||
Total Beverages |
8,262,446 | |||||||||||||||||||
Biotechnology 3.3% | ||||||||||||||||||||
88,578 | AbbVie Inc. |
5,586,615 | ||||||||||||||||||
129,276 | Grifols SA |
2,064,538 | ||||||||||||||||||
Total Biotechnology |
7,651,153 | |||||||||||||||||||
Capital Markets 1.4% | ||||||||||||||||||||
8,968 | BlackRock Inc. |
3,250,541 | ||||||||||||||||||
Chemicals 2.8% | ||||||||||||||||||||
29,397 | Monsanto Company, (3) |
3,004,373 | ||||||||||||||||||
27,868 | Praxair, Inc., (4) |
3,367,290 | ||||||||||||||||||
Total Chemicals |
6,371,663 | |||||||||||||||||||
Consumer Finance 1.6% | ||||||||||||||||||||
64,835 | Discover Financial Services, (3), (4) |
3,666,419 | ||||||||||||||||||
Containers & Packaging 3.1% | ||||||||||||||||||||
51,457 | Amcor Limited, (2) |
2,386,277 | ||||||||||||||||||
59,224 | Packaging Corp. of America |
4,812,542 | ||||||||||||||||||
Total Containers & Packaging |
7,198,819 | |||||||||||||||||||
Diversified Financial Services 0.8% | ||||||||||||||||||||
24,503 | Orix Corporation |
1,817,143 | ||||||||||||||||||
Diversified Telecommunication Services 3.5% | ||||||||||||||||||||
143,048 | AT&T Inc., (3) |
5,809,179 |
NUVEEN | 1 |
JTD | Nuveen Tax-Advantaged Dividend Growth Fund | |||
Portfolio of Investments (continued) | September 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
Diversified Telecommunication Services (continued) | ||||||||||||||||||||
84,020 | HKT Trust and HKT Limited, (2) |
$ | 2,365,919 | |||||||||||||||||
Total Diversified Telecommunication Services |
8,175,098 | |||||||||||||||||||
Electric Utilities 4.9% | ||||||||||||||||||||
46,113 | NextEra Energy Inc., (4) |
5,640,542 | ||||||||||||||||||
254,284 | Red Electrica Corporacion SA, (2) |
2,733,553 | ||||||||||||||||||
148,510 | Scottish and Southern Energy PLC, (2) |
3,026,634 | ||||||||||||||||||
Total Electric Utilities |
11,400,729 | |||||||||||||||||||
Equity Real Estate Investment Trusts 1.1% | ||||||||||||||||||||
33,113 | Extra Space Storage Inc. |
2,629,503 | ||||||||||||||||||
Food & Staples Retailing 2.2% | ||||||||||||||||||||
58,042 | CVS Health Corporation, (3) |
5,165,158 | ||||||||||||||||||
Food Products 0.9% | ||||||||||||||||||||
144,088 | Groupe Danone, (2) |
2,139,707 | ||||||||||||||||||
Health Care Equipment & Supplies 2.6% | ||||||||||||||||||||
70,572 | Medtronic, PLC |
6,097,421 | ||||||||||||||||||
Health Care Providers & Services 2.8% | ||||||||||||||||||||
46,582 | UnitedHealth Group Incorporated, (3), (4) |
6,521,480 | ||||||||||||||||||
Hotels, Restaurants & Leisure 1.5% | ||||||||||||||||||||
175,190 | Compass Group PLC, (2) |
3,400,438 | ||||||||||||||||||
Household Durables 2.1% | ||||||||||||||||||||
30,431 | Whirlpool Corporation, (4) |
4,934,691 | ||||||||||||||||||
Household Products 3.3% | ||||||||||||||||||||
68,365 | Colgate-Palmolive Company, (4) |
5,068,581 | ||||||||||||||||||
127,352 | Reckitt and Benckiser, (2) |
2,441,338 | ||||||||||||||||||
Total Household Products |
7,509,919 | |||||||||||||||||||
Industrial Conglomerates 2.3% | ||||||||||||||||||||
46,420 | Honeywell International Inc., (3), (4) |
5,412,108 | ||||||||||||||||||
Insurance 3.7% | ||||||||||||||||||||
35,678 | Ace Limited, (3) |
4,482,941 | ||||||||||||||||||
58,897 | Marsh & McLennan Companies, Inc., (3) |
3,960,823 | ||||||||||||||||||
Total Insurance |
8,443,764 | |||||||||||||||||||
IT Services 5.4% | ||||||||||||||||||||
53,604 | Accenture Limited, (3) |
6,548,801 | ||||||||||||||||||
77,342 | Fidelity National Information Services |
5,957,654 | ||||||||||||||||||
Total IT Services |
12,506,455 | |||||||||||||||||||
Machinery 1.7% | ||||||||||||||||||||
28,073 | Ingersoll Rand Company Limited, Class A |
1,907,280 | ||||||||||||||||||
27,952 | Kubota Corporation, (2) |
2,115,966 | ||||||||||||||||||
Total Machinery |
4,023,246 | |||||||||||||||||||
Media 1.2% | ||||||||||||||||||||
22,895 | WPP Group PLC |
2,695,199 | ||||||||||||||||||
Oil, Gas & Consumable Fuels 5.9% | ||||||||||||||||||||
49,984 | Chevron Corporation, (3), (4) |
5,144,353 | ||||||||||||||||||
48,571 | Enbridge Inc. |
2,148,295 |
2 | NUVEEN |
Shares | Description (1) | Value | ||||||||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||
48,442 | Phillips 66, (4) |
$ | 3,902,003 | |||||||||||||||||
53,048 | Total SA, Sponsored ADR |
2,530,390 | ||||||||||||||||||
Total Oil, Gas & Consumable Fuels |
13,725,041 | |||||||||||||||||||
Personal Products 1.5% | ||||||||||||||||||||
47,391 | LOreal, (2), (3) |
1,790,906 | ||||||||||||||||||
35,922 | Unilever NV |
1,702,703 | ||||||||||||||||||
Total Personal Products |
3,493,609 | |||||||||||||||||||
Pharmaceuticals 7.4% | ||||||||||||||||||||
34,344 | Johnson & Johnson, (4) |
4,057,057 | ||||||||||||||||||
46,705 | Novartis AG, Sponsored ADR, (4) |
3,687,827 | ||||||||||||||||||
53,397 | Novo-Nordisk A/S, (3) |
2,220,781 | ||||||||||||||||||
161,198 | Pfizer Inc., (4) |
5,459,776 | ||||||||||||||||||
41,299 | Sanofi-Aventis, (3), (4) |
1,577,209 | ||||||||||||||||||
Total Pharmaceuticals |
17,002,650 | |||||||||||||||||||
Professional Services 3.7% | ||||||||||||||||||||
86,990 | Experian PLC, (2) |
1,738,060 | ||||||||||||||||||
127,413 | Nielsen Holdings PLC, (3) |
6,825,514 | ||||||||||||||||||
Total Professional Services |
8,563,574 | |||||||||||||||||||
Road & Rail 2.1% | ||||||||||||||||||||
49,847 | Union Pacific Corporation, (4) |
4,861,578 | ||||||||||||||||||
Software 3.5% | ||||||||||||||||||||
101,956 | Microsoft Corporation, (3), (4) |
5,872,666 | ||||||||||||||||||
25,229 | SAP SE, Sponsored ADR, (4) |
2,306,183 | ||||||||||||||||||
Total Software |
8,178,849 | |||||||||||||||||||
Specialty Retail 2.1% | ||||||||||||||||||||
67,981 | Lowes Companies, Inc., (3) |
4,908,908 | ||||||||||||||||||
Technology Hardware, Storage & Peripherals 3.0% | ||||||||||||||||||||
60,999 | Apple, Inc., (3), (4) |
6,895,937 | ||||||||||||||||||
Textiles, Apparel & Luxury Goods 1.8% | ||||||||||||||||||||
74,984 | VF Corporation, (4) |
4,202,853 | ||||||||||||||||||
Trading Companies & Distributors 1.4% | ||||||||||||||||||||
125,365 | Itochu Corporation, (2) |
3,124,686 | ||||||||||||||||||
Wireless Telecommunication Services 2.4% | ||||||||||||||||||||
204,864 | KDDI Corporation, (2), (3) |
3,165,149 | ||||||||||||||||||
79,293 | Vodafone Group PLC, Sponsored ADR, (4) |
2,311,391 | ||||||||||||||||||
Total Wireless Telecommunication Services |
5,476,540 | |||||||||||||||||||
Total Common Stocks (cost $189,990,045) |
250,029,196 | |||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
CONVERTIBLE PREFERRED SECURITIES 1.2% (0.8% of Total Investments) |
|
|||||||||||||||||||
Banks 0.8% | ||||||||||||||||||||
975 | Bank of America Corporation |
7.250% | BB+ | $ | 1,190,319 | |||||||||||||||
525 | Wells Fargo & Company |
7.500% | BBB | 687,015 | ||||||||||||||||
Total Banks |
1,877,334 | |||||||||||||||||||
Diversified Telecommunication Services 0.2% | ||||||||||||||||||||
4,800 | Frontier Communications Corporation |
11.125% | N/R | 402,768 |
NUVEEN | 3 |
JTD | Nuveen Tax-Advantaged Dividend Growth Fund | |||
Portfolio of Investments (continued) | September 30, 2016 (Unaudited) |
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
Electric Utilities 0.1% | ||||||||||||||||||||
6,350 | Great Plains Energy Inc. |
7.000% | N/R | $ | 326,962 | |||||||||||||||
Pharmaceuticals 0.1% | ||||||||||||||||||||
375 | Teva Pharmaceutical Industries Limited, (2) |
7.000% | N/R | 303,600 | ||||||||||||||||
Total Convertible Preferred Securities (cost $2,976,069) |
2,910,664 | |||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED 21.1% (14.2% of Total Investments) |
|
|||||||||||||||||||
Banks 4.5% | ||||||||||||||||||||
33,065 | Boston Private Financial Holdings Inc. |
6.950% | N/R | $ | 866,634 | |||||||||||||||
4,615 | Citigroup Inc. |
8.125% | BB+ | 131,158 | ||||||||||||||||
17,200 | Citigroup Inc. |
7.125% | BB+ | 498,112 | ||||||||||||||||
8,700 | Cobank Agricultural Credit Bank, (2) |
6.250% | BBB+ | 915,675 | ||||||||||||||||
2,209 | Cobank Agricultural Credit Bank, (2) |
6.125% | BBB+ | 224,904 | ||||||||||||||||
29,100 | Fifth Third Bancorp. |
6.625% | Baa3 | 888,714 | ||||||||||||||||
31,776 | FNB Corporation |
7.250% | Ba2 | 936,756 | ||||||||||||||||
18,106 | HSBC Holdings PLC |
8.000% | Baa1 | 472,748 | ||||||||||||||||
32,000 | Huntington Bancshares Inc. |
6.250% | Baa3 | 881,280 | ||||||||||||||||
15,765 | KeyCorp |
8.131% | Baa3 | 411,782 | ||||||||||||||||
15,211 | Private Bancorp Incorporated |
7.125% | N/R | 406,271 | ||||||||||||||||
41,202 | Regions Financial Corporation |
6.375% | BB | 1,192,798 | ||||||||||||||||
62,171 | U.S. Bancorp. |
6.500% | A3 | 1,872,591 | ||||||||||||||||
8,225 | Western Alliance Bancorp. |
6.250% | N/R | 213,357 | ||||||||||||||||
21,224 | Zions Bancorporation |
7.900% | BB | 559,465 | ||||||||||||||||
Total Banks |
10,472,245 | |||||||||||||||||||
Capital Markets 3.2% | ||||||||||||||||||||
6,700 | Apollo Investment Corporation |
6.875% | BBB | 179,694 | ||||||||||||||||
25,675 | Apollo Investment Corporation |
6.625% | BBB | 666,266 | ||||||||||||||||
22,570 | Capitala Finance Corporation |
7.125% | N/R | 577,792 | ||||||||||||||||
36,400 | Charles Schwab Corporation |
6.000% | BBB | 1,002,092 | ||||||||||||||||
11,059 | Fifth Street Finance Corporation |
6.125% | BBB | 284,437 | ||||||||||||||||
5,100 | Gladstone Capital Corporation |
6.750% | N/R | 130,101 | ||||||||||||||||
9,655 | Hercules Technology Growth Capital Incorporated |
7.000% | BBB | 246,492 | ||||||||||||||||
23,881 | Hercules Technology Growth Capital Incorporated |
6.250% | BBB | 618,996 | ||||||||||||||||
37,900 | Ladenburg Thalmann Financial Services Inc. |
8.000% | N/R | 947,879 | ||||||||||||||||
32,400 | Morgan Stanley |
7.125% | Ba1 | 956,124 | ||||||||||||||||
30,802 | Solar Capital Limited |
6.750% | BBB | 787,299 | ||||||||||||||||
34,000 | Stifel Financial Corporation |
6.250% | BB | 946,900 | ||||||||||||||||
2,472 | Triangle Capital Corporation |
6.375% | N/R | 63,876 | ||||||||||||||||
Total Capital Markets |
7,407,948 | |||||||||||||||||||
Consumer Finance 1.5% | ||||||||||||||||||||
36,550 | Capital One Financial Corporation |
6.700% | Baa3 | 1,028,152 | ||||||||||||||||
18,225 | Discover Financial Services |
6.500% | BB | 475,308 | ||||||||||||||||
32,855 | GMAC Capital Trust I |
8.125% | B+ | 834,846 | ||||||||||||||||
22,115 | SLM Corporation, Series A |
6.970% | Ba3 | 1,136,932 | ||||||||||||||||
Total Consumer Finance |
3,475,238 | |||||||||||||||||||
Diversified Financial Services 0.5% | ||||||||||||||||||||
35,300 | KKR Financial Holdings LLC |
7.375% | BBB | 943,216 | ||||||||||||||||
12,444 | Main Street Capital Corporation |
6.125% | N/R | 321,553 | ||||||||||||||||
Total Diversified Financial Services |
1,264,769 | |||||||||||||||||||
Diversified Telecommunication Services 0.2% | ||||||||||||||||||||
16,000 | Qwest Corporation |
6.875% | BBB | 432,800 |
4 | NUVEEN |
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
Equity Real Estate Investment Trusts 3.3% | ||||||||||||||||||||
16,000 | Cedar Shopping Centers Inc., Series A |
7.250% | N/R | $ | 411,200 | |||||||||||||||
31,350 | DDR Corporation |
6.500% | Baa3 | 801,620 | ||||||||||||||||
33,600 | Digital Realty Trust Inc. |
7.375% | Baa3 | 923,664 | ||||||||||||||||
31,840 | DuPont Fabros Technology |
6.625% | Ba2 | 900,754 | ||||||||||||||||
16,325 | LaSalle Hotel Properties |
6.300% | N/R | 414,818 | ||||||||||||||||
22,900 | Northstar Realty Finance Corporation |
8.875% | N/R | 584,637 | ||||||||||||||||
11,327 | Northstar Realty Finance Corporation |
8.750% | N/R | 288,838 | ||||||||||||||||
9,100 | Northstar Realty Finance Corporation |
8.250% | N/R | 230,776 | ||||||||||||||||
36,600 | Penn Real Estate Investment Trust |
7.375% | N/R | 947,940 | ||||||||||||||||
16,953 | Regency Centers Corporation |
6.625% | Baa2 | 433,827 | ||||||||||||||||
10,453 | Senior Housing Properties Trust |
5.625% | BBB | 265,611 | ||||||||||||||||
18,295 | Sunstone Hotel Investors Inc. |
6.950% | N/R | 487,745 | ||||||||||||||||
32,755 | VEREIT, Inc. |
6.700% | N/R | 872,593 | ||||||||||||||||
Total Equity Real Estate Investment Trusts |
7,564,023 | |||||||||||||||||||
Food Products 1.0% | ||||||||||||||||||||
39,225 | CHS Inc. |
7.100% | N/R | 1,175,181 | ||||||||||||||||
36,210 | CHS Inc. |
6.750% | N/R | 1,036,692 | ||||||||||||||||
Total Food Products |
2,211,873 | |||||||||||||||||||
Insurance 4.2% | ||||||||||||||||||||
20,579 | Arch Capital Group Limited |
6.750% | BBB+ | 527,234 | ||||||||||||||||
31,498 | Argo Group US Inc. |
6.500% | BBB | 817,058 | ||||||||||||||||
50,000 | Aspen Insurance Holdings Limited |
7.250% | BBB | 1,293,500 | ||||||||||||||||
30,865 | Axis Capital Holdings Limited |
6.875% | BBB | 790,761 | ||||||||||||||||
64,150 | Endurance Specialty Holdings Limited |
6.350% | BBB | 1,796,200 | ||||||||||||||||
20,688 | Kemper Corporation |
7.375% | Ba1 | 553,818 | ||||||||||||||||
39,825 | Maiden Holdings Limited |
8.250% | BB | 1,034,255 | ||||||||||||||||
14,094 | Maiden Holdings NA Limited |
8.000% | BBB | 361,793 | ||||||||||||||||
15,118 | Maiden Holdings NA Limited |
7.750% | BBB | 407,128 | ||||||||||||||||
27,804 | National General Holding Company |
7.500% | N/R | 717,343 | ||||||||||||||||
8,250 | National General Holding Company |
7.500% | N/R | 215,077 | ||||||||||||||||
13,775 | Reinsurance Group of America Inc. |
6.200% | BBB | 395,618 | ||||||||||||||||
16,000 | Reinsurance Group of America, Inc. |
5.750% | BBB | 465,440 | ||||||||||||||||
16,500 | Torchmark Corporation |
6.125% | BBB+ | 449,130 | ||||||||||||||||
Total Insurance |
9,824,355 | |||||||||||||||||||
Mortgage Real Estate Investment Trusts 0.8% | ||||||||||||||||||||
9,359 | Apollo Commercial Real Estate Finance |
8.625% | N/R | 240,994 | ||||||||||||||||
17,369 | Arbor Realty Trust Incorporated |
7.375% | N/R | 442,041 | ||||||||||||||||
5,990 | Capstead Mortgage Corporation |
7.500% | N/R | 151,008 | ||||||||||||||||
7,585 | Colony Financial Inc. |
7.500% | N/R | 190,763 | ||||||||||||||||
12,520 | Colony Financial Inc. |
7.125% | N/R | 310,246 | ||||||||||||||||
4,662 | Colony Financial Inc. |
8.500% | N/R | 119,580 | ||||||||||||||||
6,042 | Invesco Mortgage Capital Inc. |
7.750% | N/R | 153,769 | ||||||||||||||||
10,028 | MFA Financial Inc. |
8.000% | N/R | 262,433 | ||||||||||||||||
Total Mortgage Real Estate Investment Trusts |
1,870,834 | |||||||||||||||||||
Oil, Gas & Consumable Fuels 0.2% | ||||||||||||||||||||
845 | Scorpio Tankers Inc. |
7.500% | N/R | 21,395 | ||||||||||||||||
16,203 | Scorpio Tankers Inc. |
6.750% | N/R | 385,469 | ||||||||||||||||
Total Oil, Gas & Consumable Fuels |
406,864 | |||||||||||||||||||
Real Estate Management & Development 0.2% | ||||||||||||||||||||
16,770 | Kennedy-Wilson Inc. |
7.750% | BB | 457,318 | ||||||||||||||||
Specialty Retail 0.4% | ||||||||||||||||||||
32,570 | TravelCenters of America LLC |
8.000% | N/R | 832,163 |
NUVEEN | 5 |
JTD | Nuveen Tax-Advantaged Dividend Growth Fund | |||
Portfolio of Investments (continued) | September 30, 2016 (Unaudited) |
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
Thrifts & Mortgage Finance 0.4% | ||||||||||||||||||||
31,750 | Federal Agricultural Mortgage Corporation |
6.875% | N/R | $ | 856,615 | |||||||||||||||
U.S. Agency 0.2% | ||||||||||||||||||||
4,750 | Farm Credit Bank of Texas, (2) |
6.750% | Baa1 | 509,586 | ||||||||||||||||
Wireless Telecommunication Services 0.5% | ||||||||||||||||||||
48,000 | United States Cellular Corporation |
7.250% | Ba1 | 1,279,680 | ||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $45,179,377) |
|
48,866,311 | ||||||||||||||||||
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
CORPORATE BONDS 4.1% (2.7% of Total Investments) |
| |||||||||||||||||||
Banks 0.1% | ||||||||||||||||||||
$ | 125 | Bank of America Corporation |
6.300% | 3/10/66 | BB+ | $ | $135,781 | |||||||||||||
Beverages 0.3% | ||||||||||||||||||||
450 | Cott Beverages Inc. |
6.750% | 1/01/20 | B | 469,125 | |||||||||||||||
150 | Cott Beverages Inc. |
5.375% | 7/01/22 | B | 154,500 | |||||||||||||||
600 | Total Beverages |
623,625 | ||||||||||||||||||
Chemicals 0.3% | ||||||||||||||||||||
275 | A Schulman Inc., 144A |
6.875% | 6/01/23 | B+ | 277,750 | |||||||||||||||
325 | CVR Partners LP / CVR Nitrogen Finance Corp., 144A |
9.250% | 6/15/23 | B+ | 314,031 | |||||||||||||||
600 | Total Chemicals |
591,781 | ||||||||||||||||||
Commercial Services & Supplies 0.3% | ||||||||||||||||||||
175 | GFL Environmental Corporation, 144A |
7.875% | 4/01/20 | B | 183,750 | |||||||||||||||
250 | GFL Environmental Corporation, 144A |
9.875% | 2/01/21 | B | 273,750 | |||||||||||||||
350 | R.R. Donnelley & Sons Company |
6.500% | 11/15/23 | B+ | 352,625 | |||||||||||||||
775 | Total Commercial Services & Supplies |
810,125 | ||||||||||||||||||
Diversified Telecommunication Services 0.6% | ||||||||||||||||||||
890 | Frontier Communications Corporation |
11.000% | 9/15/25 | BB | 927,825 | |||||||||||||||
582 | US West Communications Company |
6.875% | 9/15/33 | BBB | 581,082 | |||||||||||||||
1,472 | Total Diversified Telecommunication Services |
1,508,907 | ||||||||||||||||||
Electric Utilities 0.5% | ||||||||||||||||||||
1,110 | Emera, Inc. |
6.750% | 6/15/76 | BBB | 1,193,805 | |||||||||||||||
Equity Real Estate Investment Trusts 0.2% | ||||||||||||||||||||
475 | Communications Sales & Leasing Inc. |
8.250% | 10/15/23 | BB | 498,508 | |||||||||||||||
Health Care Providers & Services 0.2% | ||||||||||||||||||||
430 | Kindred Healthcare Inc. |
8.000% | 1/15/20 | B | 437,525 | |||||||||||||||
Machinery 0.2% | ||||||||||||||||||||
400 | Dana Financing Luxembourg Sarl, 144A |
6.500% | 6/01/26 | BB+ | 419,200 | |||||||||||||||
Media 0.4% | ||||||||||||||||||||
825 | Dish DBS Corporation, 144A |
7.750% | 7/01/26 | Ba3 | 876,563 | |||||||||||||||
Metals & Mining 0.1% | ||||||||||||||||||||
225 | ArcelorMittal |
8.000% | 10/15/39 | BB+ | 243,000 | |||||||||||||||
Real Estate Management & Development 0.0% | ||||||||||||||||||||
25 | Kennedy-Wilson Holdings Incorporated |
5.875% | 4/01/24 | BB | 25,186 |
6 | NUVEEN |
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
Specialty Retail 0.4% | ||||||||||||||||||||
$ | 825 | L Brands, Inc. |
6.875% | 11/01/35 | BB+ | $ | 899,250 | |||||||||||||
Wireless Telecommunication Services 0.5% | ||||||||||||||||||||
250 | Altice Financing SA, 144A |
7.500% | 5/15/26 | BB | 260,313 | |||||||||||||||
750 | Viacom Inc. |
6.875% | 4/30/36 | BBB | 886,395 | |||||||||||||||
1,000 | Total Wireless Telecommunication Services |
1,146,708 | ||||||||||||||||||
$ | 8,887 | Total Corporate Bonds (cost $9,019,207) |
9,409,964 | |||||||||||||||||
Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED 10.1% (6.7% of Total Investments) |
| |||||||||||||||||||
Banks 4.9% | ||||||||||||||||||||
$ | 1,400 | Bank of America Corporation |
6.500% | N/A (6) | BB+ | $ | 1,516,375 | |||||||||||||
450 | Citigroup Inc. |
6.250% | N/A (6) | BB+ | 484,734 | |||||||||||||||
900 | Citigroup Inc. |
5.950% | N/A (6) | BB+ | 918,090 | |||||||||||||||
875 | Citigroup Inc. |
5.800% | 5/15/65 | BB+ | 880,469 | |||||||||||||||
800 | Citizens Financial Group Inc. |
5.500% | N/A (6) | BB+ | 784,000 | |||||||||||||||
275 | Cobank Agricultural Credit Bank |
6.250% | N/A (6) | BBB+ | 301,150 | |||||||||||||||
600 | JPMorgan Chase & Company |
7.900% | 12/31/49 | BBB | 616,500 | |||||||||||||||
900 | JPMorgan Chase & Company |
6.750% | N/A (6) | BBB | 1,003,500 | |||||||||||||||
125 | JPMorgan Chase & Company |
6.100% | N/A (6) | BBB | 132,031 | |||||||||||||||
975 | M&T Bank Corporation |
6.450% | N/A (6) | Baa2 | 1,097,070 | |||||||||||||||
1,150 | PNC Financial Services Inc. |
6.750% | 12/31/49 | Baa2 | 1,288,000 | |||||||||||||||
900 | SunTrust Bank Inc. |
5.625% | N/A (6) | Baa3 | 930,375 | |||||||||||||||
900 | Wells Fargo & Company, (3) |
5.875% | N/A (6) | BBB | 976,500 | |||||||||||||||
475 | Zions Bancorporation |
7.200% | N/A (6) | BB | 507,656 | |||||||||||||||
10,725 | Total Banks |
11,436,450 | ||||||||||||||||||
Capital Markets 0.6% | ||||||||||||||||||||
425 | Goldman Sachs Group Inc. |
5.300% | N/A (6) | Ba1 | 435,625 | |||||||||||||||
850 | Morgan Stanley |
5.550% | N/A (6) | Ba1 | 868,063 | |||||||||||||||
1,275 | Total Capital Markets |
1,303,688 | ||||||||||||||||||
Consumer Finance 0.4% | ||||||||||||||||||||
575 | American Express Company |
5.200% | N/A (6) | Baa2 | 580,031 | |||||||||||||||
400 | Capital One Financial Corporation |
5.550% | N/A (6) | Baa3 | 407,000 | |||||||||||||||
975 | Total Consumer Finance |
987,031 | ||||||||||||||||||
Energy Equipment & Services 0.2% | ||||||||||||||||||||
475 | TransCanada Trust |
5.875% | N/A (6) | BBB | 502,550 | |||||||||||||||
Food Products 1.2% | ||||||||||||||||||||
2,175 | Land O Lakes Incorporated, 144A |
8.000% | N/A (6) | BB | 2,251,125 | |||||||||||||||
425 | Land O Lakes Incorporated, 144A |
8.000% | N/A (6) | BB | 439,875 | |||||||||||||||
2,600 | Total Food Products |
2,691,000 | ||||||||||||||||||
Industrial Conglomerates 0.9% | ||||||||||||||||||||
1,914 | General Electric Company |
5.000% | N/A (6) | A | 2,035,348 | |||||||||||||||
Insurance 1.9% | ||||||||||||||||||||
895 | Liberty Mutual Group, 144A |
7.800% | 3/07/87 | Baa3 | 1,047,150 | |||||||||||||||
1,000 | MetLife Inc. |
10.750% | 8/01/69 | BBB | 1,602,600 | |||||||||||||||
1,000 | Nationwide Financial Services Inc., (4) |
6.750% | 5/15/67 | Baa2 | 1,065,000 | |||||||||||||||
594 | Symetra Financial Corporation, 144A |
8.300% | 10/15/37 | Baa2 | 601,425 | |||||||||||||||
3,489 | Total Insurance |
4,316,175 | ||||||||||||||||||
$ | 21,453 | Total $1,000 Par (or similar) Institutional Preferred (cost $21,377,511) |
|
23,272,242 | ||||||||||||||||
Total Long-Term Investments (cost $268,542,209) |
334,488,377 |
NUVEEN | 7 |
JTD | Nuveen Tax-Advantaged Dividend Growth Fund | |||
Portfolio of Investments (continued) | September 30, 2016 (Unaudited) |
Principal Amount (000) |
Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS 4.7% (3.2% of Total Investments) | ||||||||||||||||
REPURCHASE AGREEMENTS 4.7% (3.2% of Total Investments) |
|
|||||||||||||||
$ | 10,962 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/16, repurchase price $10,962,469, collateralized by: $1,835,000 U.S. Treasury Inflation Indexed Obligations, 0.125%, due 4/15/17, value $1,949,688 and $7,915,000 U.S. Treasury Bonds, 3.000%, due 11/15/45, value $9,240,763 |
0.030% | 10/03/16 | $ | 10,962,469 | ||||||||||
Total Short-Term Investments (cost $10,962,469) |
10,962,469 | |||||||||||||||
Total Investments (cost $279,504,678) 149.2% |
345,450,846 | |||||||||||||||
Borrowings (45.3)% (7), (8) |
(105,000,000 | ) | ||||||||||||||
Other Assets Less Liabilities (3.9)% (9) |
(8,937,216 | ) | ||||||||||||||
Net Assets Applicable to Common Shares 100% |
$ | 231,513,630 |
Investments in Derivatives as of September 30, 2016
Options Written
Number of Contracts |
Description | Notional Amount (10) |
Expiration Date |
Strike Price |
Value | |||||||||||||||
(50 | ) | NASDAQ 100® Index |
$ | (24,250,000 | ) | 10/21/16 | $ | 4,850 | $ | (354,000 | ) | |||||||||
(40 | ) | NASDAQ 100® Index |
(19,500,000 | ) | 10/21/16 | 4,875 | (221,000 | ) | ||||||||||||
(275 | ) | Russell 2000® Index |
(34,375,000 | ) | 10/21/16 | 1,250 | (482,625 | ) | ||||||||||||
(125 | ) | Russell 2000® Index |
(15,750,000 | ) | 10/21/16 | 1,260 | (150,000 | ) | ||||||||||||
(175 | ) | Russell 2000® Index |
(22,225,000 | ) | 10/21/16 | 1,270 | (132,125 | ) | ||||||||||||
(665 | ) | Total Options Written (premiums received $969,693) |
$ | (116,100,000 | ) | $ | (1,339,750 | ) |
Interest Rate Swaps
Counterparty | Notional Amount |
Fund Pay/ Receive Floating Rate |
Floating Rate Index | Fixed Rate (Annua lized) |
Fixed Rate Payment Fre quency |
Effective Date (11) |
Optional Termina tion Date |
Termina tion Date |
Value | Unrealized Apprecia tion (Deprecia tion) |
||||||||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. |
$ | 27,625,000 | Receive | 1-Month USD-LIBOR-ICE | 1.462 | % | Monthly | 1/03/17 | 12/01/18 | 12/01/20 | $ | (642,296 | ) | $ | (887,320 | ) | ||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. |
27,625,000 | Receive | 1-Month USD-LIBOR-ICE | 1.842 | Monthly | 1/03/17 | 12/01/20 | 12/01/22 | (1,372,688 | ) | (1,732,296 | ) | ||||||||||||||||||||||||||||
$ | 55,250,000 | $ | (2,014,984 | ) | $ | (2,619,616 | ) |
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 to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or the 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 the 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). |
8 | NUVEEN |
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 |
$ | 204,108,888 | $ | 45,920,308 | $ | | $ | 250,029,196 | ||||||||
Convertible Preferred Securities |
2,607,064 | 303,600 | | 2,910,664 | ||||||||||||
$25 Par (or similar) Retail Preferred |
47,216,146 | 1,650,165 | | 48,866,311 | ||||||||||||
Corporate Bonds |
| 9,409,964 | | 9,409,964 | ||||||||||||
$1,000 Par (or similar) Institutional Preferred |
| 23,272,242 | | 23,272,242 | ||||||||||||
Short-Term Investments: |
||||||||||||||||
Repurchase Agreements |
| 10,962,469 | | 10,962,469 | ||||||||||||
Investments in Derivatives: |
||||||||||||||||
Options Written |
(1,339,750 | ) | | | (1,339,750 | ) | ||||||||||
Interest Rate Swaps* |
| (2,619,616 | ) | | (2,619,616 | ) | ||||||||||
Total |
$ | 252,592,348 | $ | 88,899,132 | $ | | $ | 341,491,480 |
* | 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 Statements 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, 2016, the cost of investments (excluding investments in derivatives) was $280,624,907.
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of September 30, 2016, were as follows:
Gross unrealized: |
||||
Appreciation |
$ | 70,388,018 | ||
Depreciation |
(5,562,079 | ) | ||
Net unrealized appreciation (depreciation) of investments |
$ | 64,825,939 |
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, has been pledged to collateralize the net payment obligations for investments in derivatives. |
(4) | Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $71,934,176. |
(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) | Borrowings as a percentage of Total Investments is 30.4%. |
(8) | 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 $232,445,393 have been pledged as collateral for borrowings. |
(9) | 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. |
(10) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. |
(11) | 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 |
USD-LIBOR-ICE | United States Dollar London Inter-Bank Offered Rate Intercontinental Exchange |
NUVEEN | 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, 2016
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, 2016 | ||||
By (Signature and Title) | /s/ Stephen D. Foy | |||
Stephen D. Foy | ||||
Vice President and Controller (principal financial officer) | ||||
Date: November 29, 2016 |