<SEC-DOCUMENT>0001145443-17-000994.txt : 20170929
<SEC-HEADER>0001145443-17-000994.hdr.sgml : 20170929
<ACCEPTANCE-DATETIME>20170929134224
ACCESSION NUMBER:		0001145443-17-000994
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170731
FILED AS OF DATE:		20170929
DATE AS OF CHANGE:		20170929
EFFECTIVENESS DATE:		20170929

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-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05908
		FILM NUMBER:		171110718

	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-Q
<SEQUENCE>1
<FILENAME>d329252.htm
<DESCRIPTION>N-Q
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
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<BODY style="FONT-FAMILY: Times New Roman"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM N-Q</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED</B> <BR>
<B>MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investment Company Act file number <U>811- 05908</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>John Hancock Premium Dividend Fund</U><BR>
(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>601 Congress Street, Boston, Massachusetts
02210</U><BR>
(Address of principal executive offices) (Zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Salvatore Schiavone, Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">601 Congress Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Boston, Massachusetts 02210</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; margin-left: 36pt">Registrant&rsquo;s telephone number, including area code: <U>617-663-4497</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">Date of fiscal year end:</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">October 31 </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">Date of reporting period:</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">July 31, 2017</TD></TR>
</TABLE>
<BR>
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<HR ALIGN="LEFT" WIDTH="100%" SIZE="1" NOSHADE>
<PAGE>
<BR>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ITEM 1. SCHEDULE OF INVESTMENTS</P>
<BR>
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<HR ALIGN="LEFT" WIDTH="100%" SIZE="1" NOSHADE>

<PAGE>
<DIV style="display:block;width:98%;">
<DIV style="  display:block;">
<DIV style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt;text-decoration:none; padding-top:9px;line-height:1.5;font-size:10pt;">
<P></P>
<BR>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:8px;line-height:1.1;font-size:22pt;">John Hancock</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:8px;line-height:1.1;font-size:22pt;">Premium Dividend Fund</P>
</DIV>
</DIV>

<DIV style="  display:block;">
<DIV style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt;text-decoration:none; padding-top:9px;line-height:1.5;font-size:10pt;"><B>Quarterly portfolio holdings <FONT style="padding-top:0px;">
7/31/17</FONT></B></DIV>
</DIV>

<DIV style="  display:block;">
<P style="margin-top:1pt;margin-bottom:1pt;padding-left:0pt;text-indent:0pt;">
<IMG SRC="jhnq_logo.jpg" ALT="jhnq_logo.jpg" style="max-width:900px;">
&#8201;</P>
</DIV>

<HR>

<P style="page-break-before:always;margin:0pt;margin-bottom:28pt;line-height:10pt;font-family:Arial;font-size:8pt;"></P>
</DIV>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 18pt; PADDING-BOTTOM: 1pt; PADDING-TOP: 1pt" noWrap align=left width="100%" bgColor=#005860><FONT style="FONT-SIZE: 14pt" face=Arial color=#ffffff>Fund&#146;s
investments</FONT></TD></TR></TABLE><BR><BR><BR><BR>
<P align=left><B><FONT face=Arial size=2>As of 7-31-17
(unaudited)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 10pt; BORDER-COLLAPSE: collapse" cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 72%; padding-left: 2pt"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="11%"><B><FONT face=Arial size=1>Shares</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 14%; padding-right: 2pt"><B><FONT face=Arial size=1>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 72%; background-color: #eeeeee; padding-top: 4pt; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-family: Arial; font-size: 9pt"><B>Preferred securities
    98.3% (66.2% of Total investments)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 4pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 11%; background-color: #eeeeee; padding-top: 4pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #eeeeee; padding-top: 4pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 14%; background-color: #eeeeee; padding-top: 4pt; padding-bottom: 1pt; padding-right: 2pt"><FONT STYLE="font-family: Arial; font-size: 9pt"><B>$771,120,944</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>(Cost $737,273,176)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Consumer staples 2.6%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 14%; padding-right: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>20,715,094</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Food and staples retailing 2.6%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Ocean Spray Cranberries, Inc., 6.250% (A)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>224,250</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>20,715,094</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Energy 5.8%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 14%; padding-right: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>45,730,910</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Oil, gas and consumable fuels 5.8%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Kinder Morgan, Inc., 9.750% (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>1,033,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>45,730,910</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Financials 49.4%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 14%; padding-right: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>387,206,290</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Banks 29.8%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Bank of America Corp., 6.375% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>980,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>25,352,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Bank of America Corp., 6.625% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>360,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>9,288,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Bank of America Corp., Depositary Shares, Series D,
      6.204% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>630,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>16,304,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Barclays Bank PLC, Series 5, 8.125%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>360,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>9,709,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>BB&amp;T Corp., 5.625% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>770,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>19,519,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>BB&amp;T Corp. (Callable 11-1-17), 5.200% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>205,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>5,129,100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>BB&amp;T Corp. (Callable 6-1-18), 5.200% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>110,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>2,763,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Citigroup, Inc. (6.875% to 11-15-23, then 3 month LIBOR +
      4.130%) (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>137,223</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>4,112,573</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR +
      4.040%) (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>240,650</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>7,156,931</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Citigroup, Inc., Depositary Shares, Series AA, 8.125%
      (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>338,830</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>9,385,591</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>JPMorgan Chase &amp; Co., 5.450% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>490,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>12,504,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>JPMorgan Chase &amp; Co., 5.500% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>200,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>5,028,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>JPMorgan Chase &amp; Co., 6.100% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>650,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>17,394,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>JPMorgan Chase &amp; Co., 6.300% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>245,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>6,588,050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>JPMorgan Chase &amp; Co., 6.700% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>35,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>940,100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Santander Holdings USA, Inc., Series C, 7.300%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>500,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>13,125,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>The
      PNC Financial Services Group, Inc., 5.375% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>180,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>4,635,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>The
      PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month
      LIBOR</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 11%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 10pt"><FONT face=Arial size=1>+
      4.067%) (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>311,600</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>9,058,212</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>U.S. Bancorp, 5.150% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>500,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>13,055,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR +
      4.468%) (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>351,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>10,473,840</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Wells Fargo &amp; Company, 6.000% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>205,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>5,407,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Wells Fargo &amp; Company, 8.000% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>1,017,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>26,380,980</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Capital markets 16.4%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Deutsche Bank Contingent Capital Trust II, 6.550%
      (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>241,725</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>6,205,081</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Deutsche Bank Contingent Capital Trust III, 7.600%
      (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>510,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>13,418,100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Morgan Stanley, 6.625% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>842,557</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>23,069,211</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR +
      3.708%) (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>249,227</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>7,180,230</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR +
      4.320%) (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>300,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>8,985,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>State Street Corp., 5.250% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>1,015,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>25,811,450</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>State Street Corp., 6.000% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>80,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>2,142,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR
      + 3.108%) (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>25,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>713,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>The
      Bank of New York Mellon Corp., 5.200% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>442,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>11,138,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>The
      Goldman Sachs Group, Inc., 5.950% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>920,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>23,552,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>The
      Goldman Sachs Group, Inc., Series B, 6.200% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>250,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>6,547,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Consumer finance 1.4%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Capital One Financial Corp., 6.000% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>136,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>3,444,880</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Capital One Financial Corp., 6.200% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>80,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>2,128,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Capital One Financial Corp., 6.250% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>87,047</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>2,302,393</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Capital One Financial Corp., 6.700% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>112,650</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>3,097,875</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Insurance 1.8%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Aegon NV, 6.500% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>75,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>1,968,750</FONT></TD></TR></TABLE><BR>
    <TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial color=#005860 size=1>SEE NOTES TO FUND&rsquo;S INVESTMENTS</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial color=#005860 size=1>QUARTERLY REPORT &nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;JOHN HANCOCK PREMIUM DIVIDEND FUND &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 10pt; BORDER-COLLAPSE: collapse" cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 72%; padding-left: 2pt"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="11%"><B><FONT face=Arial size=1>Shares</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 14%; padding-right: 2pt"><B><FONT face=Arial size=1>Value</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Financials (continued)</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 14%; padding-right: 2pt; padding-top: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Insurance (continued)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Prudential Financial, Inc., 5.750% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>50,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>$1,306,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Prudential PLC, 6.750% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>175,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>4,725,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>W.R. Berkley Corp., 5.625% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>240,351</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>6,157,793</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Health care 3.9%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 14%; padding-right: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>30,747,598</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Pharmaceuticals 3.9%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Teva Pharmaceutical Industries, Ltd., 7.000% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>52,650</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>30,747,598</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Industrials 0.4%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 14%; padding-right: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>3,437,100</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Machinery 0.4%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Stanley Black &amp; Decker, Inc., 5.750% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>135,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>3,437,100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Real estate 2.3%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 14%; padding-right: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>17,629,639</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Equity real estate investment trusts 2.3%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Crown Castle International Corp., Series A, 6.875%
    (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>2,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>2,134,454</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Senior Housing Properties Trust, 5.625%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>554,690</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>13,894,985</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Ventas Realty LP, 5.450% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>63,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>1,600,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Telecommunication services 3.0%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 14%; padding-right: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>23,536,700</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Diversified telecommunication services 0.5%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Qwest Corp., 6.125%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>107,500</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>2,706,850</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Verizon Communications, Inc., 5.900% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>60,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>1,600,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Wireless telecommunication services 2.5%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Telephone &amp; Data Systems, Inc., 5.875%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>100,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>2,514,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Telephone &amp; Data Systems, Inc., 6.625%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>285,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>7,447,050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Telephone &amp; Data Systems, Inc., 6.875%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>170,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>4,443,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>United States Cellular Corp., 6.950%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>185,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>4,824,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Utilities 30.9%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 14%; padding-right: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>242,117,613</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Electric utilities 22.8%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Duke Energy Corp., 5.125% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>192,458</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>4,905,754</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Great Plains Energy, Inc., 7.000%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>626,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>34,930,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>HECO Capital Trust III, 6.500%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>181,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>4,899,670</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Interstate Power &amp; Light Company, 5.100%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>1,340,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>34,585,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>NextEra Energy Capital Holdings, Inc., 5.125% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>185,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>4,689,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>NextEra Energy Capital Holdings, Inc., 5.700% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>320,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>8,160,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>NextEra Energy, Inc., 6.123% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>30,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>1,666,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>NSTAR Electric Company, 4.250%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>13,347</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>1,297,328</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>NSTAR Electric Company, 4.780%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>100,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>9,881,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>PPL
      Capital Funding, Inc., 5.900% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>1,450,320</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>37,345,740</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>SCE
      Trust II, 5.100% (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>1,208,500</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>30,744,240</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>The
      Southern Company, 6.250% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>155,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>4,212,900</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Union Electric Company, 3.700%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>12,262</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>1,192,480</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Multi-utilities 8.1%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>BGE
      Capital Trust II, 6.200%</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>690,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>18,071,100</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Dominion Energy, Inc., 6.750% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>593,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>30,231,140</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>DTE
      Energy Company, 5.250% (C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>235,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>6,018,350</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR
      + 3.220%)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>352,044</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>9,285,161</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 72%; background-color: #eeeeee; padding-left: 2pt"><FONT STYLE="font-family: Arial; font-size: 9pt"><B>Common
    stocks 48.6% (32.7% of Total investments)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 11%; background-color: #eeeeee"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #eeeeee"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 14%; background-color: #eeeeee; padding-right: 2pt"><FONT STYLE="font-family: Arial; font-size: 9pt"><B>$381,312,251</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>(Cost $251,514,050)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 72%; padding-left: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>Energy 6.9%</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 11%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-top: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 14%; padding-right: 2pt; padding-top: 4pt"><B><FONT face=Arial size=1>54,594,575</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><B><FONT face=Arial size=1>Oil, gas and consumable fuels 6.9%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 14%; padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: left; width: 72%; padding-left: 2pt"><FONT face=Arial size=1>BP
      PLC, ADR (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>715,950</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #cccccc 1pt solid; text-align: right; width: 14%; padding-right: 2pt"><FONT face=Arial size=1>25,158,483</FONT></TD></TR></TABLE><BR><TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial color=#005860 size=1>SEE NOTES TO FUND&rsquo;S INVESTMENTS</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial color=#005860 size=1>QUARTERLY REPORT &nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;JOHN HANCOCK PREMIUM DIVIDEND FUND &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; TEXT-ALIGN: left" noWrap></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="11%"><B><FONT face=Arial size=1>Shares</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="14%"><B><FONT face=Arial size=1>Value</FONT></B></TD>
    <TD NOWRAP STYLE="width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>Energy (continued)</FONT></B></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 8%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 9%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 11%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap width="14%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>Oil, gas and consumable fuels
      (continued)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: left" noWrap width="14%"></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Chevron Corp.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>67,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>$7,315,730</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Enbridge, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>101,200</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>4,195,752</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>ONEOK, Inc. (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>115,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>6,505,550</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Royal Dutch Shell PLC, ADR, Class A
      (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>202,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>11,419,060</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>Telecommunication services
      5.1%</FONT></B></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 8%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 9%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 11%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: right" noWrap></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><B><FONT face=Arial size=1>39,821,600</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>Diversified telecommunication services
      4.4%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: left" noWrap width="14%"></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>AT&amp;T, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>550,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>21,450,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Verizon Communications, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>260,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>12,584,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>Wireless telecommunication services
      0.7%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: left" noWrap width="14%"></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Vodafone Group PLC, ADR (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>195,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>5,787,600</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>Utilities 36.6%</FONT></B></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 8%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 9%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 11%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: right" noWrap></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><B><FONT face=Arial size=1>286,896,076</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>Electric utilities 19.9%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: left" noWrap width="14%"></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Alliant Energy Corp.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>800,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>32,424,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>American Electric Power Company, Inc.
      (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>200,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>14,108,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Avangrid, Inc. (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>381,500</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>17,327,730</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Duke Energy Corp.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>285,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>24,259,200</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Entergy Corp.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>60,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>4,603,200</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Eversource Energy (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>380,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>23,100,200</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>OGE Energy Corp.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>400,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>14,344,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Pinnacle West Capital Corp.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>50,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>4,336,500</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>PPL Corp. (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>150,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>5,749,500</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>The Southern Company</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>100,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>4,793,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Xcel Energy, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>240,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>11,354,400</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>Gas utilities 0.4%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: left" noWrap width="14%"></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>ONE Gas, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>42,500</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>3,093,150</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>Multi-utilities 16.3%</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: left" noWrap width="14%"></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Black Hills Corp. (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>200,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>13,932,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>CenterPoint Energy, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>1,025,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>28,894,750</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Dominion Energy, Inc. (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>240,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>18,523,200</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>DTE Energy Company</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>250,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>26,765,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>National Grid PLC, ADR (B)(C)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>238,333</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>14,898,196</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>NiSource, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>440,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>11,466,400</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Vectren Corp.</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>215,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>12,923,650</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; TEXT-ALIGN: left" noWrap></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%"><B><FONT face=Arial size=1>Yield*
      (%)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="9%"><B><FONT face=Arial size=1>Maturity
      date</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="11%"><B><FONT face=Arial size=1>Par
      value^</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="14%"><B><FONT face=Arial size=1>Value</FONT></B></TD>
    <TD NOWRAP STYLE="background: url(''); width: 1%; padding-right: 2pt"></TD></TR>
  <TR style="BACKGROUND-COLOR: #eeeeee" style="line-height:normal">
    <TD NOWRAP STYLE="padding-left: 2pt; padding-bottom: 1pt; width: 53%; padding-top: 1pt; text-align: left"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><B>Short-term
      investments 1.7% (1.1% of Total investments)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; width: 1%; padding-top: 1pt; text-align: left"></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; width: 8%; padding-top: 1pt; text-align: left"></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; width: 1%; padding-top: 1pt; text-align: left"></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; width: 9%; padding-top: 1pt; text-align: left"></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; width: 1%; padding-top: 1pt; text-align: left"></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; width: 11%; padding-top: 1pt; text-align: left"></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt; width: 1%; padding-top: 1pt; text-align: right"></TD>
    <TD NOWRAP STYLE="padding-right: 2pt; padding-bottom: 1pt; width: 14%; padding-top: 1pt; text-align: right; width: 14%"><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><B>$13,335,000</B></FONT></TD>
    <TD NOWRAP STYLE="background: url(''); width: 1%; padding-right: 2pt; padding-top: 1pt; padding-bottom: 1pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>(Cost $13,335,000)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="8%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="9%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="11%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: left" noWrap width="14%"></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap><B><FONT face=Arial size=1>U.S. Government Agency
1.5%</FONT></B></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 8%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 9%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 11%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: right" noWrap></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><B><FONT face=Arial size=1>11,994,000</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Federal Agricultural Mortgage Corp.
      Discount Note</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="8%"><FONT face=Arial size=1>0.800</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="9%"><FONT face=Arial size=1>08-01-17</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>2,399,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>2,399,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; BORDER-BOTTOM: #cccccc 1pt solid; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Federal Home Loan Bank Discount
    Note</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="8%"><FONT face=Arial size=1>0.617</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="9%"><FONT face=Arial size=1>08-01-17</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="11%"><FONT face=Arial size=1>9,595,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #c0c0c0 1pt solid; TEXT-ALIGN: right" noWrap width="14%"><FONT face=Arial size=1>9,595,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #c0c0c0 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; TEXT-ALIGN: left" noWrap></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="11%"><B><FONT face=Arial size=1>Par
      value^</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="14%"><B><FONT face=Arial size=1>Value</FONT></B></TD>
    <TD NOWRAP STYLE="width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="padding-left: 2pt; width: 53%; border-bottom: Black 1pt solid; text-align: left"><B><FONT face=Arial size=1>Repurchase agreement 0.2%</FONT></B></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: right"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; width: 14%"><B><FONT face=Arial size=1>1,341,000</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 2pt; WIDTH: 53%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>Repurchase Agreement with State Street Corp. dated
      7-31-17 at 0.340% to be</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="11%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap width="14%"></TD>
    <TD NOWRAP STYLE="width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 10pt; WIDTH: 53%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>repurchased at $1,341,013 on 8-1-17, collateralized by
      $1,355,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="11%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap width="14%"></TD>
    <TD NOWRAP STYLE="width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-LEFT: 10pt; WIDTH: 53%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>U.S. Treasury Notes, 2.125% due 2-29-24 (valued at
      $1,372,375, including</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="11%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap width="14%"></TD>
    <TD NOWRAP STYLE="width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="padding-left: 10pt; width: 53%; border-bottom: Black 1pt none; text-align: left"><FONT face=Arial size=1>interest)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt none; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt none; text-align: left; width: 8%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt none; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt none; text-align: left; width: 9%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt none; text-align: right; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt none; text-align: right; width: 11%"><FONT face=Arial size=1>1,341,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt none; text-align: right; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt none; text-align: right; width: 14%"><FONT face=Arial size=1>1,341,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt none; width: 1%; background: url(''); padding-right: 2pt"></TD></TR>
  <TR vAlign=bottom style="line-height:normal">
    <TD NOWRAP STYLE="padding-left: 2pt; width: 53%; background-color: #eeeeee; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><B><FONT face=Arial style="FONT-SIZE: 9pt">Total investments (Cost $1,002,122,226)&#134;
      148.6%</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 8%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 9%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 11%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: #eeeeee; text-align: right; width: 14%; padding-top: 1pt; padding-bottom: 1pt"><B><FONT face=Arial style="FONT-SIZE: 9pt">$1,165,768,195</FONT></B></TD>
    <TD NOWRAP STYLE="background: #eeeeee url(''); width: 1%; padding-right: 2pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR vAlign=bottom style="line-height:normal">
    <TD NOWRAP STYLE="padding-left: 2pt; width: 53%; background-color: #eeeeee; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><B><FONT face=Arial style="FONT-SIZE: 9pt">Other assets and liabilities, net
      (48.6%)</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 8%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 9%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 11%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: #eeeeee; text-align: right; width: 14%; padding-top: 1pt; padding-bottom: 1pt"><B><FONT face=Arial style="FONT-SIZE: 9pt">(381,149,468</FONT></B></TD>
    <TD NOWRAP STYLE="background: #eeeeee url(''); width: 1%; padding-right: 2pt; padding-top: 1pt; padding-bottom: 1pt"><STRONG><FONT face=Arial style="FONT-SIZE: 9pt">)</FONT></STRONG></TD></TR>
  <TR vAlign=bottom style="line-height:normal">
    <TD NOWRAP STYLE="padding-left: 2pt; width: 53%; background-color: #eeeeee; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><B><FONT face=Arial style="FONT-SIZE: 9pt">Total net assets 100.0%</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 8%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 9%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 11%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #eeeeee; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: #eeeeee; text-align: right; width: 14%; padding-top: 1pt; padding-bottom: 1pt"><B><FONT face=Arial style="FONT-SIZE: 9pt">$784,618,727</FONT></B></TD>
    <TD NOWRAP STYLE="background: #eeeeee url(''); width: 1%; padding-right: 2pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR></TABLE><BR><TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial color=#005860 size=1>SEE NOTES TO FUND&rsquo;S INVESTMENTS</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial color=#005860 size=1>QUARTERLY REPORT &nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;JOHN HANCOCK PREMIUM DIVIDEND FUND &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" colSpan=3><FONT face=Arial size=1>The percentage shown for each investment
      category is the total value of the category as a percentage of the net
      assets of the fund unless otherwise indicated.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" colSpan=3><FONT face=Arial size=1>^All par values are denominated in U.S.
      dollars unless otherwise indicated.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" colSpan=3><FONT face=Arial size=1><B><U>Security Abbreviations and
    Legend</U></B></FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>ADR</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 89%; TEXT-ALIGN: left"><FONT face=Arial size=1>American Depositary Receipt </FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>LIBOR</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 89%; TEXT-ALIGN: left"><FONT face=Arial size=1>London Interbank Offered Rate</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>(A)</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 89%; TEXT-ALIGN: left"><FONT face=Arial size=1>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<BR>transactions exempt from
      registration.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>(B)</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 89%; TEXT-ALIGN: left"><FONT face=Arial size=1>A portion of this security is on loan as of 7-31-17, and
      is a component of the fund&#146;s leverage under the Liquidity
    Agreement.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>(C)</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 89%; TEXT-ALIGN: left"><FONT face=Arial size=1>All or a portion of this security is pledged as
      collateral pursuant to the Liquidity Agreement. Total collateral value at
      7-31-17 was $638,688,944. A portion of the securities pledged as
      collateral were loaned pursuant to the Liquidity Agreement. The value of
      securities on loan amounted to $123,574,549.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>*</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 89%; TEXT-ALIGN: left"><FONT face=Arial size=1>Yield represents either the annualized yield at the date
      of purchase, the stated coupon rate or, for floating rate securities, the
      rate at period end.</FONT></TD></TR>
  <TR>
    <TD style="PADDING-LEFT: 2pt; PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 9%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>&#134;</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 3pt; VERTICAL-ALIGN: top; WIDTH: 89%; TEXT-ALIGN: left"><FONT face=Arial size=1>At 7-31-17, the aggregate cost of investment securities for federal income tax purposes was $1,003,248,418. Net unrealized appreciation aggregated to $162,519,777, of which
$180,014,014 related to appreciated investment securities and $17,494,237 related to depreciated investment securities.
</FONT></TD></TR></TABLE><BR><TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial color=#005860 size=1>SEE NOTES TO FUND&rsquo;S INVESTMENTS</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial color=#005860 size=1>QUARTERLY REPORT &nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;JOHN HANCOCK PREMIUM DIVIDEND FUND &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face=Arial size=1>DERIVATIVES</FONT></B></P>
<P align=left><B><FONT face=Arial size=1>FUTURES</FONT></B></P>
<TABLE style="FONT-SIZE: 8pt; LINE-HEIGHT: 10pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="12%"><B><FONT face=Arial size=1>Unrealized</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face=Arial size=1>Number of</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face=Arial size=1>Expiration</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="12%"><B><FONT face=Arial size=1>Notional</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="12%"><B><FONT face=Arial size=1>Notional</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="12%"><B><FONT face=Arial size=1>appreciation</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="22%"><B><FONT face=Arial size=1>Open contracts</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="12%"><B><FONT face=Arial size=1>contracts</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="12%"><B><FONT face=Arial size=1>Position</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="12%"><B><FONT face=Arial size=1>date</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="12%"><B><FONT face=Arial size=1>basis*</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="12%"><B><FONT face=Arial size=1>value*</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="12%"><B><FONT face=Arial size=1>(depreciation)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=left width="22%"><FONT face=Arial size=1>10-Year U.S. Treasury Note Futures</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="12%"><FONT face=Arial size=1>860</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="12%"><FONT face=Arial size=1>Short</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=center width="12%"><FONT face=Arial size=1>Sep 2017</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="12%"><FONT face=Arial size=1>$(108,149,904)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="12%"><FONT face=Arial size=1>$(108,265,938)</FONT></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #cccccc 1pt solid" noWrap align=right width="12%"><FONT face=Arial size=1>$(116,034)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#eeeeee>&nbsp;</TD>
    <TD noWrap align=right width="12%" bgColor=#eeeeee><B><FONT face=Arial size=1>$(116,034)</FONT></B></TD></TR></TABLE>
<P align=left><FONT face=Arial size=1>* Notional basis refers to the contractual
amount agreed upon at inception of open contracts; notional value represents the
current value of the open contract.<BR><BR></FONT><FONT face=Arial size=1>OTC is an
abbreviation for over-the-counter. See Notes to Fund&#146;s investments regarding
investment transactions and other derivatives information.</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial color=#005860 size=1>SEE NOTES TO FUND&rsquo;S INVESTMENTS</FONT></TD>
    <TD noWrap align=right width="50%"><FONT face=Arial color=#005860 size=1>QUARTERLY REPORT &nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;JOHN HANCOCK PREMIUM DIVIDEND FUND &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV style="display:block;width:98%;">
<DIV style="  display:block;">
<DIV style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt;text-decoration:none; padding-top:9px;line-height:1.5;font-size:10pt;">
<P style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;padding-left:0pt; padding-top:12px;line-height:1.1;font-size:16pt;">Notes to Fund's investments (unaudited)</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;"><B>Security valuation. </B>Investments are stated at value as of the scheduled close of regular
trading on the New York Stock Exchange (NYSE), normally at 4:00 <FONT style="font-variant:small-caps;">
p.m.</FONT>, Eastern Time. In case of emergency or other disruption resulting in
the NYSE not opening for trading or the NYSE closing at a time other
than the regularly scheduled close, the net asset value (NAV) may be
determined as of the regularly scheduled close of the NYSE pursuant
to the fund's Valuation Policies and Procedures.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;">In order to value the securities, the fund uses the following
valuation techniques: Equity securities held by the fund are
typically valued at the last sale price or official closing price on
the exchange or principal market where the security trades. In the
event there were no sales during the day or closing prices are not
available, the securities are valued using the last available bid
price. Futures contracts are valued at settlement prices, which are
the official closing prices published by the exchange on which
they&nbsp;trade.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;">In certain instances, the Pricing Committee may determine to value
equity securities using prices obtained from another exchange or
market if trading on the exchange or market on which prices are
typically obtained did not open for trading as scheduled, or if
trading closed earlier than scheduled, and trading occurred as normal
on another exchange or&nbsp;market.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;">Other portfolio securities and assets, for which reliable market
quotations are not readily available, are valued at fair value as
determined in good faith by the fund's Pricing Committee following
procedures established by the Board of Trustees. The frequency with
which these fair valuation procedures are used cannot be predicted
and fair value of securities may differ significantly from the value
that would have been used had a ready market for such securities
existed.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;">The fund uses a three-tier hierarchy to prioritize the pricing
assumptions, referred to as inputs, used in valuation techniques to
measure fair value. Level 1 includes securities valued using quoted
prices in active markets for identical securities. Level 2 includes
securities valued using other significant observable inputs.
Observable inputs may include quoted prices for similar securities,
interest rates, prepayment speeds and credit risk. Prices for
securities valued using these inputs are received from independent
pricing vendors and brokers and are based on an evaluation of the
inputs described. Level 3 includes securities valued using
significant unobservable inputs when market prices are not readily
available or reliable, including the fund's own assumptions in
determining the fair value of investments. Factors used in
determining value may include market or issuer specific events or
trends, changes in interest rates and credit quality. The inputs or
methodology used for valuing securities are not necessarily an
indication of the risks associated with investing in those
securities. Changes in valuation techniques and related inputs may
result in transfers into or out of an assigned level within the
disclosure hierarchy</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;">The following is a summary of the values by input classification of
the fund's investments as of <FONT style="padding-top:0px;">
July 31, 2017</FONT>, by major security category or&nbsp;type:</P>

<P style="margin-bottom:0pt;margin-top:0pt; margin:0pt;padding:0pt;">
<TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size:10pt;table-layout:auto;overflow:visible;padding-top:0;padding-bottom:0;vertical-align:bottom;margin-top:2pt;text-align:center;width:100%;">
<TR>
<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:2.8%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:37.7%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:14.9%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:14.9%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:15.0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>

<TD style="font-size:1pt;width:14.8%;">&nbsp;</TD>

<TD style="font-size:1pt;width:0%;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="4" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;text-align:right;font-size:8pt;"><B>Total<BR>
value at<BR>
Date</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;text-align:right;font-size:8pt;"><B>Level 1<BR>
quoted<BR>
price</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;text-align:right;font-size:8pt;"><B>Level 2<BR>
significant<BR>
observable<BR>
inputs</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;text-align:right;font-size:8pt;"><B>Level 3<BR>
significant<BR>
unobservable<BR>
inputs</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="4" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;text-align:left;font-size:8pt;"><B>Preferred securities</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD width="0" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD width="0" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD width="0" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD width="0" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;font-size:8pt;">Consumer staples</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>$20,715,094</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">$20,715,094</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;font-size:8pt;">Energy</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>45,730,910</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">$45,730,910</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;font-size:8pt;">Financials</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>387,206,290</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">387,206,290</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;font-size:8pt;">Health care</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>30,747,598</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">30,747,598</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;font-size:8pt;">Industrials</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>3,437,100</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">3,437,100</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;font-size:8pt;">Real estate</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>17,629,639</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">17,629,639</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;font-size:8pt;">Telecommunication services</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>23,536,700</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">21,936,500</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">1,600,200</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;font-size:8pt;">Utilities</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>242,117,613</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">231,639,972</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">10,477,641</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="4" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;text-align:left;font-size:8pt;"><B>Common stocks</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>381,312,251</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">381,312,251</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="4" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;text-align:left;font-size:8pt;"><B>Short-term investments</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>13,335,000</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">13,335,000</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="4" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;text-align:left;font-size:8pt;"><B>Total investments in securities</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>$1,165,768,195</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>$1,119,640,260</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>$46,127,935</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>&#151;</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="border-bottom:1pt black solid; line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD colspan="10" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;text-align:left;font-size:8pt;"><B>Other financial instruments:</B></TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD width="0" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;width:15px;">&nbsp;</TD>

<TD width="0" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>

<TD style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD style="  line-height:1.2;border-bottom:1pt black solid;font-size:8pt;">&nbsp;</TD>

<TD colspan="4" style="vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;border-bottom:1pt black solid;font-size:8pt;">Futures</TD>

<TD style="  padding-top:2px;line-height:1.2;border-bottom:1pt black solid;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style=" background-color:white; padding-top:2px;line-height:1.2;border-bottom:1pt black solid;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style=" background-color:white; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;border-bottom:1pt black solid;text-align:right;font-size:8pt;"><B>$(116,034</B></TD>

<TD style=" background-color:white; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;border-bottom:1pt black solid;text-align:left;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;"><B>)</B></TD>

<TD style=" background-color:white; padding-top:2px;line-height:1.2;border-bottom:1pt black solid;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style=" background-color:white; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;border-bottom:1pt black solid;text-align:right;font-size:8pt;">$(116,034</TD>

<TD style=" background-color:white; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;border-bottom:1pt black solid;text-align:left;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">)</TD>

<TD style=" background-color:white; padding-top:2px;line-height:1.2;border-bottom:1pt black solid;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style=" background-color:white; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;border-bottom:1pt black solid;text-align:right;font-size:8pt;">&#151;</TD>

<TD style=" background-color:white; padding-top:2px;line-height:1.2;border-bottom:1pt black solid;text-indent:0px;white-space:nowrap;font-size:8pt;width:15px;">&nbsp;</TD>

<TD style=" background-color:white; padding-top:2px;line-height:1.2;border-bottom:1pt black solid;text-indent:0px;font-size:8pt;padding-left:0pt;width:15px;">&nbsp;</TD>

<TD style=" background-color:white; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;border-bottom:1pt black solid;text-align:right;font-size:8pt;">&#151;</TD>

<TD style=" background-color:white; padding-top:2px;line-height:1.2;border-bottom:1pt black solid;text-indent:0px;white-space:nowrap;font-size:8pt;">&nbsp;</TD>
</TR>
</TABLE>
</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;"><B>Repurchase agreements. </B>The fund<B> </B>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'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. Collateral
received by the fund for repurchase agreements is disclosed in the
Fund's investments as part of the caption related to the repurchase
agreement.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;">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, assets and
liabilities resulting from repurchase agreements are not offset. 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.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;"><B>Derivative instruments. </B>The fund<B> </B>may invest in derivatives in order to meet its investment objective.
Derivatives include a variety of different instruments that may be
traded in the over-the-counter (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 </P>
</DIV>
</DIV>

<DIV style="padding-top:12pt;">
<div style="font-size:8pt;float:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7</div>
</DIV>
<BR style="clear:both;">

<HR>

<P style="page-break-before:always;margin:0pt;margin-bottom:28pt;line-height:10pt;font-family:Arial;font-size:8pt;"></P>
</DIV>

<DIV style="display:block;width:98%;">
<DIV style="  display:block;">
<DIV style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt;text-decoration:none; padding-top:9px;line-height:1.5;font-size:10pt;">
<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;">organization and the volatility of 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.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;"><B>Futures. </B>A futures contract is a contractual agreement to buy or sell a
particular currency or financial instrument at a pre-determined price
in the future. Risks related to the use of futures contracts include
possible illiquidity of the futures markets and contract prices that
can be highly volatile and imperfectly correlated to movements in the
underlying financial instrument. Use of long futures contracts
subjects the fund to the risk of loss up to the notional value of the
futures contracts. Use of short futures contracts subjects the fund
to unlimited risk of&nbsp;loss.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;">During the period ended <FONT style="padding-top:0px;">
July 31, 2017</FONT>, <A name="_GoBack"></A>the fund used futures contracts to hedge against anticipated interest
rate changes.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:4.5px;line-height:1.4;font-size:9pt;">For additional information on the fund's significant accounting
policies, please refer to the fund's most recent semiannual or annual
shareholder report.</P>
</DIV>
</DIV>

<DIV style="padding-top:12pt;">
<div style="font-size:8pt;float:right;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8</div>
</DIV>
<BR style="clear:both;">

<HR>

<P style="page-break-before:always;margin:0pt;margin-bottom:28pt;line-height:10pt;font-family:Arial;font-size:8pt;"></P>
</DIV>

<DIV style="display:block;width:98%;">
<DIV style="  display:block;">
<DIV style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt;text-decoration:none; padding-top:9px;line-height:1.5;font-size:10pt;">
<P style=" font-size:26pt;padding-left:0pt; background-color:#777777;color:white;padding-top:0px;line-height:1.1;margin-top:0pt;">More information<BR>
</P>
</DIV>
</DIV>

<DIV style="  display:block;">
<DIV style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt;text-decoration:none; padding-top:9px;line-height:1.5;font-size:10pt;">
<P style="margin-bottom:0pt;margin-top:0pt; margin:0pt;padding:0pt;">
<TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size:10pt;table-layout:auto;overflow:visible;padding-top:0;padding-bottom:0;vertical-align:bottom;margin-top:2pt;text-align:center;width:100%;">
<TR>
<TD style="font-size:1pt;width:13.1%;">&nbsp;</TD>

<TD style="font-size:1pt;width:39.3%;">&nbsp;</TD>

<TD style="font-size:1pt;width:47.6%;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="3" style="border-bottom:1pt black solid;vertical-align:top;font-weight:bold; color:black;line-height:1.5;margin-top:0pt;text-align:left;font-size:9pt;"><B>How to contact us</B></TD>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:top; color:black;padding-top:6px;line-height:1.5;text-align:left;font-size:9pt;"><B>Internet</B></TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:top; color:black;padding-top:6px;line-height:1.5;font-size:9pt;"><FONT style="text-decoration:none;padding-top:0px;">
www.jhinvestments.com</FONT></TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:6px;line-height:1.5;font-size:9pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:top; color:black;padding-top:6px;line-height:1.5;text-align:left;font-size:9pt;"><B>Mail</B></TD>

<TD colspan="1" style="border-bottom:1pt black solid;vertical-align:top; color:black;padding-top:6px;line-height:1.5;font-size:9pt;">Computershare<BR>
P.O. Box 30170<BR>
College Station, TX 77842-3170</TD>

<TD colspan="1" style="border-bottom:1pt black solid; padding-top:6px;line-height:1.5;font-size:9pt;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="vertical-align:top; color:black;padding-top:6px;line-height:1.5;text-align:left;font-size:9pt;"><B>Phone</B></TD>

<TD colspan="1" style="vertical-align:top; color:black;padding-top:6px;line-height:1.5;font-size:9pt;">Customer service representatives<BR>
Portfolio commentary<BR>
24-hour automated information<BR>
TDD line</TD>

<TD colspan="1" style="vertical-align:top; color:black;padding-top:6px;line-height:1.5;text-align:left;font-size:9pt;"><B>800-852-0218<BR>
800-344-7054<BR>
800-843-0090<BR>
800-231-5469</B></TD>
</TR>
</TABLE>
</P>
</DIV>
</DIV>

<DIV style="  display:block;">
<DIV style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt;text-decoration:none; padding-top:9px;line-height:1.5;font-size:10pt;">
<P style="margin-bottom:0pt;margin-top:0pt; margin:0pt;padding:0pt;">
<TABLE cellspacing="0" cellpadding="0" border="0" style=" font-size:10pt;table-layout:auto;overflow:visible;padding-top:0;padding-bottom:0;vertical-align:bottom;margin-top:2pt;text-align:center;width:100%;">
<TR>
<TD style="font-size:1pt;width:89.8%;">&nbsp;</TD>

<TD style="font-size:1pt;width:6.2%;">&nbsp;</TD>

<TD style="font-size:1pt;width:4.0%;">&nbsp;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="   padding-top:1px;line-height:1.2;font-size:9pt;">&nbsp;</TD>

<TD style="vertical-align:top; color:black;padding-top:1px;line-height:1.2;text-align:right;font-size:9pt;">P2Q3</TD>

<TD style="vertical-align:top; color:black;padding-top:1px;line-height:1.2;text-align:right;font-size:9pt;">07/17</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="vertical-align:top; color:black;padding-top:1px;line-height:1.2;font-size:9pt;">This report is for the information of the shareholders of John
Hancock Premium Dividend Fund.</TD>

<TD colspan="1" style="   padding-top:1px;line-height:1.2;font-size:9pt;">&nbsp;</TD>

<TD style="vertical-align:top; color:black;padding-top:1px;line-height:1.2;text-align:right;font-size:9pt;">9/17</TD>
</TR>
</TABLE>
</P>
</DIV>
</DIV>

<hr>


</DIV>

<PAGE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ITEM 2. CONTROLS AND PROCEDURES.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon their evaluation of the registrant&rsquo;s disclosure controls
and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant&rsquo;s principal executive officer and
principal accounting 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&rsquo;s rules and forms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were no changes in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s last fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ITEM 3. EXHIBITS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Separate certifications for the registrant&rsquo;s principal executive
officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.</P>

<BR>
<!-- MARKER FORMAT-SHEET="Scotch Line Single" -->
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<PAGE>
<BR>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John Hancock Premium Dividend Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Andrew G. Arnott</FONT></TD>
    <TD STYLE="width: 74%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Andrew G. Arnott</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">President </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 13, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Andrew G. Arnott</FONT></TD>
    <TD STYLE="width: 74%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Andrew G. Arnott</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">President </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 13, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Charles A. Rizzo</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Charles A. Rizzo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">September 13, 2017</FONT></TD></TR>
</TABLE>
<BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d329252_ex99cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>CERTIFICATION</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">I, Andrew G. Arnott, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1. I have reviewed this report on Form N-Q of John Hancock Premium
Dividend Fund (the &ldquo;registrant&rdquo;);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">3. Based on my knowledge, the schedules of investments included in
this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which
the report is filed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">4. The registrant&rsquo;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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">(c) Evaluated the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(d) Disclosed in this report any change in the registrant&rsquo;s
internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">5. The registrant&rsquo;s other certifying officer and I have disclosed
to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(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&rsquo;s
ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date: <U>September 13, 2017</U></FONT></TD>
    <TD STYLE="width: 30%; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">/s/ Andrew G. Arnott</FONT></TD>
    <TD STYLE="width: 30%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Andrew G. Arnott</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">President </FONT></TD></TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Scotch Line Single" -->
<HR ALIGN="LEFT" WIDTH="100%" SIZE="1" NOSHADE>
<PAGE>
<BR>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>CERTIFICATION</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">I, Charles A. Rizzo, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1. I have reviewed this report on Form N-Q of John Hancock Premium
Dividend Fund (the &ldquo;registrant&rdquo;);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">3. Based on my knowledge, the schedules of investments included in
this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which
the report is filed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">4. The registrant&rsquo;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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0;">(c) Evaluated the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(d) Disclosed in this report any change in the registrant&rsquo;s
internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">5. The registrant&rsquo;s other certifying officer and I have disclosed
to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(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&rsquo;s
ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date: <U>September 13, 2017</U></FONT></TD>
    <TD STYLE="width: 30%; text-align: left; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">/s/ Charles A. Rizzo</FONT></TD>
    <TD STYLE="width: 30%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Charles A. Rizzo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Scotch Line Single" -->
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<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>jhnq_logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 jhnq_logo.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
