John Hancock

Premium Dividend Fund

Quarterly portfolio holdings 7/31/15

	As of 7-31-15 (unaudited)
													Shares			Value
	Preferred securities 99.7% (65.7% of Total investments)															$733,927,683
	(Cost $697,698,779)
	Consumer staples 2.8%															20,406,750
	Food and staples retailing 2.8%
	Ocean Spray Cranberries, Inc., Series A, 6.250% (S)												224,250			20,406,750
	Financials 58.1%															427,880,279
	Banks 33.2%
	Bank of America Corp., 6.375% (Z)												980,000			25,107,599
	Bank of America Corp., 6.625% (Z)												360,000			9,298,800
	Bank of America Corp., Depositary Shares, Series D, 6.204%												630,000			16,052,400
	Barclays Bank PLC, Series 3, 7.100% (Z)												192,500			5,024,250
	Barclays Bank PLC, Series 5, 8.125% (Z)												310,000			8,140,600
	BB&T Corp., 5.625% (Z)												770,000			19,096,000
	BB&T Corp. (Callable 11-1-17), 5.200%												235,000			5,661,150
	BB&T Corp. (Callable 6-1-18), 5.200%												110,000			2,637,800
	Citigroup, Inc. (6.875% to 11-15-23, then 3 month LIBOR + 4.130%)												20,175			553,199
	Citigroup, Inc., Depositary Shares, Series AA, 8.125% (Z)												338,830			10,039,533
	HSBC Finance Corp., Depositary Shares, Series B, 6.360% (Z)												454,000			11,540,680
	JPMorgan Chase & Co., 5.450% (Z)												527,000			12,732,320
	JPMorgan Chase & Co., 5.500% (Z)												237,500			5,747,500
	JPMorgan Chase & Co., 6.100%												695,000			17,256,850
	JPMorgan Chase & Co., 6.300% (Z)												245,000			6,274,450
	JPMorgan Chase & Co., 6.700%												35,000			925,750
	Santander Holdings USA, Inc., Series C, 7.300% (Z)												500,000			13,060,000
	The PNC Financial Services Group, Inc., 5.375%												180,000			4,465,800
	The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) (Z)												311,600			8,584,580
	U.S. Bancorp, 5.150% (Z)												545,000			13,499,105
	U.S. Bancorp (6.000% to 4-15-17, then 3 month LIBOR + 4.861%)												160,000			4,304,000
	U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) (Z)												351,000			10,063,170
	Wells Fargo & Company, 6.000%												205,000			5,243,900
	Wells Fargo & Company, 8.000% (Z)												1,017,000			28,984,500
	Capital markets 17.8%
	Deutsche Bank Contingent Capital Trust II, 6.550% (Z)												287,000			7,697,340
	Deutsche Bank Contingent Capital Trust III, 7.600% (Z)												662,000			18,304,300
	Morgan Stanley, 6.625% (Z)												842,557			22,074,993
	Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%)												249,227			6,407,626
	Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) (Z)												300,000			8,394,000
	State Street Corp., 5.250% (Z)												1,025,000			25,512,250
	State Street Corp., 6.000%												80,000			2,043,200
	State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%)												25,000			649,250
	The Bank of New York Mellon Corp., 5.200% (Z)												442,000			10,917,400
	The Goldman Sachs Group, Inc., 5.950% (Z)												920,000			23,036,800
	The Goldman Sachs Group, Inc., Series B, 6.200% (Z)												250,000			6,372,500
	Consumer finance 3.5%
	Capital One Financial Corp., 6.000%												100,000			2,526,000
	Capital One Financial Corp., 6.250%												81,196			2,100,541
	SLM Corp., Series A, 6.970%												445,500			21,455,280
	Insurance 1.7%
	Aegon NV, 6.500%												75,000			1,928,250
	Prudential Financial, Inc., 5.750%												50,000			1,274,500
	Prudential PLC, 6.750% (Z)												175,000			4,548,250

													Shares			Value
	Financials  (continued)
	Insurance  (continued)
	W.R. Berkley Corp., 5.625%												190,377			$4,662,333
	Real estate investment trusts 1.9%
	Senior Housing Properties Trust, 5.625% (Z)												510,000			12,087,000
	Ventas Realty LP, 5.450% (Z)												63,000			1,594,530
	Industrials 0.5%															3,473,550
	Machinery 0.5%
	Stanley Black & Decker, Inc., 5.750% (Z)												135,000			3,473,550
	Telecommunication services 6.8%															49,817,105
	Diversified telecommunication services 4.3%
	Qwest Corp., 6.125% (Z)												107,500			2,703,625
	Qwest Corp., 7.375% (Z)												1,021,000			26,586,840
	Verizon Communications, Inc., 5.900% (Z)												73,000			1,892,890
	Wireless telecommunication services 2.5%
	Telephone & Data Systems, Inc., 5.875%												100,000			2,404,000
	Telephone & Data Systems, Inc., 6.625% (Z)												285,000			7,224,750
	Telephone & Data Systems, Inc., 6.875% (Z)												170,000			4,328,200
	United States Cellular Corp., 6.950% (Z)												185,000			4,676,800
	Utilities 31.5%															232,349,999
	Electric utilities 24.6%
	Duke Energy Corp., 5.125% (Z)												180,000			4,507,200
	Entergy Arkansas, Inc., 6.450%												650,000			16,412,500
	Entergy Mississippi, Inc., 6.250%												667,000			16,675,000
	Gulf Power Company, 5.600%												51,250			5,176,599
	HECO Capital Trust III, 6.500%												181,000			4,639,030
	Interstate Power & Light Company, 5.100%												1,445,000			36,298,400
	NextEra Energy Capital Holdings, Inc., 5.125% (Z)												185,000			4,464,050
	NextEra Energy Capital Holdings, Inc., 5.700% (Z)												320,000			8,092,800
	NSTAR Electric Company, 4.250% (Z)												13,347			1,267,965
	NSTAR Electric Company, 4.780%												100,000			9,751,000
	PPL Capital Funding, Inc., 5.900% (Z)												1,450,320			37,258,721
	SCE Trust I, 5.625%												265,000			6,611,750
	SCE Trust II, 5.100%												1,208,500			29,028,170
	Union Electric Company, 3.700%												12,262			1,059,514
	Multi-utilities 6.9%
	Baltimore Gas & Electric Company, Series 1993, 6.700%												20,250			2,039,556
	Baltimore Gas & Electric Company, Series 1995, 6.990%												134,000			13,554,944
	BGE Capital Trust II, 6.200% (Z)												690,000			17,960,700
	DTE Energy Company, 5.250%												235,000			5,675,250
	DTE Energy Company, 6.500% (Z)												180,000			4,831,200
	Integrys Energy Group, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%) (Z)												255,000			7,045,650
	Common stocks 49.9% (32.9% of Total investments)															$367,272,814
	(Cost $276,948,188)
	Energy 9.8%															72,482,711
	Oil, gas and consumable fuels 9.8%
	Chevron Corp. (Z)												90,000			7,963,200
	Columbia Pipeline Group, Inc.												440,000			12,839,200
	ConocoPhillips (Z)												260,000			13,088,400
	Kinder Morgan, Inc. (Z)												149,345			5,173,311

													Shares			Value
	Energy  (continued)
	Oil, gas and consumable fuels  (continued)
	Royal Dutch Shell PLC, ADR, Class A (Z)												255,000			$14,657,400
	Spectra Energy Corp. (Z)												620,000			18,761,200
	Materials 0.2%															1,468,750
	Metals and mining 0.2%
	Freeport-McMoRan, Inc. (Z)												125,000			1,468,750
	Telecommunication services 3.9%															28,454,100
	Diversified telecommunication services 3.9%
	AT&T, Inc. (Z)												415,000			14,417,100
	Verizon Communications, Inc. (Z)												300,000			14,037,000
	Utilities 36.0%															264,867,253
	Electric utilities 14.3%
	American Electric Power Company, Inc.												200,000			11,314,000
	Duke Energy Corp. (Z)												285,000			21,152,700
	Eversource Energy (Z)												560,000			27,843,200
	OGE Energy Corp.												330,000			9,820,800
	Pinnacle West Capital Corp. (Z)												50,000			3,085,500
	PPL Corp.												240,000			7,634,400
	The Southern Company (Z)												75,000			3,354,750
	UIL Holdings Corp. (Z)												195,000			9,348,300
	Xcel Energy, Inc. (Z)												347,000			12,030,490
	Gas utilities 1.9%
	AGL Resources, Inc. (Z)												130,000			6,250,400
	Atmos Energy Corp. (Z)												100,000			5,530,000
	ONE Gas, Inc. (Z)												42,500			1,913,775
	Independent power and renewable electricity producers 0.1%
	Talen Energy Corp. (I)												29,977			471,538
	Multi-utilities 19.7%
	Alliant Energy Corp. (Z)												400,000			24,604,000
	Black Hills Corp. (Z)												220,000			9,165,200
	CenterPoint Energy, Inc. (Z)												1,045,000			20,210,300
	Dominion Resources, Inc. (Z)												225,000			16,132,500
	DTE Energy Company (Z)												250,000			20,115,000
	National Grid PLC, ADR												235,000			15,655,700
	NiSource, Inc.												440,000			7,682,400
	TECO Energy, Inc. (Z)												840,000			18,580,800
	Vectren Corp. (Z)												215,000			9,051,500
	WEC Energy Group, Inc.												80,000			3,920,000
													Par value			Value
	Short-term investments 2.1% (1.4% of Total investments)															$15,834,000
	(Cost $15,834,000)
	Repurchase agreement 2.1%															15,834,000
	Repurchase Agreement with State Street Corp. dated 7-31-15 at 0.000% to be repurchased at $15,834,000 on 8-3-15, collateralized by $16,630,000 U.S. Treasury Notes, 1.500% due 1-31-22 (valued at $16,152,719, including interest)												15,834,000			15,834,000
	Total investments (Cost $990,480,967)† 151.7%															$1,117,034,497
	Other assets and liabilities, net (51.7%)															($380,606,618	)
	Total net assets 100.0%															$736,427,879

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.

Key to Security Abbreviations and Legend

ADR

American Depositary Receipts

LIBOR

London Interbank Offered Rate

(I)

Non-income producing security.

(S)

These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

(Z)

All or a portion of this security is pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 7-31-15 was $681,318,849.

†

At 7-31-15, the aggregate cost of investment securities for federal income tax purposes was $992,584,692. Net unrealized appreciation aggregated $124,449,805, of which $135,453,994 related to appreciated investment securities and $11,004,189 related to depreciated investment securities.

Notes to Fund's investments

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are valued at the last sale price or official closing price on the exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Swaps are valued using evaluated prices obtained from an independent pricing vendor. Futures contracts are valued at settlement prices, which are the official closing prices published by the exchange on which they trade. Securities that trade only in the over-the-counter (OTC) market are valued using bid prices. 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. 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, 2015, by major security category or type:

							Total value at 7-31-15			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Preferred securities
				Consumer staples			$20,406,750			—			$20,406,750			—
				Financials			427,880,279			$427,880,279			—			—
				Industrials			3,473,550			3,473,550			—			—
				Telecommunication services			49,817,105			47,924,215			1,892,890			—
				Utilities			232,349,999			167,680,886			64,669,113			—
	Common stocks
				Energy			72,482,711			72,482,711			—			—
				Materials			1,468,750			1,468,750			—			—
				Telecommunication services			28,454,100			28,454,100			—			—
				Utilities			264,867,253			264,867,253			—			—
	Short-term investments						15,834,000			—			15,834,000			—
	Total investments in securities						$1,117,034,497			$1,014,231,744			$102,802,753			—
	Other financial instruments:
	Futures						($143,123	)		($143,123	)		—			—
	Interest rate swaps						(1,308,752	)		—			($1,308,752	)		—

Securities with market value of approximately $9,580,000 at the beginning of the year were transferred from Level 1 to Level 2 during the period since quoted prices in active markets for identical securities were no longer available and securities were valued using other significant observable inputs.

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. 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.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.

Derivative instruments. The fund may invest in derivatives in order to meet its investment objectives. Derivatives include a variety of different instruments that may be traded in the OTC market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of 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.

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. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument. Use of long futures contracts subjects the funds to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the funds to unlimited risk of loss.

During the period ended July 31, 2015, the fund used futures contracts in anticipation of rising interest rates. The following table summarizes the contracts held at July 31, 2015.

	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 2015			($109,453,127	)		($109,596,250	)		($143,123	)
																			($143,123	)

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

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. Swap agreements are privately negotiated in the OTC market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

During the period ended July 31, 2015, the fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of July 31, 2015.

Counterparty

USD notional amount

Payments made by fund

Payments received by fund

Maturity date

Market value

Morgan Stanley Capital Services

$82,000,000

Fixed 1.4625%

3 Month LIBOR (a)

Aug 2016

($1,286,288

)

Morgan Stanley Capital Services

82,000,000

Fixed 0.8750%

3 Month LIBOR (a)

Jul 2017

(22,464

)

$164,000,000

($1,308,752

)

^(a) At 7-31-15, the 3-month LIBOR rate was 0.30860%

For additional information on the fund's significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

More information

How to contact us
Internet	www.jhinvestments.com
Mail	Computershare P.O. Box 30170 College Station, TX 77842-3170
Phone	Customer service representatives Portfolio commentary 24-hour automated information TDD line	800-852-0218 800-344-7054 800-843-0090 800-231-5469

	P2Q3	07/15
This report is for the information of the shareholders of John Hancock Premium Dividend Fund.		9/15