John Hancock
Premium Dividend Fund
Quarterly portfolio holdings 7/31/2021
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Fund’s investments |
As of 7-31-21 (unaudited)
Shares | Value | ||||
Common stocks 61.4% (40.9% of Total investments) | $444,474,113 | ||||
(Cost $350,751,662) | |||||
Communication services 3.4% | 24,760,250 | ||||
Diversified telecommunication services 3.4% | |||||
AT&T, Inc. (A)(B) | 485,000 | 13,604,250 | |||
Verizon Communications, Inc. | 200,000 | 11,156,000 | |||
Consumer staples 1.3% | 9,208,280 | ||||
Tobacco 1.3% | |||||
Philip Morris International, Inc. | 92,000 | 9,208,280 | |||
Energy 10.9% | 79,061,278 | ||||
Oil, gas and consumable fuels 10.9% | |||||
BP PLC, ADR | 705,950 | 17,069,871 | |||
Enbridge, Inc. (A)(B) | 281,200 | 11,065,220 | |||
Kinder Morgan, Inc. (B) | 969,001 | 16,841,237 | |||
ONEOK, Inc. | 210,000 | 10,913,700 | |||
The Williams Companies, Inc. (A)(B) | 925,000 | 23,171,250 | |||
Financials 3.6% | 26,266,350 | ||||
Banks 1.4% | |||||
PacWest Bancorp (A)(B) | 255,000 | 10,154,100 | |||
Capital markets 2.2% | |||||
Ares Management Corp., Class A (A)(B) | 225,000 | 16,112,250 | |||
Utilities 42.2% | 305,177,955 | ||||
Electric utilities 21.2% | |||||
Alliant Energy Corp. (B) | 299,000 | 17,500,470 | |||
American Electric Power Company, Inc. (A)(B) | 150,000 | 13,218,000 | |||
Duke Energy Corp. (A)(B) | 220,000 | 23,124,200 | |||
Entergy Corp. (A)(B) | 60,000 | 6,175,200 | |||
Eversource Energy (A)(B) | 199,033 | 17,170,577 | |||
Exelon Corp. (B) | 160,000 | 7,488,000 | |||
FirstEnergy Corp. (A)(B) | 435,000 | 16,669,200 | |||
OGE Energy Corp. (A)(B) | 530,000 | 17,887,500 | |||
Pinnacle West Capital Corp. | 50,000 | 4,177,500 | |||
PPL Corp. (A)(B) | 660,000 | 18,724,200 | |||
Xcel Energy, Inc. | 170,000 | 11,602,500 | |||
Gas utilities 3.3% | |||||
Spire, Inc. (A)(B) | 160,000 | 11,352,000 | |||
UGI Corp. (A)(B) | 265,000 | 12,187,350 | |||
Multi-utilities 17.7% | |||||
Algonquin Power & Utilities Corp. | 210,000 | 11,039,700 | |||
Black Hills Corp. (A)(B) | 200,000 | 13,530,000 | |||
Dominion Energy, Inc. | 80,000 | 5,989,600 | |||
Dominion Energy, Inc. | 314,850 | 31,399,988 | |||
DTE Energy Company (B) | 125,000 | 14,665,000 | |||
National Grid PLC, ADR | 164,166 | 10,559,157 | |||
NiSource, Inc. (B) | 670,000 | 16,595,900 | |||
Public Service Enterprise Group, Inc. | 235,000 | 14,624,050 | |||
Sempra Energy | 72,697 | 9,497,863 |
2 | JOHN HANCOCK PREMIUM DIVIDEND FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
Shares | Value | ||||
Preferred securities 59.9% (39.9% of Total investments) | $433,698,629 | ||||
(Cost $410,141,102) | |||||
Communication services 2.1% | 15,411,900 | ||||
Wireless telecommunication services 2.1% | |||||
Telephone & Data Systems, Inc., 5.875% (B) | 100,000 | 2,574,000 | |||
Telephone & Data Systems, Inc., 6.625% (B) | 285,000 | 8,042,700 | |||
U.S. Cellular Corp., 6.950% (B) | 185,000 | 4,795,200 | |||
Consumer discretionary 1.2% | 8,659,200 | ||||
Internet and direct marketing retail 1.2% | |||||
QVC, Inc., 6.250% (B) | 330,000 | 8,659,200 | |||
Consumer staples 2.9% | 20,855,250 | ||||
Food products 2.9% | |||||
Ocean Spray Cranberries, Inc., 6.250% (C) | 224,250 | 20,855,250 | |||
Energy 0.8% | 5,722,500 | ||||
Oil, gas and consumable fuels 0.8% | |||||
Enbridge, Inc. (6.375% to 4-15-23, then 3 month LIBOR + 3.593%) (B) | 210,000 | 5,722,500 | |||
Financials 15.0% | 108,520,940 | ||||
Banks 8.6% | |||||
Bank of America Corp., 7.250% | 6,000 | 8,877,300 | |||
Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%) | 240,650 | 6,812,802 | |||
First Republic Bank, 4.000% (B) | 280,000 | 7,000,000 | |||
Fulton Financial Corp., 5.125% (B) | 197,400 | 5,379,150 | |||
Synovus Financial Corp. (6.300% to 6-21-23, then 3 month LIBOR + 3.352%) (B) | 188,000 | 5,025,240 | |||
The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) (B) | 291,600 | 7,625,340 | |||
Wells Fargo & Company, 7.500% | 14,000 | 21,175,140 | |||
Capital markets 3.4% | |||||
Brookfield Finance, Inc., 4.625% | 170,000 | 4,365,600 | |||
Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%) (B) | 249,227 | 7,122,908 | |||
Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) (B) | 430,025 | 12,384,720 | |||
State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%) | 25,000 | 715,000 | |||
Insurance 3.0% | |||||
American Equity Investment Life Holding Company (6.625% to 9-1-25, then 5 Year CMT + 6.297%) | 211,825 | 6,022,185 | |||
Athene Holding, Ltd., Series A (6.350% to 6-30-29, then 3 month LIBOR + 4.253%) | 284,213 | 8,455,337 | |||
Brighthouse Financial, Inc., 6.600% | 125,485 | 3,484,718 | |||
Prudential PLC, 6.750% (B) | 150,000 | 4,075,500 | |||
Health care 0.7% | 5,059,800 | ||||
Health care equipment and supplies 0.7% | |||||
Becton, Dickinson and Company, 6.000% | 90,000 | 5,059,800 | |||
Real estate 1.9% | 13,589,905 | ||||
Equity real estate investment trusts 1.9% | |||||
Diversified Healthcare Trust, 5.625% | 554,690 | 13,589,905 | |||
Utilities 35.3% | 255,879,134 | ||||
Electric utilities 21.8% | |||||
American Electric Power Company, Inc., 6.125% | 100,000 | 5,027,000 | |||
American Electric Power Company, Inc., 6.125% | 253,335 | 13,444,488 | |||
Duke Energy Corp., 5.125% | 192,458 | 5,115,534 |
SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK PREMIUM DIVIDEND FUND | 3 |
Shares | Value | ||||
Utilities (continued) | |||||
Electric utilities (continued) | |||||
Duke Energy Corp., 5.750% (B) | 160,000 | $4,552,000 | |||
Interstate Power & Light Company, 5.100% (B) | 1,154,700 | 29,976,012 | |||
NextEra Energy, Inc., 5.279% | 175,000 | 8,984,500 | |||
NextEra Energy, Inc., 6.219% | 590,000 | 30,615,100 | |||
NSTAR Electric Company, 4.250% (B) | 13,347 | 1,350,316 | |||
NSTAR Electric Company, 4.780% (B) | 100,000 | 10,350,000 | |||
PG&E Corp., 5.500% | 80,000 | 7,233,600 | |||
SCE Trust II, 5.100% (B) | 603,350 | 15,125,985 | |||
The Southern Company, 6.750% | 485,000 | 25,147,250 | |||
Union Electric Company, 3.700% (B) | 12,262 | 1,164,890 | |||
Gas utilities 2.6% | |||||
South Jersey Industries, Inc., 8.750% | 180,000 | 9,811,800 | |||
Spire, Inc., 5.900% (B) | 183,775 | 5,173,266 | |||
Spire, Inc., 7.500% | 77,057 | 4,121,779 | |||
Multi-utilities 10.9% | |||||
Algonquin Power & Utilities Corp. (6.200% to 7-1-24, then 3 month LIBOR + 4.010%) | 300,000 | 8,391,000 | |||
CenterPoint Energy, Inc., 7.000% | 406,800 | 19,156,212 | |||
DTE Energy Company, 6.250% | 347,000 | 17,801,100 | |||
Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) (B) | 352,044 | 9,227,073 | |||
NiSource, Inc. (6.500% to 3-15-24, then 5 Year CMT + 3.632%) (B) | 250,000 | 7,085,000 | |||
NiSource, Inc., 7.750% | 149,635 | 15,771,529 | |||
Sempra Energy, 5.750% (B) | 45,000 | 1,253,700 | |||
Rate (%) | Maturity date | Par value^ | Value | ||
Corporate bonds 26.2% (17.4% of Total investments) | $189,851,431 | ||||
(Cost $175,056,094) | |||||
Consumer discretionary 2.6% | 18,587,797 | ||||
Automobiles 2.6% | |||||
General Motors Financial Company, Inc. (5.700% to 9-30-30, then 5 Year CMT + 4.997%) (D) | 5.700 | 09-30-30 | 9,250,000 | 10,557,118 | |
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (A)(B)(D) | 6.500 | 09-30-28 | 7,046,000 | 8,030,679 | |
Energy 1.5% | 11,133,030 | ||||
Oil, gas and consumable fuels 1.5% | |||||
Enbridge, Inc. (6.250% to 3-1-28, then 3 month LIBOR + 3.641%) | 6.250 | 03-01-78 | 10,000,000 | 11,133,030 | |
Financials 19.7% | 142,377,470 | ||||
Banks 12.6% | |||||
Bank of America Corp. (5.875% to 3-15-28, then 3 month LIBOR + 2.931%) (B)(D) | 5.875 | 03-15-28 | 4,500,000 | 5,169,375 | |
BNP Paribas SA (7.375% to 8-19-25, then 5 Year U.S. Swap Rate + 5.150%) (D) | 7.375 | 08-19-25 | 14,400,000 | 16,850,448 | |
Citizens Financial Group, Inc. (6.000% to 7-6-23, then 3 month LIBOR + 3.003%) (D) | 6.000 | 07-06-23 | 18,000,000 | 18,792,000 | |
Citizens Financial Group, Inc. (6.375% to 4-6-24, then 3 month LIBOR + 3.157%) (D) | 6.375 | 04-06-24 | 2,500,000 | 2,662,500 | |
Comerica, Inc. (5.625% to 7-1-25, then 5 Year CMT + 5.291%) (A)(B)(D) | 5.625 | 07-01-25 | 4,000,000 | 4,450,000 | |
HSBC Holdings PLC (6.500% to 3-23-28, then 5 Year ICE Swap Rate + 3.606%) (A)(B)(D) | 6.500 | 03-23-28 | 10,000,000 | 11,400,000 | |
Huntington Bancshares, Inc. (5.625% to 7-15-30, then 10 Year CMT + 4.945%) (A)(B)(D) | 5.625 | 07-15-30 | 4,000,000 | 4,680,000 | |
Huntington Bancshares, Inc. (5.700% to 4-15-23, then 3 month LIBOR + 2.880%) (A)(B)(D) | 5.700 | 04-15-23 | 3,000,000 | 3,120,985 |
4 | JOHN HANCOCK PREMIUM DIVIDEND FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
Financials (continued) | |||||
Banks (continued) | |||||
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)(D) | 6.750 | 02-01-24 | 7,334,000 | $8,099,670 | |
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (D) | 7.500 | 06-27-24 | 9,750,000 | 11,002,388 | |
SVB Financial Group (4.100% to 2-15-31, then 10 Year CMT + 3.064%) (A)(B)(D) | 4.100 | 02-15-31 | 2,320,000 | 2,374,520 | |
Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (A)(B)(D) | 5.900 | 06-15-24 | 2,000,000 | 2,155,960 | |
Capital markets 1.7% | |||||
The Charles Schwab Corp. (4.000% to 6-1-26, then 5 Year CMT + 3.168%) (A)(B)(D) | 4.000 | 06-01-26 | 6,000,000 | 6,262,500 | |
The Charles Schwab Corp. (5.375% to 6-1-25, then 5 Year CMT + 4.971%) (D) | 5.375 | 06-01-25 | 5,300,000 | 5,918,510 | |
Consumer finance 1.6% | |||||
American Express Company (3.550% to 9-15-26, then 5 Year CMT + 2.854%) (D) | 3.550 | 09-15-26 | 5,500,000 | 5,527,500 | |
Discover Financial Services (6.125% to 6-23-25, then 5 Year CMT + 5.783%) (D) | 6.125 | 06-23-25 | 5,500,000 | 6,194,681 | |
Insurance 3.8% | |||||
Markel Corp. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (D) | 6.000 | 06-01-25 | 5,500,000 | 6,098,070 | |
SBL Holdings, Inc. (6.500% to 11-13-26, then 5 Year CMT + 5.620%) (C)(D) | 6.500 | 11-13-26 | 10,000,000 | 9,925,000 | |
SBL Holdings, Inc. (7.000% to 5-13-25, then 5 Year CMT + 5.580%) (C)(D) | 7.000 | 05-13-25 | 11,549,000 | 11,693,363 | |
Utilities 2.4% | 17,753,134 | ||||
Electric utilities 0.2% | |||||
Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (A)(B)(D) | 6.250 | 02-01-22 | 1,750,000 | 1,779,534 | |
Multi-utilities 2.2% | |||||
CenterPoint Energy, Inc. (6.125% to 9-1-23, then 3 month LIBOR + 3.270%) (D) | 6.125 | 09-01-23 | 9,000,000 | 9,517,500 | |
CMS Energy Corp. (4.750% to 3-1-30, then 5 Year CMT + 4.116%) | 4.750 | 06-01-50 | 5,750,000 | 6,456,100 | |
Par value^ | Value | ||||
Short-term investments 2.7% (1.8% of Total investments) | $19,221,000 | ||||
(Cost $19,221,000) | |||||
Repurchase agreement 2.7% | 19,221,000 | ||||
Repurchase Agreement with State Street Corp. dated 7-30-21 at 0.000% to be repurchased at $19,221,000 on 8-2-21, collateralized by $19,118,900 U.S. Treasury Notes, 1.375% due 2-15-23 (valued at $19,605,424) | 19,221,000 | 19,221,000 | |||
Total investments (Cost $955,169,858) 150.2% | $1,087,245,173 | ||||
Other assets and liabilities, net (50.2%) | (363,582,083) | ||||
Total net assets 100.0% | $723,663,090 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Security Abbreviations and Legend | |
ADR | American Depositary Receipt |
CMT | Constant Maturity Treasury |
ICE | Intercontinental Exchange |
LIBOR | London Interbank Offered Rate |
(A) | All or a portion of this security is on loan as of 7-31-21, 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 7-31-21 was $486,770,113. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $235,496,725. |
(C) | 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. |
(D) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date. |
SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK PREMIUM DIVIDEND FUND | 5 |
The fund had the following country composition as a percentage of total investments on 7-31-21:
United States | 88.0% |
United Kingdom | 5.0% |
Canada | 4.7% |
France | 1.5% |
Other countries | 0.8% |
TOTAL | 100.0% |
6 | JOHN HANCOCK PREMIUM DIVIDEND FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
DERIVATIVES
FUTURES
Open contracts | Number of contracts | Position | Expiration date | Notional basis^ | Notional value^ | Unrealized appreciation (depreciation) |
10-Year U.S. Treasury Note Futures | 860 | Short | Sep 2021 | $(113,283,311) | $(115,629,688) | $(2,346,377) |
$(2,346,377) |
^ 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 | — | $(2,833,896) | $(2,833,896) |
— | $(2,833,896) | $(2,833,896) |
(a) | At 7-31-21, the 3 month LIBOR was 0.118%. |
Derivatives Currency Abbreviations | |
USD | U.S. Dollar |
Derivatives Abbreviations | |
BBA | The British Banker’s Association |
LIBOR | London Interbank Offered Rate |
OTC | Over-the-counter |
SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK PREMIUM DIVIDEND FUND | 7 |
Notes to Fund’s investments (unaudited) |
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (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 significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of July 31, 2021, by major security category or type:
Total value at 7-31-21 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Common stocks | $444,474,113 | $444,474,113 | — | — |
Preferred securities | ||||
Communication services | 15,411,900 | 15,411,900 | — | — |
Consumer discretionary | 8,659,200 | 8,659,200 | — | — |
Consumer staples | 20,855,250 | — | $20,855,250 | — |
Energy | 5,722,500 | 5,722,500 | — | — |
Financials | 108,520,940 | 108,520,940 | — | — |
Health care | 5,059,800 | 5,059,800 | — | — |
Real estate | 13,589,905 | 13,589,905 | — | — |
Utilities | 255,879,134 | 245,487,171 | 10,391,963 | — |
Corporate bonds | 189,851,431 | — | 189,851,431 | — |
Short-term investments | 19,221,000 | — | 19,221,000 | — |
Total investments in securities | $1,087,245,173 | $846,925,529 | $240,319,644 | — |
Derivatives: | ||||
Liabilities | ||||
Futures | $(2,346,377) | $(2,346,377) | — | — |
Swap contracts | (2,833,896) | — | $(2,833,896) | — |
For additional information on the fund’s significant accounting policies and risks, please refer to the fund’s most recent semiannual or annual shareholder report and prospectus.
8 | | |