John Hancock

Tax-Advantaged Global Shareholder Yield Fund

Quarterly portfolio holdings 1/31/16

	As of 1-31-16 (unaudited)
																Shares			Value
	Common stocks 96.8%																		$94,855,112
	(Cost $99,892,118)
	Australia 3.7%																		3,580,125
	Commonwealth Bank of Australia												11,800						667,000
	Sonic Healthcare, Ltd.												38,100						502,286
	Telstra Corp., Ltd.												313,400						1,262,799
	Westpac Banking Corp.												51,839						1,148,040
	Canada 6.1%																		5,972,142
	Agrium, Inc.												6,545						568,564
	BCE, Inc.												53,500						2,155,047
	Rogers Communications, Inc., Class B												50,060						1,714,168
	Shaw Communications, Inc., Class B												38,500						666,447
	TELUS Corp.												31,200						867,916
	France 6.4%																		6,300,643
	AXA SA												22,840						564,439
	Sanofi												4,900						407,487
	SCOR SE												29,200						1,017,861
	Total SA												41,400						1,839,025
	Vinci SA												17,200						1,165,252
	Vivendi SA												60,100						1,306,579
	Germany 6.4%																		6,225,054
	Allianz SE												3,620						585,847
	BASF SE												10,500						699,858
	Daimler AG												11,400						798,157
	Deutsche Post AG												19,600						475,041
	Deutsche Telekom AG												31,600						550,247
	Muenchener Rueckversicherungs AG												8,700						1,676,241
	Siemens AG												15,020						1,439,663
	Italy 1.8%																		1,719,699
	Terna Rete Elettrica Nazionale SpA												320,900						1,719,699
	Netherlands 1.2%																		1,186,110
	Royal Dutch Shell PLC, ADR, Class A (C)												27,000						1,186,110
	Norway 2.5%																		2,498,540
	Orkla ASA												102,800						832,825
	Statoil ASA												91,700						1,254,774
	Yara International ASA												10,840						410,941
	Singapore 1.2%																		1,171,830
	Singapore Exchange, Ltd.												108,400						540,015
	Singapore Telecommunications, Ltd.												254,800						631,815
	Spain 0.7%																		679,684
	Gas Natural SDG SA												34,600						679,684
	Sweden 0.9%																		890,960
	Svenska Handelsbanken AB, A Shares												70,810						890,960
	Switzerland 2.7%																		2,622,593
	Nestle SA												7,200						530,441
	Roche Holding AG												2,700						699,365
	Swisscom AG												2,800						1,392,787

																Shares			Value
	Taiwan 0.8%																		$802,365
	Taiwan Semiconductor Manufacturing Company, Ltd., ADR												35,900						802,365
	United Kingdom 15.9%																		15,596,191
	Aberdeen Asset Management PLC												185,900						655,271
	AstraZeneca PLC, ADR (C)												43,260						1,393,837
	BAE Systems PLC												176,700						1,306,846
	British American Tobacco PLC												23,800						1,326,218
	Diageo PLC												27,600						743,034
	GlaxoSmithKline PLC												83,900						1,728,379
	Imperial Tobacco Group PLC												31,000						1,678,513
	National Grid PLC												145,800						2,054,132
	SSE PLC												85,800						1,780,294
	Unilever PLC												21,300						936,449
	Vodafone Group PLC												620,100						1,993,218
	United States 46.5%																		45,609,176
	AbbVie, Inc.												17,930						984,357
	Altria Group, Inc. (C)												29,500						1,802,745
	Ameren Corp. (C)												31,400						1,410,488
	Arthur J. Gallagher & Company												12,200						459,208
	AT&T, Inc. (C)												69,900						2,520,594
	Automatic Data Processing, Inc. (C)												7,900						656,411
	CenturyLink, Inc. (C)												48,500						1,232,870
	CME Group, Inc. (C)												8,500						763,725
	Duke Energy Corp. (C)												22,155						1,668,272
	Eaton Corp. PLC												12,230						617,737
	Emerson Electric Company (C)												13,920						640,042
	Entergy Corp.												22,800						1,609,224
	Exxon Mobil Corp.												10,400						809,640
	Johnson & Johnson												6,025						629,251
	Kimberly-Clark Corp.												8,900						1,142,938
	Lockheed Martin Corp. (C)												3,700						780,700
	McDonald's Corp. (C)												11,200						1,386,336
	Merck & Company, Inc. (C)												13,600						689,112
	Microchip Technology, Inc. (C)												16,100						721,441
	Microsoft Corp. (C)												12,400						683,116
	Occidental Petroleum Corp. (C)												19,100						1,314,653
	People's United Financial, Inc. (C)												91,300						1,311,981
	PepsiCo, Inc.												6,600						655,380
	Pfizer, Inc.												18,700						570,163
	Philip Morris International, Inc. (C)												27,260						2,453,673
	PPL Corp. (C)												61,600						2,159,696
	R.R. Donnelley & Sons Company (C)												56,130						784,136
	Regal Entertainment Group, Class A (C)												51,600						890,100
	Reynolds American, Inc. (C)												37,300						1,863,135
	Seagate Technology PLC (C)												33,650						977,533
	TECO Energy, Inc. (C)												27,800						753,936
	Texas Instruments, Inc.												31,400						1,662,002
	The Coca-Cola Company												14,100						605,172
	The Dow Chemical Company (C)												23,200						974,400
	The Procter & Gamble Company												9,400						767,886
	The Southern Company												16,800						821,856
	Verizon Communications, Inc. (C)												50,339						2,515,440

																Shares			Value
	United States  (continued)
	Waste Management, Inc. (C)												12,700						672,465
	WEC Energy Group, Inc. (C)												33,200						1,833,636
	Wells Fargo & Company (C)												16,200						813,726
										Yield (%)						Shares			Value
	Short-term investments 3.8%																		$3,766,890
	(Cost $3,766,890)
	Money market funds 1.9%																		1,880,890
	State Street Institutional Treasury Money Market Fund									0.1299(Y				)		1,880,890			1,880,890
																Par value^			Value
	Repurchase agreement 1.9%																		$1,886,000
	Repurchase Agreement with State Street Corp. dated 1-29-16 at 0.030% to be repurchased at $1,886,005 on 2-1-16, collateralized by $1,810,000 U.S. Treasury Notes, 2.750% due 2-15-19 (valued at $1,927,650, including interest)															1,886,000			1,886,000
	Total investments (Cost $103,659,008)† 100.6%																		$98,622,002
	Other assets and liabilities, net (0.6%)																		($604,449	)
	Total net assets 100.0%																		$98,017,553

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.

^All par values are denominated in U.S. dollars unless otherwise indicated.

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 1-31-16 was $27,142,656.

(Y)

The rate shown is the annualized seven-day yield as of 1-31-16.

†

At 1-31-16, the aggregate cost of investment securities for federal income tax purposes was $116,859,811. Net unrealized depreciation aggregated $18,237,809, of which $1,821,804 related to appreciated investment securities and $20,059,613 related to depreciated investment securities.

The fund had the following sector composition as a percentage of net assets on 1-31-16:

	Telecommunication services			17.4
	Utilities			16.8
	Consumer staples			15.6
	Financials			11.3
	Industrials			8.0
	Health care			7.8
	Energy			6.5
	Information technology			5.6
	Consumer discretionary			5.1
	Materials			2.7
	Short-term investments and other			3.2
	Total			100.0

Notes to Fund's investments (unaudited)

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are valued at the last sale price or official closing price on the exchange or principal market 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 January 31, 2016, by major security category or type:

							Total value at 1-31-16			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Common stocks
				Australia			$3,580,125			—			$3,580,125			—
				Canada			5,972,142			$5,972,142			—			—
				France			6,300,643			—			6,300,643			—
				Germany			6,225,054			—			6,225,054			—
				Italy			1,719,699			—			1,719,699			—
				Netherlands			1,186,110			1,186,110			—			—
				Norway			2,498,540			—			2,498,540			—
				Singapore			1,171,830			—			1,171,830			—
				Spain			679,684			—			679,684			—
				Sweden			890,960			—			890,960			—
				Switzerland			2,622,593			—			2,622,593			—
				Taiwan			802,365			802,365			—			—
				United Kingdom			15,596,191			1,393,837			14,202,354			—
				United States			45,609,176			45,609,176			—			—
	Short-term investments						3,766,890			1,880,890			1,886,000			—
	Total investments in securities						$98,622,002			$56,844,520			$41,777,482			—
	Other financial instruments:
	Written options						($986,813	)		($986,813	)		—			—

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

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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 January 31, 2016, 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 January 31, 2016 and the contracts held at January 31, 2016.

							Number of contracts			Premiums received
	Outstanding, beginning of period						225			$765,936
				Options written			560			2,155,700
				Option closed			(555	)		(2,198,862	)
				Options exercised			—			—
				Options expired			(5	)		(46,746	)
	Outstanding, end of period						225			$676,028

	Options			Exercise price						Expiration date			Number of contracts			Premium			Value
	Calls
	S&P 500 Index			$1,885						Feb 2016			150			$659,212			($972,750	)
	S&P 500 Index			2,030						Feb 2016			75			16,816			(14,063	)
	Total															$676,028			($986,813	)

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

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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

	P14Q1	01/16
This report is for the information of the shareholders of John Hancock Tax-Advantaged Global Shareholder Yield Fund.		3/16