N-CSRS 1 f12362d1.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05908

John Hancock Premium Dividend Fund

(Exact name of registrant as specified in charter)

200 Berkeley Street, Boston, Massachusetts 02116 (Address of principal executive offices) (Zip code)

Salvatore Schiavone

Treasurer

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service) Registrant's telephone number, including area code: 617-543-9634

Date of fiscal year end: | October 31
Date of reporting period: | April 30, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

Semiannual report
John Hancock
Premium Dividend Fund
Closed-end U.S. equity
Ticker: PDT
April 30, 2022

Managed distribution plan

The fund has adopted a managed distribution plan (Plan). Under the Plan, the fund makes monthly distributions of an amount equal to $0.0975 per share, which will be paid monthly until further notice. The fund may make additional distributions (i) for purposes of not incurring federal income tax on investment company taxable income and net capital gain, if any, not included in such regular distributions and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular monthly distributions.
The Plan provides that the Board of Trustees of the fund may amend the terms of the Plan or terminate the Plan at any time without prior notice to the fund’s shareholders. The Plan is subject to periodic review by the fund’s Board of Trustees.
You should not draw any conclusions about the fund’s investment performance from the amount of the fund’s distributions or from the terms of the Plan. The fund’s total return at net asset value (NAV) is presented in the "Financial highlights" section of this report.
With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income-tax purposes. The fund may, at times, distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital does not necessarily reflect the fund’s investment performance and should not be confused with "yield" or "income".

A message to shareholders
Dear shareholder,
The U.S. stock market delivered negative performance for the six months ended April 30, 2022. Rising inflation prompted the U.S. Federal Reserve to wind down its quantitative easing policies and begin raising interest rates. The conflict between Russia and Ukraine further weighed on sentiment by creating uncertainty about the economy and fueling expectations for still-higher inflation.
In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.
On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.
Sincerely,
Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the CEO’s views, which are subject to change at any time. Investing involves risks, including the potential loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. It is not possible to invest directly in an index. For more up-to-date information, please visit our website at jhinvestments.com.

John Hancock
Premium Dividend Fund
Table of contents

2 | Your fund at a glance
3 | Portfolio summary
5 | A look at performance
7 | Fund’s investments
15 | Financial statements
19 | Financial highlights
20 | Notes to financial statements
31 | Investment objective, principal investment strategies, and principal risks
35 | Additional information
36 | Shareholder meeting
37 | More information

1 | JOHN HANCOCK PREMIUM DIVIDEND FUND|SEMIANNUAL REPORT |

Table of Contents
Your fund at a glance
INVESTMENT OBJECTIVE

The fund seeks to provide high current income, consistent with modest growth of capital.
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

The Primary Blended Index is 70% ICE BofA U.S. All Capital Securities and 30% S&P 500 Utilities Index.
Intercontinental Exchange (ICE) Bank of America (BofA) U.S. All Capital Securities Index tracks all fixed- to floating-rate, perpetual callable and capital securities of the ICE BofA U.S. Corporate Index.
The S&P 500 Utilities Index tracks the performance of companies in the S&P 500 Index that are primarily involved in water, electrical power, and natural gas distribution industries.
It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.
The performance data contained within this material represents past performance, which does not guarantee future results.
Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may increase when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.

| SEMIANNUAL REPORT|JOHN HANCOCK PREMIUM DIVIDEND FUND | 2

Table of Contents
Portfolio summary
PORTFOLIO COMPOSITION AS OF 4/30/2022 (% of total investments)

SECTOR COMPOSITION AS OF 4/30/2022 (% of total investments)

TOP 10 ISSUERS AS OF 4/30/2022 (% of total investments)
NiSource, Inc. | 4.0
The Williams Companies, Inc. | 3.0
Dominion Energy, Inc. | 2.7
Duke Energy Corp. | 2.7
NextEra Energy, Inc. | 2.6
Enbridge, Inc. | 2.6
Bank of America Corp. | 2.5
American Electric Power Company, Inc. | 2.3
Edison International | 2.3
Spire, Inc. | 2.2
TOTAL | 26.9
Cash and cash equivalents are not included.

3 | JOHN HANCOCK PREMIUM DIVIDEND FUND|SEMIANNUAL REPORT |

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COUNTRY COMPOSITION AS OF 4/30/2022 (% of total investments)
United States | 88.5
United Kingdom | 4.9
Canada | 4.5
France | 1.4
Other countries | 0.7
TOTAL | 100.0

| SEMIANNUAL REPORT|JOHN HANCOCK PREMIUM DIVIDEND FUND | 4

Table of Contents
A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED APRIL 30, 2022

Average annual total returns (%) |  | Cumulative total returns (%)
|  | 1-Year | 5-Year | 10-Year | 6-month | 5-year | 10-Year
At Net asset value |  | 4.49 | 6.52 | 9.09 | 0.14 | 37.16 | 138.64
At Market price |  | 2.21 | 6.99 | 9.86 | -9.33 | 40.21 | 156.12
Primary Blended Index |  | -2.66 | 5.56 | 7.40 | -4.92 | 31.04 | 104.16
Secondary Blended Index |  | -3.92 | 4.92 | 6.71 | -5.62 | 27.15 | 91.46

Performance figures assume all distributions have been reinvested.
The returns reflect past results and should not be considered indicative of future performance. Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may be augmented when shares are purchased at a premium to NAV or when shares need to be sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.
The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

5 | JOHN HANCOCK PREMIUM DIVIDEND FUND|SEMIANNUAL REPORT |

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This chart shows what happened to a hypothetical $10,000 investment in John Hancock Premium Dividend Fund for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in two blended indexes.
Prior to April 30, 2022, the fund’s primary benchmark was the Secondary Blended Index. Effective April 30, 2022, the fund’s primary benchmark is the Primary Blended Index. The Primary Blended Index better reflects the universe of investment opportunities based on the fund’s investment strategy.
The Primary Blended Index is 70% ICE BofA U.S. All Capital Securities and 30% S&P 500 Utilities Index.
The Secondary Blended Index is 70% ICE Bank of America Preferred Stock DRD Eligible Index and 30% S&P 500 Utilities Index.
Intercontinental Exchange (ICE) Bank of America (BofA) U.S. All Capital Securities Index tracks all fixed- to floating-rate, perpetual callable and capital securities of the ICE BofA U.S. Corporate Index.
The S&P 500 Utilities Index tracks the performance of companies in the S&P 500 Index that are primarily involved in water, electrical power, and natural gas distribution industries.
The Intercontinental Exchange (ICE) Bank of America (BofA) Preferred Stock Dividend Received Deduction (DRD) Eligible Index tracks investment-grade fixed-rate U.S. dollar-denominated preferred securities and fixed-to-floating-rate securities.
It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.
The returns reflect past results and should not be considered indicative of future performance.

| SEMIANNUAL REPORT|JOHN HANCOCK PREMIUM DIVIDEND FUND | 6

Table of Contents
Fund’s investments
AS OF 4-30-22 (unaudited)

|  |  |  | Shares | Value
Common stocks 67.4% (44.3% of Total investments) |  |  | $473,064,287
(Cost $361,587,131) |  |  |  |  |
Communication services 2.9% |  |  |  | 20,536,621
Diversified telecommunication services 2.6% |  |  |  |
AT&T, Inc. |  |  |  | 485,000 | 9,147,100
Verizon Communications, Inc. (A)(B) |  |  |  | 200,000 | 9,260,000
Entertainment 0.3% |  |  |  |
Warner Bros Discovery, Inc. (C) |  |  |  | 117,329 | 2,129,521
Consumer staples 1.3% |  |  |  | 9,200,000
Tobacco 1.3% |  |  |  |
Philip Morris International, Inc. (A)(B) |  |  |  | 92,000 | 9,200,000
Energy 13.6% |  |  |  | 95,151,369
Oil, gas and consumable fuels 13.6% |  |  |  |
BP PLC, ADR |  |  |  | 705,950 | 20,274,884
Enbridge, Inc. |  |  |  | 281,200 | 12,271,568
Kinder Morgan, Inc. |  |  |  | 969,001 | 17,587,368
ONEOK, Inc. (B) |  |  |  | 210,000 | 13,299,300
The Williams Companies, Inc. (A)(B) |  |  |  | 925,000 | 31,718,249
Financials 3.5% |  |  |  | 24,605,150
Banks 2.1% |  |  |  |
PacWest Bancorp (A)(B) |  |  |  | 255,000 | 8,386,950
Umpqua Holdings Corp. (B) |  |  |  | 380,000 | 6,285,200
Capital markets 1.4% |  |  |  |
Ares Management Corp., Class A (A)(B) |  |  |  | 150,000 | 9,933,000
Utilities 46.1% |  |  |  | 323,571,147
Electric utilities 23.9% |  |  |  |
Alliant Energy Corp. (B) |  |  |  | 299,000 | 17,584,190
American Electric Power Company, Inc. (A)(B) |  |  |  | 110,000 | 10,902,100
Constellation Energy Corp. |  |  |  | 153,333 | 9,078,847
Duke Energy Corp. (A)(B) |  |  |  | 220,000 | 24,235,200
Entergy Corp. (A)(B) |  |  |  | 60,000 | 7,131,000
Eversource Energy (A)(B) |  |  |  | 199,033 | 17,395,484
Exelon Corp. (B) |  |  |  | 160,000 | 7,484,800
FirstEnergy Corp. (A)(B) |  |  |  | 435,000 | 18,839,850
OGE Energy Corp. (A)(B) |  |  |  | 530,000 | 20,500,400
Pinnacle West Capital Corp. (B) |  |  |  | 50,000 | 3,560,000
PPL Corp. (A)(B) |  |  |  | 660,000 | 18,684,600
Xcel Energy, Inc. |  |  |  | 170,000 | 12,454,200

7 | JOHN HANCOCK PREMIUM DIVIDEND FUND|SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

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|  |  |  | Shares | Value
Utilities (continued) |  |  |  |
Gas utilities 3.4% |  |  |  |
Spire, Inc. (A)(B) |  |  |  | 200,000 | $14,550,000
UGI Corp. (B) |  |  |  | 265,000 | 9,089,500
Multi-utilities 18.8% |  |  |  |
Algonquin Power & Utilities Corp. |  |  |  | 210,000 | 9,895,200
Black Hills Corp. (A)(B) |  |  |  | 200,000 | 14,648,000
CenterPoint Energy, Inc. (B) |  |  |  | 380,181 | 11,637,340
Dominion Energy, Inc. (B) |  |  |  | 80,000 | 6,531,200
Dominion Energy, Inc. |  |  |  | 156,850 | 15,824,597
DTE Energy Company (B) |  |  |  | 105,000 | 13,759,200
National Grid PLC, ADR |  |  |  | 164,166 | 12,174,551
NiSource, Inc. (B) |  |  |  | 670,000 | 19,510,400
Public Service Enterprise Group, Inc. (B) |  |  |  | 235,000 | 16,370,100
Sempra Energy (B) |  |  |  | 72,697 | 11,730,388
Preferred securities 46.4% (30.4% of Total investments) |  |  | $325,237,164
(Cost $325,720,622) |  |  |  |  |
Communication services 1.1% |  |  |  | 7,731,000
Media 1.1% |  |  |  |
Paramount Global, 5.750% |  |  |  | 180,000 | 7,731,000
Consumer discretionary 1.0% |  |  |  | 7,283,100
Internet and direct marketing retail 1.0% |  |  |  |
QVC, Inc., 6.250% (B) |  |  |  | 330,000 | 7,283,100
Consumer staples 3.1% |  |  |  | 21,892,406
Food products 3.1% |  |  |  |
Ocean Spray Cranberries, Inc., 6.250% (D) |  |  |  | 224,250 | 21,892,406
Energy 0.8% |  |  |  | 5,250,000
Oil, gas and consumable fuels 0.8% |  |  |  |
Enbridge, Inc. (6.375% to 4-15-23, then 3 month LIBOR + 3.593%) (B) |  |  |  | 210,000 | 5,250,000
Financials 12.7% |  |  |  | 89,043,973
Banks 7.3% |  |  |  |
Bank of America Corp., 7.250% |  |  |  | 6,000 | 7,300,920
Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%) |  |  |  | 240,650 | 6,280,965
First Republic Bank, 4.000% (B) |  |  |  | 280,000 | 4,900,000
Fulton Financial Corp., 5.125% (B) |  |  |  | 197,400 | 4,159,218
Synovus Financial Corp. (6.300% to 6-21-23, then 3 month LIBOR + 3.352%) (B) |  |  |  | 188,000 | 4,662,400
The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) |  |  |  | 291,600 | 7,322,076

SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT|JOHN HANCOCK PREMIUM DIVIDEND FUND | 8

Table of Contents

|  |  |  | Shares | Value
Financials (continued) |  |  |  |
Banks (continued) |  |  |  |
Wells Fargo & Company, 7.500% |  |  |  | 14,000 | $16,960,860
Capital markets 3.1% |  |  |  |
Brookfield Finance, Inc., 4.625% (B) |  |  |  | 170,000 | 3,221,500
Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%) (B) |  |  |  | 249,227 | 6,487,379
Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) (B) |  |  |  | 430,025 | 11,236,553
State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%) |  |  |  | 25,000 | 630,000
Insurance 2.3% |  |  |  |
American Equity Investment Life Holding Company (6.625% to 9-1-25, then 5 Year CMT + 6.297%) (B) |  |  |  | 211,825 | 5,484,149
Athene Holding, Ltd., Series A (6.350% to 6-30-29, then 3 month LIBOR + 4.253%) |  |  |  | 284,213 | 7,233,221
Brighthouse Financial, Inc., 6.600% (B) |  |  |  | 125,485 | 3,164,732
Health care 1.4% |  |  |  | 9,455,350
Health care equipment and supplies 1.4% |  |  |  |
Becton, Dickinson and Company, 6.000% |  |  |  | 185,000 | 9,455,350
Real estate 1.3% |  |  |  | 9,235,589
Equity real estate investment trusts 1.3% |  |  |  |
Diversified Healthcare Trust, 5.625% (B) |  |  |  | 554,690 | 9,235,589
Utilities 25.0% |  |  |  | 175,345,746
Electric utilities 13.3% |  |  |  |
American Electric Power Company, Inc., 6.125% |  |  |  | 253,335 | 14,186,760
Duke Energy Corp., 5.750% (B) |  |  |  | 160,000 | 4,166,400
NextEra Energy, Inc., 6.219% |  |  |  | 590,000 | 27,912,900
NSTAR Electric Company, 4.250% (B) |  |  |  | 13,347 | 1,253,951
NSTAR Electric Company, 4.780% (B) |  |  |  | 100,000 | 9,533,000
PG&E Corp., 5.500% |  |  |  | 40,000 | 4,753,600
SCE Trust II, 5.100% |  |  |  | 603,350 | 13,213,365
The Southern Company, 6.750% |  |  |  | 307,800 | 16,888,986
Union Electric Company, 3.700% (B) |  |  |  | 12,262 | 1,033,855
Gas utilities 3.0% |  |  |  |
South Jersey Industries, Inc., 8.750% |  |  |  | 180,000 | 12,438,000
Spire, Inc., 5.900% (B) |  |  |  | 183,775 | 4,590,700
Spire, Inc., 7.500% |  |  |  | 77,057 | 4,050,886
Independent power and renewable electricity producers 1.8% |  |  |  |
The AES Corp., 6.875% |  |  |  | 150,000 | 12,990,000

9 | JOHN HANCOCK PREMIUM DIVIDEND FUND|SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

|  |  |  | Shares | Value
Utilities (continued) |  |  |  |
Multi-utilities 6.9% |  |  |  |
Algonquin Power & Utilities Corp. (6.200% to 7-1-24, then 3 month LIBOR + 4.010%) (B) |  |  |  | 300,000 | $7,680,000
DTE Energy Company, 6.250% |  |  |  | 137,000 | 7,178,800
Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) |  |  |  | 352,044 | 8,836,304
NiSource, Inc. (6.500% to 3-15-24, then 5 Year CMT + 3.632%) (B) |  |  |  | 250,000 | 6,542,500
NiSource, Inc., 7.750% |  |  |  | 149,635 | 17,017,989
Sempra Energy, 5.750% (B) |  |  |  | 45,000 | 1,077,750

| Rate (%) | Maturity date |  | Par value^ | Value
Corporate bonds 36.3% (23.8% of Total investments) |  |  | $254,424,642
(Cost $269,253,106) |  |  |  |  |
Communication services 1.7% |  |  |  | 11,872,271
Media 1.7% |  |  |  |
Paramount Global (6.375% to 3-30-27, then 5 Year CMT + 3.999%) | 6.375 | 03-30-62 |  | 12,250,000 | 11,872,271
Consumer discretionary 2.3% |  |  |  | 15,829,703
Automobiles 2.3% |  |  |  |
General Motors Financial Company, Inc. (5.700% to 9-30-30, then 5 Year CMT + 4.997%) (E) | 5.700 | 09-30-30 |  | 9,250,000 | 9,030,313
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (A)(B)(E) | 6.500 | 09-30-28 |  | 7,046,000 | 6,799,390
Energy 1.4% |  |  |  | 10,084,931
Oil, gas and consumable fuels 1.4% |  |  |  |
Enbridge, Inc. (6.250% to 3-1-28, then 3 month LIBOR + 3.641%) | 6.250 | 03-01-78 |  | 10,000,000 | 10,084,931
Financials 27.1% |  |  |  | 189,997,193
Banks 18.9% |  |  |  |
Bank of America Corp. (5.875% to 3-15-28, then 3 month LIBOR + 2.931%) (B)(E) | 5.875 | 03-15-28 |  | 7,000,000 | 6,701,100
Bank of America Corp. (6.125% to 4-27-27, then 5 Year CMT + 3.231%) (B)(E) | 6.125 | 04-27-27 |  | 13,000,000 | 13,000,000
BNP Paribas SA (7.375% to 8-19-25, then 5 Year U.S. Swap Rate + 5.150%) (E) | 7.375 | 08-19-25 |  | 14,400,000 | 14,989,104
Citizens Financial Group, Inc. (6.000% to 7-6-23, then 3 month LIBOR + 3.003%) (A)(B)(E) | 6.000 | 07-06-23 |  | 18,000,000 | 17,168,400
Citizens Financial Group, Inc. (6.375% to 4-6-24, then 3 month LIBOR + 3.157%) (A)(B)(E) | 6.375 | 04-06-24 |  | 2,500,000 | 2,418,750

SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT|JOHN HANCOCK PREMIUM DIVIDEND FUND | 10

Table of Contents

| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Banks (continued) |  |  |  |
Comerica, Inc. (5.625% to 7-1-25, then 5 Year CMT + 5.291%) (E) | 5.625 | 07-01-25 |  | 6,250,000 | $6,359,375
HSBC Holdings PLC (6.500% to 3-23-28, then 5 Year ICE Swap Rate + 3.606%) (B)(E) | 6.500 | 03-23-28 |  | 10,000,000 | 9,756,300
Huntington Bancshares, Inc. (5.625% to 7-15-30, then 10 Year CMT + 4.945%) (A)(B)(E) | 5.625 | 07-15-30 |  | 4,000,000 | 3,987,880
Huntington Bancshares, Inc. (5.700% to 4-15-23, then 3 month LIBOR + 2.880%) (E) | 5.700 | 04-15-23 |  | 3,000,000 | 2,826,600
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)(E) | 6.750 | 02-01-24 |  | 7,334,000 | 7,462,968
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (A)(B)(E) | 7.500 | 06-27-24 |  | 9,750,000 | 9,945,000
M&T Bank Corp. (3.500% to 9-1-26, then 5 Year CMT + 2.679%) (A)(B)(E) | 3.500 | 09-01-26 |  | 9,600,000 | 8,064,123
SVB Financial Group (4.100% to 2-15-31, then 10 Year CMT + 3.064%) (A)(B)(E) | 4.100 | 02-15-31 |  | 9,230,000 | 7,476,300
SVB Financial Group (4.700% to 11-15-31, then 10 Year CMT + 3.064%) (E) | 4.700 | 11-15-31 |  | 5,935,000 | 4,855,661
The PNC Financial Services Group, Inc. (3.400% to 9-15-26, then 5 Year CMT + 2.595%) (B)(E) | 3.400 | 09-15-26 |  | 4,900,000 | 4,214,000
The PNC Financial Services Group, Inc. (6.000% to 5-15-27, then 5 Year CMT + 3.000%) (B)(E) | 6.000 | 05-15-27 |  | 11,285,000 | 11,256,788
Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (E) | 5.900 | 06-15-24 |  | 2,000,000 | 1,957,500
Capital markets 2.7% |  |  |  |
The Bank of New York Mellon Corp. (3.750% to 12-20-26, then 5 Year CMT + 2.630%) (B)(E) | 3.750 | 12-20-26 |  | 4,500,000 | 4,005,000
The Charles Schwab Corp. (4.000% to 6-1-26, then 5 Year CMT + 3.168%) (A)(B)(E) | 4.000 | 06-01-26 |  | 6,000,000 | 5,440,500
The Charles Schwab Corp. (5.000% to 6-1-27, then 5 Year CMT + 3.256%) (A)(B)(E) | 5.000 | 06-01-27 |  | 4,389,000 | 4,228,670
The Charles Schwab Corp. (5.375% to 6-1-25, then 5 Year CMT + 4.971%) (E) | 5.375 | 06-01-25 |  | 5,300,000 | 5,340,121
Consumer finance 2.0% |  |  |  |
American Express Company (3.550% to 9-15-26, then 5 Year CMT + 2.854%) (E) | 3.550 | 09-15-26 |  | 9,500,000 | 8,182,825
Discover Financial Services (6.125% to 6-23-25, then 5 Year CMT + 5.783%) (A)(B)(E) | 6.125 | 06-23-25 |  | 5,500,000 | 5,596,250

11 | JOHN HANCOCK PREMIUM DIVIDEND FUND|SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

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| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Insurance 3.5% |  |  |  |
Markel Corp. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (A)(B)(E) | 6.000 | 06-01-25 |  | 5,500,000 | $5,623,750
SBL Holdings, Inc. (6.500% to 11-13-26, then 5 Year CMT + 5.620%) (D)(E) | 6.500 | 11-13-26 |  | 10,000,000 | 8,775,000
SBL Holdings, Inc. (7.000% to 5-13-25, then 5 Year CMT + 5.580%) (D)(E) | 7.000 | 05-13-25 |  | 11,549,000 | 10,365,228
Utilities 3.8% |  |  |  | 26,640,544
Electric utilities 1.7% |  |  |  |
Edison International (5.000% to 12-15-26, then 5 Year CMT + 3.901%) (E) | 5.000 | 12-15-26 |  | 4,650,000 | 4,208,824
Edison International (5.375% to 3-15-26, then 5 Year CMT + 4.698%) (E) | 5.375 | 03-15-26 |  | 8,000,000 | 7,378,640
Multi-utilities 2.1% |  |  |  |
CenterPoint Energy, Inc. (6.125% to 9-1-23, then 3 month LIBOR + 3.270%) (E) | 6.125 | 09-01-23 |  | 9,000,000 | 8,659,980
Dominion Energy, Inc. (4.350% to 1-15-27, then 5 Year CMT + 3.195%) (E) | 4.350 | 01-15-27 |  | 7,000,000 | 6,393,100
Capital preferred securities 1.1% (0.8% of Total investments) |  |  | $7,933,650
(Cost $9,141,705) |  |  |  |  |
Financials 1.1% |  |  |  | 7,933,650
Insurance 1.1% |  |  |  |
MetLife Capital Trust IV (7.875% to 12-15-37, then 3 month LIBOR + 3.960%) (D) | 7.875 | 12-15-37 |  | 6,990,000 | 7,933,650

|  |  |  | Par value^ | Value
Short-term investments 1.1% (0.7% of Total investments) |  |  | $7,486,000
(Cost $7,486,000) |  |  |  |  |
Repurchase agreement 1.1% |  |  |  |  | 7,486,000
Repurchase Agreement with State Street Corp. dated 4-29-22 at 0.000% to be repurchased at $7,486,000 on 5-2-22, collateralized by $3,507,700 U.S. Treasury Inflation Indexed Bonds, 3.625% due 4-15-28 (valued at $7,635,809) |  |  |  | 7,486,000 | 7,486,000
Total investments (Cost $973,188,564) 152.3% |  |  |  | $1,068,145,743
Other assets and liabilities, net (52.3%) |  |  |  | (367,003,177)
Total net assets 100.0% |  |  |  |  | $701,142,566

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.
^All par values are denominated in U.S. dollars unless otherwise indicated.

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Security Abbreviations and Legend
ADR | American Depositary Receipt
CMT | Constant Maturity Treasury
ICE | Intercontinental Exchange
LIBOR | London Interbank Offered Rate
(A) | All or a portion of this security is on loan as of 4-30-22, and is a component of the fund’s leverage under the Liquidity Agreement.
(B) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 4-30-22 was $503,914,585. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $189,741,745.
(C) | Non-income producing security.
(D) | 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.
(E) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.

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DERIVATIVES
FUTURES

Open contracts | Number of contracts | Position | Expiration date | Notional basis^ | Notional value^ | Unrealized appreciation (depreciation)
10-Year U.S. Treasury Note Futures | 860 | Short | Jun 2022 | $(108,707,810) | $(102,474,375) | $6,233,435
|  |  |  |  |  | $6,233,435

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

Interest rate swaps
Counterparty (OTC)/ Centrally cleared | Notional amount | Currency | Payments made | Payments received | Fixed payment frequency | Floating payment frequency | Maturity date | Unamortized upfront payment paid (received) | Unrealized appreciation (depreciation) | Value
Centrally cleared | 96,000,000 | USD | Fixed 2.136% | USD 3 month LIBOR BBA(a) | Semi Annual | Quarterly | Oct 2022 | — | $(165,604) | $(165,604)
|  |  |  |  |  |  |  | — | $(165,604) | $(165,604)

(a) | At 4-30-22, the 3 month LIBOR was 1.335%.

Derivatives Currency Abbreviations
USD | U.S. Dollar

Derivatives Abbreviations
BBA | The British Banker’s Association
LIBOR | London Interbank Offered Rate
OTC | Over-the-counter

At 4-30-22, the aggregate cost of investments for federal income tax purposes was $975,301,310. Net unrealized appreciation aggregated to $98,912,264, of which $158,639,025 related to gross unrealized appreciation and $59,726,761 related to gross unrealized depreciation.
See Notes to financial statements regarding investment transactions and other derivatives information.

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Financial statements
STATEMENT OF ASSETS AND LIABILITIES 4-30-22 (unaudited)

Assets |
Unaffiliated investments, at value (Cost $973,188,564) | $1,068,145,743
Receivable for centrally cleared swaps | 179,661
Receivable for futures variation margin | 174,719
Cash | 133,722
Collateral held at broker for futures contracts | 1,720,000
Dividends and interest receivable | 5,129,459
Other assets | 296,309
Total assets | 1,075,779,613
Liabilities |
Liquidity agreement | 373,700,000
Interest payable | 380,679
Payable to affiliates |
Administrative services fees | 91,783
Other liabilities and accrued expenses | 464,585
Total liabilities | 374,637,047
Net assets | $701,142,566
Net assets consist of |
Paid-in capital | $602,310,405
Total distributable earnings (loss) | 98,832,161
Net assets | $701,142,566
Net asset value per share |
Based on 48,852,469 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $14.35

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STATEMENT OF OPERATIONS For the six months ended 4-30-22 (unaudited)

Investment income |
Dividends | $21,581,326
Interest | 6,309,147
Less foreign taxes withheld | (108,207)
Total investment income | 27,782,266
Expenses |
Investment management fees | 4,132,112
Interest expense | 1,630,262
Administrative services fees | 543,426
Transfer agent fees | 49,413
Trustees’ fees | 19,026
Custodian fees | 45,198
Printing and postage | 102,957
Professional fees | 57,987
Stock exchange listing fees | 23,611
Other | 13,707
Total expenses | 6,617,699
Less expense reductions | (48,565)
Net expenses | 6,569,134
Net investment income | 21,213,132
Realized and unrealized gain (loss) |
Net realized gain (loss) on |
Unaffiliated investments and foreign currency transactions | 4,958,419
Futures contracts | 4,905,146
Swap contracts | (927,023)
| 8,936,542
Change in net unrealized appreciation (depreciation) of |
Unaffiliated investments | (33,053,011)
Futures contracts | 4,266,406
Swap contracts | 1,597,489
| (27,189,116)
Net realized and unrealized loss | (18,252,574)
Increase in net assets from operations | $2,960,558

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STATEMENTS OF CHANGES IN NET ASSETS

| Six months ended 4-30-22 (unaudited) | Year ended 10-31-21
Increase (decrease) in net assets |  |
From operations |  |
Net investment income | $21,213,132 | $40,375,637
Net realized gain | 8,936,542 | 14,772,105
Change in net unrealized appreciation (depreciation) | (27,189,116) | 102,414,228
Increase in net assets resulting from operations | 2,960,558 | 157,561,970
Distributions to shareholders |  |
From earnings | (28,560,785) | (58,204,786)
Total distributions | (28,560,785) | (58,204,786)
Fund share transactions |  |
Issued pursuant to Dividend Reinvestment Plan | 800,097 | 1,642,660
Total increase (decrease) | (24,800,130) | 100,999,844
Net assets |  |
Beginning of period | 725,942,696 | 624,942,852
End of period | $701,142,566 | $725,942,696
Share activity |  |
Shares outstanding |  |
Beginning of period | 48,800,759 | 48,689,976
Issued pursuant to Dividend Reinvestment Plan | 51,710 | 110,783
End of period | 48,852,469 | 48,800,759

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STATEMENT OF CASH FLOWS For the six months ended 4-30-22 (unaudited)

Cash flows from operating activities |
Net increase in net assets from operations | $2,960,558
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |
Long-term investments purchased | (91,017,599)
Long-term investments sold | 85,461,302
Net purchases and sales of short-term investments | (813,000)
Net amortization of premium (discount) | 380,445
(Increase) Decrease in assets: |
Receivable for futures variation margin | (134,379)
Receivable for centrally cleared swaps | 218,559
Dividends and interest receivable | (319,345)
Receivable for investments sold | 2,853,057
Other assets | (263,977)
Increase (Decrease) in liabilities: |
Interest payable | 152,314
Payable to affiliates | (998)
Other liabilities and accrued expenses | 191,011
Net change in unrealized (appreciation) depreciation on: |
Unaffiliated investments | 33,053,011
Net realized (gain) loss on: |
Unaffiliated investments | (4,961,233)
Net cash provided by operating activities | $27,759,726
Cash flows provided by (used in) financing activities |
Distributions to shareholders | $(27,760,688)
Net cash used in financing activities | $(27,760,688)
Net decrease in cash | $(962)
Cash at beginning of period | $134,684
Cash at end of period | $133,722
Supplemental disclosure of cash flow information: |
Cash paid for interest | $(1,477,948)
Noncash financing activities not included herein consists of reinvestment distributions | $800,097

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Financial highlights

Period ended | 4-30-221 | 10-31-21 | 10-31-20 | 10-31-19 | 10-31-18 | 10-31-17
Per share operating performance |  |  |  |  |  |
Net asset value, beginning of period | $14.88 | $12.84 | $15.74 | $14.33 | $15.95 | $16.17
Net investment income2 | 0.43 | 0.83 | 0.83 | 0.72 | 0.85 | 1.11
Net realized and unrealized gain (loss) on investments | (0.37) | 2.40 | (2.53) | 1.89 | (0.77) | 0.14
Total from investment operations | 0.06 | 3.23 | (1.70) | 2.61 | 0.08 | 1.25
Less distributions |  |  |  |  |  |
From net investment income | (0.59) | (1.17) | (1.17) | (1.17) | (1.17) | (1.17)
From net realized gain | — | (0.02) | (0.03) | (0.03) | (0.53) | (0.30)
Total distributions | (0.59) | (1.19) | (1.20) | (1.20) | (1.70) | (1.47)
Net asset value, end of period | $14.35 | $14.88 | $12.84 | $15.74 | $14.33 | $15.95
Per share market value, end of period | $15.08 | $17.27 | $12.55 | $17.69 | $15.65 | $16.97
Total return at net asset value (%)3,4 | 0.145 | 25.56 | (10.89) | 18.52 | 0.19 | 8.26
Total return at market value (%)3 | (9.33)5 | 49.09 | (22.55) | 22.04 | 2.84 | 24.50
Ratios and supplemental data |  |  |  |  |  |
Net assets, end of period (in millions) | $701 | $726 | $625 | $764 | $695 | $771
Ratios (as a percentage of average net assets): |  |  |  |  |  |
Expenses before reductions | 1.856 | 1.82 | 2.32 | 3.01 | 2.80 | 2.28
Expenses including reductions7 | 1.846 | 1.81 | 2.31 | 3.00 | 2.79 | 2.27
Net investment income | 5.936 | 5.78 | 6.07 | 4.79 | 5.75 | 7.00
Portfolio turnover (%) | 8 | 17 | 24 | 18 | 24 | 14
Senior securities |  |  |  |  |  |
Total debt outstanding end of period (in millions) | $374 | $374 | $374 | $384 | $384 | $384
Asset coverage per $1,000 of debt8 | $2,876 | $2,943 | $2,672 | $2,992 | $2,811 | $3,009

1 | Six months ended 4-30-22. Unaudited.
2 | Based on average daily shares outstanding.
3 | Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested.
4 | Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5 | Not annualized.
6 | Annualized.
7 | Expenses including reductions excluding interest expense were 1.38% (annualized), 1.41%, 1.48%, 1.41%, 1.44% and 1.45% for the periods ended 4-30-22, 10-31-21, 10-31-20, 10-31-19, 10-31-18 and 10-31-17, respectively.
8 | Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.

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Notes to financial statements (unaudited)
Note 1—Organization
John Hancock Premium Dividend Fund (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).
In 2022, the fund filed a registration statement with the Securities and Exchange Commission, registering an additional 2,000,000 common shares through an equity shelf offering program. Under this program, the fund, subject to market conditions, may raise additional equity capital from time to time by offering new common shares at a price equal to or above the fund’s net asset value per common share.
Note 2—Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund’s Valuation Policies and Procedures.
In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor.
In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund’s Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other

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significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of April 30, 2022, by major security category or type:

| Total value at 4-30-22 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs
Investments in securities: |  |  |  |
Assets |  |  |  |
Common stocks | $473,064,287 | $473,064,287 | — | —
Preferred securities |  |  |  |
Communication services | 7,731,000 | 7,731,000 | — | —
Consumer discretionary | 7,283,100 | 7,283,100 | — | —
Consumer staples | 21,892,406 | — | $21,892,406 | —
Energy | 5,250,000 | 5,250,000 | — | —
Financials | 89,043,973 | 89,043,973 | — | —
Health care | 9,455,350 | 9,455,350 | — | —
Real estate | 9,235,589 | 9,235,589 | — | —
Utilities | 175,345,746 | 165,475,587 | 9,870,159 | —
Corporate bonds | 254,424,642 | — | 254,424,642 | —
Capital preferred securities | 7,933,650 | — | 7,933,650 | —
Short-term investments | 7,486,000 | — | 7,486,000 | —
Total investments in securities | $1,068,145,743 | $766,538,886 | $301,606,857 | —
Derivatives: |  |  |  |
Assets |  |  |  |
Futures | $6,233,435 | $6,233,435 | — | —
Liabilities |  |  |  |
Swap contracts | (165,604) | — | $(165,604) | —

The fund holds liabilities for which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2022, the liability for the fund’s Liquidity agreement on the Statement of assets and liabilities is categorized as Level 2 within the disclosure hierarchy.
Repurchase agreements. 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, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the fund. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund’s investments as part of the caption related to the repurchase agreement.

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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 Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay claims resulting from close-out of the transactions.
Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a tax return of capital and/or capital gain, if any, are recorded as a reduction of cost of investments and/or as a realized gain, if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.
Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.
Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.
Overdrafts. Pursuant to the custodian agreement, the fund’s custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

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Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Statement of cash flows. A Statement of cash flows is presented when a fund has a significant amount of borrowing during the period, based on the average total borrowing in relation to total assets, or when a certain percentage of the fund’s investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund’s Statement of assets and liabilities and represents the cash on hand at the fund’s custodian and does not include any short-term investments or collateral on derivative contracts, if any.
Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
As of October 31, 2021, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
Managed distribution plan. The fund has adopted a managed distribution plan (Plan) on September 29, 2014. Under the current Plan, the fund makes monthly distributions of an amount equal to $0.0975 per share, which will be paid monthly until further notice.
Distributions under the Plan may consist of net investment income, net realized capital gains and, to the extent necessary, return of capital. Return of capital distributions may be necessary when the fund’s net investment income and net capital gains are insufficient to meet the minimum distribution. In addition, the fund may also make additional distributions for the purpose of not incurring federal income and excise taxes.
The Board of Trustees may terminate or reduce the amount paid under the Plan at any time. The termination or reduction may have an adverse effect on the market price of the fund’s shares.
Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends monthly under the managed distribution plan described above. Capital gain distributions, if any, are typically distributed annually.
Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital. The final determination of tax characteristics of the fund’s distribution will occur at the end of the year and will subsequently be reported to shareholders.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals, derivative transactions, amortization and accretion on debt securities, contingent payment debt instruments and dividend redesignation.
Note 3—Derivative instruments
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

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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.
Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.
Centrally-cleared swap contracts are subject to clearinghouse rules, including initial and variation margin requirements, daily settlement of obligations and the clearinghouse guarantee of payments to the broker. There is, however, still counterparty risk due to the potential insolvency of the broker with respect to any margin held in the brokers’ customer accounts. While clearing members are required to segregate customer assets from their own assets, in the event of insolvency, there may be a shortfall in the amount of margin held by the broker for its clients. Collateral or margin requirements for centrally-cleared derivatives are set by the broker or applicable clearinghouse. Margin for centrally-cleared transactions is detailed in the Statement of assets and liabilities as Receivable/Payable for centrally-cleared swaps. Securities pledged by the fund for centrally-cleared transactions, if any, are identified in the Fund’s investments.
Futures. 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. Futures are traded on an exchange and cleared through a central clearinghouse. 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 and potential losses in excess of the amounts recognized on the Statement of assets and liabilities. 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 loss.
Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by the fund, if any, is detailed in the Statement of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the fund, if any, are identified in the Fund’s investments. Subsequent payments, referred to as variation margin, are made or received by the fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Receivable for futures variation margin is included on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
During the six months ended April 30, 2022, the fund used futures contracts to manage against changes in interest rates. The fund held futures contracts with USD notional values ranging from $102.5 million to $112.4 million, as measured at each quarter end.
Swaps. Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) 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 a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.
Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by

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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.
Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.
Interest rate swaps. 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.
During the six months ended April 30, 2022, the fund used interest rate swap contracts to manage against changes in the liquidity agreement interest rates. The notional values at the period end are representative of the fund’s exposure throughout the period. No new interest rate swap positions were entered into or closed during the six months ended April 30, 2022.
Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the fund at April 30, 2022 by risk category:

Risk | Statement of assets and liabilities location | Financial instruments location | Assets derivatives fair value | Liabilities derivatives fair value
Interest rate | Receivable/payable for futures variation margin1 | Futures | $6,233,435 | —
Interest rate | Swap contracts, at value2 | Interest rate swaps | — | $(165,604)
|  |  | $6,233,435 | $(165,604)

1 | Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of Fund’s investments. Only the period end variation margin receivable/payable is separately reported on the Statement of assets and liabilities.
2 | Reflects cumulative value of swap contracts. Receivable/payable for centrally cleared swaps, which includes value and margin, are shown separately on the Statement of assets and liabilities.

Effect of derivative instruments on the Statement of operations
The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2022:

| Statement of operations location - Net realized gain (loss) on:
Risk | Futures contracts | Swap contracts | Total
Interest rate | $4,905,146 | $(927,023) | $3,978,123

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The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2022:

| Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk | Futures contracts | Swap contracts | Total
Interest rate | $4,266,406 | $1,597,489 | $5,863,895

Note 4—Guarantees and indemnifications
Under the fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 5—Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as distributor for the common shares offered through the equity shelf offering of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (MFC).
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis to 0.50% of the fund’s average daily managed assets (net assets plus borrowing under the Liquidity Agreement) (see Note 8). In addition, the fund pays to the Advisor 5.00% of the fund’s daily gross income, which amounted to $1,415,835 for the six months ended April 30, 2022. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.
The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the six months ended April 30, 2022, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The expense reductions described above amounted to $48,565 for the six months ended April 30, 2022.
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended April 30, 2022, were equivalent to a net annual effective rate of 0.75% of the fund’s average daily managed net assets.
Administrative services. The fund has an administrative agreement with the Advisor under which the Advisor oversees the custodial, auditing, valuation, accounting, legal, compliance, stock transfer and dividend disbursing services and other operational activities and maintains fund communications with shareholders. The fund pays the Advisor a monthly administration fee at an annual rate of 0.10% of the fund’s average weekly managed assets.

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Distributor. The fund will compensate the Distributor with respect to sales of the common shares offered through the equity shelf offering at a commission rate of 1.00% of the gross proceeds of the sale of common shares, a portion of which is allocated to the selling dealers. The Distributor has an agreement with a sub-placement agent in the sale of common shares. The fund is not responsible for payment of commissions to the sub placement agent.
Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.
Note 6—Fund share transactions
On December 17, 2014, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market, between January 1, 2022 and December 31, 2022,up to 10% of its outstanding common shares as of December 31, 2021. The share repurchase plan will remain in effect between January 1, 2022 and December 31, 2022.
During the six months ended April 30, 2022 and the year ended October 31, 2021, the fund had no activities under the repurchase program. Shares repurchased and corresponding dollar amounts, if any, are included on the Statements of changes in net assets. The anti-dilutive impacts of these share repurchases, if any, are included on the Financial highlights.
Transactions in common shares, if any, are presented in the Statements of changes in net assets. Proceeds received in connection with the shelf offering are net of commissions and offering costs. Total offering costs of $239,770 have been prepaid by the fund. As of April 30, 2022, $0 has been deducted from proceeds of shares issued and the remaining $239,770 is included in Other assets on the Statement of assets and liabilities.
Note 7—Leverage risk
The fund utilizes a Liquidity Agreement (LA) to increase its assets available for investment. When the fund leverages its assets, shareholders bear the expenses associated with the LA and have potential to benefit or be disadvantaged from the use of leverage. The Advisor’s fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund’s assets. Leverage creates risks that may adversely affect the return for the holders of shares, including:

• | the likelihood of greater volatility of NAV and market price of shares;

• | fluctuations in the interest rate paid for the use of the LA;

• | increased operating costs, which may reduce the fund’s total return;

• | the potential for a decline in the value of an investment acquired through leverage, while the fund’s obligations under such leverage remains fixed; and

• | the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund’s return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived. The use of securities lending to obtain leverage in the fund’s investments may subject the fund to greater risk of loss than would reinvestment of collateral in short term highly rated investments.
In addition to the risks created by the fund’s use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the LA is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund’s ability to generate income from the use of leverage would be adversely affected.

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Note 8—Liquidity Agreement
The fund has entered into a Liquidity Agreement (LA) with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $383.7 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at April 30, 2022 are shown in the Statement of assets and liabilities as the Liquidity agreement.
The fund pledges its assets as collateral to secure obligations under the LA. The fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities lending and reverse repurchase transactions with SSB acting as the fund’s authorized agent for these transactions. All transactions initiated through SSB are required to be secured with cash collateral received from the securities borrower (the Borrower) or cash is received from the reverse repurchase agreement (Reverse Repo) counterparties. Securities lending transactions will be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these transactions. As of April 30, 2022, cash received by SSB from securities lending or Reverse Repo transactions of $199,628,003 is credited against the amounts borrowed under the line of credit and $174,071,997 is the remaining conventional loan balance.
Upon return of securities by the Borrower or Reverse Repo counterparty, SSB will return the cash collateral to the Borrower or proceeds from the Reverse Repo, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements is paid by SSB.
SSB has indemnified the fund for certain losses that may arise if the Borrower or a Reverse Repo Counterparty fails to return securities when due. With respect to securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the Borrower to purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement securities, SSB is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any of the fund’s losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the Borrower or proceeds from the Reverse Repo counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the Borrower or Reverse Repo counterparty fails to return the securities on a timely basis.
Interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.625% and is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of April 30, 2022, the fund had an aggregate balance of $373,700,000 at an interest rate of 1.43%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the six months ended April 30, 2022, the average balance of the LA and the effective average interest rate were $373,700,000 and 0.88%, respectively.
The fund may terminate the LA with 60 days’ notice. If certain asset coverage and collateral requirements, or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination event, SSB is required to provide the fund with 360 days’ notice prior to terminating the LA.
Due to the anticipated discontinuation of LIBOR, as discussed in Note 9, the LA may be amended to remove LIBOR as the reference rate for interest and to replace LIBOR with an alternative reference rate for interest mutually agreed upon by the fund and SSB. However, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate and the potential effect of a transition away from LIBOR on the fund and/or the LA cannot yet be fully determined.
Note 9—LIBOR Discontinuation Risk
The LA utilizes LIBOR as the reference or benchmark rate for interest rate calculations. LIBOR is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain

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LIBOR. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR maturities, including some US LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid US LIBOR maturities on June 30, 2023. It is expected that market participants such as the fund and SSB will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. However, although regulators have encouraged the development and adoption of alternative rates, such as the Secured Overnight Financing Rate ("SOFR"), there is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement rate.
Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation dates, the impact on the LA remains uncertain. It is expected that market participants will amend financial instruments referencing LIBOR, such as the LA, to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. Certain proposed replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight US Treasury repo rates, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.
As market participants transition away from LIBOR, LIBOR’s usefulness may deteriorate. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate. The use of an alternative reference rate, or the transition process to an alternative reference rate, may result in increases to the interest paid by the fund pursuant to the LA and, therefore, may adversely affect the fund’s performance.
Note 10—Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $91,017,599 and $85,461,302, respectively, for the six months ended April 30, 2022.
Note 11—Industry or sector risk
The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.
Note 12—Coronavirus (COVID-19) pandemic
The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance.

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Note 13—New accounting pronouncement
In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management expects that the adoption of the guidance will not have a material impact to the financial statements.

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Investment objective, principal investment strategies, and principal risks

Unaudited
Investment Objectives
The Fund’s investment objective is to provide high current income, consistent with modest growth of capital. The Fund will pursue its objective by investing in a diversified portfolio comprised primarily of dividend paying preferred securities and common equity securities.
Principal Investment Strategies
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in dividend-paying securities. This is a non-fundamental policy and may be changed by the Board of Trustees of the fund provided that shareholders are provided with at least 60 days prior written notice of any change as required by the rules under the 1940 Act. The Fund will focus on common stocks of those issuers which, in the opinion of the Advisor, have strong fundamental characteristics, large market capitalizations, favorable credit quality and current dividend yields generally higher than the currently available dividend yield quoted on the Standard & Poor’s 500 Index. The Advisor intends to manage the Fund’s portfolio to generate income qualifying for the dividends received deduction (the "Dividends Received Deduction") allowed corporations under Section 243(a)(1) of the Internal Revenue Code of 1986, as amended (the "Code").
The Fund may invest in floating-rate, fixed-to-floating rate, and fixed-rate preferred securities and debt obligations rated investment grade (at least "BBB" by Standard & Poor’s or "Baa" by Moody’s) at the time of investment or that are preferred securities of issuers of investment grade senior debt, some of which may have speculative characteristics, or, if not rated, will be of comparable quality as determined by the Advisor. The Fund will invest in common stocks of issuers whose senior debt is rated investment grade or, in the case of issuers that have no rated senior debt outstanding, whose senior debt is considered by the Advisor to be of comparable quality.
The Fund may invest in money market instruments, which include short-term U.S. Government securities, investment grade commercial paper (unsecured promissory notes issued by corporations to finance their short-term credit needs), certificates of deposit and bankers’ acceptances.
The Fund may invest up to 10% of the value of its total assets in dividend-paying securities of registered investment companies that invest primarily in investment grade securities.
The fund concentrates its investments in securities of issuers primarily engaged in the utilities industry. The Fund may also invest in derivatives such as futures contracts, options, interest rate swaps and reverse repurchase agreements. The Fund intends to use reverse repurchase agreements to obtain investment leverage either alone and/or in combination with other forms of investment leverage or for temporary purposes. The fund also utilizes a liquidity agreement to increase its assets available for investments and may seek to obtain additional income or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets.
The Fund may invest up to 20% of its net assets in restricted securities purchased in direct placements.
The Advisor may also take into consideration environmental, social, and/or governance (“ESG”) factors, alongside other relevant factors, as part of its investment selection process. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.
Principal Risks
As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund’s net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.

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The fund’s main risks are listed below in alphabetical order, not in order of importance.
Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund.
Concentration risk. Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors.
Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.
Cybersecurity and operational risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.
Economic and market events risk. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.
A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the coronavirus (COVID-19) pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.
Equity securities risk. The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.
ESG integration risk. The Advisor may consider ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The portion of the Fund’s investments for which the manager considers these ESG factors may vary, and could increase or decrease over time. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time, and different ESG characteristics may be relevant to different investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the Advisor, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria or an ESG investment strategy.

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Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed. Changes in a security’s credit qualify may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.
Hedging, derivatives, and other strategic transactions risk. Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: futures contracts, options, interest rate swaps and reverse repurchase agreements. Futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund’s ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund’s NAV.
Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.
Investment company securities risk. The fund may invest in securities of other investment companies. Fund shareholders indirectly bear their proportionate share of the expenses of each such investment company. The total return on such investments will be reduced by the operating expenses and fees of such other investment companies, including advisory fees.
Large company risk. Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.
Leveraging risk. Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund’s losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Liquidity Agreement to increase its assets available for investment. See “Note 7 — Leverage risk” above.
LIBOR discontinuation risk. The publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments use as the reference or benchmark rate for interest rate calculations, was discontinued for most maturities at the end of 2021, and is expected to be discontinued on June 30, 2023 for the remaining maturities. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the fund’s performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR.
Liquidity risk. The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities.

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Preferred and convertible securities risk. Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.
U.S. Government agency obligations risk. U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

| SEMIANNUAL REPORT|JOHN HANCOCK PREMIUM DIVIDEND FUND | 34

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ADDITIONAL INFORMATION

Unaudited
The fund is a closed-end, diversified management investment company, common shares of which were initially offered to the public on December 15, 1989, and are publicly traded on the New York Stock Exchange (the NYSE).
Dividends and distributions
During the six months ended April 30, 2022, distributions from net investment income totaling $0.5850 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment Date | Income Distributions
November 30, 2021 | $0.0975
December 31, 2021 | 0.0975
January 31, 2022 | 0.0975
February 28, 2022 | 0.0975
March 31, 2022 | 0.0975
April 29, 2022 | 0.0975
Total | $0.5850

Shareholder communication and assistance
If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:
Regular Mail:
Computershare
P.O. Box 505000
Louisville, KY 40233
Registered or Overnight Mail:
Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202
If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.

35 | JOHN HANCOCK PREMIUM DIVIDEND FUND|SEMIANNUAL REPORT |

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SHAREHOLDER MEETING

The fund held its Annual Meeting of Shareholders on Monday, February 14, 2022. The following proposal was considered by the shareholders:
THE PROPOSAL PASSED ON FEBRUARY 14, 2022
For a term to expire in 2025:
Proposal: To elect three (3) Trustees (Andrew G. Arnott, Deborah C. Jackson, and Steven R. Pruchansky) to serve for a three-year term ending at the 2025 Annual Meeting of Shareholders.

| Total votes for the nominee | Total votes withheld from the nominee
Independent Trustees |  |
Deborah C. Jackson | 31,479,547.790 | 1,085,670.816
Steven R. Pruchansky | 31,800,894.099 | 764,324.507

Non-Independent Trustee |  |
Andrew G. Arnott | 32,858,193.348 | 707,025.258

Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are: James R. Boyle, Peter S. Burgess. William H. Cunningham, Grace K. Fey, Marianne Harrison, Hassell H. McClellan, Frances G. Rathke, and Gregory A. Russo.

| SEMIANNUAL REPORT|JOHN HANCOCK PREMIUM DIVIDEND FUND | 36

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More information
Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
James R. Boyle
Peter S. Burgess*
William H. Cunningham*
Grace K. Fey
Marianne Harrison†
Deborah C. Jackson
Frances G. Rathke*
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg
Chief Compliance Officer
† Non-Independent Trustee
* Member of the Audit Committee
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (US) LLC
Portfolio Managers
Joseph H. Bozoyan, CFA
Bradley L. Lutz, CFA
Caryn E. Rothman, CFA
Distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
Computershare Shareowner Services, LLC
Legal counsel
K&L Gates LLP
Stock symbol
Listed New York Stock Exchange: PDT
The fund’s proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.
We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.
The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

You can also contact us: |  |
800-852-0218 | Regular mail: | Express mail:
jhinvestments.com | Computershare P.O.Box 505000 Louisville, KY 40233 | Computershare 462 South 4th Street, Suite 1600 Louisville, KY 40202

37 | JOHN HANCOCK PREMIUM DIVIDEND FUND|SEMIANNUAL REPORT |

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John Hancock family of funds
U.S. EQUITY FUNDS

Blue Chip Growth
Classic Value
Disciplined Value
Disciplined Value Mid Cap
Equity Income
Financial Industries
Fundamental All Cap Core
Fundamental Large Cap Core
Mid Cap Growth
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Growth
INTERNATIONAL EQUITY FUNDS

Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Environmental Opportunities
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
FIXED-INCOME FUNDS

Bond
California Municipal Bond
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Municipal Opportunities
Opportunistic Fixed Income
Short Duration Bond
Strategic Income Opportunities
ALTERNATIVE FUNDS

Absolute Return Currency
Alternative Asset Allocation
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
Real Estate Securities
Seaport Long/Short
A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

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EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF
John Hancock Mortgage-Backed Securities ETF
John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
John Hancock Preferred Income ETF
ENVIRONMENTAL,SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond
ESG International Equity
ESG Large Cap Core
ASSET ALLOCATION/TARGET DATE FUNDS

Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
CLOSED-END FUNDS

Financial Opportunities
Hedged Equity & Income
Income Securities Trust
Investors Trust
Preferred Income
Preferred Income II
Preferred Income III
Premium Dividend
Tax-Advantaged Dividend Income
Tax-Advantaged Global Shareholder Yield
John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.
John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.
Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.

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A trusted brand
John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.
A better way to invest
We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Results for investors
Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.
John Hancock Investment Management LLC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.

MF2182030 | P2SA 4/22

6/2022

ITEM 2. CODE OF ETHICS.

(a)Not Applicable

(b)Not Applicable

(c)Not Applicable

(d)Not Applicable

(e)Not Applicable

(f)Not Applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not Applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)Not Applicable

(b)Not Applicable

(c)Not Applicable

(d)Not Applicable

(e)Not Applicable

(f)Not Applicable.

(g)Not Applicable

(h)Not Applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Not applicable.

(b)Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a)Not applicable.

(b)(b)

|  |  | Total number of | Maximum number of
| Total number of | Average price per | shares purchased | shares that may yet
| as part of publicly | be purchased under
Period | shares purchased | share | announced plans* | the plans
Nov-21 | - | - | - | 4,871,311

Dec-21 | - | - | - | 4,881,744
Jan-22 | - | - | - | 4,881,744
Feb-22 | - | - | - | 4,881,744
Mar-22 | - | - | - | 4,881,744
Apr-22 | - | - | - | 4,881,744
Total | - | - |  |

* In December 17, 2014, the Board of Trustees approved a share repurchase plan, which has been subsequently reviewed and approved by the Board of Trustees. Under the current share repurchase plan, the Fund may purchase in the open market up to 10% of its outstanding common shares as of December 31, 2020. The current share plan will remain in effect between January 1, 2022 and December 31, 2022.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating, Governance and Administration Committee Charter."

ITEM 11. CONTROLS AND PROCEDURES.

(a)Based upon their evaluation of the registrant's disclosure controls and procedures as

conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant's internal control over financial reporting that

occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Fund did not participate directly in securities lending activities. See Note 8 to financial statements in Item 1.

ITEM 13. EXHIBITS.

(a)(1) Not applicable.

(a)(2)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds – Nominating, Governance and Administration Committee Charter."

(c)(2) Registrant's notice to shareholders pursuant to Registrant's exemptive order granting an exemption from Section 19(b) of the Investment Company Act of 1940, as amended and Rule 19b-1 thereunder regarding distributions made pursuant to the Registrant's Managed Distribution Plan.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Premium Dividend Fund

By: | /s/ Andrew Arnott
| ------------------------------
| Andrew Arnott
| President
Date: | June 22, 2022

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.

By: | /s/ Andrew Arnott
| -------------------------------
| Andrew Arnott
| President
Date: | June 22, 2022
By: | /s/ Charles A. Rizzo
| ---------------------------------
| Charles A. Rizzo
| Chief Financial Officer
Date: | June 22, 2022