<SEC-DOCUMENT>0000928816-14-001013.txt : 20140627
<SEC-HEADER>0000928816-14-001013.hdr.sgml : 20140627
<ACCEPTANCE-DATETIME>20140627140214
ACCESSION NUMBER:		0000928816-14-001013
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20140430
FILED AS OF DATE:		20140627
DATE AS OF CHANGE:		20140627
EFFECTIVENESS DATE:		20140627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK PREMIUM DIVIDEND FUND
		CENTRAL INDEX KEY:			0000855886
		IRS NUMBER:				043097281
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05908
		FILM NUMBER:		14945378

	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:	HANCOCK JOHN PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19990518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a_premiumdividendfund.htm
<DESCRIPTION>JOHN HANCOCK PREMIUM DIVIDEND FUND
<TEXT>
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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>UNITED STATES</FONT>&nbsp;</TD></TR>

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

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

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

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

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

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>Investment Company Act file number </FONT><FONT size=3 face=serif><u>811-05908</u></FONT>&nbsp;</TD></TR>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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   <TD style="TEXT-INDENT: 0pt" width="50%" noWrap align=left><FONT size=3 face=serif>Date of fiscal year end:</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" width="50%" noWrap align=left><FONT size=3 face=serif>October 31</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" width="50%" noWrap align=left><FONT size=3 face=serif>Date of reporting period:</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=3 face=serif>April 30, 2014</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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 style="TEXT-INDENT: 0pt" width="78%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Top 10 Issuers (30.6% of Total Investments on 4-30-14)</FONT></B><B><SUP><FONT size=1 face=sans-serif>1,2</FONT></SUP></B>&nbsp;</TD>

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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="22%" noWrap align=right><FONT size=1 face=sans-serif>4.5%</FONT>&nbsp;</TD>

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

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>2.7%</FONT>&nbsp;</TD></TR>

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   <TD width="45%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif>

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

   <TD width="45%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif>

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>3.5%</FONT>&nbsp;</TD>

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

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>2.7%</FONT>&nbsp;</TD></TR>

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   <TD width="45%" colSpan=2 noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT><FONT color=#000000 size=1 face=sans-serif>

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   <TD width="10%" noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT></TD>

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>3.2%</FONT>&nbsp;</TD>

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

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>2.7%</FONT>&nbsp;</TD></TR>

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   <TD width="45%" colSpan=2 noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT><FONT color=#000000 size=1 face=sans-serif>

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   <TD width="10%" noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT></TD>

   <TD width="45%" colSpan=2 noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT><FONT color=#000000 size=1 face=sans-serif>

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>3.1%</FONT>&nbsp;</TD>

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

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>2.7%</FONT>&nbsp;</TD></TR>

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   <TD width="45%" colSpan=2 noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT><FONT color=#000000 size=1 face=sans-serif>

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   <TD width="10%" noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT></TD>

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>2.9%</FONT>&nbsp;</TD>

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

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>2.6%</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" 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="22%" noWrap align=left>&nbsp;</TD>

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

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>48.6%</FONT>&nbsp;</TD>

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

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>1.8%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT></TD>

   <TD width="45%" colSpan=2 noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT><FONT color=#000000 size=1 face=sans-serif>

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>38.5%</FONT>&nbsp;</TD>

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

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>0.3%</FONT>&nbsp;</TD></TR>

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   <TD width="45%" colSpan=2 noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT><FONT color=#000000 size=1 face=sans-serif>

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   <TD width="10%" noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT></TD>

   <TD width="45%" colSpan=2 noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT><FONT color=#000000 size=1 face=sans-serif>

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>7.0%</FONT>&nbsp;</TD>

   <TD width="10%" 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 &amp; Other</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>0.3%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT color=#000000 size=1 face=sans-serif></FONT></TD>

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

   <TD width="22%" noWrap align=right><FONT size=1 face=sans-serif>3.5%</FONT>&nbsp;</TD>

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

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

   <TD width="22%" noWrap align=right>&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 total investments on 4-30-14.</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>The fund normally will invest at least 25% of its managed assets in securities of companies in the utilities industry. Such an investment focus makes the fund more susceptible to factors adversely affecting the utilities industry than a more broadly diversified fund. Sector investing is subject to greater risks than the market as a whole.</FONT></P>

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   <TD width="98%"></TD></TR>

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

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Premium Dividend 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 4-30-14 </FONT><FONT size=2 face=sans-serif>(unaudited)</FONT></P>

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<TR>

   <TD width="70%"></TD>

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

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

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   <TD width="70%" 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 style="TEXT-INDENT: 0pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Preferred Securities 105.5% (69.6% 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>$781,793,067</FONT></B>&nbsp;</TD></TR>

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   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $764,296,273)</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="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Staples 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>19,972,266</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Food &amp; Staples Retailing 2.7%</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="70%" noWrap align=left><FONT size=1 face=sans-serif>Ocean Spray Cranberries, Inc., Series A,</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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>6.250% (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>224,250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,972,266</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

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   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Financials 58.3%</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>432,131,553</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Banks 17.7%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Barclays Bank PLC, Series 3, 7.100% (Z)</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,941,473</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>310,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,032,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,680,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>BB&amp;T Corp., (Callable 11-1-17), 5.200%</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>2,640,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>BB&amp;T Corp., (Callable 6-1-18), 5.200% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>235,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,172,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>PNC Financial Services Group, Inc., 5.375%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>175,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,969,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>5-1-22, then 3 month LIBOR + 4.067%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>311,600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,369,576</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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: 6pt" width="70%" 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>259,600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,796,328</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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: 6pt" width="70%" 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>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,660,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Bancorp, 5.150% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,834,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Bancorp (6.000% to 4-15-17, 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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>3 month LIBOR + 4.861%)</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>4,432,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>3 month LIBOR + 4.468%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>351,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,126,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>1,017,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,032,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Capital Markets 11.4%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley, 6.625%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>469,865</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,746,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley, 7.125% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,190,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>State Street Corp., 5.250% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,095,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,787,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>State Street Corp., 5.900%</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>649,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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: 6pt" width="70%" 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>505,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,857,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>860,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,926,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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: 6pt" width="70%" 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>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,167,500</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="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="81%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Premium Dividend Fund</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=sans-serif>7</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_4"></A><BR>

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

<DIV align=left>

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



<TR>

   <TD width="70%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Finance 6.6%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>459,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$11,470,410</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>HSBC USA, Inc., 2.858%</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>313,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>15,183,630</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>445,500</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>22,016,610</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 14.4%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,010,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>25,462,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>9,226,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>630,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>15,712,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Citigroup, Inc., Depositary Shares, Series AA,</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" noWrap align=left><FONT size=1 face=sans-serif>8.125% (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>338,830</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>10,005,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" noWrap align=left><FONT size=1 face=sans-serif>6.550% (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>287,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>7,548,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>662,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>18,205,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase &amp; Company, 5.450% (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>630,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>14,250,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>5,218,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase &amp; Company, 6.700%</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>35,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>887,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Insurance 6.7%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Aegon NV, 6.500%</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>81,512</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2,073,665</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,430,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>36,350,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Principal Financial Group, Inc., Series B</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" noWrap align=left><FONT size=1 face=sans-serif>(6.518% to 6-30-35, then higher of 10 year</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" noWrap align=left><FONT size=1 face=sans-serif>CMT, 30 year CMT or 3 month LIBOR +</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" noWrap align=left><FONT size=1 face=sans-serif>2.100%)</FONT>&nbsp;</TD>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,408,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Prudential Financial, Inc., 5.750%</FONT>&nbsp;</TD>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,229,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Prudential PLC, 6.750% (Z)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>180,103</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>4,626,846</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>W.R. Berkley Corp., 5.625%</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>170,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>3,833,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 1.5%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Kimco Realty Corp., 6.000%</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>10,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>241,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Senior Housing Properties Trust, 5.625% (Z)</FONT>&nbsp;</TD>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>9,630,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Ventas Realty LP, 5.450%</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>63,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,540,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Industrials 0.5%</FONT></B>&nbsp;</TD>

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

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>3,352,050</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>

   <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>Machinery 0.5%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Stanley Black &amp; Decker, Inc., 5.750%</FONT>&nbsp;</TD>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>3,352,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Telecommunication Services 6.7%</FONT></B>&nbsp;</TD>

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

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>49,820,840</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>

   <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>Diversified Telecommunication Services 4.2%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Qwest Corp., 6.125%</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>107,500</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2,468,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,021,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>27,270,910</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Verizon Communications, Inc., 5.900%</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>73,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,833,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Wireless Telecommunication Services 2.5%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Telephone &amp; Data Systems, Inc., 5.875%</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2,185,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Telephone &amp; Data Systems, Inc., 6.625% (Z)</FONT>&nbsp;</TD>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>7,087,950</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>170,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>4,282,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT size=1 face=sans-serif>185,000</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>4,693,450</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="2%"></TD>

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

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

<TR vAlign=bottom>

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

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Premium Dividend 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>



<!--$$/page=--><A name="page_5"></A><BR>

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<DIV align=left>

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



<TR>

   <TD width="70%"></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" 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="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Utilities 37.3%</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>$276,516,358</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 32.7%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Alabama Power Company, 5.200% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,180,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,806,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Baltimore Gas &amp; Electric Company, Series 1993,</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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>6.700%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,040,188</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Baltimore Gas &amp; Electric Company, Series 1995,</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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>6.990%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>134,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,513,069</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Duke Energy Corp., 5.125% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>180,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,262,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>519,900</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,865,025</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,662,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>667,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,508,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Gulf Power Company, 5.600%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>51,250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,661,341</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>HECO Capital Trust III, 6.500%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>181,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,841,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>1,440,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,761,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>NextEra Energy Capital Holdings, Inc.,</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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>5.700% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>320,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,878,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>NextEra Energy Capital Holdings, Inc., 5.125% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,687,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>NSTAR Electric Company, 4.250% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,347</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,161,189</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>NSTAR Electric Company, 4.780% (Z)</FONT>&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>9,946,880</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>PPL Capital Funding, Inc., 5.900%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,345,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,414,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>SCE Trust I, 5.625%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>232,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,491,440</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>SCE Trust II, 5.100%</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,212,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Union Electric Company, 3.700%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,262</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,052,233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Virginia Electric &amp; Power Company, 6.980%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,565,643</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Multi-Utilities 4.6%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>BGE Capital Trust II, 6.200% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>690,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,381,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company, 5.250%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>245,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,708,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company, 6.500% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>180,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,654,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Integrys Energy Group, Inc., 6.000%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>255,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,438,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks 45.6% (30.1% of Total Investments)</FONT></B>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$338,013,030</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $232,342,383)</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="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Energy 5.3%</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>39,542,720</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 5.3%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Chevron Corp. (Z)</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>7,531,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,146,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>33,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,598,420</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>460,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,266,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Telecommunication Services 3.9%</FONT></B>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>28,834,500</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 3.9%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>415,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,815,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,019,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Utilities 36.4%</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>269,635,810</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 16.4%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>American Electric Power Company, Inc.</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>10,762,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Duke Energy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,484,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,875,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,993,000</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="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="81%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Premium Dividend Fund</FONT>&nbsp;</TD>

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

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

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



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<DIV align=left>

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



<TR>

   <TD width="70%"></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" 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="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities (continued)</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>OGE Energy Corp.</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$12,318,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Pinnacle West Capital 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>2,797,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>PPL Corp.</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>7,334,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>75,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,437,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>UIL Holdings Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>280,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,284,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>347,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,058,890</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Gas Utilities 1.7%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>AGL Resources, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>110,550</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,969,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Atmos Energy Corp. (Z)</FONT>&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>5,104,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>ONE Gas, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,639</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,267,095</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Multi-Utilities 18.3%</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Alliant Energy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,392,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>190,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,972,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,145,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company (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>19,535,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>219,262</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,436,375</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>National Grid PLC, ADR (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>210,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,922,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>NiSource, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>445,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,162,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Public Service Enterprise Group, 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>1,638,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>725,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,021,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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>215,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,722,550</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" 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="100%" colSpan=3></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments 0.5% (0.3% of Total Investments)</FONT></B>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$3,783,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>(Cost $3,783,000)</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Repurchase Agreement 0.5%</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>3,783,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>Repurchase Agreement with State Street Corp. dated 4-30-14 at</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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>0.000% to be repurchased at $3,783,000 on 5-1-14, collateralized</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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>by $3,890,000 U.S. Treasury Notes, 1.375% due 12-31-18 (valued</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: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>at $3,860,825, including interest)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$3,783,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,783,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (Cost $1,000,421,656)</FONT></B><FONT size=1 face=sans-serif>&#8224; </FONT><B><FONT size=1 face=sans-serif>151.6%</FONT></B>&nbsp;</TD>

   <TD width="30%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$1,123,589,097</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Other assets and liabilities, net (51.6%)</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>($382,328,781)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Total net assets 100.0%</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>$741,260,316</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The percentage shown for each investment category is the total value of the 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>CMT Constant Maturity Treasury</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>(S) 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(Z) All or a portion of this security is pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 4-30-14 was $561,425,306.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; At 4-30-14, the aggregate cost of investment securities for federal income tax purposes was $1,002,687,286. Net unrealized appreciation aggregated $120,901,811, of which $141,332,907 related to appreciated investment securities and $20,431,096 related to depreciated investment securities.</FONT></P>

<DIV align=left>

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



<TR>

   <TD width="2%"></TD>

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

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

<TR vAlign=bottom>

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

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Premium Dividend 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>F I N A N C I A L&nbsp; </FONT><FONT size=2 face=sans-serif>S T A T E M E N T S</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of assets and liabilities </FONT><FONT size=2 face=sans-serif>4-30-14 (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 per share.</FONT></B></P>

<DIV align=left>

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



<TR>

   <TD width="11%"></TD>

   <TD width="88%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="11%" noWrap align=left><B><FONT size=1 face=sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD width="88%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Investments, at value (Cost $1,000,421,656)</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>$1,123,589,097</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>60,308</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Cash segregated at custodian for swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>1,190,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments&nbsp;sold</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>405,711</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Dividends and interest&nbsp;receivable</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>2,432,781</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Swap contracts, at&nbsp;value</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>280,286</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Other receivables and prepaid&nbsp;expenses</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>41,402</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="88%" noWrap align=right><B><FONT size=1 face=sans-serif>1,127,999,585</FONT></B>&nbsp;</TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="11%" noWrap align=left><B><FONT size=1 face=sans-serif>Liabilities</FONT></B>&nbsp;</TD>

   <TD width="88%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Credit facility agreement&nbsp;payable</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>383,700,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Payable for investments&nbsp;purchased</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>240,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Payable for fund shares&nbsp;repurchased</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>659,148</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Swap contracts, at&nbsp;value</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>1,745,230</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Interest&nbsp;payable</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>203,774</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Payable to&nbsp;affiliates</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" width="11%" noWrap align=left><FONT size=1 face=sans-serif>Accounting and legal services&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>90,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Other liabilities and accrued&nbsp;expenses</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>100,197</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

<TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=left></TD>&nbsp;</TR>

   <TR vAlign=bottom>


   <TD width="11%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;liabilities</FONT></B>&nbsp;</TD>

   <TD width="88%" noWrap align=right><B><FONT size=1 face=sans-serif>386,739,269</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="88%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="88%" noWrap align=right><B><FONT size=1 face=sans-serif>$741,260,316</FONT></B>&nbsp;</TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="11%" noWrap align=left><B><FONT size=1 face=sans-serif>Net assets consist&nbsp;of</FONT></B>&nbsp;</TD>

   <TD width="88%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Paid-in&nbsp;capital</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>$612,061,452</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Undistributed net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>4,302,522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized gain (loss) on investments and swap&nbsp;agreements</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>3,193,845</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation (depreciation) on investments and</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" width="11%" noWrap align=left><FONT size=1 face=sans-serif>swap&nbsp;agreements</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>121,702,497</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

   <TD width="88%" noWrap align=right><B><FONT size=1 face=sans-serif>$741,260,316</FONT></B>&nbsp;</TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="11%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value per&nbsp;share</FONT></B>&nbsp;</TD>

   <TD width="88%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=1 face=sans-serif>Based on 49,660,357 shares of beneficial interest outstanding &#8212; unlimited</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" width="11%" noWrap align=left><FONT size=1 face=sans-serif>number of shares authorized with no par&nbsp;value</FONT>&nbsp;</TD>

   <TD width="88%" noWrap align=right><FONT size=1 face=sans-serif>$14.93</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="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="81%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Premium Dividend Fund</FONT>&nbsp;</TD>

   <TD width="2%" 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 size=2 face=sans-serif>F I N A N C I A L&nbsp; </FONT><FONT size=2 face=sans-serif>S T A T E M E N T S</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of operations </FONT><FONT size=2 face=sans-serif>For the six-month period ended 4-30-14 (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="85%"></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Investment&nbsp;income</FONT></B>&nbsp;</TD>

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

<TR>

   <TD width="100%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Dividends</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$30,619,216</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Less foreign taxes&nbsp;withheld</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(29,489)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Total investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>30,589,727</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Expenses</FONT></B>&nbsp;</TD>

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

<TR>

   <TD width="100%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Investment management&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,179,053</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Accounting and legal services&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>532,401</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Transfer agent&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>70,898</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Trustees&#8217;&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,311</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Printing and&nbsp;postage</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>47,605</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Professional&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>64,827</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Custodian&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>37,621</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Stock exchange listing&nbsp;fees</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,526</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Interest&nbsp;expense</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,246,873</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,994</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;expenses</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>6,238,109</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>24,351,618</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Realized and unrealized gain&nbsp;(loss)</FONT></B>&nbsp;</TD>

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

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Net realized gain (loss)&nbsp;on</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Investments</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,784,259</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(756,950)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>5,027,309</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Change in net unrealized appreciation (depreciation)&nbsp;of</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Investments</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>55,829,470</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Swap&nbsp;contracts</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>665,991</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>56,495,461</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Net realized and unrealized&nbsp;gain</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>61,522,770</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase in net assets from&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$85,874,388</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="2%"></TD>

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

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

<TR vAlign=bottom>

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

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Premium Dividend 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><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp; </FONT><FONT size=2 face=sans-serif>S T A T E M E N T S</FONT></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="70%"></TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4-30-14</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-13</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase (decrease) in net&nbsp;assets</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>From&nbsp;operations</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 style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$24,351,618</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$47,855,526</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>Net realized&nbsp;gain</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,027,309</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,585,482</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>Change in net unrealized appreciation&nbsp;(depreciation)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>56,495,461</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(45,761,527)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase in net assets resulting from&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>85,874,388</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>17,679,481</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions to&nbsp;shareholders</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 style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(23,740,078)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(45,307,625)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>From net realized&nbsp;gain</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(17,022,877)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;distributions</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>(40,762,955)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>(45,307,625)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>From fund share&nbsp;transactions</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 style="TEXT-INDENT: 6pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>Repurchased</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(4,436,010)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Total increase&nbsp;(decrease)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>40,675,423</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>(27,628,144)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;period</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>700,584,893</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>728,213,037</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>End of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$741,260,316</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$700,584,893</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Undistributed net investment&nbsp;income</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$4,302,522</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$3,690,982</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Share activity</FONT></B>&nbsp;</TD>

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

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>Shares&nbsp;outstanding</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 style="TEXT-INDENT: 6.001pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;period</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>50,008,453</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>50,008,453</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.001pt" width="70%" noWrap align=left><FONT size=1 face=sans-serif>Shares&nbsp;repurchased</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(348,096)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="70%" noWrap align=left><B><FONT size=1 face=sans-serif>End of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>49,660,357</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>50,008,453</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="81%"></TD>

   <TD width="17%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="81%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Premium Dividend Fund</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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



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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp; </FONT><FONT size=2 face=sans-serif>S T A T E M E N T S</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of cash flows</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="85%"></TD>

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

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4-30-14</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from operating activities</FONT></B>&nbsp;</TD>

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Net increase in net assets from operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$85,874,388</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Adjustments to reconcile net increase in net assets from operations to net</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>cash provided by operating activities:</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Long-term investments purchased</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(31,482,613)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Long-term investments sold</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,266,118</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in short-term investments</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,880,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in cash segregated at custodian for swap contracts</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>590,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Increase in receivable for investments sold</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(264,980)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in dividends and interest receivable</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>38,061</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Increase in unrealized appreciation/depreciation of swap contracts</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(665,991)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in other receivables and prepaid expenses</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in payable for investments purchased</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(5,134,537)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in payable to affiliates</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(52,127)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in other liabilities and accrued expenses</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(23,328)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Decrease in interest payable</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(11,507)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Net change in unrealized (appreciation) depreciation on investments</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(55,829,470)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Net realized gain on investments</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(5,784,259)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Net cash provided by operating activities</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$26,419,780</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from financing activities</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Repurchase of common shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>($4,436,010)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Distributions to common shareholders</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(40,762,955)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><FONT size=1 face=sans-serif>Increase in payable for fund shares repurchased</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>659,148</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Net cash used in financing activities</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>($44,539,817)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Net decrease in cash</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>($18,120,037)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash at beginning of period</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$18,180,345</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash at end of period</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$60,308</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Supplemental disclosure of cash flow information</FONT></B>&nbsp;</TD>

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

<TR>

   <TD colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Cash paid for interest</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,258,380</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="2%"></TD>

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

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

<TR vAlign=bottom>

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

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Premium Dividend 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>



<!--$$/page=--><A name="page_11"></A><BR>

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

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

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>The Financial highlights show how the fund&#8217;s net asset value for a share has changed during the period.</FONT></B></P>

<DIV align=left>

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



<TR>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>COMMON SHARES </FONT></B><B><FONT size=1 face=sans-serif>Period&nbsp;ended</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4-30-14</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-13</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-12</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-11</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-10</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share operating&nbsp;performance</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$14.01</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$14.56</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$13.22</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.16</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$9.76</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.67</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.49</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.96</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.89</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.88</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.81</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.77</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized gain (loss)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.007pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>on&nbsp;investments</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.24</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.60)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.36</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.09</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.46</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment&nbsp;operations</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>1.73</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>0.36</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>2.25</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>1.97</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>3.27</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>1.92</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Less distributions to</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>common&nbsp;shareholders</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.48)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.91)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.91)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.91)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.87)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.72)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.009pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>From net realized&nbsp;gain</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.34)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(0.12)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;distributions</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.82)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.91)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.91)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.91)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.87)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(0.84)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Anti-dilutive impact of repurchase&nbsp;plan</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.01</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$14.93</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$14.01</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$14.56</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$13.22</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.16</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$9.76</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share market value, end of&nbsp;period</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$13.50</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.51</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$14.32</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.30</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.72</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$9.14</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at net asset value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>13.91</FONT></B><SUP><FONT size=1 face=sans-serif>5</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>2.94</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>17.61</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>17.23</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>35.08</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>25.73</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>15.35</FONT></B><SUP><FONT size=1 face=sans-serif>5</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(6.54)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>24.32</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>13.17</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>39.03</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>45.84</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Ratios and supplemental&nbsp;data</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net assets applicable to common shares,</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.002pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>end of period (in&nbsp;millions)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$741</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$701</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$728</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$660</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$608</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$488</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.01pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Ratios (as a percentage of average</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.01pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>net assets):</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.01pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Expenses before&nbsp;reductions</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.82</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.77</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.85</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.98</FONT><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.26</FONT><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.50</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.999pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Expenses net of fee waivers and&nbsp;credits</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.82</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.77</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.85</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1.87</FONT><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.26</FONT><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.50</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.999pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7.12</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6.61</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6.45</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7.00</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7.26</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9.21</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.007pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>26</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>13</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7</FONT>&nbsp;</TD></TR>

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   <TD width="98%" colSpan=7>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Senior&nbsp;securities</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="98%" colSpan=7>

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   <TD style="TEXT-INDENT: 0.002pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Total debt outstanding end of period</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 6.002pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>(in millions) (Note&nbsp;8)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$384</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$384</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$366</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$329</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$284</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$250</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.01pt" width="14%" noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per $1,000 of&nbsp;debt</FONT><SUP><FONT size=1 face=sans-serif>9</FONT></SUP>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,932</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,826</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,990</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$3,006</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$3,140</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,954</FONT>&nbsp;</TD></TR>

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   <TD width="14%"></TD>

   <TD width="84%" colSpan=6>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>Six months ended 4-30-14.&nbsp;Unaudited.</FONT><BR><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Based on the average daily shares&nbsp;outstanding.</FONT><BR><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>The tender offer was completed at a repurchase price of $12.74 and $6.98 for 348,096 and 2,629,996</FONT><BR><FONT size=1 face=sans-serif>shares, which equals $4,436,010 and $18,353,857 in redemptions for the periods ended 4-30-14 and</FONT><BR><FONT size=1 face=sans-serif>10-31-09,&nbsp;respectively.</FONT><BR><SUP><FONT size=1 face=sans-serif>4 </FONT></SUP><FONT size=1 face=sans-serif>Total return based on net asset value reflects changes in the fund&#8217;s net asset value during each period. Total</FONT><BR><FONT size=1 face=sans-serif>return based on market value reflects changes in market value. Each figure assumes that dividend and capital gain</FONT><BR><FONT size=1 face=sans-serif>distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or</FONT><BR><FONT size=1 face=sans-serif>premium to net asset value at which the fund&#8217;s shares traded during the&nbsp;period.</FONT><BR><SUP><FONT size=1 face=sans-serif>5 </FONT></SUP><FONT size=1 face=sans-serif>Not&nbsp;annualized.</FONT><BR><SUP><FONT size=1 face=sans-serif>6 </FONT></SUP><FONT size=1 face=sans-serif>Includes non-recurring litigation fees which represent 0.02% and 0.13% of average net assets for the years ended</FONT><BR><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><BR><FONT size=1 face=sans-serif>0.11% of average net&nbsp;assets.</FONT><BR><SUP><FONT size=1 face=sans-serif>7 </FONT></SUP><FONT size=1 face=sans-serif>Annualized.</FONT><BR><SUP><FONT size=1 face=sans-serif>8 </FONT></SUP><FONT size=1 face=sans-serif>Expenses net of fee waivers and credits excluding interest expense were 1.46%, 1.41%, 1.40%, 1.37%, 1.69% and</FONT><BR><FONT size=1 face=sans-serif>1.73% for the periods ended 4-30-14, 10-31-13, 10-31-12, 10-31-11, 10-31-10 and 10-31-09,&nbsp;respectively.</FONT><BR><SUP><FONT size=1 face=sans-serif>9 </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 at</FONT><BR><FONT size=1 face=sans-serif>period end. As debt outstanding changes, level of invested assets may change accordingly. Asset coverage ratio</FONT><BR><FONT size=1 face=sans-serif>provides a measure of&nbsp;leverage.</FONT></P>

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   <TD width="81%" noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Premium Dividend Fund</FONT>&nbsp;</TD>

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

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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Notes to financial statements</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>(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 Premium Dividend 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></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 exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Swaps are valued using evaluated prices obtained from an independent pricing vendor. Foreign securities are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing vendor. Securities that trade only in the over-the-counter (OTC) market are valued using bid prices. Certain short-term securities with maturities of 60 days or less at the time of purchase 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. 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="2%" noWrap align=left><FONT size=2 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Premium Dividend 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>The following is a summary of the values by input classification of the fund&#8217;s investments as of April 30, 2014, by major security category or type:</FONT></P>

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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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 4-30-14</FONT>&nbsp;</TD>

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

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

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

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   <TD width="100%" colSpan=5>

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   <TD style="TEXT-INDENT: 0.007pt" 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>

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   <TD style="TEXT-INDENT: 6.007pt" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Consumer Staples</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$19,972,266</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>$19,972,266</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.007pt" 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>432,131,553</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$432,131,553</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6.007pt" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Industrials</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>3,352,050</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,352,050</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: 6.007pt" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Telecommunication</FONT>&nbsp;</TD>

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

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

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

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

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   <TD style="TEXT-INDENT: 12pt" 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>49,820,840</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47,987,810</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,833,030</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: 6.007pt" 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>276,516,358</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>214,565,754</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>61,950,604</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.007pt" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks</FONT></B>&nbsp;</TD>

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

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

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

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

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   <TD style="TEXT-INDENT: 6.007pt" 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>39,542,720</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39,542,720</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: 6.007pt" 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: 12pt" 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>28,834,500</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28,834,500</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: 6.007pt" 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>269,635,810</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>269,635,810</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: 0.007pt" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>3,783,000</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,783,000</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 style="TEXT-INDENT: 0.007pt" 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: 4.007pt" 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>$1,123,589,097</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,036,050,197</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$87,538,900</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: 4pt" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Investments:</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><B><FONT size=1 face=sans-serif>Interest Rate Swaps</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($1,464,944)</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>($1,464,944)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, the MRA does not result in an offset of the reported amounts of assets and liabilities in the Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions. Collateral received by the fund for repurchase agreements is disclosed in the Fund&#8217;s investments as part of the caption related to the repurchase agreement.</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. 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>

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   <TD width="98%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Premium Dividend Fund</FONT>&nbsp;</TD>

   <TD width="2%" 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"><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 and/or capital gains or repatriation taxes 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 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 group of 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>As of October 31, 2013, 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 wash sale loss deferrals and derivative transactions.</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 the custodian for swap contracts.</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. Derivatives include a variety of different instruments that may be traded in the OTC market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of</FONT></P>

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   <TD width="2%"></TD>

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<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=2 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="97%" noWrap align=left><FONT size=1 face=sans-serif>Premium Dividend 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>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Certain swaps are typically traded through the OTC market and may be regulated by the Commodity Futures Trading Commission (the CFTC). Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions 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 for OTC transactions is held in a segregated account at the fund&#8217;s custodian and is noted in the accompanying Fund&#8217;s investments, or if cash is posted, on the Statement of assets and liabilities. The fund&#8217;s maximum risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.</FONT></P>

<P style="TEXT-ALIGN: left"><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>

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   <TD width="98%"></TD>

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<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Premium Dividend Fund</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=sans-serif>19</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six months ended April 30, 2014, 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, 2014.</FONT></P>

<DIV align=left>

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



<TR>

   <TD width="14%"></TD>

   <TD width="16%"></TD>

   <TD width="5%"></TD>

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

   <TD width="17%"></TD>

   <TD width="16%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

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

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENTS MADE</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENTS RECEIVED</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>COUNTERPARTY</FONT>&nbsp;</TD>

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

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>BY FUND</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>BY FUND</FONT>&nbsp;</TD>

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

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>MARKET VALUE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="97%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$82,000,000</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fixed 1.4625%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" width="17%" noWrap align=left><FONT size=1 face=sans-serif>3-Month LIBOR (a)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" width="16%" noWrap align=left><FONT size=1 face=sans-serif>Aug 2016</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>($1,745,230)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

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

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>82,000,000</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fixed 0.8750%</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" width="17%" noWrap align=left><FONT size=1 face=sans-serif>3-Month LIBOR (a)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" width="16%" noWrap align=left><FONT size=1 face=sans-serif>Jul 2017</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>280,286</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

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

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$164,000,000</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

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

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>($1,464,944)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(a) At 4-30-14, the 3-month LIBOR rate was 0.2234%.</FONT></P>

<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, 2014.</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, 2014 by risk category:</FONT></P>

<DIV align=left>

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



<TR>

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

   <TD width="30%"></TD>

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

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

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

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>FINANCIAL</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>ASSET</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF ASSETS AND</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>INSTRUMENTS</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>DERIVATIVE</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>RISK</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>LIABILITIES LOCATION</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>LOCATION</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>FAIR VALUE</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>FAIR VALUE</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="102%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate contracts</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" width="30%" noWrap align=left><FONT size=1 face=sans-serif>Swap contracts, at value</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>$280,286</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>($1,745,230)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left><FONT size=1 face=sans-serif>swaps</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><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, 2014:</FONT></P>

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<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><FONT size=1 face=sans-serif>RISK</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" width="33%" noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF OPERATIONS LOCATION</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>SWAP CONTRACTS</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>Interest rate contracts</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Net realized gain (loss)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>(756,950)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><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, 2014:</FONT></P>

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



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>RISK</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" width="33%" noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF OPERATIONS LOCATION</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>SWAP CONTRACTS</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate contracts</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=right><FONT size=1 face=sans-serif>665,991</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>appreciation (depreciation)</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 4 &#8212; Guarantees and indemnifications</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Under the fund&#8217;s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund&#8217;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.</FONT></P>

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<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>

<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 equal to 0.50% of the fund&#8217;s average daily managed assets (net assets plus borrowings under the Credit Facility Agreement) (see Note 8). In addition, the fund pays to the Advisor 5.00% of the fund&#8217;s daily gross income, which amounted to $1,517,652. 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. 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, 2014 were equivalent to a net annual effective rate of 0.79% of the fund&#8217;s average daily managed assets.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Administrative services. </FONT></B><FONT size=2 face=serif>The fund has an administrative agreement with the Advisor under which the Advisor oversees the custodial, auditing, valuation, accounting, legal, stock transfer and dividend disbursing services and other operational activities and maintains fund communications with shareholders. The fund pays the Advisor a monthly administration fee at an annual rate of 0.10% of the fund&#8217;s average weekly 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. Each independent Trustee receives from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.</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>On December 18, 2013, the Board of Trustees approved a share repurchase plan. Under the share repurchase plan, the fund may purchase in the open market up to 10% of its outstanding common shares as of November 30, 2013. The current share repurchase plan will remain in effect between December 19, 2013 and December 31, 2014.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six months ended April 30, 2014, the fund repurchased 0.70% of its common shares outstanding under the repurchase plan. The weighted average discount per share on these repurchases amount to 10.14% for the six months ended April 30, 2014. Shares repurchased and corresponding dollar amounts are included on the Statement of changes in net assets. The anti-dilutive impacts of these share repurchases are included on the Financial highlights.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 7 &#8212; Leverage risk</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The fund utilizes a Credit Facility Agreement (CFA) to increase its assets available for investment. When the fund leverages its assets, common shareholders bear the fees associated with the CFA and have 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>

<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 fund&#8217;s obligations under such leverage remains fixed; and</FONT></P>

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   <TD width="2%" noWrap align=right><FONT size=2 face=sans-serif>21</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><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 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 (USA) LLC (CSSU), pursuant to which the fund borrows money to increase its assets available for investment. In accordance with the 1940 Act, the fund&#8217;s borrowings under the CFA will not exceed 33 1/3% of the fund&#8217;s managed assets (net assets plus borrowings) at the time of any borrowing.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The fund pledges a portion of its assets as collateral to secure borrowings under the CFA. Such pledged assets are held in a special custody account with the fund&#8217;s custodian. The amount of assets required to be pledged by the fund is determined in accordance with the CFA. The fund retains the benefits of ownership of assets pledged to secure borrowings under the CFA. Interest charged is at the rate of three month LIBOR (London Interbank Offered Rate) plus 0.41% and is payable monthly. As of April 30, 2014, the fund had borrowings of $383,700,000, at an interest rate of 0.63%, which is reflected in the Credit facility agreement payable on the Statement of assets and liabilities. During the six months ended April 30, 2014, the average borrowings under the CFA and the effective average interest rate were $383,700,000 and 0.66%, 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 generally required to provide the fund with 270 calendar days&#8217; notice before terminating or amending the CFA.</FONT></P>

<P style="TEXT-ALIGN: left"><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, amounted to $31,482,613 and $31,266,118, respectively, for the six months ended April 30, 2014.</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 generally invests 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 is a closed-end, diversified management investment company, common shares of which were initially offered to the public on December 15, 1989 and are publicly traded on the New York Stock Exchange (the NYSE). The fund&#8217;s investment objective is to provide a high current income, consistent with modest growth of capital for holders of its common shares. The fund will pursue its objective by investing in a diversified portfolio comprised primarily of dividend paying preferred securities and common equity securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Under normal circumstances, the fund will invest at least 80% of its assets in dividend paying securities. The fund will notify shareholders at least 60&nbsp;days prior to any change in this 80% investment policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The fund intends to engage in futures transactions, as permitted under its investment restrictions. It is anticipated that the fund will utilize U.S. Treasury futures to manage its interest rate exposure. The fund may sell U.S. Treasury futures contracts to attempt to hedge against rising interest rates.</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, 2014, distributions from net investment income totaling $0.4755 and distributions from capital gains totaling $0.3404 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="25%" noWrap align=right><FONT size=1 face=sans-serif>INCOME</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENT DATE</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>DISTRIBUTIONS</FONT>&nbsp;</TD>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>November 29, 2013</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$0.0755</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=right></TD></TR>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>December 19, 2013</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>0.0800</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=right></TD></TR>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>January 31, 2014</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>0.0800</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=right></TD></TR>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>February 28, 2014</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>0.0800</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=right></TD></TR>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>March 31, 2014</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>0.0800</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=right></TD></TR>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2014</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>0.0800</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=right></TD></TR>

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   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$0.4755</FONT></B>&nbsp;</TD>

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<TR>

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   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>CAPITAL GAINS</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>PAYMENT DATE</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>DISTRIBUTIONS</FONT>&nbsp;</TD>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>December 19, 2013</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$0.3404</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=right></TD></TR></TABLE></DIV>

<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 30170</FONT><BR><FONT size=1 face=sans-serif>College Station, TX 77842-3170</FONT><BR><FONT size=1 face=sans-serif>Telephone: 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>

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   <TD width="98%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Premium Dividend Fund</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder meeting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The fund held its Annual Meeting of Shareholders on February 18, 2014. 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 four (4) Trustees to serve for a three-year term ending at the 2017 Annual Meeting of Shareholders. Each Trustee was re-elected by the fund&#8217;s shareholders and the votes cast with respect to each Trustee are set forth below.</FONT></P>

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   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=1 face=sans-serif>VOTES FOR</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>VOTES WITHHELD</FONT>&nbsp;</TD></TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=serif>Independent Trustees</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>William H. Cunningham</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>39,987,364.402</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>1,029,104.104</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>40,071,444.791</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>945,023.715</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Hassell H. McClellan</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>40,217,578.210</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>798,890.296</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>40,189,340.007</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>827,128.499</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are: Charles L. Bardelis, Craig Bromley, Peter S. Burgess, Theron S. Hoffman, Deborah C. Jackson, James M. Oates, Steven R. Pruchansky and Warren A. Thomson.</FONT></P>

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

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   <TD style="TEXT-INDENT: 0.003pt" 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 style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>James M. Oates,&nbsp;</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Andrew G. Arnott</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>John Hancock Advisers, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.007pt" width="33%" noWrap align=left><I><FONT size=2 face=serif>Chairperson</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>

<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>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Subadvisor</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6pt" width="33%" noWrap align=left><I><FONT size=2 face=serif>Vice Chairperson</FONT></I></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>John J. Danello</FONT><FONT size=1 face=sans-serif>#</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></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Senior Vice President, Secretary</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>a division of Manulife Asset</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Craig Bromley</FONT><FONT size=1 face=sans-serif>&#8224;</FONT></TD>

   <TD style="TEXT-INDENT: 6.002pt" width="33%" noWrap align=left><I><FONT size=2 face=serif>and&nbsp;Chief Legal Officer</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Management (US) LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Peter S. Burgess</FONT><FONT size=1 face=sans-serif>*</FONT></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>William H. Cunningham</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Francis V. Knox, Jr.</FONT></TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Custodian</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Grace K. Fey</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Chief Compliance Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>State Street Bank and</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Theron S. Hoffman</FONT><FONT size=1 face=sans-serif>*</FONT></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD style="TEXT-INDENT: 6.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Trust Company</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Deborah C. Jackson</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Charles A. Rizzo</FONT></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Hassell H. McClellan</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Chief Financial Officer</FONT></I></TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Transfer agent</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Gregory A. Russo</FONT></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Computershare Shareowner</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Warren A. Thomson</FONT><FONT size=1 face=sans-serif>&#8224;</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif>Salvatore Schiavone</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Services, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=serif>Treasurer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=serif><FONT size=1 face=sans-serif>*Member of the</FONT></FONT></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif><B><FONT size=1 face=sans-serif>Legal counsel</FONT></B></FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 6pt" width="33%" noWrap align=left><FONT size=1 face=sans-serif>Audit&nbsp;Committee</FONT></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>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="33%" noWrap align=left><FONT size=1 face=sans-serif>&#8224;Non-Independent Trustee</FONT></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=1 face=sans-serif>#Effective 5-29-14</FONT></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>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></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>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.003pt" width="33%" noWrap align=left><FONT size=2 face=serif>Exchange: PDT</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="66%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif>For shareholder assistance refer to page 23</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%"></TD>

   <TD width="66%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="66%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif>You can also contact us:</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 0pt" width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>800-852-0218</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Regular mail:</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 0pt" width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>jhinvestments.com</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" width="33%" noWrap align=left><FONT size=1 face=sans-serif>Computershare</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" width="33%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 30170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" width="33%" noWrap align=left><FONT size=1 face=sans-serif>College Station, TX 77842-3170</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><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) website at sec.gov or on our website.</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 website and the SEC&#8217;s website, sec.gov, and can be reviewed and copied (for a fee) at the SEC&#8217;s Public Reference Room in Washington, DC. Call 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 website at jhinvestments.com or by calling 800-852-0218.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=serif>The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.</FONT></I></P>

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   <TD width="98%" noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Premium Dividend Fund</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=2 face=sans-serif>25</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

   <TD width="90%" noWrap align=center><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=center><FONT size=2 face=sans-serif>STANDARD</FONT></TD>

   <TD width="90%" align=center><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="10%" noWrap align=center><FONT size=2 face=sans-serif>U.S. POSTAGE</FONT>&nbsp;</TD>

   <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>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>

   <TD width="90%" align=center><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>800-852-0218</FONT><BR><FONT size=2 face=sans-serif>800-231-5469 TDD</FONT><BR><FONT size=2 face=sans-serif>800-843-0090 EASI-Line</FONT><BR><FONT size=2 face=sans-serif>jhinvestments.</FONT><FONT size=2 face=sans-serif>com</FONT></P>
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   <TD noWrap align=right><FONT size=1 face=sans-serif>P2SA 4/14</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>MF184481</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>6/14</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 2. CODE OF ETHICS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Not applicable.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) </FONT></P>

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<TR>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>Total number of</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>Maximum number of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>shares purchased</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>shares that may yet</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>Total number of</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>Average price per</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>as part of publicly</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>be purchased under</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=2 face=sans-serif>Period</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>shares purchased</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>share</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>announced plans*</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=2 face=sans-serif>the plans</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Dec-13</FONT>&nbsp;</TD>

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

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

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

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>5,000,845*</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Jan-14</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>23,576</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>$12.090</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>23,576</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>4,977,269</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Feb-14</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>140,515</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>12.516</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>164,091</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>4,836,754</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Mar-14</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>135,005</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>12.837</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>299,096</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>4,701,749</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Apr-14</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>49,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>13.452</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>348,096</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>4,652,749</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Total</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>348,096</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=2 face=sans-serif>$12.744</FONT>&nbsp;</TD>

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

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

<TR>

   <TD width="100%" colSpan=5>

   <HR align=left SIZE=1 noShade>

&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>* In December 2013, the Board of Trustees approved a share repurchase plan. Under the current share repurchase</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>plan, the Fund may purchase in the open market up to 10% of its outstanding common shares as of November 30,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>2013. The current share repurchase plan will remain in effect between December 19, 2013 and December 31, 2014.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></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>
</DIV>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>SIGNATURES</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>John Hancock Premium Dividend Fund</FONT></P>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Andrew Arnott</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>------------------------------</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Andrew Arnott</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>President</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>June 5, 2014</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></P>

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   <TD width="95%"></TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Andrew Arnott</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Andrew Arnott</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>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 width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>June 5, 2014</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>---------------------------------</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>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 width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>June 5, 2014</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_premiumdividendcerts.htm
<DESCRIPTION>CERTIFICATION
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<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Andrew Arnott, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. I have reviewed this report on Form N-CSR of the John Hancock Premium Dividend Fund (the &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>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 size=2 face=sans-serif>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 size=2 face=sans-serif>(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 size=2 face=sans-serif>(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 size=2 face=sans-serif>(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 size=2 face=sans-serif>(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 size=2 face=sans-serif>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 size=2 face=sans-serif>(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 size=2 face=sans-serif>(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="32%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><FONT size=2 face=sans-serif>June 5, 2014</FONT>&nbsp;</TD>

   <TD width="34%" noWrap align=left><U><FONT size=2 face=sans-serif></FONT></U></TD>

   <TD width="34%" noWrap align=left><U><FONT size=2 face=sans-serif>/s/ Andrew Arnott</FONT>&nbsp;</U></TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif>Andrew Arnott</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif>President</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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<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Charles A. Rizzo, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. I have reviewed this report on Form N-CSR of the John Hancock Premium Dividend Fund (the &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>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 size=2 face=sans-serif>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 size=2 face=sans-serif>(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 size=2 face=sans-serif>(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 size=2 face=sans-serif>(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 size=2 face=sans-serif>(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 size=2 face=sans-serif>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 size=2 face=sans-serif>(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 size=2 face=sans-serif>(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="32%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><FONT size=2 face=sans-serif>June 5, 2014</FONT>&nbsp;</TD>

   <TD width="34%" noWrap align=left><U><FONT size=2 face=sans-serif></FONT></U></TD>

   <TD width="34%" noWrap align=left><U><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</U></TD></TR>

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   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

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   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="34%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_premiumdividendnoscerts.htm
<DESCRIPTION>906 CERTIFICATION
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   <TD noWrap align=center><B><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>the Sarbanes-Oxley Act of 2002</FONT></B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In connection with the attached Report of John Hancock Premium Dividend 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 size=2 face=sans-serif>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 size=2 face=sans-serif>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 width="5%" align=left></TD>

   <TD width="95%" align=left></TD></TR>

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   <TD width="5%" align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=sans-serif>/s/ Andrew Arnott</FONT></TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>--------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=sans-serif>Andrew Arnott</FONT></TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>President</FONT>&nbsp;</TD></TR>

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   <TD width="95%" align=left>&nbsp;</TD></TR>

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   <TD width="95%" align=left>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Dated: June 5, 2014</FONT>&nbsp;</TD></TR>

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   <TD width="95%" align=left>&nbsp;</TD></TR>

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   <TD width="5%" align=left></TD>

   <TD width="95%" align=left>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>-------------------------------</FONT>&nbsp;</TD></TR>

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   <TD width="5%" align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT></TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR>

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   <TD width="5%" align=left></TD>

   <TD width="95%" align=left>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif></FONT><FONT size=2 face=sans-serif>Dated: June 5, 2014</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.</FONT></P></DIV>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>d_govtcommittee090313.htm
<DESCRIPTION>GOVERNANCE CHARTER
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   <TD align=center><B><FONT size=3 face=serif>JOHN HANCOCK FUNDS</FONT></B><B><SUP><FONT size=3 face=serif>1</FONT></SUP></B></TD></TR>

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   <TD noWrap align=center><B><U><FONT size=3 face=serif>NOMINATING AND GOVERNANCE COMMITTEE CHARTER</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=3 face=serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=3 face=serif>Overall Role and Responsibility</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Nominating and Governance Committee (the &#8220;Committee&#8221;) of each of the Trusts shall (1) make determinations and recommendations to the Board of Trustees (the &#8220;Board&#8221;) regarding issues related to (a) the composition of the Board and (b) corporate governance matters applicable to the Trustees who are not &#8220;interested persons&#8221; as defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), of any of the Trusts, or of any Fund&#8217;s investment adviser, subadviser or principal underwriter and who are &#8220;independent&#8221; as defined in the rules of the New York Stock Exchange (&#8220;NYSE&#8221;) (the &#8220;Independent Trustees&#8221;) 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=3 face=serif>Membership</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Nominating and Governance Committee (the &#8220;Committee&#8221;) 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=3 face=serif>Structure, Operations and Governance</FONT></B></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Meetings and Actions by Written Consent</FONT></U><FONT size=3 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&#8217; 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=3 face=serif>Required Vote and Quorum</FONT></U><FONT size=3 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>&#8220;John Hancock Funds&#8221; includes each trust and series thereof listed in Appendix A, as may be amended from time to time (each individually, a &#8220;Trust,&#8221; and collectively, the &#8220;Trusts,&#8221; and each series thereof, a &#8220;Portfolio&#8221; or &#8220;Fund,&#8221; and collectively, the &#8220;Portfolios&#8221; or &#8220;Funds&#8221;).</FONT></P>

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<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Delegation to Subcommittees</FONT></U><FONT size=3 face=serif>. The Committee may delegate any portion of its authority to a subcommittee of one or more members.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Appropriate Resources and Authority</FONT></U><FONT size=3 face=serif>. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds&#8217; expense, as it determines necessary 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"><U><FONT size=3 face=serif>Review of Charter</FONT></U><FONT size=3 face=serif>. 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=3 face=serif>Executive Sessions</FONT></U><FONT size=3 face=serif>. 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&#8217; advisers, internal legal counsel of the Funds&#8217; advisers, members of the John Hancock Funds Risk &amp; Investment Operations Committee (the &#8220;RIO Committee&#8221;) and with representatives of the Funds&#8217; 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"><B><FONT size=3 face=serif>Specific Duties and Responsibilities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. 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=3 face=serif>2. To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>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=3 face=serif>5. To periodically review the Board&#8217;s committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board&#8217;s committees, and</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=3 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=3 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&#8217;s sole authority to approve the firm&#8217;s fees and other retention terms.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>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=3 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=3 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=3 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=3 face=serif>Additional Responsibilities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 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=3 face=serif>Last revised:</FONT></P>

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   <TD noWrap align=center><U><FONT size=3 face=serif>ANNEX A</FONT></U>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=3 face=serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=3 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&#8217;s other qualifications demonstrate the appropriate level of fitness to serve.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>General Criteria</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards, 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=3 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=3 face=serif>3. Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the investment adviser, and to act in the interests of all shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a trustee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 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=3 face=serif>It is the intent of the Committee that at least one Independent Trustee be an &#8220;audit committee financial expert&#8221; as that term is defined in Item 3 of Form N-CSR.</FONT></P></DIV>

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<P style="text-align: left;">
<I><FONT size=3 face="serif">Application of Criteria to Current Trustees</FONT></I></P>
<P style="text-align: left;">
<FONT size=3 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&#146;s contribution to the Board and any committee on which he or she serves.</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="serif">Review of Nominations</FONT></B></P>
<P style="text-align: left;">
<FONT size=3 face="serif">1. The Committee believes that it is in the best interests of 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=3 face="serif">2. In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate. These factors may include (but are not limited to) the person&#146;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&#146;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&#146;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=3 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&#146;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&#146;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=3 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&#146;s candidate among the slate of its designated nominees, the candidate&#146;s name will be placed on the Trust&#146;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&#146;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&#146;s proxy statement.</FONT></P>
<P style="text-align: left;">
<FONT size=3 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=3 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 determine the candidate&#146;s eligibility to serve as an Independent Trustee.</FONT></P>
<P style="text-align: left;">
<FONT size=3 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=3 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 align=center><B><FONT size=3 face=serif>Appendix A</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=serif>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=serif>List of John Hancock Fund Trusts</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Financial Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Investors Trust</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Bond Trust</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Municipal Securities Trust</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock California Tax-Free Income Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Preferred Income Fund</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Capital Series</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Preferred Income Fund II</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Current Interest</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Preferred Income Fund III</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Emerging Markets Income Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Premium Dividend Fund</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Flexible Income Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Series Trust</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Funds II</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Sovereign Bond Fund</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Funds III</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Strategic Diversified Income Fund</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Hedged Equity &amp; Income Fund</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Strategic Series</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Income Securities Trust</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Tax-Advantaged Dividend Income Fund</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Investment Trust</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Tax-Advantaged Global Shareholder Yield Fund</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Investment Trust II</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Tax-Exempt Series Fund</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Investment Trust III</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=serif>John Hancock Variable Insurance Trust</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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