John Hancock

Tax-Advantaged Global Shareholder Yield Fund

Quarterly portfolio holdings 7/31/15

	As of 7-31-15 (unaudited)
																Shares			Value
	Common stocks 96.2%																		$105,802,167
	(Cost $109,617,468)
	Australia 3.8%																		4,217,589
	BHP Billiton, Ltd.												34,020						656,837
	Commonwealth Bank of Australia												12,100						772,637
	Sonic Healthcare, Ltd.												38,100						574,860
	Telstra Corp., Ltd.												317,600						1,503,862
	Westpac Banking Corp.												27,900						709,393
	Canada 6.1%																		6,694,388
	BCE, Inc.												46,600						1,918,017
	Potash Corp. of Saskatchewan, Inc. (C)												63,400						1,723,212
	Rogers Communications, Inc., Class B												45,860						1,608,089
	Shaw Communications, Inc., Class B												38,500						816,894
	TELUS Corp.												18,400						628,176
	France 7.3%																		7,963,959
	AXA SA												30,840						812,178
	Electricite de France SA												48,100						1,144,673
	Sanofi												6,200						668,305
	SCOR SE												36,600						1,402,529
	Total SA												35,400						1,746,741
	Vinci SA												17,600						1,127,948
	Vivendi SA												40,400						1,061,585
	Germany 5.9%																		6,435,203
	Allianz SE												4,920						805,958
	BASF SE												13,400						1,157,955
	Daimler AG												9,700						867,722
	Deutsche Post AG												19,600						592,415
	Deutsche Telekom AG												42,600						770,312
	Muenchener Rueckversicherungs AG												8,800						1,617,251
	Siemens AG												5,820						623,590
	Italy 1.6%																		1,724,235
	Terna Rete Elettrica Nazionale SpA												369,700						1,724,235
	Netherlands 1.4%																		1,563,456
	Royal Dutch Shell PLC, ADR, Class A (C)												27,200						1,563,456
	Norway 2.6%																		2,853,236
	Orkla ASA												107,400						855,954
	Statoil ASA												73,200						1,234,053
	Yara International ASA												15,340						763,229
	Singapore 1.1%																		1,246,181
	Singapore Exchange, Ltd.												83,800						487,187
	Singapore Telecommunications, Ltd.												254,800						758,994
	Spain 0.7%																		757,484
	Gas Natural SDG SA												34,900						757,484
	Sweden 1.1%																		1,183,176
	Svenska Handelsbanken AB, A Shares												77,310						1,183,176
	Switzerland 3.0%																		3,340,910
	Nestle SA												8,200						620,331

																Shares			Value
	Switzerland  (continued)
	Novartis AG												1,600						166,023
	Roche Holding AG												2,400						693,414
	Swisscom AG												3,200						1,861,142
	Taiwan 0.7%																		793,749
	Taiwan Semiconductor Manufacturing Company, Ltd., ADR												35,900						793,749
	United Kingdom 17.4%																		19,186,557
	Aberdeen Asset Management PLC												114,800						651,999
	Amec Foster Wheeler PLC												50,940						650,519
	AstraZeneca PLC, ADR (C)												43,760						1,478,650
	BAE Systems PLC												179,900						1,346,943
	British American Tobacco PLC												24,100						1,430,962
	GlaxoSmithKline PLC												74,200						1,612,734
	Imperial Tobacco Group PLC												42,900						2,251,244
	National Grid PLC												147,500						1,963,038
	Pearson PLC												47,500						891,397
	Rio Tinto PLC												19,780						765,112
	SSE PLC												62,500						1,478,264
	Unilever PLC												18,300						830,088
	United Utilities Group PLC												119,400						1,660,918
	Vodafone Group PLC												574,100						2,174,689
	United States 43.5%																		47,842,044
	Altria Group, Inc. (C)												40,400						2,196,952
	Ameren Corp. (C)												42,000						1,725,360
	Arthur J. Gallagher & Company												12,300						583,389
	AT&T, Inc. (C)												67,700						2,351,898
	Automatic Data Processing, Inc. (C)												8,000						638,160
	CenturyLink, Inc. (C)												49,200						1,407,120
	CME Group, Inc.												8,770						842,271
	ConocoPhillips (C)												24,305						1,223,514
	Duke Energy Corp. (C)												23,055						1,711,142
	Emerson Electric Company												14,520						751,410
	Entergy Corp.												19,200						1,363,584
	Exxon Mobil Corp.												7,700						609,917
	Kimberly-Clark Corp.												8,800						1,011,736
	Kinder Morgan, Inc. (C)												91,500						3,169,560
	KLA-Tencor Corp. (C)												11,300						599,465
	Lockheed Martin Corp. (C)												5,900						1,221,890
	McDonald's Corp. (C)												11,200						1,118,432
	Merck & Company, Inc. (C)												14,100						831,336
	Microchip Technology, Inc. (C)												16,700						715,428
	Microsoft Corp. (C)												12,700						593,090
	Occidental Petroleum Corp. (C)												13,700						961,740
	People's United Financial, Inc. (C)												92,300						1,501,721
	PepsiCo, Inc.												6,700						645,545
	Pfizer, Inc.												19,000						685,140
	Philip Morris International, Inc. (C)												24,960						2,134,829
	PPL Corp. (C)												53,700						1,708,197
	R.R. Donnelley & Sons Company (C)												49,553						869,655
	Regal Entertainment Group, Class A (C)												38,900						801,340
	Reynolds American, Inc. (C)												36,496						3,130,992
	Seagate Technology PLC (C)												21,250						1,075,250

																Shares			Value
	United States  (continued)
	TECO Energy, Inc. (C)												69,700						1,541,764
	The Coca-Cola Company												14,600						599,768
	The Dow Chemical Company (C)												20,400						960,024
	The Procter & Gamble Company												8,100						621,270
	The Southern Company (C)												17,700						791,721
	Verizon Communications, Inc. (C)												43,939						2,055,906
	Waste Management, Inc. (C)												12,900						659,577
	WEC Energy Group, Inc. (C)												29,200						1,430,800
	Wells Fargo & Company (C)												17,300						1,001,151
										Yield (%)						Shares			Value
	Short-term investments 3.4%																		$3,770,779
	(Cost $3,770,779)
	Money market funds 0.6%																		708,779
	State Street Institutional Treasury Money Market Fund									0.0000(Y				)		708,779			708,779
																Par value			Value
	Repurchase agreement 2.8%																		$3,062,000
	Repurchase Agreement with State Street Corp. dated 7-31-15 at 0.000% to be repurchased at $3,062,000 on 8-3-15, collateralized by $3,220,000 U.S. Treasury Notes, 1.500% due 1-31-22 (valued at $3,127,586, including interest)															3,062,000			3,062,000
	Total investments (Cost $113,388,247)† 99.6%																		$109,572,946
	Other assets and liabilities, net 0.4%																		$472,349
	Total net assets 100.0%																		$110,045,295

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 7-31-15 was $32,521,080.

(Y)

The rate shown is the annualized seven-day yield as of 7-31-15.

†

At 7-31-15, the aggregate cost of investment securities for federal income tax purposes was $117,639,167. Net unrealized depreciation aggregated $8,066,221, of which $1,886,510 related to appreciated investment securities and $9,952,731 related to depreciated investment securities.

The fund had the following sector composition as a percentage of net assets on 7-31-15:

	Utilities			17.3
	Telecommunication services			15.5
	Consumer staples			14.8
	Financials			11.2
	Energy			10.1
	Industrials			6.5
	Health care			6.1
	Materials			5.5
	Consumer discretionary			5.1
	Information technology			4.1
	Short-term investments and other			3.8
	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. 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 and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

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

							Total value at 7-31-15			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Common stocks
				Australia			$4,217,589			—			$4,217,589			—
				Canada			6,694,388			$6,694,388			—			—
				France			7,963,959			—			7,963,959			—
				Germany			6,435,203			—			6,435,203			—
				Italy			1,724,235			—			1,724,235			—
				Netherlands			1,563,456			1,563,456			—			—
				Norway			2,853,236			—			2,853,236			—
				Singapore			1,246,181			—			1,246,181			—
				Spain			757,484			—			757,484			—
				Sweden			1,183,176			—			1,183,176			—
				Switzerland			3,340,910			—			3,340,910			—
				Taiwan			793,749			793,749			—			—
				United Kingdom			19,186,557			1,478,650			17,707,907			—
				United States			47,842,044			47,842,044			—			—
	Short-term investments						3,770,779			708,779			3,062,000			—
	Total investments in securities						$109,572,946			$59,081,066			$50,491,880			—
	Other financial instruments
	Written Options						($518,625	)		($518,625	)		—			—

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 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 July 31, 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 period ended July 31, 2015 and the contracts held at July 31, 2015.

							Number of contracts			Premiums received
	Outstanding, beginning of period						270			$882,987
				Options written			1,925			5,407,416
				Option closed			(1,720	)		(4,829,836	)
				Options expired			(250	)		(754,140	)
	Outstanding, end of period						225			$706,427

	Name of Issuer			Exercise price						Expiration date			Number of contracts			Premium			Value
	Calls
	S&P 500 Index			$2,300						Sep 2015			75			$10,647			($3,000	)
	S&P 500 Index			2,320						Oct 2015			5			221			(150	)
	S&P 500 Index			2,120						Oct 2015			145			695,559			(515,475	)
													225			$706,427			($518,625	)

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	Computershare P.O. Box 30170 College Station, TX 77842-3170
Phone	Customer service representatives Portfolio commentary 24-hour automated information TDD line	800-852-0218 800-344-7054 800-843-0090 800-231-5469

	P14Q3	07/15
This report is for the information of the shareholders of John Hancock Tax-Advantaged Global Shareholder Yield Fund.		9/15