<SEC-DOCUMENT>0000928816-12-002035.txt : 20121228
<SEC-HEADER>0000928816-12-002035.hdr.sgml : 20121228
<ACCEPTANCE-DATETIME>20121228112818
ACCESSION NUMBER:		0000928816-12-002035
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20121031
FILED AS OF DATE:		20121228
DATE AS OF CHANGE:		20121228
EFFECTIVENESS DATE:		20121228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND
		CENTRAL INDEX KEY:			0001260041
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21416
		FILM NUMBER:		121289386

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JOHN HANCOCK PREFERRED & EQUITY INCOME FUND
		DATE OF NAME CHANGE:	20030814
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>a_taxadvdividendincome.htm
<DESCRIPTION>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND
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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>UNITED STATES</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=serif size=3>FORM N-CSR</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=serif size=3>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=serif size=3>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>Investment Company Act file number </FONT><U><FONT face=serif size=3>811-21416</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><U><FONT face=serif size=3>John Hancock Tax-Advantaged Dividend Income Fund</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>(Exact name of registrant as specified in charter)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><U><FONT face=serif size=3>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>

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   <TD align=center width="100%" colSpan=2><FONT face=serif size=3>Salvatore Schiavone</FONT></TD></TR>

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   <TD align=center width="100%" colSpan=2><FONT face=serif size=3>Treasurer</FONT></TD></TR>

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   <TD align=center width="100%" colSpan=2><FONT face=serif size=3>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>601 Congress Street</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><U><FONT face=serif size=3>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>&nbsp; </FONT></TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=3>Registrant's telephone number, including area code: </FONT><U><FONT face=serif size=3>617-663-4497</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Date of fiscal year end:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>October 31</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Date of reporting period:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>October 31, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>ITEM 1. SCHEDULE OF INVESTMENTS</FONT></P></DIV>









































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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Management&#8217;s discussion of</FONT></B><BR><FONT size=7 face=serif>Fund performance</FONT><BR><BR><FONT size=2 face=sans-serif>By John Hancock Asset Management a division of Manulife Asset</FONT><BR><FONT size=2 face=sans-serif>Management (US) LLC and Analytic Investors, LLC</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Preferred securities </FONT></B><FONT size=2 face=serif>posted solid gains in the 12-month period ended October 31, 2012, due to several factors, including global economic uncertainty, low U.S. interest rates and improved corporate earnings among the industry groups that comprise a large portion of the preferred market.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>For the 12-month period ended October 31, 2012, John Hancock Tax-Advantaged Dividend Income Fund returned 19.64% at net asset value (NAV) and 22.25% at market price. The difference in the Fund&#8217;s NAV and market performance stems from the fact that the market share price is subject to the dynamics of secondary market trading, which could cause it to trade at a discount or premium to the Fund&#8217;s NAV share price at any time. By comparison, the group of closed-end diversified equity dividend funds tracked by UBS Securities LLC returned an average of 14.81% at NAV and 19.75% at market price. For the same 12-month period, the Bank of America Merrill Lynch Preferred Stock DRD-Eligible Index rose 13.89% and the S&amp;P MidCap 400 Utilities Index gained 11.80%. These indexes are unleveraged. The Fund&#8217;s current annualized distribution rate was 5.77% at NAV and 6.20% at market price on October 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Among the Fund&#8217;s best performing holdings during the 12-month period ended October 31, 2012 were the preferred stocks of financial companies. In this category were Royal Bank of Scotland Group PLC, Bank of America Corp. and Wells Fargo &amp; Company. Also, newly issued, tax-advantaged preferred securities issued by U.S. financial companies added value. Among the Fund&#8217;s common-stock holdings, an investment in Black Hills Corp., a diversified energy company, was among the standouts. An investment in energy company Phillips 66 also performed well. The company&#8217;s value was highlighted when it was spun off from its parent company, ConocoPhillips, in May 2012. Elsewhere, Verizon Communications, Inc. and AT&amp;T, Inc. performed well, bolstered largely by improving fundamentals driven by the rapidly growing use of smartphones and other mobile applications. Detracting from the Fund&#8217;s performance were the securities issued by energy company Apache Corp.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>This commentary reflects the views of the portfolio managers through the end of the period discussed in this report. The managers&#8217; statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Past performance is no guarantee of future results.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Tax changes &#8212; In prior years, certain dividends paid by the Fund were generally taxed to individuals at a rate of 15%. For tax years beginning after December 31, 2012, such favorable treatment of dividend income is scheduled to expire as are certain other favorable tax provisions. As a result, absent congressional action, the maximum tax rate on dividend income will increase from 15% to 39.6%. Congress is considering various tax law changes that could alter these changes in tax rates or that could otherwise affect the Fund or its shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.</FONT></P>

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   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>6</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Portfolio summary</FONT></P>

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   <TD width="77%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Top 10 Issuers (26.0% of Total Investments on 10-31-12)</FONT></B><SUP><FONT size=1 face=sans-serif>1,2</FONT></SUP>&nbsp;</TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>3.2%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Spectra Energy Corp.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.5%</FONT>&nbsp;</TD></TR>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo &amp; Company</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>3.2%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>CH Energy Group, Inc.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.4%</FONT>&nbsp;</TD></TR>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>OGE Energy Corp.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.8%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>American Electric Power Company, Inc.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.3%</FONT>&nbsp;</TD></TR>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>ONEOK, Inc.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.6%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Integrys Energy Group, Inc.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.3%</FONT>&nbsp;</TD></TR>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.5%</FONT>&nbsp;</TD>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Atmos Energy Corp.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.2%</FONT>&nbsp;</TD></TR>

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   <TD width="23%" noWrap align=left><B><FONT size=1 face=sans-serif>Sector Composition</FONT></B><SUP><FONT size=1 face=sans-serif>1,3</FONT></SUP>&nbsp;</TD>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>53.2%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Industrials</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>0.8%</FONT>&nbsp;</TD></TR>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Financials</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>31.5%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Materials</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>0.3%</FONT>&nbsp;</TD></TR>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Energy</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>9.0%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Short-Term Investments</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>0.3%</FONT>&nbsp;</TD></TR>

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   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>Telecommunication Services</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>4.9%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>As a percentage of the Fund&#8217;s total investments on 10-31-12.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Cash and cash equivalents not included.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.</FONT></P>

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   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Fund&#8217;s investments</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>As of 10-31-12</FONT></P>

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   <TD width="69%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

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   <TD width="69%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

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   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks 79.8% (53.1% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$617,152,880</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

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   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $509,121,247)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=left></TD>

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   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Energy 9.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>75,980,090</FONT></B>&nbsp;</TD></TR>

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   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 9.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>BP PLC, ADR (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>187,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,041,875</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Chevron Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>92,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,139,320</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>ConocoPhillips</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>142,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,243,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Phillips 66</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>71,250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,360,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Royal Dutch Shell PLC, ADR</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>69,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,725,120</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Spectra Energy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,870,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Total SA, ADR (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,600,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Industrials 1.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>9,687,600</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Industrial Conglomerates 1.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>General Electric Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>460,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,687,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Materials 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,188,160</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Metals &amp; Mining 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Freeport-McMoRan Copper &amp; Gold, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>82,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,188,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Telecommunication Services 4.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>36,033,520</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 3.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>AT&amp;T, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>390,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,490,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Verizon Communications, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,267,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Wireless Telecommunication Services 1.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Vodafone Group PLC, ADR (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>451,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,276,220</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Utilities 63.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>492,263,510</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 25.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>American Electric Power Company, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>595,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,441,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Duke Energy Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>330,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,677,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Entergy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>192,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,971,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>FirstEnergy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>530,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>24,231,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Northeast Utilities</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>657,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,839,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>NV Energy, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>40,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>760,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>OGE Energy Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>560,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,244,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>The Southern Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>375,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,565,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>UIL Holdings Corp. (C)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>510,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,446,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Xcel Energy, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>635,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,938,750</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="47%"></TD>

   <TD width="48%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="69%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Gas Utilities 8.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>AGL Resources, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>90,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$3,674,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Atmos Energy Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>725,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,078,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Northwest Natural Gas Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>85,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,955,050</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>ONEOK, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,745,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Multi-Utilities 29.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Alliant Energy Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>160,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,152,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Ameren Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>555,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,248,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Black Hills Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>602,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,551,425</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>CH Energy Group, Inc. (C)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>435,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,288,050</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Dominion Resources, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>420,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,167,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,050,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Integrys Energy Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,209,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>National Grid PLC, ADR</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,402,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>NiSource, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>790,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,134,035</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Public Service Enterprise Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>360,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,534,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>TECO Energy, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,594,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Vectren Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>790,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,360,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Preferred Securities 69.6% (46.3% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$537,905,096</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $497,521,438)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Energy 3.7%</FONT></B>&nbsp; </TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>28,797,621</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 3.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Apache Corp., Series D, 6.000%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>125,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,832,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Nexen, Inc., 7.350% (C)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>901,300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,965,121</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Financials 47.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>366,298,860</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Capital Markets 2.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>State Street Corp., 5.250% (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>628,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,221,240</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>The Goldman Sachs Group, Inc., Series B,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>6.200%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>123,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,098,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 16.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Barclays Bank PLC, Series 3, 7.100%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>756,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Barclays Bank PLC, Series 5, 8.125% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>505,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,054,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>BB&amp;T Corp., 5.625% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>507,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,966,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>BB&amp;T Corp., 5.200% (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>202,750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,018,063</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>HSBC Holdings PLC, 8.125% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>50,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,289,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>HSBC Holdings PLC, 8.000% (C)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>325,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,171,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>PNC Financial Services Group, Inc., 5.375% (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>354,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,912,130</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>PNC Financial Services Group, Inc. (6.125% to</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>5-1-22, then 3 month LIBOR + 4.067%)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>40,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,120,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Royal Bank of Scotland Group PLC, Series L,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>5.750% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>858,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,874,275</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Santander Finance Preferred SA Unipersonal,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>Series 10, 10.500%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>277,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,548,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Santander Finance Preferred SA, Series 1,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>6.410%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>370,915</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Santander Holdings USA, Inc., Series C,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>7.300%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>111,610</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,866,145</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="48%"></TD>

   <TD width="47%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="48%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_6"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="69%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>US Bancorp (6.500% to 1-15-22, then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>LIBOR + 4.468%)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>204,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$6,047,065</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo &amp; Company, 8.000% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,207,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,680,730</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Finance 2.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>HSBC Finance Corp., Depositary Shares,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>Series B, 6.360% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>469,003</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,851,706</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>SLM Corp., Series A, 6.970% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>74,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,543,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 23.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 6.700% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,925,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 6.375% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>139,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,487,510</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 6.625% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>355,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,418,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., 8.200% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>135,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,439,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., Depositary Shares,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>Series D, 6.204% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,985,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corp., Series MER, 8.625% (C)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>652,800</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,972,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Bank of New York Mellon Corp., 5.200% (I)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>415,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,441,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Citigroup Capital VIII, 6.950% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>540,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,635,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Citigroup, Inc., 8.125%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>270,400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,828,080</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Deutsche Bank Capital Funding Trust VIII,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>6.375% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>282,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,007,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Deutsche Bank Contingent Capital Trust II,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>6.550%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>310,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,025,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Deutsche Bank Contingent Capital Trust III,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>7.600% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>797,893</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,359,596</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Goldman Sachs Group, Inc., 5.950% (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>487,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,199,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>ING Groep NV, 7.050% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,523,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>ING Groep NV, 6.200% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>109,100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,651,130</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase &amp; Company, 8.625% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,670,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase &amp; Company, 5.500% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>770,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,327,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>RBS Capital Funding Trust VII, 6.080% (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>983,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,382,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Insurance 3.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>MetLife, Inc., Series B, 6.500% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>995,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,524,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Thrifts &amp; Mortgage Finance 0.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Federal National Mortgage Association, Series S, 8.250% (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>60,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>102,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Telecommunication Services 2.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>20,837,790</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 1.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Qwest Corp., 7.500% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>120,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,290,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Qwest Corp., 7.375% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>366,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,969,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Wireless Telecommunication Services 1.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Telephone &amp; Data Systems, Inc., 6.875% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>243,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,743,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>United States Cellular Corp., 6.950%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>834,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Utilities 15.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>121,970,825</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 11.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Alabama Power Company, Class A, 5.300%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>186,780</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,912,314</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Carolina Power &amp; Light Company, 5.440% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>111,493</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,295,635</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Duquesne Light Company, 6.500%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>427,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,264,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Entergy Arkansas, Inc., 4.560% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,388</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>935,280</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Entergy Arkansas, Inc., 6.450% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>110,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,767,193</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

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   <TD width="47%"></TD>

   <TD width="48%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="43%"></TD>

   <TD width="8%"></TD>

   <TD width="10%"></TD>

   <TD width="8%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities (continued)</FONT></B>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>Entergy Mississippi, Inc., 4.920% (Z)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,190</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$796,734</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>Entergy Mississippi, Inc., 6.250% (Z)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>197,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,974,531</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>Mississippi Power Company, 5.250%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>262,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,906,375</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>NextEra Energy Capital Holdings, Inc., 5.700%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>72,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,928,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>PPL Corp., 9.500% (C)(Z)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>285,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,484,050</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>SCE Trust I, 5.625%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>55,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,436,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>Southern California Edison Company,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="43%" noWrap align=left><FONT size=1 face=sans-serif>6.125% (Z)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>50,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,056,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>Southern California Edison Company, Series C,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="43%" noWrap align=left><FONT size=1 face=sans-serif>6.000% (Z)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>117,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,751,188</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Independent Power Producers &amp; Energy Traders 2.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>Constellation Energy Group, Inc., Series A,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="43%" noWrap align=left><FONT size=1 face=sans-serif>8.625% (Z)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,774,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><B><FONT size=1 face=sans-serif>Multi-Utilities 2.2%</FONT></B>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>BGE Capital Trust II, 6.200% (Z)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>160,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,156,950</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company, 5.250% (I)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,548,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company, 6.500%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>130,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,680,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>Interstate Power &amp; Light Company, Series B,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="43%" noWrap align=left><FONT size=1 face=sans-serif>8.375%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,302,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="8%" noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="8%" noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Corporate Bonds 0.4% (0.3% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$3,297,780</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $3,000,000)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><B><FONT size=1 face=sans-serif>Utilities 0.4%</FONT></B>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,297,780</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>Southern California Edison Company</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="43%" noWrap align=left><FONT size=1 face=sans-serif>(6.25% to 2-1-22, then 3 month LIBOR +</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="43%" noWrap align=left><FONT size=1 face=sans-serif>4.199%) (Q)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=right><FONT size=1 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif>02-01-22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,297,780</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments 0.4% (0.3% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$3,086,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $3,086,000)</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><B><FONT size=1 face=sans-serif>Repurchase Agreement 0.4%</FONT></B>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,086,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>Repurchase Agreement with State Street Corp. dated 10-31-12 at 0.010%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>to be repurchased at $3,086,001 on 11-1-12, collateralized by $2,305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury Notes, 4.625% due 2-15-40 (valued at $3,155,305,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="43%" noWrap align=left><FONT size=1 face=sans-serif>including interest)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD style="TEXT-INDENT: 6px" width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,086,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,086,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (Cost $1,012,728,685)</FONT></B><FONT size=1 face=sans-serif>&#8224; </FONT><B><FONT size=1 face=sans-serif>150.2%</FONT></B>&nbsp;</TD>

   <TD width="30%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$1,161,441,756</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="51%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Other assets and liabilities, net (50.2%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>($388,293,853)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="43%" noWrap align=left><B><FONT size=1 face=sans-serif>Total net assets 100.0%</FONT></B>&nbsp;</TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left></TD>

   <TD width="8%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$773,147,903</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The percentage shown for each investment category is the total value the category as a percentage of the net assets of the Fund.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="48%"></TD>

   <TD width="47%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="48%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Notes to Schedule of Investments</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>ADR American Depositary Receipts</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>LIBOR London Interbank Offered Rate</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(C) All or a portion of this security is segregated as collateral for options. Total collateral value at 10-31-12 was $106,582,410.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(I) Non-income producing security.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(Q) Perpetual bonds have no stated maturity date. Date shown is next call date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(Z) A portion of this security is segregated as collateral pursuant to the Credit Facility Agreement. Total collateral value at 10-31-12 was $555,147,429.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; At 10-31-12, the aggregate cost of investment securities for federal income tax purposes was $1,020,678,287. Net unrealized appreciation aggregated $140,763,469, of which $167,180,639 related to appreciated investment securities and $26,417,170 related to depreciated investment securities.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="47%"></TD>

   <TD width="48%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Financial statements</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of assets and liabilities </FONT><FONT size=2 face=sans-serif>10-31-12</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of assets and liabilities is the Fund&#8217;s balance sheet. It shows the value of what the Fund owns, is due and owes. You&#8217;ll also find the net asset value for each common share.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="1%"></TD>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Investments, at value (Cost $1,012,728,685)</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>$1,161,441,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>97,227</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Cash segregated at custodian for swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>3,080,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments&nbsp;sold</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>1,636,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Dividends and interest&nbsp;receivable</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>2,338,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Other receivables and prepaid&nbsp;expenses</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>71,948</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=right><B><FONT size=1 face=sans-serif>1,168,666,109</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Liabilities</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Credit facility agreement&nbsp;payable</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>390,300,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Payable for investments&nbsp;purchased</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>955,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Written options, at value (Premiums received $609,525)</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>112,690</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Swap contracts, at&nbsp;value</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>3,724,865</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Interest&nbsp;payable</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>245,059</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Payable to&nbsp;affiliates</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="1%" noWrap align=left><FONT size=1 face=sans-serif>Accounting and legal services&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>27,416</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="1%" noWrap align=left><FONT size=1 face=sans-serif>Trustees&#8217;&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>44,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Other liabilities and accrued&nbsp;expenses</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>108,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;liabilities</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=right><B><FONT size=1 face=sans-serif>395,518,206</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="101%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Paid-in&nbsp;capital</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>$705,004,523</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Undistributed net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>2,299,694</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized gain (loss) on investments, written options and</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="1%" noWrap align=left><FONT size=1 face=sans-serif>swap&nbsp;agreements</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>(79,641,355)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation (depreciation) on investments, written options</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="1%" noWrap align=left><FONT size=1 face=sans-serif>and swap&nbsp;agreements</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>145,485,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=right><B><FONT size=1 face=sans-serif>$773,147,903</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value per&nbsp;share</FONT></B>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="101%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Based on 37,734,746 shares of beneficial interest outstanding &#8212; unlimited</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="1%" noWrap align=left><FONT size=1 face=sans-serif>number of shares authorized with no par&nbsp;value</FONT>&nbsp;</TD>

   <TD width="100%" noWrap align=right><FONT size=1 face=sans-serif>$20.49</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="48%"></TD>

   <TD width="47%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="48%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of operations </FONT><FONT size=2 face=sans-serif>For the year ended 10-31-12</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of operations summarizes the Fund&#8217;s investment income earned, expenses incurred in operating the Fund and net gains (losses) for the period stated.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="71%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Dividends</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$56,754,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Interest</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>392,876</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Less foreign taxes&nbsp;withheld</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(162,284)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>56,985,362</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investment management&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>8,105,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Accounting and legal services&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>152,119</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Transfer agent&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>38,284</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Trustees&#8217;&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>54,503</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Printing and&nbsp;postage</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>101,989</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Professional&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>107,607</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Custodian&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>86,365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Registration and filing&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>16,582</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Interest&nbsp;expense</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>3,266,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Stock exchange listing&nbsp;fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>33,449</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>35,252</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>11,997,850</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Less expense&nbsp;reductions</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(169,439)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>11,828,411</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>45,156,951</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Realized and unrealized gain&nbsp;(loss)</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net realized gain (loss)&nbsp;on</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investments</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>4,192,611</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Written&nbsp;options</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(1,182,643)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(786,294)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,223,674</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Change in net unrealized appreciation (depreciation)&nbsp;of</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investments</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>82,747,441</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Written&nbsp;options</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>634,486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(2,569,800)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>80,812,127</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net realized and unrealized&nbsp;gain</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>83,035,801</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Increase in net assets from&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$128,192,752</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="47%"></TD>

   <TD width="48%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statements of changes in net assets</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>These Statements of changes in net assets show how the value of the Fund&#8217;s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>ended</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-12</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-11</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase (decrease) in net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>From&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$45,156,951</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$45,397,254</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net realized&nbsp;gain</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,223,674</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,383,305</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Change in net unrealized appreciation&nbsp;(depreciation)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>80,812,127</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46,038,333</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase in net assets resulting from&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>128,192,752</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>105,818,892</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions to&nbsp;shareholders</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(44,602,470)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(42,434,737)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>From Fund share&nbsp;transactions</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>(4,227,969)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;increase</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>83,590,282</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>59,156,186</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;year</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>689,557,621</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>630,401,435</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>End of&nbsp;year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$773,147,903</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$689,557,621</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Undistributed net investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,299,694</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,709,412</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Share activity</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Shares&nbsp;outstanding</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="59%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;year</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37,734,746</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38,011,417</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="59%" noWrap align=left><FONT size=1 face=sans-serif>Shares&nbsp;repurchased</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>276,671</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>End of&nbsp;year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>37,734,746</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>37,734,746</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="48%"></TD>

   <TD width="47%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="48%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>15</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_12"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of cash flows </FONT><FONT size=2 face=sans-serif>10-31-12</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of cash flows shows cash flow from operating and financing activities for the period stated.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="1%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>For the</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>year ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-12</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from operating activities</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Net increase in net assets from operations</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>$128,192,752</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Adjustments to reconcile net increase in net assets from operations to net</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>cash used in operating activities:</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Long-term investments purchased</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>(175,385,265)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Long-term investments sold</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>126,027,552</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Increase in short term investments</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>(121,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in dividends and interest receivable</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>92,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Increase in payable for investments purchased</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>853,274</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in receivable for investments sold</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,289,217</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Increase in cash segregated at custodian for swap contracts</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>(2,670,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in other receivables and prepaid expenses</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>24,745</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Increase in unrealized depreciation of swap contracts</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,569,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in payable for written options</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>(1,853,410)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Increase in payable to affiliates</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>28,633</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Increase in interest payable</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>208,921</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in other liabilities and accrued expenses</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>(11,312)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Net change in unrealized (appreciation) depreciation on investments</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>(82,747,441)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Net realized gain on investments</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>(4,192,611)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Net cash used in operating activities</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>($2,693,577)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from financing activities</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Borrowings from credit facility agreement payable</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>$46,300,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>Distributions to common shareholders</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>(44,602,470)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Net cash provided by financing activities</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,697,530</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Net decrease in cash</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>($996,047)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="18%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash at beginning of period</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,093,274</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash at end of period</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>$97,227</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Supplemental disclosure of cash flow information</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash paid for interest</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>$3,057,604</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="47%"></TD>

   <TD width="48%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_13"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Financial highlights</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>The Financial highlights show how the Fund&#8217;s net asset value for a share has changed during the period.</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="14%"></TD>

   <TD width="14%" align=right></TD>

   <TD width="14%" align=right></TD>

   <TD width="14%" align=right></TD>

   <TD width="14%" align=right></TD>

   <TD width="14%" align=right></TD>

   <TD width="14%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>COMMON SHARES </FONT></B><B><FONT size=1 face=sans-serif>Period&nbsp;ended</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-12</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-11</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-10</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><SUP><FONT size=1 face=sans-serif></FONT></SUP><B><FONT size=1 face=sans-serif>12-31-08</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>12-31-07</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7 align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share operating&nbsp;performance</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=7 noWrap align=right><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$18.27</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.58</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.87</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.48</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$19.99</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$22.90</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.20</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.20</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.10</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.88</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.13</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.26</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>on&nbsp;investments</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.20</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.60</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3.69</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.56</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(7.07)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.98)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Distributions to Auction Preferred</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Shares&nbsp;(APS)*</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.15)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.41)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>3.40</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>2.80</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4.79</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>1.44</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(6.09)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.13)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Less distributions to</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>common&nbsp;shareholders</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.18)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.12)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.09)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.83)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.99)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.19)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>From net realized&nbsp;gain</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.15)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.59)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>From tax return of&nbsp;capital</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.23)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.44)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;distributions</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.18)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.12)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.09)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.06)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.58)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.78)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Anti-dilutive impact of repurchase&nbsp;plan</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.16</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$20.49</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$18.27</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.58</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.87</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.48</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$19.99</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share market value, end of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$19.07</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.64</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$15.41</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.35</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$10.30</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$17.90</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at net asset value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>4,5</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>19.64</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>18.16</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>39.49</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>15.34</FONT></B><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(29.97)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(4.19)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>22.25</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>15.79</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>47.01</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>23.24</FONT></B><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(35.46)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(3.32)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7 align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Ratios and supplemental&nbsp;data</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=7 noWrap align=right><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net assets applicable to common</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>shares, end of period (in&nbsp;millions)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$773</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$690</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$630</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$493</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$480</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$841</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Ratios (as a percentage of average</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>net assets):</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Expenses before reductions</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.65</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.77</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.03</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.26</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.29</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.27</FONT><SUP><FONT size=1 face=sans-serif>9</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Expenses net of fee waivers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>and credits</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.62</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.56</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.86</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.01</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.99</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.99</FONT><SUP><FONT size=1 face=sans-serif>10</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6.19</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6.98</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7.37</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9.44</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7.02</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5.65</FONT><SUP><FONT size=1 face=sans-serif>11</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>12</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>20</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>26</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7 align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Senior&nbsp;securities</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=7 noWrap align=right><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Total value of APS outstanding</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>(in&nbsp;millions)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Involuntary liquidation preference per</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>unit (in&nbsp;thousands)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Average market value per unit</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>(in&nbsp;thousands)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per&nbsp;unit</FONT><SUP><FONT size=1 face=sans-serif>12</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$81,737</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Total debt outstanding end of period (in</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD>

   <TD width="14%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6px" width="14%" noWrap align=left><FONT size=1 face=sans-serif>millions) (Note&nbsp;8)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$390</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$344</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$311</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$253</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$267</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per $1,000 of&nbsp;APS</FONT><SUP><FONT size=1 face=sans-serif>13</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$3,212</FONT>&nbsp;</TD></TR>

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   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per $1,000 of&nbsp;debt</FONT><SUP><FONT size=1 face=sans-serif>14</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,981</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$3,005</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$3,030</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,946</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,797</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="48%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>17</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Auction Preferred Shares&nbsp;(APS).</FONT><BR><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>For the ten-month period ended 10-31-09. The Fund changed its fiscal year end from December 31 to October&nbsp;31.</FONT><BR><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Based on the average daily shares&nbsp;outstanding.</FONT><BR><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>The repurchase plan was completed at an average repurchase price of $15.28, $13.80, $10.29 and $14.92, </FONT><FONT size=1 face=sans-serif>respectively, for 276,671 shares, 302,900 shares, 173,600 shares and 3,589,570 shares, respectively. The </FONT><FONT size=1 face=sans-serif>repurchases for the periods ended 10-31-11, 10-31-10, 10-31-09 and 12-31-08 were $4,227,969, $4,178,919, </FONT><FONT size=1 face=sans-serif>$1,786,938 and $53,556,991, respectively, and had a $0.01, $0.01, $0.01 and $0.16 NAV impact,&nbsp;respectively.</FONT><BR><SUP><FONT size=1 face=sans-serif>4 </FONT></SUP><FONT size=1 face=sans-serif>Total return based on net asset value reflects changes in the Fund&#8217;s net asset value during each period. Total return </FONT><FONT size=1 face=sans-serif>based on market value reflects changes in market value. Each figure assumes that net investment income, capital </FONT><FONT size=1 face=sans-serif>gain and return of capital gain distributions, if any, were reinvested. These figures will differ depending upon the </FONT><FONT size=1 face=sans-serif>level of any discount from or premium to net asset value at which the Fund&#8217;s shares traded during the&nbsp;period.</FONT><BR><SUP><FONT size=1 face=sans-serif>5 </FONT></SUP><FONT size=1 face=sans-serif>Total returns would have been lower had certain expenses not been reduced during the periods&nbsp;shown.</FONT><BR><SUP><FONT size=1 face=sans-serif>6 </FONT></SUP><FONT size=1 face=sans-serif>Not&nbsp;annualized.</FONT><BR><SUP><FONT size=1 face=sans-serif>7 </FONT></SUP><FONT size=1 face=sans-serif>Includes non-recurring litigation fees which represent 0.02% and 0.14% of average net assets for the years ended </FONT><FONT size=1 face=sans-serif>10-31-11 and 10-31-10, respectively. Insurance recovery expense reduction for the year ended 10-31-11 represents </FONT><FONT size=1 face=sans-serif>0.11% of average net&nbsp;assets.</FONT><BR><SUP><FONT size=1 face=sans-serif>8 </FONT></SUP><FONT size=1 face=sans-serif>Annualized.</FONT><BR><SUP><FONT size=1 face=sans-serif>9 </FONT></SUP><FONT size=1 face=sans-serif>Ratios calculated on the basis of gross expenses relative to the average net assets of common shares that does </FONT><FONT size=1 face=sans-serif>not take into consideration expense reductions during the periods shown. Without the exclusion of preferred </FONT><FONT size=1 face=sans-serif>shares, the annualized ratio of expenses would have been 0.90% for the period ended 12-31-07.</FONT><BR><SUP><FONT size=1 face=sans-serif>10 </FONT></SUP><FONT size=1 face=sans-serif>Ratios calculated on the basis of net expenses relative to the average net assets of common shares. Without the </FONT><FONT size=1 face=sans-serif>exclusion of preferred shares, the annualized ratio of expenses would have been 0.70% for the period ended 12-31-07.</FONT><BR><SUP><FONT size=1 face=sans-serif>11 </FONT></SUP><FONT size=1 face=sans-serif>Ratios calculated on the basis of net investment income relative to the average net assets of common shares. </FONT><FONT size=1 face=sans-serif>Without the exclusion of preferred shares, the annualized ratio of net investment income would have been 4.03% </FONT><FONT size=1 face=sans-serif>for the period ended 12-31-07.</FONT><BR><SUP><FONT size=1 face=sans-serif>12 </FONT></SUP><FONT size=1 face=sans-serif>Calculated by subtracting the Fund&#8217;s total liabilities from the Fund&#8217;s total assets and dividing that amount by the </FONT><FONT size=1 face=sans-serif>number of APS outstanding as of the applicable 1940 Act Evaluation Date, which may differ from the financial </FONT><FONT size=1 face=sans-serif>reporting&nbsp;date.</FONT><BR><SUP><FONT size=1 face=sans-serif>13 </FONT></SUP><FONT size=1 face=sans-serif>Asset coverage equals the total net assets plus APS divided by the APS of the Fund outstanding at period&nbsp;end.</FONT><BR><SUP><FONT size=1 face=sans-serif>14 </FONT></SUP><FONT size=1 face=sans-serif>Asset coverage equals the total net assets plus borrowings divided by the borrowings of the Fund outstanding </FONT><FONT size=1 face=sans-serif>at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset </FONT><FONT size=1 face=sans-serif>coverage ratio provides a consistent measure of&nbsp;leverage.</FONT></P>

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   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD>

   <TD width="48%" noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Notes to financial statements</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 1 &#8212; Organization</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>John Hancock Tax-Advantaged Dividend Income Fund (the Fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 2 &#8212; Significant accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security valuation. </FONT></B><FONT size=2 face=serif>Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT size=1 face=serif>P</FONT><FONT size=2 face=serif>.</FONT><FONT size=1 face=serif>M</FONT><FONT size=2 face=serif>.</FONT><FONT size=2 face=serif>, 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 principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then the securities are valued using the last quoted bid or evaluated price. Options listed on an exchange are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. For options not listed on an exchange, an independent pricing source is used to value the options at the mean between the last bid and ask prices. Swaps are marked-to-market daily based upon values from third party vendors, which may include a registered commodities exchange, or broker quotations. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where reliable market quotations are not available, are valued at fair value as determined in good faith by the Fund&#8217;s Pricing Committee following procedures established by the Board of Trustees, which include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 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&#8217;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 may result in transfers into or out of an assigned level within the disclosure hierarchy. Securities with a market value of approximately $21,737,000 at the beginning</FONT></P>

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   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>19</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>of the year were transferred from Level 2 to Level 1 during the year since quoted prices in active markets for identical securities became available.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The following is a summary of the values by input classification of the Fund&#8217;s investments as of October 31, 2012, by major security category or type:</FONT></P>

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<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>LEVEL 3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>LEVEL 2</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>SIGNIFICANT</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>TOTAL MARKET</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>LEVEL 1</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>SIGNIFICANT</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>UNOBSERVABLE</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>VALUE AT 10-31-12</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>QUOTED PRICE</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>OBSERVABLE INPUTS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>INPUTS</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=5>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Energy</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$75,980,090</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$75,980,090</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Industrials</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>9,687,600</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9,687,600</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Materials</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>3,188,160</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,188,160</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Telecommunication</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 12px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Services</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>36,033,520</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36,033,520</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>492,263,510</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>492,263,510</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Preferred Securities</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Energy</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>28,797,621</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28,797,621</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Financials</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>366,298,860</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>366,298,860</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Telecommunication</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Services</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>20,837,790</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,837,790</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>121,970,825</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>78,784,889</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$43,185,936</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Corporate Bonds</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>3,297,780</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,297,780</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>3,086,000</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,086,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="80%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Total Investments in</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Securities</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,161,441,756</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,111,872,040</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$49,569,716</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Other Financial</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Instruments</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Written Options</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($112,690)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($112,690)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Interest Rate Swaps</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($3,724,865)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($3,724,865)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>Repurchase agreements. </FONT></B><FONT size=2 face=serif>The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund&#8217;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. 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.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security transactions and related investment income. </FONT></B><FONT size=2 face=serif>Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the Fund becomes aware of the dividends. Foreign taxes are provided for based on the Fund&#8217;s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Foreign taxes. </FONT></B><FONT size=2 face=serif>The Fund may be subject to withholding tax on income or capital gains or repatriation taxes as imposed by certain countries in which it invests. Taxes are accrued based upon net investment income, net realized gains or net unrealized appreciation.</FONT></P>

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   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>20</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Overdrafts. </FONT></B><FONT size=2 face=serif>Pursuant to the custodian agreement, the Fund&#8217;s custodian may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Expenses. </FONT></B><FONT size=2 face=serif>Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund&#8217;s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Federal income taxes. </FONT></B><FONT size=2 face=serif>The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>For federal income tax purposes, the Fund has a capital loss carryforward of $71,605,008 available to offset&nbsp;future net realized capital gains as of October 31, 2012, which expires on October 31, 2017.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>As of October 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund&#8217;s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Distribution of income and gains. </FONT></B><FONT size=2 face=serif>Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends monthly and capital gain distributions, if any, annually. The tax character of distributions for the years ended October 31, 2012 and October 31, 2011 was as follows:</FONT></P>

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<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>OCTOBER 31, 2012</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>OCTOBER 31, 2011</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="48%" colSpan=3>

   <HR SIZE=1 noShade>

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   <TD width="16%"></TD>

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   <TD width="16%"></TD></TR>

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   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Ordinary Income</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$44,602,470</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$42,434,737</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=serif>As of October 31, 2012, the components of distributable earnings on a tax basis consisted of $2,329,170 of undistributed ordinary income.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund&#8217;s financial statements as a return of capital.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to derivative transactions and wash sale loss deferrals.</FONT></P>

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   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>21</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Statement of cash flows. </FONT></B><FONT size=2 face=serif>Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the Fund&#8217;s Statement of assets and liabilities and represents the cash on hand at its custodian and does not include any short-term investments or cash segregated at custodian for swap contracts.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>New accounting pronouncement. </FONT></B><FONT size=2 face=serif>In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 (ASU 2011-11), </FONT><I><FONT size=2 face=serif>Disclosures about Offsetting Assets and Liabilities</FONT></I><FONT size=2 face=serif>. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. ASU 2011-11 may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 3 &#8212; Derivative instruments</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund invests in derivatives in order to meet its investment objective. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, the Fund is exposed to the risk that the counterparty to an over-the-counter (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. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that the Fund will succeed in enforcing them.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund has entered into collateral agreements with certain counterparties to mitigate counterparty risk on over-the-counter derivatives. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the Fund is held by the custodian bank for the benefit of the Fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the Fund is held in a segregated account at the Fund&#8217;s custodian and is noted in the accompanying portfolio of investments, or if cash is posted, on the Statement of assets and liabilities. As of October 31, 2012, $3,080,000 was posted by the Fund for the benefit of counterparties.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Options. </FONT></B><FONT size=2 face=serif>There are two types of options, a put option and a call option. Options are traded either over-the-counter 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&#8217;s exposure to changes in the value of the underlying instrument. Buying puts and writing calls may decrease the Fund&#8217;s exposure to such changes. Risks related to the use of options include the loss of the premium, possible illiquidity of the options markets, trading restrictions imposed by an exchange and movements in underlying security values, and for written options, potential losses in excess of the amounts recognized on the Statement of assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>When the Fund purchases an option, the premium paid by the Fund is included in the portfolio of investments and subsequently &#8220;marked-to-market&#8221; to reflect current market value. If the purchased option expires, the Fund realizes a loss equal to the cost of the option. If the Fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If the Fund exercises a put option, it realizes a gain or loss from the sale of the</FONT></P>

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<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>22</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>underlying security and the proceeds from such sale are decreased by the premium paid. If the Fund enters into a closing sale transaction, the Fund realizes a gain or loss, depending on whether proceeds from the closing sale are greater or less than the original cost. When the Fund writes an option, the premium received is included as a liability and subsequently &#8220;marked-to-market&#8221; to reflect current market value of the option written. Premiums received from writing options that expire unexercised are recorded as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium received reduces the cost basis of the securities purchased by the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the year ended October 31, 2012, the Fund wrote option contracts to hedge against anticipated changes in securities markets. The following tables summarize the Fund&#8217;s written options activities during the year ended October 31, 2012 and the contracts held at October 31, 2012.</FONT></P>

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<TR>

   <TD width="33%"></TD>

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<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>NUMBER OF</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>PREMIUM</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=3 face=sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>CONTRACTS</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>RECEIVED (PAID)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Outstanding, beginning of period</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>2,045</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>$1,828,449</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Options written</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>29,444</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>26,429,548</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Options expired</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>(4,825)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>(5,156,295)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Options closed</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>(21,369)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>(22,492,177)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Outstanding, end of period</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=right><B><FONT size=1 face=sans-serif>5,295</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=right><B><FONT size=1 face=sans-serif>$609,525</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>EXERCISE</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>EXPIRATION</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>NUMBER OF</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>OPTIONS</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>PRICE</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>DATE</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>CONTRACTS</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>PREMIUM</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>VALUE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>CALLS</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Dow Jones Industrial</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Ave Index</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$136</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Nov 2012</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,520</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$343,388</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>($54,240)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>S&amp;P 500 Index</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,530</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Nov 2012</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>335</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>17,745</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(5,862)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>S&amp;P 500 Index</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>675</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Nov 2012</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>245</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>71,533</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(11,638)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>S&amp;P 500 Index</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,465</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Nov 2012</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>195</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>176,859</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(40,950)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>5,295</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$609,525</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>($112,690)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>Interest rate swaps. </FONT></B><FONT size=2 face=serif>Interest rate swaps represent an agreement between a Fund and 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. Upfront payments made/received by the Fund are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. Swaps are marked-to-market daily based upon values from third party vendors or broker quotations, 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may amount to values that are in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. Market risks may also accompany the swap, including interest rate risk. The Fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="95%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>23</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_20"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the year ended October 31, 2012, the Fund used interest rate swaps in anticipation of rising interest rates. During the year ended October 31, 2012, the Fund held interest rate swaps with total USD notional amounts ranging from $86 million to $172 million, as measured at each quarter end. The following table summarizes the interest rate swap contracts held as of October 31, 2012.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="13%"></TD>

   <TD width="17%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>USD</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENTS</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENTS</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>NOTIONAL</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>MADE</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>RECEIVED</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>MATURITY</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>MARKET</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>COUNTERPARTY</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>AMOUNT</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>BY FUND</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>BY FUND</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>DATE</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>VALUE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$86,000,000</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>1.4625%</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>3-month LIBOR(a)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Aug 2016</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>($3,026,667)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>86,000,000</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>0.8750%</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>3-month LIBOR(a)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Jul 2017</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(698,198)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$172,000,000</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>($3,724,865)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(a) At 10-31-12, the 3-month LIBOR rate was 0.31275%.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Fair value of derivative instruments by risk category</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The table below summarizes the fair value of derivatives held by the Fund at October 31, 2012 by risk category:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="29%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="29%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>FINANCIAL</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>ASSET</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>LIABILITY</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF ASSETS AND</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>INSTRUMENTS</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>DERIVATIVES</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>DERIVATIVES</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>RISK</FONT>&nbsp;</TD>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>LIABILITIES LOCATION</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>LOCATION</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>FAIR VALUE</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>FAIR VALUE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Equity contracts</FONT>&nbsp;</TD>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Payable for written options,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Written options</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($112,690)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>at value</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate contracts</FONT>&nbsp;</TD>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Unrealized depreciation of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(3,724,865)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>swap contracts</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>swaps</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="29%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($3,837,555)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>Effect of derivative instruments on the Statement of operations</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2012:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>SWAP</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>RISK</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>OPERATIONS LOCATION</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>WRITTEN OPTIONS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>CONTRACTS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>TOTAL</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Equity contracts</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Net realized gain (loss)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($1,182,643)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($1,182,643)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Net realized gain (loss)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($786,294)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($786,294)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>contracts</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($1,182,643)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($786,294)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($1,968,937)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=serif>The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2012:</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>SWAP</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>RISK</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>OPERATIONS LOCATION</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>WRITTEN OPTIONS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>CONTRACTS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>TOTAL</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Equity contracts</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$634,486</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$634,486</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>appreciation</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>(depreciation)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($2,569,800)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($2,569,800)</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>contracts</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>appreciation</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>(depreciation)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$634,486</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($2,569,800)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($1,935,314)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 4 &#8212; Guarantees and indemnifications</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Under the Fund&#8217;s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund&#8217;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 5 &#8212; Fees and transactions with affiliates</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>John Hancock Advisers, LLC (the Adviser) serves as investment adviser for the Fund. The Adviser is an indirect, wholly owned subsidiary of Manulife Financial Corporation (MFC).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Management fee. </FONT></B><FONT size=2 face=serif>The Fund has an investment management agreement with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to 0.75% of the Fund&#8217;s average daily net assets and the value attributed to the Credit Facility Agreement (see Note 8) (collectively, managed assets). The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Adviser, and a subadvisory agreement with Analytic Investors, LLC. The Fund is not responsible for payment of the subadvisory fees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Adviser has contractually agreed to limit the Fund&#8217;s management fee to 0.70% of average daily managed assets from February 27, 2011 until February 26, 2012. Accordingly, the expense reductions related to the reduction in the management fee amounted to $169,439 for the year ended October 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the year ended October 31, 2012 were equivalent to a net annual effective rate of 0.73% of the Fund&#8217;s average daily managed assets.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Accounting and legal services. </FONT></B><FONT size=2 face=serif>Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred for the year ended October 31, 2012 amounted to an annual rate of 0.01% of the Fund&#8217;s average daily managed assets.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Trustee expenses. </FONT></B><FONT size=2 face=serif>The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. The John Hancock Group of Funds Deferred Compensation Plan (the Plan) was in effect on October 31, 2012 but since then has been terminated. Under the Plan, deferred amounts were invested in various John Hancock funds. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates &#8212; Trustees&#8217; fees, respectively, in the accompanying Statement of assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 6 &#8212; Fund share transactions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In December 2007, the Trustees approved a share repurchase plan, which has been subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the Fund may repurchase in the open market up to 10% of its outstanding common shares as of December 31, 2011. The current plan is in effect between January 1, 2012 and December 31, 2012. On December 12, 2012, the Board renewed the share repurchase plan. As renewed, the Fund may purchase in the open market, between January 1, 2013 and December 31, 2013, up to an additional 10% of its outstanding common shares (based on common shares outstanding as of December 31, 2012).</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the year ended October 31, 2012, the Fund did not repurchase any shares under the repurchase plan. During the year ended October 31, 2011, the Fund repurchased 0.73% of its common shares outstanding under the repurchase plan. The weighted average discount per share on these repurchases amounted to 9.3% for the year ended October 31, 2011. Shares repurchased and corresponding dollar amounts are included on the Statements of changes in net assets. The anti-dilutive impact of these share repurchases is included on the Financial highlights.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 7 &#8212; Leverage risk</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund utilizes a Credit Facility Agreement (CFA) to increase its assets available for investment. When the Fund leverages its assets, common shareholders bear the fees associated with the CFA and have the potential to benefit or be disadvantaged from the use of leverage. The Adviser&#8217;s fee is also increased in dollar terms from the use of leverage. Consequently, the Fund and the Adviser may have differing interests in determining whether to leverage the Fund&#8217;s assets. Leverage creates risks that may adversely affect the return for the shareholders of common shares, including:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#8226; the likelihood of greater volatility of net asset value and market price of common shares</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#8226; fluctuations in the interest rate paid for the use of the credit facility</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#8226; increased operating costs, which may reduce the Fund&#8217;s total return</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#8226; the potential for a decline in the value of an investment acquired through leverage, while the </FONT><FONT size=2 face=serif>Fund&#8217;s obligations under such leverage remains fixed</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#8226; the Fund is more likely to have to sell securities in a volatile market in order to meet asset </FONT><FONT size=2 face=serif>coverage or other debt compliance requirements</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund&#8217;s return will be greater than if leverage had not been used, conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In addition to the risk created by the Fund&#8217;s use of leverage, the Fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the CFA is terminated. Were this to happen, the Fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the Fund&#8217;s ability to generate income from the use of leverage would be adversely affected.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 8 &#8212; Credit Facility Agreement</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Effective August 15, 2012, the Fund has entered into a CFA with Credit Suisse Securities (USA) LLC (CSSU), pursuant to which the Fund borrows money to increase its assets available for investment. In accordance with the 1940 Act, the Fund&#8217;s borrowings under the CFA will not exceed 33 1/3% of the Fund&#8217;s managed assets (net assets plus borrowings) at the time of any borrowing.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund pledges a portion of its assets as collateral to secure borrowings under the CFA. Such pledged assets are held in a special custody account with the Fund&#8217;s custodian. The amount of assets required to be pledged by the Fund is determined in accordance with the CFA. The Fund retains the benefits of ownership of assets pledged to secure borrowings under the CFA. Interest charged is at the rate of three month LIBOR plus 0.41% and is payable monthly. As of October 31, 2012, the Fund had borrowings of $390,300,000 at an interest rate of 0.72%, which are reflected in the Credit facility agreement payable on the Statement of assets and liabilities. During the period from August 15, 2012 to October 31, 2012, the average borrowing under the CFA and the effective average interest rate were $379,793,590 and 0.80%, respectively.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund may terminate the CFA with CSSU at any time. If certain asset coverage and collateral requirements or other covenants are not met, the CFA could be deemed in default and result in termination. Absent a default or termination event, CSSU is generally required to provide the Fund with 270 calendar days&#8217; notice before terminating or amending the CFA.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Prior to August 15, 2012, the Fund borrowed money pursuant to a CFA with a subsidiary of BNP Paribas (BNP). Interest charged was at the rate of one-month LIBOR plus 0.70% payable monthly. The Fund also paid a commitment fee of 0.60% per annum on the unused portion of the facility. During the period ended August 14, 2012, the average borrowings under the CFA with BNP and the effective average interest rate were $344,000,000 and 0.97%, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Prior to August 15, 2012, the Fund had an agreement with BNP that allowed BNP to borrow a portion of the pledged collateral (Lent Securities) in an amount not to exceed the lesser of: (i) outstanding borrowings owed by the Fund to BNP and (ii) thirty-three and one-third percent of the Fund&#8217;s total assets. Income earned from Lent Securities is recorded as a component of interest income on the Statement of operations. During the year ended October 31, 2012, the Fund recorded $244,184 in income from Lent Securities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 9 &#8212; Purchase and sale of securities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Purchases and sales of securities, other than short-term securities, aggregated $175,385,265 and $126,027,552, respectively, for the year ended October 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 10 &#8212; Industry or sector risk</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>From time to time the Fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the Fund&#8217;s assets are economically tied to a single or small number of industries or sectors of the economy, the Fund will be less diversified than a more broadly diversified fund, and it may cause the Fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the Fund&#8217;s net asset value more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Auditor&#8217;s report</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Report of Independent Registered Public Accounting Firm</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>To the Board of Trustees and Shareholders of</FONT></B><BR><B><FONT size=1 face=sans-serif>John Hancock Tax-Advantaged Dividend Income Fund:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of John Hancock Tax-Advantaged Dividend Income Fund (the &#8220;Fund&#8221;) at October 31, 2012, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#8220;financial statements&#8221;) are the responsibility of the Fund&#8217;s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. </FONT><FONT size=2 face=serif>We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>PricewaterhouseCoopers LLP</FONT><BR><FONT size=2 face=serif>Boston, Massachusetts</FONT><BR><FONT size=2 face=serif>December 21, 2012</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Tax information</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Unaudited</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended October 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Eligible shareholders will be mailed a 2012 Form 1099-DIV in early 2013. This will reflect the tax character of all distributions paid in calendar year 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In prior years, certain dividends paid by the Fund were generally taxed to individuals at a rate of 15%. For tax years beginning after December 31, 2012, such favorable treatment of dividend income is scheduled to expire as are certain other favorable tax provisions. As a result, absent congressional action, the maximum tax rate on dividend income will increase from 15% to 39.6%. Congress is considering various tax law changes that could alter these changes in tax rates or that could otherwise affect the Fund or its shareholders.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Additional information</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Unaudited</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment objective and policy</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund&#8217;s investment objective is to provide a high level of after-tax total return from dividend income and gains and capital appreciation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Under normal market conditions, the Fund will invest at least 80% of its assets (net assets plus borrowings for investment purposes) in dividend-paying common and preferred securities that the Adviser believes at the time of acquisition are eligible to pay dividends which, for individual shareholders, qualify for U.S. federal income taxation at rates applicable to long-term capital gains, which currently are taxed at a maximum rate of 15% (tax-advantaged dividends). Tax-advantaged dividends generally include dividends from domestic corporations and dividends from foreign corporations that meet certain specified criteria. The Fund generally can pass the tax treatment of tax-advantaged dividends it receives through to its common shareholders. The Fund may write (sell) covered call index options on up to 30% of the value of the Fund&#8217;s total assets.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Dividends and distributions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the year ended October 31, 2012, dividends from net investment income totaling $1.1820 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:</FONT></P>

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   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>INCOME</FONT>&nbsp;</TD>

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   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENT DATE</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>DIVIDENDS</FONT>&nbsp;</TD>

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   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2011</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

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   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>December 30, 2011</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

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   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>January 31, 2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

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   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>February 29, 2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>March 30, 2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>June 29, 2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>September 28, 2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>October 31,2012</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>$1.1820</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Dividend reinvestment plan</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund&#8217;s Dividend Reinvestment Plan (the Plan) provides that distributions of dividends and capital gains are automatically reinvested in common shares of the Fund by Computershare Trust Company, N.A. (formerly known as The Bank of New York Mellon) (the Plan Agent). Every shareholder holding at least one full share of the Fund is entitled to participate in the Plan. In addition, every shareholder who became a shareholder of the Fund after June 30, 2011 and holds at least one full share of the Fund will be automatically enrolled in the Plan. Shareholders may withdraw from the Plan at any time and shareholders who do not participate in the Plan will receive all distributions in cash.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If the Fund declares a dividend or distribution payable either in cash or in common shares of the Fund and the market price of shares on the payment date for the distribution or dividend equals or exceeds the Fund&#8217;s net asset value per share (NAV), the Fund will issue common shares to participants at a value equal to the higher of NAV or 95% of the market price. The number of additional shares to be credited to each participant&#8217;s account will be determined by dividing the dollar amount of the distribution or dividend by the higher of NAV or 95% of the market price. If</FONT></P>

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<TR>

   <TD width="4%"></TD>

   <TD width="95%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>30</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>the market price is lower than NAV, or if dividends or distributions are payable only in cash, then participants will receive shares purchased by the Plan Agent on participants&#8217; behalf on the New York Stock Exchange (the NYSE) or otherwise on the open market. If the market price exceeds NAV before the Plan Agent has completed its purchases, the average per share purchase price may exceed NAV, resulting in fewer shares being acquired than if the Fund had issued new shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>There are no brokerage charges with respect to common shares issued directly by the Fund. However, whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The reinvestment of dividends and net capital gains distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders participating in the Plan may buy additional shares of the Fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the Fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the Fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell Fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s Web site at www.computershare.com and clicking on EquityAccess &amp; More. The Plan Agent will mail a check to you (less applicable brokerage trading fees) on settlement date, which is three business days after your shares have been sold. If you choose to sell your shares through your stockbroker, you will need to request that the Plan Agent electronically transfer your shares to your stockbroker through the Direct Registration System.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s Web site at www.computershare.com and clicking on EquityAccess &amp; More. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If you withdraw, your shares will be credited to your account; or, if you wish, the Plan Agent will sell your full and fractional shares and send you the proceeds, less a transaction fee of $5.00 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder&#8217;s participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders who hold at least one full share of the Fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent&#8217;s Web site at www.computershare.com and clicking on EquityAccess &amp; More. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If you wish to participate in the Plan and your shares are held in the name of a brokerage firm, bank or other nominee, please contact your nominee to see if it will participate in the Plan for you. If you wish to participate in the Plan, but your brokerage firm, bank or other nominee is unable to participate on your behalf, you will need to request that your shares be re-registered in your own name, or you will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by you as representing the total amount registered in your name and held for your account by your nominee.</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="95%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>31</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 90 days before the record date for the payment of any dividend or distribution by the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>All correspondence or requests for additional information about the Plan should be directed to Computershare Trust Company, N.A., at the address stated below or by calling 1-800-852-0218, 1-201-680-6578 (For International Telephone Inquiries) and 1-201-680-6610 (For the Hearing Impaired (TDD)).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder communication and assistance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If you have any questions concerning the Fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the Fund to the transfer agent at:</FONT></P>

<P style="TEXT-ALIGN: left"><STRONG><FONT size=1 face=sans-serif>Computershare Trust Company, N.A.</FONT><BR><FONT size=1 face=sans-serif>Newport Office Center VII</FONT><BR><FONT size=1 face=sans-serif>480 Washington Boulevard</FONT><BR><FONT size=1 face=sans-serif>Jersey City, NJ 07310&#8211;1900</FONT><BR><FONT size=1 face=sans-serif>Telephone: 1-800-852-0218</FONT></STRONG></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for </FONT><FONT size=2 face=serif>assistance.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder meeting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund held its Annual Meeting of Shareholders on November 9, 2012. The following proposal was considered by the shareholders:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>Proposal: </FONT></B><FONT size=2 face=serif>Election of thirteen (13) Trustees to serve until the expiration of their respective terms as shown below. Each nominee was elected by the Fund&#8217;s shareholders and the votes cast with respect to each Trustee are set forth below.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>For a Term to Expire in 2016:</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES WITHHELD</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>FOR THE NOMINEE</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>FROM THE NOMINEE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>Independent Trustees</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Deborah C. Jackson</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,565,855</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>639,458</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>James M. Oates</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,562,903</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>642,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Steven R. Pruchansky</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,585,679</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>619,634</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>Non-Independent Trustee</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Craig Bromley</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,469,466</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>735,847</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>For a Term to Expire in 2015:</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES WITHHELD</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>FOR THE NOMINEE</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>FROM THE NOMINEE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>Independent Trustees</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Charles L. Bardelis</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,578,296</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>627,017</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Peter S. Burgess</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,560,510</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>644,803</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Theron S. Hoffman</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,600,410</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>604,903</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>Non-Independent Trustee</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Warren A. Thomson</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,601,166</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>604,147</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="95%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>32</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>For a Term to Expire in 2014:</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES WITHHELD</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>FOR THE NOMINEE</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>FROM THE NOMINEE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>Independent Trustees</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>William H. Cunningham</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,543,658</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>661,655</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Grace K. Fey</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,605,042</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>600,271</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Hassell H. McClellan</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,555,342</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>649,971</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Gregory A. Russo</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,585,013</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>620,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>Non-Independent Trustee</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>James R. Boyle</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>33,611,390</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>593,923</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Board Consideration of and Continuation of Investment Advisory Agreement and Subadvisory Agreements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Tax-Advantaged Dividend Income Fund (the Fund) met in-person on May 6&#8211;8 and June 3&#8211;5, 2012 to consider the approval of the Fund&#8217;s investment advisory agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Adviser), the Fund&#8217;s investment adviser. The Board also considered the approval of the investment subadvisory agreements (together, the Subadvisory Agreements) between the Adviser and each of Manulife Asset Management (US) LLC (Manulife US) and Analytic Investors, LLC (Analytic) (together, the Subadvisers) on behalf of the Fund. The Advisory Agreement and the Subadvisory Agreements are referred to as the Agreements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Activities and composition of the Board</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>On June 3&#8211;5, 2012, the Board consisted of nine individuals, seven of whom were Independent Trustees. Independent Trustees are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3&#8211;5, 2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts &amp; Operations Committee. Additionally, on June 3&#8211;5, 2012, Investment Performance Committee A was a standing committee of the Board composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee A was responsible for overseeing and monitoring matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>The approval process</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Under the 1940 Act, the Board is required to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees, regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by the Adviser and Subadvisers to the Fund and its shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Prior to the May 6&#8211;8, 2012 meeting, the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (Lipper), on Fund fees and expenses, the investment performance of the Fund and other matters including the prices at which Fund shares have traded. This Fund information is assembled in a format that permits comparison with similar information from a Category and a subset of the Category referred to as the Expense Group, each as determined by Lipper, and with the Fund&#8217;s benchmark index. The Category includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding passively managed funds and funds-of-funds. The Fund&#8217;s benchmark index is an unmanaged index of securities that is provided as a basis for comparison with the Fund&#8217;s performance. Other material provided for the Fund review included (a) information on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser or Subadvisers or their affiliates that result from being the Adviser or Subadvisers to the</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Fund; (b) a general analysis provided by the Adviser and the Subadvisers concerning investment advisory fees charged to other clients, such as institutional clients and other investment companies, having similar investment mandates, as well as the performance of those other clients and a comparison of the services provided to those other clients and the services provided to the Fund; (c) the impact of economies of scale; and (d) a summary of aggregate amounts paid by the Fund to the Adviser.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>At an in-person meeting held on May 6&#8211;8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred during the May 6&#8211;8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided the additional information and the Board also considered this information as part of its consideration of the Agreements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>At an in-person meeting held on June 3&#8211;5, 2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory Agreements, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described under separate headings presented below.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board also considered other matters important to the approval process, such as services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadvisers and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board&#8217;s review.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Nature, extent and quality of services</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board reviewed the nature, extent and quality of services provided by the Adviser and the Subadvisers, including the investment advisory services and the resulting performance of the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board considered the ability of the Adviser and the Subadvisers, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy, research and investment decision-making processes of the Subadvisers responsible for the daily investment activities of the Fund, including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training and retaining portfolio managers and other research, advisory and management personnel.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board considered each Subadviser&#8217;s history and experience providing investment services to the Fund. The Board considered the Adviser&#8217;s investment manager analytical capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and regulations, with the Fund&#8217;s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities of the Adviser&#8217;s and Subadvisers&#8217; compliance departments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In addition to advisory services, the Board considered the quality of the administrative services provided to the Fund by the Adviser under a separate agreement. The Board noted that the Adviser and its affiliates provide the Fund with certain administrative services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. The Board reviewed the structure and duties of the Adviser&#8217;s administration, accounting, legal and compliance departments and considered the Adviser&#8217;s and its affiliate&#8217;s policies and procedures for assuring compliance with applicable laws and regulations.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board also received information about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadvisers to their other clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general analysis provided by the Adviser and the Subadvisers concerning investment advisory fees charged to other clients having similar investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board considered the significant differences between the Adviser&#8217;s and Subadvisers&#8217; services to the Fund and the services they provide to other clients. For other clients that are not closed-end funds, the differences in services relate to the more burdensome regulatory and legal obligations of closed-end funds, the enhanced management and oversight arising from the public trading of Fund shares on an exchange and the potentially higher turnover of closed-end fund portfolio holdings. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Fund performance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund&#8217;s performance. The Board also examined materials discussing Fund performance and the Fund&#8217;s investment objective, strategies and outlook. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more importance to performance over relatively longer periods of time, typically three to five years.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Set forth below is the performance of the Fund (based on net asset value (NAV) and market value (Market)) over certain time periods ended December 31, 2011 and that of its Category average and benchmark index over the same periods:</FONT></P>

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   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>SINCE INCEPTION</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1 YEAR</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3 YEAR</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5 YEAR</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(2-27-04)</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>22.17%</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>24.57%</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>4.87%</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>8.05%</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund (NAV)</FONT></B>&nbsp;</TD>

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   <TD width="20%" noWrap align=left>&nbsp;</TD>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Value Category Average (NAV)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4.37%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.21%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8211;1.42%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4.08%</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Custom Benchmark (25% ML Pref Stk</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.08%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.37%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1.14%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.47%</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Drd / 25% S&amp;P 500 / S&amp;P 400 Util)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.16%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.30%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.66%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.31%</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Fund (Market)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Value Category Average (Market)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2.74%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.09%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8211;3.11%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2.50%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=2 face=serif>The Board noted that the Fund at NAV outperformed its Category average NAV performance and its benchmark index&#8217;s performance over all periods shown.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Expenses and fees</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board, including the Independent Trustees, reviewed the Fund&#8217;s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadvisers for investment subadvisory services. The Board considered the services provided and the fees charged by the Adviser and the Subadvisers to other clients with similar investment mandates, including other registered investment companies, institutional investors and separate accounts.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the Fund&#8217;s various components, including advisory fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (</FONT><I><FONT size=2 face=serif>e.g.</FONT></I><FONT size=2 face=serif>, fees for accounting and legal services). The Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding the Fund&#8217;s total operating expense ratio (Gross Expense Ratio) and total operating expense ratio after taking any fee limitation arrangement by the Adviser into account (Net Expense Ratio). The Gross Expense Ratio and Net Expense Ratio are based on common and leveraged assets and include interest expense relating to leverage. The Board considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board noted that the Fund&#8217;s advisory fee ratio was thirteen basis points below the Expense Group median advisory fee ratio. The Board noted the following information about the Fund&#8217;s Gross and Net Expense Ratios derived from the Fund&#8217;s 2011 financial statements in relation with the Fund&#8217;s Expense Group median provided by Lipper in April 2012:</FONT></P>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>FUND</FONT>&nbsp;</TD>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Advisory Fee Ratio</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>0.75%</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>0.88%</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Gross Expense Ratio</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>1.17%</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>1.17%</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Net Expense Ratio</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>1.03%</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>1.14%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=2 face=serif>The Board was aware that the Expense Group includes funds with varying amounts of leverage and funds that use borrowing and preferred stocks as leverage; that the Expense Group comparison shows advisory fees and expense ratios as percentages of assets attributable to total managed assets; and that the Fund&#8217;s fees and expenses may be higher than funds in the Expense Group with lower levels of leverage or funds that leverage with preferred stocks. The Board also reviewed comparative information which illustrated the expenses of the Fund and the Expense Group for the cost of leverage or interest expense and the Fund compared favorably to peers in this analysis. The Board viewed favorably the Adviser&#8217;s limitation on the Fund&#8217;s management fee to the following: 0.60% of the Fund&#8217;s average daily managed assets from February 27, 2009 until February 26, 2010, 0.65% of such assets from February 27, 2010 until February 26, 2011 and 0.70% of average daily managed assets from February 27, 2011 until February 26, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board received and reviewed statements relating to the Adviser&#8217;s financial condition and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by the Adviser for services under the Advisory Agreement, as well as from other relationships between the Fund and the Adviser and its affiliates. The Board reviewed the Adviser&#8217;s profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2011 compared to available aggregate profitability data provided for the year ended December 31, 2010. The Board reviewed the Adviser&#8217;s profitability with respect to other fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser&#8217;s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board also considered a comparison of the Adviser&#8217;s profitability to that of a limited number of other investment advisers whose profitability information is publicly available. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is limited.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board considered limited profitability information with respect to Manulife US, which is affiliated with the Adviser. In addition, as noted above, the Board considered basic assumptions and methodology for allocating expenses in Manulife US&#8217;s profitability information.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board did not consider profitability information with respect to Analytic, which is not affiliated with the Adviser. The Board considered that the subadvisory fee under the Subadvisory Agreement had been negotiated by the Adviser and Analytic on an arm&#8217;s-length basis. For this reason, Analytic&#8217;s separate profitability from its relationship with the Fund was not a factor in determining whether to renew the Subadvisory Agreement. In evaluating overall fees for investment management, the Board recognized the inherently higher cost structure of subadvised funds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Economies of scale</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase but recognized that there is limited ability to grow assets for a closed-end fund. Possible changes in the advisory fee rate or structure in order to enable the Fund to participate in these economies of scale (</FONT><I><FONT size=2 face=serif>e.g.</FONT></I><FONT size=2 face=serif>, through the use of breakpoints in the advisory fee at higher asset levels) are periodically discussed. The Board also considered the Adviser&#8217;s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board&#8217;s understanding that most of the Adviser&#8217;s costs are not specific to individual funds, but rather are incurred across a variety of products and services.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Other benefits to the Adviser and the Subadvisers</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board understands that the Adviser, the Subadvisers or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and the engagement of their affiliates and/or significant shareholders as service providers to the Fund, including for administrative and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadvisers may use third-party research obtained by soft dollars generated by certain mutual fund transactions to assist themselves in managing all or a number of their other client accounts.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Board determination</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreements each for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination. The Trustees&#8217; conclusions may be based in part on their consideration of these arrangements in prior years and on their ongoing regular review of Fund performance and operations throughout the year.</FONT></P>

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   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>38</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Trustees and Officers</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This chart provides information about the Trustees and Officers who oversee your John Hancock fund as of December 1, 2012. Officers elected by the Trustees manage the day-to-day operations of the Portfolio and execute policies formulated by the Trustees.</FONT></B></P>

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   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Independent Trustees</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Name, Year of Birth</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustee</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Number of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><I><FONT size=1 face=sans-serif>Position(s) held with Fund</FONT></I></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>of the</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>John&nbsp;Hancock</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>funds overseen</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>since</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>by Trustee</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>James M. Oates,</FONT></B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Born: 1946</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Emerson Investment Management, Inc. (since 2000); Independent Chairman, Hudson Castle Group, Inc.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>(formerly IBEX Capital Markets, Inc.) (financial services company) (1997&#8211;2011); Director, Stifel Financial</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>(since 1996); Director, Investor Financial Services Corporation (1995&#8211;2007); Director, Connecticut River</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Bancorp (since 1998); Director, Virtus Funds (formerly Phoenix Mutual Funds) (since 1988). Trustee</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>and Chairman of the Board, John Hancock retail funds (since 2012); Trustee, John Hancock Funds III</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>(2005&#8211;2006); Trustee (since 2004) and Chairman of the Board (since 2005), John Hancock Variable</FONT>&nbsp;</TD></TR>

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   <TD width="84%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Insurance Trust; Trustee and Chairman of the Board (since 2005), John Hancock Funds II.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Charles L. Bardelis,</FONT></B><SUP><FONT size=1 face=sans-serif>2,3 </FONT></SUP><FONT size=1 face=sans-serif>Born: 1941</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Director, Island Commuter Corp. (marine transport). Trustee, John Hancock retail funds (since 2012);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Trustee, John Hancock Funds III (2005&#8211;2006); Trustee, John Hancock Variable Insurance Trust (since</FONT>&nbsp;</TD></TR>

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   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>1988); Trustee, John Hancock Funds II (since 2005).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Peter S. Burgess,</FONT></B><SUP><FONT size=1 face=sans-serif>2,3 </FONT></SUP><FONT size=1 face=sans-serif>Born: 1942</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Consultant (financial, accounting and auditing matters) (since 1999); Certified Public Accountant;</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (since 2010);</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>former Director, PMA Capital Corporation (2004&#8211;2010). Trustee, John Hancock retail funds (since 2012);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Trustee, John Hancock Funds III (2005&#8211;2006); Trustee, John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

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   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>John Hancock Funds II (since 2005).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>William H. Cunningham, </FONT></B><FONT size=1 face=sans-serif>Born: 1944</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2004</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>System and former President of the University of Texas, Austin, Texas; Director, LIN Television (since</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>2009); Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Director, Resolute Energy Corporation (since 2009); Director, Southwest Airlines (since 2000);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>former Director, Introgen (manufacturer of biopharmaceuticals) (until 2008); former Director, Hicks</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Acquisition Company&nbsp;I, Inc. (until 2007); former Advisory Director, JP Morgan Chase Bank (formerly</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Texas Commerce Bank&#8211;Austin) (until 2009). Trustee, John Hancock retail funds (since 1986); Trustee,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>John Hancock Variable Insurance Trust (since 2012); Trustee, John Hancock Funds II (since 2012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>and 2005&#8211;2006).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Grace K. Fey,</FONT></B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Born: 1946</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Frontier Capital Management Company (1988&#8211;2007); Director, Fiduciary Trust (since 2009).</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Trustee, John Hancock retail funds (since 2012); Trustee, John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>John Hancock Funds II (since 2008).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="95%"></TD>

   <TD width="4%"></TD></TR>

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   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>39</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="69%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Independent Trustees </FONT></B><FONT size=1 face=sans-serif>(continued)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Name, Year of Birth</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustee</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Number of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><I><FONT size=1 face=sans-serif>Position(s) held with Fund</FONT></I></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>of the</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>John&nbsp;Hancock</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>funds overseen</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>since</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>by Trustee</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Theron S. Hoffman,</FONT></B><SUP><FONT size=1 face=sans-serif>2,3 </FONT></SUP><FONT size=1 face=sans-serif>Born: 1947</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Organization (consulting firm) (2003&#8211;2010); President, Westport Resources Management (investment</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>management consulting firm) (2006&#8211;2008); Senior Managing Director, Partner and Operating Head,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments (2000&#8211;2003); Executive Vice President, The Thomson Corp. (financial and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>legal information publishing) (1997&#8211;2000). Trustee, John Hancock retail funds (since 2012); Trustee,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="84%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Deborah C. Jackson, </FONT></B><FONT size=1 face=sans-serif>Born: 1952</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2008</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>President, Cambridge College, Cambridge, Massachusetts (since 2011); Chief Executive Officer,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>American Red Cross of Massachusetts Bay (2002&#8211;2011); Board of Directors of Eastern Bank Corporation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>(since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>of American Student Assistance Corporation (1996&#8211;2009); Board of Directors of Boston Stock Exchange</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>(2002&#8211;2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007&#8211;2011).</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Trustee, John Hancock retail funds (since 2008); Trustee of John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>John Hancock Funds II (since 2012).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Hassell H. McClellan,</FONT></B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Born: 1945</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Associate Professor, The Wallace E. Carroll School of Management, Boston College (since 1984);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Trustee, Virtus Variable Insurance Trust (formerly Phoenix Edge Series Funds) (since 2008); Director,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>The Barnes Group (since 2010). Trustee, John Hancock retail funds (since 2012); Trustee, John Hancock</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Funds III (2005&#8211;2006); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>(since 2005).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Steven R. Pruchansky, </FONT></B><FONT size=1 face=sans-serif>Born: 1944</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2004</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Director,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>First Signature Bank &amp; Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Maxwell Building Corp. (until 1991). Trustee (since 1992) and Chairman of the Board (2011&#8211;2012),</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>John Hancock retail funds; Trustee, John Hancock Variable Insurance Trust and John Hancock Funds&nbsp;II</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>(since 2012).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Gregory A. Russo, </FONT></B><FONT size=1 face=sans-serif>Born: 1949</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2008</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Director and Audit Committee Chairman (since 2012) and Member, Audit Committee and Finance</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>system); Director and Member of Finance Committee, The Moorings, Inc. (nonprofit continuing care</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>community) (since 2012); Vice Chairman, Risk &amp; Regulatory Matters, KPMG LLP (KPMG) (2002&#8211;2006);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Vice Chairman, Industrial Markets, KPMG (1998&#8211;2002); Chairman and Treasurer, Westchester</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>County, New York, Chamber of Commerce (1986&#8211;1992); Director, Treasurer and Chairman of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Audit and Finance Committees, Putnam Hospital Center (1989&#8211;1995); Director and Chairman of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990&#8211;1995).</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Trustee, John Hancock retail funds (since 2008); Trustee, John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>John Hancock Funds&nbsp;II (since 2012).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="4%"></TD>

   <TD width="95%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>40</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="69%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Non-Independent Trustees</FONT></B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Name, Year of Birth</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustee</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Number of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><I><FONT size=1 face=sans-serif>Position(s) held with Fund</FONT></I></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>of the</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>John&nbsp;Hancock</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>funds overseen</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>since</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>by Trustee</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>James R. Boyle,</FONT></B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Born: 1959</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Senior Executive Vice President, John Hancock Financial Services (since 1999, including prior positions);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC and John Hancock</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Investment Management Services, LLC (2005&#8211;2010). Trustee, John Hancock retail funds (since 2012 and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>2005&#8211;2010), Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Craig Bromley,</FONT></B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Born: 1966</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>President, John Hancock Financial Services (since 2012); Senior Executive Vice President and General</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Manager, U.S. Division, John Hancock Financial Services (since 2012); President and Chief Executive</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Officer, Manulife Insurance Company (Manulife (Japan) (2005&#8211;2010), including prior positions).</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Trustee, John Hancock retail funds (since 2012); Trustee, John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>John Hancock Funds II (since 2012).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Warren A. Thomson,</FONT></B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Born: 1955</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Senior Executive Vice President and Chief Investment Officer, Manulife Financial Corporation (since</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>2001, including prior positions); Director, Manulife Trust Company and Manulife Bank of Canada (since</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>2001, including prior positions); Director and Chairman, Manulife Asset Management (since 2001,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>including prior positions). Trustee, John Hancock retail funds, John Hancock Variable Insurance Trust and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>John Hancock Funds&nbsp;II (since 2012).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Principal officers who are not Trustees</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Name, Year of Birth</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Officer</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><I><FONT size=1 face=sans-serif>Position(s) held with Fund</FONT></I></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>of the</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Trust</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>since</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Hugh McHaffie, </FONT></B><FONT size=1 face=sans-serif>Born: 1959</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><I><FONT size=1 face=sans-serif>President</FONT></I>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Executive Vice President, John Hancock Financial Services (since 2006, including prior positions);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Chairman and Director, John Hancock Advisers, LLC, John Hancock Investment Management Services,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>LLC and John Hancock Funds, LLC (since 2010); President, John Hancock Advisers, LLC (since 2012);</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>President, John Hancock Investment Management Services, LLC (since 2010). President (since 2012) and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>former Trustee (2010&#8211;2012), John Hancock retail funds; President, John Hancock Variable Insurance</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Trust and John Hancock Funds II (since 2009).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Andrew G. Arnott, </FONT></B><FONT size=1 face=sans-serif>Born: 1971</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2009</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><I><FONT size=1 face=sans-serif>Executive Vice President</FONT></I>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Management Services, LLC (since 2006); President, John Hancock Funds, LLC (since 2004, including</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>prior positions); Executive Vice President, John Hancock retail funds (since 2007, including prior</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>positions); Executive Vice President, John Hancock Variable Insurance Trust and John Hancock Funds II</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>(since 2007, including prior positions).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Thomas M. Kinzler, </FONT></B><FONT size=1 face=sans-serif>Born: 1955</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2006</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><I><FONT size=1 face=sans-serif>Secretary and Chief Legal Officer</FONT></I>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>John Hancock Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="84%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>John Hancock Variable Insurance Trust and John Hancock Funds II (since 2006).</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="95%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>41</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="94%"></TD>

   <TD width="5%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Principal officers who are not Trustees </FONT></B><FONT size=1 face=sans-serif>(continued)</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Name, Year of Birth</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>Officer</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><I><FONT size=1 face=sans-serif>Position(s) held with Fund</FONT></I></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>of the</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Principal occupation(s) and other</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>Trust</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>directorships during past 5 years</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>since</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Francis V. Knox, Jr., </FONT></B><FONT size=1 face=sans-serif>Born: 1947</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2005</FONT>&nbsp;</TD></TR>

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</FONT></B></TD></TR>

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   <TD noWrap align=left><I><FONT size=1 face=sans-serif>Chief Compliance Officer</FONT></I>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>retail funds, John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Advisers,</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>LLC (2005&#8211;2008).</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Charles A. Rizzo, </FONT></B><FONT size=1 face=sans-serif>Born: 1957</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2007</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><I><FONT size=1 face=sans-serif>Chief Financial Officer</FONT></I>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Officer, John Hancock retail funds, John Hancock Variable Insurance Trust and John Hancock</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Funds&nbsp;II (since 2007).</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD colSpan=2>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Salvatore Schiavone, </FONT></B><FONT size=1 face=sans-serif>Born: 1965</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2009</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><I><FONT size=1 face=sans-serif>Treasurer</FONT></I>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>John Hancock retail funds (since 2007, including prior positions); Treasurer, John Hancock Variable</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Insurance Trust (since 2010 and 2007&#8211;2009, including prior positions); Treasurer, John Hancock Fund II</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>(since 2010, including prior positions).</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>John Hancock retail funds is comprised of John Hancock Funds III and 33 other John Hancock funds consisting of 23&nbsp;series of other John Hancock trusts and 10 closed-end funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210&#8211;2805.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>Mr. Bromley, Ms. Jackson, Mr. Oates and Mr. Pruchansky serve as Trustees for a term expiring in 2016; Mr.&nbsp;Bardelis, Mr. Burgess, Mr. Hoffman and Mr. Thomson serve as Trustees for a term expiring in 2015; Mr. Boyle, Mr.&nbsp;Cunningham, Ms. Fey, Mr. McClellan and Mr. Russo serve for a term expiring in 2014.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Became a Trustee of the Fund, effective December 1, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>Member of Audit Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>4 </FONT></SUP><FONT size=1 face=sans-serif>Because Messrs. Bromley and Thomson are senior executives or directors and Mr. Boyle held prior positions as a senior executive or director with the Adviser and/or its affiliates, each of them is considered an &#8220;interested person,&#8221; as defined in the Investment Company Act of 1940, of the Fund.</FONT></P>

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   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>42</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Annual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>More information</FONT></P>

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   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Officers</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Investment adviser</FONT></B>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>James M. Oates</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Hugh McHaffie</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>John Hancock Advisers, LLC</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Chairman</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>President</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Charles L. Bardelis</FONT><FONT size=1 face=sans-serif>*</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Subadviser</FONT></B>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>James R. Boyle</FONT><FONT size=1 face=sans-serif>&#8224;</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Andrew G. Arnott</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>John Hancock Asset Management</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Craig Bromley</FONT><FONT size=1 face=sans-serif>&#8224;</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Executive Vice President</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif>a division of Manulife Asset</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Peter S. Burgess</FONT><FONT size=1 face=sans-serif>*</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif>Management (US) LLC</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>William H. Cunningham</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Thomas M. Kinzler</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Grace K. Fey</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Secretary and Chief Legal Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Analytic Investors, LLC</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Theron S. Hoffman</FONT><FONT size=1 face=sans-serif>*</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Deborah C. Jackson</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Francis V. Knox, Jr.</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Custodian</FONT></B>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Hassell H. McClellan</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Chief Compliance Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>State Street Bank and</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Steven R. Pruchansky</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif>Trust Company</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Vice Chairman</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif><FONT size=2 face=serif>Charles A. Rizzo</FONT></FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Gregory A. Russo</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif><I><FONT size=2 face=serif>Chief Financial Officer</FONT></I></FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Transfer agent</FONT></B>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Warren A. Thomson</FONT><FONT size=1 face=sans-serif>&#8224;</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Computershare Shareowner</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Salvatore Schiavone</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif>Services, LLC</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>*Member of the</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Treasurer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Audit&nbsp;Committee</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Legal counsel</FONT></B>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>&#8224;Non-Independent Trustee</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>K&amp;L Gates LLP</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Independent registered</FONT></B>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>public accounting firm</FONT></B>&nbsp;</TD></TR>

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   <TD width="33%">&nbsp;</TD>

   <TD width="33%">&nbsp;</TD>

   <TD width="33%"><FONT size=2 face=serif>PricewaterhouseCoopers LLP</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Stock symbol</FONT></B>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Listed New York Stock</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6px" width="33%" noWrap align=left><FONT size=2 face=serif><FONT size=2 face=serif>Exchange: HTD</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>For shareholder assistance refer to page 32</FONT></B></P>

<P style="MARGIN: 0px"><STRONG><FONT size=1 face=Arial></FONT></STRONG>&nbsp;</P>

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   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>You can also contact us:</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>1-800-852-0218</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>Regular mail:</FONT></B>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><B><FONT size=1 face=sans-serif>jhfunds.com</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>Computershare Shareowner Services, LLC</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>Newport Office Center VII</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>480 Washington Boulevard</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-1900</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The Fund&#8217;s proxy voting policies and procedures, as well as the Fund&#8217;s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The Fund&#8217;s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form&nbsp;N-Q. The Fund&#8217;s Form N-Q is available on our Web site and the SEC&#8217;s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC&#8217;s Public Reference Room in Washington, DC. Call 1-202-551-8090 to&nbsp;receive information on the operation of the SEC&#8217;s Public Reference Room.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>We make this information on your fund, as well as </FONT><B><FONT size=1 face=sans-serif>monthly portfolio holdings</FONT></B><FONT size=1 face=sans-serif>, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-852-0218.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=serif>The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.</FONT></I></P>

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   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Annual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="4%" noWrap align=right><FONT size=2 face=sans-serif>43</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="10%" noWrap align=center><FONT size=2 face=sans-serif>PRESORTED</FONT>&nbsp;</TD></TR>

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   <TD width="90%" align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="10%" align=center><FONT size=2 face=sans-serif>STANDARD</FONT></TD></TR>

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   <TD width="10%" noWrap align=center><FONT size=2 face=sans-serif>U.S. POSTAGE</FONT>&nbsp;</TD></TR>

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   <TD width="90%" align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="10%" align=center><FONT size=2 face=sans-serif>PAID</FONT></TD></TR>

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   <TD width="90%" align=center><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="10%" align=center><FONT size=2 face=sans-serif>MIS</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>1-800-852-0218</FONT><BR><FONT size=1 face=sans-serif>1-800-231-5469 TDD</FONT><BR><FONT size=1 face=sans-serif>1-800-843-0090 EASI-Line</FONT><BR><FONT size=1 face=sans-serif>www.</FONT><FONT size=1 face=sans-serif>jhfunds.</FONT><FONT size=1 face=sans-serif>com</FONT></FONT><FONT size=1 face=sans-serif></FONT></P>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>P130A 10/12</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>12/12</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 2. CODE OF ETHICS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>As of the end of the period, October 31, 2012, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer and Chief Financial Officer (respectively, the principal executive officer, the principal financial officer, the &#8220;Covered Officers&#8221;). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Peter S. Bardelis is the audit committee financial expert and is &#8220;independent&#8221;, pursuant to general instructions on Form N-CSR Item 3.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) Audit Fees</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The aggregate fees billed for professional services rendered by the principal accountant(s) for the audit of the registrant&#8217;s annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $35,048 for the fiscal year ended October 31, 2012 and $34,190 for the fiscal period ended October 31, 2011. These fees were billed to the registrant and were approved by the registrant&#8217;s audit committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Audit-Related Services</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The audit-related fees amounted to $0 for the fiscal year ended October 31, 2012 and $6,374 for the fiscal period ended October 31, 2011 billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates"). The nature of the services comprising the audit-related services was the review of litigation related expenses.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(c) Tax Fees</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The aggregate fees billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning (&#8220;tax fees&#8221;) amounted to $3,260 for the fiscal year ended October 31, 2012 and $3,165 for the fiscal period ended October 31, 2011. The nature of the services comprising the tax fees was the review of the registrant&#8217;s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant&#8217;s audit committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(d) All Other Fees</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The all other fees billed to the registrant for products and services provided by the principal accountant were $171 for the fiscal year ended October 31, 2012 and $73 for the fiscal period ended October 31, 2011 billed to control affiliates for products and services provided by the principal accountant. These fees were approved by the registrant&#8217;s audit committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The trust&#8217;s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the &#8220;Auditor&#8221;) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The trust&#8217;s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee&#8217;s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Audit-Related Fees, Tax Fees and All Other Fees:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(f) According to the registrant&#8217;s principal accountant, for the fiscal period ended October 31, 2012, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(g) The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the registrant were $3,659,365 for the fiscal year ended October 31, 2012 and $1,675,016 for the fiscal period ended October 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(h) The audit committee of the registrant has considered the non-audit services provided by the registrant&#8217;s principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Peter S. Burgess - Chairman</FONT><BR><FONT face=sans-serif size=2>Charles L. Bardelis</FONT><BR><FONT face=sans-serif size=2>Theron S. Hoffman</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>See attached Exhibit &#8220;Proxy Voting Policies and Procedures&#8221;.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Information about the JHAM portfolio managers</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Management Biographies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Below is a list of the JHAM portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years. Information is provided as of November 1, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Gregory K. Phelps</FONT></B><BR><FONT face=serif size=3>Senior Vice President, John Hancock Asset Management since 2005</FONT><BR><FONT face=serif size=3>Began business career in 1981</FONT><BR><FONT face=serif size=3>Joined fund team in 2002 (inception)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Mark T. Maloney</FONT></B><BR><FONT face=serif size=3>Vice President, John Hancock Asset Management since 2005</FONT><BR><FONT face=serif size=3>Began business career in 1976</FONT><BR><FONT face=serif size=3>Joined fund team in 2002 (inception)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Lisa A. Welch<BR></FONT></B><FONT face=serif size=3>Vice President, John Hancock Asset Management since 2005 <BR>Began business career in 1986 <BR>Joined fund team in 2004</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Other Accounts the Portfolio Managers are Managing</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2012. For purposes of the table, &#8220;Other Pooled Investment Vehicles&#8221; may include investment partnerships and group trusts, and &#8220;Other Accounts&#8221; may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.</FONT></P>

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   <TD noWrap align=left width="50%"><B><FONT face=serif size=3>P</FONT></B><B><FONT face=serif size=2>ORTFOLIO </FONT></B><B><FONT face=serif size=3>M</FONT></B><B><FONT face=serif size=2>ANAGER</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="50%"><B><FONT face=serif size=3>O</FONT></B><B><FONT face=serif size=2>THER </FONT></B><B><FONT face=serif size=3>A</FONT></B><B><FONT face=serif size=2>CCOUNTS </FONT></B><B><FONT face=serif size=3>M</FONT></B><B><FONT face=serif size=2>ANAGED BY THE </FONT></B><B><FONT face=serif size=3>P</FONT></B><B><FONT face=serif size=2>ORTFOLIO</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><B><FONT face=serif size=3>N</FONT></B><B><FONT face=serif size=2>AME</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="50%"><B><FONT face=serif size=3>M</FONT></B><B><FONT face=serif size=2>ANAGER</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Gregory K. Phelps</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>Other Registered Investment Companies: Four (4) funds</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>with assets of approximately $3.6 billion</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Other Pooled Investment Vehicles: None</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Other Accounts: None</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=3>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Mark T. Maloney</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>Other Registered Investment Companies: Four (4) funds</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>with assets of approximately $3.6 billion</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Other Pooled Investment Vehicles: None</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Other Accounts: None</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=3>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Lisa A. Welch</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>Other Investment Companies: Three (3) funds with</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif color=#000000 size=3>assets of approximately $1.2 billion.</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif color=#000000 size=3>Other Pooled Investment Vehicles: Three (3) accounts</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif color=#000000 size=3>with assets of approximately $51 million.</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif color=#000000 size=3>Other Accounts: None</FONT>&nbsp;</TD></TR>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=3>The Subadviser does not receive a fee based upon the investment performance of any of the accounts included under &#8220;Other Accounts Managed by the Portfolio Managers&#8221; in the table above.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Conflicts of Interest</FONT></B><U><FONT face=serif size=3>. </FONT></U><FONT face=serif size=3>When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#8217;s responsibility for the management of the Fund as well as one or more other accounts. The Subadviser has adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. The Subadviser has structured its compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See &#8220;Compensation of Portfolio Managers&#8221; below.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><FONT face=serif size=3>A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings (&#8220;IPOs&#8221;) and private placements. If, for example, an IPO that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the IPO. The Subadviser has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><FONT face=serif size=3>A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadviser generally require that such trades be &#8220;bunched,&#8221; which means that the trades for the individual accounts</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=3>are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances also may arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadviser will place the order in a manner intended to result in as favorable a price as possible for such client.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><FONT face=serif size=3>A portfolio manager could favor an account if the portfolio manager&#8217;s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager&#8217;s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadviser receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager&#8217;s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager&#8217;s compensation. See &#8220;Compensation of Portfolio Managers&#8221; below. The Subadviser does not receive a performance-based fee with respect to any of the other accounts managed by the portfolio managers of the Fund described above.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><FONT face=serif size=3>A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadviser imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><FONT face=serif size=3>If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadviser seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security. While these accounts have many similarities, the investment performance of each account will be different due to differences in fees, expenses and cash flows.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Compensation of Portfolio Managers</FONT></B><FONT face=serif size=3>. The Subadviser has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. At the Subadviser, investment professionals are compensated with a combination of base salary and performance bonuses (e.g., cash and deferral awards). The following describes each component of the compensation package for the individuals identified as a portfolio manager for the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><B><FONT face=serif size=3>Base salaries. </FONT></B><FONT face=serif size=3>Base salaries are market-based and fixed. Salary ranges are reviewed and adjusted annually. Individual salary adjustments are based on individual performance against mutually-agreed-upon objectives and development of technical and experiential skills.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><B><FONT face=serif size=3>Performance Bonuses. </FONT></B><FONT face=serif size=3>Performance bonuses take the form of cash and deferred incentives.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><B><FONT face=serif size=3>Short-Term Cash Incentives. </FONT></B><FONT face=serif size=3>Short-term incentives take the form of annual cash awards. Individual targets are market-based and actual awards are tied to performance against various objective measures and on overall personal performance ratings. These include:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><B><I><FONT face=serif size=3>Investment Performance. </FONT></I></B><FONT face=serif size=3>The majority of the bonus considered under the plan is based on investment performance of accounts managed by the investment professional over one, three and five year periods (to the extent applicable) and no specific benchmark is used to measure performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><B><I><FONT face=serif size=3>Financial Performance of the Subadviser. </FONT></I></B><FONT face=serif size=3>The financial performance of the Subadviser and its parent corporation are also considered in determining bonus awards.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><B><I><FONT face=serif size=3>Non-Investment Performance. </FONT></I></B><FONT face=serif size=3>The more intangible contributions of an investment professional to the Subadviser&#8217;s business, including new strategy idea generation, professional growth and development, and management, where applicable, are evaluated in determining the amount of any bonus award.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=2>&#8226; </FONT><B><FONT face=serif size=3>Long-Term Incentives. </FONT></B><FONT face=serif size=3>All investment professionals are eligible for participation in a deferred incentive plan. 100% of the eligible awards are invested in the strategies that the team manages as well as other strategies managed by other teams at the Subadviser. The Subadviser believes that owning units in the same strategies a team manages aligns the performance goals of both client and manager giving the team added incentive to act in the best interest of the Company&#8217;s clients.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>As an added incentive, certain investment professionals (considered officers of Manulife Financial) would receive a portion of their award in Manulife Restricted Share Units (&#8220;RSUs&#8221;) or stock options. This plan is based on the value of the underlying common shares of Manulife Financial.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Share Ownership by Portfolio Managers</FONT></B><FONT face=serif size=3>. The following table indicates as of October 31, 2012 the value, within the indicated range, of shares beneficially owned by the portfolio managers in the Fund.</FONT></P>

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   <TD noWrap align=left width="50%"><B><FONT face=serif size=2>Portfolio Manager</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="50%"><B><FONT face=serif size=2>Range of Beneficial Ownership</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=2>Gregory K. Phelps</FONT>&nbsp;</TD>

   <TD noWrap align=center width="50%"><FONT face=serif size=2>$1-$10,000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=2>Mark T. Maloney</FONT>&nbsp;</TD>

   <TD noWrap align=center width="50%"><FONT face=serif size=2>$1-$10,000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=2>Lisa A. Welch</FONT>&nbsp;</TD>

   <TD noWrap align=center width="50%"><FONT face=serif size=2>$0</FONT>&nbsp;</TD></TR>

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<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Information about the Analytic portfolio managers</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Management Biographies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Below is an alphabetical list of the Analytic portfolio managers who share joint responsibility for the implementation and execution of the Fund&#8217;s options strategy. It provides a brief summary of their business careers. Information is provided as of November 1, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Harindra de Silva, Ph. D., CFA</FONT></B><BR><FONT face=serif size=3>President and portfolio manager, Analytic Investors, LLC since 1995</FONT><BR><FONT face=serif size=3>Began business career in 1984</FONT><BR><FONT face=serif size=3>Joined Fund team in 2007</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Gregory M. McMurran</FONT></B><BR><FONT face=serif size=3>Chief investment officer and portfolio manager, Analytic Investors, LLC since 1976</FONT><BR><FONT face=serif size=3>Began business career in 1976</FONT><BR><FONT face=serif size=3>Joined Fund team in 2007</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Dennis Bein, CFA</FONT></B><BR><FONT face=serif size=3>Chief investment officer and portfolio manager, Analytic Investors, LLC since 1995</FONT><BR><FONT face=serif size=3>Began business career in 1990</FONT><BR><FONT face=serif size=3>Joined Fund team in 2007</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Other Accounts the Portfolio Managers are Managing</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2012. For purposes of the table, &#8220;Other Pooled Investment Vehicles&#8221; may include investment partnerships and group trusts, and &#8220;Other Accounts&#8221; may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.</FONT></P>

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<TR>

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   <TD align=center width="12%"></TD></TR>

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   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=center width="30%" colSpan=2><B><FONT face=serif size=3>Registered</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%">&nbsp;</TD>

   <TD noWrap align=center width="15%">&nbsp;</TD>

   <TD noWrap align=center width="15%">&nbsp;</TD>

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   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=center width="30%" colSpan=2><B><FONT face=serif size=3>Investment</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="30%" colSpan=2><B><FONT face=serif size=3>Other Pooled</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%">&nbsp;</TD>

   <TD noWrap align=center width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=center width="30%" colSpan=2><B><FONT face=serif size=3>Companies</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="30%" colSpan=2><B><FONT face=serif size=3>Investment Vehicles</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="27%" colSpan=2><B><FONT face=serif size=3>Other Accounts</FONT></B>&nbsp;</TD></TR>

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   <TD align=left width="99%" colSpan=7>

   <HR width="100%" noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Number</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Total</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Number</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Total</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Number</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="12%"><B><FONT face=serif size=3>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>of</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>of</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>of</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="12%"><B><FONT face=serif size=3>Assets</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Accounts</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>$Million</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Accounts</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>$Million</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><B><FONT face=serif size=3>Accounts</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="12%"><B><FONT face=serif size=3>$Million</FONT></B>&nbsp;</TD></TR>

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   <TD align=left width="99%" colSpan=7>

   <HR width="100%" noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=3>Harindra</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>8</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>$2,096.9</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>21</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>$1,220.0</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>21</FONT>&nbsp;</TD>

   <TD noWrap align=center width="12%"><FONT face=sans-serif size=3>$2,702.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=3>de Silva</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>(0)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>($0)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>(4)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>($151.1)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>(4)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="12%"><FONT face=sans-serif size=3>($225.2)</FONT>&nbsp;</TD></TR>

<TR>

   <TD align=left width="99%" colSpan=7>

   <HR width="100%" noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=3>Gregory</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>2</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>$128.3</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>3</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>$117.9</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>2</FONT>&nbsp;</TD>

   <TD noWrap align=center width="12%"><FONT face=sans-serif size=3>$122.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=3>McMurran</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>(0)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>($0)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>(0)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>($0)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>(0)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="12%"><FONT face=sans-serif size=3>($0)</FONT>&nbsp;</TD></TR>

<TR>

   <TD align=left width="99%" colSpan=7>

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</TD></TR>

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   <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=3>Dennis</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>7</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>$2,040.1</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>19</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>$1,164.4</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>21</FONT>&nbsp;</TD>

   <TD noWrap align=center width="12%"><FONT face=sans-serif size=3>$2,592.4</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=3>Bein</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>(0)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>($0)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>(4)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>($151.1)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=3>(4)</FONT>&nbsp;</TD>

   <TD noWrap align=center width="12%"><FONT face=sans-serif size=3>($255.2)</FONT>&nbsp;</TD></TR>

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   <TD align=left colSpan=7>

   <HR width="100%" noShade SIZE=1>

</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Note: ( ) represent the number and value of accounts, within the total accounts that are subject to a performance-based advisory fee.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Conflicts of Interest. </FONT></B><FONT face=serif size=3>Conflicts of interest may arise because the Fund&#8217;s portfolio managers have day-to-day management responsibilities with respect to both the Fund and various other accounts. These potential conflicts include:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; Limited Resources. The portfolio managers cannot devote their full time and attention to the management of each of the accounts that they manage. Accordingly, the portfolio managers may be limited in their ability to identify investment opportunities for each of the accounts that are as attractive as might be the case if the portfolio managers were to devote substantially more attention to the management of a single account. The effects of this potential conflict may be more pronounced where the accounts have different investment strategies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; Limited Investment Opportunities. Other clients of either Subadviser may have investment objectives and policies similar to those of the Fund. Either Subadviser may, from time to time, make recommendations which result in the purchase or sale of a particular security by its other clients simultaneously with the Fund. If transactions on behalf of more than one client during the same period increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price or quantity. It is the policy of each Subadviser to allocate advisory recommendations and the placing of orders in a manner that it believes is equitable to the accounts involved, including the Fund. When two or more clients of a Subadviser are purchasing or selling the same security on a given day from the same broker-dealer, such transactions may be averaged as to price.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; Different Investment Strategies. The accounts managed by the portfolio managers have differing investment strategies. If the portfolio managers determine that an investment opportunity may be appropriate for only some of the accounts or decide that certain of the accounts should take different positions with respect to a particular security, the portfolio managers may effect transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other accounts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; Variation in Compensation. A conflict of interest may arise where a Subadviser is compensated differently by the accounts that are managed by the portfolio managers. If certain accounts pay higher management fees or performance-based incentive fees, the portfolio managers might be motivated to prefer certain accounts over others. The portfolio managers might also be motivated to favor accounts in which they have a greater ownership interest or accounts that are more likely to enhance the portfolio managers&#8217; performance record or to otherwise benefit the portfolio managers.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; Selection of Brokers. The portfolio managers select the brokers that execute securities transactions for the accounts that they supervise. In addition to executing trades, some brokers provide the portfolio managers with research and other services which may require the payment of higher brokerage fees than might otherwise be available. The portfolio managers&#8217; decision as to the selection of brokers could yield disproportionate costs and benefits among the accounts that they manage, since the research and other services provided by brokers may be more beneficial to some accounts than to others.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Where conflicts of interest arise between the Fund and other accounts managed by the portfolio managers, the portfolio managers will use good faith efforts so that the Fund will not be treated materially less favorably than other accounts. There may be instances</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=3>where similar portfolio transactions may be executed for the same security for numerous accounts managed by the portfolio managers. In such instances, securities will be allocated in accordance with the Adviser&#8217;s trade allocation policy.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Compensation of Portfolio Managers. </FONT></B><FONT face=serif size=3>Our compensation structure for professional employees consists of an industry median base salary (based on independent industry information) and an annual discretionary bonus. Bonus amounts are determined using following factors: the overall success of the firm in terms of profitability; the overall success of the department or team; and an individual&#8217;s contribution to the team, based goals established during the performance period </FONT><FONT face=serif size=2>and no specific benchmark is used measure performance</FONT><FONT face=serif size=3>. Compensation based on investment strategy performance is not to individual account performance, but rather, each strategy as a whole. Strategy performance information is based on pre-tax calculations for the prior calendar year. portfolio manager is directly compensated a portion of an advisory fee based on performance of a specific account. Members of Analytic&#8217;s senior management team investment management professionals may also have a deferred component to their compensation (with a three-year vesting period) that is invested in the firm&#8217;s investment products to tie the interests of the individual to the interests of the firm and our clients Portfolio managers&#8217; base salaries are typically reviewed on an annual basis determined each portfolio manager&#8217;s anniversary date of employment. Discretionary bonuses determined annually, upon analysis of information from the prior calendar year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Share Ownership by Portfolio Managers</FONT></B><FONT face=serif size=3>. The following table indicates as of October 31, 2012 the value, within the indicated range, of shares beneficially owned by the portfolio managers in the Fund.</FONT></P>

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   <TD noWrap align=center width="50%"><B><FONT face=serif size=3>Range of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=center width="50%"><B><FONT face=serif size=3>Beneficial</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%"><B><FONT face=serif size=3>Portfolio Manager</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="50%"><B><FONT face=serif size=3>Ownership</FONT></B>&nbsp;</TD></TR>

<TR>

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<TR vAlign=bottom>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>Harindra de Silva, PH. D., CFA</FONT>&nbsp;</TD>

   <TD noWrap align=center width="50%"><FONT face=serif size=3>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="100%" colSpan=2>

   <HR align=left width="100%" noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>Gregory M McMurran</FONT>&nbsp;</TD>

   <TD noWrap align=center width="50%"><FONT face=serif size=3>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="100%" colSpan=2>

   <HR align=left width="100%" noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>Dennis Bein, CFA</FONT>&nbsp;</TD>

   <TD noWrap align=center width="50%"><FONT face=serif size=3>$0</FONT>&nbsp;</TD></TR>

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</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT </FONT><FONT face=sans-serif size=2>INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) Not applicable</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) In December 2007, the Trustees approved a share repurchase plan, which has been subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the Fund may repurchase in the open market up to 10% of its outstanding common shares as of December 31, 2011. The current plan is in effect between January 1, 2012 and December 31, 2012. On December 12, 2012, the Board renewed the share repurchase plan. As renewed, the Fund may purchase in the open market, between January 1, 2013 and December 31, 2013, up to an additional 10% of its outstanding common shares (based on common shares outstanding as of December 31, 2012). During the year ended October 31, 2012, the Fund did not repurchase any shares under the repurchase plan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>There were no material changes to previously disclosed John Hancock Funds &#8211; Governance Committee Charter.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 11. CONTROLS AND PROCEDURES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(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-CSR, the registrant's principal executive officer and principal financial 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 12. EXHIBITS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a)(1) Code of Ethics for Senior Financial Officers is attached.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(c)(1) Proxy Voting Policies and Procedures are attached.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached &#8220;John Hancock Funds &#8211; Governance Committee Charter&#8221;.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(c)(3) Contact person at the registrant.</FONT></P></DIV>

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   <TD noWrap align=left><FONT face=sans-serif size=2>SIGNATURES</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>John Hancock Tax-Advantaged Dividend Income Fund</FONT></P>

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   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>By:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>------------------------------</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=2>Hugh McHaffie</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>President</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Date:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>December 20, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>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.</FONT></P>

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   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>By:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>-------------------------------</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left width="3%"></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif color=#000000 size=2>Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>President</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Date:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>December 20, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>By:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>--------------------------------</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left></TD>

   <TD noWrap align=left><FONT face=sans-serif color=#000000 size=2>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Chief Financial Officer</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Date:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>December 20, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>




























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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_taxadvantdivcerts.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=2>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Hugh McHaffie, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. I have reviewed this report on Form N-CSR of the John Hancock Tax-Advantaged Dividend Income Fund (the &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Date: </FONT><U><FONT face=sans-serif size=2>December 20, 2012</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><U><FONT face=sans-serif size=2>/s/ Hugh McHaffie</FONT>&nbsp;</U></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>President</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=2>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Charles A. Rizzo, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. I have reviewed this report on Form N-CSR of the John Hancock Tax-Advantaged Dividend Income Fund (the &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Date: </FONT><U><FONT face=sans-serif size=2>December 20, 2012</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><U><FONT face=sans-serif size=2>/s/ Charles A. Rizzo</FONT>&nbsp;</U></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Chief Financial Officer</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_taxadvantdivnoscerts.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>

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   <TD noWrap align=center><B><FONT face=sans-serif size=2>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT face=sans-serif size=2>the Sarbanes-Oxley Act of 2002</FONT></B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>In connection with the attached Report of John Hancock Tax-Advantaged Dividend Income Fund (the &#8220;registrant&#8221;) on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>--------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>President</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Dated: December 20, 2012</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="3%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>-------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Chief Financial Officer</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Dated: December 20, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.</FONT></P></DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>4
<FILENAME>d_jhiicoodeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>John
Hancock Variable Insurance Trust</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>John
Hancock Funds </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>John
Hancock Funds II</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>John
Hancock Funds III</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Sarbanes-Oxley
Code of Ethics </U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>for
</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Principal
Executive, Principal Financial Officers &amp; Treasurer</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: left">Covered Officers/Purpose of the Code</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">This code of ethics (this &ldquo;Code&rdquo;) for John Hancock Variable
Insurance Trust, John Hancock Funds<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A>,
John Hancock Funds II and John Hancock Funds III, each a registered management investment company under the Investment Company
Act of 1940, as amended (&ldquo;1940 Act&rdquo;), which may issue shares in separate and distinct series (each investment company
and series thereunder to be hereinafter referred to as a &ldquo;Fund&rdquo;), applies to each Fund&rsquo;s Principal Executive
Officer (&ldquo;President&rdquo;), Principal Financial Officer (&ldquo;Chief Financial Officer&rdquo;) and Treasurer (&ldquo;Treasurer&rdquo;)
(the &ldquo;Covered Officers&rdquo; as set forth in <U>Exhibit A</U>) for the purpose of promoting:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
professional relationships;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to,
the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and in other public communications made by the Fund;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>compliance with applicable laws and governmental rules and regulations;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>accountability for adherence to the Code.</TD></TR></TABLE>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Each of the Covered Officers should adhere to
a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts
of interest.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>II.</B></TD><TD><B>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Overview</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">A &ldquo;conflict of interest&rdquo; occurs when a Covered Officer&rsquo;s
private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise
if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.
Certain conflicts of interest arise out of the relationships between the Covered Officers and the Fund and already are subject
to conflict of interest provisions in the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;)
and the Investment Advisers Act of 1940, as amended (the &ldquo;Investment Advisers Act&rdquo;). For example, Covered Officers
may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund
because of their status as &ldquo;affiliated persons&rdquo; of the Fund. Each of the Covered Officers is an officer or employee
of the investment adviser or a service provider (&ldquo;Service Provider&rdquo;) to the Fund. The Fund&rsquo;s, the investment
adviser&rsquo;s and the Service Provider&rsquo;s compliance programs and procedures are designed to prevent, or identify and correct,
violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and
such conflicts fall outside of the parameters of this Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Although typically not presenting an opportunity for improper personal
benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser and
the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered
Officers will, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the Service
Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment
adviser, the Service Provider and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual
relationship between the Fund and the investment adviser and the Service Provider and is consistent with the performance by the
Covered Officers of their duties as officers of the Fund. Thus, if such participation is performed in conformity with the provisions
of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically. In addition, it
is recognized by the Fund&rsquo;s Board of Trustees/Directors (the &ldquo;Board&rdquo;) that the Covered Officers may also be officers
or employees of one or more other investment companies covered by other Codes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Other conflicts of interest are covered by the Code, even if such
conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following
list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples
are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly
before the interest of the Fund.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">*&#9;*&#9;*</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Officer must:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather
than for the benefit of the Fund; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause
others to trade personally in contemplation of the market effect of such transactions.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Additionally, conflicts of interest may arise in other situations,
the propriety of which may be discussed, if material, with the Fund&rsquo;s Chief Compliance Officer (&ldquo;CCO&rdquo;). Examples
of these include:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>service as a director/trustee on the board of any public or private company;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>the receipt of any non-nominal gifts;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such
entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question
of impropriety (or other formulation as the Fund already uses in another code of conduct);</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>any ownership interest in, or any consulting or employment relationship with, any of the Fund&rsquo;s service providers, other
than its investment adviser, any sub-adviser, principal underwriter, administrator or any affiliated person thereof; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio
transactions or for selling or redeeming shares other than an interest arising from the Covered Officer&rsquo;s employment, such
as compensation or equity ownership.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>III.</B></TD><TD><B>Disclosure &amp; Compliance</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether
within or outside the Fund, including to the Fund&rsquo;s directors and auditors, and to governmental regulators and self-regulatory
organizations;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and
employees of the Fund and the Fund&rsquo;s adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and
understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications
made by the Fund; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable
laws, rules and regulations.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>IV.</B></TD><TD><B>Reporting &amp; Accountability</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Each Covered Officer must:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>upon adoption of the Code (or thereafter as applicable, upon becoming an Covered Officer), affirm in writing to the Fund&rsquo;s
CCO that he/she has received, read, and understands the Code;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>annually thereafter affirm to the Fund&rsquo;s CCO that he/she has complied with the requirements of the Code;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that
are made in good faith;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>notify the Fund&rsquo;s CCO promptly if he/she knows of any violation of this Code (Note: failure to do so is itself a violation
of this Code); and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>report at least annually any change in his/her affiliations from the prior year.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">The Fund&rsquo;s CCO is responsible for applying
this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any
particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Fund&rsquo;s
Board or the Compliance Committee thereof (the &ldquo;Committee&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">The Fund will follow these procedures in investigating
and enforcing this Code:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>the Fund&rsquo;s CCO will take all appropriate action to investigate any potential violations reported to him/her;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further
action;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>any matter that the CCO believes is a violation will be reported to the Board or, if applicable, Compliance Committee;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>if the Board or, if applicable, Compliance Committee concurs that a violation has occurred, the Board, either upon its determination
of a violation or upon recommendation of the Compliance Committee, if applicable, will consider appropriate action, which may include
review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service
Provider or the investment adviser or its board; or a recommendation to dismiss the Registrant&rsquo;s Executive Officer;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>V.</B></TD><TD><B>Other Policies &amp; Procedures</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">This Code shall be the sole code of ethics adopted by the Fund for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies
thereunder. Insofar as other policies or procedures of the Fund, the Fund&rsquo;s adviser, any sub-adviser, principal underwriter
or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this
Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund&rsquo;s
and its investment adviser&rsquo;s codes of ethics under Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the
Investment Company Act, respectively, are separate requirements applying to the Covered Officers and others, and are not part of
this Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>VI.</B></TD><TD><B>Amendments</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Any amendments to this Code, other than amendments to Exhibit A,
must be approved or ratified by a majority vote of the Fund&rsquo;s Board, including a majority of independent directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>VII.</B></TD><TD><B>Confidentiality</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">All reports and records prepared or maintained pursuant to this
Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or
this Code, such matters shall not be disclosed to anyone other than the Fund&rsquo;s Board and its counsel, the investment adviser
and the relevant Service Providers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>VIII.</B></TD><TD><B>Internal Use</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Code is intended solely for the internal use by the Fund and
does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.</P>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Exhibit A</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Persons Covered by this Code of Ethics</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(As of October 2012)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>John Hancock Variable Insurance Trust </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Principal Executive Officer and President &ndash; Hugh McHaffie</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Principal Financial Officer and Chief Financial Officer &ndash; Charles Rizzo</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Treasurer &ndash; Salvatore Schiavone</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>John Hancock Funds</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Principal Executive Officer and President &ndash; Hugh McHaffie</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Principal Financial Officer and Chief Financial Officer &ndash; Charles Rizzo</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Treasurer &ndash; Salvatore Schiavone</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>John Hancock Funds II</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Principal Executive Officer and President &ndash; Hugh McHaffie</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Principal Financial Officer and Chief Financial Officer &ndash; Charles Rizzo</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Treasurer &ndash; Salvatore Schiavone</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>John Hancock Funds III</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Principal Executive Officer and President &ndash; Hugh McHaffie</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Principal Financial Officer and Chief Financial Officer &ndash; Charles Rizzo</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD>Treasurer &ndash; Salvatore Schiavone</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="#note_ftnref1" NAME="note_ftn1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
John Hancock Funds includes the following trusts: John Hancock Bank and Thrift Opportunity Fund; John Hancock Bond Trust; John
Hancock California Tax-Free Income Fund; John Hancock Capital Series; John Hancock Current Interest; John Hancock Income Securities
Trust; John Hancock Investment Trust; John Hancock Investment Trust II; John Hancock Investment Trust III; John Hancock Investors
Trust; John Hancock Municipal Securities Trust; John Hancock Premium Dividend Fund ; Trust; John Hancock Preferred Income Fund;
John Hancock Preferred Income Fund II; John Hancock Preferred Income Fund III; John Hancock Series Trust; John Hancock Sovereign
Bond Fund; John Hancock Strategic Series; John Hancock Tax-Exempt Series Fund; John Hancock Tax-Advantaged Dividend Income Fund;
John Hancock Tax-Advantaged Global Shareholder Yield Fund and John Hancock Hedged Equity and Income Fund.</P>



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<DESCRIPTION>PROXY VOTING POLICIES
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    <TD STYLE="width: 100%; border: windowtext 1.5pt double; font: bold 16pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">General Compliance Policies for Trust &amp; Adviser</TD></TR>
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    <TD STYLE="width: 81%; padding-right: 5.4pt; padding-left: 5.4pt; font: bold 14pt Arial, Helvetica, Sans-Serif">Disclosures, Filings, and Reporting</TD></TR>
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    <TD STYLE="width: 9%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: white">7Ha.</TD>
    <TD STYLE="width: 91%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: white">John Hancock Funds Proxy Voting Procedures</TD></TR>
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    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp; Version Effective Date 1 01-01-2012 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Versions prior to 01-01-2012 available from the CCO&rsquo;s Office upon request.</TD></TR>
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    <TD STYLE="width: 100%; border: windowtext 1pt solid; font: bold 11pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: white">General</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Trustees (the &ldquo;Board&rdquo;)
        of each registered investment company in the John Hancock family of funds listed on Schedule A (collectively, the &ldquo;Trust&rdquo;),
        including a majority of the Trustees who are not &ldquo;interested persons&rdquo; (as defined in the Investment Company Act of
        1940, as amended (the &ldquo;1940 Act&rdquo;)) of the Trust (the &ldquo;Independent Trustees&rdquo;), adopts these proxy voting
        policies and procedures.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each fund of the Trust or any other registered
        investment company (or series thereof) (each, a &ldquo;fund&rdquo;) is required to disclose its proxy voting policies and procedures
        in its registration statement and, pursuant to Rule 30b1-4 under the 1940 Act, file annually with the Securities and Exchange Commission
        and make available to shareholders its actual proxy voting record. In this regard, the Trust Policy is set forth below.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Delegation of Proxy Voting Responsibilities</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is the policy of the Trust to delegate the
        responsibility for voting proxies relating to portfolio securities held by a fund to the fund&rsquo;s investment adviser (&ldquo;adviser&rdquo;)
        or, if the fund&rsquo;s adviser has delegated portfolio management responsibilities to one or more investment sub-adviser(s), to
        the fund&rsquo;s sub-adviser(s), subject to the Board&rsquo;s continued oversight. The sub-adviser for each fund shall vote all
        proxies relating to securities held by each fund and in that connection, and subject to any further policies and procedures contained
        herein, shall use proxy voting policies and procedures adopted by each sub-adviser in conformance with Rule 206(4)-6 under the
        Investment Advisers Act of 1940, as amended (the &ldquo;Advisers Act&rdquo;).</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as noted below under Material Conflicts
        of Interest, the Trust Policy with respect to a fund shall incorporate that adopted by the fund&rsquo;s sub-adviser with respect
        to voting proxies held by its clients (the &ldquo;Sub-adviser Policy&rdquo;). Each Sub-adviser Policy, as it may be amended from
        time to time, is hereby incorporated by reference into the Trust Policy. Each sub-adviser to a fund is directed to comply with
        these policies and procedures in voting proxies relating to portfolio securities held by a fund, subject to oversight by the fund&rsquo;s
        adviser and by the Board. Each adviser to a fund retains the responsibility, and is directed, to oversee each sub-adviser&rsquo;s
        compliance with these policies and procedures, and to adopt and implement such additional policies and procedures as it deems necessary
        or appropriate to discharge its oversight responsibility. Additionally, the Trust&rsquo;s Chief Compliance Officer (&ldquo;CCO&rdquo;)
        shall conduct such monitoring and supervisory activities as the CCO or the Board deems necessary or appropriate in order to appropriately
        discharge the CCO&rsquo;s role in overseeing the sub-advisers&rsquo; compliance with these policies and procedures.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The delegation by the Board of the authority
        to vote proxies relating to portfolio securities of the funds is entirely voluntary and may be revoked by the Board, in whole or
        in part, at any time.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Voting Proxies of Underlying Funds of a
        Fund of Funds</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 11pt">A.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where the Fund of Funds is not the Sole Shareholder of the Underlying Fund</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify">With respect to voting proxies relating
        to the shares of an underlying fund (an &ldquo;Underlying Fund&rdquo;) held by a fund of the Trust operating as a fund of funds
        (a &ldquo;Fund of Funds&rdquo;) in reliance on Section 12(d)(1)(G) of the 1940 Act where the Underlying Fund has shareholders other
        than the Fund of Funds which are not other Fund of Funds, the Fund of Funds will vote proxies relating to shares of the Underlying
        Fund in the same proportion as the vote of all other holders of such Underlying Fund shares.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 11pt">B.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where the Fund of Funds is the Sole Shareholder of the Underlying Fund</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.2in; text-align: justify">In the event that one or more Funds
        of Funds are the sole shareholders of an Underlying Fund, the adviser to the Fund of Funds or the Trust will vote proxies relating
        to the shares of the Underlying Fund as set forth below unless the Board elects to have the Fund of Funds seek voting instructions
        from the shareholders of the Funds of Funds in which case the Fund of Funds will vote proxies relating to shares of the Underlying
        Fund in the same proportion as the instructions timely received from such shareholders.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.45in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 11pt">1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where Both the Underlying Fund and the Fund of Funds are Voting on Substantially Identical
        Proposals</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event that the Underlying Fund and the
        Fund of Funds are voting on substantially identical proposals (the &ldquo;Substantially Identical Proposal&rdquo;), then the adviser
        or the Fund of Funds will vote proxies relating to shares of the Underlying Fund in the same proportion as the vote of the shareholders
        of the Fund of Funds on the Substantially Identical Proposal.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.45in; text-align: justify; text-indent: -0.2in"><FONT STYLE="font-size: 11pt">2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where the Underlying Fund is Voting on a Proposal that is Not Being Voted on By the Fund
        of Funds</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">(a)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where there is No Material Conflict of Interest Between the Interests of the Shareholders
        of the Underlying Fund and the Adviser Relating to the Proposal</U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In the event that the Fund of Funds
        is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and
        there is no material conflict of interest between the interests of the shareholders of the Underlying Fund and the adviser relating
        to the Proposal, then the adviser will vote proxies relating to the shares of the Underlying Fund pursuant to its Proxy Voting
        Procedures.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">(b)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 11pt"><U>Where there is a Material Conflict of Interest Between the Interests of the Shareholders
        of the Underlying Fund and the Adviser Relating to the Proposal </U></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In the event that the Fund of Funds
        is voting on a proposal of the Underlying Fund and the Fund of Funds is not also voting on a substantially identical proposal and
        there is a material conflict of interest between the interests of the shareholders of the Underlying Fund and the adviser relating
        to the Proposal, then the Fund of Funds will seek voting instructions from the shareholders of the Fund of Funds on the proposal
        and will vote proxies relating to shares of the Underlying Fund in the same proportion as the instructions timely received from
        such shareholders. A material conflict is generally defined as a proposal involving a matter in which the adviser or one of its
        affiliates has a material economic interest.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Material Conflicts of Interest </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If: (1) a sub-adviser to a fund becomes aware
        that a vote presents a material conflict between the interests of: (a) shareholders of the fund; and (b) the fund&rsquo;s adviser,
        sub-adviser, principal underwriter, or any of their affiliated persons, and (2) the sub-adviser does not propose to vote on the
        particular issue in the manner prescribed by its Sub-adviser Policy or the material conflict of interest procedures set forth in
        its Sub-adviser Policy are otherwise triggered, then the sub-adviser will follow the material conflict of interest procedures set
        forth in its Sub-adviser Policy when voting such proxies.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If a Sub-adviser Policy provides that in the
        case of a material conflict of interest between fund shareholders and another party, the sub-adviser will ask the Board to provide
        voting instructions, the sub-adviser shall vote the proxies, in its discretion, as recommended by an independent third party, in
        the manner prescribed by its Sub-adviser Policy or abstain from voting the proxies.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Securities Lending Program</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain of the funds participate in a securities
        lending program with the Trust through an agent lender. When a fund&rsquo;s securities are out on loan, they are transferred into
        the borrower&rsquo;s name and are voted by the borrower, in its discretion. Where a sub-adviser determines, however, that a proxy
        vote (or other shareholder action) is materially important to the client&rsquo;s account, the sub-adviser should request that the
        agent recall the security prior to the record date to allow the sub-adviser to vote the securities.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Disclosure of Proxy Voting Policies and
        Procedures in the Trust&rsquo;s Statement of Additional Information (&ldquo;SAI&rdquo;)</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust shall include in its SAI a summary
        of the Trust Policy and of the Sub-adviser Policy included therein. (In lieu of including a summary of these policies and procedures,
        the Trust may include each full Trust Policy and Sub-adviser Policy in the SAI.)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Disclosure of Proxy Voting Policies and
        Procedures in</B> <B>Annual and Semi-Annual Shareholder Reports </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust shall disclose in its annual and
        semi-annual shareholder reports that a description of the Trust Policy, including the Sub-adviser Policy, and the Trust&rsquo;s
        proxy voting record for the most recent 12 months ended June 30 are available on the Securities and Exchange Commission&rsquo;s
        (&ldquo;SEC&rdquo;) website, and without charge, upon request, by calling a specified toll-free telephone number. The Trust will
        send these documents within three business days of receipt of a request, by first-class mail or other means designed to ensure
        equally prompt delivery.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Filing of Proxy Voting Record on Form N-PX
        </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust will annually file its complete proxy
        voting record with the SEC on Form N-PX. The Form N-PX shall be filed for the twelve months ended June 30 no later than August
        31 of that year.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: gray">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; font: bold 11pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: white">Procedure</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Review of Sub-advisers&rsquo; Proxy Voting</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust has delegated proxy voting authority
        with respect to fund portfolio securities in accordance with the Trust Policy, as set forth above.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consistent with this delegation, each sub-adviser
        is responsible for the following:</P>
<OL START="1" TYPE="1" STYLE="margin-top: 0in">

        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Implementing written policies and procedures, in compliance with Rule
        206(4)-6 under the Advisers Act, reasonably designed to ensure that the sub-adviser votes portfolio securities in the best interest
        of shareholders of the Trust.</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Providing the adviser with a copy and description of the Sub-adviser
        Policy prior to being approved by the Board as a sub-adviser, accompanied by a certification that represents that the Sub-adviser
        Policy has been adopted in conformance with Rule 206(4)-6 under the Advisers Act. Thereafter, providing the adviser with notice
        of any amendment or revision to that Sub-adviser Policy or with a description thereof. The adviser is required to report all material
        changes to a Sub-adviser Policy quarterly to the Board. The CCO&rsquo;s annual written compliance report to the Board will contain
        a summary of the material changes to each Sub-adviser Policy during the period covered by the report.</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Providing the adviser with a quarterly certification indicating that
        the sub-adviser did vote proxies of the funds and that the proxy votes were executed in a manner consistent with the Sub-adviser
        Policy. If the sub-adviser voted any proxies in a manner inconsistent with the Sub-adviser Policy, the sub-adviser will provide
        the adviser with a report detailing the exceptions.</LI>
</OL>

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Adviser Responsibilities </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust has retained a proxy voting service
        to coordinate, collect, and maintain all proxy-related information, and to prepare and file the Trust&rsquo;s reports on Form N-PX
        with the SEC.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The adviser, in accordance with its general
        oversight responsibilities, will periodically review the voting records maintained by the proxy voting service in accordance with
        the following procedures:</P>
<OL START="1" TYPE="1" STYLE="margin-top: 0in">

        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Receive a file with the proxy voting information directly from each
        sub-adviser on a quarterly basis.</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Select a sample of proxy votes from the files submitted by the sub-advisers
        and compare them against the proxy voting service files for accuracy of the votes.</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">Deliver instructions to shareholders on how to access proxy voting
        information via the Trust&rsquo;s semi-annual and annual shareholder reports.</LI>
</OL>

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Proxy Voting Service Responsibilities</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Aggregation of Votes:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The proxy voting service&rsquo;s proxy disclosure
        system will collect fund-specific and/or account-level voting records, including votes cast by multiple sub-advisers or third party
        voting services.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Reporting:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The proxy voting service&rsquo;s proxy disclosure
        system will provide the following reporting features:</P>
<OL START="1" TYPE="1" STYLE="margin-top: 0in">

        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">multiple report export options;</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">report customization by fund-account, portfolio manager, security,
        etc.; and</LI>
        <LI STYLE="text-align: justify; margin: 0; font-size: 11pt">account details available for vote auditing.</LI>
</OL>

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Form N-PX Preparation and Filing:</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The adviser will be responsible for oversight
        and completion of the filing of the Trust&rsquo;s reports on Form N-PX with the SEC. The proxy voting service will prepare the
        EDGAR version of Form N-PX and will submit it to the adviser for review and approval prior to filing with the SEC. The proxy voting
        service will file Form N-PX for each twelve-month period ending on June 30. The filing must be submitted to the SEC on or before
        August 31 of each year.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Adoption Schedule</U></B></P>

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    <TD STYLE="width: 82%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Name of Trust</TD>
    <TD STYLE="width: 18%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Adopted</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Variable Insurance Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/28/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Funds II</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/28/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Funds III</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Bond Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock California Tax-Free Income Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Capital Series</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Current Interest</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Equity Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investment Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investment Trust II</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investment Trust III</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Municipal Securities Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Series Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Sovereign Bond Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Strategic Series</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Tax-Exempt Series</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock World Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Preferred Income Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Preferred Income Fund II</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Preferred Income Fund III</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Patriot Premium Dividend Fund II</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Bank &amp; Thrift Opportunity Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Income Securities Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Investors Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Tax-Advantaged Dividend Income Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">John Hancock Tax-Advantaged Global Shareholder Yield Fund</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">09/11/2007</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>f_jhgovcommcharter142012.htm
<DESCRIPTION>GOVERNANCE CHARTER
<TEXT>

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   <TD align=center><B><FONT size=3 face=serif>JOHN HANCOCK FUNDS</FONT></B></TD></TR>

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   <TD noWrap align=center><B><U><FONT size=3 face=serif>NOMINATING, GOVERNANCE AND ADMINISTRATION COMMITTEE CHARTER</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>A. </FONT><U><FONT size=3 face=serif>Composition</FONT></U><FONT size=3 face=serif>. The Nominating, Governance and Administration Committee (the &#8220;Committee&#8221;) shall be composed entirely of Trustees who are &#8220;independent&#8221; as defined in the rules of the New York Stock Exchange (&#8220;NYSE&#8221;) and are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940) of any of the Funds, or of any Fund&#8217;s investment adviser, subadviser or principal underwriter (the &#8220;Independent Trustees&#8221;) who are designated for membership from time to time by the Board of Trustees. The Chairman of the Board shall be a member of the Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>B. </FONT><U><FONT size=3 face=serif>Overview</FONT></U><FONT size=3 face=serif>. The purpose of the Committee is (1) to make determinations and recommendations to the Board on issues related to (a) the composition and operation of the Board, (b) corporate governance matters applicable to the Independent Trustees, and (c) issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Board's oversight of the Funds, and (2) to discharge such additional duties, responsibilities and functions as are delegated to it from time to time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>C. </FONT><U><FONT size=3 face=serif>Specific Responsibilities</FONT></U><FONT size=3 face=serif>. The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. To identify individuals qualified to serve as Independent Trustees of the Funds, and to consider and determine nominations of individuals to serve as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>2. To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. To consider and determine the amount of compensation to be paid by the Funds to the Independent Trustees, including incremental amounts, if any, payable to Committee Chairmen, and to address compensation-related matters. The Chairman of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the Funds provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. To consider and determine the duties and compensation of the Chairman of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>6. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>7. To monitor all expenditures and practices of the Board or the Committees or the Independent Trustees not otherwise incurred and/or monitored by a particular Committee, including, but not limited to: directors and officers liability insurance and fidelity bond coverage and costs; association dues, including Investment Company Institute and Mutual Fund Directors Forum membership dues; meeting expenditures and policies relating to reimbursement of travel expenses and expenses associated with offsite meetings; expenses and policies associated with Trustee attendance at educational or informational conferences; publication expenses; expenses of computers and related service charges; and fees of counsel to the Independent Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>8. To consider, evaluate and make recommendations and necessary findings regarding independent legal counsel and any other advisers, experts or consultants that may be engaged by the Board of Trustees, by the Trustees who are not &#8220;interested persons&#8221; as defined in the Investment Company Act of 1940 of any of the Funds or any Fund&#8217;s investment adviser, subadviser or principal underwriter, or by the Committee, from time to time, other than as may be engaged directly by another Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>9. To make a recommendation to the Board of Trustees concerning the annual consideration of the agreements relating to legal services.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>10. To periodically review the Board&#8217;s committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board&#8217;s committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>11. To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>12. To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Board&#8217;s sole authority to approve the firm&#8217;s fees and other retention terms.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>13. To report its activities to Board of Trustees and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>D. </FONT><U><FONT size=3 face=serif>Additional Responsibilities</FONT></U><FONT size=3 face=serif>. The Committee will also perform other tasks assigned to it from time to time by the Chairman of the Board or by the Board of Trustees, and will report findings and recommendations to the Board of Trustees, as appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>E. </FONT><U><FONT size=3 face=serif>Governance</FONT></U><FONT size=3 face=serif>. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, and making reports to the Board of Trustees, as appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>F. </FONT><U><FONT size=3 face=serif>Miscellaneous</FONT></U><FONT size=3 face=serif>. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds&#8217; expense, as it determines necessary to carry out its duties. The Committee shall have direct access to such officers of and service providers to the Funds as it deems desirable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>G. </FONT><U><FONT size=3 face=serif>Evaluation</FONT></U><FONT size=3 face=serif>. At least annually, the Committee shall evaluate its performance consistent with the requirements of this charter and report the results to the Board of Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>H. </FONT><U><FONT size=3 face=serif>Review</FONT></U><FONT size=3 face=serif>. The Committee shall review this charter periodically and shall recommend changes to the Board of Trustees, as it deems desirable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Last revised: June 7, 2011</FONT></P>

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   <TD noWrap align=center><U><FONT size=3 face=serif>ANNEX A</FONT></U>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>General Criteria</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>2. Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the Funds and should be willing and able to contribute positively to the decision-making process of the Funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the management company, and to act in the interests of all shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a director/trustee.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Application of Criteria to Current Trustees</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The renomination of current Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above based on, among other things, the current Trustee&#8217;s contribution to the Board and any committee.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Review of Nominations</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. The Committee believes that it is in the best interests of the Fund and its shareholders to obtain highly-qualified candidates to serve as members of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>2. In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate. These factors may include (but are not limited to) the person&#8217;s character, integrity, judgment, skill, diversity and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate&#8217;s experience with the experience of other Board members; and the extent to which the candidate would be desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person&#8217;s</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>availability and commitment to attend meetings and perform his or her responsibilities; an whether or not the person had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or subadviser of the Fund, as applicable, Fund service providers, or their affiliates or with Fund shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. While the Committee is solely responsible for the selection and recommendation to the Board of Independent Board candidates, the Committee may consider nominees recommended by any source, including Fund shareholders, management and Committee members, as it deems appropriate. Any such recommendations from shareholders shall be directed to the Secretary of the relevant Fund at such address as is set forth in the Fund&#8217;s disclosure documents. Recommendations from management may be submitted to the Committee Chairperson. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified in the relevant Fund&#8217;s By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Board candidates as it deems necessary or appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the Fund.</FONT></P>

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