ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 1 |
2 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 3 |
4 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 5 |
Average annual total returns (%) | Cumulative total returns (%) | ||||
1-Year | 5-Year | 10-Year | 5-year | 10-Year | |
At Net asset value | -8.16 | 0.07 | 2.86 | 0.37 | 32.56 |
At Market price | -17.26 | -2.45 | 1.21 | -11.67 | 12.73 |
MSCI World Index | -18.48 | 6.37 | 8.94 | 36.20 | 135.34 |
6 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 7 |
Shares | Value | ||||
Common stocks 96.9% | $56,170,820 | ||||
(Cost $58,955,537) | |||||
Austria 0.5% | 313,793 | ||||
BAWAG Group AG (A)(B) | 6,500 | 313,793 | |||
Canada 8.4% | 4,857,005 | ||||
BCE, Inc. | 12,300 | 554,802 | |||
Enbridge, Inc. | 12,000 | 467,545 | |||
Fortis, Inc. | 7,200 | 280,897 | |||
Great-West Lifeco, Inc. | 17,500 | 405,146 | |||
Nutrien, Ltd. (New York Stock Exchange) | 6,600 | 557,700 | |||
Restaurant Brands International, Inc. | 15,600 | 926,328 | |||
Royal Bank of Canada | 12,100 | 1,119,540 | |||
TELUS Corp. | 26,100 | 545,047 | |||
France 6.4% | 3,685,711 | ||||
AXA SA | 30,100 | 743,316 | |||
Danone SA | 6,346 | 315,393 | |||
Orange SA | 56,500 | 538,327 | |||
Sanofi | 8,800 | 757,309 | |||
TotalEnergies SE | 18,500 | 1,009,237 | |||
Vinci SA | 3,500 | 322,129 | |||
Germany 6.6% | 3,856,070 | ||||
Allianz SE | 2,800 | 503,732 | |||
BASF SE | 9,300 | 417,297 | |||
Bayer AG | 8,207 | 431,532 | |||
Deutsche Post AG | 16,600 | 586,806 | |||
Deutsche Telekom AG | 50,990 | 962,461 | |||
Muenchener Rueckversicherungs-Gesellschaft AG | 2,200 | 580,747 | |||
Siemens AG | 3,420 | 373,495 | |||
Hong Kong 0.4% | 237,164 | ||||
China Resources Gas Group, Ltd. | 92,600 | 237,164 | |||
Ireland 1.0% | 593,912 | ||||
Medtronic PLC | 6,800 | 593,912 | |||
Italy 0.9% | 530,024 | ||||
Snam SpA | 119,200 | 530,024 | |||
Japan 1.8% | 1,028,973 | ||||
Bridgestone Corp. | 10,400 | 376,131 | |||
Koei Tecmo Holdings Company, Ltd. | 24,600 | 371,188 | |||
Toyota Motor Corp. | 20,300 | 281,654 |
8 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Norway 0.7% | $412,804 | ||||
Orkla ASA | 61,200 | 412,804 | |||
South Korea 1.4% | 786,990 | ||||
Samsung Electronics Company, Ltd., GDR (A) | 500 | 516,399 | |||
SK Telecom Company, Ltd. | 7,700 | 270,591 | |||
Switzerland 2.8% | 1,616,226 | ||||
Nestle SA | 3,400 | 370,120 | |||
Novartis AG | 11,303 | 914,308 | |||
Roche Holding AG | 1,000 | 331,798 | |||
Taiwan 0.7% | 437,005 | ||||
Taiwan Semiconductor Manufacturing Company, Ltd., ADR | 7,100 | 437,005 | |||
United Kingdom 7.7% | 4,445,441 | ||||
AstraZeneca PLC, ADR | 15,731 | 925,140 | |||
BAE Systems PLC | 37,300 | 348,888 | |||
British American Tobacco PLC | 21,600 | 853,058 | |||
Coca-Cola Europacific Partners PLC | 17,400 | 818,670 | |||
GSK PLC | 19,520 | 319,759 | |||
Linde PLC | 1,000 | 297,350 | |||
National Grid PLC | 23,650 | 257,670 | |||
Unilever PLC | 13,748 | 624,906 | |||
United States 57.6% | 33,369,702 | ||||
AbbVie, Inc. | 8,600 | 1,259,039 | |||
Air Products & Chemicals, Inc. | 1,400 | 350,560 | |||
Altria Group, Inc. | 12,700 | 587,629 | |||
Ameren Corp. | 3,800 | 309,776 | |||
American Electric Power Company, Inc. | 8,400 | 738,528 | |||
Amgen, Inc. | 1,200 | 324,420 | |||
Analog Devices, Inc. | 6,700 | 955,554 | |||
Apple, Inc. | 3,300 | 506,022 | |||
AT&T, Inc. | 24,500 | 446,635 | |||
Bank of America Corp. | 8,900 | 320,756 | |||
Broadcom, Inc. | 2,300 | 1,081,276 | |||
Chevron Corp. | 2,300 | 416,070 | |||
Cisco Systems, Inc. | 19,900 | 904,057 | |||
Columbia Banking System, Inc. | 16,200 | 542,214 | |||
Cummins, Inc. | 3,200 | 782,432 | |||
CVS Health Corp. | 4,200 | 397,740 | |||
Dow, Inc. | 11,400 | 532,836 | |||
Duke Energy Corp. | 3,300 | 307,494 | |||
Eaton Corp. PLC | 2,600 | 390,182 | |||
Eli Lilly & Company | 900 | 325,881 | |||
Emerson Electric Company | 5,500 | 476,300 | |||
Entergy Corp. | 4,500 | 482,130 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 9 |
Shares | Value | ||||
United States (continued) | |||||
Evergy, Inc. | 9,300 | $568,509 | |||
Hasbro, Inc. | 12,300 | 802,575 | |||
Hubbell, Inc. | 1,700 | 403,716 | |||
IBM Corp. | 9,300 | 1,286,097 | |||
Intel Corp. | 8,900 | 253,027 | |||
Johnson & Johnson | 2,100 | 365,337 | |||
JPMorgan Chase & Co. | 5,108 | 642,995 | |||
KeyCorp | 43,700 | 780,919 | |||
Kimberly-Clark Corp. | 2,500 | 311,150 | |||
KLA Corp. | 1,500 | 474,675 | |||
Lazard, Ltd., Class A | 20,400 | 769,284 | |||
Leggett & Platt, Inc. | 11,800 | 398,250 | |||
Lockheed Martin Corp. | 800 | 389,344 | |||
LyondellBasell Industries NV, Class A | 7,000 | 535,150 | |||
Merck & Company, Inc. | 7,000 | 708,400 | |||
MetLife, Inc. | 13,234 | 968,861 | |||
Microsoft Corp. | 4,266 | 990,267 | |||
MSC Industrial Direct Company, Inc., Class A | 9,200 | 763,416 | |||
NextEra Energy, Inc. | 7,500 | 581,250 | |||
NiSource, Inc. | 23,100 | 593,439 | |||
Omnicom Group, Inc. | 6,700 | 487,425 | |||
Pfizer, Inc. | 10,800 | 502,740 | |||
Philip Morris International, Inc. | 11,400 | 1,047,090 | |||
Raytheon Technologies Corp. | 4,200 | 398,244 | |||
Texas Instruments, Inc. | 7,300 | 1,172,599 | |||
The Coca-Cola Company | 6,100 | 365,085 | |||
The Home Depot, Inc. | 1,200 | 355,356 | |||
The PNC Financial Services Group, Inc. | 2,300 | 372,209 | |||
The Procter & Gamble Company | 2,200 | 296,274 | |||
Truist Financial Corp. | 13,100 | 586,749 | |||
U.S. Bancorp | 11,300 | 479,685 | |||
United Parcel Service, Inc., Class B | 2,700 | 452,979 | |||
UnitedHealth Group, Inc. | 600 | 333,090 | |||
Vail Resorts, Inc. | 1,400 | 306,782 | |||
Verizon Communications, Inc. | 10,700 | 399,859 | |||
Walmart, Inc. | 3,300 | 469,689 | |||
WEC Energy Group, Inc. | 3,500 | 319,655 | |||
Yield (%) | Shares | Value | |||
Short-term investments 2.2% | $1,298,515 | ||||
(Cost $1,298,515) | |||||
Short-term funds 2.2% | 1,298,515 | ||||
State Street Institutional Treasury Money Market Fund, Premier Class | 2.4174(C) | 1,298,515 | 1,298,515 |
10 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Total investments (Cost $60,254,052) 99.1% | $57,469,335 | ||||
Other assets and liabilities, net 0.9% | 498,302 | ||||
Total net assets 100.0% | $57,967,637 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | |
Security Abbreviations and Legend | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
(A) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
(B) | Non-income producing security. |
(C) | The rate shown is the annualized seven-day yield as of 10-31-22. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 11 |
Assets | |
Unaffiliated investments, at value (Cost $60,254,052) | $57,469,335 |
Foreign currency, at value (Cost $314) | 310 |
Dividends and interest receivable | 534,657 |
Receivable for investments sold | 268,297 |
Other assets | 66,258 |
Total assets | 58,338,857 |
Liabilities | |
Due to custodian | 268,297 |
Payable for investments purchased | 3,389 |
Payable to affiliates | |
Accounting and legal services fees | 3,353 |
Trustees’ fees | 87 |
Other liabilities and accrued expenses | 96,094 |
Total liabilities | 371,220 |
Net assets | $57,967,637 |
Net assets consist of | |
Paid-in capital | $94,751,073 |
Total distributable earnings (loss) | (36,783,436) |
Net assets | $57,967,637 |
Net asset value per share | |
Based on 10,921,751 shares of beneficial interest outstanding - unlimited number of shares authorized with $0.01 par value | $5.31 |
12 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Investment income | |
Dividends | $4,380,743 |
Interest | 12,138 |
Less foreign taxes withheld | (248,425) |
Total investment income | 4,144,456 |
Expenses | |
Investment management fees | 591,923 |
Accounting and legal services fees | 10,026 |
Transfer agent fees | 16,251 |
Trustees’ fees | 37,413 |
Custodian fees | 19,614 |
Printing and postage | 12,759 |
Professional fees | 186,761 |
Stock exchange listing fees | 23,798 |
Other | 10,631 |
Total expenses | 909,176 |
Less expense reductions | (5,395) |
Net expenses | 903,781 |
Net investment income | 3,240,675 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments and foreign currency transactions | (7,174,497) |
Realized loss on investments not meeting investment restrictions | (6,648) |
Reimbursement from subadvisor for loss on investments not meeting investment restrictions | 6,648 |
(7,174,497) | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments and translation of assets and liabilities in foreign currencies | (1,803,430) |
(1,803,430) | |
Net realized and unrealized loss | (8,977,927) |
Decrease in net assets from operations | $(5,737,252) |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 13 |
Year ended 10-31-22 |
Year ended 10-31-21 |
|
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $3,240,675 | $3,485,641 |
Net realized gain (loss) | (7,174,497) | 9,686,238 |
Change in net unrealized appreciation (depreciation) | (1,803,430) | 1,351,814 |
Increase (decrease) in net assets resulting from operations | (5,737,252) | 14,523,693 |
Distributions to shareholders | ||
From earnings | (3,212,941) | (3,440,813) |
From tax return of capital | (3,775,778) | (3,544,161) |
Total distributions | (6,988,719) | (6,984,974) |
Fund share transactions | ||
Issued pursuant to Dividend Reinvestment Plan | 24,180 | 29,084 |
Total increase (decrease) | (12,701,791) | 7,567,803 |
Net assets | ||
Beginning of year | 70,669,428 | 63,101,625 |
End of year | $57,967,637 | $70,669,428 |
Share activity | ||
Shares outstanding | ||
Beginning of year | 10,917,997 | 10,913,503 |
Issued pursuant to Dividend Reinvestment Plan | 3,754 | 4,494 |
End of year | 10,921,751 | 10,917,997 |
14 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Period ended | 10-31-22 | 10-31-21 | 10-31-20 | 10-31-19 | 10-31-18 |
Per share operating performance | |||||
Net asset value, beginning of period | $6.47 | $5.78 | $7.61 | $7.63 | $8.90 |
Net investment income1 | 0.30 | 0.32 | 0.36 | 0.42 | 0.41 |
Net realized and unrealized gain (loss) on investments | (0.82) | 1.01 | (1.55) | 0.19 | (0.86) |
Total from investment operations | (0.52) | 1.33 | (1.19) | 0.61 | (0.45) |
Less distributions | |||||
From net investment income | (0.29) | (0.32) | (0.35) | (0.42) | (0.41) |
From tax return of capital | (0.35) | (0.32) | (0.29) | (0.22) | (0.41) |
Total distributions | (0.64) | (0.64) | (0.64) | (0.64) | (0.82) |
Anti-dilutive impact of repurchase plan | — | — | —2,3 | 0.013 | — |
Net asset value, end of period | $5.31 | $6.47 | $5.78 | $7.61 | $7.63 |
Per share market value, end of period | $4.71 | $6.37 | $4.75 | $6.93 | $6.91 |
Total return at net asset value (%)4,5 | (8.16) | 23.93 | (14.79) | 9.45 | (5.45) |
Total return at market value (%)4 | (17.26) | 48.48 | (23.10) | 10.06 | (15.04) |
Ratios and supplemental data | |||||
Net assets, end of period (in millions) | $58 | $71 | $63 | $83 | $84 |
Ratios (as a percentage of average net assets): | |||||
Expenses before reductions | 1.38 | 1.42 | 1.32 | 1.35 | 1.35 |
Expenses including reductions | 1.37 | 1.42 | 1.31 | 1.34 | 1.34 |
Net investment income | 4.93 | 4.85 | 5.43 | 5.60 | 4.90 |
Portfolio turnover (%) | 311 | 302 | 301 | 260 | 208 |
1 | Based on average daily shares outstanding. |
2 | Less than $0.005 per share. |
3 | The repurchase plan was completed at an average repurchase price of $6.97 for 24,933 shares and $6.80 for 106,001 shares for the periods ended 10-31-20 and 10-31-19, respectively. |
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 tax return of capital, if any, were reinvested. |
5 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK Tax-Advantaged Global Shareholder Yield Fund | 15 |
16 | JOHN HANCOCK Tax-Advantaged Global Shareholder Yield Fund | ANNUAL REPORT |
Total value at 10-31-22 |
Level 1 quoted price |
Level 2 significant observable inputs |
Level 3 significant unobservable inputs |
|
Investments in securities: | ||||
Assets | ||||
Common stocks | ||||
Austria | $313,793 | — | $313,793 | — |
Canada | 4,857,005 | $4,857,005 | — | — |
France | 3,685,711 | — | 3,685,711 | — |
Germany | 3,856,070 | — | 3,856,070 | — |
Hong Kong | 237,164 | — | 237,164 | — |
Ireland | 593,912 | 593,912 | — | — |
Italy | 530,024 | — | 530,024 | — |
Japan | 1,028,973 | — | 1,028,973 | — |
Norway | 412,804 | — | 412,804 | — |
South Korea | 786,990 | — | 786,990 | — |
Switzerland | 1,616,226 | — | 1,616,226 | — |
Taiwan | 437,005 | 437,005 | — | — |
United Kingdom | 4,445,441 | 2,041,160 | 2,404,281 | — |
United States | 33,369,702 | 33,369,702 | — | — |
Short-term investments | 1,298,515 | 1,298,515 | — | — |
Total investments in securities | $57,469,335 | $42,597,299 | $14,872,036 | — |
ANNUAL REPORT | JOHN HANCOCK Tax-Advantaged Global Shareholder Yield Fund | 17 |
18 | JOHN HANCOCK Tax-Advantaged Global Shareholder Yield Fund | ANNUAL REPORT |
October 31, 2022 | October 31, 2021 | |
Ordinary income | $3,212,941 | $3,440,813 |
Return of capital | 3,775,778 | 3,544,161 |
Total | $6,988,719 | $6,984,974 |
ANNUAL REPORT | JOHN HANCOCK Tax-Advantaged Global Shareholder Yield Fund | 19 |
20 | JOHN HANCOCK Tax-Advantaged Global Shareholder Yield Fund | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 21 |
22 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 23 |
24 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 25 |
26 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
Payment Date | Income Distributions |
December 31, 2021 | $0.1600 |
March 31, 2022 | 0.1600 |
June 30, 2022 | 0.1600 |
September 30, 2022 | 0.1600 |
Total | $0.6400 |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 27 |
Shareholder Transaction Expenses | |
Sales load ( |
% |
Offering expenses (as a percentage of offering price) | % |
28 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
Dividend Reinvestment Plan fees | |
Annual Expenses (Percentage of Net Assets Attributable to Common Shares) | |
Management fees | |
Interest payments on borrowed funds | % |
Other expenses | |
Total Annual Operating Expenses | |
Contractual Expense Reimbursement | ( |
Total Annual Fund Operating Expenses After Expense Reimbursements |
1 Year | 3 Years | 5 Years | 10 Years | |
Total Expenses | $ |
$ |
$ |
$ |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 29 |
Market Price | NAV per Share on Data of Market Price High and Low |
Premium/(Discount) on Date of Market Price High and Low |
||||
Fiscal Quarter Ended | High | Low | High | Low | High | Low |
January 31, 2021 | $ |
$ |
$ |
$ |
- |
- |
April 30, 2021 | $ |
$ |
$ |
$ |
- |
- |
July 31, 2021 | $ |
$ |
$ |
$ |
- |
|
October 31, 2021 | $ |
$ |
$ |
$ |
- |
|
January 31, 2022 | $ |
$ |
$ |
$ |
- |
|
April 30, 2022 | $ |
$ |
$ |
$ |
- |
|
July 31, 2022 | $ |
$ |
$ |
$ |
- |
- |
October 31, 2022 | $ |
$ |
$ |
$ |
- |
- |
30 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 31 |
(a) | the skills and competency with which the Advisor has in the past managed the fund’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues; |
(b) | the background, qualifications and skills of the Advisor’s personnel; |
32 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
(c) | the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments; |
(d) | the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund; |
(e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; |
(f) | the Advisor’s initiatives intended to improve various aspects of the fund’s operations and investor experience with the fund; and |
(g) | the Advisor’s reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments. |
(a) | reviewed information prepared by management regarding the fund’s performance; |
(b) | considered the comparative performance of an applicable benchmark index; |
(c) | considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; |
(d) | took into account the Advisor’s analysis of the fund’s performance; and |
(e) | considered the fund’s share performance and premium/discount information. |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 33 |
(a) | reviewed financial information of the Advisor; |
(b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund; |
(c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund; |
(d) | received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies; |
(e) | considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement; |
(f) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
(g) | noted that the subadvisory fees for the fund are paid by the Advisor, and are negotiated at arm’s length; |
(h) | considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and |
(i) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk. |
34 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
(1) | information relating to the Subadvisor’s business, including current subadvisory services to the fund (and other funds in the John Hancock Fund Complex); |
(2) | the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; |
(3) | the subadvisory fees for the fund and to the extent available, comparable fee information prepared by an independent third party provider of fund data; and |
(4) | information relating to the nature and scope of any material relationships and their significance to the fund’s Advisor and the Subadvisor. |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 35 |
(1) | the Subadvisor has extensive experience and demonstrated skills as a manager; |
(2) | the fund’s performance, based on net asset value, is being monitored and reasonably addressed, where appropriate; and |
(3) | the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement. |
36 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 37 |
Independent Trustees | ||
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years |
Trustee of the Trust since1 |
Number of John Hancock funds overseen by Trustee |
Hassell H. McClellan, Born: 1945 | 2012 | 183 |
Trustee and Chairperson of the Board | ||
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | ||
James R. Boyle, Born: 1959 | 2015 | 183 |
Trustee | ||
Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022). Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015). | ||
Peter S. Burgess,2 Born: 1942 | 2012 | 183 |
Trustee | ||
Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (2004-2021); Director, Symetra Financial Corporation (2010–2016); Director, PMA Capital Corporation (2004–2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005). | ||
William H. Cunningham,2 Born: 1944 | 2007 | 183 |
Trustee | ||
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986). | ||
Noni L. Ellison,* Born: 1971 | 2022 | 183 |
Trustee | ||
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C.(2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–present). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Grace K. Fey, Born: 1946 | 2012 | 183 |
Trustee | ||
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
38 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
Independent Trustees (continued) | ||
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years |
Trustee of the Trust since1 |
Number of John Hancock funds overseen by Trustee |
Dean C. Garfield,* Born: 1968 | 2022 | 183 |
Trustee | ||
Vice President, Netflix, Inc. (since 2019); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017). Trustee of various trusts within the John Hancock Fund Complex (since 2022) | ||
Deborah C. Jackson, Born: 1952 | 2008 | 183 |
Trustee | ||
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | ||
Patricia Lizarraga,2,* Born: 1966 | 2022 | 183 |
Trustee | ||
Founder, Chief Executive Officer, Hypatia Capital Group (advisory and asset management company) (since 2007); Independent Director, Audit Committee Chair, and Risk Committee Member, Credicorp, Ltd. (since 2017); Independent Director, Audit Committee Chair, Banco De Credito Del Peru (since 2017); Trustee, Museum of Art of Lima (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Steven R. Pruchansky, Born: 1944 | 2007 | 183 |
Trustee and Vice Chairperson of the Board | ||
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex. | ||
Frances G. Rathke,2 Born: 1960 | 2020 | 183 |
Trustee | ||
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020). |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 39 |
Independent Trustees (continued) | ||
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years |
Trustee of the Trust since1 |
Number of John Hancock funds overseen by Trustee |
Gregory A. Russo, Born: 1949 | 2008 | 183 |
Trustee | ||
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018), and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Global Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
Non-Independent Trustees3 | ||
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years |
Trustee of the Trust since1 |
Number of John Hancock funds overseen by Trustee |
Andrew G. Arnott, Born: 1971 | 2017 | 183 |
President and Non-Independent Trustee | ||
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017). | ||
Marianne Harrison, Born: 1963 | 2018 | 183 |
Non-Independent Trustee | ||
President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary’s General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013- 2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012–2013 and since 2017). Trustee of various trusts within the John Hancock Fund Complex (since 2018). | ||
Paul Lorentz,† Born: 1968 | 2022 | 183 |
Non-Independent Trustee | ||
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
40 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
Principal officers who are not Trustees | |
Name, year of birth Position(s) held with fund Principal occupation(s) during past 5 years |
Current Position(s) with the Trust since |
Charles A. Rizzo, Born: 1957 | 2007 |
Chief Financial Officer | |
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007). | |
Salvatore Schiavone, Born: 1965 | 2010 |
Treasurer | |
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). | |
Christopher (Kit) Sechler, Born: 1973 | 2018 |
Secretary and Chief Legal Officer | |
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions). | |
Trevor Swanberg, Born: 1979 | 2020 |
Chief Compliance Officer | |
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions). |
1 | Mr. Boyle, Dr. Cunningham, Ms. Fey, Dr. McClellan and Mr. Russo serve as Trustees for a term expiring in 2023; Mr. Burgess, Ms. Harrison and Ms. Rathke serve as Trustees for a term expiring in 2024; Mr. Arnott, Ms. Jackson and Mr. Pruchansky serve as Trustees for a term expiring in 2025; Ms. Ellison, Mr. Garfield, Ms. Lizarraga, and Mr. Lorentz will stand for election in 2023. Mr. Boyle has served as Trustee at various times prior to the date listed in the table. |
2 | Member of the Audit Committee. |
3 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates. |
* | Appointed to serve as Independent Trustee effective as of September 20, 2022. |
† | Appointed to serve as Non-Independent Trustee effective as of September 20, 2022. |
ANNUAL REPORT | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | 41 |
You can also contact us: | ||
800-852-0218 | Regular mail: | Express mail: |
jhinvestments.com | Computershare P.O. Box 43006 Providence, RI 02940-3078 |
Computershare 150 Royall St., Suite 101 Canton, MA 02021 |
42 | JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND | ANNUAL REPORT |
MF2574536 | P14A 10/22 |
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