<SEC-DOCUMENT>0001145443-18-000281.txt : 20180402
<SEC-HEADER>0001145443-18-000281.hdr.sgml : 20180402
<ACCEPTANCE-DATETIME>20180402100306
ACCESSION NUMBER:		0001145443-18-000281
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180131
FILED AS OF DATE:		20180402
DATE AS OF CHANGE:		20180402
EFFECTIVENESS DATE:		20180402

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:		18727498

	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>d337059.htm
<DESCRIPTION>N-Q
<TEXT>
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<P align=center><FONT face="Times New Roman">UNITED STATES <BR></FONT><FONT face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C.
20549 </FONT></P>
<P align=center><B><FONT face="Times New Roman">FORM N-Q</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED<BR>MANAGEMENT INVESTMENT COMPANIES</FONT></B></P>
<P align=center><FONT face="Times New Roman">Investment Company Act file number
</FONT><U><FONT face="Times New Roman">811-05908</FONT></U></P>
<P align=center><U><FONT face="Times New Roman">John Hancock Premium Dividend Fund</FONT></U><FONT face="Times New Roman"> <BR></FONT><FONT face="Times New Roman">(Exact name of registrant as specified in charter)</FONT></P>
<P align=center><U><FONT face="Times New Roman">601 Congress Street, Boston,
Massachusetts 02210</FONT></U><FONT face="Times New Roman"><BR>(Address of
principal executive offices) (Zip code) </FONT></P>
<P align=center><FONT face="Times New Roman">Salvatore Schiavone,
Treasurer</FONT></P>
<P align=center><FONT face="Times New Roman">601 Congress Street</FONT></P>
<P align=center><U><FONT face="Times New Roman">Boston, Massachusetts
02210</FONT></U></P>
<P align=center><FONT face="Times New Roman">(Name and address of agent for
service) </FONT></P>
<P align=center><FONT face="Times New Roman">Registrant's telephone number,
including area code: </FONT><U><FONT face="Times New Roman">617-663-4497</FONT></U><FONT face="Times New Roman">
</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"><FONT face="Times New Roman">Date of fiscal year
      end:</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 10%"><FONT color=#000000><FONT face="Times New Roman">October 31</FONT></FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="56%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 10%"></TD></TR>
  <TR>
    <TD noWrap align=left width="56%">&nbsp;
</TD>
    <TD NOWRAP STYLE="text-align: left; width: 10%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"><FONT face="Times New Roman">Date of reporting
      period:</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 10%"><FONT face="Times New Roman">January 31, 2018</FONT></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>
<BR>

<P align=left><FONT face=Arial size=2>ITEM 1. SCHEDULE OF INVESTMENTS
</FONT></P>

<BR>

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



<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;">
1/31/18</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>



 <DIV style="width:100%;"> <DIV style="background-color:#005F67;background-color:#005F67;height:27pt;height:27pt;width:100%;z-index:-1;" type="Block"> <DIV style="text-align:left;">
<TABLE style="background-color:#005F67;border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#FFFFFC;font-family:Arial;font-size:14pt;font-style:Normal;font-weight:Normal;line-height:17pt;padding-left:16pt;padding-right:4.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;width:50.20%;">Fund&#8217;s
 investments </TD>
<TD style="line-height:0pt;text-align:right;vertical-align:center;width:51.08%;">&#160; </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> </DIV>
<DIV style="border:1pt solid black;margin-top:28pt;width:100%;" type="Block">
<DIV style="color:#005F67;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:10pt;padding-left:0.42%;text-align:left;text-decoration:none;text-transform:none;">As of 1-31-18 (unaudited)</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:1.5pt;padding-right:5pt;text-align:right;vertical-align:bottom;width:47.89%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:0.5pt;text-align:right;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:0.5pt;padding-right:3pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">Shares
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:3pt;padding-right:4pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:1.5pt;padding-left:2pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:72.78%;" bgcolor="#E6E6E6" colspan="3">Preferred
 securities 90.5% (59.3% of Total investments) </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:4pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;" bgcolor="#E6E6E6">$654,887,248
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">(Cost
 $666,328,509) </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Consumer
 staples 2.9% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:8.30pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">20,855,250
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Food
 and staples retailing 2.9% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Ocean
 Spray Cranberries, Inc., 6.250% (A) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">224,250
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">20,855,250
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Energy
 5.4% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:8.30pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">39,497,130
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Oil,
 gas and consumable fuels 5.4% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Kinder
 Morgan, Inc., 9.750% (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">1,073,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">39,497,130
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Financials
 46.7% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:4.40pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">337,735,408
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Banks
 29.4% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Bank
 of America Corp., 6.204% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">630,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">16,115,400
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Bank
 of America Corp., 6.375% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">980,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">25,127,200
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Bank
 of America Corp., 6.625% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">360,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">9,234,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Barclays
 Bank PLC, 8.125% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">360,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">9,442,800
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">BB&amp;T
 Corp. (Callable 6-1-18), 5.200% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">110,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">2,693,900
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">BB&amp;T
 Corp. (Callable 5-1-18), 5.200% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">205,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">5,018,400
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">BB&amp;T
 Corp., 5.625% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">770,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">19,142,200
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Citigroup,
 Inc. (6.875% to 11-15-23, then 3 month LIBOR + 4.130%) (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">137,223
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">3,869,689
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Citigroup,
 Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%) (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">240,650
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">6,795,956
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">JPMorgan
 Chase &amp; Co., 5.450% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">490,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">12,156,900
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">JPMorgan
 Chase &amp; Co., 6.100% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">650,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">16,770,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">JPMorgan
 Chase &amp; Co., 6.300% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">245,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">6,313,650
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">JPMorgan
 Chase &amp; Co., 6.700% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">35,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:22.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">912,100
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Santander
 Holdings USA, Inc., 7.300% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">500,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">12,810,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">The
 PNC Financial Services Group, Inc., 5.375% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">180,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,453,200
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:10pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:47.89%;">The
 PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">311,600
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">8,621,972
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">U.S.
 Bancorp, 5.150% (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">500,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">12,275,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">U.S.
 Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">351,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">9,729,720
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Wells
 Fargo &amp; Company, 6.000% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">205,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">5,268,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Wells
 Fargo &amp; Company, 8.000% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">1,017,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">26,208,090
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Capital
 markets 14.0% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Deutsche
 Bank Contingent Capital Trust II, 6.550% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">241,725
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">6,222,002
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Deutsche
 Bank Contingent Capital Trust III, 7.600% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">510,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">12,974,400
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Morgan
 Stanley, 6.625% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">842,557
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">21,931,759
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Morgan
 Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">249,227
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">6,746,575
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Morgan
 Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">300,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">8,535,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">State
 Street Corp., 5.250% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">1,015,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">24,796,450
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">State
 Street Corp., 6.000% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">80,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">2,064,800
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">State
 Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">25,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:22.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">668,750
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">The
 Bank of New York Mellon Corp., 5.200% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">442,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">10,722,920
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">The
 Goldman Sachs Group, Inc., 6.200% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">250,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">6,327,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Consumer
 finance 1.5% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Capital
 One Financial Corp., 6.000% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">136,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">3,427,200
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Capital
 One Financial Corp., 6.200% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">80,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">2,087,200
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Capital
 One Financial Corp., 6.250% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">87,047
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">2,269,315
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Capital
 One Financial Corp., 6.700% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">112,650
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">2,985,225
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Insurance
 1.8% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Aegon
 NV, 6.500% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">75,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">1,918,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Prudential
 Financial, Inc., 5.750% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">50,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">1,258,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Prudential
 PLC, 6.750% (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">150,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">3,928,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt Solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">W.R.
 Berkley Corp., 5.625% (C) </TD>
<TD style="border-bottom:0.25pt Solid #D9D9D9;line-height:0pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt Solid #D9D9D9;line-height:0pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt Solid #D9D9D9;line-height:0pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt Solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:5.90pt;padding-right:3pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">240,351
 </TD>
<TD style="border-bottom:0.25pt Solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.08%;">5,912,635
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:25.5pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#005F67;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom; white-space:nowrap;width:2.68%;">2 </TD>
<TD style="color:#005F67;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:uppercase;vertical-align:bottom; width:71.25%;">JOHN HANCOCK Premium
Dividend Fund&#8195;<FONT style="color:#D9D9D9;text-transform:none;">|</FONT><FONT style="color:#000000;text-transform:none;">&#8195;</FONT><FONT style="text-transform:none;">QUARTERLY REPORT</FONT> </TD>
<TD style="color:#005F67;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-left:0pt;padding-right:0pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;width:26.07%;">SEE
NOTES TO FUND'S INVESTMENTS </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;"> <P style="margin:0pt;page-break-before:always;">&nbsp;</P> <DIV style="width:100%;">
<DIV style="background-color:#005F67;height:27pt;width:100%;z-index:-1;" type="Block"> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> </DIV> <DIV style="border:1pt solid black;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:1.5pt;padding-right:5pt;text-align:right;vertical-align:bottom;width:47.89%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:0.5pt;text-align:right;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:0.5pt;padding-right:3pt;padding-top:7.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">Shares
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:3pt;padding-right:4pt;padding-top:7.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Health
 care 2.7% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:4.40pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">$19,961,719
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Pharmaceuticals
 2.7% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Teva
 Pharmaceutical Industries, Ltd., 7.000% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">52,650
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">19,961,719
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Industrials
 0.5% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:12.19pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">3,388,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Machinery
 0.5% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Stanley
 Black &amp; Decker, Inc., 5.750% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">135,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">3,388,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Real
 estate 3.8% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:8.30pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">27,665,274
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Equity
 real estate investment trusts 3.8% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">American
 Homes 4 Rent, Series F, 5.875% (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">35,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:22.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">857,150
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Crown
 Castle International Corp., Series A, 6.875% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">10,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">11,243,715
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Digital
 Realty Trust, Inc., 6.625% (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:13.10pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">6,275
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:22.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">166,288
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Senior
 Housing Properties Trust, 5.625% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">554,690
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">13,811,781
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Ventas
 Realty LP, 5.450% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">63,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">1,586,340
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Telecommunication
 services 3.0% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:8.30pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">21,466,925
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Diversified
 telecommunication services 0.5% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Qwest
 Corp., 6.125% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">107,500
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">2,075,825
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Verizon
 Communications, Inc., 5.900% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">60,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">1,549,800
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Wireless
 telecommunication services 2.5% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Telephone
 &amp; Data Systems, Inc., 5.875% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">100,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">2,357,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Telephone
 &amp; Data Systems, Inc., 6.625% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">285,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">6,740,250
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Telephone
 &amp; Data Systems, Inc., 6.875% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">170,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,224,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">United
 States Cellular Corp., 6.950% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">185,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,519,550
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Utilities
 25.5% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:4.40pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">184,317,042
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Electric
 utilities 17.8% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Duke
 Energy Corp., 5.125% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">192,458
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,778,732
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">HECO
 Capital Trust III, 6.500% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">181,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,832,700
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Interstate
 Power &amp; Light Company, 5.100% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">1,340,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">32,186,800
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">NextEra
 Energy Capital Holdings, Inc., 5.125% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">185,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,393,750
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">NextEra
 Energy, Inc., 6.123% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">178,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">10,067,680
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">NSTAR
 Electric Company, 4.250% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">13,347
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">1,308,006
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">NSTAR
 Electric Company, 4.780% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">100,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">9,756,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">PPL
 Capital Funding, Inc., 5.900% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">1,150,320
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">28,896,038
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">SCE
 Trust II, 5.100% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">1,218,500
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">27,599,025
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">The
 Southern Company, 6.250% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">155,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,033,100
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Union
 Electric Company, 3.700% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.50pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">12,262
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">1,201,676
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Multi-utilities
 7.7% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Dominion
 Energy, Inc., 6.750% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">593,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">29,928,710
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">DTE
 Energy Company, 5.250% (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">235,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">5,675,250
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Integrys
 Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:5.90pt;padding-right:3pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">352,044
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.08%;">9,399,575
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:0.25pt;padding-right:4pt;padding-top:1.5pt;text-align:left;vertical-align:bottom;width:98.73%;" colspan="6"> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:0.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Sempra
 Energy, 6.000% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:0.25pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:0.25pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:0.25pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:0.25pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">102,600
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:0.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">10,260,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:1.5pt;padding-left:2pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:72.78%;" bgcolor="#E6E6E6" colspan="3">Common
 stocks 59.0% (38.7% of Total investments) </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:4pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;" bgcolor="#E6E6E6">$426,953,789
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">(Cost
 $300,839,218) </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Energy
 13.9% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:4.40pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">100,541,337
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Oil,
 gas and consumable fuels 13.9% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">BP
 PLC, ADR (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">805,950
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">34,486,601
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Enbridge,
 Inc. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">101,200
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:17.08pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">3,706,956
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">ONEOK,
 Inc. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">675,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">39,730,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Royal
 Dutch Shell PLC, ADR, Class A (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">322,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.48pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">22,617,280
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:57.5pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#005F67;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:25.16%; ">SEE NOTES TO FUND'S
INVESTMENTS </TD>
<TD style="color:#005F67;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:uppercase;vertical-align:bottom; width:73.16%;">QUARTERLY
REPORT&#8195;<FONT style="color:#D9D9D9;text-transform:none;">|</FONT><FONT style="color:#000000;text-transform:none;">&#8195;</FONT><FONT style="text-transform:uppercase;">JOHN HANCOCK Premium Dividend Fund</FONT> </TD>
<TD style="color:#005F67;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom; white-space:nowrap;width:2.68%;">3
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;"> <P style="margin:0pt;page-break-before:always;">&nbsp;</P> <DIV style="width:100%;">
<DIV style="background-color:#005F67;height:27pt;width:100%;z-index:-1;" type="Block"> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> </DIV> <DIV style="border:1pt solid black;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:1.5pt;padding-right:5pt;text-align:right;vertical-align:bottom;width:47.89%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:0.5pt;text-align:right;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:0.5pt;padding-right:3pt;padding-top:7.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">Shares
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:3pt;padding-right:4pt;padding-top:7.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Industrials
 2.5% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:4pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">$17,914,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Transportation
 infrastructure 2.5% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Macquarie
 Infrastructure Corp. (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">270,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">17,914,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Telecommunication
 services 4.6% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:4.40pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">33,157,700
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Diversified
 telecommunication services 4.6% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">AT&amp;T,
 Inc. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">510,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">19,099,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Verizon
 Communications, Inc. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">260,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">14,058,200
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Utilities
 38.0% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:4pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">275,340,252
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Electric
 utilities 21.5% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Alliant
 Energy Corp. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">700,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">27,825,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">American
 Electric Power Company, Inc. (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">200,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">13,756,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Avangrid,
 Inc. (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">381,500
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">18,586,680
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Duke
 Energy Corp. (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">285,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">22,372,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Entergy
 Corp. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:4.10pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">60,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.18pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,721,400
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Eversource
 Energy (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">380,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">23,974,200
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">FirstEnergy
 Corp. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">230,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.18pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">7,567,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">OGE
 Energy Corp. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">400,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">12,880,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Pinnacle
 West Capital Corp. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:4.10pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">50,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.18pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">3,997,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">PPL
 Corp. (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">150,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.18pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,780,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">The
 Southern Company (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">100,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.18pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">4,511,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Xcel
 Energy, Inc. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">240,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">10,953,600
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Gas
 utilities 0.4% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">ONE
 Gas, Inc. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:4.10pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">42,500
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:13.18pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">3,010,275
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Multi-utilities
 16.1% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Black
 Hills Corp. (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">200,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">11,110,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">CenterPoint
 Energy, Inc. (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">925,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">26,066,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Dominion
 Energy, Inc. (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">240,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">18,345,600
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">DTE
 Energy Company (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">220,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">23,240,800
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">National
 Grid PLC, ADR (C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">238,333
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">13,747,047
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">NiSource,
 Inc. (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">440,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">10,859,200
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Vectren
 Corp. (B)(C) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:0.5pt;padding-right:3pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">215,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.08%;">13,035,450
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:4pt;padding-top:1.5pt;text-align:left;vertical-align:bottom;width:98.73%;" colspan="6"> </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:1pt;font-style:Normal;font-weight:Normal;line-height:4pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8.11pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:1.5pt;padding-right:5pt;text-align:right;vertical-align:bottom;width:47.89%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:5pt;padding-right:5pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:13.50%;">Rate
 (%) </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:5pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;width:11.39%;">Maturity
 date </TD>
<TD style="line-height:7pt;padding-bottom:1.5pt;padding-right:0.5pt;padding-top:3pt;text-align:right;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:0.5pt;padding-right:3pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:12.03%;">Par
 value^ </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:3pt;padding-right:4pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:1.5pt;padding-left:2pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:72.78%;" bgcolor="#E6E6E6" colspan="3">Corporate
 bonds 2.1% (1.4% of Total investments) </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:4pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;" bgcolor="#E6E6E6">$15,137,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">(Cost
 $15,000,000) </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Financials
 2.1% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:4.40pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">15,137,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Capital
 markets 0.7% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:10pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:47.89%;">E*TRADE
 Financial Corp. (5.300% to 3-15-23, then 3 month LIBOR + 3.160%) (B)(C)(D) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5pt;padding-right:5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.50%;">5.300
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.39%;">03-15-23
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:4.10pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">5,000,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:13.18pt;padding-right:4pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">4,981,250
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">Consumer
 finance 1.4% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:10pt;padding-right:5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:47.89%;">Discover
 Financial Services (5.500% to 10-30-27, then 3 month LIBOR + 3.076%) (C)(D) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:5pt;padding-right:5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.50%;">5.500
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:5pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.39%;">10-30-27
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:0.5pt;padding-right:3pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">10,000,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-left:9.59pt;padding-right:4pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">10,156,250
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-right:4pt;padding-top:1.5pt;text-align:left;vertical-align:bottom;width:98.73%;" colspan="6"> </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:1pt;font-style:Normal;font-weight:Normal;line-height:4pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:8.11pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:1.5pt;padding-right:5pt;text-align:right;vertical-align:bottom;width:47.89%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:5pt;padding-right:5pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:13.50%;">Yield*
 (%) </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:5pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;width:11.39%;">Maturity
 date </TD>
<TD style="line-height:7pt;padding-bottom:1.5pt;padding-right:0.5pt;padding-top:3pt;text-align:right;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:0.5pt;padding-right:3pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:12.03%;">Par
 value^ </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:3pt;padding-right:4pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:1.5pt;padding-left:2pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:72.78%;" bgcolor="#E6E6E6" colspan="3">Short-term
 investments 0.9% (0.6% of Total investments) </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:4pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;" bgcolor="#E6E6E6">$6,519,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:1.5pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">(Cost
 $6,519,000) </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:4pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:13.08%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" colspan="2">U.S.
 Government Agency 0.9% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-bottom:3pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:4.40pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">6,258,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Federal
 Agricultural Mortgage Corp. Discount Note </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5pt;padding-right:5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.50%;">1.200
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.39%;">02-01-18
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">591,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:14.68pt;padding-right:4pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">591,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Federal
 Home Loan Bank Discount Note </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5pt;padding-right:5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.50%;">0.900
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.39%;">02-01-18
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5.90pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">810,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:14.68pt;padding-right:4pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">810,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Federal
 Home Loan Bank Discount Note </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5pt;padding-right:5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.50%;">1.200
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.39%;">02-01-18
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">4,857,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:9.29pt;padding-right:4pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">4,857,000
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> </DIV>
<DIV style="margin-top:49.5pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#005F67;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom; white-space:nowrap;width:2.68%;">4 </TD>
<TD style="color:#005F67;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:uppercase;vertical-align:bottom; width:71.25%;">JOHN HANCOCK Premium
Dividend Fund&#8195;<FONT style="color:#D9D9D9;text-transform:none;">|</FONT><FONT style="color:#000000;text-transform:none;">&#8195;</FONT><FONT style="text-transform:none;">QUARTERLY REPORT</FONT> </TD>
<TD style="color:#005F67;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-left:0pt;padding-right:0pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;width:26.07%;">SEE
NOTES TO FUND'S INVESTMENTS </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;"> <P style="margin:0pt;page-break-before:always;">&nbsp;</P> <DIV style="width:100%;">
<DIV style="background-color:#005F67;height:27pt;width:100%;z-index:-1;" type="Block"> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> </DIV> <DIV style="border:1pt solid black;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-top:8.11pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:7pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:3pt;text-align:right;vertical-align:bottom;width:47.89%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:5pt;padding-top:3pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-top:3pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:0.5pt;padding-top:3pt;text-align:right;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:0.5pt;padding-right:3pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:12.03%;">Par
 value^ </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:3pt;padding-right:4pt;padding-top:3pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-left:2pt;padding-right:5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;">Repurchase
 agreement 0.0% </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:7.5pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;line-height:0pt;padding-right:3pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #005F67;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:10.5pt;line-height:10.5pt;padding-left:26.39pt;padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.08%;">261,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:0.25pt;padding-right:4pt;padding-top:1.5pt;text-align:left;vertical-align:bottom;width:98.73%;" colspan="6"> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:10pt;padding-right:5pt; padding-top:0.25pt;text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:47.89%;">Repurchase
 Agreement with State Street Corp. dated 1-31-18 at 0.540% to be repurchased at $261,004 on 2-1-18, collateralized by $270,000 U.S. Treasury Notes, 1.375% due 9-30-18 (valued at $270,504, including interest) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:5pt;padding-top:0.25pt;text-align:right;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-top:0.25pt;text-align:right;vertical-align:bottom;width:11.39%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:0.5pt;padding-top:0.25pt;text-align:center;vertical-align:bottom;width:0.84%;">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;padding-bottom:3pt;padding-left:0.5pt;padding-right:3pt; padding-top:0.25pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.03%;">261,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7.5pt;font-size:7.5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10.5pt;line-height:10.5pt;padding-bottom:3pt;padding-left:28.33pt;padding-right:4pt;padding-top:0.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:13.08%;">261,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:medium double #FFFFFF;border-top:0.25pt SOLID #FFFFFF;color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:2pt;padding-left:2pt; padding-right:5pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" bgcolor="#E6E6E6" colspan="2">Total
 investments (Cost $988,686,727) 152.5% </TD>
<TD style="border-bottom:medium double #FFFFFF;border-top:0.25pt SOLID #FFFFFF;line-height:0pt;padding-bottom:2pt;padding-right:5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:11.39%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFF;border-top:0.25pt SOLID #FFFFFF;line-height:0pt;padding-bottom:2pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:0.84%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFF;border-top:0.25pt SOLID #FFFFFF;line-height:0pt;padding-bottom:2pt;padding-right:0.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.03%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFF;border-top:0.25pt SOLID #FFFFFF;color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:2pt;padding-left:0.5pt; padding-right:4pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;" bgcolor="#E6E6E6">$1,103,497,537
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:medium double #FFFFFC;color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:2pt;padding-left:2pt;padding-right:5pt;padding-top:2pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.39%;" bgcolor="#E6E6E6" colspan="2">Other
 assets and liabilities, net (52.5%) </TD>
<TD style="border-bottom:medium double #FFFFFC;line-height:0pt;padding-bottom:2pt;padding-right:5pt;padding-top:2pt;text-align:right;vertical-align:bottom;width:11.39%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFC;line-height:0pt;padding-bottom:2pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:0.84%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFC;line-height:0pt;padding-bottom:2pt;padding-right:0.5pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:12.03%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFC;color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:2pt;padding-left:8.03pt;padding-right:4pt;padding-top:2pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;" bgcolor="#E6E6E6">(379,968,421)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:medium double #FFFFFC;color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:0.5pt;padding-left:2pt;padding-right:5pt;padding-top:2pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:47.89%;" bgcolor="#E6E6E6">Total
 net assets 100.0% </TD>
<TD style="border-bottom:medium double #FFFFFC;line-height:0pt;padding-bottom:0.5pt;padding-right:5pt;padding-top:2pt;text-align:right;vertical-align:bottom;width:13.50%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFC;line-height:0pt;padding-bottom:0.5pt;padding-top:2pt;text-align:right;vertical-align:bottom;width:11.39%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFC;line-height:0pt;padding-bottom:0.5pt;padding-right:0.5pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:0.84%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFC;line-height:0pt;padding-bottom:0.5pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:12.03%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:medium double #FFFFFC;color:#005F67;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:bold;line-height:10.5pt;padding-bottom:0.5pt;padding-left:8.85pt;padding-right:4pt; padding-top:2pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.08%;" bgcolor="#E6E6E6">$723,529,116
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:7.5pt;font-style:Normal;font-weight:Normal;line-height:10.5pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:9pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:100%;" colspan="2">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;" colspan="2">^All
 par values are denominated in U.S. dollars unless otherwise indicated. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1pt;padding-left:0pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:100%;" colspan="2">Security
 Abbreviations and Legend </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.88pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.89%;">ADR
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.88pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.74%;">American
Depositary Receipt </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.89%;">LIBOR
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.74%;">London
Interbank Offered Rate </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.89%;">(A)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.74%;">These
securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.89%;">(B)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.74%;">A portion
of this security is on loan as of 1-31-18, and is a component of the fund's leverage under the Liquidity Agreement. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.89%;">(C)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.74%;">All or a
portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 1-31-18 was $596,819,326. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value
of securities on loan amounted to $161,661,510. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.89%;">(D)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.74%;">Perpetual
bonds have no stated maturity date. Date shown as maturity date is next call date. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.89%;">*
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.74%;">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. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:429pt;width:100%;" type="Block">
<DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#005F67;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:25.16%; ">SEE NOTES TO FUND'S
INVESTMENTS </TD>
<TD style="color:#005F67;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:uppercase;vertical-align:bottom; width:73.16%;">QUARTERLY
REPORT&#8195;<FONT style="color:#D9D9D9;text-transform:none;">|</FONT><FONT style="color:#000000;text-transform:none;">&#8195;</FONT><FONT style="text-transform:uppercase;">JOHN HANCOCK Premium Dividend Fund</FONT> </TD>
<TD style="color:#005F67;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom; white-space:nowrap;width:2.68%;">5
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;"> <P style="margin:0pt;page-break-before:always;">&nbsp;</P> <DIV style="width:100%;">
<DIV style="background-color:#005F67;background-color:#005F67;height:27pt;height:27pt;width:100%;z-index:-1;" type="Block"> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> </DIV>
<DIV style="border:1pt solid black;margin-top:17pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DERIVATIVES</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">FUTURES</DIV> <DIV style="text-align:left;">
<TABLE style="border-bottom:0.25pt solid #D9D9D9;border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:1pt;padding-right:4.5pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:48.92%;">Open
 contracts </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.02%;">Number
 of<BR> contracts </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.50%;">Position
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.75%;">Expiration
<BR> date </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.49%;">Notional
<BR> basis* </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.49%;">Notional
<BR> value* </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:3pt;padding-top:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.93%;">Unrealized
<BR> appreciation<BR> (depreciation) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:1pt;padding-right:4.5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:48.92%;">10-Year
 U.S. Treasury Note Futures </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.02%;">860
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.50%;">Short
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.75%;">Mar
 2018 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.49%;">$(107,404,102)
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.49%;">$(104,557,188)
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7pt;font-size:7pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10pt;line-height:10pt;padding-bottom:1.5pt;padding-left:6.82pt;padding-right:3pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:9.93%;">$2,846,914
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:left;vertical-align:bottom;width:48.92%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:8.02%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:6.50%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:7.75%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:9.49%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:9.49%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:4.5pt;padding-right:3pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.93%;" bgcolor="#E6E6E6">$2,846,914
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">* Notional basis refers to the
contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">SWAPS</DIV> <DIV style="text-align:left;">
<TABLE style="border-bottom:0.25pt solid #D9D9D9;border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:100%;" colspan="11">Interest
 rate swaps </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:1pt;padding-right:4.5pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.92%;">Counterparty
 (OTC)/<BR> Centrally cleared </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.45%;">Notional
<BR> amount </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.78%;">Currency
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.28%;">Payments
<BR> made </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.47%;">Payments
<BR> received </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.78%;">Fixed
<BR> payment<BR> frequency </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.26%;">Floating
<BR> payment<BR> frequency </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:5.71%;">Maturity
<BR> date </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.54%;">Unamortized
<BR> upfront<BR> payment<BR> paid<BR> (received) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.08%;">Unrealized
<BR> appreciation<BR> (depreciation) </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:3pt;padding-top:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.83%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:1pt;padding-right:4.5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:26.92%;">Centrally
 cleared </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.45%;">96,000,000
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.78%;">USD
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.28%;">Fixed
 2.136% </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:10.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.47%;">USD
 3 Month LIBOR BBA<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(a)</SUP> </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.78%;">Semi-Annual
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.26%;">Quarterly
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:5.71%;">Oct
 2022 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:1.5pt;padding-left:4.5pt;padding-right:4.5pt; padding-top:1.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.54%;">&#8212;
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7pt;font-size:7pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10pt;line-height:10pt;padding-bottom:1.5pt;padding-left:6.31pt;padding-right:4.5pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:8.08%;">$1,459,060
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7pt;font-size:7pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:10pt;line-height:10pt;padding-bottom:1.5pt;padding-left:6.31pt;padding-right:3pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:6.83%;">$1,459,060
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:left;vertical-align:bottom;width:26.92%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:6.45%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:5.78%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:7.28%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:12.47%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:6.78%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:6.26%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;line-height:0pt;padding-bottom:3pt;padding-right:4.5pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:5.71%;" bgcolor="#E6E6E6">&#160; </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:7pt;font-size:7pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:bold; line-height:10pt;line-height:10pt;padding-bottom:3pt;padding-left:4.50pt;padding-right:4.5pt;padding-top:1.5pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:7.54%;" bgcolor="#E6E6E6">&#8212;
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.08%;" bgcolor="#E6E6E6">$1,459,060
 </TD>
<TD style="border-bottom:0.25pt solid #D9D9D9;color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:bold;line-height:10pt;padding-bottom:3pt;padding-left:4.5pt;padding-right:3pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.83%;" bgcolor="#E6E6E6">$1,459,060
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:9pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:1.75%;"><SUP
 style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(a)</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:98.88%;">At 1-31-18, the 3 month LIBOR
was 1.778% </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-top:4.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:100%;" colspan="2">Derivatives
 Currency Abbreviations </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.88pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:2.93%;">USD
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.88pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:97.70%;">U.S.
Dollar </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-top:4.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:100%;" colspan="2">Derivatives
 Abbreviations </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.88pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.89%;">BBA
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.88pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.74%;">The
British Banker's Association </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.89%;">LIBOR
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.74%;">London
Interbank Offered Rate </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">OTC is an
abbreviation for over-the-counter. See Notes to Fund's investments regarding investment transactions and other derivatives information.</DIV> </DIV> <DIV style="margin-top:376pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#005F67;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom; white-space:nowrap;width:2.68%;">6 </TD>
<TD style="color:#005F67;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:uppercase;vertical-align:bottom; width:71.25%;">JOHN HANCOCK Premium
Dividend Fund&#8195;<FONT style="color:#D9D9D9;text-transform:none;">|</FONT><FONT style="color:#000000;text-transform:none;">&#8195;</FONT><FONT style="text-transform:none;">QUARTERLY REPORT</FONT> </TD>
<TD style="color:#005F67;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;padding-left:0pt;padding-right:0pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;width:26.07%;">SEE
NOTES TO FUND'S INVESTMENTS </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV>






<HR>

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


<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. Debt obligations are valued based on the evaluated prices
provided by an independent pricing vendor or from broker-dealers.
Independent pricing vendors utilize matrix pricing which takes into
account factors such as institutional-size trading in similar groups
of securities, yield, quality, coupon rate, maturity, type of issue,
trading characteristics and other market data, as well as broker
supplied prices. Swaps are valued using evaluated prices obtained
from an independent pricing vendor. Futures contracts are valued at
settlement prices, which are the official closing prices published by
the exchange on which they trade. Foreign securities and currencies
are valued in U.S. dollars based on foreign currency exchange rates
supplied by an independent pricing vendor.</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;">
January 31, 2018</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:3.4%;">&nbsp;</TD>

<TD style="font-size:1pt;width:36.6%;">&nbsp;</TD>

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

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

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

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

<TR style="text-align:left;">
<TD colspan="2" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&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>
1-31-18</B></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 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 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>
</TR>

<TR style="text-align:left;">
<TD colspan="2" 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>Investments in securities:</B></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>

<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 colspan="2" 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>Assets</B></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>

<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 colspan="2" 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;">&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>

<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 colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>$20,855,250</B></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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">$20,855,250</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>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>39,497,130</B></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;">$39,497,130</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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>337,735,408</B></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;">337,735,408</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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>19,961,719</B></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;">19,961,719</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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>3,388,500</B></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;">3,388,500</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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>27,665,274</B></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;">16,421,559</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;">11,243,715</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>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>21,466,925</B></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;">19,917,125</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;">1,549,800</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>
</TR>

<TR style="text-align:left;">
<TD colspan="1" style="border-bottom:1pt black solid; padding-top:2px;line-height:1.2;font-size:8pt;">&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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>184,317,042</B></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;">168,883,091</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;">15,433,951</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>
</TR>

<TR style="text-align:left;">
<TD colspan="2" 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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>426,953,789</B></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;">426,953,789</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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="2" 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>Corporate bonds</B></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>15,137,500</B></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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">15,137,500</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>
</TR>

<TR style="text-align:left;">
<TD colspan="2" 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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>6,519,000</B></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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">6,519,000</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>
</TR>

<TR style="text-align:left;">
<TD colspan="2" 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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;"><B>$1,103,497,537</B></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>$1,032,758,321</B></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>$70,739,216</B></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>
</TR>

<TR style="text-align:left;">
<TD colspan="2" 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>Derivatives:</B></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>

<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 colspan="2" 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>Assets</B></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>

<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 colspan="2" style="border-bottom:1pt black solid;vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;font-size:8pt;">Futures</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>$2,846,914</B></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;">$2,846,914</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; color:black;padding-top:2px;line-height:1.2;vertical-align:bottom;text-align:right;font-size:8pt;">&#151;</TD>
</TR>

<TR style="text-align:left;">
<TD colspan="2" style="vertical-align:bottom; color:black;padding-top:2px;line-height:1.2;border-bottom:1pt black solid;font-size:8pt;">Swap contracts</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>1,459,060</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:right;font-size:8pt;">&#151;</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;">$1,459,060</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>
</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;">Securities with market value of approximately $15,829,000<A name="_GoBack"></A> at the beginning of the year were transferred from Level 1 to Level
2 during the period since quoted prices in active markets for
identical securities were no longer available and securities were
valued using other significant observable inputs.</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 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 </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;">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 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 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;">
January 31, 2018</FONT>, the fund used futures contracts to manage 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;"><B>Interest rate&nbsp;swaps.</B> Interest rate swaps represent an agreement between the fund and a
counterparty to exchange cash flows based on the difference between
two interest rates applied to a notional amount. The payment flows
are usually netted against each other, with the difference being paid
by one party to the other. The fund settles accrued net interest
receivable or payable under the swap contracts at specified, future
intervals. Swap agreements are privately negotiated in the OTC market
or may be executed on a registered commodities exchange (centrally
cleared swaps). Swaps are marked-to-market daily and the change in
value is recorded as unrealized appreciation/depreciation of swap
contracts. A termination payment by the counterparty or the fund is
recorded as realized gain or loss, as well as the net periodic
payments received or paid by the fund. The value of the swap will
typically impose collateral posting obligations on the party that is
considered out-of-the-money on the&nbsp;swap.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:9px;">During the period ended <FONT style="padding-top:0px;">
January 31, 2018</FONT>, the fund used interest rate swaps to manage against anticipated
interest rate changes.</P>

<P style="margin-bottom:0pt;margin-top:0pt;padding-left:0pt; padding-top:9px;">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;">P2Q1</TD>

<TD style="vertical-align:top; color:black;padding-top:1px;line-height:1.2;text-align:right;font-size:9pt;">01/18</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;">3/18</TD>
</TR>
</TABLE>
</P>
</DIV>
</DIV>

<hr>

</DIV>

<PAGE>


<P align=left><FONT face=Arial size=2>ITEM 2. CONTROLS AND PROCEDURES.
</FONT></P>
<P align=left><FONT face=Arial size=2>(a) Based upon their evaluation of the
registrant's disclosure controls and procedures as conducted within 90 days of
the filing date of this Form N-Q, the registrant'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's rules and forms. </FONT></P>
<P align=left><FONT face=Arial size=2>(b) There were no changes in the
registrant's internal control over financial reporting that occurred during the
registrant's last fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting. </FONT></P>
<P align=left><FONT face=Arial size=2>ITEM 3. EXHIBITS.</FONT></P>
<P align=left><FONT face=Arial size=2>Separate certifications for the
registrant's principal executive officer and principal accounting officer, as
required by Rule 30a-2(a) under the Investment Company Act of 1940, are
attached. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align=center><FONT face=Arial size=2>SIGNATURES </FONT></P>
<P align=left><FONT face=Arial size=2>Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment </FONT><FONT face=Arial size=2>Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<div align=left><FONT face=Arial size=2>John Hancock Premium Dividend Fund</FONT></div><br>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>


<TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=Arial size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"><FONT face=Arial size=2>/s/ Andrew G. Arnott</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"></TD>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>Andrew G. Arnott</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"></TD>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>President</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=Arial size=2>Date:&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="78%"><FONT face=Arial size=2>March 19, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P align=left><FONT face=Arial size=2>Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. </FONT></P><br>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=Arial size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><FONT face=Arial size=2>/s/ Andrew G. Arnott</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="79%"><FONT face=Arial size=2>Andrew G. Arnott</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="79%"><FONT face=Arial size=2>President</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=Arial size=2>Date:&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="79%"><FONT face=Arial size=2>March 19, 2018</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=Arial size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><FONT face=Arial size=2>/s/ Charles A. Rizzo</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="79%"><FONT face=Arial size=2>Charles A. Rizzo</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="79%"><FONT face=Arial size=2>Chief Financial Officer</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=Arial size=2>Date:</FONT></TD>
    <TD noWrap align=left width="79%"><FONT face=Arial size=2>March 19, 2018</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d337059_ex99-cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<BR>
<P align=left><B><U><FONT face=Arial size=2>CERTIFICATION</FONT></U></B></P>
<P align=left><FONT face=Arial size=2>I, Andrew G. Arnott, certify that:</FONT></P>
<P align=left><FONT face=Arial size=2>1. I have reviewed this report on Form N-Q of John Hancock Premium Dividend Fund (the &ldquo;registrant&rdquo;);</FONT></P>
<P align=left><FONT face=Arial size=2>2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report; </FONT></P>
<P align=left><FONT face=Arial size=2>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; </FONT></P>
<P align=left><FONT face=Arial size=2>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:</FONT></P>
<P align=left><FONT face=Arial size=2>(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared; </FONT></P>
<P align=left><FONT face=Arial size=2>(b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles; </FONT></P>
<P align=left><FONT face=Arial size=2>(c) Evaluated the effectiveness of the
registrant&#146;s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on
such evaluation; and </FONT></P>
<P align=left><FONT face=Arial size=2>(d) Disclosed in this report any change in
the registrant&#146;s internal control over financial reporting that occurred during
the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over
financial reporting; and </FONT></P>
<P align=left><FONT face=Arial size=2>5. The registrant&#146;s other certifying
officer and I have disclosed to the registrant&#146;s auditors and the audit
committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions): </FONT></P>
<P align=left><FONT face=Arial size=2>(a) All significant deficiencies and
material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial
information; and </FONT></P>
<P align=left><FONT face=Arial size=2>(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the
registrant&#146;s internal control over financial reporting. <BR>&nbsp;</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"><FONT face=Arial size=2>Date: </FONT><U><FONT face=Arial size=2>March 19, 2018</FONT></U></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="22%"><FONT face=Arial size=2>/s/ Andrew G. Arnott</FONT>&nbsp;</TD>
    <TD noWrap align=left width="21%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%"></TD>
    <TD noWrap align=left width="43%" colSpan=2><FONT face=Arial size=2>Andrew G. Arnott</FONT></TD></TR>
<TR vAlign=bottom>
    <TD noWrap align=left width="56%"></TD>
    <TD noWrap align=left width="43%" colSpan=2><FONT face=Arial size=2>President</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>
<BR>
<P align=left><B><U><FONT face=Arial size=2>CERTIFICATION</FONT></U></B></P>
<P align=left><FONT face=Arial size=2>I, Charles A. Rizzo, certify
that:</FONT></P>
<P align=left><FONT face=Arial size=2>1. I have reviewed this report on Form N-Q of John Hancock Premium Dividend Fund (the &ldquo;registrant&rdquo;);</FONT></P>
<P align=left><FONT face=Arial size=2>2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report; </FONT></P>
<P align=left><FONT face=Arial size=2>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; </FONT></P>
<P align=left><FONT face=Arial size=2>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:</FONT></P>
<P align=left><FONT face=Arial size=2>(a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared; </FONT></P>
<P align=left><FONT face=Arial size=2>(b) Designed such internal control over
financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align=left><FONT face=Arial size=2>(c) Evaluated the effectiveness of the
registrant&#146;s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report, based on
such evaluation; and </FONT></P>
<P align=left><FONT face=Arial size=2>(d) Disclosed in this report any change in
the registrant&#146;s internal control over financial reporting that occurred during
the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over
financial reporting; and </FONT></P>
<P align=left><FONT face=Arial size=2>5. The registrant&#146;s other certifying
officer and I have disclosed to the registrant&#146;s auditors and the audit
committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions): </FONT></P>
<P align=left><FONT face=Arial size=2>(a) All significant deficiencies and
material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial
information; and </FONT></P>
<P align=left><FONT face=Arial size=2>(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the
registrant&#146;s internal control over financial reporting. <BR>&nbsp;</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=Arial size=2>Date: </FONT><U><FONT face=Arial size=2>March 19, 2018</FONT></U></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%"><FONT face=Arial size=2>/s/ Charles A.
    Rizzo</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="49%" colSpan=2><FONT face=Arial size=2>Charles A.
  Rizzo</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="49%" colSpan=2><FONT face=Arial size=2>Chief Financial
      Officer</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
