John Hancock

Tax-Advantaged Global Shareholder Yield Fund

Quarterly portfolio holdings 7/31/16

	As of 7-31-16 (unaudited)
																Shares			Value
	Common stocks 97.5%																		$99,448,753
	(Cost $97,151,265)
	Australia 3.6%																		3,668,009
	Commonwealth Bank of Australia												11,800						694,626
	Sonic Healthcare, Ltd.												37,100						648,109
	Telstra Corp., Ltd.												316,300						1,387,323
	Westpac Banking Corp.												39,639						937,951
	Canada 6.2%																		6,365,126
	Agrium, Inc.												9,145						830,000
	BCE, Inc.												50,440						2,415,665
	Rogers Communications, Inc., Class B												40,700						1,797,702
	TELUS Corp.												39,500						1,321,759
	France 4.4%																		4,535,557
	AXA SA												34,800						708,262
	Sanofi												6,000						511,040
	SCOR SE												19,900						581,352
	TOTAL SA												30,000						1,442,815
	Vinci SA												17,000						1,292,088
	Germany 6.3%																		6,391,480
	Allianz SE												4,600						659,110
	BASF SE												10,600						832,647
	Daimler AG												14,100						958,575
	Deutsche Post AG												33,100						987,838
	Deutsche Telekom AG												41,700						709,424
	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen												8,300						1,384,198
	Siemens AG												7,920						859,688
	Italy 2.9%																		2,963,407
	Snam SpA												131,100						758,882
	Terna Rete Elettrica Nazionale SpA												404,700						2,204,525
	Netherlands 1.3%																		1,362,077
	Royal Dutch Shell PLC, ADR, Class A (C)												26,300						1,362,077
	Norway 2.3%																		2,354,839
	Orkla ASA												100,700						936,786
	Statoil ASA												89,200						1,418,053
	Singapore 2.1%																		2,111,996
	Singapore Exchange, Ltd.												108,400						612,044
	Singapore Telecommunications, Ltd.												225,300						700,928
	Singapore Telecommunications, Ltd.												254,800						799,024
	Spain 1.2%																		1,207,987
	Gas Natural SDG SA												58,400						1,207,987
	Sweden 0.7%																		669,683
	Svenska Handelsbanken AB, A Shares												55,700						669,683
	Switzerland 2.4%																		2,455,819
	Nestle SA												7,700						617,021
	Roche Holding AG												2,000						510,536
	Swisscom AG												2,700						1,328,262

																Shares			Value
	Taiwan 1.0%																		$1,011,192
	Taiwan Semiconductor Manufacturing Company, Ltd., ADR												36,400						1,011,192
	United Kingdom 14.9%																		15,165,925
	AstraZeneca PLC, ADR (C)												43,260						1,476,896
	BAE Systems PLC												170,200						1,201,710
	British American Tobacco PLC												23,900						1,525,413
	Diageo PLC												27,100						776,596
	GlaxoSmithKline PLC												69,400						1,549,911
	Imperial Brands PLC												30,100						1,586,178
	National Grid PLC												138,500						1,985,927
	Sky PLC												4,494						54,730
	SSE PLC												92,900						1,864,790
	Unilever PLC												20,900						977,765
	Vodafone Group PLC												713,000						2,166,009
	United States 48.2%																		49,185,656
	AbbVie, Inc.												17,600						1,165,648
	Altria Group, Inc. (C)												27,900						1,888,830
	Ameren Corp. (C)												24,000						1,258,560
	Arthur J. Gallagher & Company												11,500						565,685
	AT&T, Inc. (C)												45,000						1,948,050
	Automatic Data Processing, Inc. (C)												9,300						827,235
	BlackRock, Inc.												1,755						642,769
	CenturyLink, Inc. (C)												30,900						971,496
	Cisco Systems, Inc.												35,000						1,068,550
	CME Group, Inc. (C)												9,800						1,001,952
	Duke Energy Corp. (C)												21,500						1,840,185
	Eaton Corp. PLC												11,930						756,480
	Emerson Electric Company (C)												13,620						761,358
	Entergy Corp. (C)												18,600						1,513,854
	Exxon Mobil Corp.												10,200						907,290
	Johnson & Johnson												5,925						741,988
	Kimberly-Clark Corp. (C)												10,400						1,347,320
	Lockheed Martin Corp. (C)												3,600						909,828
	McDonald's Corp. (C)												10,900						1,282,385
	Merck & Company, Inc. (C)												13,700						803,642
	Microchip Technology, Inc. (C)												15,600						867,984
	Microsoft Corp. (C)												12,000						680,160
	Occidental Petroleum Corp. (C)												22,500						1,681,425
	People's United Financial, Inc. (C)												61,200						927,792
	PepsiCo, Inc.												6,100						664,412
	Pfizer, Inc.												18,400						678,776
	Philip Morris International, Inc. (C)												24,000						2,406,240
	PPL Corp. (C)												64,400						2,428,524
	QUALCOMM, Inc.												13,760						861,101
	R.R. Donnelley & Sons Company (C)												54,600						978,432
	Regal Entertainment Group, Class A (C)												36,500						858,480
	Reynolds American, Inc. (C)												37,300						1,867,238
	Texas Instruments, Inc.												22,400						1,562,400
	The Coca-Cola Company												13,600						593,368
	The Dow Chemical Company (C)												32,800						1,760,376
	The Procter & Gamble Company												12,100						1,035,639
	The Southern Company												16,500						882,750

																Shares			Value
	United States  (continued)
	United Parcel Service, Inc., Class B												7,300						789,130
	Verizon Communications, Inc. (C)												32,694						1,811,575
	Waste Management, Inc. (C)												12,400						819,888
	WEC Energy Group, Inc. (C)												31,800						2,064,138
	Wells Fargo & Company (C)												15,900						762,723
										Yield (%)						Shares			Value
	Short-term investments 2.3%																		$2,337,200
	(Cost $2,337,200)
	Money market funds 1.3%																		1,309,200
	State Street Institutional Treasury Money Market Fund, Premier Class									0.1853(Y				)		1,309,200			1,309,200
																Par value^			Value
	Repurchase agreement 1.0%																		$1,028,000
	Repurchase Agreement with State Street Corp. dated 7-29-16 at 0.030% to be repurchased at $1,028,003 on 8-1-16, collateralized by $1,030,000 U.S. Treasury Notes, 1.375% due 1-31-21 (valued at $1,050,600, including interest)															1,028,000			1,028,000
	Total investments (Cost $99,488,465)† 99.8%																		$101,785,953
	Other assets and liabilities, net 0.2%																		$177,195
	Total net assets 100.0%																		$101,963,148

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 7-31-16 was $28,621,921.

(Y)

The rate shown is the annualized seven-day yield as of 7-31-16.

†

At 7-31-16, the aggregate cost of investment securities for federal income tax purposes was $112,689,268. Net unrealized depreciation aggregated to $10,903,315, of which $4,260,393 related to appreciated investment securities and $15,163,708 related to depreciated investment securities.

The fund had the following sector composition as a percentage of net assets on 7-31-16:

	Utilities			17.6%
	Telecommunication services			17.0%
	Consumer staples			15.9%
	Financials			10.0%
	Industrials			9.2%
	Health care			7.9%
	Energy			6.7%
	Information technology			6.7%
	Materials			3.4%
	Consumer discretionary			3.1%
	Short-term investments and other			2.5%
	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 may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations.

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 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.

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 July 31, 2016, by major security category or type:

							Total value at 7-31-16			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Common stocks
				Australia			$3,668,009			—			$3,668,009			—
				Canada			6,365,126			$6,365,126			—			—
				France			4,535,557			—			4,535,557			—
				Germany			6,391,480			—			6,391,480			—
				Italy			2,963,407			—			2,963,407			—
				Netherlands			1,362,077			1,362,077			—			—
				Norway			2,354,839			—			2,354,839			—
				Singapore			2,111,996			—			2,111,996			—
				Spain			1,207,987			—			1,207,987			—
				Sweden			669,683			—			669,683			—
				Switzerland			2,455,819			—			2,455,819			—
				Taiwan			1,011,192			1,011,192			—			—
				United Kingdom			15,165,925			1,476,896			13,689,029			—
				United States			49,185,656			49,185,656			—			—
	Short-term investments						2,337,200			1,309,200			1,028,000			—
	Total investments in securities						$101,785,953			$60,710,147			$41,075,806			—
	Other financial instruments:
	Written options						($363,545	)		($363,545	)		—			—

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

							Number of contracts			Premiums received
	Outstanding, beginning of period						225			$765,936
				Options written			2,050			5,189,285
				Option closed			(1,814	)		(5,482,179	)
				Options exercised			—			—
				Options expired			(148	)		(101,858	)
	Outstanding, end of period						313			$371,184

	Name of issuer			Exercise price						Expiration date			Number of contracts			Premium			Value
	Calls
	Philadelphia Utility Index			$660						Sep 2016			26			$27,350			($29,900	)
	S&P 100 Index			1,020						Sep 2016			150			11,131			(6,750	)
	S&P 500 Index			2,200						Aug 2016			13			8,700			(7,735	)
	S&P 500 Index			2,205						Aug 2016			13			7,270			(3,575	)
	S&P 500 Index			2,205						Aug 2016			13			9,090			(9,090	)
	S&P 500 Index			2,210						Aug 2016			13			7,660			(4,745	)
	S&P 500 Index			2,165						Sep 2016			85			299,983			(301,750	)
	Total												313			$371,184			($363,545	)

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

	P14Q3	07/16
This report is for the information of the shareholders of John Hancock Tax-Advantaged Global Shareholder Yield Fund.		9/16