John Hancock

Tax-Advantaged Global Shareholder Yield Fund

	As of 1-31-17 (unaudited)
																Shares			Value
	Common stocks 95.8%																		$91,559,265
	(Cost $90,988,750)
	Australia 3.5%																		3,308,269
	Commonwealth Bank of Australia												11,800						731,129
	Sonic Healthcare, Ltd.												37,100						585,116
	Telstra Corp., Ltd.												287,100						1,089,269
	Westpac Banking Corp.												37,500						902,755
	Canada 5.5%																		5,305,039
	Agrium, Inc.												6,045						622,091
	BCE, Inc.												41,400						1,866,301
	Rogers Communications, Inc., Class B												26,400						1,145,268
	Royal Bank of Canada												10,524						756,677
	TELUS Corp.												27,400						914,702
	France 5.3%																		5,076,608
	AXA SA												34,800						855,288
	Cie Generale des Etablissements Michelin												6,300						676,824
	Sanofi												8,400						675,162
	SCOR SE												19,900						673,493
	TOTAL SA												30,100						1,522,914
	Vinci SA												9,600						672,927
	Germany 7.8%																		7,453,620
	Allianz SE												3,700						628,868
	BASF SE												10,600						1,023,258
	Daimler AG												14,100						1,060,417
	Deutsche Post AG												28,000						939,820
	Deutsche Telekom AG												51,000						892,857
	Muenchener Rueckversicherungs-Gesellschaft AG												7,600						1,431,127
	Siemens AG												11,420						1,477,273
	Italy 1.8%																		1,744,995
	Snam SpA												131,100						498,981
	Terna Rete Elettrica Nazionale SpA												284,100						1,246,014
	Netherlands 1.5%																		1,435,896
	Royal Dutch Shell PLC, ADR, Class A (C)												26,400						1,435,896
	Norway 2.0%																		1,885,730
	Orkla ASA												80,600						751,981
	Statoil ASA												60,800						1,133,749
	Singapore 1.1%																		1,078,065
	Singapore Exchange, Ltd.												87,700						461,306
	Singapore Telecommunications, Ltd.												225,300						616,759
	Spain 0.7%																		634,641
	Gas Natural SDG SA												32,900						634,641
	Sweden 0.8%																		746,256
	Svenska Handelsbanken AB, A Shares												49,988						746,256
	Switzerland 3.2%																		3,098,759
	Nestle SA												5,900						432,261
	Novartis AG												9,090						671,092
	Roche Holding AG												3,953						936,656

																Shares			Value
	Switzerland  (continued)
	Swisscom AG												2,400						1,058,750
	Taiwan 1.0%																		961,301
	Taiwan Semiconductor Manufacturing Company, Ltd., ADR												31,100						961,301
	United Kingdom 13.6%																		12,950,254
	AstraZeneca PLC, ADR (C)												41,960						1,142,571
	BAE Systems PLC												162,800						1,195,716
	British American Tobacco PLC												23,300						1,438,260
	Diageo PLC												26,400						733,335
	GlaxoSmithKline PLC												67,800						1,310,233
	Imperial Brands PLC												29,400						1,362,032
	National Grid PLC												123,000						1,440,722
	Sky PLC												87,181						1,101,501
	SSE PLC												56,500						1,062,122
	Unilever PLC												20,400						826,319
	Vodafone Group PLC												546,000						1,337,443
	United States 48.0%																		45,879,832
	AbbVie, Inc. (C)												23,900						1,460,529
	Altria Group, Inc. (C)												23,400						1,665,612
	Ameren Corp. (C)												24,200						1,274,130
	Arthur J. Gallagher & Company (C)												11,200						602,896
	AT&T, Inc. (C)												53,951						2,274,574
	Automatic Data Processing, Inc. (C)												7,100						717,029
	BlackRock, Inc. (C)												1,700						635,766
	CenturyLink, Inc. (C)												23,300						602,538
	Cisco Systems, Inc. (C)												40,525						1,244,928
	CME Group, Inc. (C)												7,900						956,532
	Dominion Resources, Inc.												9,800						747,544
	Duke Energy Corp. (C)												21,000						1,649,340
	Eaton Corp. PLC												11,730						830,249
	Emerson Electric Company (C)												13,620						798,949
	Entergy Corp. (C)												18,300						1,311,012
	Exxon Mobil Corp. (C)												14,300						1,199,627
	Johnson & Johnson (C)												5,825						659,681
	Kimberly-Clark Corp.												7,700						932,701
	Lockheed Martin Corp. (C)												3,400						854,522
	McDonald's Corp. (C)												10,300						1,262,471
	Merck & Company, Inc. (C)												12,400						768,676
	Microchip Technology, Inc. (C)												14,300						963,105
	Microsoft Corp. (C)												11,800						762,870
	Occidental Petroleum Corp. (C)												20,700						1,402,839
	People's United Financial, Inc. (C)												45,000						843,750
	PepsiCo, Inc.												6,000						622,680
	Pfizer, Inc.												30,900						980,457
	Philip Morris International, Inc. (C)												17,900						1,720,727
	PPL Corp.												53,600						1,867,424
	QUALCOMM, Inc. (C)												20,100						1,073,943
	Regal Entertainment Group, Class A (C)												35,700						808,962
	Reynolds American, Inc. (C)												29,824						1,793,317
	Texas Instruments, Inc. (C)												15,400						1,163,316
	The Coca-Cola Company (C)												13,400						557,038
	The Dow Chemical Company (C)												21,700						1,293,971

																Shares			Value
	United States  (continued)
	The Procter & Gamble Company												8,700						762,120
	The Southern Company												16,200						800,766
	United Parcel Service, Inc., Class B												7,200						785,736
	Verizon Communications, Inc. (C)												35,325						1,731,278
	Waste Management, Inc. (C)												11,700						813,150
	WEC Energy Group, Inc. (C)												23,700						1,399,485
	Wells Fargo & Company												22,787						1,283,592
										Yield (%)						Shares			Value
	Short-term investments 3.3%																		$3,128,502
	(Cost $3,128,502)
	Money market funds 2.5%																		2,330,502
	State Street Institutional Treasury Money Market Fund, Premier Class									0.4211(Y				)		2,330,502			2,330,502
																Par value^			Value
	Repurchase agreement 0.8%																		$798,000
	Repurchase Agreement with State Street Corp. dated 1-31-17 at 0.100% to be repurchased at $798,002 on 2-1-17, collateralized by $780,000 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-19 (valued at $818,364, including interest)															798,000			798,000
	Total investments (Cost $94,117,252)† 99.1%																		$94,687,767
	Other assets and liabilities, net 0.9%																		$817,066
	Total net assets 100.0%																		$95,504,833

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 1-31-17 was $26,614,294.

(Y)

The rate shown is the annualized seven-day yield as of 1-31-17.

†

At 1-31-17, the aggregate cost of investment securities for federal income tax purposes was $105,017,976. Net unrealized depreciation aggregated to $10,330,209, of which $2,888,226 related to appreciated investment securities and $13,218,435 related to depreciated investment securities.

The fund had the following sector composition as a percentage of net assets on 1-31-17:

	Consumer staples			14.2%
	Telecommunication services			14.2%
	Utilities			14.1%
	Financials			12.1%
	Health care			9.5%
	Industrials			8.8%
	Energy			7.5%
	Information technology			7.2%
	Consumer discretionary			5.1%
	Materials			3.1%
	Short-term investments and other			4.2%
	TOTAL			100.0%

Notes to Fund's investments (unaudited)

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. 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 NAVs 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.

In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.

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 scheduled 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, 2017, by major security category or type:

		Total value at 1-31-17	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Common stocks
	Australia	$3,308,269	—	$3,308,269	—
	Canada	5,305,039	$5,305,039	—	—
	France	5,076,608	—	5,076,608	—
	Germany	7,453,620	—	7,453,620	—
	Italy	1,744,995	—	1,744,995	—
	Netherlands	1,435,896	1,435,896	—	—
	Norway	1,885,730	—	1,885,730	—
	Singapore	1,078,065	—	1,078,065	—
	Spain	634,641	—	634,641	—
	Sweden	746,256	—	746,256	—
	Switzerland	3,098,759	—	3,098,759	—
	Taiwan	961,301	961,301	—	—
	United Kingdom	12,950,254	1,142,571	11,807,683	—
	United States	45,879,832	45,879,832	—	—
Short-term investments		3,128,502	2,330,502	798,000	—
Total investments in securities		$94,687,767	$57,055,141	$37,632,626	—
Other financial instruments:
Written options		$114,270	$114,270	—	—

       5

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 over-the-counter (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, 2017, 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, 2017and the contracts held at January 31, 2017.

							Number of contracts			Premiums received
	Outstanding, beginning of period						338			$616,419
				Options written			382			524,329
				Option closed			(393	)		(835,903	)
				Options exercised			—			—
				Options expired			(132	)		(79,265	)
	Outstanding, end of period						195			$225,580

Name of issuer	Exercise price		Expiration date	Number of contracts	Premium	Value
Calls
Russell 2000 Index	$1,380		Feb 2017	30	$115,476	$43,950
S&P 100 Index	2,295		Feb 2017	12	11,391	10,920
S&P 500 Index	2,300		Feb 2017	12	11,631	4,800
S&P 500 Index	2,320		Feb 2017	12	9,351	4,920
S&P 500 Index	2,325		Feb 2017	12	6,711	150
S&P 500 Index	2,340		Feb 2017	21	5,443	2,048
S&P 500 Index	2,405		Mar 2017	33	10,864	7,012
S&P 500 Index	2,410		Mar 2017	60	27,236	6,750
NASDAQ 100 Stock Index	5,075		Mar 2017	3	27,477	33,720
Total				195	$225,580	$114,270

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

       6

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	01/17
This report is for the information of the shareholders of John Hancock Tax-Advantaged Global Shareholder Yield Fund.		3/17