UNITED STATES | |
SECURITIES AND EXCHANGE COMMISSION | |
Washington, D.C. 20549 | |
FORM N-Q | |
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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) | |
601 Congress Street, Boston, Massachusetts 02210 | |
(Address of principal executive offices) (Zip code) | |
Salvatore Schiavone, Treasurer | |
601 Congress Street | |
Boston, Massachusetts 02210 | |
(Name and address of agent for service) | |
Registrant's telephone number, including area code: 617-663-4497 | |
Date of fiscal year end: | October 31 |
Date of reporting period: | July 31, 2012 |
ITEM 1. SCHEDULE OF INVESTMENTS
Tax-Advantaged Dividend Income Fund
As of 7-31-12 (Unaudited)
Shares | Value | |
Common Stocks 84.2% (58.3% of Total Investments) | $647,329,864 | |
| ||
(Cost $527,615,460) | ||
Energy 9.9% | 76,375,985 | |
| ||
Oil, Gas & Consumable Fuels 9.9% | ||
BP PLC, ADR (L)(Z) | 187,500 | 7,481,250 |
Chevron Corp. (Z) | 92,000 | 10,081,360 |
ConocoPhillips | 142,500 | 7,757,700 |
Phillips 66 | 71,250 | 2,679,000 |
Royal Dutch Shell PLC, ADR | 69,000 | 4,705,800 |
Spectra Energy Corp. (Z) | 1,000,000 | 30,690,000 |
Total SA, ADR (L)(Z) | 282,500 | 12,980,875 |
Industrials 1.2% | 9,545,000 | |
| ||
Industrial Conglomerates 1.2% | ||
General Electric Company (L)(Z) | 460,000 | 9,545,000 |
Materials 0.4% | 2,760,940 | |
| ||
Metals & Mining 0.4% | ||
Freeport-McMoRan Copper & Gold, Inc. | 82,000 | 2,760,940 |
Telecommunication Services 5.1% | 38,931,750 | |
| ||
Diversified Telecommunication Services 3.4% | ||
AT&T, Inc. (Z) | 405,000 | 15,357,600 |
Verizon Communications, Inc. (L)(Z) | 235,000 | 10,607,900 |
Wireless Telecommunication Services 1.7% | ||
Vodafone Group PLC, ADR (L)(Z) | 451,000 | 12,966,250 |
Utilities 67.6% | 519,716,189 | |
| ||
Electric Utilities 29.3% | ||
American Electric Power Company, Inc. (Z) | 595,000 | 25,132,800 |
Duke Energy Corp. | 600,001 | 40,668,069 |
Entergy Corp. (Z) | 192,500 | 13,988,975 |
FirstEnergy Corp. (Z) | 540,000 | 27,118,800 |
Northeast Utilities | 657,500 | 26,221,100 |
NV Energy, Inc. | 40,000 | 731,600 |
OGE Energy Corp. | 585,000 | 31,069,350 |
PNM Resources, Inc. (Z) | 35,000 | 728,000 |
The Southern Company (L)(Z) | 375,000 | 18,056,250 |
UIL Holdings Corp. (Z) | 510,000 | 18,890,400 |
Xcel Energy, Inc. (L)(Z) | 775,000 | 22,707,500 |
Gas Utilities 8.5% | ||
AGL Resources, Inc. | 90,000 | 3,645,000 |
Atmos Energy Corp. (L)(Z) | 725,000 | 25,991,250 |
Northwest Natural Gas Company (Z) | 132,500 | 6,451,425 |
ONEOK, Inc. (Z) | 650,000 | 28,931,500 |
Multi-Utilities 29.8% | ||
Alliant Energy Corp. | 160,000 | 7,473,600 |
Ameren Corp. (L)(Z) | 555,000 | 18,986,550 |
Black Hills Corp. (L)(Z) | 602,500 | 19,189,625 |
CH Energy Group, Inc. (Z) | 450,000 | 29,263,500 |
Dominion Resources, Inc. (L)(Z) | 420,000 | 22,810,200 |
DTE Energy Company (L)(Z) | 500,000 | 30,685,000 |
Integrys Energy Group, Inc. (L)(Z) | 485,000 | 29,361,900 |
1 |
Tax-Advantaged Dividend Income Fund
As of 7-31-12 (Unaudited)
Shares | Value | |
Utilities (continued) | ||
| ||
National Grid PLC, ADR | 200,000 | $10,380,000 |
NiSource, Inc. (Z) | 790,500 | 20,228,895 |
Public Service Enterprise Group, Inc. (L)(Z) | 360,000 | 11,966,400 |
TECO Energy, Inc. | 300,000 | 5,457,000 |
Vectren Corp. (L)(Z) | 790,000 | 23,581,500 |
Shares | Value | |
Preferred Securities 59.0% (48.4% of Total Investments) | $453,499,202 | |
| ||
(Cost $445,569,049) | ||
Energy 3.8% | 28,874,140 | |
| ||
Oil, Gas & Consumable Fuels 3.8% | ||
Apache Corp., Series D, 6.000% | 125,000 | 6,071,250 |
Nexen, Inc., 7.350% (Z) | 901,300 | 22,802,890 |
Financials 36.9% | 283,730,099 | |
| ||
Capital Markets 0.4% | ||
Lehman Brothers Holdings, Inc., Depositary Shares, Series C, | ||
5.940% (I) | 274,760 | 2,748 |
Lehman Brothers Holdings, Inc., Depositary Shares, Series D, | ||
5.670% (I) | 65,000 | 650 |
Lehman Brothers Holdings, Inc., Depositary Shares, Series F, | ||
6.500% (I) | 219,300 | 219 |
The Goldman Sachs Group, Inc., Series B, 6.200% | 123,000 | 3,084,840 |
Commercial Banks 13.8% | ||
Barclays Bank PLC, Series 3, 7.100% | 30,000 | 754,500 |
Barclays Bank PLC, Series 5, 8.125% (Z) | 515,000 | 13,230,350 |
BB&T Corp., 5.625% (I) | 452,500 | 11,222,000 |
HSBC Holdings PLC, 8.125% (Z) | 50,000 | 1,311,500 |
HSBC Holdings PLC, 8.000% (Z) | 325,000 | 8,989,500 |
PNC Financial Services Group, Inc. (6.125% to 05/01/2022, then 3 | ||
month LIBOR + 4.067%) | 40,000 | 1,092,400 |
Royal Bank of Scotland Group PLC, Series L, 5.750% (Z) | 858,500 | 16,534,710 |
Santander Finance Preferred SA Unipersonal, Series 10, 10.500% | 277,000 | 7,262,940 |
Santander Finance Preferred SA, Series 1, 6.410% | 15,500 | 344,100 |
Santander Holdings USA, Inc., Series C, 7.300% | 111,610 | 2,795,831 |
US Bancorp (6.500% to 1-15-22, then 3 month LIBOR + 4.468%), | 204,500 | 5,932,545 |
Wells Fargo & Company, 8.000% (L)(Z) | 1,207,000 | 37,006,620 |
Consumer Finance 2.0% | ||
HSBC Finance Corp., Depositary Shares, Series B, 6.360% (Z) | 464,186 | 11,655,710 |
SLM Corp., Series A, 6.970% (Z) | 74,000 | 3,455,800 |
Diversified Financial Services 17.4% | ||
Bank of America Corp., 8.200% (Z) | 135,000 | 3,462,750 |
Bank of America Corp., 6.700% (Z) | 500,000 | 12,695,000 |
Bank of America Corp., 6.375% (Z) | 139,000 | 3,465,270 |
Bank of America Corp., 6.625% (L)(Z) | 355,000 | 9,318,750 |
Bank of America Corp., Depositary Shares, Series D, 6.204% (Z) | 240,000 | 5,971,200 |
Bank of America Corp., Series MER, 8.625% (Z) | 652,800 | 17,044,608 |
Citigroup Capital VIII, 6.950% (Z) | 540,000 | 13,640,400 |
Citigroup, Inc., 8.125% | 270,400 | 7,911,904 |
Deutsche Bank Capital Funding Trust VIII, 6.375% (Z) | 282,000 | 6,934,380 |
2 |
Tax-Advantaged Dividend Income Fund
As of 7-31-12 (Unaudited)
Shares | Value | |||
Financials (continued) | ||||
| ||||
Deutsche Bank Contingent Capital Trust II, 6.550% (Z) | 310,000 | $7,750,000 | ||
Deutsche Bank Contingent Capital Trust III, 7.600% (Z) | 797,893 | 20,777,134 | ||
ING Groep NV, 7.050% (Z) | 140,000 | 3,430,000 | ||
ING Groep NV, 6.200% (Z) | 109,100 | 2,394,745 | ||
JPMorgan Chase & Company, 8.625% (Z) | 140,000 | 3,778,600 | ||
RBS Capital Funding Trust VII, 6.080% | 983,000 | 14,931,770 | ||
Insurance 3.3% | ||||
MetLife, Inc., Series B, 6.500% (L)(Z) | 995,500 | 25,435,025 | ||
Thrifts & Mortgage Finance 0.0% | ||||
Federal National Mortgage Association, Series S, 8.250% (I) | 60,000 | 111,600 | ||
Telecommunication Services 2.7% | 20,779,050 | |||
| ||||
Diversified Telecommunication Services 1.7% | ||||
Qwest Corp., 7.375% | 366,000 | 10,065,000 | ||
Qwest Corp., 7.500% | 120,000 | 3,274,800 | ||
Wireless Telecommunication Services 1.0% | ||||
Telephone & Data Systems, Inc., 6.875% | 243,000 | 6,621,750 | ||
United States Cellular Corp., 6.950% | 30,000 | 817,500 | ||
Utilities 15.6% | 120,115,913 | |||
| ||||
Electric Utilities 11.7% | ||||
Alabama Power Company, Class A, 5.300% | 186,780 | 4,848,809 | ||
Carolina Power & Light Company, 5.440% (Z) | 111,493 | 11,299,124 | ||
Duquesne Light Company, 6.500% | 427,000 | 21,203,240 | ||
Entergy Arkansas, Inc., 4.560% (Z) | 9,388 | 925,599 | ||
Entergy Arkansas, Inc., 6.450% (Z) | 110,000 | 2,770,625 | ||
Entergy Mississippi, Inc., 4.920% (Z) | 8,190 | 814,905 | ||
Entergy Mississippi, Inc., 6.250% (Z) | 197,500 | 5,165,869 | ||
Mississippi Power Company, 5.250% | 262,500 | 6,990,375 | ||
NextEra Energy Capital Holdings, Inc., 5.700% | 80,000 | 2,169,600 | ||
PPL Corp., 9.500% (Z) | 285,000 | 15,489,750 | ||
SCE Trust I, 5.625% | 55,000 | 1,461,350 | ||
Southern California Edison Company, 6.125% (Z) | 50,000 | 5,053,125 | ||
Southern California Edison Company, Series C, 6.000% (Z) | 117,000 | 11,747,537 | ||
Independent Power Producers & Energy Traders 2.1% | ||||
Constellation Energy Group, Inc., Series A, 8.625% (L)(Z) | 600,000 | 15,978,000 | ||
Multi-Utilities 1.8% | ||||
BGE Capital Trust II, 6.200% (Z) | 160,500 | 4,102,380 | ||
DTE Energy Company, 6.500% | 130,000 | 3,713,125 | ||
Interstate Power & Light Company, Series B, 8.375% (Z) | 230,000 | 6,382,500 | ||
Maturity | Par value | |||
Rate (%) | date | Value | ||
Corporate Bonds 0.4% (0.3% of Total Investments) | $3,208,170 | |||
| ||||
(Cost $3,000,000) | ||||
Utilities 0.4% | 3,208,170 | |||
| ||||
Southern California Edison Company (6.25% to 2-1-22, then | ||||
3 month LIBOR + 4.199%) (Q) | 6.250 | 02/01/22 | $3,000,000 | 3,208,170 |
3 |
Tax-Advantaged Dividend Income Fund
As of 7-31-12 (Unaudited)
Shares | Value | |
Short-Term Investments 0.9% (0.6% of Total Investments) | $6,889,000 | |
| ||
(Cost $6,889,000) | ||
Repurchase Agreement 0.9% | 6,889,000 | |
| ||
Repurchase Agreement with State Street Corp. dated 7-31-12 at 0.010% to be | ||
repurchased at $6,889,002 on 8-1-12, collateralized by $2,000,000 U.S. Treasury | ||
Notes, 1.250% due 2-15-14 (valued at $2,040,000, including interest) and by | ||
$5,000,000 Federal Home Loan Mortgage Corp., 1.250% due 8-1-19 (valued at | ||
$4,988,129, including interest) | 6,889,000 | 6,889,000 |
Total investments (Cost $983,073,509)† 144.5% | $1,110,926,236 | |
| ||
Other assets and liabilities, net (44.5%) | ($342,276,142) | |
| ||
Total net assets 100.0% | $768,650,094 | |
|
The percentage shown for each investment category is the total value the category as a percentage of the net assets of the Fund.
ADR American Depositary Receipts
LIBOR London Interbank Offered Rate
(I) Non-income producing security.
(L) All or a portion of this security is a Lent security as of 7-31-12, and part is segregated collateral pursuant to Committed Facility Agreement. Total value of lent securities at 7-31-12 was $272,767,225 (see footnote Z below).
(Q) Perpetual bonds have no stated maturity. Date shown is next call date.
(Z) All or a portion of this security is segregated as collateral pursuant to the Committed Facility Agreement. Total collateral value at 7-31-12 was $688,026,760.
† At 7-31-12, the aggregate cost of investment securities for federal income tax purposes was $994,955,304. Net unrealized appreciation aggregated $115,970,932, of which $172,961,434 related to appreciated investment securities and $56,990,502 related to depreciated investment securities.
4 |
Tax-Advantaged Dividend Income Fund
As of 7-31-12 (Unaudited)
Notes to the Schedule of Investments (Unaudited)
Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In order to value the securities, the Fund uses the following valuation techniques: Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking 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. Options listed on an exchange are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. For options not listed on an exchange, an independent pricing source is used to value the options at the mean between the last bid and ask prices. Swaps are marked-to-market daily based upon values from third party vendors, which may include a registered commodities exchange, or broker quotations. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where 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 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 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, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the Fund’s investments as of July 31, 2012, by major security category or type:
Level 2 | Level 3 | |||
Total Market | Significant | Significant | ||
Value at | Level 1 Quoted | Observable | Unobservable | |
07/31/12 | Price | Inputs | Inputs | |
| ||||
Common Stocks | ||||
Energy | $76,375,985 | $76,375,985 | — | — |
Industrials | 9,545,000 | 9,545,000 | — | — |
Materials | 2,760,940 | 2,760,940 | — | — |
Telecommunication Services | 38,931,750 | 38,931,750 | — | — |
Utilities | 519,716,189 | 519,716,189 | — | — |
5 |
Tax-Advantaged Dividend Income Fund
As of 7-31-12 (Unaudited)
Level 2 | Level 3 | |||
Total Market | Significant | Significant | ||
Value at | Level 1 Quoted | Observable | Unobservable | |
07/31/12 | Price | Inputs | Inputs | |
| ||||
Preferred Securities | ||||
Energy | $28,874,140 | $28,874,140 | — | — |
Financials | 283,730,099 | 272,504,701 | $11,225,398 | — |
Telecommunication Services | 20,779,050 | 20,779,050 | — | — |
Utilities | 120,115,913 | 55,253,164 | 64,862,749 | — |
Corporate Bonds | ||||
Utilities | 3,208,170 | — | 3,208,170 | — |
Short-Term Investments | 6,889,000 | — | 6,889,000 | — |
| ||||
Total Investments in Securities | $1,110,926,236 | $1,024,740,919 | $86,185,317 | — |
Other Financial Instruments | ||||
Written Options | ($1,811,603) | ($1,811,603) | — | — |
Interest Rate Swaps | ($4,188,181) | — | ($4,188,181) | — |
Repurchase agreements. The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. 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.
Options. There are two types of options, a put option and a call option. A call option gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying instrument at the exercise price. A put option gives the purchaser of the option the right to sell (and the writer the obligation to buy) the underlying instrument at the exercise price. Writing puts and buying calls may increase the Fund’s exposure to changes in the value of the underlying instrument. Buying puts and writing calls may decrease the Fund’s exposure to such changes. Risks related to the use of options include the loss of the premium, possible illiquidity of the options markets, trading restrictions imposed by an exchange and movements in underlying security values.
Options are traded either over-the-counter or on an exchange. When the Fund purchases an option, the premium paid by the Fund is included in the Portfolio of Investments and subsequently “marked-to-market” to reflect current market value. When the Fund writes an option, the premium received is included as a liability and subsequently “marked-to-market” to reflect current market value of the option written.
During the period ended July 31, 2012, the Fund wrote option contracts to hedge against changes in securities markets and to generate potential income. The following tables summarize the Fund’s written options activities during the period ended July 31, 2012 and the contracts held at July 31, 2012.
NUMBER OF | ||
CONTRACTS | PREMIUM RECEIVED | |
| ||
Outstanding, beginning of period | 2,045 | $1,828,449 |
Options written | 19,637 | 22,411,436 |
Options closed | (12,022) | (17,439,699) |
Options expired | (4,825) | (5,156,295) |
Outstanding, end of period | 4,835 | $1,643,891 |
6 |
Tax-Advantaged Dividend Income Fund
As of 7-31-12 (Unaudited)
EXERCISE | EXPIRATION | NUMBER OF | |||
NAME OF ISSUER | PRICE | DATE | CONTRACTS | PREMIUM | VALUE |
| |||||
CALLS | |||||
Dow Jones Industrial Average Index | $135 | Aug 2012 | 5 | $40 | ($83) |
Dow Jones Industrial Average Index | 132 | Aug 2012 | 3,560 | 40,243 | (247,420) |
Nasdaq 100 Mini Index | 265 | Aug 2012 | 450 | 184,151 | (154,125) |
Philadelphia SE Utility Index | 500 | Aug 2012 | 110 | 43,667 | (55,000) |
S&P 500 Index | 1,375 | Aug 2012 | 680 | 1,372,963 | (1,349,800) |
S&P 500 Index | 1,440 | Aug 2012 | 30 | 2,827 | (5,175) |
Total | 4,835 | $1,643,891 | ($1,811,603) |
Interest rate swaps. Interest rate swaps represent an agreement between a Fund and 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. Upfront payments made/received by the Fund are amortized/accreted for financial reporting purposes. Swaps are marked-to-market daily based upon values from third party vendors or broker quotations, 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.
During the period ended July 31, 2012, the Fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of July 31, 2012. During the period ended July 31, 2012, the Fund held interest rate swaps with total USD notional amounts up to $172,000,000, as measured of each quarter end.
COUNTERPARTY | USD | PAYMENTS | PAYMENTS | ||
NOTIONAL | MADE BY | RECEIVED BY | MATURITY | MARKET | |
AMOUNT | FUND | FUND | DATE | VALUE | |
| |||||
Morgan Stanley | |||||
Capital Services | $86,000,000 | Fixed 1.4625% | 3 Month LIBOR (a) | Aug 2016 | ($3,799,557) |
Morgan Stanley | |||||
Capital Services | $86,000,000 | Fixed 0.875% | 3 Month LIBOR (a) | Jul 2017 | (388,624) |
Totals | ($4,188,181) |
(a) At July 31, 2012 the 3 month LIBOR rate was 0.44260%
Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the Fund at July 31, 2012, by risk category:
FINANCIAL INSTRUMENTS | ASSETS DERIVATIVES | LIABILITIY DERIVATIVES | ||||||
RISK | LOCATION | FAIR VALUE | FAIR VALUE | |||||
| ||||||||
Equity Contracts | Written Options | — | ($1,811,603) | |||||
Interest Rate Contracts | Interest Rate Swaps | — | ($4,188,181) | |||||
TOTALS | — | ($5,999,784) | ||||||
|
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
7 |
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock Tax-Advantaged Dividend Income Fund | |
By: | /s/ Hugh McHaffie |
------------------------------ | |
Hugh McHaffie | |
President | |
Date: | September 24, 2012 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Hugh McHaffie |
------------------------------- | |
Hugh McHaffie | |
President | |
Date: | September 24, 2012 |
By: | /s/ Charles A. Rizzo |
------------------------------- | |
Charles A. Rizzo | |
Chief Financial Officer | |
Date: | September 24, 2012 |