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
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Nuveen Tax-Advantaged Dividend Growth Fund | ||||||||
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(Exact name of registrant as specified in charter) | ||||||||
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333 West Wacker Drive, Chicago, Illinois 60606 |
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(Address of principal executive offices) (Zip code) |
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Kevin J. McCarthy—Vice President and Secretary |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
312-917-7700 |
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Date of fiscal year end: |
12/31 |
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Date of reporting period: |
3/31/2012 |
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Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
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Portfolio of Investments (Unaudited) |
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Nuveen Tax-Advantaged Dividend Growth Fund (JTD) |
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March 31, 2012 |
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Shares |
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Description (1) |
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Value |
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Common Stocks – 103.8% (73.3% of Total Investments) |
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|
| |||||||||
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|
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Aerospace & Defense – 1.6% |
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|
| |||||||||
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66,823 |
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Raytheon Company |
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$ 3,526,918 |
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Automobiles – 1.0% |
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| |||||||||
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35,800 |
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Daimler AG, (2) |
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2,155,378 |
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Beverages – 3.9% |
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|
| |||||||||
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80,945 |
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Coca-Cola Company |
|
5,990,739 |
| |||||||||
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89,300 |
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Heineken NV, (2) |
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2,478,012 |
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Total Beverages |
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8,468,751 |
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Capital Markets – 1.8% |
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|
| |||||||||
|
18,805 |
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BlackRock Inc. |
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3,853,145 |
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Chemicals – 2.7% |
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139,000 |
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Linde AG, (2) |
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2,497,830 |
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48,200 |
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Syngenta AG, ADR, (3) |
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3,317,606 |
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Total Chemicals |
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5,815,436 |
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Commercial Banks – 5.3% |
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|
| |||||||||
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41,000 |
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BOC Hong Kong Holdings Limited, (2) |
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2,290,260 |
| |||||||||
|
78,053 |
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Cullen/Frost Bankers, Inc. |
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4,541,904 |
| |||||||||
|
49,200 |
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HSBC Holdings PLC, (4) |
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2,183,988 |
| |||||||||
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20,800 |
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Westpac Banking Corporation |
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2,366,000 |
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Total Commercial Banks |
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11,382,152 |
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Communications Equipment – 4.8% |
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| |||||||||
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82,000 |
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Motorola Solutions Inc. |
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4,168,060 |
| |||||||||
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90,365 |
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QUALCOMM, Inc. |
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6,146,627 |
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Total Communications Equipment |
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10,314,687 |
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Diversified Financial Services – 2.4% |
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|
| |||||||||
|
112,955 |
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JP Morgan Chase & Co. |
|
5,193,671 |
| |||||||||
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Diversified Telecommunication Services – 2.3% |
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|
| |||||||||
|
156,453 |
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AT&T Inc. |
|
4,886,027 |
| |||||||||
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Electric Utilities – 2.5% |
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|
| |||||||||
|
88,139 |
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NextEra Energy Inc. |
|
5,383,530 |
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Electrical Equipment – 2.5% |
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|
| |||||||||
|
108,200 |
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ABB Limited, (3) |
|
2,208,362 |
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62,461 |
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Emerson Electric Company |
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3,259,215 |
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Total Electrical Equipment |
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5,467,577 |
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Energy Equipment & Services – 2.0% |
|
|
| |||||||||
|
41,200 |
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Ensco International Incorporated |
|
2,180,716 |
| |||||||||
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55,700 |
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Tenaris SA |
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2,129,411 |
| |||||||||
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Total Energy Equipment & Services |
|
4,310,127 |
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Food Products – 3.1% |
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|
| |||||||||
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172,400 |
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Danone, (2) |
|
2,392,912 |
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81,100 |
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McCormick & Company, Incorporated |
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4,414,273 |
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Total Food Products |
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6,807,185 |
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Gas Utilities – 1.8% |
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| |||||||||
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46,600 |
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ONEOK, Inc. |
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3,805,356 |
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Health Care Providers & Services – 1.2% |
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|
| |||||||||
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36,600 |
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Fresenius SE, ADR |
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2,585,790 |
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Hotels, Restaurants & Leisure – 3.9% |
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|
| |||||||||
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259,700 |
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Compass Group PLC, (2) |
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2,745,029 |
| |||||||||
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79,584 |
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YUM! Brands, Inc. |
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5,664,789 |
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Total Hotels, Restaurants & Leisure |
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8,409,818 |
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Household Durables – 2.5% |
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|
| |||||||||
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143,200 |
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Leggett and Platt Inc. |
|
3,295,032 |
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103,400 |
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Sony Corporation |
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2,147,618 |
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Total Household Durables |
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5,442,650 |
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Household Products – 1.9% |
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| |||||||||
|
61,215 |
|
Procter & Gamble Company |
|
4,114,260 |
| |||||||||
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Independent Power Producers & Energy Traders – 1.3% |
|
|
| |||||||||
|
44,700 |
|
International Power PLC, (2) |
|
2,888,067 |
| |||||||||
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Industrial Conglomerates – 1.0% |
|
|
| |||||||||
|
45,100 |
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Jardine Matheson Holdings Limited, (2) |
|
2,255,000 |
| |||||||||
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Insurance – 1.6% |
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|
| |||||||||
|
75,125 |
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AFLAC Incorporated, (4) |
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3,454,999 |
| |||||||||
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IT Services – 2.5% |
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|
| |||||||||
|
25,610 |
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International Business Machines Corporation (IBM) |
|
5,343,527 |
| |||||||||
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Machinery – 6.0% |
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|
| |||||||||
|
34,700 |
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Caterpillar Inc. |
|
3,696,244 |
| |||||||||
|
70,000 |
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Eaton Corporation |
|
3,488,100 |
| |||||||||
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36,400 |
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Kubota Corporation |
|
1,761,760 |
| |||||||||
|
84,313 |
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PACCAR Inc. |
|
3,948,378 |
| |||||||||
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Total Machinery |
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12,894,482 |
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Media – 3.6% |
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|
| |||||||||
|
109,300 |
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Pearson Public Limited Company |
|
2,048,282 |
| |||||||||
|
41,700 |
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Time Warner Cable, Class A, (4) |
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3,398,550 |
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34,100 |
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WPP Group PLC |
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2,331,417 |
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Total Media |
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7,778,249 |
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Metals & Mining – 1.4% |
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| |||||||||
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42,700 |
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BHP Billiton PLC, ADR |
|
3,091,480 |
| |||||||||
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Office Electronics – 0.9% |
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|
| |||||||||
|
42,100 |
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Canon Inc. |
|
2,006,486 |
| |||||||||
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Oil, Gas & Consumable Fuels – 9.2% |
|
|
| |||||||||
|
99,500 |
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BG PLC., Sponsored ADR, (2) |
|
2,304,420 |
| |||||||||
|
49,850 |
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Chevron Corporation, (4) |
|
5,345,914 |
| |||||||||
|
78,042 |
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EQT Corporation |
|
3,762,405 |
| |||||||||
|
120,000 |
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Kinder Morgan, Inc. |
|
4,638,000 |
| |||||||||
|
43,300 |
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Sasol Ltd |
|
2,106,112 |
| |||||||||
|
33,600 |
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Total SA, Sponsored ADR |
|
1,717,632 |
| |||||||||
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Total Oil, Gas & Consumable Fuels |
|
19,874,483 |
| |||||||||
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Personal Products – 1.4% |
|
|
| |||||||||
|
72,400 |
|
L’Oreal, (2) |
|
1,783,212 |
| |||||||||
|
76,400 |
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Shiseido Company, Limited, (2) |
|
1,312,552 |
| |||||||||
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Total Personal Products |
|
3,095,764 |
| |||||||||
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Pharmaceuticals – 8.3% |
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|
| |||||||||
|
56,630 |
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Abbott Laboratories, (4) |
|
3,470,853 |
| |||||||||
|
56,100 |
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Merck KGaA, (2) |
|
2,066,432 |
| |||||||||
|
40,300 |
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Novartis AG, Sponsored ADR |
|
2,233,023 |
| |||||||||
|
28,400 |
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Novo-Nordisk A/S |
|
3,939,364 |
| |||||||||
|
275,050 |
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Pfizer Inc., (4) |
|
6,232,632 |
| |||||||||
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|
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Total Pharmaceuticals |
|
17,942,304 |
| |||||||||
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Professional Services – 1.1% |
|
|
| |||||||||
|
151,000 |
|
Experian PLC, (2) |
|
2,340,500 |
| |||||||||
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|
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Road & Rail – 1.7% |
|
|
| |||||||||
|
34,000 |
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Union Pacific Corporation |
|
3,654,320 |
| |||||||||
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Semiconductors & Equipment – 3.5% |
|
|
| |||||||||
|
40,300 |
|
ASM Lithography Holding NV |
|
2,020,642 |
| |||||||||
|
150,054 |
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Microchip Technology Incorporated |
|
5,582,009 |
| |||||||||
|
|
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Total Semiconductors & Equipment |
|
7,602,651 |
| |||||||||
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|
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Software – 3.8% |
|
|
| |||||||||
|
170,150 |
|
Microsoft Corporation |
|
5,487,338 |
| |||||||||
|
39,200 |
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SAP AG, Sponsored ADR |
|
2,736,944 |
| |||||||||
|
|
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Total Software |
|
8,224,282 |
| |||||||||
|
|
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Textiles, Apparel & Luxury Goods – 2.0% |
|
|
| |||||||||
|
30,405 |
|
VF Corporation |
|
4,438,522 |
| |||||||||
|
|
|
Thrifts & Mortgage Finance – 2.2% |
|
|
| |||||||||
|
337,778 |
|
New York Community Bancorp Inc. |
|
4,698,492 |
| |||||||||
|
|
|
Tobacco – 5.1% |
|
|
| |||||||||
|
42,044 |
|
Lorillard Inc. |
|
5,443,858 |
| |||||||||
|
62,489 |
|
Philip Morris International, (4) |
|
5,537,150 |
| |||||||||
|
|
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Total Tobacco |
|
10,981,008 |
| |||||||||
|
|
|
Total Common Stocks (cost $187,417,930) |
|
224,487,074 |
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| |||
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Shares |
|
Description (1) |
|
Coupon |
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|
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Ratings (5) |
|
Value |
| |||
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$25 Par (or similar) Preferred Securities – 24.3% (17.2% of Total Investments) |
|
|
|
|
| |||||||
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Capital Markets – 0.6% |
|
|
|
|
|
|
| |||||
|
900 |
|
Allied Capital Corporation |
|
6.875% |
|
|
|
BBB |
|
$ 21,915 |
| |||
|
32,400 |
|
Ares Capital Corporation, (3) |
|
7.000% |
|
|
|
BBB |
|
821,988 |
| |||
|
8,300 |
|
Gladstone Investment Corporation |
|
7.125% |
|
|
|
N/A |
|
207,583 |
| |||
|
11,000 |
|
Triangle Capital Corporation |
|
7.000% |
|
|
|
N/A |
|
280,390 |
| |||
|
|
|
Total Capital Markets |
|
|
|
|
|
|
|
1,331,876 |
| |||
|
|
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Commercial Banks – 4.1% |
|
|
|
|
| |||||||
|
48,500 |
|
Associated Banc-Corp. |
|
8.000% |
|
|
|
BB+ |
|
1,294,950 |
| |||
|
27,439 |
|
BB&T Capital Trust VI |
|
9.600% |
|
|
|
Baa1 |
|
721,646 |
| |||
|
14,861 |
|
BB&T Capital Trust VII |
|
8.100% |
|
|
|
Baa1 |
|
386,535 |
| |||
|
48,400 |
|
First Naigara Finance Group, (3) |
|
8.625% |
|
|
|
BB+ |
|
1,334,388 |
| |||
|
10,300 |
|
HSBC Holdings PLC |
|
8.000% |
|
|
|
A3 |
|
281,293 |
| |||
|
19,810 |
|
National City Capital Trust IV |
|
8.000% |
|
|
|
BBB |
|
504,363 |
| |||
|
12,975 |
|
Popular Inc., (6) |
|
8.250% |
|
|
|
B2 |
|
290,722 |
| |||
|
92,000 |
|
U.S. Bancorp., (3) |
|
6.500% |
|
|
|
A3 |
|
2,501,480 |
| |||
|
62,300 |
|
Zions Bancorporation |
|
9.500% |
|
|
|
BB |
|
1,624,161 |
| |||
|
|
|
Total Commercial Banks |
|
|
|
|
|
|
|
8,939,538 |
| |||
|
|
|
Consumer Finance – 1.2% |
|
|
|
|
|
|
| |||||
|
18,326 |
|
GMAC LLC |
|
7.250% |
|
|
|
BB |
|
415,450 |
| |||
|
62,800 |
|
HSBC Finance Corporation |
|
6.360% |
|
|
|
A |
|
1,559,952 |
| |||
|
25,000 |
|
HSBC USA Inc. |
|
6.500% |
|
|
|
A- |
|
625,750 |
| |||
|
|
|
Total Consumer Finance |
|
|
|
|
|
|
|
2,601,152 |
| |||
|
|
|
Diversified Financial Services – 1.2% |
|
|
|
|
|
|
| |||||
|
1,360 |
|
Bank of America Corporation |
|
7.250% |
|
|
|
BB+ |
|
1,331,304 |
| |||
|
7,914 |
|
Citigroup Inc. |
|
6.500% |
|
|
|
BB |
|
395,700 |
| |||
|
27,700 |
|
Citigroup Inc. |
|
8.500% |
|
|
|
BB |
|
725,740 |
| |||
|
4,615 |
|
Citigroup Inc. |
|
8.125% |
|
|
|
BB |
|
128,066 |
| |||
|
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
|
2,580,810 |
| |||
|
|
|
Electric Utilities – 2.6% |
|
|
|
|
|
|
| |||||
|
20,000 |
|
Gulf Power Company, (6) |
|
6.000% |
|
|
|
BBB+ |
|
2,014,944 |
| |||
|
25,000 |
|
PPL Electric Utilities Corporation, (3), (6) |
|
6.250% |
|
|
|
BBB- |
|
628,125 |
| |||
|
25,000 |
|
Southern California Edison Company, Series C, (6) |
|
6.000% |
|
|
|
BBB+ |
|
2,497,658 |
| |||
|
5,000 |
|
Southern California Edison Company, (6) |
|
6.500% |
|
|
|
Baa2 |
|
517,969 |
| |||
|
|
|
Total Electric Utilities |
|
|
|
|
|
|
|
5,658,696 |
| |||
|
|
|
Food Products – 1.0% |
|
|
|
|
|
|
| |||||
|
20 |
|
HJ Heinz Finance Company, 144A, (6) |
|
8.000% |
|
|
|
BBB- |
|
2,165,000 |
| |||
|
|
|
Insurance – 4.2% |
|
|
|
|
|
|
|
|
| |||
|
62,400 |
|
American Financial Group |
|
7.000% |
|
|
|
BBB+ |
|
1,633,632 |
| |||
|
50,000 |
|
Aspen Insurance Holdings Limited, (3) |
|
7.401% |
|
|
|
BBB- |
|
1,288,500 |
| |||
|
27,300 |
|
Axis Capital Holdings Limited |
|
6.875% |
|
|
|
BBB |
|
709,800 |
| |||
|
95,300 |
|
Endurance Specialty Holdings Limited, (3) |
|
7.500% |
|
|
|
BBB- |
|
2,460,646 |
| |||
|
25,000 |
|
Endurance Specialty Holdings Limited |
|
7.750% |
|
|
|
BBB- |
|
655,750 |
| |||
|
30,500 |
|
Montpelier Re Holdings Limited |
|
8.875% |
|
|
|
BB+ |
|
831,125 |
| |||
|
58,100 |
|
Principal Financial Group |
|
6.518% |
|
|
|
BBB |
|
1,486,779 |
| |||
|
|
|
Total Insurance |
|
|
|
|
|
|
|
9,066,232 |
| |||
|
|
|
Multi-Utilities – 2.0% |
|
|
|
|
|
|
| |||||
|
25,000 |
|
Dominion Resources Inc. |
|
8.375% |
|
|
|
BBB |
|
709,500 |
| |||
|
97,000 |
|
DTE Energy Company |
|
6.500% |
|
|
|
BBB- |
|
2,645,190 |
| |||
|
32,500 |
|
Scana Corporation |
|
7.700% |
|
|
|
BBB- |
|
922,675 |
| |||
|
|
|
Total Multi-Utilities |
|
|
|
|
|
|
|
4,277,365 |
| |||
|
|
|
Oil, Gas & Consumable Fuels – 0.7% |
|
|
|
|
|
|
| |||||
|
18,500 |
|
Magnum Hunter Resources Corporation |
|
8.000% |
|
|
|
N/A |
|
897,250 |
| |||
|
25,000 |
|
Magnum Hunter Resources Corporation |
|
10.250% |
|
|
|
BB- |
|
633,000 |
| |||
|
|
|
Total Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
1,530,250 |
| |||
|
|
|
Real Estate Investment Trust – 6.0% |
|
|
|
|
|
|
| |||||
|
40,000 |
|
Apartment Investment & Management Company, (3) |
7.000% |
|
|
|
BB |
|
992,000 |
| ||||
|
22,800 |
|
Ashford Hospitality Trust Inc. |
|
8.450% |
|
|
|
N/A |
|
552,900 |
| |||
|
100,000 |
|
Ashford Hospitality Trust Inc. |
|
9.000% |
|
|
|
N/A |
|
2,539,999 |
| |||
|
67,800 |
|
CommomWealth REIT |
|
7.250% |
|
|
|
Baa3 |
|
1,705,170 |
| |||
|
20,060 |
|
Developers Diversified Realty Corporation, (3) |
|
7.375% |
|
|
|
Ba1 |
|
502,302 |
| |||
|
72,500 |
|
Dupont Fabros Technology, (3) |
|
7.875% |
|
|
|
Ba2 |
|
1,876,300 |
| |||
|
25,000 |
|
Equity Residential Properties Trust, (6) |
|
8.290% |
|
|
|
Baa2 |
|
1,564,845 |
| |||
|
22,100 |
|
Inland Real Estate Corporation |
|
8.250% |
|
|
|
N/A |
|
565,539 |
| |||
|
50,000 |
|
Kimco Realty Corporation, Series G |
|
7.750% |
|
|
|
Baa2 |
|
1,270,000 |
| |||
|
33,000 |
|
Regency Centers Corporation |
|
6.625% |
|
|
|
Baa3 |
|
839,850 |
| |||
|
19,652 |
|
Vornado Realty LP |
|
7.875% |
|
|
|
BBB |
|
540,823 |
| |||
|
|
|
Total Real Estate Investment Trust |
|
|
|
|
|
|
|
12,949,728 |
| |||
|
|
|
Wireless Telecommunication Services – 0.7% |
|
|
|
|
| |||||||
|
16,523 |
|
Telephone and Data Systems Inc. |
|
7.000% |
|
|
|
Baa2 |
|
433,068 |
| |||
|
37,607 |
|
United States Cellular Corporation |
|
6.950% |
|
|
|
Baa2 |
|
980,790 |
| |||
|
|
|
Total Wireless Telecommunication Services |
|
|
|
|
|
|
|
1,413,858 |
| |||
|
|
|
Total $25 Par (or similar) Preferred Securities (cost $49,632,421) |
|
|
52,514,505 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
Description (1) |
|
|
|
Coupon |
|
|
|
Ratings (5) |
|
Value |
| |
|
|
|
Convertible Preferred Securities – 1.8% (1.3% of Total Investments) |
|
|
|
|
|
|
| |||||
|
|
|
Commerical Banks – 1.8% |
|
|
|
|
|
|
|
|
|
|
| |
|
3,500 |
|
Wells Fargo & Company |
|
|
|
7.500% |
|
|
|
BBB+ |
|
$ 3,908,450 |
| |
|
|
|
Total Convertible Preferred Securities (cost $3,339,592) |
|
|
|
|
|
3,908,450 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Principal |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Amount (000) |
|
Description (1) |
|
|
|
Coupon |
|
Maturity |
|
Ratings (5) |
|
Value |
| |
|
|
|
Corporate Bonds – 2.8% (1.9% of Total Investments) |
|
|
|
|
|
|
| |||||
|
|
|
Commercial Banks – 0.9% |
|
|
|
|
|
|
| |||||
|
$ |
881 |
|
UniCredito Luxembourg Finance SA, 144A |
|
6.000% |
|
10/31/17 |
|
A3 |
|
$ 782,980 |
| ||
|
1,000 |
|
Western Alliance Bancorporation |
|
10.000% |
|
9/01/15 |
|
Ba3 |
|
1,070,000 |
| |||
|
1,881 |
|
Total Commercial Banks |
|
|
|
|
|
|
|
|
|
1,852,980 |
| |
|
|
|
Independent Power Producers & Energy Traders – 0.4% |
|
|
|
|
| |||||||
|
968 |
|
NRG Energy Inc. |
|
|
|
7.875% |
|
5/15/21 |
|
BB |
|
929,280 |
| |
|
|
|
Insurance – 1.2% |
|
|
|
|
|
|
| |||||
|
850 |
|
American International Group, Inc. |
|
8.175% |
|
5/15/68 |
|
BBB |
|
899,725 |
| |||
|
969 |
|
Genworth Financial Inc. |
|
|
|
7.200% |
|
2/15/21 |
|
BBB |
|
986,841 |
| |
|
528 |
|
Hartford Life Inc. |
|
|
|
7.650% |
|
6/15/27 |
|
BBB- |
|
601,575 |
| |
|
2,347 |
|
Total Insurance |
|
|
|
|
|
|
|
|
|
2,488,141 |
| |
|
|
|
Media – 0.3% |
|
|
|
|
|
|
| |||||
|
694 |
|
Donnelley & Son Company |
|
|
|
8.250% |
|
3/15/19 |
|
BB+ |
|
690,530 |
| |
|
$ |
5,890 |
|
Total Corporate Bonds (cost $5,727,814) |
|
|
|
|
|
|
|
5,960,931 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Principal |
|
|
|
|
|
|
|
|
|
|
| |||
|
Amount (000)/ |
|
|
|
|
|
|
|
|
|
|
| |||
|
Shares |
|
Description (1) |
|
Coupon |
|
Maturity |
|
Ratings (5) |
|
Value |
| |||
|
|
|
Capital Preferred Securities – 5.0% (3.6% of Total Investments) |
|
|
|
|
|
|
| |||||
|
|
|
Commercial Banks – 1.0% |
|
|
|
|
|
|
| |||||
|
1,343 |
|
Barclays Bank PLC |
|
6.278% |
|
12/15/34 |
|
BBB |
|
$ 1,125,602 |
| |||
|
1,000 |
|
PNC Financial Services Inc. |
|
6.750% |
|
8/01/21 |
|
BBB |
|
1,054,320 |
| |||
|
|
|
Total Commercial Banks |
|
|
|
|
|
|
|
2,179,922 |
| |||
|
|
|
Consumer Finance – 0.7% |
|
|
|
|
|
|
| |||||
|
1,000 |
|
Capital One Capital V Corporation |
|
10.250% |
|
8/15/39 |
|
Baa3 |
|
1,027,500 |
| |||
|
500 |
|
Capital One Capital VI |
|
8.875% |
|
5/15/40 |
|
Baa3 |
|
503,360 |
| |||
|
|
|
Total Consumer Finance |
|
|
|
|
|
|
|
1,530,860 |
| |||
|
|
|
Diversified Financial Services – 1.0% |
|
|
|
|
|
|
| |||||
|
1,000 |
|
JP Morgan Chase & Company |
|
7.900% |
|
4/30/18 |
|
Baa1 |
|
1,095,520 |
| |||
|
1,000 |
|
MBNA Capital Trust |
|
8.278% |
|
12/01/26 |
|
BB+ |
|
1,010,000 |
| |||
|
|
|
Total Diversified Financial Services |
|
|
|
|
|
|
|
2,105,520 |
| |||
|
|
|
Insurance – 2.3% |
|
|
|
|
|
|
|
|
| |||
|
20 |
|
Axis Capital Holdings Limited |
|
7.500% |
|
12/01/15 |
|
BBB |
|
2,072,500 |
| |||
|
1,000 |
|
MetLife Inc. |
|
10.750% |
|
8/01/69 |
|
BBB |
|
1,372,500 |
| |||
|
1,723 |
|
Swiss Re Capital I, 144A |
|
6.854% |
|
5/25/16 |
|
A |
|
1,626,462 |
| |||
|
|
|
Total Insurance |
|
|
|
|
|
|
|
5,071,462 |
| |||
|
|
|
Total Capital Preferred Securities (cost $9,953,246) |
|
|
|
|
|
10,887,764 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Principal |
|
|
|
|
|
|
|
|
|
|
| |||
|
Amount (000) |
|
Description (1) |
|
Coupon |
|
Maturity |
|
|
|
Value |
| |||
|
|
|
Short-Term Investments – 3.9% (2.7% of Total Investments) |
|
|
|
|
|
|
| |||||
|
$ |
8,423 |
|
Repurchase Agreement with State Street Bank, dated 3/30/12, repurchase price $8,423,190, collateralized by $7,695,000 U.S. Treasury Notes, 3.125%, 5/15/21 value $8,596,100 |
|
0.010% |
|
4/02/12 |
|
|
|
$ 8,423,183 |
| ||
|
|
|
Total Short-Term Investments (cost $8,423,183) |
|
|
|
|
|
|
8,423,183 |
| ||||
|
|
|
Total Investments – (cost $264,494,186) 141.6% |
|
|
|
|
|
|
306,181,907 |
| ||||
|
|
|
Borrowings – (40.2)% (7), (8) |
|
|
|
|
|
|
|
(87,000,000 |
) | |||
|
|
|
Other Assets Less Liabilities – (1.4)% (9) |
|
|
|
|
|
|
|
(2,894,250 |
) | |||
|
|
|
Net Assets – 100% |
|
|
|
|
|
|
|
$ 216,287,657 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Investments in Derivatives at March 31, 2012 |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||
|
Call Options Written outstanding: |
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Number of |
|
|
|
Notional |
|
Expiration |
|
Strike |
|
|
| |||
|
Contracts |
|
Type |
|
Amount (10) |
|
Date |
|
Price |
|
Value |
| |||
|
|
|
Call Options Written |
|
|
|
|
|
|
|
|
| |||
|
(100 |
) |
S&P 500 INDEX |
|
$(13,750,000 |
) |
4/21/12 |
|
$1,375.0 |
|
$(125,203 |
) | |||
|
(50 |
) |
S&P 500 INDEX |
|
(7,000,000 |
) |
4/21/12 |
|
1,400.0 |
|
(26,601 |
) | |||
|
(100 |
) |
S&P 500 INDEX |
|
(14,250,000 |
) |
4/21/12 |
|
1,425.0 |
|
(20,702 |
) | |||
|
(100 |
) |
S&P 500 INDEX |
|
(14,500,000 |
) |
5/19/12 |
|
1,450.0 |
|
(37,702 |
) | |||
|
(50 |
) |
S&P 500 INDEX |
|
(7,500,000 |
) |
5/19/12 |
|
1,500.0 |
|
9,024 |
| |||
|
(400 |
) |
Total Call Options Written (premiums received $483,191) |
$(57,000,000 |
) |
|
|
|
|
$(201,184 |
) | ||||
Interest Rate Swaps outstanding:
|
|
|
|
|
Fund |
|
Floating |
|
|
|
Fixed Rate |
|
|
|
Unrealized |
| ||
|
|
|
Notional |
|
Pay/Receive |
|
Rate |
|
|
|
Payment |
|
Termination |
|
Appreciation |
| ||
|
Counterparty |
|
Amount |
|
Floating Rate |
|
Index |
|
Fixed Rate* |
|
Frequency |
|
Date |
|
(Depreciation) |
| ||
|
JPMorgan |
|
$ |
16,750,000 |
|
Receive |
|
1-Month USD-LIBOR |
|
1.412 |
% |
Monthly |
|
3/29/14 |
|
$ |
(331,295 |
) |
|
Morgan Stanley |
|
16,750,000 |
|
Receive |
|
1-Month USD-LIBOR |
|
2.323 |
|
Monthly |
|
3/29/16 |
|
(959,497 |
) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,290,792 |
) | |
* Annualized
|
|
|
Fair Value Measurements |
|
|
|
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s 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 three-tier hierarchy of inputs is 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 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 Fund’s fair value measurements as of March 31, 2012: |
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
|
|
Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks* |
|
$ 194,977,470 |
|
$ 29,509,604 |
|
$ – |
|
$ 224,487,074 |
|
|
|
|
$25 Par (or similar) Preferred Securities** |
|
42,835,242 |
|
9,679,263 |
|
– |
|
52,514,505 |
|
|
|
|
Convertible Preferred Securities |
|
3,908,450 |
|
– |
|
– |
|
3,908,450 |
|
|
|
|
Corporate Bonds |
|
– |
|
5,960,931 |
|
– |
|
5,960,931 |
|
|
|
|
Capital Preferred Securities |
|
– |
|
10,887,764 |
|
– |
|
10,887,764 |
|
|
|
|
Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements |
|
– |
|
8,423,183 |
|
– |
|
8,423,183 |
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
Call Options Written |
|
(201,184 |
) |
– |
|
– |
|
(201,184 |
) |
|
|
|
Interest Rate Swaps*** |
|
– |
|
(1,290,792 |
) |
– |
|
(1,290,792 |
) |
|
|
|
Total |
|
$ 241,519,978 |
|
$ 63,169,953 |
|
$ – |
|
$ 304,689,931 |
|
|
|
* |
Refer to the Fund’s Portfolio of Investments for industry breakdown of Common Stocks classified as Level 2. | |||||||||||||||||
|
|
** |
Refer to the Fund’s Portfolio of Investments for industry breakdown of $25 Par (or similar) Preferred Securities classified as Level 2. | |||||||||||||||||
|
|
*** |
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. | |||||||||||||||||
|
|
| ||||||||||||||||||
|
|
The table below presents the transfers in and out of the three valuation levels for the Fund as of the end of the reporting period when compared to the valuation levels at the end of the previous fiscal year. Changes in the leveling of investments are primarily due to changes in the observability of inputs. | ||||||||||||||||||
|
|
| ||||||||||||||||||
|
|
Level 1 |
|
Level 2 |
|
Level 3 | ||||||||||||||
|
|
Transfers In |
|
(Transfers Out) |
|
Transfers In |
|
(Transfers Out) |
|
Transfers In |
|
(Transfers Out) | ||||||||
|
|
$ |
1,334,388 |
|
$ |
— |
|
$ |
— |
|
$ |
(1,334,388) |
|
$ |
— |
|
$ |
— | ||
|
|
| ||||||||||||||||||
|
|
Derivative Instruments and Hedging Activities | ||||||||||||||||||
|
|
The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. | ||||||||||||||||||
|
|
The following tables presents the fair value of all derivative instruments held by the Fund as of March 31, 2012, 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 Exposure |
|
Instrument |
|
Location |
|
Value |
|
Location |
|
Value |
| ||
|
|
Equity Price |
|
Options |
|
— |
|
$ |
— |
|
Call options written, at value |
|
$ |
201,184 |
|
|
|
Interest Rate |
|
Swaps |
|
Unrealized appreciation on interest rate swaps* |
|
— |
|
Unrealized depreciation on interest rate swaps* |
|
1,290,792 |
| ||
|
|
Total |
|
|
|
|
|
$ |
— |
|
|
|
$ |
1,491,976 |
|
|
|
* Value represents cumulative gross appreciation (depreciation) of interest rate swap contracts as reported in the Fund’s Portfolio of Investments. |
|
|
Income Tax Information |
|
|
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the recognition of unrealized gain or loss for tax (mark-to-market) on option contracts, timing differences in the recognition of income and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund. |
|
|
At March 31, 2012, the cost of investments (excluding investments in derivatives) was $267,246,905. |
|
|
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at March 31, 2012, were as follows: |
|
|
|
Gross unrealized: |
|
|
|
|
|
|
Appreciation |
|
$ 44,895,815 |
|
|
|
|
Depreciation |
|
(5,960,813 |
) |
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Net unrealized appreciation (depreciation) of investments |
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$ 38,935,002 |
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For Fund portfolio compliance purposes, the Fund’s 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. |
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(1) |
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common Shares unless otherwise noted. |
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(2) |
For fair value measurement disclosure purposes, Common Stock categorized as Level 2. |
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(3) |
Non-income producing; issuer has not declared a dividend within the past twelve months. |
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(4) |
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
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(5) |
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. |
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(6) |
For fair value measurement disclosure purposes, $25 Par (or similar) Preferred Security categorized as Level 2. |
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(7) |
Borrowings as a percentage of Total investments is 28.4%. |
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(8) |
The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of March 31, 2012, investments with a value of $221,654,830 have been pledged as collateral for Borrowings. |
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(9) |
Other Assets Less Liabilities includes the Value and the Net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at March 31, 2012. |
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(10) |
For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. |
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N/A |
Not applicable. |
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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. |
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ADR |
American Depositary Receipt. |
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USD-LIBOR |
United States Dollar—London Inter-Bank Offered Rate. |
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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
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By (Signature and Title) |
/s/ Kevin J. McCarthy |
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Kevin J. McCarthy |
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Vice President and Secretary |
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Date May 30, 2012
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.
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By (Signature and Title) |
/s/ Gifford R. Zimmerman |
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Gifford R. Zimmerman |
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Chief Administrative Officer (principal executive officer) |
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Date May 30, 2012
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By (Signature and Title) |
/s/ Stephen D. Foy |
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Stephen D. Foy |
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Vice President and Controller (principal financial officer) |
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Date May 30, 2012