John Hancock
Tax-Advantaged Dividend Income
Fund
Quarterly portfolio holdings 7/31/2021
| Fund’s investments |
As of 7-31-21
(unaudited)
| Shares | Value | ||||
| Common stocks 82.5% (55.9% of Total investments) | $723,715,362 | ||||
| (Cost $532,170,879) | |||||
| Communication services 3.3% | 29,325,645 | ||||
| Diversified telecommunication services 3.3% | |||||
| AT&T, Inc. (A)(B) | 550,000 | 15,427,500 | |||
| Verizon Communications, Inc. | 249,160 | 13,898,145 | |||
| Consumer staples 1.2% | 10,809,720 | ||||
| Tobacco 1.2% | |||||
| Philip Morris International, Inc. | 108,000 | 10,809,720 | |||
| Energy 12.1% | 105,945,752 | ||||
| Oil, gas and consumable fuels 12.1% | |||||
| BP PLC, ADR (C) | 845,450 | 20,442,981 | |||
| DT Midstream, Inc. (D) | 90,000 | 3,816,000 | |||
| Enbridge, Inc. (A)(B) | 347,106 | 13,658,621 | |||
| Equitrans Midstream Corp. (C) | 720,000 | 5,918,400 | |||
| Kinder Morgan, Inc. | 1,105,000 | 19,204,900 | |||
| ONEOK, Inc. | 305,000 | 15,850,850 | |||
| The Williams Companies, Inc. (A)(B) | 1,080,000 | 27,054,000 | |||
| Financials 5.3% | 46,453,457 | ||||
| Banks 3.0% | |||||
| Huntington Bancshares, Inc. | 1,000,000 | 14,080,000 | |||
| PacWest Bancorp (A)(B) | 309,459 | 12,322,657 | |||
| Capital markets 2.3% | |||||
| Ares Management Corp., Class A (A)(B) | 280,000 | 20,050,800 | |||
| Utilities 60.6% | 531,180,788 | ||||
| Electric utilities 29.0% | |||||
| Alliant Energy Corp. | 360,000 | 21,070,800 | |||
| American Electric Power Company, Inc. (A)(B)(C) | 375,000 | 33,044,997 | |||
| Duke Energy Corp. (A)(B) | 270,000 | 28,379,700 | |||
| Entergy Corp. (A)(B) | 318,000 | 32,728,560 | |||
| Eversource Energy (A)(B)(C) | 273,227 | 23,571,293 | |||
| Exelon Corp. (B) | 195,000 | 9,126,000 | |||
| FirstEnergy Corp. (A)(B) | 510,000 | 19,543,200 | |||
| OGE Energy Corp. (C) | 610,000 | 20,587,500 | |||
| Pinnacle West Capital Corp. | 50,000 | 4,177,500 | |||
| PPL Corp. (A)(B) | 775,000 | 21,986,750 | |||
| The Southern Company (A)(B) | 405,000 | 25,867,350 | |||
| Xcel Energy, Inc. | 207,000 | 14,127,750 | |||
| Gas utilities 3.2% | |||||
| Spire, Inc. | 190,000 | 13,480,500 | |||
| UGI Corp. (A)(B) | 310,000 | 14,256,900 | |||
| Independent power and renewable electricity producers 3.3% | |||||
| NextEra Energy Partners LP | 125,000 | 9,691,250 | |||
| The AES Corp. (B) | 800,000 | 18,960,000 | |||
| Multi-utilities 25.1% | |||||
| Algonquin Power & Utilities Corp. | 275,000 | 14,456,750 | |||
| Ameren Corp. (A)(B) | 330,000 | 27,693,600 | |||
| Black Hills Corp. (A)(B) | 394,775 | 26,706,529 | |||
| CenterPoint Energy, Inc. (A)(B) | 880,000 | 22,404,800 | |||
| Dominion Energy, Inc. (C) | 190,000 | 14,225,300 | |||
| 2 | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| Shares | Value | ||||
| Utilities (continued) | |||||
| Multi-utilities (continued) | |||||
| Dominion Energy, Inc. | 281,000 | $28,024,130 | |||
| DTE Energy Company (C) | 180,000 | 21,117,600 | |||
| National Grid PLC, ADR | 201,583 | 12,965,819 | |||
| NiSource, Inc. | 950,000 | 23,531,500 | |||
| Public Service Enterprise Group, Inc. | 275,000 | 17,113,250 | |||
| Sempra Energy | 94,462 | 12,341,460 | |||
| Preferred securities 42.5% (28.8% of Total investments) | $372,864,721 | ||||
| (Cost $353,283,994) | |||||
| Communication services 2.5% | 22,302,709 | ||||
| Wireless telecommunication services 2.5% | |||||
| Telephone & Data Systems, Inc., 5.875% (B) | 340,000 | 8,751,600 | |||
| Telephone & Data Systems, Inc. (Callable 3-31-26), 6.625% (B) | 410,400 | 11,651,256 | |||
| Telephone & Data Systems, Inc. (Callable 6-1-21), 6.625% (B) | 39,768 | 1,122,253 | |||
| U.S. Cellular Corp., 6.950% (B) | 30,000 | 777,600 | |||
| Energy 0.7% | 5,722,500 | ||||
| Oil, gas and consumable fuels 0.7% | |||||
| Enbridge, Inc. (6.375% to 4-15-23, then 3 month LIBOR + 3.593%) (B) | 210,000 | 5,722,500 | |||
| Financials 10.8% | 94,450,140 | ||||
| Banks 6.6% | |||||
| Bank of America Corp., 7.250% | 7,000 | 10,356,850 | |||
| Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%) (B) | 210,854 | 5,969,277 | |||
| Fifth Third Bancorp, 6.000% (B) | 400,000 | 10,684,000 | |||
| First Republic Bank, 4.000% (B) | 332,000 | 8,300,000 | |||
| Synovus Financial Corp. (6.300% to 6-21-23, then 3 month LIBOR + 3.352%) (B) | 188,000 | 5,025,240 | |||
| The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) (B) | 40,000 | 1,046,000 | |||
| Wells Fargo & Company, 7.500% (C) | 11,000 | 16,637,610 | |||
| Capital markets 2.1% | |||||
| Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%) (B) | 220,000 | 6,287,600 | |||
| Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) (B) | 395,862 | 11,400,826 | |||
| State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%) | 25,000 | 715,000 | |||
| Insurance 2.1% | |||||
| American Equity Investment Life Holding Company (6.625% to 9-1-25, then 5 Year CMT + 6.297%) | 164,125 | 4,666,074 | |||
| Athene Holding, Ltd., Series A (6.350% to 6-30-29, then 3 month LIBOR + 4.253%) (B) | 355,787 | 10,584,663 | |||
| Brighthouse Financial, Inc., 6.600% (B) | 100,000 | 2,777,000 | |||
| Health care 1.3% | 11,806,200 | ||||
| Health care equipment and supplies 1.3% | |||||
| Becton, Dickinson and Company, 6.000% | 210,000 | 11,806,200 | |||
| Utilities 27.2% | 238,583,172 | ||||
| Electric utilities 16.2% | |||||
| American Electric Power Company, Inc., 6.125% | 300,000 | 15,921,000 | |||
| Duke Energy Corp., 5.125% (B) | 221,008 | 5,874,393 | |||
| Duke Energy Corp., 5.750% (B) | 200,000 | 5,690,000 | |||
| Interstate Power & Light Company, 5.100% (C) | 1,252,023 | 32,502,517 | |||
| NextEra Energy, Inc., 5.279% | 205,000 | 10,524,700 | |||
| NextEra Energy, Inc., 6.219% | 450,000 | 23,350,500 | |||
| PG&E Corp., 5.500% | 105,000 | 9,494,100 | |||
| SCE Trust II, 5.100% (B) | 636,625 | 15,960,189 | |||
| The Southern Company, 6.750% | 435,000 | 22,554,750 | |||
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | 3 |
| Shares | Value | ||||
| Utilities (continued) | |||||
| Gas utilities 2.5% | |||||
| South Jersey Industries, Inc., 8.750% | 200,000 | $10,902,000 | |||
| Spire, Inc., 5.900% (B) | 219,650 | 6,183,148 | |||
| Spire, Inc., 7.500% | 91,500 | 4,894,335 | |||
| Multi-utilities 8.5% | |||||
| Algonquin Power & Utilities Corp. (6.200% to 7-1-24, then 3 month LIBOR + 4.010%) (B) | 200,000 | 5,594,000 | |||
| CenterPoint Energy, Inc., 7.000% | 468,000 | 22,038,120 | |||
| DTE Energy Company, 6.250% | 284,000 | 14,569,200 | |||
| Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) (B) | 210,000 | 5,504,100 | |||
| NiSource, Inc. (6.500% to 3-15-24, then 5 Year CMT + 3.632%) (B) | 250,000 | 7,085,000 | |||
| NiSource, Inc., 7.750% | 177,300 | 18,687,420 | |||
| Sempra Energy, 5.750% (B) | 45,000 | 1,253,700 | |||
| Rate (%) | Maturity date | Par value^ | Value | ||
| Corporate bonds 20.6% (13.9% of Total investments) | $180,316,084 | ||||
| (Cost $165,967,229) | |||||
| Consumer discretionary 2.3% | 19,791,433 | ||||
| Automobiles 2.3% | |||||
| General Motors Financial Company, Inc. (5.700% to 9-30-30, then 5 Year CMT + 4.997%) (E) | 5.700 | 09-30-30 | 10,750,000 | 12,269,083 | |
| General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (E) | 6.500 | 09-30-28 | 6,600,000 | 7,522,350 | |
| Financials 16.5% | 144,326,362 | ||||
| Banks 11.4% | |||||
| Bank of America Corp. (5.875% to 3-15-28, then 3 month LIBOR + 2.931%) (B)(E) | 5.875 | 03-15-28 | 8,500,000 | 9,764,375 | |
| BNP Paribas SA (7.375% to 8-19-25, then 5 Year U.S. Swap Rate + 5.150%) (E) | 7.375 | 08-19-25 | 13,000,000 | 15,212,210 | |
| Citizens Financial Group, Inc. (6.000% to 7-6-23, then 3 month LIBOR + 3.003%) (E) | 6.000 | 07-06-23 | 13,000,000 | 13,572,000 | |
| Citizens Financial Group, Inc. (6.375% to 4-6-24, then 3 month LIBOR + 3.157%) (E) | 6.375 | 04-06-24 | 13,500,000 | 14,377,500 | |
| Comerica, Inc. (5.625% to 7-1-25, then 5 Year CMT + 5.291%) (A)(B)(E) | 5.625 | 07-01-25 | 5,000,000 | 5,562,500 | |
| Huntington Bancshares, Inc. (5.625% to 7-15-30, then 10 Year CMT + 4.945%) (A)(B)(E) | 5.625 | 07-15-30 | 5,000,000 | 5,850,000 | |
| Huntington Bancshares, Inc. (5.700% to 4-15-23, then 3 month LIBOR + 2.880%) (A)(B)(E) | 5.700 | 04-15-23 | 3,000,000 | 3,120,985 | |
| JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)(E) | 6.750 | 02-01-24 | 3,999,000 | 4,416,496 | |
| Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (E) | 7.500 | 06-27-24 | 11,500,000 | 12,977,175 | |
| NatWest Group PLC (8.000% to 8-10-25, then 5 Year U.S. Swap Rate + 5.720%) (C)(E) | 8.000 | 08-10-25 | 8,624,000 | 10,181,667 | |
| SVB Financial Group (4.100% to 2-15-31, then 10 Year CMT + 3.064%) (A)(B)(E) | 4.100 | 02-15-31 | 2,755,000 | 2,819,743 | |
| Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (E) | 5.900 | 06-15-24 | 2,000,000 | 2,155,960 | |
| Capital markets 0.8% | |||||
| The Charles Schwab Corp. (5.375% to 6-1-25, then 5 Year CMT + 4.971%) (E) | 5.375 | 06-01-25 | 6,400,000 | 7,146,880 | |
| Consumer finance 1.7% | |||||
| American Express Company (3.550% to 9-15-26, then 5 Year CMT + 2.854%) (E) | 3.550 | 09-15-26 | 6,500,000 | 6,532,500 | |
| Discover Financial Services (6.125% to 6-23-25, then 5 Year CMT + 5.783%) (E) | 6.125 | 06-23-25 | 7,200,000 | 8,109,401 | |
| Insurance 2.6% | |||||
| Markel Corp. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (E) | 6.000 | 06-01-25 | 6,500,000 | 7,206,810 | |
| MetLife, Inc. (5.875% to 3-15-28, then 3 month LIBOR + 2.959%) (A)(B)(E) | 5.875 | 03-15-28 | 1,000,000 | 1,170,472 | |
| 4 | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| Rate (%) | Maturity date | Par value^ | Value | ||
| Financials (continued) | |||||
| Insurance (continued) | |||||
| SBL Holdings, Inc. (7.000% to 5-13-25, then 5 Year CMT + 5.580%) (E)(F) | 7.000 | 05-13-25 | 13,975,000 | $14,149,688 | |
| Utilities 1.8% | 16,198,289 | ||||
| Electric utilities 0.5% | |||||
| Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (A)(B)(E) | 6.250 | 02-01-22 | 4,750,000 | 4,830,164 | |
| Multi-utilities 1.3% | |||||
| CenterPoint Energy, Inc. (6.125% to 9-1-23, then 3 month LIBOR + 3.270%) (E) | 6.125 | 09-01-23 | 10,750,000 | 11,368,125 | |
| Par value^ | Value | ||||
| Short-term investments 2.1% (1.4% of Total investments) | $18,020,000 | ||||
| (Cost $18,020,000) | |||||
| Repurchase agreement 2.1% | 18,020,000 | ||||
| Repurchase Agreement with State Street Corp. dated 7-30-21 at 0.000% to be repurchased at $18,020,000 on 8-2-21, collateralized by $17,924,400 U.S. Treasury Notes, 1.375% due 2-15-23 (valued at $18,380,527) | 18,020,000 | 18,020,000 | |||
| Total investments (Cost $1,069,442,102) 147.7% | $1,294,916,167 | ||||
| Other assets and liabilities, net (47.7%) | (418,020,595) | ||||
| Total net assets 100.0% | $876,895,572 | ||||
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | |
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | |
| Security Abbreviations and Legend | |
| ADR | American Depositary Receipt |
| CMT | Constant Maturity Treasury |
| LIBOR | London Interbank Offered Rate |
| (A) | All or a portion of this security is on loan as of 7-31-21, and is a component of the fund’s leverage under the Liquidity Agreement. |
| (B) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 7-31-21 was $480,134,141. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $302,177,334. |
| (C) | All or a portion of this security is segregated as collateral for options. Total collateral value at 7-31-21 was $86,380,505. |
| (D) | Non-income producing security. |
| (E) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date. |
| (F) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | 5 |
DERIVATIVES
FUTURES
| Open contracts | Number of contracts | Position | Expiration date | Notional basis^ | Notional value^ | Unrealized appreciation (depreciation) |
| 10-Year U.S. Treasury Note Futures | 980 | Short | Sep 2021 | $(129,090,285) | $(131,764,063) | $(2,673,778) |
| $(2,673,778) |
^ Notional basis refers to the
contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.
SWAPS
| Interest rate swaps | ||||||||||
| Counterparty (OTC)/ Centrally cleared | Notional amount | Currency | Payments made | Payments received | Fixed payment frequency | Floating payment frequency | Maturity date | Unamortized upfront payment paid (received) | Unrealized appreciation (depreciation) | Value |
| Centrally cleared | 107,000,000 | USD | Fixed 2.136% | USD 3 month LIBOR BBA(a) | Semi Annual | Quarterly | Oct 2022 | — | $(3,207,671) | $(3,207,671) |
| — | $(3,207,671) | $(3,207,671) | ||||||||
| (a) | At 7-31-21, the 3 month LIBOR was 0.118%. |
| Derivatives Currency Abbreviations | |
| USD | U.S. Dollar |
| Derivatives Abbreviations | |
| BBA | The British Banker’s Association |
| LIBOR | London Interbank Offered Rate |
| OTC | Over-the-counter |
| 6 | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
| Notes to Fund’s investments (unaudited) |
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other
disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the
NYSE pursuant to the fund’s Valuation Policies and Procedures.
In order to value the securities,
the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal
market where the security trades. 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 typically
valued based on evaluated prices provided by an independent pricing vendor. 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. Futures contracts whose settlement prices are determined as of the
close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Swaps are generally valued using
evaluated prices obtained from an independent pricing vendor.
In certain instances, the Pricing
Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as
scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
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,
including registered investment companies. 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 July 31, 2021, by major security category or type:
| Total value at 7-31-21 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
| Investments in securities: | ||||
| Assets | ||||
| Common stocks | $723,715,362 | $723,715,362 | — | — |
| Preferred securities | ||||
| Communication services | 22,302,709 | 22,302,709 | — | — |
| Energy | 5,722,500 | 5,722,500 | — | — |
| Financials | 94,450,140 | 94,450,140 | — | — |
| Health care | 11,806,200 | 11,806,200 | — | — |
| Utilities | 238,583,172 | 233,079,072 | $5,504,100 | — |
| Corporate bonds | 180,316,084 | — | 180,316,084 | — |
| Short-term investments | 18,020,000 | — | 18,020,000 | — |
| Total investments in securities | $1,294,916,167 | $1,091,075,983 | $203,840,184 | — |
| Derivatives: | ||||
| Liabilities | ||||
| Futures | $(2,673,778) | $(2,673,778) | — | — |
| Swap contracts | (3,207,671) | — | $(3,207,671) | — |
For additional information on the
fund’s significant accounting policies and risks, please refer to the fund’s most recent semiannual or annual shareholder report and prospectus.
| | | 7 |