John Hancock

Tax Advantaged Global Shareholder Yield Fund

Quarterly portfolio holdings 1/31/15

	As of 1-31-15 (unaudited)
																			Shares			Value
	Common stocks 95.5%																					$110,196,422
	(Cost $113,375,480)
	Australia 3.2%																					3,676,988
	BHP Billiton, Ltd.															23,600						544,326
	Commonwealth Bank of Australia															9,962						688,823
	Telstra Corp., Ltd.															317,600						1,601,969
	Westpac Banking Corp.															31,500						841,870
	Canada 5.2%																					6,004,684
	BCE, Inc.															53,000						2,434,154
	Potash Corp. of Saskatchewan, Inc. (C)															49,000						1,790,460
	Rogers Communications, Inc., Class B															17,400						618,661
	Shaw Communications, Inc., Class B															50,300						1,161,409
	France 6.0%																					6,940,048
	Electricite de France SA															54,300						1,472,016
	Sanofi															6,700						617,337
	SCOR SE															29,100						905,881
	Total SA															38,400						1,971,094
	Vinci SA															23,400						1,229,300
	Vivendi SA (I)															31,480						744,420
	Germany 5.5%																					6,389,818
	BASF SE															11,000						983,814
	Daimler AG															16,700						1,512,432
	Deutsche Post AG															18,200						589,008
	Deutsche Telekom AG															77,000						1,327,333
	Muenchener Rueckversicherungs AG															5,900						1,182,842
	Siemens AG															7,520						794,389
	Italy 1.3%																					1,498,125
	Terna Rete Elettrica Nazionale SpA															341,700						1,498,125
	Netherlands 1.9%																					2,194,105
	Royal Dutch Shell PLC, ADR, Class A (C)															23,280						1,430,556
	Wolters Kluwer NV															25,560						763,549
	Norway 2.0%																					2,287,434
	Orkla ASA															112,900						832,055
	Statoil ASA															35,300						591,144
	Yara International ASA															16,600						864,235
	Philippines 0.6%																					693,680
	Philippine Long Distance Telephone Company, ADR (C)															10,400						693,680
	Spain 0.7%																					866,182
	Gas Natural SDG SA															36,900						866,182
	Sweden 0.7%																					823,959
	Svenska Handelsbanken AB, A Shares															17,400						823,959
	Switzerland 3.9%																					4,498,856
	Nestle SA															9,400						717,887
	Novartis AG															11,200						1,091,470
	Roche Holding AG															2,800						754,649
	Swisscom AG															3,300						1,934,850

																			Shares			Value
	United Kingdom 20.1%																					$23,149,295
	Aberdeen Asset Management PLC															102,300						671,530
	AstraZeneca PLC, ADR (C)															9,753						692,853
	BAE Systems PLC															237,400						1,807,235
	British American Tobacco PLC															23,400						1,320,135
	Centrica PLC															238,400						1,052,065
	Diageo PLC, ADR (C)															5,000						590,650
	GlaxoSmithKline PLC															80,000						1,761,498
	Imperial Tobacco Group PLC															57,600						2,705,413
	National Grid PLC															144,900						2,037,150
	Pearson PLC															48,800						990,141
	Rio Tinto PLC															15,500						681,116
	Severn Trent PLC															25,300						819,081
	SSE PLC															96,500						2,335,169
	Unilever PLC															19,800						871,874
	United Utilities Group PLC															141,900						2,190,065
	Vodafone Group PLC															579,100						2,036,392
	WM Morrison Supermarkets PLC															217,532						586,928
	United States 44.4%																					51,173,248
	AbbVie, Inc. (C)															15,400						929,390
	Altria Group, Inc. (C)															53,200						2,824,920
	Ameren Corp. (C)															43,100						1,951,568
	Apple, Inc. (C)															7,100						831,836
	Arthur J. Gallagher & Company (C)															13,300						590,919
	AT&T, Inc. (C)															65,200						2,146,384
	Automatic Data Processing, Inc. (C)															8,400						693,252
	CenturyLink, Inc. (C)															50,300						1,869,651
	CME Group, Inc. (C)															19,960						1,702,588
	ConocoPhillips (C)															14,700						925,806
	Dominion Resources, Inc. (C)															8,700						668,943
	Duke Energy Corp. (C)															24,750						2,156,715
	E.I. du Pont de Nemours & Company															10,150						722,782
	Johnson & Johnson															6,700						670,938
	Kimberly-Clark Corp. (C)															9,500						1,025,620
	Kinder Morgan, Inc.															90,800						3,727,340
	KLA-Tencor Corp. (C)															9,800						602,406
	Lockheed Martin Corp. (C)															6,500						1,224,405
	Lorillard, Inc. (C)															35,600						2,335,716
	Mattel, Inc. (C)															25,240						678,956
	McDonald's Corp.															7,000						647,080
	Merck & Company, Inc. (C)															14,900						898,172
	Microchip Technology, Inc. (C)															17,600						793,760
	Microsoft Corp. (C)															17,300						698,920
	Occidental Petroleum Corp. (C)															10,700						856,000
	People's United Financial, Inc. (C)															98,100						1,380,267
	PepsiCo, Inc. (C)															7,200						675,216
	Philip Morris International, Inc. (C)															16,400						1,315,936
	PPL Corp. (C)															50,800						1,803,400
	R.R. Donnelley & Sons Company (C)															49,000						807,030
	Regal Entertainment Group, Class A (C)															46,100						975,476
	Reynolds American, Inc. (C)															34,390						2,336,801
	Seagate Technology PLC (C)															14,550						821,202
	TECO Energy, Inc. (C)															75,200						1,604,016

																			Shares			Value
	United States  (continued)
	The Coca-Cola Company															15,400						634,018
	The Dow Chemical Company (C)															21,600						975,456
	The Southern Company (C)															19,100						968,752
	Verizon Communications, Inc. (C)															46,839						2,141,011
	Waste Management, Inc. (C)															13,900						714,877
	Wells Fargo & Company															18,900						981,288
	Wisconsin Energy Corp. (C)															15,500						864,435
	Preferred securities 0.9%																					$1,007,074
	(Cost $854,267)
	United States 0.9%																					1,007,074
	MetLife, Inc., Series B, 6.500% (C)																		38,600			1,007,074
													Yield (%)						Shares			Value
	Short-term investments 3.3%																					$3,781,626
	(Cost $3,781,626)
	Money market funds 1.1%																					1,309,626
	State Street Institutional Treasury Money Market Fund												0.0000(Y)						1,309,626			1,309,626
																			Par value			Value
	Repurchase agreement 2.2%																					$2,472,000
	Repurchase Agreement with State Street Corp. dated 1-30-15 at 0.000% to be repurchased at $2,472,000 on 2-2-15, collateralized by $2,340,000 U.S. Treasury Notes, 2.625% due 8-15-20 (valued at $2,524,392, including interest)																		2,472,000			2,472,000
	Total investments (Cost $118,011,373)† 99.7%																					$114,985,122
	Other assets and liabilities, net 0.3%																					$327,146
	Total net assets 100.0%																					$115,312,268

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
Key to Security Abbreviations and Legend
ADR	American Depositary Receipts
(I)	Non-income producing.
(C)	A portion of this security is segregated as collateral for options. Total collateral value at 1-31-15 was $39,288,402.
(Y)	The rate shown is the annualized seven-day yield as of 1-31-15.
†	At 1-31-15, the aggregate cost of investment securities for federal income tax purposes was $122,262,293. Net unrealized depreciation aggregated $7,277,171, of which $2,430,330 related to appreciated investment securities and $9,707,501 related to depreciated investment securities.

The fund had the following sector composition as a percentage of net assets on 1-31-15:

Utilities	19.4%
Consumer staples	16.3%
Telecommunication services	15.2%
Financials	9.3%
Energy	8.2%
Health care	6.4%
Industrials	6.2%
Consumer discretionary	5.8%
Materials	5.7%
Information technology	3.9%
Short-term investments and other	3.6%
Total	100.0%

Notes to Fund's investments

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are valued at the last sale price or official closing price on the exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Options listed on an exchange are valued at the mean of the most recent bid and ask prices from the exchange where the option was acquired or most likely will be sold. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing vendor. Securities that trade only in the over-the-counter (OTC) market are valued using bid prices.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the fund's Pricing Committee, following procedures established by the Board of Trustees. The fund uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.

The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund's own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund's investments as of January 31, 2015, by major security category or type:

							Total market value at 1-31-15			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Common stocks
				Australia			$3,676,988			—			$3,676,988			—
				Canada			6,004,684			$6,004,684			—			—
				France			6,940,048			—			6,940,048			—
				Germany			6,389,818			—			6,389,818			—
				Italy			1,498,125			—			1,498,125			—
				Netherlands			2,194,105			1,430,556			763,549			—
				Norway			2,287,434			—			2,287,434			—
				Philippines			693,680			693,680			—			—
				Spain			866,182			—			866,182			—
				Sweden			823,959			—			823,959			—
				Switzerland			4,498,856			—			4,498,856			—
				United Kingdom			23,149,295			1,283,503			21,865,792			—
				United States			51,173,248			51,173,248			—			—
	Preferred securities						1,007,074			1,007,074			—			—
	Short-term investments						3,781,626			1,309,626			2,472,000			—
	Total Investments in Securities						$114,985,122			$62,902,371			$52,082,751			—
	Other Financial Instruments:
	Written options						($535,700	)		($535,700	)		—			—

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund'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. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. In the event of a

default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.

Derivative instruments. The fund may invest in derivatives in order to meet its investment objectives. Derivatives include a variety of different instruments that may be traded in the 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.

Options. There are two types of options, put options and call options. Options are traded either OTC or on an exchange. 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 premiums, possible illiquidity of the options markets, trading restrictions imposed by an exchange and movements in underlying security values. In addition, OTC options are subject to the risks of all OTC derivatives contracts.

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 January 31, 2015 the fund wrote option contracts to hedge against anticipated changes in securities markets and to generate potential income. The following tables summarize the fund's written options activities during the period ended January 31, 2015 and the contracts held at January 31, 2015

							Number of contracts			Premiums received
	Outstanding, beginning of period						270			$882,987
				Options written			820			1,862,659
				Option closed			(520	)		(1,268,028	)
				Options expired			(250	)		(754,140	)
	Outstanding, end of period						320			$723,478

	Name of issuer			Exercise price			Expiration date			Number of contracts			Premium			Value
	Calls
	Russell 2000 Index			$1,180			Feb 2015			25			$54,924			($43,375	)
	Russell 2000 Index			1,190			Feb 2015			145			247,509			(186,325	)
	S&P 500 Index			2,020			Feb 2015			150			421,045			(306,000	)
	Total												$723,478			($535,700	)

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

More information

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

	P14Q1	01/15
This report is for the information of the shareholders of John Hancock Tax Advantaged Global Shareholder Yield Fund.		3/15