John Hancock

Premium Dividend Fund

Quarterly portfolio holdings 1/31/15

	As of 1-31-15 (unaudited)
													Shares			Value
	Preferred securities 103.6% (69.6% of Total investments)															$807,156,412
	(Cost $763,092,163)
	Consumer staples 2.6%															20,631,000
	Food and staples retailing 2.6%
	Ocean Spray Cranberries, Inc., Series A, 6.250% (S)												224,250			20,631,000
	Financials 57.1%															444,928,007
	Banks 31.3%
	Bank of America Corp., 6.375% (Z)												980,000			24,843,000
	Bank of America Corp., 6.625% (Z)												360,000			9,554,400
	Bank of America Corp., Depositary Shares, Series D, 6.204%												630,000			16,002,000
	Barclays Bank PLC, Series 3, 7.100% (Z)												192,500			5,030,025
	Barclays Bank PLC, Series 5, 8.125% (Z)												310,000			8,153,000
	BB&T Corp., 5.625% (Z)												763,900			19,464,171
	BB&T Corp. (Callable 11-1-17), 5.200%												105,000			2,541,000
	BB&T Corp. (Callable 6-1-18), 5.200%												235,000			5,682,300
	Citigroup, Inc., Depositary Shares, Series AA, 8.125% (Z)												338,830			9,622,772
	HSBC Finance Corp., Depositary Shares, Series B, 6.360% (Z)												454,000			11,613,320
	HSBC USA, Inc., 2.858%												313,000			15,721,990
	JPMorgan Chase & Company, 5.450% (Z)												522,000			12,789,000
	JPMorgan Chase & Company, 5.500% (Z)												230,000			5,660,300
	JPMorgan Chase & Company, 6.300%												245,000			6,328,350
	JPMorgan Chase & Company, 6.700%												35,000			932,750
	Santander Holdings USA, Inc., Series C, 7.300%												500,000			13,055,000
	The PNC Financial Services Group, Inc., 5.375%												175,000			4,376,750
	The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) (Z)												311,600			8,702,988
	U.S. Bancorp, 5.150% (Z)												545,000			13,488,750
	U.S. Bancorp (6.000% to 4-15-17, then 3 month LIBOR + 4.861%)												160,000			4,345,600
	U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) (Z)												351,000			10,382,580
	Wells Fargo & Company, 6.000%												205,000			5,344,350
	Wells Fargo & Company, 8.000% (Z)												1,017,000			29,838,780
	Capital markets 15.0%
	Deutsche Bank Contingent Capital Trust II, 6.550% (Z)												287,000			7,705,950
	Deutsche Bank Contingent Capital Trust III, 7.600% (Z)												662,000			18,536,000
	Morgan Stanley, 6.625% (Z)												469,865			12,230,586
	Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%)												150,000			3,886,500
	Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) (Z)												300,000			8,385,000
	State Street Corp., 5.250% (Z)												1,025,000			24,948,500
	State Street Corp., 6.000%												80,000			2,058,400
	State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%)												25,000			660,750
	The Bank of New York Mellon Corp., 5.200% (Z)												432,000			10,519,200
	The Goldman Sachs Group, Inc., 5.950% (Z)												860,000			21,706,400
	The Goldman Sachs Group, Inc., Series B, 6.200% (Z)												250,000			6,345,000
	Consumer finance 2.8%
	SLM Corp., Series A, 6.970%												445,500			22,003,245
	Insurance 6.4%
	Aegon NV, 6.500%												75,000			1,929,000
	MetLife, Inc., Series B, 6.500% (Z)												1,410,000			36,786,900
	Principal Financial Group, Inc., Series B (6.518% to 6-30-35, then higher of 10 year CMT, 30 year CMT or 3 month LIBOR + 2.100%)												55,000			1,406,350
	Prudential Financial, Inc., 5.750%												50,000			1,281,500
	Prudential PLC, 6.750% (Z)												175,000			4,620,000

													Shares			Value
	Financials  (continued)
	Insurance  (continued)
	W.R. Berkley Corp., 5.625%												170,000			$4,210,900
	Real estate investment trusts 1.6%
	Senior Housing Properties Trust, 5.625% (Z)												425,000			10,625,000
	Ventas Realty LP, 5.450%												63,000			1,609,650
	Industrials 0.4%															3,458,700
	Machinery 0.4%
	Stanley Black & Decker, Inc., 5.750%												135,000			3,458,700
	Telecommunication services 6.5%															50,348,190
	Diversified telecommunication services 4.1%
	Qwest Corp., 6.125%												107,500			2,635,900
	Qwest Corp., 7.375% (Z)												1,021,000			27,270,910
	Verizon Communications, Inc., 5.900%												73,000			1,942,530
	Wireless telecommunication services 2.4%
	Telephone & Data Systems, Inc., 5.875%												100,000			2,354,000
	Telephone & Data Systems, Inc., 6.625% (Z)												285,000			7,187,700
	Telephone & Data Systems, Inc., 6.875% (Z)												170,000			4,304,400
	United States Cellular Corp., 6.950% (Z)												185,000			4,652,750
	Utilities 37.0%															287,790,515
	Electric utilities 30.5%
	Alabama Power Company, 5.200% (Z)												1,175,000			30,127,000
	Duke Energy Corp., 5.125% (Z)												180,000			4,471,200
	Duquesne Light Company, 6.500%												519,900			26,449,913
	Entergy Arkansas, Inc., 6.450%												650,000			16,331,250
	Entergy Mississippi, Inc., 6.250%												667,000			16,633,313
	Gulf Power Company, 5.600%												51,250			5,113,725
	HECO Capital Trust III, 6.500%												181,000			4,602,830
	Interstate Power & Light Company, 5.100%												1,440,000			36,792,000
	NextEra Energy Capital Holdings, Inc., 5.125% (Z)												175,000			4,256,000
	NextEra Energy Capital Holdings, Inc., 5.700% (Z)												320,000			8,272,000
	NSTAR Electric Company, 4.250% (Z)												13,347			1,301,333
	NSTAR Electric Company, 4.780%												100,000			9,610,000
	PPL Capital Funding, Inc., 5.900%												1,450,320			36,983,160
	SCE Trust I, 5.625%												252,000			6,390,720
	SCE Trust II, 5.100%												1,188,500			28,488,345
	Union Electric Company, 3.700%												12,262			1,174,470
	Multi-utilities 6.5%
	Baltimore Gas & Electric Company, Series 1993, 6.700%												20,250			2,039,556
	Baltimore Gas & Electric Company, Series 1995, 6.990%												134,000			13,550,750
	BGE Capital Trust II, 6.200% (Z)												690,000			17,443,200
	DTE Energy Company, 5.250%												235,000			5,933,750
	DTE Energy Company, 6.500% (Z)												180,000			4,849,200
	Integrys Energy Group, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%)												255,000			6,976,800
	Common stocks 45.2% (30.3% of Total investments)															$352,239,166
	(Cost $222,278,378)
	Energy 5.5%															43,042,550
	Oil, gas and consumable fuels 5.5%
	Chevron Corp. (Z)												80,000			8,202,400
	ConocoPhillips (Z)												185,000			11,651,300
	Kinder Morgan, Inc.												25,000			1,026,250

													Shares			Value
	Energy  (continued)
	Oil, gas and consumable fuels  (continued)
	Royal Dutch Shell PLC, ADR, Class A												60,000			$3,687,000
	Spectra Energy Corp. (Z)												552,500			18,475,600
	Materials 0.3%															2,101,250
	Metals and mining 0.3%
	Freeport-McMoRan, Inc.												125,000			2,101,250
	Telecommunication services 3.5%															27,374,800
	Diversified telecommunication services 3.5%
	AT&T, Inc. (Z)												415,000			13,661,800
	Verizon Communications, Inc.												300,000			13,713,000
	Utilities 35.9%															279,720,566
	Electric utilities 15.6%
	American Electric Power Company, Inc. (Z)												200,000			12,562,000
	Duke Energy Corp. (Z)												275,000			23,963,500
	Northeast Utilities												550,000			30,569,000
	OGE Energy Corp.												330,000			11,609,400
	Pinnacle West Capital Corp.												50,000			3,509,000
	PPL Corp.												240,000			8,520,000
	The Southern Company (Z)												75,000			3,804,000
	UIL Holdings Corp. (Z)												300,000			13,800,000
	Xcel Energy, Inc. (Z)												347,000			13,022,910
	Gas utilities 1.7%
	AGL Resources, Inc. (Z)												110,550			6,232,809
	Atmos Energy Corp. (Z)												100,000			5,691,000
	ONE Gas, Inc.												34,639			1,530,697
	Multi-utilities 18.6%
	Alliant Energy Corp. (Z)												400,000			27,444,000
	Black Hills Corp. (Z)												190,000			9,530,400
	Dominion Resources, Inc. (Z)												195,000			14,993,550
	DTE Energy Company (Z)												250,000			22,415,000
	Integrys Energy Group, Inc. (Z)												160,000			12,976,000
	National Grid PLC, ADR												210,000			14,771,400
	NiSource, Inc.												440,000			19,034,400
	Public Service Enterprise Group, Inc.												40,000			1,707,200
	TECO Energy, Inc.												550,000			11,731,500
	Vectren Corp. (Z)												215,000			10,302,800
													Par value			Value
	Short-term investments 0.1% (0.1% of Total investments)															$668,000
	(Cost $668,000)
	Repurchase agreement 0.1%															668,000
	Repurchase Agreement with State Street Corp. dated 1-30-15 at 0.000% to be repurchased at $668,000 on 2-2-15, collateralized by $635,000 U.S. Treasury Notes, 2.625% due 8-15-20 (valued at $685,038, including interest)												668,000			668,000
	Total investments (Cost $986,038,541)† 148.9%															$1,160,063,578
	Other assets and liabilities, net (48.9%)															($381,209,823	)
	Total net assets 100.0%															$778,853,755

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
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
(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 1-31-15 was $540,963,865.
†	At 1-31-15, the aggregate cost of investment securities for federal income tax purposes was $988,142,266. Net unrealized appreciation aggregated $171,921,312, of which $177,920,270 related to appreciated investment securities and $5,998,958 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 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 January 31, 2015, by major security category or type:

							Total market value at 1-31-15			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Preferred securities
				Consumer staples			$20,631,000			—			$20,631,000			—
				Financials			444,928,007			$444,928,007			—			—
				Industrials			3,458,700			3,458,700			—			—
				Telecommunication services			50,348,190			48,405,660			1,942,530			—
				Utilities			287,790,515			196,887,538			90,902,977			—
	Common stocks
				Energy			43,042,550			43,042,550			—			—
				Materials			2,101,250			2,101,250			—			—
				Telecommunication services			27,374,800			27,374,800			—			—
				Utilities			279,720,566			279,720,566			—			—
	Short-term investments						668,000			—			668,000			—
	Total Investments in Securities						$1,160,063,578			$1,045,919,071			$114,144,507			—
	Other Financial Instruments:
	Futures						($4,100,467	)		($4,100,467	)		—			—
	Interest rate swaps						($1,782,198	)		—			($1,782,198	)		—

Securities with market value of approximately $26,972,412 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.

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 January 31, 2015, the fund used futures contracts to manage against anticipated interest rate changes. The following table summarizes the contracts held at January 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			Mar 2015			($108,452,033	)		($112,552,500	)		($4,100,467	)
																			($4,100,467	)

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 January 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 January 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

($1,660,326

)

Morgan Stanley Capital Services

82,000,000

Fixed 0.8750%

3 Month LIBOR (a)

Jul 2017

(121,872

)

$164,000,000

($1,782,198

)

(a) At 1-31-15, the 3-month LIBOR rate was 0.2531%

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	Regular mail: John Hancock Signature Services, Inc. P.O. Box 55913 Boston, MA 02205-5913	Express mail: John Hancock Signature Services, Inc. 30 Dan Road Canton, MA 02021
Phone	Customer service representatives EASI-Line TDD line	800-225-5291 800-338-8080 800-231-5469

	P2Q1	01/15
This report is for the information of the shareholders of John Hancock Premium Dividend Fund.		3/15