<SEC-DOCUMENT>0000928816-13-001031.txt : 20130705
<SEC-HEADER>0000928816-13-001031.hdr.sgml : 20130704
<ACCEPTANCE-DATETIME>20130705141845
ACCESSION NUMBER:		0000928816-13-001031
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20130430
FILED AS OF DATE:		20130705
DATE AS OF CHANGE:		20130705
EFFECTIVENESS DATE:		20130705

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21416
		FILM NUMBER:		13955471

	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-CSRS
<SEQUENCE>1
<FILENAME>a_taxadvdivincome.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>&nbsp;</FONT></B></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>&nbsp;</FONT></B></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><B><FONT face=serif size=3>&nbsp;</FONT></B></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><FONT face=serif size=3>&nbsp;</FONT></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><FONT face=serif size=3>&nbsp; </FONT></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></FONT>&nbsp;</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 width="100%" colSpan=2>&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>April 30, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>ITEM 1. REPORTS TO STOCKHOLDERS.</FONT></P></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 (28.0% of Total Investments on 4-30-13)</FONT></B><B><SUP><FONT size=1 face=sans-serif>1,2</FONT></SUP></B>&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>Bank of America Corp.</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>4.0%</FONT>&nbsp;</TD>

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

   <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>2.5%</FONT>&nbsp;</TD></TR>

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

   <TD width="46%" colSpan=2>

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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=left><FONT size=1 face=sans-serif></FONT></TD>

   <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>2.4%</FONT>&nbsp;</TD></TR>

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

   <TD width="46%" colSpan=2>

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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>2.9%</FONT>&nbsp;</TD>

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

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

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>2.9%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><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>2.4%</FONT>&nbsp;</TD></TR>

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

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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>2.9%</FONT>&nbsp;</TD>

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

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

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

   <TD width="8%" noWrap align=left></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>55.3%</FONT>&nbsp;</TD>

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

   <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></TR>

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

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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>31.0%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><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>0.2%</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>5.9%</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><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>2.7%</FONT>&nbsp;</TD></TR>

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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 4-30-13.</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="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>| Semiannual report</FONT></B>&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 4-30-13 </FONT><FONT size=2 face=sans-serif>(unaudited)</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="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks 77.9% (51.2% 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>$666,013,663</FONT></B>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

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   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $483,565,119)</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><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>

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   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Energy 8.4%</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>71,669,555</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>

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   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 8.4%</FONT></B>&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="99%" colSpan=3>

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   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>BP PLC, ADR</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>8,175,000</FONT>&nbsp;</TD></TR>

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

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   <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>50,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,100,500</FONT>&nbsp;</TD></TR>

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

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   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>ConocoPhillips (Z)</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>8,614,125</FONT>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

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   <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>4,689,930</FONT>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

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   <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>31,530,000</FONT>&nbsp;</TD></TR>

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

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   <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>12,560,000</FONT>&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>

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   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Materials 0.3%</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>2,495,260</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 0.3%</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>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>2,495,260</FONT>&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>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>40,078,390</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>385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,422,100</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>220,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,860,200</FONT>&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>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>13,796,090</FONT>&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>Utilities 64.5%</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>551,770,458</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 25.9%</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>590,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,343,700</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>Duke Energy Corp.</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>23,312,000</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>Entergy Corp. (Z)</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>14,566,535</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>540,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,164,000</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>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>29,804,475</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>865,200</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. (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>38,387,900</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>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>18,086,250</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>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>21,236,400</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>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>20,186,650</FONT>&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>Gas Utilities 8.5%</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>AGL Resources, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>100,550</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,409,118</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>715,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,724,550</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>3,779,950</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. (C)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>640,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,870,400</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="49%"></TD>

   <TD width="46%"></TD>

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

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual 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>

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

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<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>&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>Multi-Utilities 30.1%</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>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>$8,561,600</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>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>20,118,750</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>Black Hills Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>597,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,993,330</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.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>335,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,764,950</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>25,905,600</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>485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>35,346,800</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>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>29,856,600</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>National Grid PLC, ADR (C)(Z)</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>12,756,000</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>785,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>24,123,050</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>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>13,179,600</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>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>8,130,250</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>Vectren Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>780,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,296,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&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 69.9% (45.9% 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>$597,425,920</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $553,385,958)</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=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>Energy 0.6%</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>5,290,000</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 0.6%</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>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>5,290,000</FONT>&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>Financials 47.3%</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>404,048,014</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 5.7%</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>State Street Corp., 5.250%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>835,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,275,800</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 Bank of New York Mellon Corp.,</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: 12px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>5.200% (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>10,760,400</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>The Goldman Sachs Group, Inc., 5.950% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>559,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,355,120</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>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: 12px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>6.200% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>92,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,367,075</FONT>&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>Commercial Banks 18.2%</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>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>767,700</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>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>12,993,650</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>BB&amp;T Corp., 5.200%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>475,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,851,250</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., 5.200%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>265,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,656,800</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>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>13,068,125</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>9,369,750</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>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>PNC Financial Services Group, Inc., 5.375% (C)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>412,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,597,125</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: 12px" 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>1,148,000</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: 12px" 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>855,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,724,850</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: 12px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>Series 10, 10.500% (Z)</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>7,642,430</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: 12px" 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>389,050</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>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: 12px" 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>2,830,430</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>U.S. Bancorp, 5.150%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,750,000</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>U.S. Bancorp (6.500% to 1-15-22, then</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: 12px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>3 month 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>6,126,820</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>37,115,250</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="46%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

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

   <TD width="46%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>

   <TD width="49%" 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%">

<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>&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>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: 12px" 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>505,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$12,842,150</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>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>3,694,820</FONT>&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>Diversified Financial Services 18.4%</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>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>3,548,670</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>9,904,500</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>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>12,820,000</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., 8.200%</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>3,373,650</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>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: 12px" 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>230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,825,900</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>Bank of America Corp., Series MER,</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: 12px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>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>16,646,400</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, Inc., 8.125% (Z)</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>8,314,800</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>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: 12px" 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>7,145,880</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: 12px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>6.550% (C)(Z)</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>8,444,400</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>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: 12px" 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>22,580,372</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>2,762,412</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%</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>3,585,400</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>JPMorgan Chase &amp; Company, 5.450%</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>5,050,000</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>JPMorgan Chase &amp; Company, 5.500% (Z)</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,106,700</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>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>3,571,400</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>RBS Capital Funding Trust VII, 6.080%</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>21,822,600</FONT>&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>Insurance 3.0%</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>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>25,654,035</FONT>&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>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,</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: 12px" width="69%" noWrap align=left><FONT size=1 face=sans-serif>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>274,800</FONT>&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>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>23,514,656</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 1.5%</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>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>9,962,520</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., 7.500% (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>3,285,600</FONT>&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>Wireless Telecommunication Services 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>Telephone &amp; Data Systems, Inc., 5.875%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>116,635</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,991,686</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>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>6,475,950</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>798,900</FONT>&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>Utilities 19.3%</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>164,573,250</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 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>Alabama Power Company, Class A, 5.300% (C)(Z)</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>4,817,056</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>21,661,710</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%</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>949,948</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%</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>3,412,976</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 Mississippi, Inc., 4.920%</FONT>&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>841,011</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 Mississippi, Inc., 6.250%</FONT>&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>4,949,844</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>Interstate Power &amp; Light Company, 5.100%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,156,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,512,680</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>Mississippi Power Company, 5.250%</FONT>&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>6,733,125</FONT>&nbsp;</TD></TR></TABLE></DIV>

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



<TR>

   <TD width="49%"></TD>

   <TD width="46%"></TD>

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

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual 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>

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



<TR>

   <TD width="39%"></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

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

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

   <TD width="10%" 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="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

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

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

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities (continued)</FONT></B>&nbsp;</TD>

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

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

   <TD width="10%" 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="39%" noWrap align=left><FONT size=1 face=sans-serif>NextEra Energy Capital Holdings, Inc., 5.700%</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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>$1,927,050</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>PPL Capital Funding, Inc., 5.900%</FONT>&nbsp;</TD>

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

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

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>687,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,862,000</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>PPL Corp., 9.500%</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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>16,658,250</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>SCE Trust I, 5.625%</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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>1,471,250</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>SCE Trust II, 5.100%</FONT>&nbsp;</TD>

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

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

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,118,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,186,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=4 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%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Independent Power Producers &amp; Energy Traders 1.8%</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=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Constellation Energy Group, Inc., Series A,</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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: 12px" width="39%" noWrap align=left><FONT size=1 face=sans-serif>8.625% (Z)</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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>15,270,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Multi-Utilities 1.2%</FONT></B>&nbsp;</TD>

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

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

   <TD width="10%" 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="39%" noWrap align=left><FONT size=1 face=sans-serif>BGE Capital Trust II, 6.200% (Z)</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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>4,124,850</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company, 6.500%</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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>3,615,300</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company, 5.250%</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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>2,580,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

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

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="10%" 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="39%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="10%" 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>

   <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>Corporate Bonds 0.4% (0.2% 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>$3,353,106</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $3,000,000)</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

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

   <TD width="10%" 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="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Utilities 0.4%</FONT></B>&nbsp;</TD>

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

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

   <TD width="10%" 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>3,353,106</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

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

   <TD width="10%" 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="39%" noWrap align=left><FONT size=1 face=sans-serif>Southern California Edison Company</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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: 12px" width="39%" noWrap align=left><FONT size=1 face=sans-serif>(6.25% to 2-1-22, then 3 month LIBOR +</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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: 12px" width="39%" noWrap align=left><FONT size=1 face=sans-serif>4.199%) (Q)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>2-1-22</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>3,353,106</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

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

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

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

   <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>Short-Term Investments 4.1% (2.7% 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>$34,651,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $34,651,000)</FONT>&nbsp;</TD>

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

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

   <TD width="10%" 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="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

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

   <TD width="10%" 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="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Repurchase Agreement 4.1%</FONT></B>&nbsp;</TD>

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

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

   <TD width="10%" 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>34,651,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

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

   <TD width="10%" 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 4-30-13 at 0.010% 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: 12px" width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>be repurchased at $34,651,010 on 5-1-13, collateralized by $35,170,000</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: 12px" width="69%" colSpan=4 noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury Notes, 0.625% due 8-31-17 (valued at $35,345,850,</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: 12px" width="39%" noWrap align=left><FONT size=1 face=sans-serif>including interest)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" width="10%" noWrap align=left></TD>

   <TD style="TEXT-INDENT: 12px" width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$34,651,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,651,000</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 $1,074,602,077)</FONT></B><FONT size=1 face=sans-serif>&#8224; </FONT><B><FONT size=1 face=sans-serif>152.3%</FONT></B>&nbsp;</TD>

   <TD width="30%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$1,301,443,689</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="49%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Other assets and liabilities, net (52.3%)</FONT></B>&nbsp;</TD>

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

   <TD width="10%" 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>($447,004,122)</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="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Total net assets 100.0%</FONT></B>&nbsp;</TD>

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

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

   <TD width="10%" 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>$854,439,567</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></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 of that category as a percentage of the net assets of the Fund.</FONT></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) A portion of this security is segregated as collateral for options overlay. Total collateral value at 4-30-13 was $3,207,080.</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 as maturity date is next call date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(Z) A portion of this security is pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 4-31-13 was $738,775,665.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; At 4-30-13, the aggregate cost of investment securities for federal income tax purposes was $1,082,551,679. Net unrealized appreciation aggregated $218,892,010, of which $235,950,300 related to appreciated investment securities and $17,058,290 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="46%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

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

   <TD width="46%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>

   <TD width="49%" 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>FINANCIAL </FONT><FONT size=2 face=sans-serif>STATEMENTS</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>4-30-13 (unaudited)</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="79%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><B><FONT size=1 face=sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Investments, at value (Cost $1,074,602,077)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1,301,443,689</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>688</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Cash segregated at custodian for swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,720,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Dividends and interest&nbsp;receivable</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,389,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Other receivables and prepaid&nbsp;expenses</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28,709</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" 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></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>1,307,582,806</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><B><FONT size=1 face=sans-serif>Liabilities</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Credit facility agreement&nbsp;payable</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>418,900,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Payable for cash segregated at custodian for swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>310,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Payable for investments&nbsp;purchased</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25,851,366</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Written options, at value (Premiums received $1,409,708)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,807,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Swap contracts, at&nbsp;value</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,927,824</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Interest&nbsp;payable</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>235,362</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Payable to&nbsp;affiliates</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="79%" noWrap align=left><FONT size=1 face=sans-serif>Accounting and legal services&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,515</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="79%" noWrap align=left><FONT size=1 face=sans-serif>Trustees&#8217;&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,485</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Other liabilities and accrued&nbsp;expenses</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>85,787</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" 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></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;liabilities</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>453,143,239</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" 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></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$854,439,567</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><B><FONT size=1 face=sans-serif>Net assets consist&nbsp;of</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Paid-in&nbsp;capital</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$705,004,523</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Undistributed net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,508,012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized gain (loss) on investments, options written and</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="79%" noWrap align=left><FONT size=1 face=sans-serif>swap&nbsp;agreements</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(74,588,564)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation (depreciation) on investments, options written</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="79%" noWrap align=left><FONT size=1 face=sans-serif>and swap&nbsp;agreements</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>220,515,596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" 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></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$854,439,567</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" noWrap align=left><B><FONT size=1 face=sans-serif>Net assets value per share</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD width="79%" 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="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="79%" noWrap align=left><FONT size=1 face=sans-serif>number of shares authorized with no par&nbsp;value</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$22.64</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="49%"></TD>

   <TD width="46%"></TD>

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

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual 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"><FONT size=2 face=sans-serif></FONT></P><FONT size=2 face=sans-serif>FINANCIAL </FONT><FONT size=2 face=sans-serif>STATEMENTS</FONT>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of operations </FONT><FONT size=2 face=sans-serif>For the six-month period ended 4-30-13</FONT><BR><FONT size=2 face=sans-serif>(unaudited)</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><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></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>$29,670,442</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>94,991</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>(50,172)</FONT>&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>Total investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>29,715,261</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><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></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>4,362,006</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>159,872</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>13,776</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>42,746</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>50,903</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>97,548</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>38,608</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>6,513</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>1,399,065</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>16,221</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>18,450</FONT>&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>Total&nbsp;expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>6,205,708</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>23,509,553</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>9,744,039</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>(3,981,882)</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>(709,366)</FONT>&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>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>5,052,791</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>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>78,128,541</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>(2,895,027)</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>(202,959)</FONT>&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>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>75,030,555</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>80,083,346</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>$103,592,899</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="46%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>

   <TD width="49%" 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>FINANCIAL </FONT><FONT size=2 face=sans-serif>STATEMENTS</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>Six&nbsp;months</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&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>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>4-30-13</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>(Unaudited)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-12</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&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>$23,509,553</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$45,156,951</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>5,052,791</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,223,674</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>75,030,555</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>80,812,127</FONT>&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>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>103,592,899</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>128,192,752</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>(22,301,235)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(44,602,470)</FONT>&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>81,291,664</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>83,590,282</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</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><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;period</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>773,147,903</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>689,557,621</FONT>&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>End of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$854,439,567</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$773,147,903</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>$3,508,012</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,299,694</FONT></B>&nbsp;</TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Share&nbsp;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>

</FONT></B>&nbsp; </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: 12px" width="59%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;period</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>37,734,746</FONT>&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>End of&nbsp;period</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="49%"></TD>

   <TD width="46%"></TD>

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

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual 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>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif></FONT></P><FONT size=2 face=sans-serif>FINANCIAL </FONT><FONT size=2 face=sans-serif>STATEMENTS</FONT>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of cash flows </FONT><FONT size=2 face=sans-serif>4-30-13</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="81%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>For the</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>six months</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>ended</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>4-30-13</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>(unaudited)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from operating activities</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net increase in net assets from operations</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$103,592,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" noWrap align=left><B><FONT size=1 face=sans-serif>cash used in operating activities:</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Long-term investments purchased</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(131,107,492)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Long-term investments sold</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>110,543,139</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in short term investments</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(31,565,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in dividends and interest receivable</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(51,380)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in payable for investments purchased</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>24,895,766</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in receivable for investments sold</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,636,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in cash segregated at custodian for swap contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(640,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in payable for cash segregated at custodian for swap contracts</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in other receivables and prepaid expenses</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>43,239</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in unrealized depreciation of swap contracts</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>202,959</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in payable for options written</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>3,695,210</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in payable to affiliates</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(46,979)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in interest payable</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(9,697)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in other liabilities and accrued expenses</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(22,226)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net change in unrealized (appreciation) depreciation on investments</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(78,128,541)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized gain on investments</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(9,744,039)</FONT>&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 cash used in operating activities</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>($6,395,304)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><STRONG><FONT size=1 face=Arial>

   <HR SIZE=1 noShade>

&nbsp;</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from financing activities</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Borrowings from credit facility agreement payable</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$28,600,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions to common shareholders</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(22,301,235)</FONT>&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 cash provided by financing activities</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$6,298,765</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 decrease in cash</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>($96,539)</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>Cash at beginning of period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$97,227</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>Cash at end of period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$688</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=left></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Supplemental disclosure of cash flow information</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><B><FONT size=1 face=sans-serif>&nbsp; </FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash paid for interest</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$1,408,762</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="46%"></TD>

   <TD width="49%"></TD></TR>

<TR vAlign=bottom>

   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>

   <TD width="49%" 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>

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<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="12%" align=left></TD>

   <TD width="12%" align=right></TD>

   <TD width="12%" align=right></TD>

   <TD width="12%" align=right></TD>

   <TD width="12%" align=right></TD>

   <TD width="12%" align=right></TD>

   <TD width="12%" align=right></TD>

   <TD width="12%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>COMMON SHARES</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Period&nbsp;ended</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>4-30-13</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-12</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-11</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-10</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>12-31-08</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>12-31-07</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Per share operating&nbsp;performance</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=8 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$20.49</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$18.27</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.58</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.87</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.48</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$19.99</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$22.90</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.62</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.10</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.88</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.13</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.26</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>gain (loss) on&nbsp;investments</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>2.12</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>2.20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.60</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>3.69</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.56</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(7.07)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(1.98)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Distributions to Auction</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>Preferred Shares (APS)*</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(0.15)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(0.41)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>investment&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>2.74</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>3.40</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>2.80</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>4.79</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>1.44</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(6.09)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.13)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Less distributions to</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>common&nbsp;shareholders</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(0.59)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(1.18)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(1.12)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(1.09)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(0.83)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(0.99)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(1.19)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>From net realized&nbsp;gain</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(0.15)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(0.59)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>From tax return of&nbsp;capital</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(0.23)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(0.44)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;distributions</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.59)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.18)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.12)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.09)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.06)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.58)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.78)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Anti-dilutive impact of</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>repurchase&nbsp;plan</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.16</FONT><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$22.64</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$20.49</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$18.27</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.58</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.87</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.48</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$19.99</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share market value, end</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$20.79</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$19.07</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$16.64</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$15.41</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.35</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$10.30</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$17.90</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at net asset</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>5,6</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>13.92</FONT></B><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>19.64</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>18.16</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>39.49</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>15.34</FONT></B><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(29.97)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(4.19)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>5</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>12.40</FONT></B><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>22.25</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>15.79</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>47.01</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>23.24</FONT></B><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(35.46)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(3.32)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Ratios and supplemental&nbsp;data</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=8 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Net assets applicable to</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>common shares, end of</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>period (in&nbsp;millions)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$854</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$773</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$690</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$630</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$493</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$480</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$841</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ratios (as a percentage of</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>average net assets):</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>Expenses before&nbsp;reductions</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.61</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.65</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.77</FONT><SUP><FONT size=1 face=sans-serif>9</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>2.03</FONT>&nbsp;</TD>

   <TD width="12%" 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="12%" noWrap align=right><FONT size=1 face=sans-serif>2.29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.27</FONT><SUP><FONT size=1 face=sans-serif>10</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>Expenses net of fee waivers</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 24px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>and&nbsp;credits</FONT><SUP><FONT size=1 face=sans-serif>11</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.61</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.62</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.56</FONT><SUP><FONT size=1 face=sans-serif>9</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.86</FONT>&nbsp;</TD>

   <TD width="12%" 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="12%" noWrap align=right><FONT size=1 face=sans-serif>1.99</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.99</FONT><SUP><FONT size=1 face=sans-serif>12</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>6.09</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>6.19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>6.98</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>7.37</FONT>&nbsp;</TD>

   <TD width="12%" 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="12%" noWrap align=right><FONT size=1 face=sans-serif>7.02</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>5.65</FONT><SUP><FONT size=1 face=sans-serif>13</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>9</FONT>&nbsp;</TD>

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

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>26</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Senior&nbsp;securities</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="96%" colSpan=8 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Total value of APS outstanding</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>(in&nbsp;millions)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Involuntary liquidation</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>preference per unit</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>(in&nbsp;thousands)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR>

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   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Average market value per unit</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>(in&nbsp;thousands)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR>

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   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per&nbsp;unit</FONT><SUP><FONT size=1 face=sans-serif>14</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$81,737</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual 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>

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   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>COMMON SHARES</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

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   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Period&nbsp;ended</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>4-30-13</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-12</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-11</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-10</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>12-31-08</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>12-31-07</FONT></B>&nbsp;</TD></TR>

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   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Senior&nbsp;securities</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

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   <TD width="96%" colSpan=8 noWrap align=left><FONT size=1 face=sans-serif>

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   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Total debt outstanding end of</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>period (in millions) (Note&nbsp;8)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$419</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$390</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$344</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$311</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$253</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$267</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

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   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per $1,000</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

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   <TD width="12%" noWrap align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>of&nbsp;APS</FONT><SUP><FONT size=1 face=sans-serif>15</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$3,212</FONT>&nbsp;</TD></TR>

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   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per $1,000</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 12px" width="12%" noWrap align=left><FONT size=1 face=sans-serif>of&nbsp;debt</FONT><SUP><FONT size=1 face=sans-serif>16</FONT></SUP>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$3,040</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$2,981</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$3,005</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$3,030</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$2,946</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$2,797</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif></FONT></SUP>&nbsp;</P>

<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif>* </FONT></SUP><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>Six months ended 4-30-13.&nbsp;Unaudited.</FONT><BR><SUP><FONT size=1 face=sans-serif>2 </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>3 </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>4 </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, 302,900 shares, 173,600 shares and 3,589,570 shares, respectively. The repurchases for </FONT><FONT size=1 face=sans-serif>the periods ended 10-31-11, 10-31-10, 10-31-09 and 12-31-08 were $4,227,969, $4,178,919, $1,786,938 and </FONT><FONT size=1 face=sans-serif>$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>5 </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>6 </FONT></SUP><FONT size=1 face=sans-serif>Total returns would have been lower had certain expenses not been reduced during the applicable periods&nbsp;shown.</FONT><BR><SUP><FONT size=1 face=sans-serif>7 </FONT></SUP><FONT size=1 face=sans-serif>Not&nbsp;annualized.</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>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>10 </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 not </FONT><FONT size=1 face=sans-serif>take into consideration expense reductions during the periods shown. Without the exclusion of preferred shares, the </FONT><FONT size=1 face=sans-serif>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>11 </FONT></SUP><FONT size=1 face=sans-serif>Expenses net of fee waivers and credits excluding interest expense were 1.25% (annualized), 1.17%, 1.03%, </FONT><FONT size=1 face=sans-serif>1.22%, 1.14% (annualized), 1.12% and 0.99% for the periods ended 4-30-13, 10-31-12, 10-31-11, 10-31-10, </FONT><FONT size=1 face=sans-serif>10-31-09, 12-31-08 and 12-31-07, respectively.</FONT><BR><SUP><FONT size=1 face=sans-serif>12 </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 </FONT><FONT size=1 face=sans-serif>the&nbsp;exclusion of preferred shares, the annualized ratio of expenses would have been 0.70% for the period </FONT><FONT size=1 face=sans-serif>ended&nbsp;12-31-07.</FONT><BR><SUP><FONT size=1 face=sans-serif>13 </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>14 </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>15 </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>16 </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 measure of&nbsp;leverage.</FONT></P>

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   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="46%" noWrap align=left><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>

   <TD width="49%" 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><BR><B><FONT size=2 face=sans-serif>(unaudited)</FONT></B></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 as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. 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.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. 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, for which reliable market quotations are not readily 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 and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.</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 other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund&#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.</FONT></P>

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   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual 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=2 face=serif>The following is a summary of the values by input classification of the Fund&#8217;s investments as of April 30, 2013, by major security category or type:</FONT></P>

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   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>LEVEL 3</FONT>&nbsp;</TD></TR>

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   <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>

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   <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>

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   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>VALUE AT 4-30-13</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="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks</FONT></B>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 12px" 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>$71,669,555</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$71,669,555</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: 12px" 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>2,495,260</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,495,260</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: 12px" 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: 24px" 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>40,078,390</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>40,078,390</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: 12px" 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>551,770,458</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>551,770,458</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: 12px" 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>5,290,000</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,290,000</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: 12px" 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>404,048,014</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>404,048,014</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: 12px" 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: 24px" 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>23,514,656</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23,514,656</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: 12px" 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>164,573,250</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>107,044,791</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$57,528,459</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: 12px" 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>3,353,106</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>3,353,106</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>34,651,000</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>34,651,000</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>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" 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>$1,301,443,689</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,205,911,124</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$95,532,565</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: 12px" 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>($3,807,900)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($3,807,900)</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>($3,927,824)</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>($3,927,824)</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 that 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. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. 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 the Fund invests. Taxes are accrued based upon investment income, realized gains or unrealized appreciation.</FONT></P>

<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</FONT></P>

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   <TD width="4%" noWrap align=left><FONT size=2 face=sans-serif>18</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>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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, as of October 31, 2012, the Fund has a capital loss carryforward of $71,605,008 available to offset future net realized capital gains 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Such distributions, 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.</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>

<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 the Fund&#8217;s 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 pronouncements. </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>and in January 2013, Accounting Standards Update No. 2013-1, </FONT><I><FONT size=2 face=serif>Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities</FONT></I><FONT size=2 face=serif>. These updates create 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</FONT></P>

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   <TD width="97%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD>

   <TD width="2%" 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>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. These updates 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 may invest in derivatives in order to meet its investment objective. The use of derivatives involves 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 OTC 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 in a segregated account by a third-party agent or 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 April 30, 2013, $3,720,000 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, put options and call options. Options are traded either OTC or on an exchange. A call option gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying instrument at the exercise price. A put option gives the purchaser of the option the right to sell (and the writer the obligation to buy) the underlying instrument at the exercise price. Writing puts and buying calls may increase the Fund&#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. In addition, OTC options are subject to the risks of all OTC derivatives contracts.</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 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>

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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>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six months ended April 30, 2013, the Fund wrote option contracts to hedge against anticipated changes in securities market. The following tables summarize the Fund&#8217;s written options activities during the six months ended April 30, 2013 and the contracts held at April 30, 2013.</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>PREMIUMS</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&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>5,295</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>$609,525</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>16,021</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>12,469,720</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>(6,595)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>(2,047,922)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Options bought back</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>(13,576)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>(9,621,615)</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>1,145</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,409,708</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="18%"></TD>

   <TD width="17%"></TD>

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

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

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

   <TD width="17%"></TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>EXERCISE</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>EXPIRATION</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>NUMBER OF</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>OPTIONS</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>PRICE</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>DATE</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>CONTRACTS</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>PREMIUM</FONT>&nbsp;</TD>

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

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><B><FONT size=1 face=sans-serif>CALLS</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

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

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

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

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>NASDAQ 100 Stock Index</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$2,765</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>May 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$175,465</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>($561,150)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

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

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

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

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>Semiconductor Index</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>420</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>May 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>195</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>120,307</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>(492,375)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>S&amp;P 500 Index</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,550</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>May 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>550</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,098,329</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>(2,692,250)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>S&amp;P 500 Index</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,635</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>May 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>355</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>15,607</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>(62,125)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

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

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

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>1,145</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,409,708</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>($3,807,900)</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 the Fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The Fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Swap agreements are privately negotiated in the OTC market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the Fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the Fund. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.</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>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six months ended April 30, 2013, the Fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of April 30, 2013.</FONT></P>

<DIV align=left>

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



<TR>

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

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

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

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

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

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

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

   <TD width="14%"></TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>USD</FONT>&nbsp;</TD>

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

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENTS</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENTS</FONT>&nbsp;</TD>

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

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

   <TD width="14%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>NOTIONAL</FONT>&nbsp;</TD>

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

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>MADE</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>RECEIVED</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>MATURITY</FONT>&nbsp;</TD>

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

   <TD width="14%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>COUNTERPARTY</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>AMOUNT</FONT>&nbsp;</TD>

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

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BY FUND</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BY FUND</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>DATE</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>MARKET VALUE</FONT>&nbsp;</TD>

   <TD width="14%" 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></TR>

<TR>

   <TD width="68%" colSpan=7>

   <HR SIZE=1 noShade>

</TD>

   <TD width="14%"></TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$86,000,000</FONT>&nbsp;</TD>

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

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>1.4625%</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>3-month</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aug 2016</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>($2,946,448)</FONT>&nbsp;</TD>

   <TD width="14%" 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></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

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

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

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

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>LIBOR(a)</FONT>&nbsp;</TD>

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

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

   <TD width="14%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>86,000,000</FONT>&nbsp;</TD>

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

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.8750%</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>3-month</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Jul 2017</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>(981,376)</FONT>&nbsp;</TD>

   <TD width="14%" 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></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

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

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

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

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>LIBOR(a)</FONT>&nbsp;</TD>

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

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

   <TD width="14%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$172,000,000</FONT></B>&nbsp;</TD>

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

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

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

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

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>($3,927,824)</FONT></B>&nbsp;</TD>

   <TD width="14%" 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></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 4-30-13, the 3-month LIBOR rate was 0.2731%</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="95%"></TD>

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

<TR vAlign=bottom>

   <TD width="95%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual 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>

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

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



<!--$$/page=--><A name="page_18"></A><BR>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>No interest rate swap positions were entered into or closed during the six months ended April 30, 2013.</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 April 30, 2013 by risk category:</FONT></P>

<DIV align=left>

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



<TR>

   <TD width="23%"></TD>

   <TD width="23%"></TD>

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

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

   <TD width="23%"></TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

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

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

   <TD width="23%" 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="23%" noWrap align=right><FONT size=1 face=sans-serif>($3,807,900)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

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

   <TD width="23%" 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="23%" noWrap align=right><FONT size=1 face=sans-serif>($3,927,824)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

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

   <TD width="23%" 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="23%" noWrap align=right><B><FONT size=1 face=sans-serif>($7,735,724)</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 six months ended April 30, 2013:</FONT></P>

<DIV align=left>

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



<TR>

   <TD width="23%"></TD>

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

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

   <TD width="23%"></TD>

   <TD width="23%"></TD></TR>

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>OPERATIONS LOCATION</FONT>&nbsp;</TD>

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

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

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

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Net realized gain (loss)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>($3,981,882)</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>($3,981,882)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Net realized gain (loss)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>($709,366)</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>($709,366)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</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>($3,981,882)</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=1 face=sans-serif>($709,366)</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=1 face=sans-serif>($4,691,248)</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 six months ended April 30, 2013:</FONT></P>

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

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



<TR>

   <TD width="23%"></TD>

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

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

   <TD width="23%"></TD>

   <TD width="23%"></TD></TR>

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>OPERATIONS LOCATION</FONT>&nbsp;</TD>

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

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

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

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>($2,895,027)</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>($2,895,027)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>(depreciation)</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>($202,959)</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=right><FONT size=1 face=sans-serif>($202,959)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>(depreciation)</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</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>($2,895,027)</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=1 face=sans-serif>($202,959)</FONT></B>&nbsp;</TD>

   <TD width="23%" noWrap align=right><B><FONT size=1 face=sans-serif>($3,097,986)</FONT></B>&nbsp;</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>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 Advisor) serves as investment advisor for the Fund. The Advisor is an indirect, wholly owned subsidiary of Manulife Financial Corporation (MFC).</FONT></P>

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<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 Advisor under which the Fund pays a daily management fee to the Advisor equivalent, on an annual basis, to 0.75% of the Fund&#8217;s average daily managed assets (net assets plus borrowings under the Credit Facility Agreement) (see Note 8). The Advisor 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 Advisor, and a subadvisory agreement with Analytic Investors, LLC (&#8220;Analytic&#8221;). On March 26, 2013, shareholders of the Fund approved a new subadvisory agreement for the Fund between the Advisor and Analytic, which manages the options strategy for the Fund. This was necessary as a result of a change in ownership of Analytic. The new subadvisory agreement is substantially the same as the prior agreement. The Fund is not responsible for payment of the subadvisory fees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The investment management fees incurred for the six months ended April 30, 2013 were equivalent to a net annual effective rate of 0.75% 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 Advisor 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 six months ended April 30, 2013 amounted to an annual rate of 0.02% 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 Advisor or its affiliates. Under the John Hancock Group of Funds Deferred Compensation Plan (the Plan), which was terminated in November 2012, certain Trustees could have elected, for tax purposes, to defer receipt of this compensation. Any 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. Plan assets will be liquidated in accordance with the Plan documents.</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 Board of Trustees approved a share repurchase plan, which was subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the Fund may purchase in the open market up to 10% of its outstanding common shares as of December 31, 2012. The current share repurchase plan will remain in effect between January 1, 2013 and December 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six months ended April 30, 2013 and the year ended October 31, 2012, the Fund did not repurchase any shares under the repurchase plan.</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 Advisor&#8217;s fee is also increased in dollar terms from the use of leverage. Consequently, the Fund and the Advisor 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 holders 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>

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<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; and</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 risks 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>The Fund has entered into a CFA with Credit Suisse Securities 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 (London Interbank Offered Rate) plus 0.41% and is payable monthly. As of April 30, 2013, the Fund had borrowings of $418,900,000, at an interest rate of 0.68%, which is reflected in the Credit facility agreement payable on the Statement of assets and liabilities. During the six months ended April 30, 2013, the average borrowings under the CFA and the effective average interest rate were $394,430,939 and 0.72%, respectively.</FONT></P>

<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 facility termination event, CSSU is required to provide the Fund with 270 calendar days&#8217; notice prior to terminating or amending the CFA.</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 $131,107,492 and $110,543,139, respectively, for the six months ended April 30, 2013.</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>The Fund will generally 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>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 Advisor 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 are currently taxed to noncorporate taxpayers at a maximum rate of 20% (15% or 0% for individuals in certain tax brackets) (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>Subadvisory Agreement with Analytic Investors, LLC</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Analytic Investors, LLC (Analytic) is responsible for formulating and implementing the options strategy for the Fund (Options Strategy). On December 31, 2012, Analytic entered into a transaction with Old Mutual Intermediary, LLC (the Analytic Transaction). As a result of the Analytic Transaction, the prior subadvisory agreement between John Hancock Advisers, LLC (the Advisor) and Analytic terminated upon the closing of the Analytic Transaction as required under the Investment Company Act of 1940, as amended.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>At an in-person meeting on December 10&#8211;12, 2012, the Board approved a new subadvisory agreement with Analytic and, to ensure continuation of the subadvisory services provided by Analytic to the Fund, the Board also approved an interim subadvisory agreement with Analytic to continue in effect until shareholders of the Fund approve the new subadvisory agreement. The new subadvisory agreement with Analytic was approved by shareholders of the Fund at the Special Meeting of Shareholders held on March 26, 2013. The interim and the new subadvisory agreements are referred to as Analytic Agreement. A description of the Board&#8217;s evaluation and recommendation with respect to the Analytic Agreement is set forth below.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Board Consideration of Analytic Agreement</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board, including all the Independent Trustees, approved the Analytic Agreement at the in-person meeting on December 10&#8211;12, 2012. In considering the approval of the Analytic Agreement, the Board took into account certain information and materials relating to Analytic that the Board had received and considered in connection with the annual evaluation of the prior subadvisory agreement between the Advisor and Analytic at the in-person meetings held on May 6&#8211;8 and June 3&#8211;5, 2012. A discussion of the bases of the Board&#8217;s approval of the prior agreement is included in the Fund&#8217;s annual shareholder report dated October 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>At the December 10&#8211;12, 2012 meeting, the Board revisited the factors it previously considered at the May 6-8 and June 3&#8211;5, 2012 meetings to the extent relevant to the Analytic Agreement. The Board also took into account other factors that it considered relevant in its evaluation of the Analytic Agreement, including its review of the information provided by Analytic with respect to changes since those meetings and information about the Analytic Transaction.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board reviewed the nature, extent and quality of services provided by Analytic, including the quality and depth of the investment professionals having principal investment responsibility for managing the Options Strategy and the capability and the performance record of those</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>professionals. The Board considered Analytic&#8217;s history and experience providing services to the Fund, including the performance record of the Options Strategy and its effectiveness in reducing the overall volatility of the Fund&#8217;s performance. In evaluating the performance of the Options Strategy, the Board noted that it outperformed the options component of the CBOE S&amp;P 500 BuyWrite Index for the year-to-date and one year periods ended September 30, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In addition to evaluating the nature, extent and quality of services provided by Analytic, the Board reviewed the contractual subadvisory fee rate payable to Analytic with respect to the Fund. The Board noted that the subadvisory fee is paid by the Advisor and not by the Fund and that the Board relies on the ability of the Advisor to negotiate the subadvisory fee at arm&#8217;s-length. The Board further noted that neither the advisory fee paid by the Fund nor the subadvisory fee paid by the Advisor will change under the Analytic Agreement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In evaluating the impact of the Analytic Transaction, the Board noted that no changes were planned to the current portfolio management team or investment approach after the closing of the Analytic Transaction. In addition, the Board considered Analytic&#8217;s representations that the Analytic Transaction would provide Analytic with an opportunity to take advantage of full autonomy regarding its business, such as greater latitude to hire and reward investment and research staff and more freedom to pursue market opportunities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Based on its review, the Board, including the Independent Trustees, determined that the terms of the Analytic Agreement, including the fee rate, were fair and reasonable and in the best interests of the Fund and its shareholders, and unanimously approved the Analytic Agreement.</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 six months ended April 30, 2013, dividends from net investment income totaling $0.5910 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="12%" noWrap align=right><FONT size=1 face=sans-serif>INCOME</FONT>&nbsp;</TD>

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   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENT DATE</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>DIVIDENDS</FONT>&nbsp;</TD>

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</TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2012</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$0.0985</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>January 31, 2013</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>February 28, 2013</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>March 28, 2013</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.0985</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$0.5910</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" 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. (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>

<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>26</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>| Semiannual 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%">

<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 (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 by clicking on EquityAccess &amp; More. The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date, which is three business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their 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. Click 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 shareholders withdraw from the Plan, their shares will be credited to their account; or, if they wish, the Plan Agent will sell their full and fractional shares and send the shareholders the proceeds, less a transaction fee of $5 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. Click 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 shareholders wish to participate in the Plan and their shares are held in the name of a brokerage firm, bank or other nominee, shareholders should contact their nominee to see if it will participate in the Plan. If shareholders wish to participate in the Plan, but their brokerage firm, bank or other nominee is unable to participate on their behalf, they will need to request that their shares be re-registered in their own name, or they 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 shareholders as representing the total amount registered in their name and held for their account by their nominee.</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>Semiannual 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>27</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=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>Effective July 1, 2013, the Plan will be revised to reflect an updated definition of the market price. Under the revised Plan, &#8220;market price&#8221; will be defined as &#8220;the last sale price for the Fund&#8217;s shares in the market on that date as of the close of regular trading on the New York Stock Exchange (NYSE), or, if there is no sale in the market on that date or sale prices are not available, then the mean between the closing bid and asked quotations for such shares on such date.&#8221; This definition will replace the current definition, stating that &#8220;market price&#8221; is &#8220;the last sale price for the Fund&#8217;s shares on the New York Stock Exchange (NYSE) on that date, or, if there is no sale on the NYSE on that date, then the mean between the closing bid and asked quotations for such shares on the NYSE on such date&#8221;.</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 1-800-952-9245 (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</FONT><BR><FONT size=1 face=sans-serif>P.O. Box 43006</FONT><BR><FONT size=1 face=sans-serif>Providence, RI 02940-3006</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 assistance.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder meetings</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Special Meeting of Shareholders</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund held a Special Meeting of Shareholders at an adjourned session held on March 26, 2013. </FONT><FONT size=2 face=serif>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>To approve a new subadvisory agreement for John Hancock Tax-Advantaged Dividend Income Fund between John Hancock Advisers, LLC and Analytic Investors, LLC (the &#8220;Agreement&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders of the Fund approved the Agreement and the votes cast with respect to this proposal are set forth below:</FONT></P>

<DIV align=left>

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



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>FOR</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>AGAINST</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>ABSTAIN</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>BROKER NON-VOTES</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=2 face=serif>16,299,037.882</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=serif>472,378.254</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=serif>608,726.731</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=2 face=serif>2,919,818.000</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>28</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>| Semiannual 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%">

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Annual Meeting of Shareholders</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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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>

<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 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>

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   <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>

<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>Portfolio manager change</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Effective February 4, 2013, the portfolio management team at John Hancock Asset Management a division of Manulife Asset Management (US) LLC has changed as follows: Lisa Welch no longer serves on the portfolio management team responsible for managing the Fund. Gregory Phelps and Mark Maloney, who have served on the portfolio management team for the Fund since its inception, continue to serve on the team responsible for the management of the underlying portfolio.</FONT></P>

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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>Semiannual 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>29</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<A name="page_26"></A><BR>

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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%"></TD>

   <TD width="33%"></TD></TR>

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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 advisor</FONT></B>&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>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 style="TEXT-INDENT: 12px" 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>Steven R. Pruchansky,</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Subadvisors</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 12px" 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>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>

<TR vAlign=bottom>

   <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><I><FONT size=2 face=serif>Executive Vice President</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" width="33%" noWrap align=left><FONT size=2 face=serif>a division of Manulife Asset</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" width="33%" noWrap align=left><FONT size=2 face=serif>Management (US) LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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><FONT size=2 face=serif>Thomas M. Kinzler</FONT>&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>Peter S. Burgess</FONT><FONT size=1 face=sans-serif>*</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>William H. Cunningham</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&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><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>Theron S. Hoffman</FONT><FONT size=1 face=sans-serif>*</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>

<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>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" width="33%" noWrap align=left><FONT size=2 face=serif>Trust Company</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>Charles A. Rizzo</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>Gregory A. Russo</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Chief Financial Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Transfer agent</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>&nbsp;</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>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Salvatore Schiavone</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" 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>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp; 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>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&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>Stock symbol</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><FONT size=2 face=serif>Listed New York Stock</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD style="TEXT-INDENT: 12px" 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="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>For shareholder assistance refer to page 28</FONT></B></P>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>You can also contact us:</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>1-800-852-0218</FONT></B>&nbsp;</TD>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Regular mail:</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>jhfunds.com</FONT></B>&nbsp;</TD>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Computershare</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 43006</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Providence, RI 02940-3006</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 1-800-SEC-0330 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>

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<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="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>| Semiannual report</FONT></B>&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>

   <TD width="90%" noWrap align=center><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="10%" align=center><FONT size=2 face=sans-serif>STANDARD</FONT></TD>

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   <TD width="10%" noWrap align=center><FONT size=2 face=sans-serif>U.S. POSTAGE</FONT>&nbsp;</TD>

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   <TD width="10%" align=center><FONT size=2 face=sans-serif>PAID</FONT></TD>

   <TD width="90%" align=center><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="10%" align=center><FONT size=2 face=sans-serif>MIS</FONT></TD>

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<P style="MARGIN: 0px; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=sans-serif>1-800-852-0218</FONT><BR><FONT size=2 face=sans-serif>1-800-231-5469 TDD</FONT><BR><FONT size=2 face=sans-serif>1-800-843-0090 EASI-Line</FONT><BR><FONT size=2 face=sans-serif>www.</FONT><FONT size=2 face=sans-serif>jhfunds.</FONT><FONT size=2 face=sans-serif>com</FONT></FONT><FONT size=2 face=sans-serif></FONT></P>

<P style="MARGIN: 0px; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>P13SA 4/13</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>MF142247</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>6/13</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>Not applicable.</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>Not applicable at this time.</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>Not applicable at this time.</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>Not applicable at this time.</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.<BR>(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>Not applicable.</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"><FONT face=sans-serif size=2>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT 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)</FONT></P>

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   <TD width="20%"></TD>

   <TD width="20%"></TD>

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   <TD width="20%"></TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>Total number of</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>Maximum number of</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>shares purchased</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>shares that may yet</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>shares</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>Average price</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>as part of publicly</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>be purchased under</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=2>Period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>purchased</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>per share</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>announced plans*</FONT></B>&nbsp;</TD>

   <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=2>the plans</FONT></B>&nbsp;</TD></TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Nov-12</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,773,475</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Dec-12</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,773,475*</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Jan-13</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,773,475</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Feb-13</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,773,475</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Mar-13</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,773,475</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Apr-13</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>3,773,475</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Total</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR align=left noShade SIZE=1>

</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=5><FONT face=sans-serif size=2>*In December 2007, the Trustees approved a share repurchase plan, which has been</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=5><FONT face=sans-serif size=2>subsequently reviewed and approved by the Board of Trustees each year in December. Under</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=5><FONT face=sans-serif size=2>the current share repurchase plan, the Fund may purchase in the open market up to 10% of its</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=5><FONT face=sans-serif size=2>outstanding common shares as of December 31, 2012. The plan renewed by the Board in</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=5><FONT face=sans-serif size=2>December 2012 will remain in effect between January 1, 2013 and December 31, 2013.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR></TABLE></DIV>

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

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<P style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The registrant has adopted procedures by which shareholders may recommend nominees to the registrant&#146;s Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached &#147;John Hancock Funds &#150; Nominating, Governance and Administration Committee Charter.&#148;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 11. CONTROLS AND PROCEDURES.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(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 size=2 face="sans-serif">(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 size=2 face="sans-serif">ITEM 12. EXHIBITS.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(a) 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 size=2 face="sans-serif">(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 size=2 face="sans-serif">(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached &#147;John Hancock Funds &#150; Nominating, Governance and Administration Committee Charter.&#148;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c)(2) Contact person at the registrant.</FONT></P>
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   <TD noWrap align=center><FONT face=sans-serif size=2>SIGNATURES</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, 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 width="3%"></TD>

   <TD width="97%"></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/ 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>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Hugh McHaffie</FONT></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>June 26, 2013</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, 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>

<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>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>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Hugh McHaffie</FONT></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>June 26, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&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>

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   <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></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></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>June 26, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_tadividendcerts.htm
<DESCRIPTION>CERTIFICATION
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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>

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   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Date: </FONT><U><FONT face=sans-serif size=2>June 26, 2013</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>

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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, 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>

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   <TD width="33%"></TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Date: </FONT><U><FONT face=sans-serif size=2>June 26, 2013</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>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_tadividendnoscerts.htm
<DESCRIPTION>906 CERTIFICATION
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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>

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   <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>

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   <TD align=left width="95%"><FONT face=sans-serif size=2>/s/ Hugh McHaffie</FONT></TD></TR>

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   <TD noWrap align=left width="95%"><FONT face=sans-serif size=2>--------------------------------</FONT>&nbsp;</TD></TR>

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   <TD align=left width="95%"><FONT face=sans-serif size=2>Hugh McHaffie</FONT></TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=2></FONT><FONT face=sans-serif size=2>Dated: June 26, 2013</FONT>&nbsp;</TD></TR>

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   <TD align=left width="95%"><FONT face=sans-serif size=2>-----------------------</FONT></TD></TR>

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   <TD align=left width="95%"><FONT face=sans-serif size=2>Charles A. Rizzo</FONT></TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=2></FONT><FONT face=sans-serif size=2>Dated: June 26, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

<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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<DESCRIPTION>GOVERNANCE CHARTER
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   <TD noWrap align=right><FONT size=2 face=serif>6/12/13</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=center><B><FONT size=2 face=serif>JOHN HANCOCK FUNDS </FONT></B><B><SUP><FONT size=2 face=sans-serif>1</FONT></SUP></B></TD></TR>

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   <TD noWrap align=center><B><FONT size=2 face=serif>NOMINATING AND GOVERNANCE COMMITTEE CHARTER</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><B><FONT size=2 face=serif>Overall Role and Responsibility</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Nominating and Govrnance Committee the "Committee") of each of the Trusts shall (I) make determinations and recommendations to the Board of Trustees (the "Board") regarding issues related to (a) the composition of the Board and (b) corporate governance matters applicable to the Trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of any of the Trusts, or of any Fund's investment adviser, subadviser or principal underwriter and who are "independent" as defined in the rules of the New York Stock Exchange ("NYSE") (the "Independent Trustees") and (2) discharge such additional duties, responsibilities and functions as are delegated to it from time to time.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>Membership</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Nominating and Governance Committee (the "Committee") shall be composed of all of the Independent Trustees of the Board. One member of the Committee shall be appointed by the Board as Chair of the Committee. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, presiding over meetings of the Committee and making reports to the full Board, as appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>Structure, Operations and Governance</FONT></B></P>

<P style="TEXT-ALIGN: left"><U><FONT size=2 face=serif>Meetings </FONT></U><U><FONT size=2 face=serif>and Action</FONT></U><U><FONT size=2 face=serif>s </FONT></U><U><FONT size=2 face=serif>by </FONT></U><U><FONT size=2 face=serif>Written</FONT></U> <U><FONT size=2 face=serif>Consent</FONT></U><FONT size=2 face=serif>. The Committee shall meet as often as required or as the Committee deems appropriate, with or without management present. Meetings may be called and notice given by the Committee chair or a majority of the members of the Committee. Members may attend meetings in person or by telephone. The Committee may act by written consent to the extent permitted by law and the Funds' governing documents. The Committee shall report to the Board on any significant action it takes not later than the next following Board meeting.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=2 face=serif>Required Vote and Quorum</FONT></U><FONT size=2 face=serif>. The affirmative vote of a majority of the members of the Committee participating in any meeting of the Committee at which a quorum is present is necessary for the adoption of any resolution. At least a majority of the Committee members present at the meeting in person or by telephone shall constitute a quorum for the transaction of business.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=serif>__________________________<BR></FONT></SUP><SUP><FONT size=2 face=serif>1 </FONT></SUP><FONT size=2 face=serif>"John Hancock Funds" includes each trust and series thereof listed in Appendix A, as may be amended from time to time (each individually, a "Trust," and collectively, the "Trusts," and each series thereof, a ''Portfolio" or '' Fund," and collectively, the "Portfolios"or "Funds").</FONT></P>

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   <TD noWrap align=center><FONT size=1 face=serif>{ </FONT><FONT size=1 face=serif>N034</FONT><FONT size=1 face=serif>5447; </FONT><FONT size=2 face=sans-serif>21 </FONT><FONT size=2 face=sans-serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Delegation to Subcommittees. The Committee may delegate any portion of its authority to a subcommittee of one or more members.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Appropriate Resources and Authority. 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' expense, as it determines necessary or appropriate to carry out its duties and responsibilities. In addition, 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=2 face=serif>Review of Charter. The Committee Charter shall be approved by at least a majority of the Independent Trustees of the Trust. The Committee shall review and assess the adequacy of this Charter periodically and, where necessary or as it deems desirable, will recommend changes to the Board for its approval. The Board may amend this Charter at any time in response to recommendations from the Committee or on its own motion.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=2 face=serif>Executive</FONT></U><FONT size=2 face=serif> Sessions. The Committee may meet privately and may invite non-members to attend such meetings. The Committee may meet with representatives of the Investment Management Services department of the Funds' advisers, internal legal counsel of the Funds' advisers, members of the John Hancock Funds Risk &amp; Investment Operations Committee (the "RIO Committee") and with representatives of the Funds' service providers, including the subadvisers, to discuss matters that relate to the areas for which the Committee has responsibility.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Specific </FONT><FONT size=3 face=serif>Duties and </FONT><FONT size=3 face=serif>Responsibilities</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 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=2 face=serif>1. Except where a Trust is legally required to nominate individuals recommended by another, to identify individuals qualified to serve as Independent Trustees of the Trusts, and to consider and recommend to the full Board nominations of individuals to serve as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 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=2 face=serif>3. 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=2 face=serif>4. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>5. To periodically review the Board's committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board's committees, and</FONT></P>

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   <TD noWrap align=center><FONT size=1 face=serif>{N0</FONT><FONT size=1 face=serif>3</FONT><FONT size=1 face=serif>4</FONT><FONT size=1 face=serif>5</FONT><FONT size=1 face=serif>44 </FONT><FONT size=1 face=serif>7: </FONT><FONT size=1 face=sans-serif>2} </FONT><FONT size=1 face=sans-serif>2</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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=2 face=serif>6. 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's sole authority to approve the firm's fees and other retention terms.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>7. To consider and determine the amount of compensation to be paid by the Trusts to the Independent Trustees, including the compensation of the Chair of the Board or any Vice-Chair of the Board and of Committee Chairs, and to address compensation-related matters. The Chair 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 Trusts 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=2 face=serif>8. 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=2 face=serif>9. To review the Board Governance Procedures and recommend to the Board of Trustees changes to the Procedures as the Committee deems appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>10. To report its activities to the full Board 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"><B><FONT size=2 face=serif>Additional Responsibilities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Committee will also perform other tasks assigned to it from time to time by the Chair of the Board or by the Board, and will report findings and recommendations to the Board, as appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Last revised:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6/12/13</FONT></P>

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   <TD colSpan=2 noWrap align=center><U><FONT size=2 face=serif>ANNEX</FONT> <FONT size=2 face=serif>A</FONT></U>&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 Committee may take into account a wide variety of factors in considering Trustee candidates, including (but not limited to) the criteria set forth below. The Committee may determine that a candidate who does not satisfy these criteria in one or more respects should nevertheless be considered as a nominee if the Committee finds that the criteria satisfied by the candidate and the candidate's other qualifications demonstrate the appropriate level of fitness to serve.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>General Criteria</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards, and such other personal characteristics as a capacity for leadership and the ability to work well with others.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>2. Nominees should have business, professional, academic, financial, accounting or other experience and qualifications which demonstrate that they will make a valuable contribution as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 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=2 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 investment adviser, and to act in the interests of all shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 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 trustee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>6. Nominees should have experience on corporate or other institutional bodies having oversight responsibilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>It is the intent of the Committee that at least one Independent Trustee be an "audit committee financial expert" as that term is defined in Item 3 of Form N-CSR.</FONT></P>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=serif>Application of Criteria to Current </FONT></I><I><FONT size=2 face=serif>Tru</FONT></I><I><FONT size=2 face=serif>s</FONT></I><I><FONT size=2 face=serif>te</FONT></I><I><FONT size=2 face=serif>es</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The re-nomination 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's contribution to the Board and any committee on which he or she serves.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Review of Nominations</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>1. The Committee believes that it is in the best interests of each Trust and its shareholders to obtain highly-qualified candidates to serve as members of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>2. </FONT><FONT size=2 face=serif>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'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's experience with the experience of other Board members; and the extent to which the candidate would be a desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person's availability and commitment to attend meetings and perform his or her responsibilities; whether or not the person has or 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 any subadviser of the Funds, as applicable, Fund service providers, or their affiliates or with Fund shareholders. The Committee will strive to achieve a group that reflects a diversity of experiences in respect of industries, professions and other experiences, and that is diversified as to gender and race.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>3. While the Committee is solely responsible for the selection and recommendation to the Board of Independent Trustee candidates, the Committee may consider nominees recommended by any source, including shareholders, management, legal counsel and Board members, as it deems appropriate. The Committee may retain a professional search firm or a consultant to assist the Committee in a search for a qualified candidate. Any recommendations from shareholders shall be directed to the Secretary of the relevant Trust at such address as is set forth in the Trust's disclosure documents. Recommendations from management may be submitted to the Committee Chair. 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 Trust '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>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>4. Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a -8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder 's candidate among the slate of its designated nominees, the candidate's name will be placed on the Trust's proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a -8, the shareholder's candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the Trust's proxy statement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>5. 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 relevant Trust. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means as discussed in this Annex A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>6. With respect to candidates for Independent Trustee, a biography of each candidate shall be acquired and shall be reviewed by counsel to the Independent Trustees and counsel to the Trust to dctem1ine the candidate's eligibility to serve as an Independent Trustee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>7. The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Trustee candidates as it deems necessary or appropriate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>8. After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.</FONT></P>

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   <TD noWrap align=left><FONT size=1 face=serif>l N0345447; 2</FONT><FONT size=1 face=serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=2 face=serif>List of John Hancock Fund Trusts</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Financial Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Investors Trust</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Bond Trust</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock</FONT> <FONT size=2 face=serif>Municipal Securities Trust</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock California Tax-Free Income Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock</FONT> <FONT size=2 face=serif>Preferred Income Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Capital Series</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock</FONT> <FONT size=2 face=serif>Preferred Income Fund II</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Current Interest</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Preferred Income Fund Ill</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Emerging Markets Income Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Premium Dividend Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Flexible Income Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Series Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Funds II</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Sovereign Bond Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Funds Ill</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Strategic Diversified Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Hedged Equity &amp; Income Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Strategic Series</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Income Securities Trust</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Tax-Advantaged Dividend Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Investment Trust</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Investment Trust II</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Tax-Exempt Series Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Investment Trust Ill</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=serif>John Hancock Variable Insurance Trust</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="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=serif>t </FONT><FONT size=1 face=serif>N</FONT><FONT size=1 face=serif>03</FONT><FONT size=1 face=serif>4</FONT><FONT size=1 face=serif>5</FONT><FONT size=1 face=serif>44</FONT><FONT size=1 face=serif>7</FONT><FONT size=1 face=serif>; </FONT><FONT size=1 face=serif>2</FONT><FONT size=1 face=serif>}</FONT>&nbsp;</TD></TR></TABLE></DIV>

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