John Hancock Tax-Advantaged Dividend Income Fund

The British Banker’s Association

London Interbank Offered Rate

Over-the-counter

NPORT-EX 1 d742734dnportex.htm JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND John Hancock Tax-Advantaged Dividend Income Fund

John Hancock

Tax-Advantaged Dividend Income Fund

Quarterly portfolio holdings 7/31/19

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Fund’s investments

As of 7-31-19 (unaudited)


	Shares		Value
Common stocks 76.0% (52.0% of Total investments)			$	699,021,794
(Cost $456,618,031)
Communication services 3.6%
Diversified telecommunication services 3.6%
AT&T, Inc. (A)		575,000		19,578,750
Verizon Communications, Inc. (A)		249,160		13,771,073
Consumer staples 0.7%
Tobacco 0.7%
Philip Morris International, Inc. (A)		78,000		6,521,580
Energy 14.6%
Oil, gas and consumable fuels 14.6%
BP PLC, ADR (B)		810,450		32,207,283
Enbridge, Inc.		347,106		11,589,869
Equitrans Midstream Corp. (A)(C)		720,000		11,944,800
Kinder Morgan, Inc.		550,000		11,341,000
ONEOK, Inc. (A)(C)		525,000		36,792,000
Royal Dutch Shell PLC, ADR, Class A (A)(C)		258,000		16,225,620
The Williams Companies, Inc. (A)(C)		580,000		14,291,200
Financials 3.3%
Banks 1.5%
PacWest Bancorp (A)(C)		338,000		13,056,940
Capital markets 1.8%
Ares Management Corp., Class A (A)(C)		570,000		16,672,500
Utilities 53.8%
Electric utilities 29.9%
Alliant Energy Corp.		390,000		19,320,600
American Electric Power Company, Inc. (A)(B)(C)		520,000		45,661,200
Avangrid, Inc.		465,000		23,505,750
Duke Energy Corp. (A)(C)		320,000		27,750,400
Entergy Corp. (A)(C)		338,000		35,699,560
Eversource Energy (A)(C)		400,000		30,344,000
FirstEnergy Corp. (A)(C)		290,000		12,751,300
OGE Energy Corp. (B)		540,000		23,193,000
Pinnacle West Capital Corp.		50,000		4,561,000
PPL Corp.		590,000		17,481,700
The Southern Company		405,000		22,761,000
Xcel Energy, Inc. (A)(C)		207,000		12,339,270
Gas utilities 0.5%
Atmos Energy Corp.		45,000		4,906,800
Independent power and renewable electricity producers 1.5%
AES Corp.		800,000		13,432,000
Multi-utilities 21.9%
Ameren Corp. (A)(B)(C)		540,000		40,872,600
Black Hills Corp.		440,000		34,826,000
CenterPoint Energy, Inc.		880,000		25,528,800
Dominion Energy, Inc. (A)(C)		400,000		29,716,000
DTE Energy Company (B)		240,000		30,506,400
National Grid PLC, ADR		252,916		13,009,999
NiSource, Inc.		770,000		22,861,300
Public Service Enterprise Group, Inc.		70,000		4,000,500


2 JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND \| QUARTERLY REPORT		SEE NOTES TO FUND’S INVESTMENTS


	Shares		Value
Preferred securities 57.2% (39.2% of Total investments)			$	526,274,550
(Cost $502,985,771)
Communication services 3.8%				34,630,224

Diversified telecommunication services 1.9%
Qwest Corp., 6.125% (B)		730,000		17,454,300
Wireless telecommunication services 1.9%
Telephone & Data Systems, Inc., 5.875%		340,000		8,734,600
Telephone & Data Systems, Inc., 6.625%		39,768		1,045,898
Telephone & Data Systems, Inc., 6.875%		261,064		6,631,026
United States Cellular Corp., 6.950%		30,000		764,400
Energy 0.6%				5,625,900

Oil, gas and consumable fuels 0.6%
Enbridge, Inc., Series B (6.375% to 4-15-23, then 3 month LIBOR + 3.593%)		210,000		5,625,900
Financials 24.4%				224,674,306

Banks 13.0%
Bank of America Corp., 6.500%		177,178		4,597,769
BB&T Corp. (Callable 8-1-19), 5.200%		150,000		3,792,000
BB&T Corp. (Callable 9-3-19), 5.200%		480,000		12,134,400
BB&T Corp., 5.625%		606,000		15,398,460
Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%)		210,854		5,990,362
JPMorgan Chase & Co., 5.450%		245,000		6,401,850
JPMorgan Chase & Co., 6.100%		510,000		13,484,400
JPMorgan Chase & Co., 6.125%		98,888		2,577,021
MB Financial, Inc., 6.000%		400,000		10,548,000
Synovus Financial Corp. (6.300% to 6-21-23, then 3 month LIBOR + 3.352%)		188,000		5,004,560
The PNC Financial Services Group, Inc., 5.375% (B)		280,000		7,145,600
The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%)		40,000		1,076,800
U.S. Bancorp, 5.150% (B)		720,000		18,259,200
U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%)		296,000		7,997,920
Wells Fargo & Company, 6.000%		215,000		5,506,150
Capital markets 9.2%
Morgan Stanley, 6.625%		1,057,915		27,061,466
Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%)		220,000		6,129,200
Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%)		395,862		11,278,108
State Street Corp., 5.250%		900,000		22,761,000
State Street Corp., 6.000%		192,065		4,901,499
State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%)		25,000		671,250
The Bank of New York Mellon Corp., 5.200%		425,000		10,820,500
The Goldman Sachs Group, Inc., 6.200%		40,312		1,007,397
Consumer finance 0.7%
Capital One Financial Corp., 6.200%		100,183		2,608,765
Capital One Financial Corp., 6.700%		136,569		3,493,435
Insurance 1.5%
Assurant, Inc., 6.500% (A)		26,400		3,084,048
Athene Holding, Ltd. (6.350% to 6-30-29, then 3 month LIBOR + 4.253%)		355,787		9,720,102
Prudential Financial, Inc., 5.750%		47,460		1,223,044
Industrials 0.4%				3,504,943

Machinery 0.4%
Stanley Black & Decker, Inc., 5.750%		135,326		3,504,943


SEE NOTES TO FUND’S INVESTMENTS		QUARTERLY REPORT \| JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND 3


	Shares		Value
Real estate 2.4%			$	21,900,000

Equity real estate investment trusts 2.4%
American Homes 4 Rent, Series D, 6.500%		30,000		826,500
Crown Castle International Corp., 6.875% (A)		17,500		21,073,500
Utilities 25.6%				235,939,177

Electric utilities 11.9%
Duke Energy Corp., 5.125%		221,008		5,602,553
Duke Energy Corp., 5.750%		200,000		5,530,000
Interstate Power & Light Company, 5.100% (B)		1,302,023		33,631,254
NextEra Energy Capital Holdings, Inc., 5.000% (A)(C)		110,000		2,779,700
NextEra Energy, Inc., 6.123% (A)		106,000		7,003,420
PPL Capital Funding, Inc., 5.900%		1,013,052		25,832,826
SCE Trust II, 5.100%		1,157,500		27,154,950
The Southern Company, 6.250%		80,000		2,102,400
Gas utilities 1.9%
South Jersey Industries, Inc., 7.250% (A)		220,200		11,800,518
Spire, Inc., 5.900%		219,650		6,066,733
Multi-utilities 11.5%
Algonquin Power & Utilities Corp. (6.200% to 7-1-24, then 3 month LIBOR + 4.010%)		200,000		5,360,000
Algonquin Power & Utilities Corp. (6.875% to 10-17-23, then 3 month LIBOR + 3.677%)		479,050		13,250,523
CenterPoint Energy, Inc., 7.000% (A)		478,000		24,430,580
Dominion Energy, Inc., 7.250% (A)		281,000		28,237,690
DTE Energy Company, 5.250% (B)		166,933		4,250,114
Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%)		210,000		5,523,000
NiSource, Inc. (6.500% to 3-15-24, then 5 Year CMT + 3.632%)		250,000		6,865,000
Sempra Energy, 5.750%		45,000		1,183,050
Sempra Energy, 6.000% (A)		64,600		7,180,936
Sempra Energy, 6.750% (A)		83,400		9,294,930
Water utilities 0.3%
Aqua America, Inc., 6.000% (A)		50,000		2,859,000


	Rate (%)		Maturity date		Par value^		Value
Corporate bonds 12.4% (8.5% of Total investments)							$	114,637,784
(Cost $111,612,155)
Consumer discretionary 1.1%								10,334,576

Automobiles 1.1%
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (A)(C)(D)		6.500		09-30-28		10,600,000		10,334,576
Financials 9.1%								84,240,215

Banks 8.3%
Bank of America Corp. (5.875% to 3-15-28, then 3 month LIBOR + 2.931%) (A)(C)(D)		5.875		03-15-28		8,500,000		9,047,825
BNP Paribas SA (7.375% to 8-19-25, then 5 Year U.S. Swap Rate + 5.150%) (A)(D)		7.375		08-19-25		13,000,000		14,397,500
Citizens Financial Group, Inc. (6.000% to 7-6-23, then 3 month LIBOR + 3.003%) (A)(D)		6.000		07-06-23		13,000,000		13,195,000
Citizens Financial Group, Inc. (6.375% to 4-6-24, then 3 month LIBOR + 3.157%) (A)(D)		6.375		04-06-24		10,500,000		10,882,830
HSBC Holdings PLC (6.500% to 3-23-28, then 5 Year U.S. ISDAFIX + 3.606%) (A)(D)		6.500		03-23-28		2,500,000		2,606,250
Huntington Bancshares, Inc. (5.700% to 4-15-23, then 3 month LIBOR + 2.880%) (A)(D)		5.700		04-15-23		3,000,000		3,026,250
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (A)(D)		7.500		06-27-24		11,500,000		12,053,725


4 JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND \| QUARTERLY REPORT		SEE NOTES TO FUND’S INVESTMENTS


	Rate (%)		Maturity date		Par value^		Value
Financials (continued)
Banks (continued)
The Royal Bank of Scotland Group PLC (8.000% to 8-10-25, then 5 Year U.S. Swap Rate + 5.720%) (A)(B)(C)(D)		8.000		08-10-25		8,624,000	$	9,238,460
Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (A)(D)		5.900		06-15-24		2,000,000		2,122,500
Capital markets 0.7%
Credit Suisse Group AG (7.500% to 7-17-23, then 5 Year U.S. Swap Rate + 4.600%) (A)(D)(E)		7.500		07-17-23		6,214,000		6,602,375
Insurance 0.1%
MetLife, Inc. (5.875% to 3-15-28, then 3 month LIBOR + 2.959%) (A)(D)		5.875		03-15-28		1,000,000		1,067,500
Utilities 2.2%								20,062,993

Electric utilities 0.5%
Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (A)(D)		6.250		02-01-22		4,750,000		4,874,688
Multi-utilities 1.7%
CenterPoint Energy, Inc. (6.125% to 9-1-23, then 3 month LIBOR + 3.270%) (A)(C)(D)		6.125		09-01-23		10,750,000		11,209,025
NiSource, Inc. (5.650% to 6-15-23, then 5 Year CMT + 2.843%) (A)(D)		5.650		06-15-23		4,000,000		3,979,280

	*Yield (%)**		Maturity date		Par value^		Value
Short-term investments 0.5% (0.3% of Total investments)							$	4,367,000
(Cost $4,367,000)
U.S. Government Agency 0.1%								697,000

Federal Agricultural Mortgage Corp. Discount Note		2.150		08-01-19		206,000		206,000
Federal Home Loan Bank Discount Note		2.149		08-01-19		491,000		491,000

					Par value^		Value
Repurchase agreement 0.4%								3,670,000

Repurchase Agreement with State Street Corp. dated 7-31-19 at 1.300% to be repurchased at $3,670,133 on 8-1-19, collateralized by $3,710,000 U.S. Treasury Notes, 2.500% due 12-31-20 (valued at $3,746,339, including interest)						3,670,000		3,670,000
Total investments (Cost $1,075,582,957) 146.1%							$	1,344,301,128
Other assets and liabilities, net (46.1%)								(424,156,979	)
Total net assets 100.0%							$	920,144,149

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.

^All par values are denominated in U.S. dollars unless otherwise indicated.

Security Abbreviations and Legend

ADR	American Depositary Receipt

CMT	Constant Maturity Treasury

ISDAFIX

International Swaps and Derivatives Association Fixed Interest Rate Swap Rate

LIBOR

London Interbank Offered Rate

(A)

All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 7-31-19 was $500,728,866. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $261,612,849.

(B)	All or a portion of this security is segregated as collateral for options. Total collateral value at 7-31-19 was $106,578,865.

(C)	All or a portion of this security is on loan as of 7-31-19, and is a component of the fund’s leverage under the Liquidity Agreement.

(D)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.

(E)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

*	Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

The fund had the following country composition as a percentage of total investments on 7-31-19:


SEE NOTES TO FUND’S INVESTMENTS		QUARTERLY REPORT \| JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND 5


United States	88.7	%
United Kingdom	5.2	%
Canada	2.7	%
Netherlands	1.2	%
France	1.0	%
Other countries	1.2	%
TOTAL	100.0	%


6 JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND \| QUARTERLY REPORT		SEE NOTES TO FUND’S INVESTMENTS

DERIVATIVES

FUTURES


Open contracts	Number of contracts		Position		Expiration date		Notional basis^			Notional value^			Unrealized appreciation (depreciation)
10-Year U.S. Treasury Note Futures		980		Short		Sep 2019	$	(122,704,605	)	$	(124,873,438	)	$	(2,168,833	)
													$	(2,168,833	)

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

WRITTEN OPTIONS

Options on index


Counterparty (OTC)/ Exchange-traded	Name of issuer	Exercise price		Expiration date	Number of contracts		Notional amount		Premium		Value
Calls
Exchange-traded	NASDAQ 100 Index	USD	7,875.00	Aug 2019		8		800	$	99,994	$	(77,960	)
Exchange-traded	Philadelphia Stock Exchange Utility Sector Index	USD	780.00	Aug 2019		86		8,600		51,536		(21,500	)
Exchange-traded	Russell 2000 Index	USD	1,570.00	Aug 2019		65		6,500		149,448		(187,524	)
Exchange-traded	S&P 100 Index	USD	1,325.00	Aug 2019		75		7,500		99,691		(75,750	)
Exchange-traded	S&P 100 Index	USD	1,410.00	Sep 2019		297		29,700		74,016		(22,275	)
Exchange-traded	S&P 500 Index	USD	3,050.00	Aug 2019		37		3,700		37,341		(833	)
Exchange-traded	S&P 500 Index	USD	3,075.00	Aug 2019		37		3,700		29,571		(1,388	)
Exchange-traded	S&P 500 Index	USD	3,130.00	Aug 2019		25		2,500		13,730		(500	)
Exchange-traded	S&P 500 Index	USD	3,130.00	Aug 2019		89		8,900		23,529		(1,558	)
Exchange-traded	S&P 500 Index	USD	3,030.00	Aug 2019		37		3,700		52,141		(34,040	)
Exchange-traded	S&P 500 Index	USD	3,090.00	Aug 2019		116		11,600		74,148		(62,640	)
									$	705,145	$	(485,968	)

SWAPS

Interest rate swaps


Counterparty (OTC)/ Centrally cleared	Notional amount		Currency		Payments made			Payments received	Fixed payment frequency		Floating payment frequency		Maturity date		Unamortized upfront payment paid (received)		Unrealized appreciation (depreciation)			Value
Centrally cleared		107,000,000		USD		Fixed 2.136	%	USD 3 Month LIBOR BBA^(a)		Semi Annual		Quarterly		Oct 2022		—	$	(1,589,475	)	$	(1,589,475	)
																—	$	(1,589,475	)	$	(1,589,475	)

^(a)	At 7-31-19, the 3 month LIBOR was 2.266%

Derivatives Currency Abbreviations

USD	U.S. Dollar

Derivatives Abbreviations


SEE NOTES TO FUND’S INVESTMENTS		QUARTERLY REPORT \| JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND 7

Notes to Fund’s investments (unaudited)

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value may be determined as of the regularly scheduled close of the NYSE pursuant to the fund’s Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are typically valued based on the evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Options listed on an exchange are valued at the mid-price of the last quoted bid and ask prices from the primary exchange where the option trades. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor. Futures contracts are typically valued at the last traded price on the exchange on which they trade.

In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund’s Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

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

The following is a summary of the values by input classification of the fund’s investments as of July 31, 2019, by major security category or type:


	Total value at 7-31-19			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
Investments in securities:
Assets
Common stocks	$	699,021,794		$	699,021,794			—			—
Preferred securities
Communication services		34,630,224			34,630,224			—			—
Energy		5,625,900			5,625,900			—			—
Financials		224,674,306			214,126,306		$	10,548,000			—
Industrials		3,504,943			3,504,943			—			—
Real estate		21,900,000			826,500			21,073,500			—
Utilities		235,939,177			230,416,177			5,523,000			—
Corporate bonds		114,637,784			—			114,637,784			—
Short-term investments		4,367,000			—			4,367,000			—
Total investments in securities	$	1,344,301,128		$	1,188,151,844		$	156,149,284			—
Derivatives:
Liabilities
Futures	$	(2,168,833	)	$	(2,168,833	)		—			—
Written options		(485,968	)		(485,968	)		—			—
Swap contracts		(1,589,475	)		—		$	(1,589,475	)		—

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

More information

How to contact us


Internet	www.jhinvestments.com

Mail	Computershare
	P.O. Box 30170
	College Station, TX 77842-3170

Phone	Customer service representatives	800-852-0218
	Portfolio commentary	800-344-7054
	24-hour automated information	800-843-0090
	TDD line	800-231-5469

This report is for the information of the shareholders of John Hancock Tax-Advantaged Dividend Income Fund.

P13Q3 07/19

9/19