John Hancock

Premium Dividend Fund

Quarterly portfolio holdings 7/31/16

	As of 7-31-16 (unaudited)
																						Shares			Value
	Preferred securities 96.7% (66.2% of Total investments)																								$795,053,067
	(Cost $724,573,500)
	Consumer staples 2.4%																								20,126,438
	Food and staples retailing 2.4%
	Ocean Spray Cranberries, Inc., Series A, 6.250% (S)																					224,250			20,126,438
	Energy 4.2%																								34,160,000
	Oil, gas and consumable fuels 4.2%
	Kinder Morgan, Inc., 9.750%																					700,000			34,160,000
	Financials 53.3%																								438,133,766
	Banks 29.6%
	Bank of America Corp., 6.375% (Z)																					980,000			25,401,599
	Bank of America Corp., 6.625% (Z)																					360,000			9,594,000
	Bank of America Corp., Depositary Shares, Series D, 6.204% (Z)																					630,000			16,298,100
	Barclays Bank PLC, Series 3, 7.100%																					192,500			4,951,100
	Barclays Bank PLC, Series 5, 8.125%																					360,000			9,410,400
	BB&T Corp., 5.625% (Z)																					770,000			20,266,400
	BB&T Corp. (Callable 11-1-17), 5.200% (Z)																					205,000			5,336,150
	BB&T Corp. (Callable 6-1-18), 5.200%																					110,000			2,933,700
	Citigroup, Inc. (6.875% to 11-15-23, then 3 month LIBOR + 4.130%) (Z)																					137,223			4,085,129
	Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%) (Z)																					195,650			5,885,152
	Citigroup, Inc., Depositary Shares, Series AA, 8.125% (Z)																					338,830			9,663,432
	JPMorgan Chase & Co., 5.450% (Z)																					490,000			12,666,500
	JPMorgan Chase & Co., 5.500% (Z)																					200,000			5,178,000
	JPMorgan Chase & Co., 6.100% (Z)																					650,000			17,621,500
	JPMorgan Chase & Co., 6.300% (Z)																					245,000			6,715,450
	JPMorgan Chase & Co., 6.700% (Z)																					35,000			976,150
	Santander Holdings USA, Inc., Series C, 7.300%																					500,000			12,975,000
	The PNC Financial Services Group, Inc., 5.375% (Z)																					180,000			4,685,400
	The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%)																					311,600			9,447,712
	U.S. Bancorp, 5.150% (Z)																					500,000			13,530,000
	U.S. Bancorp (6.000% to 4-15-17, then 3 month LIBOR + 4.861%) (Z)																					10,000			260,300
	U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) (Z)																					351,000			10,765,170
	Wells Fargo & Company, 6.000% (Z)																					205,000			5,600,600
	Wells Fargo & Company, 8.000% (Z)																					1,017,000			28,730,250
	Capital markets 16.4%
	Deutsche Bank Contingent Capital Trust II, 6.550%																					287,000			7,209,440
	Deutsche Bank Contingent Capital Trust III, 7.600%																					662,000			17,006,780
	Morgan Stanley, 6.625% (Z)																					842,557			23,086,062
	Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%) (Z)																					249,227			6,980,848
	Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) (Z)																					300,000			9,048,000
	State Street Corp., 5.250% (Z)																					1,015,000			26,704,650
	State Street Corp., 6.000% (Z)																					80,000			2,243,200
	State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%) (Z)																					25,000			735,750
	The Bank of New York Mellon Corp., 5.200% (Z)																					442,000			11,682,060
	The Goldman Sachs Group, Inc., 5.950%																					920,000			23,800,400
	The Goldman Sachs Group, Inc., Series B, 6.200%																					250,000			6,570,000
	Consumer finance 3.9%
	Capital One Financial Corp., 6.200% (Z)																					80,000			2,198,400

																						Shares			Value
	Financials  (continued)
	Consumer finance  (continued)
	Capital One Financial Corp., 6.700% (Z)																					105,000			$3,008,250
	Capital One Financial Corp., 6.250%																					81,196			2,210,155
	Capital One Financial Corp., 6.000% (Z)																					100,000			2,612,000
	SLM Corp., Series A, 6.970%																					445,500			22,275,000
	Insurance 1.6%
	Aegon NV, 6.500%																					75,000			1,990,500
	Prudential Financial, Inc., 5.750% (Z)																					50,000			1,341,000
	Prudential PLC, 6.750%																					175,000			4,739,000
	W.R. Berkley Corp., 5.625%																					190,377			4,911,727
	Real estate investment trusts 1.8%
	Senior Housing Properties Trust, 5.625%																					510,000			13,086,600
	Ventas Realty LP, 5.450%																					63,000			1,716,750
	Health care 1.9%																								15,540,000
	Pharmaceuticals 1.9%
	Teva Pharmaceutical Industries, Ltd., 7.000%																					17,500			15,540,000
	Industrials 0.4%																								3,561,300
	Machinery 0.4%
	Stanley Black & Decker, Inc., 5.750%																					135,000			3,561,300
	Telecommunication services 6.1%																								50,328,785
	Diversified telecommunication services 3.7%
	Qwest Corp., 6.125%																					107,500			2,765,975
	Qwest Corp., 7.375%																					1,021,000			26,403,060
	Verizon Communications, Inc., 5.900% (Z)																					60,000			1,677,000
	Wireless telecommunication services 2.4%
	Telephone & Data Systems, Inc., 5.875%																					100,000			2,590,000
	Telephone & Data Systems, Inc., 6.625%																					285,000			7,652,250
	Telephone & Data Systems, Inc., 6.875%																					170,000			4,426,800
	United States Cellular Corp., 6.950%																					185,000			4,813,700
	Utilities 28.4%																								233,202,778
	Electric utilities 23.8%
	Duke Energy Corp., 5.125%																					180,000			4,770,000
	Entergy Arkansas, Inc., 6.450%																					650,000			17,582,500
	Entergy Mississippi, Inc., 6.250%																					667,000			17,515,420
	Gulf Power Company, 5.600%																					52,400			5,429,730
	HECO Capital Trust III, 6.500%																					181,000			4,879,760
	Interstate Power & Light Company, 5.100%																					1,340,000			37,051,000
	NextEra Energy Capital Holdings, Inc., 5.125%																					185,000			4,808,150
	NextEra Energy Capital Holdings, Inc., 5.700% (Z)																					320,000			8,432,000
	NSTAR Electric Company, 4.250%																					13,347			1,311,343
	NSTAR Electric Company, 4.780%																					100,000			10,200,000
	PPL Capital Funding, Inc., 5.900%																					1,450,320			38,825,066
	SCE Trust I, 5.625%																					265,000			6,972,150
	SCE Trust II, 5.100%																					1,208,500			31,807,720
	The Southern Company, 6.250%																					155,000			4,340,000
	Union Electric Company, 3.700%																					12,262			1,217,770

																						Shares			Value
	Utilities  (continued)
	Multi-utilities 4.6%
	Baltimore Gas & Electric Company, Series 1993, 6.700%																					20,250			$2,085,750
	BGE Capital Trust II, 6.200%																					690,000			18,222,900
	DTE Energy Company, 5.250%																					235,000			6,063,000
	DTE Energy Company, 6.500%																					180,000			4,698,000
	Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%)																					255,000			6,990,519
	Common stocks 48.9% (33.5% of Total investments)																								$401,688,874
	(Cost $267,820,642)
	Energy 9.3%																								76,809,831
	Oil, gas and consumable fuels 9.3%
	BP PLC, ADR																					177,000			6,088,800
	Chevron Corp.																					67,000			6,866,160
	ConocoPhillips																					90,000			3,673,800
	Kinder Morgan, Inc.																					262,000			5,326,460
	Royal Dutch Shell PLC, ADR, Class A																					356,144			18,444,698
	Spectra Energy Corp. (L)(Z)																					1,012,230			36,409,913
	Telecommunication services 2.9%																								23,514,900
	Diversified telecommunication services 2.9%
	AT&T, Inc. (L)(Z)																					300,000			12,987,000
	Verizon Communications, Inc. (L)(Z)																					190,000			10,527,900
	Utilities 36.7%																								301,364,143
	Electric utilities 19.9%
	Alliant Energy Corp.																					800,000			32,200,000
	American Electric Power Company, Inc. (L)(Z)																					200,000			13,860,000
	Avangrid, Inc. (L)(Z)																					381,500			17,220,910
	Duke Energy Corp. (L)(Z)																					285,000			24,393,150
	Eversource Energy (L)(Z)																					405,000			23,688,450
	FirstEnergy Corp. (L)(Z)																					301,450			10,526,634
	OGE Energy Corp. (L)(Z)																					430,000			13,833,100
	Pinnacle West Capital Corp.																					50,000			3,943,500
	PPL Corp.																					240,000			9,050,400
	The Southern Company																					75,000			4,012,500
	Xcel Energy, Inc. (L)(Z)																					240,000			10,555,200
	Gas utilities 2.0%
	Atmos Energy Corp. (L)(Z)																					80,000			6,383,200
	ONE Gas, Inc.																					42,500			2,760,800
	Questar Corp. (L)(Z)																					280,000			7,047,600
	Multi-utilities 14.8%
	Black Hills Corp.																					220,000			13,870,999
	CenterPoint Energy, Inc. (L)(Z)																					1,065,000			25,474,800
	Dominion Resources, Inc. (L)(Z)																					240,000			18,724,800
	DTE Energy Company (L)(Z)																					250,000			24,380,000
	National Grid PLC, ADR																					235,000			17,025,750
	NiSource, Inc.																					440,000			11,290,400
	Vectren Corp.																					215,000			11,121,950

							Yield							* (%)		Maturity date			Par value^						Value
	Short-term investments 0.5% (0.3% of Total investments)																								$3,901,000
	(Cost $3,901,000)
	U.S. Government Agency 0.3%																								2,682,000
	Federal Home Loan Bank Discount Note									0.150						08-01-16			2,682,000						2,682,000
																						Par value^			Value
	Repurchase agreement 0.2%																								$1,219,000
	Repurchase Agreement with State Street Corp. dated 7-29-16 at 0.030% to be repurchased at $1,219,003 on 8-1-16, collateralized by $1,235,000 Federal National Mortgage Association, 1.985% due 9-29-21 (valued at $1,245,806, including interest)																					1,219,000			1,219,000
	Total investments (Cost $996,295,142)† 146.1%																								$1,200,642,941
	Other assets and liabilities, net (46.1%)																								($379,042,756	)
	Total net assets 100.0%																								$821,600,185

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.

Key to Security Abbreviations and Legend

ADR

American Depositary Receipts

LIBOR

London Interbank Offered Rate

(L)

A portion of this security is on loan as of 7-31-16, and is a component of the fund's leverage under the Liquidity Agreement. The value of securities on loan amounted to $230,670,766.

(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 Liquidity Agreement. Total collateral value at 7-31-16 was $529,074,196.

*

Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

†

At 7-31-16, the aggregate cost of investment securities for federal income tax purposes was $997,409,971. Net unrealized appreciation aggregated to $203,232,970, of which $212,189,561 related to appreciated investment securities and $8,956,591 related to depreciated investment securities.

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 may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations.

In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security 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.

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. 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, 2016, by major security category or type:

							Total value at 7-31-16			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Preferred securities
				Consumer staples			$20,126,438			—			$20,126,438			—
				Energy			34,160,000			$34,160,000			—			—
				Financials			438,133,766			438,133,766			—			—
				Health care			15,540,000			15,540,000			—			—
				Industrials			3,561,300			3,561,300			—			—
				Telecommunication services			50,328,785			48,651,785			1,677,000			—
				Utilities			233,202,778			199,963,589			33,239,189			—
	Common stocks						401,688,874			401,688,874			—			—
	Short-term investments						3,901,000			—			3,901,000			—
	Total investments in securities						$1,200,642,941			$1,141,699,314			$58,943,627			—
	Other financial instruments:
	Futures						($3,085,335	)		($3,085,335	)		—			—
	Interest rate swaps						(529,777	)		—			($529,777	)		—

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 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 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

       6

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, 2016, the fund used futures contracts to manage against anticipated interest rate changes. The following table summarizes the contracts held at July 31, 2016.

	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 2016			($111,334,977	)		($114,420,312	)		($3,085,335	)
																			($3,085,335	)

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). Upfront payments made/received by the fund are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. (include previous sentence only if applies) 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, 2016 the fund used interest rate swaps to manage against anticipated interest rate changes. The following table summarizes the interest rate swap contracts held as of July 31, 2016.

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

($469,516

)

Morgan Stanley Capital Services

82,000,000

Fixed 0.8750%

3 Month LIBOR (a)

Jul 2017

(60,261

)

$164,000,000

($529,777

)

^(a) At 7-31-16, the 3-month LIBOR rate was 0.7591%

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

       7

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	07/16
This report is for the information of the shareholders of John Hancock Premium Dividend Fund.		9/16