John Hancock

Tax-Advantaged Global Shareholder Yield Fund

Ticker: HTY Semiannual report 4/30/15

Dear fellow shareholder,

U.S. economic growth continued, despite recent weakness caused largely by the harsh winter weather. The market expansion that began in 2009 so far remains intact. Positive economic and business news has translated into good news for U.S. investors, with continued solid results for a range of U.S. equity indexes in recent months. Many fixed-income indexes have also seen positive returns in this environment.

Outside of the United States, economies are struggling to replicate the kind of success we have enjoyed at home. Central banks across Europe and Asia have announced dramatic monetary policy measures to promote economic activity—similar to the monetary policy activity of the U.S. Federal Reserve in recent years. As was the case in the United States beginning in 2009, many international markets have rallied in advance of sustained economic progress. China's stock market in particular has delivered extraordinary gains. In fact, our network of asset managers and research firms believes that government and central bank stimulus may prove to be the biggest driver of international market returns in 2015.

While maintaining adequate portfolio diversification is vital in any market environment, we believe it is especially important today given the unprecedented central bank interventions of the past few years and the very real geopolitical risk around the world. The uncertainty of today's global financial markets is one of the reasons we at John Hancock Investments believe it is important for long-term portfolios to have exposure to a diverse range of investments. Now may be a good time to discuss the resilience of your portfolio with your financial advisor.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to welcome new shareholders and to thank existing shareholders for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views as of April 30, 2015. They are subject to change at any time. For more up-to-date information, you can visit our website at jhinvestments.com.

John Hancock
Tax-Advantaged Global Shareholder Yield Fund

Table of contents

2		Your fund at a glance
4		Discussion of fund performance
8		Fund's investments
12		Financial statements
15		Financial highlights
16		Notes to financial statements
22		Additional information
22		Shareholder meeting
23		More information

INVESTMENT OBJECTIVE

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The fund seeks to provide total return consisting of a high level of current income and gains and long-term capital appreciation. The fund will seek to achieve favorable after-tax returns for shareholders by seeking to minimize the U.S. federal income tax consequences on income and gains generated by the fund.

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/15 (%)

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The MSCI World Index (gross of foreign withholding taxes on dividends) is a free float-adjusted capitalization-weighted index that is designed to measure the equity market performance of developed markets.

It is not possible to invest directly in an index.

The fund's most recent performance and current annualized distribution rate can be found at www.jhinvestments.com.

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

PERFORMANCE HIGHLIGHTS OVER THE LAST SIX MONTHS

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Quantitative easing helped global markets

Global equities enjoyed positive returns in dollar terms, aided by quantitative easing from some major central banks.

Utilities sector hindered fund's performance

The fund had a positive absolute return but trailed its comparative index; positioning in the utilities sector detracted most.

Selection in three sectors aided performance

Selection and allocation decisions made the financials, energy, and consumer staples sectors the leading contributors to performance.

SECTOR COMPOSITION AS OF 4/30/15 (%)

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A note about risks

As is the case with all 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. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial return of capital, which may increase the potential tax gain or reduce the potential tax loss of a subsequent sale of shares of the fund. Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities include a higher risk of default. An issuer of securities held by the fund may default, have its credit rating downgraded, or otherwise perform poorly, which may affect fund performance. Certain market conditions, including reduced trading volume, heightened volatility, and rising interest rates, may impair liquidity, the ability of the fund to sell securities or close derivative positions at advantageous prices. Investing in derivative instruments involves risks different from, and in some cases greater than, the risks associated with investing directly in securities and other traditional investments. In an illiquid market, derivatives could become harder to value or sell.

Can you tell us about the market environment in which the fund operated for the six months ended April 30, 2015?

Global equity markets generally produced solid gains in dollar terms. However, performance varied widely by sector and region as a result of variability in growth and interest rates prevailing across different countries and segments of the global economy. For example, the U.S. economy generally remained healthy despite a winter slowdown, as shown by improvement in the job market, housing data, and corporate profit growth. At the same time, the U.S. Federal Reserve kept short-term interest rates near zero to ensure the ongoing recovery. Those conditions helped the S&P 500 Index to new record highs during the period.

Meanwhile, economic growth in the eurozone remained modest but positive, while the Japanese economy returned to growth in late 2014 after contracting for much of the calendar year. Under those circumstances, both the European Central Bank and Bank of Japan used quantitative easing to stimulate growth. These conditions helped both European and Japanese stocks to gains, with the Nikkei Stock Average Index reaching a 15-year high. Emerging-market shares as a whole produced modest gains, with performance highly differentiated by country.

These differentials in growth and interest rates meant the dollar strengthened against most major currencies; a stronger dollar and modest global growth meant commodity prices were also generally weak. Within the MSCI World Index, the more growth-oriented consumer discretionary, healthcare, and information technology stocks performed best. Energy and utilities were the only sectors in the index to produce negative returns for the six months. Financials had positive absolute returns but underperformed the broader index. Both utilities and financial stocks were affected by uncertainty around growth and interest rates.

How did the fund perform in that environment?

The fund produced a positive return but trailed its comparative index, the MSCI World Index. The fund's performance can best be understood in the context of our investment process, which seeks companies that can grow their free cash flow and are committed to returning a significant portion

"It detracted from relative performance to be overweight utilities, one of the poorest-performing sectors in the index for the six months."

of that cash to shareholders in the form of dividends, share buybacks, or debt repayment. We believe such companies should provide an attractive total return over the long term. The portfolio's sector weights and relative returns within those sectors reflect investment decisions driven by this investment philosophy.

It detracted from relative performance to be overweight utilities, one of the poorest-performing sectors in the index for the six months. It also hurt relative results to be underweight consumer discretionary, the best-performing sector in the index. Selection and allocation decisions made the financials, energy, and consumer staples sectors the leading contributors to performance relative to the index. Financials and consumer staples gained, while energy stocks were generally down; but fund positioning in all three sectors was helpful.

Can you explain your thinking around holdings in the utilities sector and how these stocks fit your investment process?

To be clear, we do not make selection or allocation decisions from the top down, but rather look for individual companies with attractive shareholder yield characteristics. We believe a globally diversified portfolio of such companies can produce superior results under most market conditions. Utilities stocks have historically fit the profile of shareholder yield companies; as a result, these shares are typically among the portfolio's largest sector allocations. Within the utilities sector, we have focused on regulated utilities rather than nonregulated utilities, due to the predictability of their cash flows and demand for their services.

TOP 10 COUNTRIES AS OF 4/30/15 (%)

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United States	40.7
United Kingdom	16.8
France	8.7
Germany	8.6
Canada	5.2
Switzerland	4.0
Australia	3.5
Norway	2.5
Netherlands	2.3
Italy	1.4
TOTAL	93.7
As a percentage of net assets.
Cash and cash equivalents are not included.

A good example of a utility that fits our process is National Grid PLC, which derives two-thirds of its operating income from the United Kingdom. Following a rate review by the British regulator in 2013, the company's U.K. rate base was set through 2021, with 6% to 8% growth built in. Demand for National Grid's services has mostly been in line with population and economic growth, and is expected to remain stable going forward. The consistency of the company's past performance and the stability of its future profitability give us confidence in our estimates of their cash flows.

Nevertheless, investors avoided utilities stocks in the last six months in favor of lower-quality shares with less exposure to rising interest rates. Despite these positives, National Grid was among the leading detractors from relative performance for the period. Elsewhere in the sector, British-based multi-utility Centrica PLC, nuclear power plant operator Electricite de France SA, and U.S.-based Duke Energy Corp. also underperformed.

Outside of utitlities, other notable detractors included North American telecommunications firm CenturyLink, Inc., communication and media company Shaw Communications, Inc., and materials firms Rio Tinto PLC and Potash Corp. of Saskatchewan, Inc. We sold Centrica prior to period end.

Can you give us some examples of holdings where the process worked well?

A key contribution to performance came from tobacco manufacturers and distributors Imperial Tobacco Group, PLC, Lorillard, Inc., and Reynolds American, Inc. These securities were attractive, according to our metrics, for their cash flow generation and shareholder-friendly policies. In addition, they benefited from progress toward consolidation in the tobacco industry. Lorillard is a good example, reporting better-than-expected revenues, margins, and profits, declaring a healthy dividend, and edging closer to completing its acquisition of Reynolds American.

Financial stocks were another source of strength, led by holdings in financial and commodity

TOP 10 HOLDINGS AS OF 4/30/15 (%)

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BASF SE	2.3
Kinder Morgan, Inc.	2.1
SCOR SE	2.0
Reynolds American, Inc.	1.9
Muenchener Rueckversicherungs AG	1.9
Lorillard, Inc.	1.8
AT&T, Inc.	1.8
National Grid PLC	1.8
BCE, Inc.	1.8
Vodafone Group PLC	1.8
TOTAL	19.2
As a percentage of net assets.
Cash and cash equivalents are not included.

market operator CME Group, Inc. and French-based reinsurer SCOR SE. Among other notable individual contributors were German telecommunications firm Deutsche Telekom AG and automotive manufacturer Daimler AG. It was also beneficial to be underweight in poor-performing energy shares.

How did the options component perform?

This portion of the fund had a fractionally negative return, but held up better than its comparative index, the options component of the CBOE S&P 500 BuyWrite Index. With stocks performing so well, it was difficult for call options to produce gains. Options sold on the S&P 500 Index had negative results, while those sold on certain Russell 2000 Index contracts had positive returns. In addition, the options allocation was beneficial in reducing overall portfolio volatility.

MANAGED BY

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	William W. Priest, CFA, CPA, Epoch On the fund since inception Investing since 1965
	Eric L. Sappenfield, Epoch On the fund since inception Investing since 1986
	John Tobin, Ph.D., CFA, Epoch On the fund since 2014 Investing since 1981
	Kera Van Valen, CFA, Epoch On the fund since 2014 Investing since 2001
	Michael A. Welhoelter, CFA, Epoch On the fund since inception Investing since 1986
	Gregory McMurran, Analytic Investors On the fund since inception Investing since 1976
	Dennis Bein, CFA, Analytic Investors On the fund since inception Investing since 1992
	Harindra de Silva, Ph.D., CFA, Analytic Investors On the fund since inception Investing since 1988

The views expressed in this report are exclusively those of William W. Priest, CFA, CPA, Epoch Investment Partners, Inc., 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.

 

	As of 4-30-15 (unaudited)
																			Shares			Value
	Common stocks 94.8%																					$109,618,588
	(Cost $110,488,140)
	Australia 3.5%																					4,001,525
	BHP Billiton, Ltd.															34,020						868,747
	Commonwealth Bank of Australia															11,000						769,967
	Telstra Corp., Ltd.															317,600						1,561,225
	Westpac Banking Corp.															27,900						801,586
	Canada 5.2%																					6,019,749
	BCE, Inc.															47,100						2,076,460
	Potash Corp. of Saskatchewan, Inc. (C)															48,800						1,592,832
	Rogers Communications, Inc., Class B															41,160						1,470,366
	Shaw Communications, Inc., Class B															38,500						880,091
	France 8.7%																					10,035,735
	AXA SA															27,740						701,429
	Electricite de France SA															54,300						1,381,656
	Sanofi															6,700						681,996
	SCOR SE															65,700						2,364,657
	Total SA															35,300						1,911,493
	Vinci SA															32,400						1,987,244
	Vivendi SA															40,180						1,007,260
	Germany 8.6%																					9,901,357
	Allianz SE															5,220						888,520
	BASF SE															26,700						2,652,592
	Daimler AG															9,700						932,623
	Deutsche Post AG															18,200						599,294
	Deutsche Telekom AG															109,300						2,009,005
	Muenchener Rueckversicherungs AG															11,200						2,186,212
	Siemens AG															5,820						633,111
	Italy 1.4%																					1,610,891
	Terna Rete Elettrica Nazionale SpA															341,700						1,610,891
	Netherlands 2.3%																					2,671,237
	Royal Dutch Shell PLC, ADR, Class A (C)															26,300						1,668,209
	Wolters Kluwer NV															30,960						1,003,028
	Norway 2.5%																					2,899,428
	Orkla ASA															107,400						843,378
	Statoil ASA															67,400						1,428,904
	Yara International ASA															12,240						627,146
	Spain 0.8%																					907,300
	Gas Natural SDG SA															36,900						907,300

																			Shares			Value
	Sweden 1.2%																					$1,448,006
	Svenska Handelsbanken AB, A Shares															31,370						1,448,006
	Switzerland 4.0%																					4,605,538
	Nestle SA															8,200						636,191
	Novartis AG															12,400						1,265,694
	Roche Holding AG															2,800						801,234
	Swisscom AG															3,200						1,902,419
	United Kingdom 16.8%																					19,481,013
	Aberdeen Asset Management PLC															102,300						742,848
	AstraZeneca PLC, ADR (C)															13,280						909,414
	BAE Systems PLC															219,700						1,702,061
	British American Tobacco PLC															23,400						1,285,680
	Diageo PLC, ADR (C)															5,000						555,100
	GlaxoSmithKline PLC															75,900						1,753,037
	Imperial Tobacco Group PLC															39,800						1,943,454
	National Grid PLC															155,410						2,090,784
	Pearson PLC															47,500						959,921
	Rio Tinto PLC															19,780						885,176
	SSE PLC															74,600						1,767,550
	Unilever PLC															24,500						1,073,944
	United Utilities Group PLC															119,100						1,771,755
	Vodafone Group PLC															579,100						2,040,289
	United States 39.8%																					46,036,809
	AbbVie, Inc. (C)															14,900						963,434
	Altria Group, Inc. (C)															40,700						2,037,035
	Ameren Corp. (C)															41,900						1,715,386
	Apple, Inc. (C)															5,300						663,295
	Arthur J. Gallagher & Company (C)															13,000						621,790
	AT&T, Inc. (C)															60,600						2,099,184
	Automatic Data Processing, Inc. (C)															8,200						693,228
	CenturyLink, Inc. (C)															51,700						1,859,132
	CME Group, Inc.															9,070						824,554
	ConocoPhillips (C)															14,205						964,804
	Duke Energy Corp. (C)															23,355						1,811,647
	E.I. du Pont de Nemours & Company															9,650						706,380
	Johnson & Johnson															6,400						634,880
	Kimberly-Clark Corp. (C)															9,300						1,020,117
	Kinder Morgan, Inc. (C)															57,300						2,461,035
	KLA-Tencor Corp. (C)															9,600						564,480
	Lockheed Martin Corp. (C)															6,100						1,138,260
	Lorillard, Inc. (C)															30,600						2,137,716
	McDonald's Corp.															6,700						646,885
	Merck & Company, Inc. (C)															14,100						839,796

																			Shares			Value
	United States  (continued)
	Microchip Technology, Inc. (C)															16,700						$795,839
	Microsoft Corp. (C)															16,800						817,152
	Occidental Petroleum Corp. (C)															10,400						833,040
	People's United Financial, Inc. (C)															95,900						1,449,049
	PepsiCo, Inc. (C)															7,000						665,840
	Philip Morris International, Inc. (C)															23,060						1,924,818
	PPL Corp. (C)															48,600						1,653,858
	R.R. Donnelley & Sons Company (C)															46,600						867,692
	Regal Entertainment Group, Class A (C)															37,500						825,000
	Reynolds American, Inc. (C)															30,090						2,205,597
	Seagate Technology PLC (C)															26,850						1,576,632
	TECO Energy, Inc. (C)															71,300						1,351,135
	The Coca-Cola Company															14,500						588,120
	The Dow Chemical Company (C)															20,000						1,020,000
	The Southern Company (C)															18,100						801,830
	Verizon Communications, Inc. (C)															37,439						1,888,423
	Waste Management, Inc. (C)															13,600						673,608
	Wells Fargo & Company															17,500						964,250
	Wisconsin Energy Corp. (C)															14,900						731,888
	Preferred securities 0.9%																					$991,248
	(Cost $854,267)
	United States 0.9%																					991,248
	MetLife, Inc., Series B, 6.500% (C)																		38,600			991,248
													Yield (%)						Shares			Value
	Short-term investments 3.5%																					$4,065,656
	(Cost $4,065,656)
	Money market funds 1.5%																					1,688,656
	State Street Institutional Treasury Money Market Fund												0.0000(Y)						1,688,656			1,688,656
																			Par value			Value
	Repurchase agreement 2.0%																					2,377,000
	Repurchase Agreement with State Street Corp. dated 4-30-15 at 0.000% to be repurchased at $2,377,000 on 5-1-15, collateralized by $2,420,000 Federal National Mortgage Association, 1.670% due 2-10-20 (valued at $2,426,045, including interest)																		2,377,000			$2,377,000
	Total investments (Cost $115,408,063)† 99.2%																					$114,675,492
	Other assets and liabilities, net 0.8%																					$890,931
	Total net assets 100.0%																					$115,566,423

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
(C)	A portion of this security is segregated as collateral for options. Total collateral value at 4-30-15 was $35,172,615.
(Y)	The rate shown is the annualized seven-day yield as of 4-30-15.
†	At 4-30-15, the aggregate cost of investment securities for federal income tax purposes was $119,658,983. Net unrealized depreciation aggregated $4,983,491, of which $2,025,006 related to appreciated investment securities and $7,008,497 related to depreciated investment securities.

	Assets
	Investments, at value (Cost $115,408,063)						$114,675,492
	Cash						383
	Foreign currency, at value (Cost $33,436)						33,505
	Receivable for investments sold						1,749,164
	Receivable for fund shares sold						96,545
	Dividends receivable						845,500
	Other receivables and prepaid expenses						164,145
	Total assets						117,564,734
	Liabilities
	Payable for investments purchased						1,465,006
	Written options, at value (premium received $641,577)						373,375
	Payable to affiliates
	Transfer agent fees						4,015
	Trustees' fees						111
	Investment management fees						94,693
	Other liabilities and accrued expenses						61,111
	Total liabilities						1,998,311
	Net assets						$115,566,423
	Net assets consist of
	Paid-in capital						$146,104,021
	Accumulated distributions in excess of net investment income						(3,018,846								)
	Accumulated net realized gain (loss) on investments, options written and foreign currency transactions						(27,069,666								)
	Net unrealized appreciation (depreciation) on investments, options written and translation of assets and liabilities in foreign currencies						(449,086								)
	Net assets						$115,566,423
	Net asset value per share
	Based on 10,497,049 shares of beneficial interest outstanding — unlimited number of shares authorized with $0.01 par value						$11.01

	Investment income
	Dividends									$4,597,595
	Interest									18
	Less foreign taxes withheld									(242,487											)
	Total investment income									4,355,126
	Expenses
	Investment management fees									571,431
	Accounting and legal services fees									5,778
	Transfer agent fees									11,001
	Trustees' fees									12,070
	Printing and postage									26,593
	Professional fees									51,421
	Custodian fees									29,517
	Stock exchange listing fees									13,017
	Other									15,977
	Total expenses									736,805
	Less expense reductions									(4,341											)
	Net expenses									732,464
	Net investment income									3,622,662
	Realized and unrealized gain (loss)
	Net realized gain (loss) on
	Investments and foreign currency transactions									(3,223,798											)
	Written options									(3,167,586											)
										(6,391,384											)
	Change in net unrealized appreciation (depreciation) of
	Investments and translation of assets and liabilities in foreign currencies									1,936,560
	Written options									2,832,365
										4,768,925
	Net realized and unrealized loss									(1,622,459											)
	Increase in net assets from operations									$2,000,203

													Six months ended 4-30-15												Year ended 10-31-14
													(unaudited)
	Increase (decrease) in net assets
	From operations
	Net investment income												$3,622,662												$7,922,065
	Net realized gain (loss)												(6,391,384				)								14,651,874
	Change in net unrealized appreciation (depreciation)												4,768,925												(18,241,815				)
	Increase in net assets resulting from operations												2,000,203												4,332,124
	Distributions to shareholders
	From net investment income												(6,641,508				)1								(12,724,875				)
	From fund share transactions
	Issued in shelf offering												2,854,559												5,744,741
	Issued pursuant to Dividend Reinvestment Plan												94,286												181,091
	Total from fund share transactions												2,948,845												5,925,832
	Total decrease												(1,692,460				)								(2,466,919				)
	Net assets
	Beginning of period												117,258,883												119,725,802
	End of period												$115,566,423												$117,258,883
	Accumulated distributions in excess of net investment income												($3,018,846				)								—
	Share activity
	Shares outstanding
	Beginning of period												10,250,250												9,774,773
	Issued in shelf offering												238,373												460,520
	Issued pursuant to Dividend Reinvestment Plan												8,426												14,957
	End of period												10,497,049												10,250,250

1

A portion of the distributions may be deemed a tax return of capital at year end.

	COMMON SHARES Period Ended																					4-30-151																		10-31-14																					10-31-13																		10-31-12															10-31-11												10-31-10
	Per share operating performance
	Net asset value, beginning of period																					$11.44																		$12.25																					$11.86																		$12.12															$12.98												$12.53
	Net investment income2																					0.35																		0.80																					0.54																		0.57															0.64												0.64
	Net realized and unrealized gain (loss) on investments																					(0.16										)								(0.36													)								1.12																		0.45															(0.06				)								1.25
	Total from investment operations																					0.19																		0.44																					1.66																		1.02															0.58												1.89
	Less distributions to common shareholders
	From net investment income																					(0.64										) 3								(1.28													)								(0.79										)								(0.75							)								(0.72				)								(0.62							)
	From tax return of capital																					—																		—																					(0.49										)								(0.53							)								(0.72				)								(0.82							)
	Total distributions																					(0.64										)								(1.28													)								(1.28										)								(1.28							)								(1.44				)								(1.44							)
	Anti-dilutive impact of shelf offering																					0.02																		0.03																					0.01																		—															—												—
	Net asset value, end of period																					$11.01																		$11.44																					$12.25																		$11.86															$12.12												$12.98
	Per share market value, end of period																					$12.00																		$12.59																					$12.64																		$12.37															$12.39												$13.66
	Total return at net asset value (%)4																					1.82										5								3.65																					15.01																		8.49															4.62												16.33
	Total return at market value (%)4																					0.84										5								10.55																					13.78																		10.69															1.63												35.39
	Ratios and supplemental data
	Net assets applicable to common shares, end of period (in millions)																					$116																		$117																					$120																		$113															$115												$122
	Ratios (as a percentage of average net assets):
				Expenses before reductions																		1.29										6								1.32																					1.37																		1.27															1.28												1.25
				Expenses including reductions																		1.28										6								1.32																					1.37																		1.27															1.28												1.25
				Net investment income																		6.34										6								6.60																					4.52																		4.76															5.12												5.15
	Portfolio turnover (%)																					132																		228																					126																		98															95												96

1	Six months ended 4-30-15. Unaudited.
2	Based on average daily shares outstanding.
3	A portion of the distributions may be deemed a tax return of capital at year end.
4	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 return of capital, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the fund's shares traded during the period.
5	Not annualized.
6	Annualized.

Note 1 — Organization

John Hancock Tax-Advantaged Global Shareholder Yield 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).

In 2012 and 2015, the fund filed registration statements with the Securities and Exchange Commission, registering an additional 1,200,000 and 1,500,000 common shares, respectively, through equity shelf offering programs. Under these programs, the fund, subject to market conditions, may raise additional equity capital from time to time by offering new common shares at a price equal to or above the fund's net asset value per common share.

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 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. Investments by the fund in open-end mutual funds are valued at their respective net asset values each business day. 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 April 30, 2015, by major security category or type:

							Total market value at 4-30-15			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Common stocks
				Australia			$4,001,525			—			$4,001,525			—
				Canada			6,019,749			$6,019,749			—			—
				France			10,035,735			—			10,035,735			—
				Germany			9,901,357			—			9,901,357			—
				Italy			1,610,891			—			1,610,891			—
				Netherlands			2,671,237			1,668,209			1,003,028			—
				Norway			2,899,428			—			2,899,428			—
				Spain			907,300			—			907,300			—
				Sweden			1,448,006			—			1,448,006			—
				Switzerland			4,605,538			—			4,605,538			—
				United Kingdom			19,481,013			1,464,514			18,016,499			—
				United States			46,036,809			46,036,809			—			—
	Preferred securities						991,248			991,248			—			—
	Short-term investments						4,065,656			1,688,656			2,377,000			—
	Total investments in securities						$114,675,492			$57,869,185			$56,806,307			—
	Other financial instruments:
	Written options						($373,375	)		($373,375	)		—			—

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. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities. 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.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date, except for dividends of 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. Foreign taxes are provided for based on the fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Foreign currency translation. 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 and unrealized gains (losses) on investments.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors. Foreign investments are also 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.

Foreign taxes. The fund may be subject to withholding tax on income and/or capital gains or repatriation taxes imposed by certain countries in which the fund invests. Taxes are accrued based upon investment income, realized gains or unrealized appreciation.

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.

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.

Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, as of October 31, 2014, the fund had a capital loss carryforward of $18,991,525 available to offset future net realized capital gains. This carryforward expires as follows: October 31, 2017 - $16,251,674 and October 31, 2018 - $2,739,851.

As of October 31, 2014, 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.

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 quarterly and capital gain distributions, if any, annually.

Such distributions, on a tax basis, 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. The final determination of tax characteristics of the fund's distribution will occur at the end of the fiscal year and will subsequently be reported to shareholders.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. 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, foreign currency transactions, characterization of distributions and derivative transactions.

Note 3 — Derivative instruments

The fund may invest in derivatives in order to meet its investment objectives. Derivatives include a variety of different instruments that may be traded in the over-the-counter 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 options are traded or cleared on an exchange. Exchange-traded 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. Securities pledged by the fund for exchange-traded and cleared transactions, if any, are identified in the Fund's investments.

Options. There are two types of options, put options and call options. Options are traded either over-the-counter 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, and for written options, potential losses in excess of the amounts recognized on the Statement of assets and liabilities. In addition, over-the-counter options are subject to the risks of all over-the-counter derivatives contracts.

When the fund purchases an option, the premium paid by the fund is included in the Fund's investments and subsequently "marked-to-market" to reflect current market value. If the purchased option expires, the fund realizes a loss equal to the cost of the option. If the fund enters into a closing sale transaction, the fund realizes a gain or loss, depending on whether proceeds from the closing sale are greater or less than the original cost. When the fund writes an option, the premium received is included as a liability and subsequently "marked-to-market" to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are recorded as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium received reduces the cost basis of the securities purchased by the fund.

During the six months ended April 30, 2015, 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 six months ended April 30, 2015 and the contracts held at April 30, 2015.

							Number of contracts			Premiums received
	Outstanding, beginning of period						270			$882,987
				Options written			1,305			3,329,281
				Option closed			(1,005	)		(2,816,551	)
				Options expired			(250	)		(754,140	)
	Outstanding, end of period						320			$641,577

	Name of issuer			Exercise price			Expiration date			Number of contracts			Premium			Value
	Calls
	Russell 2000 Index			$1,255			May 2015			160			$293,914			($50,800	)
	S&P 500 Index			2,290			May 2015			90			11,876			(225	)
	S&P 500 Index			2,090			Jul 2015			70			335,787			(322,350	)
	Total												$641,577			($373,375	)

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at April 30, 2015 by risk category:

Risk

Statement of assets and liabilities location

Financial instruments location

Asset derivatives fair value

Liabilities derivative fair value

Equity contracts

Written options, at value

Written options

—

($373,375

)

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 six months ended April 30, 2015:

	Risk			Statement of operations location			Written options
	Equity contracts			Net realized gain (loss)			($3,167,586	)

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 six months ended April 30, 2015:

Risk	Statement of operations location	Written options
Equity contracts	Change in unrealized appreciation (depreciation)	$2,832,365

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 Advisers, LLC (the Advisor) serves as investment advisor for the fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Advisor, serves as distributor for the common shares offered through the equity shelf offering. The Advisor and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The fund has an investment advisory agreement with the Advisor under which the fund pays a daily management fee to the Advisor, on an annual basis, equal to 1.00% of the fund's average daily gross assets. Under the advisory agreement, gross assets of the fund means total assets of the fund (including any form of investment leverage) minus the sum of accrued expenses incurred in the normal course of operations. The Advisor has subadvisory agreements with Epoch Investment Partners, Inc. and Analytic Investors, LLC. 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 complex, including the fund (the participating portfolios). This waiver is based upon aggregate net 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 six months ended April 30, 2015, this

waiver amounted to 0.01% of the fund's average net assets on an annualized basis. This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The expense reductions described above amounted to $4,341 for the six months ended April 30, 2015.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended April 30, 2015 were equivalent to a net annual effective rate of 1.00% of the fund's average gross 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, 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 six months ended April 30, 2015 amounted to an annual rate of 0.01% of the fund's average daily net assets.

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. Each independent Trustee receives 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.

Distributor. The fund will compensate the Distributor with respect to sales of the common shares offered through the equity shelf offering at a commission rate of 1% of the gross proceeds of the sale of common shares, a portion of which is allocated to the selling dealers. During the six months ended April 30, 2015, compensation to the Distributor was $29,143. The Distributor has an agreement with a sub-placement agent in the sale of common shares. The fund is not responsible for payment of commissions to the sub-placement agent.

Note 6 — Fund share transactions

Transactions in common shares for the six months ended April 30, 2015 and the year ended October 31, 2014 are presented on the Statement of changes in net assets. Proceeds received in connection with the shelf offering are net of commissions and offering costs. Total offering costs of $248,266 have been prepaid by the fund. These costs are deducted from proceeds as shares are issued. To date, $122,669 has been deducted from proceeds of shares issued and the remaining $125,597 is included in Other receivables and prepaid expenses on the Statement of assets and liabilities.

Note 7 — Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $147,854,858 and $152,181,408, respectively, for the six months ended April 30, 2015.

ADDITIONAL INFORMATION

---

Unaudited

Investment objective and policy

The fund is a diversified, closed-end management investment company, common shares of which were initially offered to the public in 2007. The fund's investment objective is to provide total return consisting of a high level of current income and gains and long term capital appreciation. In pursuing its investment objective of total return, the fund will seek to emphasize high current income. The fund will seek to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income and gains generated by the fund. Under normal market conditions, the fund will invest at least 80% of its total assets in a diversified portfolio of dividend-paying securities of issuers located throughout the world. The fund also intends to write (sell) call options on a variety of both U.S. and non-U.S. broad-based indices.

Dividends and distributions

During the six months ended April 30, 2015, distributions from net investment income totaling $0.6400 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment Date	Income Distributions*
December 31, 2014	$0.3200
March 31, 2015	0.3200
Total	$0.6400

* A portion of the distributions may be deemed a tax return of capital at year end.

Shareholder meeting

---

The fund held its Annual Meeting of Shareholders on January 26, 2015. The following proposal was considered by the shareholders:

Proposal: Election of four (4) Trustees to serve for a three-year term ending at the 2018 Annual Meeting of Shareholders. Each Trustee was re-elected by the fund's shareholders and the votes cast with respect to each Trustee are set forth below.

	Total votes for the nominee	Total votes withheld from the nominee
Independent Trustees
Charles L. Bardelis	8,287,432.000	136,273.000
Peter S. Burgess	8,294,648.000	129,057.000
Theron S. Hoffman	8,294,736.000	128,969.000
Non-Independent Trustee
Warren A. Thomson	8,302,018.000	121,687.000

Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are: James R. Boyle, Craig Bromley, William H. Cunningham, Grace K. Fey, Deborah C. Jackson, Hassell H. McClellan, James M. Oates, Steven R. Pruchansky and Gregory A. Russo. The Board appointed Mr. Boyle to serve as a Non-Independent Trustee on March 10, 2015.

Trustees James M. Oates, Chairperson Steven R. Pruchansky, Vice Chairperson Charles L. Bardelis* James R. Boyle†# Craig Bromley† Peter S. Burgess* William H. Cunningham Grace K. Fey Theron S. Hoffman* Deborah C. Jackson Hassell H. McClellan Gregory A. Russo Warren A. Thomson† Officers Andrew G. Arnott President John J. Danello Senior Vice President, Secretary, and Chief Legal Officer Francis V. Knox, Jr. Chief Compliance Officer Charles A. Rizzo Chief Financial Officer Salvatore Schiavone Treasurer

Investment advisor John Hancock Advisers, LLC Subadvisors Epoch Investment Partners, Inc. Analytic Investors, LLC Custodian State Street Bank and Trust Company Transfer agent Computershare Shareowner Services, LLC Legal counsel K&L Gates LLP Stock symbol Listed New York Stock Exchange: HTY

*Member of the Audit Committee
†Non-Independent Trustee
#Effective 3-10-15

	You can also contact us:
		800-852-0218 jhinvestments.com	Regular mail: Computershare P.O. Box 30170 College Station, TX 77842-3170

The fund's proxy voting policies and procedures, as well as the fund's proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

The fund's complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The fund's Form N-Q is available on our website and the SEC's website, sec.gov, and can be reviewed and copied (for a fee) at the SEC's Public Reference Room in Washington, DC. Call 800-SEC-0330 to receive information on the operation of the SEC's Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.

---

The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

DOMESTIC EQUITY FUNDS Balanced Blue Chip Growth Classic Value Disciplined Value Disciplined Value Mid Cap Equity-Income Fundamental All Cap Core Fundamental Large Cap Core Fundamental Large Cap Value Large Cap Equity New Opportunities Select Growth Small Cap Equity Small Cap Value Small Company Strategic Growth U.S. Equity U.S. Global Leaders Growth Value Equity GLOBAL AND INTERNATIONAL EQUITY FUNDS Disciplined Value International Emerging Markets Emerging Markets Equity Global Equity Global Opportunities Global Shareholder Yield Greater China Opportunities International Core International Growth International Small Company International Value Equity INCOME FUNDS Bond California Tax-Free Income Core High Yield Emerging Markets Debt Floating Rate Income Focused High Yield Global Income Government Income High Yield Municipal Bond		INCOME FUNDS (continued) Income Investment Grade Bond Money Market Short Duration Credit Opportunities Spectrum Income Strategic Income Opportunities Tax-Free Bond ALTERNATIVE AND SPECIALTY FUNDS Absolute Return Currency Alternative Asset Allocation Enduring Equity Financial Industries Global Absolute Return Strategies Global Conservative Absolute Return Natural Resources Redwood Regional Bank Seaport Technical Opportunities ASSET ALLOCATION Income Allocation Fund Lifestyle Aggressive Portfolio Lifestyle Balanced Portfolio Lifestyle Conservative Portfolio Lifestyle Growth Portfolio Lifestyle Moderate Portfolio Retirement Choices Portfolios (2010-2055) Retirement Living Portfolios (2010-2055) Retirement Living II Portfolios (2010-2055) CLOSED-END FUNDS Financial Opportunities Hedged Equity & Income Income Securities Trust Investors Trust Preferred Income Preferred Income II Preferred Income III Premium Dividend Tax-Advantaged Dividend Income Tax-Advantaged Global Shareholder Yield

The fund's investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investments at 800-852-0218, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

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	John Hancock Advisers, LLC 601 Congress Street n Boston, MA 02210-2805 800-843-0090 n jhinvestments.com
	MF230745	P14SA 4/15 6/15