N-CSR

N-CSR 1 f43657d1.htm N-CSR N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21416

JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND

(Exact name of registrant as specified in charter)

200 BERKELEY STREET, BOSTON, MA 02116 (Address of principal executive offices) (Zip code)

SALVATORE SCHIAVONE

TREASURER

200 BERKELEY STREET

BOSTON, MA 02116

(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 543-9634

Date of fiscal year end: October 31

Date of reporting period: October 31, 2025

ITEM 1. REPORT TO STOCKHOLDERS.

Annual report

John Hancock

Tax-Advantaged Dividend

Income Fund

Closed-end U.S. equity

Ticker: HTD

October 31, 2025

Managed distribution plan

On September 19, 2016, the fund adopted a managed distribution plan (Plan). Under the Plan, the fund makes monthly distributions of an amount equal to $0.1580 per share, which will be paid monthly until further notice. Prior to June 26, 2025, the monthly distribution amount was $0.1380 per share. The fund may make additional distributions (i) for purposes of not incurring federal income tax on investment company taxable income and net capital gain, if any, not included in such regular distributions and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular monthly distributions.

The Plan provides that the Board of Trustees of the fund may amend the terms of the Plan or terminate the Plan at any time without prior notice to the fund’s shareholders. The Plan is subject to periodic review by the fund’s Board of Trustees.

You should not draw any conclusions about the fund’s investment performance from the amount of the fund’s distributions or from the terms of the Plan. The fund’s total return at net asset value (NAV) is presented in the "Financial highlights" section.

With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital does not necessarily reflect the fund’s investment performance and should not be confused with “yield” or “income.”

John Hancock

Tax-Advantaged Dividend Income Fund

Table of contents

2	Your fund at a glance
4	Management’s discussion of fund performance
6	A look at performance
8	Fund’s investments
16	Financial statements
20	Financial highlights
21	Notes to financial statements
30	Report of independent registered public accounting firm
31	Tax information
32	Investment objective, principal investment strategies, and principal risks
37	Additional information
40	Evaluation of advisory and subadvisory agreements by the Board of Trustees
46	Trustees and Officers
51	More information

ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND

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Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to provide a high level of after-tax total return from dividend income and capital appreciation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2025 (%)

The Primary Blended Benchmark is 55% ICE BofA U.S. All Capital Securities Index and 45% S&P 500 Utilities Index.

The Intercontinental Exchange (ICE) Bank of America (BofA) U.S. All Capital Securities Index tracks all fixed-to floating-rate, perpetual callable and capital securities of the ICE BofA U.S. Corporate Index.

The S&P 500 Utilities Index tracks the performance of companies in the S&P 500 Index that are primarily involved in water, electrical power, and natural gas distribution industries.

It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.

The performance data contained within this material represents past performance, which does not guarantee future results.

Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may increase when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.

JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Falling U.S. Treasury yields helped performance

The fund produced a solid double-digit gain during the period.

Positioning among electric utility contributed

The fund’s common stock holdings in the electric utility sector was a leading factor driving the fund’s performance.

Holdings in preferred stocks generally detracted

Preferred stocks generally trailed common stocks as investors gravitated to higher-growth opportunities.

PORTFOLIO COMPOSITION AS OF 10/31/2025 (% of total investments)

SECTOR COMPOSITION AS OF 10/31/2025 (% of total investments)

ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND

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Management’s discussion of fund performance

How would you describe the investment backdrop during the 12 months ended October 31, 2025?

Dividend-producing investments posted solid gains, driven partly by a modest decline in 10-year U.S. Treasury yields. The U.S. Federal Reserve pivoted from holding policy interest rates steady before cutting them a quarter of a percentage point in both September and October as inflation drifted lower and employment data softened. Utility common stocks performed especially well against this backdrop, further benefiting from rising electricity demand driven by data centers, industrial electrification and the onshoring of manufacturing in the United States. That demand growth gave utilities more expansion possibilities, which supported current earnings growth and future expectations. Meanwhile, preferred securities, which are a form of equity that trades like a bond, posted more modest gains as investors generally gravitated toward investments with higher growth prospects.

How did the fund perform?

From a sector perspective, the electric utility group posted the biggest gains the past 12 months. The fund’s top-performing individual holding this period was American Electric Power Company, Inc., a large electric utility holding company that generates, transmits, and distributes electricity across multiple states. Its stock price soared along with better-than-expected earnings results that were driven by the tailwinds of rising electricity demand and a favorable regulatory environment. The

TOP 10 ISSUERS AS OF 10/31/2025 (% of total investments)
Bank of America Corp.	3.2
Citizens Financial Group, Inc.	3.0
American Electric Power Company, Inc.	2.6
Citigroup, Inc.	2.6
Duke Energy Corp.	2.6
Verizon Communications, Inc.	2.1
Entergy Corp.	2.1
Kinder Morgan, Inc.	2.1
Wells Fargo & Company	2.0
Ameren Corp.	2.0
TOTAL	24.3
Cash and short-term investments are not included.

JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | ANNUAL REPORT

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common shares of Entergy Corp., an integrated energy company that provides electricity to customers in Arkansas, Louisiana, Mississippi and Texas, also posted strong gains, powered partly by surging demand for electricity from hyperscaler data centers such as Google and Meta Platforms. Elsewhere, shares of natural gas utility Spire, Inc. also posted a notable advance, benefiting from the approval of a rate increase in Missouri. Despite the headwind of falling oil prices, BP PLC also was among the fund’s top performers as investors rewarded the company’s pivot to increasing oil and gas production, which has a higher margin than some renewable investments the company has deemphasized.

In contrast, ONEOK, Inc., a midstream energy infrastructure company involved with energy pipelines and processing was the biggest individual detractor. Its earnings were hurt by lower oil prices. Another detractor was The AES Corp., a large supplier of renewable and clean energy. Its stock came under pressure due to concerns about a faster-than-expected phase-out of tax credits for wind and solar energy. The performance of the preferred stock of Edison International, a California-focused public utility holding company whose key subsidiary is Southern California Edison, also disappointed amid investor uncertainty about its liability related to a wildfire in early 2025. Holdings in Public Service Enterprise Group, Inc. came under pressure largely because the regulatory environment in New Jersey, one of the utility’s biggest service areas, was viewed as less attractive than in other states. Crown Castle, Inc. also underperformed with the sale of its fiber tower business, which slowed short-term earnings growth.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND

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A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2025

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	10-Year	5-year	10-Year
At Net asset value	12.98	11.79	9.14	74.60	139.85
At Market price	16.42	13.80	9.88	90.86	156.49
S&P 500 Index	21.45	17.64	14.64	125.31	291.96
Primary Blended Benchmark	9.84	6.93	7.73	39.80	110.52
Secondary Blended Benchmark	9.20	6.76	7.56	38.66	107.19

Performance figures assume all distributions have been reinvested.

The returns reflect past results and should not be considered indicative of future performance. Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may be augmented when shares are purchased at a premium to NAV or when shares need to be sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | ANNUAL REPORT

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This chart shows what happened to a hypothetical $10,000 investment in John Hancock Tax-Advantaged Dividend Income Fund for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in a separate index and two blended indexes.

The fund changed its broad-based securities market index from a blended benchmark consisting of 55% Intercontinental Exchange (ICE) Bank of America (BofA) U.S. All Capital Securities Index and 45% S&P 500 Utilities Index to S&P 500 Index to align with index changes across the fund complex.

The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States.

The Primary Blended Benchmark is 55% ICE BofA U.S. All Capital Securities Index and 45% S&P 500 Utilities Index.

The Secondary Blended Benchmark is 55% ICE BofA Preferred Stock DRD Eligible Index and 45% S&P 500 Utilities Index.

The S&P 500 Utilities Index tracks the performance of companies in the S&P 500 Index that are primarily involved in water, electrical power, and natural gas distribution industries.

The Intercontinental Exchange (ICE) Bank of America (BofA) Preferred Stock Dividend Received Deduction (DRD) Eligible Index tracks investment-grade fixed-rate U.S. dollar-denominated preferred securities and fixed-to-floating-rate securities.

It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.

The returns reflect past results and should not be considered indicative of future performance.

ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND

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Fund’s investments

AS OF 10-31-25

	Shares	Value
Common stocks 77.5% (53.1% of Total investments)		$713,194,196
(Cost $456,851,843)
Communication services 5.6%		51,728,437
Diversified telecommunication services 5.6%
AT&T, Inc. (A)	926,849	22,939,513
Verizon Communications, Inc. (A)	724,432	28,788,924
Consumer staples 1.2%		10,896,915
Tobacco 1.2%
Philip Morris International, Inc. (A)	75,500	10,896,915
Energy 10.3%		94,742,341
Oil, gas and consumable fuels 10.3%
BP PLC, ADR	705,450	24,782,459
Enbridge, Inc.	347,106	16,182,082
Kinder Morgan, Inc. (A)	1,085,000	28,416,150
Kinetik Holdings, Inc.	50,000	1,925,500
ONEOK, Inc. (A)	135,000	9,045,000
South Bow Corp.	555,000	14,391,150
Financials 1.6%		14,719,324
Banks 1.6%
Columbia Banking System, Inc. (A)(B)	88,333	2,367,324
Huntington Bancshares, Inc. (A)	800,000	12,352,000
Materials 0.6%		5,338,300
Chemicals 0.6%
LyondellBasell Industries NV, Class A (A)(B)	115,000	5,338,300
Real estate 3.6%		33,311,663
Specialized REITs 3.6%
Crown Castle, Inc. (A)	126,243	11,389,643
Fermi, Inc. (C)	437,000	11,453,770
Millrose Properties, Inc., Class A	325,000	10,468,250
Utilities 54.6%		502,457,216
Electric utilities 31.2%
Alliant Energy Corp. (A)	320,000	21,382,400
American Electric Power Company, Inc. (A)	295,000	35,476,700
Duke Energy Corp. (A)	240,000	29,832,000
Entergy Corp. (A)	297,000	28,538,730
Evergy, Inc. (A)	295,000	22,658,950
Eversource Energy (A)	298,227	22,012,135
Exelon Corp. (A)	280,000	12,913,600

JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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	Shares	Value
Utilities (continued)
Electric utilities (continued)
FirstEnergy Corp. (A)	460,000	$21,081,800
OGE Energy Corp.	580,000	25,601,200
Pinnacle West Capital Corp.	80,000	7,081,600
PPL Corp. (A)	700,000	25,564,000
The Southern Company (A)	194,925	18,330,747
Xcel Energy, Inc. (A)	207,000	16,802,190
Gas utilities 3.8%
Spire, Inc. (A)(B)	235,000	20,304,000
UGI Corp. (A)(B)	435,000	14,542,050
Independent power and renewable electricity producers 1.2%
The AES Corp.	799,999	11,095,986
Multi-utilities 18.4%
Algonquin Power & Utilities Corp.	2,145,700	11,973,006
Ameren Corp. (A)	265,000	27,035,300
Black Hills Corp. (A)(B)	319,775	20,283,328
Dominion Energy, Inc. (A)	190,000	11,151,100
DTE Energy Company (A)	160,000	21,686,400
National Grid PLC, ADR (A)(B)	241,583	18,179,121
NiSource, Inc. (A)	480,000	20,212,800
Public Service Enterprise Group, Inc. (A)	265,000	21,348,400

Sempra (A)	188,924	17,369,673
Preferred securities 35.5% (24.3% of Total investments)		$326,366,909
(Cost $321,682,764)
Communication services 1.0%		9,171,416
Wireless telecommunication services 1.0%
Array Digital Infrastructure, Inc., 5.500%	38,625	706,838
Array Digital Infrastructure, Inc., 6.250%	55,925	1,200,710
Telephone & Data Systems, Inc., 6.000%	290,107	5,311,859
Telephone & Data Systems, Inc., 6.625%	96,922	1,952,009
Financials 25.7%		235,894,555
Banks 14.5%
Banc of California, Inc., 7.750% (7.750% to 9-1-27, then 5 Year CMT + 4.820%)	30,000	747,300
Bank of America Corp., 5.000% (A)	124,650	2,661,278
Bank of America Corp., 7.250%	7,000	8,827,000
Citizens Financial Group, Inc., 6.500% (6.500% 10-6-30, then 5 Year CMT + 2.629%) (A)	180,950	4,590,702
Citizens Financial Group, Inc., 7.375% (A)	406,650	10,739,627
Comerica, Inc., 6.875% (6.875% to 10-1-30, then 5 Year CMT + 3.125%) (A)	344,900	8,850,134
Fifth Third Bancorp, 6.000% (A)	328,650	8,189,958
First Busey Corp., 8.250%	260,000	6,669,000

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND

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	Shares	Value
Financials (continued)
Banks (continued)
Huntington Bancshares, Inc., 6.875% (6.875% to 4-15-28, then 5 Year CMT + 2.704%) (A)	320,150	$8,221,452
KeyCorp, 5.650% (A)	116,975	2,623,749
KeyCorp, 6.200% (6.200% to 12-15-27, then 5 Year CMT + 3.132%) (A)	164,050	4,111,093
M&T Bank Corp., 6.350%	298,850	7,453,319
M&T Bank Corp., 7.500% (A)	385,000	10,241,000
Regions Financial Corp., 4.450% (A)	296,634	5,369,075
Synovus Financial Corp., 7.467% (3 month CME Term SOFR + 3.614%) (A)(D)	48,150	1,223,492
Synovus Financial Corp., 8.397% (5 Year CMT + 4.127%) (A)(D)	337,150	8,860,302
UMB Financial Corp., 7.750% (7.750% to 7-15-30, then 5 Year CMT + 3.743%) (A)	215,400	5,815,800
Wells Fargo & Company, 7.500%	9,000	11,135,250
WesBanco, Inc., 7.375% (7.375% to 10-1-30, then 5 Year CMT + 3.795%)	310,750	7,930,340
Wintrust Financial Corp., 7.875% (7.875% to 7-15-30, then 5 Year CMT + 3.878%) (A)	327,600	8,599,500
Capital markets 3.1%
Carlyle Finance LLC, 4.625% (A)	65,274	1,155,350
KKR & Company, Inc., 6.250%	79,120	3,878,462
Morgan Stanley, 6.375% (A)	300,000	7,545,000
The Bank of New York Mellon Corp., 6.150% (6.150% to 3-20-30, then 5 Year CMT + 2.161%)	233,325	6,010,452
TPG Operating Group II LP, 6.950% (A)	400,000	10,288,000
Consumer finance 1.1%
Synchrony Financial, 8.250% (8.250% to 5-15-29, then 5 Year CMT + 4.044%) (A)	388,900	10,270,849
Financial services 1.7%
Apollo Global Management, Inc., 7.625% (7.625% to 12-15-28, then 5 Year CMT + 3.226%) (A)	486,000	12,733,200
Jackson Financial, Inc., 8.000% (8.000% to 3-30-28, then 5 Year CMT + 3.728%)	91,850	2,415,655
Insurance 5.3%
American National Group, Inc., 7.375%	409,100	10,411,595
Aspen Insurance Holdings, Ltd., 7.000% (A)	267,325	6,728,570
Athene Holding, Ltd., 6.350% (6.350% to 6-30-29, then 3 month LIBOR + 4.253%) (A)(B)	355,787	8,876,886
F&G Annuities & Life, Inc., 7.300%	255,275	6,154,680
Lincoln National Corp., 9.000% (A)	408,300	11,060,847
The Allstate Corp., 7.375% (A)	207,525	5,505,638
Information technology 2.8%		25,859,115
Software 1.8%
Strategy, Inc., 10.000% (A)	110,665	8,558,831
Strategy, Inc., 10.500% (A)	83,300	8,278,354

JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Shares	Value
Information technology (continued)
Technology hardware, storage and peripherals 1.0%
Hewlett Packard Enterprise Company, 7.625%	133,500	$9,021,930
Utilities 6.0%		55,441,823
Electric utilities 5.3%
Duke Energy Corp., 5.750% (A)	200,000	5,008,000
NextEra Energy, Inc., 7.234%	285,000	13,939,350
PG&E Corp., 6.000%	330,300	13,575,330
SCE Trust VI, 5.000%	135,701	2,221,425
SCE Trust VII, 7.500%	361,525	8,448,839
SCE Trust VIII, 6.950%	265,825	5,848,150
Gas utilities 0.6%
Spire, Inc., 5.900% (A)	219,650	5,379,229
Multi-utilities 0.1%
Sempra, 5.750% (A)	45,000	1,021,500

	Rate (%)	Maturity date	Par value^	Value
U.S. Government and Agency obligations 0.5% (0.4% of Total investments)				$4,604,208
(Cost $4,420,000)
U.S. Government Agency 0.5%				4,604,208
Farm Credit Bank of Texas
Bond (7.000% to 9-15-30, then 5 Year CMT + 3.010%) (E)	7.000	09-15-30	4,420,000	4,604,208

Corporate bonds 32.3% (22.1% of Total investments)				$297,225,378
(Cost $287,192,375)
Communication services 1.3%				12,308,628
Wireless telecommunication services 1.3%
Rogers Communications, Inc. (7.125% to 4-15-35, then 5 Year CMT + 2.620%)	7.125	04-15-55	11,500,000	12,308,628
Energy 2.3%				21,140,184
Oil, gas and consumable fuels 2.3%
Sunoco LP (7.875% to 9-18-30, then 5 Year CMT + 4.230%) (E)(F)	7.875	09-18-30	6,925,000	7,032,338
Venture Global LNG, Inc. (9.000% to 9-30-29, then 5 Year CMT + 5.440%) (E)(F)	9.000	09-30-29	15,094,000	14,107,846
Financials 21.9%				201,508,475
Banks 17.4%
Banco Santander SA (9.625% to 11-21-33, then 5 Year CMT + 5.298%) (E)	9.625	05-21-33	5,600,000	6,828,343
Bank of America Corp. (5.875% to 3-15-28, then 3 month CME Term SOFR + 3.193%) (A)(B)(E)	5.875	03-15-28	3,500,000	3,537,597

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND

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	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Banks (continued)
Bank of America Corp. (6.125% to 4-27-27, then 5 Year CMT + 3.231%) (A)(B)(E)	6.125	04-27-27	12,690,000	$12,840,110
Bank of America Corp. (6.250% to 7-26-30, then 5 Year CMT + 2.351%) (E)	6.250	07-26-30	4,500,000	4,577,490
Bank of America Corp. (6.625% to 5-1-30, then 5 Year CMT + 2.684%) (E)	6.625	05-01-30	9,381,000	9,765,621
Barclays PLC (9.625% to 6-15-30, then 5 Year SOFR ICE Swap Rate + 5.775%) (A)(B)(E)	9.625	12-15-29	6,760,000	7,654,672
Citigroup, Inc. (6.875% to 8-15-30, then 5 Year CMT + 2.890%) (E)	6.875	08-15-30	7,000,000	7,212,618
Citigroup, Inc. (6.950% to 2-15-30, then 5 Year CMT + 2.726%) (E)	6.950	02-15-30	5,200,000	5,349,323
Citigroup, Inc. (7.375% to 5-15-28, then 5 Year CMT + 3.209%) (A)(B)(E)	7.375	05-15-28	9,800,000	10,153,584
Citigroup, Inc. (7.625% to 11-15-28, then 5 Year CMT + 3.211%) (E)	7.625	11-15-28	11,955,000	12,508,517
Citizens Financial Group, Inc. (3 month CME Term SOFR + 3.265%) (D)(E)	7.199	01-06-26	11,000,000	10,958,745
Citizens Financial Group, Inc. (3 month CME Term SOFR + 3.419%) (D)(E)	7.353	01-06-26	15,500,000	15,400,724
CoBank ACB (6.450% to 10-1-27, then 5 Year CMT + 3.487%) (E)	6.450	10-01-27	5,000,000	5,010,785
CoBank ACB (7.250% to 7-1-29, then 5 Year CMT + 2.880%) (E)	7.250	07-01-29	5,250,000	5,366,104
Huntington Bancshares, Inc. (6.250% to 10-15-30, then 5 Year CMT + 2.653%) (E)	6.250	10-15-30	4,950,000	4,903,530
JPMorgan Chase & Co. (6.875% to 6-1-29, then 5 Year CMT + 2.737%) (A)(B)(E)	6.875	06-01-29	7,820,000	8,238,722
Societe Generale SA (10.000% to 5-14-29, then 5 Year CMT + 5.448%) (E)(F)	10.000	11-14-28	3,900,000	4,315,724
The PNC Financial Services Group, Inc. (6.000% to 5-15-27, then 5 Year CMT + 3.000%) (A)(B)(E)	6.000	05-15-27	9,000,000	9,049,959
Wells Fargo & Company (6.850% to 9-15-29, then 5 Year CMT + 2.767%) (E)	6.850	09-15-29	6,500,000	6,826,645
Wells Fargo & Company (7.625% to 9-15-28, then 5 Year CMT + 3.606%) (E)	7.625	09-15-28	8,624,000	9,205,594
Capital markets 3.2%
State Street Corp. (6.700% to 3-15-29, then 5 Year CMT + 2.613%) (E)	6.700	03-15-29	5,244,000	5,451,065
The Bank of New York Mellon Corp. (6.300% to 3-20-30, then 5 Year CMT + 2.297%) (A)(B)(E)	6.300	03-20-30	6,444,000	6,637,050
The Goldman Sachs Group, Inc. (7.500% to 2-10-29, then 5 Year CMT + 3.156%) (E)	7.500	02-10-29	7,493,000	7,949,833
The Goldman Sachs Group, Inc. (7.500% to 5-10-29, then 5 Year CMT + 2.809%) (A)(B)(E)	7.500	05-10-29	8,861,000	9,390,640

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	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Insurance 1.3%
SBL Holdings, Inc. (9.508% to 5-13-30, then 5 Year CMT + 5.580%) (E)(F)	9.508	05-13-30	11,975,000	$12,375,480
Materials 0.9%				7,933,647
Chemicals 0.9%
FMC Corp. (8.450% to 11-1-30, then 5 Year CMT + 4.366%)	8.450	11-01-55	8,175,000	7,933,647
Real estate 0.7%				6,259,948
Residential REITs 0.7%
BW Real Estate, Inc. (9.500% to 3-30-30, then 5 Year CMT + 5.402%) (E)(F)	9.500	03-30-30	6,100,000	6,259,948
Utilities 5.2%				48,074,496
Electric utilities 1.4%
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (E)(F)	10.250	03-15-28	11,825,000	12,977,855
Gas utilities 0.4%
Northwest Natural Holding Company (7.000% to 9-15-35, then 5 Year CMT + 2.701%)	7.000	09-15-55	4,000,000	4,168,264
Independent power and renewable electricity producers 3.4%
The AES Corp. (7.600% to 1-15-30, then 5 Year CMT + 3.201%)	7.600	01-15-55	10,946,000	11,173,250
Vistra Corp. (8.000% to 10-15-26, then 5 Year CMT + 6.930%) (E)(F)	8.000	10-15-26	6,710,000	6,874,677
Vistra Corp. (8.875% to 1-15-29, then 5 Year CMT + 5.045%) (E)(F)	8.875	01-15-29	11,722,000	12,880,450

	Yield (%)	Shares	Value
Short-term investments 0.2% (0.1% of Total investments)			$1,635,287
(Cost $1,635,157)
Short-term funds 0.2%			1,635,287
John Hancock Collateral Trust (G)	3.9239(H)	163,467	1,635,287


Total investments (Cost $1,071,782,139) 146.0%					$1,343,025,978
Other assets and liabilities, net (46.0%)					(422,870,104)
Total net assets 100.0%					$920,155,874

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
CME	CME Group Published Rates
CMT	Constant Maturity Treasury

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ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
(A)	All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 10-31-25 was $758,396,173.
(B)	All or a portion of this security is on loan as of 10-31-25, and is a component of the fund’s leverage under the Liquidity Agreement. The value of securities on loan amounted to $90,212,455.
(C)	Non-income producing security.
(D)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(E)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(F)	This security is 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.
(G)	Investment is an affiliate of the fund, the advisor and/or subadvisor.
(H)	The rate shown is the annualized seven-day yield as of 10-31-25.

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DERIVATIVES

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	210,000,000	USD	Fixed 3.662%	USD SOFR Compounded OIS^(a)	Semi Annual	Quarterly	May 2026	—	$(1,524,255)	$(1,524,255)
Centrally cleared	104,500,000	USD	Fixed 3.473%	USD SOFR Compounded OIS^(a)	Semi-Annual	Quarterly	May 2026	—	(534,557)	(534,557)
Centrally cleared	52,200,000	USD	Fixed 3.817%	USD SOFR Compounded OIS^(a)	Semi-Annual	Quarterly	Dec 2026	—	(637,430)	(637,430)
								—	$(2,696,242)	$(2,696,242)

^(a)	At 10-31-25, the overnight SOFR was 4.220%.

Derivatives Currency Abbreviations
USD	U.S. Dollar

Derivatives Abbreviations
OIS	Overnight Index Swap
OTC	Over-the-counter
SOFR	Secured Overnight Financing Rate

At 10-31-25, the aggregate cost of investments for federal income tax purposes was $1,070,827,759. Net unrealized appreciation aggregated to $269,501,977, of which $283,783,322 related to gross unrealized appreciation and $14,281,345 related to gross unrealized depreciation.

See Notes to financial statements regarding investment transactions and other derivatives information.

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 10-31-25

Assets
Unaffiliated investments, at value (Cost $1,070,146,982)	$1,341,390,691
Affiliated investments, at value (Cost $1,635,157)	1,635,287
Total investments, at value (Cost $1,071,782,139)	1,343,025,978
Receivable for centrally cleared swaps	1,209,814
Dividends and interest receivable	5,710,507
Receivable for investments sold	144,737
Other assets	17,086
Total assets	1,350,108,122
Liabilities
Liquidity agreement	427,900,000
Payable for investments purchased	124,974
Interest payable	1,764,018
Payable to affiliates
Accounting and legal services fees	31,197
Trustees’ fees	608
Other liabilities and accrued expenses	131,451
Total liabilities	429,952,248
Net assets	$920,155,874
Net assets consist of
Paid-in capital	$650,212,833
Total distributable earnings (loss)	269,943,041
Net assets	$920,155,874

Net asset value per share
Based on 35,431,824 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value	$25.97

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STATEMENT OF OPERATIONS For the year ended 10-31-25

Investment income
Dividends	$49,546,329
Interest	21,685,960
Dividends from affiliated investments	326,202
Less foreign taxes withheld	(428,687)
Total investment income	71,129,804
Expenses
Investment management fees	9,711,507
Interest expense	21,618,949
Accounting and legal services fees	170,267
Transfer agent fees	22,804
Trustees’ fees	54,993
Custodian fees	109,263
Printing and postage	82,607
Professional fees	96,397
Stock exchange listing fees	34,479
Other	42,835
Total expenses	31,944,101
Less expense reductions	(116,330)
Net expenses	31,827,771
Net investment income	39,302,033
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	19,001,320
Affiliated investments	(685)
Swap contracts	3,509,883
	22,510,518
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	46,025,742
Affiliated investments	120
Swap contracts	(2,490,723)
	43,535,139
Net realized and unrealized gain	66,045,657
Increase in net assets from operations	$105,347,690

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STATEMENTS OF CHANGES IN NET ASSETS

	Year ended 10-31-25	Year ended 10-31-24
Increase (decrease) in net assets
From operations
Net investment income	$39,302,033	$31,783,722
Net realized gain	22,510,518	31,029,329
Change in net unrealized appreciation (depreciation)	43,535,139	198,228,126
Increase in net assets resulting from operations	105,347,690	261,041,177
Distributions to shareholders
From earnings	(61,509,646)	(58,675,100)
Total distributions	(61,509,646)	(58,675,100)
Total increase	43,838,044	202,366,077
Net assets
Beginning of year	876,317,830	673,951,753
End of year	$920,155,874	$876,317,830
Share activity
Shares outstanding
Beginning of year	35,431,824	35,431,824
End of year	35,431,824	35,431,824

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STATEMENT OF CASH FLOWS For the year ended 10-31-25


Cash flows from operating activities
Net increase in net assets from operations	$105,347,690
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Long-term investments purchased	(328,398,007)
Long-term investments sold	335,714,814
Net purchases and sales of short-term investments	198,167
Net amortization (accretion) of premium (discount)	180,582
(Increase) Decrease in assets:
Receivable for centrally cleared swaps	3,168,859
Dividends and interest receivable	160,450
Other assets	6,726
Increase (Decrease) in liabilities:
Interest payable	(230,760)
Payable to affiliates	(9,765)
Other liabilities and accrued expenses	(21,194)
Net change in unrealized (appreciation) depreciation on:
Investments	(46,025,862)
Net realized (gain) loss on:
Investments	(18,999,124)
Proceeds received as return of capital	1,075,040
Net cash provided by operating activities	$52,167,616
Cash flows provided by (used in) financing activities
Distributions to shareholders	$(61,509,646)
Borrowings (repayments) under the liquidity agreement	9,000,000
Net cash used in financing activities	$(52,509,646)
Net decrease in cash	$(342,030)
Cash at beginning of year	$342,030
Cash at end of year	—
Supplemental disclosure of cash flow information:
Cash paid for interest	$(21,849,709)

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Financial highlights

Period ended	10-31-25	10-31-24	10-31-23	10-31-22	10-31-21
Per share operating performance
Net asset value, beginning of period	$24.73	$19.02	$22.70	$25.11	$21.65
Net investment income¹	1.11	0.90	0.78	1.10	1.24
Net realized and unrealized gain (loss) on investments	1.87	6.47	(2.78)	(1.85)	3.90
Total from investment operations	2.98	7.37	(2.00)	(0.75)	5.14
Less distributions
From net investment income	(1.74)	(1.66)	(1.36)	(1.66)	(1.66)
From net realized gain	—	—	(0.03)	—	(0.02)
From tax return of capital	—	—	(0.29)	—	—
Total distributions	(1.74)	(1.66)	(1.68)	(1.66)	(1.68)
Net asset value, end of period	$25.97	$24.73	$19.02	$22.70	$25.11
Per share market value, end of period	$24.90	$23.01	$16.48	$22.76	$24.53
Total return at net asset value (%)^2,3	12.98	40.98	(9.16)	(3.21)	24.68
Total return at market value (%)²	16.42	51.39	(21.50)	(0.66)	38.86
Ratios and supplemental data
Net assets, end of period (in millions)	$920	$876	$674	$804	$889
Ratios (as a percentage of average net assets):
Expenses before reductions	3.59	4.44	4.25	2.05	1.56
Expenses including reductions⁴	3.58	4.43	4.24	2.04	1.55
Net investment income	4.42	4.05	3.57	4.41	5.13
Portfolio turnover (%)	25	21	20	11	15
Senior securities
Total debt outstanding end of period (in millions)	$428	$419	$419	$419	$419
Asset coverage per $1,000 of debt⁵	$3,150	$3,092	$2,609	$2,919	$3,122


¹	Based on average daily shares outstanding.
²	Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Expenses including reductions excluding interest expense were 1.15%, 1.20%, 1.21%, 1.14% and 1.19% for the periods ended 10-31-25, 10-31-24, 10-31-23, 10-31-22 and 10-31-21, respectively.
⁵	Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.

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Notes to financial statements

Note 1—Organization

John Hancock Tax-Advantaged Dividend Income Fund (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).

Note 2—Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:

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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund’s valuation designee.

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. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. 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. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

In certain instances, the Pricing Committee of the Advisor 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 Pricing Committee following procedures established by the Advisor and adopted 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 Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include

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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 October 31, 2025, by major security category or type:

	Total value at 10-31-25	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
Common stocks	$713,194,196	$713,194,196	—	—
Preferred securities	326,366,909	326,366,909	—	—
U.S. Government and Agency obligations	4,604,208	—	$4,604,208	—
Corporate bonds	297,225,378	—	297,225,378	—
Short-term investments	1,635,287	1,635,287	—	—
Total investments in securities	$1,343,025,978	$1,041,196,392	$301,829,586	—
Derivatives:
Liabilities
Swap contracts	$(2,696,242)	—	$(2,696,242)	—

The fund holds liabilities for which the fair value approximates the carrying amount for financial statement purposes. As of October 31, 2025, the liability for the fund’s Liquidity agreement on the Statement of assets and liabilities is categorized as Level 2 within the disclosure hierarchy.

Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a tax return of capital and/or capital gain, if any, are recorded as a reduction of cost of investments and/or as a realized gain, if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized

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and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.

Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.

Overdrafts. Pursuant to the custodian agreement, the fund’s custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Statement of cash flows. A Statement of cash flows is presented when a fund has a significant amount of borrowing during the period, based on the average total borrowing in relation to total assets, or when a certain percentage of the fund’s investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund’s Statement of assets and liabilities and represents the cash on hand at the fund’s custodian and does not include any short-term investments or collateral on derivative contracts, if any.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

As of October 31, 2025, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Managed distribution plan. The fund has adopted a managed distribution plan (Plan). Under the current plan, the fund makes monthly distributions of an amount equal to $0.1580 per share, which will be paid monthly until further notice. Prior to June 26, 2025, the monthly distribution amount was $0.1380 per share.

Distributions under the Plan may consist of net investment income, net realized capital gains and, to the extent necessary, return of capital. Return of capital distributions may be necessary when the fund’s net investment income and net capital gains are insufficient to meet the minimum distribution. In addition, the fund may also make additional distributions for the purpose of not incurring federal income and excise taxes.

The Board of Trustees may terminate or reduce the amount paid under the Plan at any time. The termination or reduction may have an adverse effect on the market price of the fund’s shares.

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Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends monthly under the managed distribution plan described above. Capital gain distributions, if any, are typically distributed annually.

The tax character of distributions for the years ended October 31, 2025 and 2024 was as follows:

	October 31, 2025	October 31, 2024
Ordinary income	$47,757,520	$40,505,909
Long-term capital gains	13,752,126	18,169,191
Total	$61,509,646	$58,675,100

As of October 31, 2025, the components of distributable earnings on a tax basis consisted of $441,063 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, if any, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals, derivative transactions, amortization and accretion on debt securities and dividend redesignation.

Note 3—Derivative instruments

The fund may invest in derivatives in order to meet its investment objective. 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.

Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.

Centrally-cleared swap contracts are subject to clearinghouse rules, including initial and variation margin requirements, daily settlement of obligations and the clearinghouse guarantee of payments to the broker. There is, however, still counterparty risk due to the potential insolvency of the broker with respect to any margin held in the brokers’ customer accounts. While clearing members are required to segregate customer assets from their own assets, in the event of insolvency, there may be a shortfall in the amount of margin held by the broker for its clients. Collateral or margin requirements for centrally-cleared derivatives are set by the broker or applicable clearinghouse. Margin for centrally-cleared transactions is included in Receivable/Payable for centrally-cleared swaps in the Statement of assets and liabilities. Securities pledged by the fund for centrally-cleared transactions, if any, are identified in the Fund’s investments.

Swaps. Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) 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 a component of unrealized

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appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. 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.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

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.

During the year ended October 31, 2025, the fund used interest rate swap contracts to manage against changes in the liquidity agreement interest rates. The notional values at the period end are representative of the fund’s exposure throughout the period. No new interest rate swap positions were entered into or closed during the year ended October 31, 2025.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at October 31, 2025 by risk category:

Risk	Statement of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Interest rate	Swap contracts, at value¹	Interest rate swaps	—	$(2,696,242)

¹	Reflects cumulative value of swap contracts. Receivable/payable for centrally cleared swaps, which includes value and margin, are shown separately on the Statement of assets and liabilities.

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2025:

	Statement of operations location - Net realized gain (loss) on:
Risk	Swap contracts
Interest rate	$3,509,883

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The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2025:

	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Swap contracts
Interest rate	$(2,490,723)

Note 4—Guarantees and indemnifications

Under the fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5—Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. The Advisor is an indirect, principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (MFC).

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to 0.74% of the fund’s average daily managed assets (net assets plus borrowings under the Liquidity Agreement (LA)) (see Note 8). The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate managed assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended October 31, 2025, this waiver amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2027, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The expense reductions described above amounted to $116,330 for the year ended October 31, 2025.

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2025, were equivalent to a net annual effective rate of 0.73% of the fund’s average daily managed assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred, for the year ended October 31, 2025, amounted to an annual rate of 0.01% of the fund’s average daily managed net assets.

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.

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Note 6—Fund share transactions

In December 2007, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market, between January 1, 2025 and December 31, 2025, up to 10% of its outstanding common shares as of December 31, 2024. The share repurchase plan will remain in effect between January 1, 2025 and December 31, 2025.

During the years ended October 31, 2025 and 2024, the fund had no activities under the repurchase program. Shares repurchased and corresponding dollar amounts, if any, are included on the Statements of changes in net assets. The anti-dilutive impacts of these share repurchases, if any, are included on the Financial highlights.

Note 7—Leverage risk

The fund utilizes the LA to increase its assets available for investment. When the fund leverages its assets, shareholders bear the expenses associated with the LA and have potential to benefit or be disadvantaged from the use of leverage. The Advisor’s fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund’s assets. Leverage creates risks that may adversely affect the return for the holders of shares, including:

•	the likelihood of greater volatility of NAV and market price of shares;

•	fluctuations in the interest rate paid for the use of the LA;

•	increased operating costs, which may reduce the fund’s total return;

•	the potential for a decline in the value of an investment acquired through leverage, while the fund’s obligations under such leverage remains fixed; and

•	the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund’s return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived. The use of securities lending to obtain leverage in the fund’s investments may subject the fund to greater risk of loss than would reinvestment of collateral in short term highly rated investments.

In addition to the risks created by the fund’s use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the LA is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund’s ability to generate income from the use of leverage would be adversely affected.

Note 8—Liquidity Agreement

The fund has entered into a LA with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $427.9 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at October 31, 2025 are shown in the Statement of assets and liabilities as the Liquidity agreement.

The fund pledges its assets as collateral to secure obligations under the LA. The fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities lending and reverse repurchase transactions with SSB acting as the fund’s authorized agent for these transactions. All transactions initiated through SSB are required to be secured with cash collateral received from the securities borrower (the Borrower) or cash is received from the reverse repurchase agreement (Reverse Repo) counterparties. Securities lending transactions will be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these transactions. Cash received by SSB from securities lending or Reverse Repo transactions is credited against the amounts borrowed under the line of credit. As of October 31, 2025, the LA balance of $427,900,000 was comprised of $335,344,024 from the line of credit and

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$92,555,976 cash received by SSB from securities lending or Reverse Repo transactions.

Upon return of securities by the Borrower or Reverse Repo counterparty, SSB will return the cash collateral to the Borrower or proceeds from the Reverse Repo, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements is paid by SSB.

SSB has indemnified the fund for certain losses that may arise if the Borrower or a Reverse Repo Counterparty fails to return securities when due. With respect to securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the Borrower to purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement securities, SSB is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any of the fund’s losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the Borrower or proceeds from the Reverse Repo counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the Borrower or Reverse Repo counterparty fails to return the securities on a timely basis.

Interest charged is at the rate of overnight bank funding rate (OBFR) plus 0.700% and is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of October 31, 2025, the fund had an aggregate balance of $427,900,000 at an interest rate of 4.57%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the year ended October 31, 2025, the average balance of the LA and the effective average interest rate were $423,264,384 and 5.11%, respectively.

The fund may terminate the LA with 60 days’ notice. If certain asset coverage and collateral requirements, or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination event, SSB is required to provide the fund with 360 days’ notice prior to terminating the LA.

Note 9—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $328,522,981 and $334,089,606, respectively, for the year ended October 31, 2025.

Note 10—Industry or sector risk

The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.

Note 11—Investment in affiliated underlying funds

The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
John Hancock Collateral Trust	163,467	$1,834,019	$262,615,097	$(262,813,264)	$(685)	$120	$326,202	—	$1,635,287

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Note 12—Segment reporting

The management committee of the Advisor acts as the fund’s chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund’s long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund’s subadvisor. Segment assets are reflected in the Statement of assets and liabilities as “Total assets”, which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes “Increase (decrease) in net assets from operations”, Statements of changes in net assets, which includes “Increase (decrease) in net assets from fund share transactions”, and Financial highlights, which includes total return and income and expense ratios.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of John Hancock Tax-Advantaged Dividend Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Tax-Advantaged Dividend Income Fund (the “Fund”) as of October 31, 2025, the related statements of operations and cash flows for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 11, 2025

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

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Tax information

(Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2025.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

The fund paid $13,752,126 in long-term capital gain dividends.

The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2025 Form 1099-DIV in early 2026. This will reflect the tax character of all distributions paid in calendar year 2025.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

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Investment objective, principal investment strategies, and principal risks

Unaudited

Recent Changes

The following information in this annual report is a summary of certain changes since October 31, 2024. This information may not reflect all of the changes that have occurred since you purchased this fund.

Portfolio Manager Changes

Effective October 30, 2025, Caryn Rothman and Jonas Grazulis no longer serve as portfolio managers of the fund.

Investment Objective

The fund’s investment objective is to provide a high level of after-tax total return from dividend income and capital appreciation.

Principal Investment Strategies

Under normal circumstances, the fund will invest at least 80% of its assets (net assets plus borrowing for investment purposes) in dividend-paying common and preferred securities that the Advisor believes at the time of acquisition are eligible to pay tax-advantaged dividends. This is a non-fundamental policy and may be changed by the Board of Trustees of the fund provided that shareholders are provided with at least 60 days prior written notice of any change as required by the rules under the 1940 Act. Tax-advantaged dividends generally include dividends from domestic corporations and dividends from foreign corporations that meet certain specified criteria. The fund generally can pass the tax treatment of tax advantaged dividends it receives through to its common shareholders, provided certain holding period and other requirements are satisfied by the shareholders. There can be no assurance as to the portion of the fund’s dividends that will be tax-advantaged.

The fund may invest the remainder of its assets in equity securities and in investment grade and below investment grade fixed income securities, including debt instruments and real estate investment trusts, that generate income taxed at ordinary income rather than long-term capital gain rates. For any year, so long as the fund’s ordinary income, tax-exempt income (if any), and net realized short-term capital gains in excess of net long-term capital losses are fully offset by expenses of the fund, all of the fund’s income distributions would be characterized as tax-advantaged dividends. Although the fund intends to invest at least 80% of its assets in equity securities that pay tax-advantaged dividends and to satisfy the holding period and other requirements, a portion of the fund’s income distributions may be taxable at higher federal income tax rates applicable to ordinary income.

The fund may invest its portfolio of equity securities in companies of any market capitalization. In selecting securities for the fund’s portfolio, the Advisor focuses on dividend-paying common and preferred securities that produce an attractive level of tax-advantaged income. The Advisor also considers a security’s potential for capital appreciation. The Advisor generally uses a value approach in selecting the fund’s equity investments. Using this investment style, the Advisor seeks securities selling at what the Advisor believes are substantial discounts to their underlying values and then holds these securities until the market values reflect their intrinsic values. The Advisor evaluates a security’s potential value, including the attractiveness of its market valuation, based on the company’s assets and prospects for earnings growth. The fund may seek to enhance the level of dividend income it receives by engaging in dividend capture trading.

Debt securities in which the fund may invest include: securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and custodial receipts therefor; securities issued or guaranteed by a foreign government or any of its political subdivisions, authorities, agencies or instrumentalities or by international or supranational entities; corporate debt securities including notes, bonds and debentures; certificates of deposit and bankers’ acceptances issued or guaranteed by, or time deposits maintained at, banks (including U.S. or foreign

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branches of U.S. banks or U.S. or foreign branches of foreign banks) having total assets of more than $1 billion; commercial paper; and mortgage related securities. The fund may, from time to time, invest up to 20% of its total assets in preferred stocks and other fixed income securities rated below investment grade at the time of acquisition (that, is rated BB, Ba or lower as determined by S&P, Fitch or Moody’s) or, if unrated, determined to be of comparable credit quality by the Advisor. The below investment grade securities in which the fund invests may be rated as low as Cc or Ca, provided that no more than 5% of the fund’s total assets will be invested in securities rated below B at the time of investment.

The fund concentrates its investments in securities issued by corporations in the utilities sector. The fund may invest up to 40% of its net assets in securities of corporate and government issuers located outside the United States that are traded or denominated in U.S. dollars. The fund may also invest up to 20% of its total assets in illiquid securities.

The fund may also invest in derivatives such as futures contracts, options, options on futures contracts, equity swaps, and reverse repurchase agreements. In addition, the fund may invest in repurchase agreements. The fund may sell a security short if it owns at least an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of the security sold short without payment of further compensation (a short sale against-the-box). The fund may invest in the securities of other investment companies to the extent that such investments are consistent with the fund’s investment objective and principal investment strategies and permissible under the 1940 Act.

The fund may engage in portfolio trading, may issue preferred shares, borrow or issue short-term debt securities, and enter into reverse repurchase agreements to obtain investment leverage either alone and/or in combination with other forms of investment leverage or for temporary purposes. The fund utilizes a liquidity agreement to increase its assets available for investments, and may also seek to obtain additional income or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets.

The manager may consider environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics.

Principal Risks

As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund’s net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.

The fund’s main risks are listed below in alphabetical order, not in order of importance.

Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund, which may increase the potential tax gain or decrease the potential tax loss of a subsequent sale of shares of the fund. For the fiscal year ended October 31, 2024, the fund’s aggregate distributions included no tax return of capital.

Concentration risk. Because the fund may focus on one or more industries or sectors of the economy, its performance depends in large part on the performance of those industries or sectors. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting those industries or sectors than a fund that invests more broadly across industries and sectors.

ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND

SEC Form N-CSR filed by John Hancock Tax Advantaged Dividend Income Fund