John Hancock

Premium Dividend Fund

	As of 1-31-17 (unaudited)
																Shares			Value
	Preferred securities 104.9% (69.6% of Total investments)																		$791,874,034
	(Cost $767,418,521)
	Consumer staples 2.6%																		19,621,875
	Food and staples retailing 2.6%
	Ocean Spray Cranberries, Inc., Series A, 6.250% (S)															224,250			19,621,875
	Energy 6.5%																		48,984,690
	Oil, gas and consumable fuels 6.5%
	Kinder Morgan, Inc., 9.750% (Z)															993,000			48,984,690
	Financials 53.7%																		405,686,382
	Banks 31.0%
	Bank of America Corp., 6.375% (Z)															980,000			25,146,800
	Bank of America Corp., 6.625% (Z)															360,000			9,284,400
	Bank of America Corp., Depositary Shares, Series D, 6.204% (Z)															630,000			15,976,800
	Barclays Bank PLC, Series 3, 7.100%															192,500			4,931,850
	Barclays Bank PLC, Series 5, 8.125%															360,000			9,288,000
	BB&T Corp., 5.625% (Z)															770,000			19,373,200
	BB&T Corp. (Callable 11-1-17), 5.200% (Z)															205,000			4,975,350
	BB&T Corp. (Callable 6-1-18), 5.200% (Z)															110,000			2,706,000
	Citigroup, Inc. (6.875% to 11-15-23, then 3 month LIBOR + 4.130%) (Z)															137,223			3,816,172
	Citigroup, Inc. (7.125% to 9-30-23, then 3 month LIBOR + 4.040%) (Z)															240,650			6,730,981
	Citigroup, Inc., Depositary Shares, Series AA, 8.125% (Z)															338,830			9,466,910
	JPMorgan Chase & Co., 5.450% (Z)															490,000			12,313,700
	JPMorgan Chase & Co., 5.500% (Z)															200,000			4,986,000
	JPMorgan Chase & Co., 6.100% (Z)															650,000			16,763,500
	JPMorgan Chase & Co., 6.300% (Z)															245,000			6,406,750
	JPMorgan Chase & Co., 6.700% (Z)															35,000			951,300
	Santander Holdings USA, Inc., Series C, 7.300%															500,000			12,900,000
	The PNC Financial Services Group, Inc., 5.375% (Z)															180,000			4,424,400
	The PNC Financial Services Group, Inc. (6.125% to 5-1-22, then 3 month LIBOR + 4.067%) (Z)															311,600			8,836,976
	U.S. Bancorp, 5.150% (Z)															500,000			12,505,000
	U.S. Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%) (Z)															351,000			10,266,750
	Wells Fargo & Company, 6.000% (Z)															205,000			5,317,700
	Wells Fargo & Company, 8.000% (Z)															1,017,000			27,062,370
	Capital markets 16.5%
	Deutsche Bank Contingent Capital Trust II, 6.550% (Z)															241,725			5,941,601
	Deutsche Bank Contingent Capital Trust III, 7.600% (Z)															510,000			13,040,700
	Morgan Stanley, 6.625% (Z)															842,557			22,142,398
	Morgan Stanley (6.375% to 10-15-24, then 3 month LIBOR + 3.708%) (Z)															249,227			6,602,023
	Morgan Stanley (7.125% to 10-15-23, then 3 month LIBOR + 4.320%) (Z)															300,000			8,628,000
	State Street Corp., 5.250% (Z)															1,015,000			24,877,650
	State Street Corp., 6.000% (Z)															80,000			2,112,800
	State Street Corp. (5.900% to 3-15-24, then 3 month LIBOR + 3.108%) (Z)															25,000			657,000
	The Bank of New York Mellon Corp., 5.200% (Z)															442,000			10,930,660
	The Goldman Sachs Group, Inc., 5.950% (Z)															920,000			23,239,200
	The Goldman Sachs Group, Inc., Series B, 6.200% (Z)															250,000			6,412,500
	Consumer finance 4.4%
	Capital One Financial Corp., 6.000% (Z)															131,000			3,312,990
	Capital One Financial Corp., 6.200% (Z)															80,000			2,064,000

																Shares			Value
	Financials  (continued)
	Consumer finance  (continued)
	Capital One Financial Corp., 6.250% (Z)															87,047			$2,250,165
	Capital One Financial Corp., 6.700% (Z)															112,650			3,061,827
	SLM Corp., Series A, 6.970%															445,500			22,497,750
	Insurance 1.8%
	Aegon NV, 6.500%															75,000			1,941,000
	Prudential Financial, Inc., 5.750% (Z)															50,000			1,255,000
	Prudential PLC, 6.750% (Z)															175,000			4,495,750
	W.R. Berkley Corp., 5.625%															240,351			5,792,459
	Health care 4.3%																		32,463,989
	Pharmaceuticals 4.3%
	Teva Pharmaceutical Industries, Ltd., 7.000%															52,650			32,463,989
	Industrials 0.4%																		3,407,400
	Machinery 0.4%
	Stanley Black & Decker, Inc., 5.750%															135,000			3,407,400
	Real estate 2.0%																		14,737,012
	Equity real estate investment trusts 2.0%
	Senior Housing Properties Trust, 5.625%															554,690			13,112,872
	Ventas Realty LP, 5.450%															63,000			1,624,140
	Telecommunication services 3.0%																		22,749,175
	Diversified telecommunication services 0.6%
	Qwest Corp., 6.125%															107,500			2,641,275
	Verizon Communications, Inc., 5.900% (Z)															60,000			1,580,400
	Wireless telecommunication services 2.4%
	Telephone & Data Systems, Inc., 5.875%															100,000			2,435,000
	Telephone & Data Systems, Inc., 6.625%															285,000			7,127,850
	Telephone & Data Systems, Inc., 6.875%															170,000			4,282,300
	United States Cellular Corp., 6.950%															185,000			4,682,350
	Utilities 32.4%																		244,223,511
	Electric utilities 24.7%
	Duke Energy Corp., 5.125% (Z)															192,458			4,815,299
	Great Plains Energy, Inc., 7.000%															651,000			33,350,730
	Gulf Power Company, 5.600%															52,400			5,242,515
	HECO Capital Trust III, 6.500%															181,000			4,731,340
	Interstate Power & Light Company, 5.100%															1,340,000			35,697,600
	NextEra Energy Capital Holdings, Inc., 5.125% (Z)															185,000			4,308,650
	NextEra Energy Capital Holdings, Inc., 5.700% (Z)															320,000			7,926,400
	NextEra Energy, Inc., 6.123% (Z)															30,000			1,502,100
	NSTAR Electric Company, 4.250%															13,347			1,266,630
	NSTAR Electric Company, 4.780%															100,000			9,950,000
	PPL Capital Funding, Inc., 5.900%															1,450,320			36,359,522
	SCE Trust I, 5.625%															265,000			6,553,450
	SCE Trust II, 5.100%															1,208,500			28,979,830
	The Southern Company, 6.250% (Z)															155,000			4,067,200
	Union Electric Company, 3.700%															12,262			1,195,545

																Shares			Value
	Utilities  (continued)
	Multi-utilities 7.7%
	BGE Capital Trust II, 6.200%															690,000			$17,836,500
	Dominion Resources, Inc., 6.750% (Z)															553,000			28,064,750
	DTE Energy Company, 5.250%															235,000			5,809,200
	Integrys Holding, Inc. (6.000% to 8-1-23, then 3 month LIBOR + 3.220%)															255,000			6,566,250
	Common stocks 45.3% (30.1% of Total investments)																		$342,047,741
	(Cost $226,845,514)
	Energy 7.3%																		55,331,291
	Oil, gas and consumable fuels 7.3%
	BP PLC, ADR															640,950			23,061,381
	Chevron Corp.															67,000			7,460,450
	Royal Dutch Shell PLC, ADR, Class A															142,000			7,723,380
	Spectra Energy Corp. (L)(Z)															410,230			17,086,080
	Telecommunication services 2.9%																		21,959,900
	Diversified telecommunication services 2.9%
	AT&T, Inc. (L)(Z)															300,000			12,648,000
	Verizon Communications, Inc.															190,000			9,311,900
	Utilities 35.1%																		264,756,550
	Electric utilities 18.9%
	Alliant Energy Corp.															800,000			30,120,000
	American Electric Power Company, Inc. (L)(Z)															200,000			12,812,000
	Avangrid, Inc. (L)(Z)															381,500			14,802,200
	Duke Energy Corp. (L)(Z)															285,000			22,383,900
	Entergy Corp.															60,000			4,298,400
	Eversource Energy (L)(Z)															380,000			21,021,600
	OGE Energy Corp.															400,000			13,416,000
	Pinnacle West Capital Corp.															50,000			3,881,500
	PPL Corp.															150,000			5,226,000
	The Southern Company															100,000			4,943,000
	Xcel Energy, Inc.															240,000			9,916,800
	Gas utilities 0.4%
	ONE Gas, Inc.															42,500			2,746,350
	Multi-utilities 15.8%
	Black Hills Corp. (L)(Z)															200,000			12,510,000
	CenterPoint Energy, Inc. (L)(Z)															1,025,000			26,865,250
	Dominion Resources, Inc. (L)(Z)															240,000			18,307,200
	DTE Energy Company (L)(Z)															250,000			24,660,000
	National Grid PLC, ADR															260,000			15,202,200
	NiSource, Inc. (L)(Z)															440,000			9,842,800
	Vectren Corp.															215,000			11,801,350
							Yield				* (%)		Maturity date			Par value^			Value
	Short-term investments 0.5% (0.3% of Total investments)																		$3,760,000
	(Cost $3,760,000)
	U.S. Government Agency 0.5%																		3,636,000
	Federal Home Loan Bank Discount Note						0.400						02-01-17			3,636,000			3,636,000

																Par value^			Value
	Repurchase agreement 0.0%																		$124,000
	Repurchase Agreement with State Street Corp. dated 1-31-17 at 0.100% to be repurchased at $124,000 on 2-1-17, collateralized by $125,000 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-19 (valued at $131,148, including interest)															124,000			124,000
	Total investments (Cost $998,024,035)† 150.7%																		$1,137,681,775
	Other assets and liabilities, net (50.7%)																		($382,916,567	)
	Total net assets 100.0%																		$754,765,208

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 1-31-17, and is a component of the fund's leverage under the Liquidity Agreement.

(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 1-31-17 was $606,782,091. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $159,105,010.

*

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 1-31-17, the aggregate cost of investment securities for federal income tax purposes was $999,150,227. Net unrealized appreciation aggregated to $138,531,548, of which $155,887,938 related to appreciated investment securities and $17,356,390 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.

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 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. Swaps are 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. 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 January 31, 2017, by major security category or type:

		Total value at 1-31-17	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Preferred securities
	Consumer staples	$19,621,875	—	$19,621,875	—
	Energy	48,984,690	$48,984,690	—	—
	Financials	405,686,382	405,686,382	—	—
	Health care	32,463,989	32,463,989	—	—
	Industrials	3,407,400	3,407,400	—	—
	Real estate	14,737,012	14,737,012	—	—
	Telecommunication services	22,749,175	21,168,775	1,580,400	—
	Utilities	244,223,511	231,219,201	13,004,310	—
Common stocks
	Energy	55,331,291	55,331,291	—	—
	Telecommunication services	21,959,900	21,959,900	—	—
	Utilities	264,756,550	264,756,550	—	—
Short-term investments		3,760,000	—	3,760,000	—
Total investments in securities		$1,137,681,775	$1,099,715,190	$37,966,585	—
Other financial instruments:
Interest rate swaps		$83,582	—	$83,582	—

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 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.

       6

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 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.

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, 2017, 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 January 31, 2017.

Counterparty	USD notional amount		Payments made by fund	Payments received by fund	Maturity date	Market value
Morgan Stanley Capital Services	$82,000,000		Fixed 0.8750%	3 Month LIBOR (a)	Jul 2017	$83,582

^(a) At 1-31-17, the 3-month LIBOR rate was 1.0346%

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

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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

	P2Q1	01/17
This report is for the information of the shareholders of John Hancock Premium Dividend Fund.		3/17