N-Q 1 d301570.htm N-Q


Washington, D.C. 20549



Investment Company Act file number 811- 21416

John Hancock Tax-Advantaged Dividend Income Fund
(Exact name of registrant as specified in charter)

601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Salvatore Schiavone, Treasurer

601 Congress Street

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4497

Date of fiscal year end: October 31
Date of reporting period: January 31, 2016






John Hancock

Tax-Advantaged Dividend Income Fund

Quarterly portfolio holdings 1/31/16


Fund's investmentsTax-Advantaged Dividend Income Fund

  As of 1-31-16 (unaudited)  
        Shares     Value  
  Common stocks 70.2% (46.7% of Total investments)     $587,671,575  
  (Cost $460,331,037)  
  Energy 10.8%     90,449,780  
  Oil, gas and consumable fuels 10.8%  
  BP PLC, ADR     187,500     6,069,375  
  Chevron Corp.     40,000     3,458,800  
  Columbia Pipeline Group, Inc.     690,000     12,799,500  
  ConocoPhillips     195,000     7,620,600  
  Kinder Morgan, Inc.     232,000     3,816,400  
  ONEOK, Inc.     530,000     13,202,300  
  Royal Dutch Shell PLC, ADR, Class A     271,000     11,905,030  
  Spectra Energy Corp.     1,053,500     28,918,575  
  Total SA, ADR     60,000     2,659,200  
  Materials 0.0%     299,000  
  Metals and mining 0.0%  
  Freeport-McMoRan, Inc.     65,000     299,000  
  Telecommunication services 2.5%     21,089,474  
  Diversified telecommunication services 1.8%  
  AT&T, Inc.     250,000     9,015,000  
  Verizon Communications, Inc.     129,160     6,454,125  
  Wireless telecommunication services 0.7%  
  Vodafone Group PLC, ADR     174,545     5,620,349  
  Utilities 56.9%     475,833,321  
  Electric utilities 26.1%  
  American Electric Power Company, Inc.     590,000     35,972,300  
  Avangrid, Inc. (I)     475,000     18,263,750  
  Duke Energy Corp.     320,000     24,096,000  
  Entergy Corp.     298,000     21,032,840  
  Eversource Energy     657,500     35,373,500  
  FirstEnergy Corp.     582,500     19,257,450  
  OGE Energy Corp. (C)(L)(Z)     540,000     14,164,200  
  Pinnacle West Capital Corp.     50,000     3,315,500  
  PPL Corp.     500,000     17,530,000  
  The Southern Company     375,000     18,345,000  
  Xcel Energy, Inc.     300,000     11,466,000  
  Gas utilities 5.7%  
  AGL Resources, Inc.     70,000     4,449,200  
  Atmos Energy Corp.     350,000     24,227,000  
  Northwest Natural Gas Company     30,000     1,558,500  
  ONE Gas, Inc.     170,000     9,615,200  
  Questar Corp.     372,800     7,601,392  
  Independent power and renewable electricity producers 0.1%  
  Talen Energy Corp. (I)     62,453     446,539  
  Multi-utilities 25.0%  
  Alliant Energy Corp.     195,000     12,741,300  
  Ameren Corp.     540,000     24,256,800  
  Black Hills Corp.     440,000     21,683,200  
  CenterPoint Energy, Inc.     1,020,000     18,227,400  
  Dominion Resources, Inc.     400,000     28,868,000  
  DTE Energy Company     250,000     21,252,500  


Tax-Advantaged Dividend Income Fund

        Shares     Value  
  Utilities  (continued)        
  Multi-utilities  (continued)  
  National Grid PLC, ADR     255,000     18,056,550  
  NiSource, Inc.     770,000     16,177,700  
  Public Service Enterprise Group, Inc.     70,000     2,891,000  
  TECO Energy, Inc.     180,000     4,881,600  
  Vectren Corp.     760,000     31,798,400  
  WEC Energy Group, Inc.     150,000     8,284,500  
  Preferred securities 78.4% (52.2% of Total investments)     $656,651,758  
  (Cost $616,600,835)  
  Energy 1.2%     10,196,345  
  Oil, gas and consumable fuels 1.2%  
  Kinder Morgan, Inc., 9.750% (Z)           236,300     10,196,345  
  Financials 51.8%     433,557,480  
  Banks 31.4%  
  Bank of America Corp., 6.375% (Z)           139,000     3,552,840  
  Bank of America Corp., 6.500% (Z)           153,476     3,998,050  
  Bank of America Corp., 6.625% (Z)           355,000     9,407,500  
  Bank of America Corp., Depositary Shares, Series D, 6.204% (Z)           230,000     5,963,900  
  Barclays Bank PLC, Series 5, 8.125%           505,000     13,291,600  
  BB&T Corp., 5.625% (Z)           606,000     15,646,920  
  BB&T Corp. (Callable 11-1-17), 5.200% (Z)           225,000     5,683,500  
  BB&T Corp. (Callable 6-1-18), 5.200% (Z)           480,000     12,144,000  
  Citigroup, Inc. (6.875% to 11-15-23, then 3 month LIBOR + 4.130%) (Z)           25,000     686,750  
  Citigroup, Inc., Depositary Shares, Series AA, 8.125% (Z)           270,400     7,576,608  
  HSBC Holdings PLC, 8.000% (C)           325,000     8,469,500  
  HSBC Holdings PLC, 8.125% (Z)           50,000     1,331,500  
  HSBC USA, Inc., 6.500%           19,500     505,050  
  ING Groep NV, 6.200% (Z)           109,100     2,777,686  
  ING Groep NV, 7.050% (Z)           150,000     3,907,500  
  JPMorgan Chase & Co., 5.450% (Z)           245,000     6,178,900  
  JPMorgan Chase & Co., 5.500% (Z)           980,000     24,705,800  
  JPMorgan Chase & Co., 6.100% (Z)           510,000     13,081,500  
  JPMorgan Chase & Co., 6.125% (Z)           98,888     2,559,221  
  JPMorgan Chase & Co., 6.700% (Z)           30,000     820,500  
  RBS Capital Funding Trust VII, 6.080%           970,000     24,153,000  
  Royal Bank of Scotland Group PLC, Series L, 5.750% (Z)           760,000     18,825,200  
  Santander Holdings USA, Inc., Series C, 7.300%           110,000     2,795,100  
  The PNC Financial Services Group, Inc., 5.375% (C)           280,000     7,184,800  
  The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) (Z)           40,000     1,115,200  
  U.S. Bancorp, 5.150% (C)           720,000     18,648,000  
  U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) (Z)           296,000     8,444,880  
  Wells Fargo & Company, 6.000% (L)(Z)           215,000     5,650,200  
  Wells Fargo & Company, 8.000% (Z)           1,200,000     33,600,000  
  Capital markets 16.9%  
  Deutsche Bank Contingent Capital Trust II, 6.550% (C)           310,000     7,821,300  
  Deutsche Bank Contingent Capital Trust III, 7.600%           797,893     20,481,913  
  Morgan Stanley, 6.625% (Z)           1,057,915     28,341,543  
  Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%) (Z)           220,000     5,717,800  
  Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) (Z)           300,000     8,529,000  
  State Street Corp., 5.250% (Z)           910,000     23,459,800  


Tax-Advantaged Dividend Income Fund

        Shares     Value  
  Financials  (continued)        
  Capital markets  (continued)  
  State Street Corp., 6.000% (Z)           192,065     5,057,071  
  State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%) (Z)           25,000     672,500  
  The Bank of New York Mellon Corp., 5.200% (Z)           425,000     10,960,750  
  The Goldman Sachs Group, Inc., 5.950% (C)           950,000     24,538,500  
  The Goldman Sachs Group, Inc., Series B, 6.200% (Z)           215,000     5,566,350  
  Consumer finance 3.0%  
  Capital One Financial Corp., 6.200% (Z)           80,000     2,088,800  
  Capital One Financial Corp., 6.700% (Z)           55,000     1,497,100  
  HSBC Finance Corp., Depositary Shares, Series B, 6.360%           700,000     17,955,000  
  SLM Corp., Series A, 6.970%           74,000     3,231,580  
  Insurance 0.4%  
  Aegon NV, 6.500% (Z)           96,512     2,516,068  
  Prudential Financial, Inc., 5.750% (Z)           40,000     1,043,200  
  Real estate investment trusts 0.1%  
  Ventas Realty LP, 5.450% (Z)           45,000     1,193,400  
  Thrifts and mortgage finance 0.0%  
  Federal National Mortgage Association, Series S, 8.250% (I)           60,000     180,600  
  Industrials 0.4%     3,212,500  
  Machinery 0.4%  
  Stanley Black & Decker, Inc., 5.750% (Z)           125,000     3,212,500  
  Telecommunication services 5.8%     48,342,430  
  Diversified telecommunication services 3.9%  
  Qwest Corp., 6.125%           730,000     18,067,500  
  Qwest Corp., 7.375%           366,000     9,380,580  
  Qwest Corp., 7.500%           120,000     3,106,800  
  Verizon Communications, Inc., 5.900% (Z)           60,000     1,593,540  
  Wireless telecommunication services 1.9%  
  Telephone & Data Systems, Inc., 5.875% (Z)           340,000     8,469,400  
  Telephone & Data Systems, Inc., 6.625%           30,000     777,900  
  Telephone & Data Systems, Inc., 6.875% (Z)           243,000     6,189,210  
  United States Cellular Corp., 6.950% (Z)           30,000     757,500  
  Utilities 19.2%     161,343,003  
  Electric utilities 16.8%  
  Duke Energy Corp., 5.125% (Z)           210,000     5,401,200  
  Entergy Arkansas, Inc., 4.560%           9,388     909,756  
  Entergy Arkansas, Inc., 6.450%           135,000     3,426,300  
  Entergy Mississippi, Inc., 4.920%           8,190     805,436  
  Entergy Mississippi, Inc., 6.250% (C)           197,500     4,996,750  
  Gulf Power Company, 5.600%           100,155     10,174,907  
  Interstate Power & Light Company, 5.100%           1,380,000     35,535,000  
  Mississippi Power Company, 5.250%           267,500     6,989,775  
  NextEra Energy Capital Holdings, Inc., 5.000% (Z)           110,000     2,724,700  
  NextEra Energy Capital Holdings, Inc., 5.700% (Z)           225,000     5,775,750  
  PPL Capital Funding, Inc., 5.900% (Z)           1,010,000     26,219,600  
  SCE Trust I, 5.625%           143,777     3,733,889  
  SCE Trust II, 5.100%           1,275,000     31,773,000  
  The Southern Company, 6.250% (Z)           80,000     2,119,200  


Tax-Advantaged Dividend Income Fund

        Shares     Value  
  Utilities  (continued)        
  Multi-utilities 2.4%  
  BGE Capital Trust II, 6.200%           247,000     6,525,740  
  DTE Energy Company, 6.500% (Z)           175,000     4,578,000  
  DTE Energy Company, 5.250% (C)           165,000     4,141,500  
  Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%)           210,000     5,512,500  
        Rate (% )    Maturity date     Par value^     Value  
  Corporate bonds 0.4% (0.3% of Total investments)     $3,300,000  
  (Cost $3,000,000)  
  Utilities 0.4%     3,300,000  
  Electric utilities 0.4%  
  Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (Q)     6.250     02-01-22     3,000,000     3,300,000  
              Par value^     Value  
  Short-term investments 1.2% (0.8% of Total investments)     $9,652,000  
  (Cost $9,652,000)  
  Repurchase agreement 1.2%     9,652,000  
  Repurchase Agreement with State Street Corp. dated 1-29-16 at 0.030% to be repurchased at $9,652,024 on 2-1-16, collateralized by $9,550,000 U.S. Treasury Notes, 0.625% - 2.750% due 6-30-17 to 2-15-19 (valued at $9,848,438, including interest).           9,652,000     9,652,000  
  Total investments (Cost $1,089,583,872)† 150.2%     $1,257,275,333  
  Other assets and liabilities, net (50.2%)     ($420,170,389 )
  Total net assets 100.0%     $837,104,944  

  The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.  
  ^All par values are denominated in U.S. dollars unless otherwise indicated.  
  Key to Security Abbreviations and Legend  
  ADR     American Depositary Receipts  
  LIBOR     London Interbank Offered Rate  
  (C)     All or a portion of this security is segregated as collateral for options. Total collateral value at 1-31-16 was $85,190,688.  
  (I)     Non-income producing security.  
  (L)     A portion of this security is on loan as of 1-31-16, and is a component of the fund's leverage under the Liquidity Agreement. The value of securities on loan amounted to $252,408,514.  
  (Q)     Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.  
  (Z)     A portion of this security is segregated as collateral pursuant to the Liquidity Agreement. Total collateral value at 1-31-16 was $604,381,441.  
      At 1-31-16, the aggregate cost of investment securities for federal income tax purposes was $1,096,100,665. Net unrealized appreciation aggregated $161,174,668, of which $194,493,584 related to appreciated investment securities and $33,318,916 related to depreciated investment securities.  

The fund had the following country composition as a percentage of total investments on 1-31-16:

  United States     88.6  
  United Kingdom     8.6  
  Netherlands     2.5  
  France     0.3  
  Total     100.0  


Notes to Fund's investments (unaudited)

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are valued at the last sale price or official closing price on the exchange or principal market where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Options listed on an exchange are valued at the mean of the most recent bid and ask prices from the exchange where the option was acquired or most likely will be sold. Swaps are valued using evaluated prices obtained from an independent pricing vendor. Futures contracts are valued at settlement prices, which are the official closing prices published by the exchange on which they trade. Securities that trade only in the over-the-counter (OTC) market are valued using bid prices. Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund's own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund's investments as of January 31, 2016, by major security category or type:

value at
    Level 1
    Level 2
    Level 3
  Common stocks                          
        Energy     $90,449,780     $90,449,780          
        Materials     299,000     299,000          
        Telecommunication services     21,089,474     21,089,474          
        Utilities     475,833,321     475,833,321          
  Preferred securities                          
        Energy     10,196,345     10,196,345          
        Financials     433,557,480     433,557,480          
        Industrials     3,212,500     3,212,500          
        Telecommunication services     48,342,430     46,748,890     $1,593,540      
        Utilities     161,343,003     138,943,654     22,399,349      
  Corporate bonds                          
        Utilities     3,300,000         3,300,000      
  Short-term investments     9,652,000         9,652,000      
  Total investments in securities     $1,257,275,333     $1,220,330,444     $36,944,889      
  Other financial instruments                          
  Futures     ($1,620,220 )   ($1,620,220 )        
  Written options     ($2,696,350 )   ($2,696,350 )        
  Interest rate swaps     ($1,066,391 )       ($1,066,391 )    

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian, The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.


Derivative instruments. The fund may invest in derivatives in order to meet its investment objectives. Derivatives include a variety of different instruments that may be traded in the OTC market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument. Use of long futures contracts subjects the funds to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the funds to unlimited risk of loss.

During the period ended January 31, 2016, the fund used futures contracts to manage against anticipated interest rate changes. The following table summarizes the contracts held at January 31, 2016.

  Open contracts     Number of
    Position     Expiration
  10-Year U.S. Treasury Note Futures     490     Short     Mar 2016     ($61,873,061 )   ($63,493,281 )   ($1,620,220 )
                                      ($1,620,220 )

Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

Options. There are two types of options, put options and call options. Options are traded either OTC or on an exchange. A call option gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying instrument at the exercise price. A put option gives the purchaser of the option the right to sell (and the writer the obligation to buy) the underlying instrument at the exercise price. Writing puts and buying calls may increase the fund's exposure to changes in the value of the underlying instrument. Buying puts and writing calls may decrease the fund's exposure to such changes. Risks related to the use of options include the loss of premiums, possible illiquidity of the options markets, trading restrictions imposed by an exchange and movements in underlying security values. In addition, OTC options are subject to the risks of all OTC derivatives contracts.

When the fund purchases an option, the premium paid by the fund is included in the portfolio of investments and subsequently "marked-to-market" to reflect current market value. When the fund writes an option, the premium received is included as a liability and subsequently "marked-to-market" to reflect current market value of the option written.

During the period ended January 31, 2016, the fund wrote option contracts to hedge against anticipated changes in securities markets and to generate potential income. The following tables summarize the fund's written options activities during the period ended January 31, 2016 and the contracts held at January 31, 2016.

        Number of contracts     Premiums received  
  Outstanding, beginning of period     660     $2,243,192  
        Options written     1,500     5,786,066  
        Option closed     (1,535 )   (6,042,332 )
        Options exercised              
        Options expired     (15 )   (140,238 )
  Outstanding, end of period     610     $1,846,688  

  Name of issuer     Exercise price           Expiration date     Number of contracts     Premium     Value  
  S&P 500 Index     $2,030           Feb 2016     200     $44,842     ($37,500 )
  S&P 500 Index     1,885           Feb 2016     410     1,801,846     (2,658,850 )
  Total                       610     $1,846,688     ($2,696,350 )

Interest rate swaps. Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Swap agreements are privately negotiated in the OTC market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

During the period ended January 31, 2016, the fund used interest rate swaps to manage against anticipated interest rate changes. The following table summarizes the interest rate swap contracts held as of January 31, 2016.


  Counterparty     USD notional
    Payments made
by fund
    Payments received
by fund
    Market value  
  Morgan Stanley Capital Services     $86,000,000     Fixed 1.4625%     3-Month LIBOR (a)     Aug 2016     ($906,220 )
  Morgan Stanley Capital Services     86,000,000     Fixed 0.8750%     3-Month LIBOR (a)     Jul 2017     (160,171 )
  Total     $172,000,000                       ($1,066,391 )

(a) At 1-31-16, the 3-Month LIBOR rate was 0.6156%

For additional information on the fund's significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.


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  P13Q1 01/16
This report is for the information of the shareholders of John Hancock Tax-Advantaged Dividend Income Fund.   3/16




(a)       Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.


(b)       There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.




Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.





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.


John Hancock Tax-Advantaged Dividend Income Fund


By: /s/ Andrew G. Arnott
  Andrew G. Arnott
Date:   March 18, 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: /s/ Andrew G. Arnott
  Andrew G. Arnott
Date:   March 18, 2016



By: /s/ Charles A. Rizzo
  Charles A. Rizzo
  Chief Financial Officer
Date:   March 18, 2016