John Hancock

Hedged Equity & Income Fund

Ticker: HEQ
Annual report 12/31/15

Managed distribution plan

The fund has adopted a managed distribution plan (Plan). Under the Plan, the fund makes quarterly distributions of an amount equal to $0.376 per share, which will be paid quarterly until further notice. The fund may make additional distributions: (i) for purposes of not incurring federal income tax on the fund of investment company taxable income and net capital gain, if any, not included in such regular distributions; and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular distributions.

The Plan provides that the Board of Trustees of the fund may amend the terms of the Plan or terminate the Plan at any time without prior notice to the fund's shareholders. The Plan is subject to periodic review by the fund's Board of Trustees.

You should not draw any conclusions about the fund's investment performance from the amount of the fund's distributions or from the terms of the fund's Plan. The fund's total return at NAV is presented in the Financial highlights section.

With each distribution that does not consist solely of net income, the fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The fund may, at times, distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital does not necessarily reflect the fund's investment performance and should not be confused with yield or income.

Dear shareholder,

Global financial markets delivered lackluster performance in 2015, on balance, while volatility rose across asset classes. Among the factors driving investor concerns were persistently low oil prices, evidence of slowing growth in China, and increasing terrorist activity in Europe and the Middle East. Economic growth continues to slowly gather steam in the United States, and central banks in Europe and Asia remain committed to further monetary stimulus. However, several headwinds remain, and our network of asset managers and research firms expects volatility to affect a range of global markets in 2016. Corporate bond market liquidity has added to concerns, since new regulations intended to limit risk taking by banks may subsequently limit the ability of those institutions to buy bonds from sellers.

At John Hancock Investments, portfolio risk management is a critical part of our role as an asset manager, and our dedicated risk team is focused on these issues every day. We continually strive for new ways to analyze potential risks and have liquidity tools in place, such as a credit facility and an interfund lending program. Given today's market dynamics, now may be a good time to ask your financial advisor whether your portfolio is sufficiently diversified to meet your long-term objectives and withstand the inevitable bumps along the way.

Introducing John Hancock Multifactor Exchange-Traded Funds (ETFs)

We believe investors benefit from a combination of active and passive strategies in their portfolios. That's why, for years, we've offered actively managed funds to our shareholders, alongside asset allocation portfolios that employ a mix of active and passive strategies. That same thinking is what led us to team up with Dimensional Fund Advisors LP—a company regarded as one of the pioneers in strategic beta investing*—for the introduction of the passively managed John Hancock Multifactor ETFs. Each ETF seeks to track a custom index built upon decades of academic research into the factors that drive higher expected returns: smaller capitalizations, lower valuations, and higher profitability. For nearly 30 years, it's just the kind of time-tested approach we have looked for as a manager of managers. For more information, visit our website at jhinvestments.com/etf.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views as of December 31, 2015. They are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. There is no guarantee that the funds' investment strategies will be successful. Please see the funds' prospectuses for information about the specific risks involved. For more up-to-date information, you can visit our website at jhinvestments.com.

*	Strategic beta investing ETFs seek to improve upon cap-weighted strategies by tracking a custom index that combines active management insight with the discipline of a rules-based approach.

John Hancock
Hedged Equity & Income Fund

Table of contents

2		Your fund at a glance
4		Discussion of fund performance
8		Fund's investments
26		Financial statements
29		Financial highlights
30		Notes to financial statements
38		Auditor's report
39		Tax information
40		Additional information
43		Trustees and Officers
47		More information

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       1

INVESTMENT OBJECTIVE

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The fund seeks to provide total return with a focus on current income and gains and also consisting of long-term capital appreciation.

AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/15 (%)

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The MSCI All Country World Index (gross of foreign withholding tax on dividends) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

The fund's most recent performance and current annualized distribution rate can be found at jhinvestments.com.

The fund's performance at net asset value (NAV) is different from the fund's performance at closing market price because the closing market price is subject to the dynamics of secondary market trading, which could cause the fund to trade at a discount or premium to its NAV at any time.

The performance data contained within this material represents past performance, which does not guarantee future results.

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

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Growth concerns weighed on global stocks

Fears of a global growth slowdown centered in China led to losses for many global stocks, with the steepest declines in emerging-market stocks.

Dividend stocks paced relative results

The fund outperformed its comparative index, the MSCI All Country World Index, at NAV, owing primarily to stock selection in the income-oriented financials and telecommunication services sectors.

The fund's domestic exposure was a positive factor

An overweight in U.S. stocks, which outperformed the fund's comparative index, contributed to relative performance during the period.

PORTFOLIO COMPOSITION AS OF 12/31/15 (%)

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A note about risks

As is the case with all closed-end funds, shares of this fund may trade at a discount to the fund's net asset value. An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. Fixed-income investments are subject to interest-rate risk; their value will normally decline as interest rates rise. An issuer of securities held by the fund may default, have its credit rating downgraded, or otherwise perform poorly, which may affect fund performance. Investing in derivative instruments involves risks different from, and in some cases greater than, the risks associated with investing directly in securities and other traditional investments. Liquidity—the extent to which a security may be sold or a derivative position closed without negatively affecting its market value, if at all—may be impaired by reduced trading volume, heightened volatility, rising interest rates, and other market conditions. Foreign investing, especially in emerging markets, has additional risks, such as currency and market volatility and political and social instability. The primary risks associated with the use of futures contracts and options are imperfect correlation, unanticipated market movement, and counterparty risk. Investments in higher-yielding, lower-rated securities include a higher risk of default.

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       3

An interview with Portfolio Manager Kent M. Stahl, CFA, Wellington Management Company LLP

What factors affected global markets over the past 12 months?

Global equities, as measured by the fund's comparative index, the MSCI All Country World Index, fell over the reporting period as supportive monetary policy actions by major world banks were unable to overcome worries about a worldwide growth slowdown. China implemented rate cuts in the first half of the period to stabilize growth in its economy while the European Central Bank announced a €1.14 trillion open-ended sovereign quantitative easing (QE) program to combat record low inflation and spark growth, while the Bank of Japan expanded its QE policy.

China dominated market sentiment in the second half of the period as the world's second largest economy unexpectedly devalued its currency, triggering concerns about global disinflationary trends and a weaker-than-anticipated global growth backdrop. Stocks tumbled in the third quarter of the year in the aftermath of China's move, while export-driven economies were especially hard hit by continued declines in crude oil and other commodities. U.S. equities outperformed non-U.S. equities and emerging-market equities underperformed their developed-market counterparts. The U.S. Federal Reserve capped off a turbulent year in December by delivering its first rate hike since 2006, but the move failed to ease volatility.

Within the comparative index, only four out of ten sectors posted positive returns. Healthcare, consumer staples, consumer discretionary, and information technology led the index, while energy and materials declined the most.

Looking ahead, we remain generally positive about the outlook for global markets. Our belief is based on the ongoing strength in developed economies where we believe buoyant consumption, recovering balance sheets, and accommodative monetary policy will drive growth.

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       4

"China dominated market sentiment in the second half of the period as the world's second largest economy unexpectedly devalued its currency, triggering concerns about global disinflationary trends and a weaker-than-anticipated global growth backdrop."

How did the fund respond to these market conditions?

The fund seeks to provide investors with a portfolio that will generate attractive long-term total returns with downside equity market protection through a portfolio that invests in global equities and high-yield bonds and employs options strategies. The fund performed well compared with its index for the reporting period at NAV, primarily due to strong stock selection in the equity strategy and the fund's beta hedge, a strategy that reduces the fund's equity exposure by selling futures on the S&P 500 Index and the MSCI EAFE Index and benefits when such indexes decline. The fund's allocation to high-yield bonds and call writing strategy detracted from relative performance.

Stock selection within the financials, telecommunication services, and consumer staples sectors contributed most to relative performance, but was partially offset by weak selection within the utilities, energy, and industrials sectors. Sector allocation detracted from relative results, most

SECTOR COMPOSITION AS OF 12/31/15 (%)

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ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       5

"Sector allocation detracted from relative results, most notably due to an underweight in consumer discretionary and consumer staples, as well as an overweight in the energy and materials sectors."

notably due to an underweight in consumer discretionary and consumer staples, as well as an overweight in the energy and materials sectors.

In a difficult environment for equities, which stocks had the greatest positive impact on relative performance for the year?

The top contributors to the fund's relative performance during the period were Japan-based telecommunications company Nippon Telegraph & Telephone Corp., food and beverage company Kraft Foods Group Inc., and pharmaceutical companies Eisai Company, Ltd. from Japan and U.S.-based Bristol-Myers Squibb Company. Kraft Foods Group was purchased by Heinz during the period and we eliminated the position on strength.

Which positions detracted the most from results?

The primary detractors from relative performance included the fund's holdings in Netherlands-based insurer Delta Lloyd NV, oil and natural gas exploration and production company Marathon Oil Corp., International Paper Company, and industrial components maker Eaton Corp. PLC. Not

TOP 10 HOLDINGS AS OF 12/31/15 (%)

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British American Tobacco PLC	2.3
Microsoft Corp.	2.3
Merck & Company, Inc.	2.2
The PNC Financial Services Group, Inc.	1.7
Nippon Telegraph & Telephone Corp.	1.7
Intel Corp.	1.5
JPMorgan Chase & Co.	1.5
AstraZeneca PLC	1.5
Bristol-Myers Squibb Company	1.3
Chevron Corp.	1.3
TOTAL	17.3
As a percentage of net assets.
Cash and cash equivalents are not included.

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       6

owning e-commerce and cloud computing company Amazon.com, Inc., which performed strongly during the period, also hurt relative results.

How was the fund positioned at the end of the period?

At the end of the period, the equity portfolio was most overweight in the financials and utilities sectors, while consumer discretionary and consumer staples were the largest underweights. The largest changes in positioning during the period included a shift to a greater underweight in information technology and increases in the underweight in consumer discretionary and the overweight in utilities. We maintained the fund's exposure to global high-yield fixed income to help aid its income-generating capabilities.

MANAGED BY

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	Kent M. Stahl, CFA On the fund since 2011 Investing since 1985
	Gregg R. Thomas, CFA On the fund since 2011 Investing since 1993

COUNTRY COMPOSITION AS OF 12/31/15 (%)

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United States	55.8
Japan	11.3
United Kingdom	9.4
Switzerland	4.0
France	3.8
Canada	2.7
Germany	2.7
Netherlands	2.0
Spain	1.8
China	1.5
Other Countries	5.0
TOTAL	100.0
As a percentage of net assets.

The views expressed in this report are exclusively those of Kent M. Stahl, CFA, Wellington Management Company LLP, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       7

 

	As of 12-31-15
																Shares						Value
	Common stocks 81.7%																					$171,559,688
	(Cost $175,502,681)
	Consumer discretionary 4.4%																					9,131,425
	Auto components 0.9%
	Aisan Industry Company, Ltd.															11,600						119,102
	Delphi Automotive PLC															3,905						334,776
	Exedy Corp.															8,400						203,016
	Keihin Corp.															14,700						257,755
	Nissin Kogyo Company, Ltd.															13,500						195,825
	Sumitomo Riko Company, Ltd.															17,600						146,720
	Takata Corp. (I)															10,900						72,589
	Tokai Rika Company, Ltd.															8,100						199,363
	Toyoda Gosei Company, Ltd.															11,600						263,516
	Automobiles 0.3%
	Honda Motor Company, Ltd.															13,900						444,265
	Peugeot SA (I)															4,089						71,676
	Renault SA															2,233						223,513
	Diversified consumer services 0.1%
	Allstar Co-Invest LLC (I)(R)															236,300						96,883
	Benesse Holdings, Inc.															2,800						80,634
	Household durables 0.9%
	Funai Electric Company, Ltd.															18,463						154,869
	Newell Rubbermaid, Inc.															8,681						382,658
	Nikon Corp.															20,500						274,566
	Pioneer Corp. (I)															76,500						210,598
	PulteGroup, Inc.															46,795						833,887
	Internet and catalog retail 0.1%
	Home Retail Group PLC															71,988						105,459
	Qliro Group AB (I)															49,556						70,817
	Media 0.5%
	Avex Group Holdings, Inc.															7,200						85,415
	Gendai Agency, Inc.															5,200						26,880
	Metropole Television SA															9,649						165,926
	Proto Corp.															3,000						41,272
	SES SA															25,587						709,008
	Multiline retail 0.2%
	Dollar General Corp.															5,688						408,797
	New World Department Store China, Ltd.															343,000						52,058
	Specialty retail 1.2%
	Adastria Company, Ltd.															2,900						162,278
	Honeys Company, Ltd.															12,030						103,834

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       8

																Shares						Value
	Consumer discretionary  (continued)
	Specialty retail  (continued)
	Nishimatsuya Chain Company, Ltd.															17,800						$154,066
	Pal Company, Ltd.															4,700						112,805
	Ross Stores, Inc.															4,663						250,916
	Shimamura Company, Ltd.															1,600						187,375
	The Home Depot, Inc.															10,725						1,418,381
	Xebio Company, Ltd.															9,500						179,407
	Textiles, apparel and luxury goods 0.2%
	Daphne International Holdings, Ltd. (I)															524,000						87,494
	Ralph Lauren Corp.															2,180						243,026
	Consumer staples 5.4%																					11,278,302
	Beverages 1.2%
	The Coca-Cola Company															58,457						2,511,313
	Food and staples retailing 0.3%
	Cawachi, Ltd.															7,100						138,448
	J Sainsbury PLC															88,666						337,658
	Metro AG															6,194						197,324
	Food products 1.1%
	Ebro Foods SA															20,138						396,131
	Ingredion, Inc.															11,273						1,080,404
	Pinnacle Foods, Inc.															17,016						722,499
	Suedzucker AG															9,645						191,168
	Household products 0.3%
	The Procter & Gamble Company															7,825						621,383
	Personal products 0.1%
	Oriflame Holding AG (I)															10,701						171,492
	Tobacco 2.4%
	British American Tobacco PLC															88,423						4,910,482
	Energy 6.3%																					13,137,134
	Energy equipment and services 0.3%
	Ensco PLC, Class A															14,177						218,184
	Helmerich & Payne, Inc.															5,000						267,750
	Oil, gas and consumable fuels 6.0%
	BP PLC															127,772						663,990
	Canadian Natural Resources, Ltd.															20,755						453,082
	Chevron Corp. (C)															30,777						2,768,699
	Encana Corp.															9,900						50,298
	Eni SpA															26,311						390,934
	Gazprom OAO, ADR															63,222						232,025
	Harum Energy Tbk PT (I)															450,400						21,987
	Indo Tambangraya Megah Tbk PT															96,400						39,796

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       9

																Shares						Value
	Energy  (continued)
	Oil, gas and consumable fuels  (continued)
	Inpex Corp.															20,000						$194,978
	Japan Petroleum Exploration Company, Ltd.															7,000						188,001
	Lukoil PJSC, ADR															7,520						244,287
	Marathon Oil Corp.															64,497						812,017
	Occidental Petroleum Corp.															15,255						1,031,391
	Painted Pony Petroleum, Ltd. (I)															12,700						31,940
	Petro Rio SA (I)															2,930						1,802
	Petroleo Brasileiro SA, ADR (I)															28,392						122,086
	Royal Dutch Shell PLC, B Shares															69,625						1,586,818
	Statoil ASA															6,144						85,689
	Suncor Energy, Inc.															60,254						1,554,553
	Total SA															37,579						1,684,718
	TransCanada Corp.															15,100						492,109
	Financials 22.2%																					46,665,561
	Banks 9.7%
	Allahabad Bank															61,017						63,788
	Alpha Bank AE (I)															16,089						43,117
	Banca Popolare dell'Emilia Romagna SC															19,413						147,250
	Banco Popular Espanol SA															54,636						180,019
	BNP Paribas SA															7,559						427,668
	CaixaBank SA															239,399						833,254
	Canara Bank															28,136						98,734
	China Construction Bank Corp., H Shares															1,538,218						1,049,292
	Comerica, Inc.															7,507						314,018
	Corp. Bank															60,024						38,266
	Dah Sing Financial Holdings, Ltd.															15,600						77,640
	HSBC Holdings PLC															201,577						1,591,291
	ING Groep NV															29,199						395,063
	JPMorgan Chase & Co. (C)															47,435						3,132,133
	KB Financial Group, Inc.															5,733						161,520
	M&T Bank Corp.															3,951						478,782
	Mitsubishi UFJ Financial Group, Inc.															324,005						2,006,968
	Mizuho Financial Group, Inc.															194,400						388,800
	Nordea Bank AB															124,752						1,368,748
	OTP Bank PLC															8,181						168,212
	Shinhan Financial Group Company, Ltd. (I)															3,196						107,359
	Societe Generale SA															7,733						356,353
	Standard Chartered PLC															41,264						342,374
	Sumitomo Mitsui Financial Group, Inc.															11,200						422,700
	Svenska Handelsbanken AB, A Shares															54,851						728,502
	The Eighteenth Bank, Ltd.															10,000						29,229
	The Oita Bank, Ltd.															15,000						58,340

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       10

																Shares						Value
	Financials  (continued)
	Banks  (continued)
	The PNC Financial Services Group, Inc. (C)															37,042						$3,530,473
	The Tochigi Bank, Ltd.															16,000						91,255
	The Yamanashi Chuo Bank, Ltd.															12,000						61,331
	UniCredit SpA															38,724						214,093
	Wells Fargo & Company (C)															26,267						1,427,874
	Capital markets 2.1%
	BlackRock, Inc. (C)															5,659						1,927,003
	Henderson Group PLC															338,431						1,538,175
	Julius Baer Group, Ltd. (I)															3,978						192,444
	UBS Group AG															29,358						569,529
	Uranium Participation Corp. (I)															30,800						114,189
	Consumer finance 0.1%
	Manappuram Finance, Ltd.															221,288						97,441
	Synchrony Financial (I)															7,926						241,030
	Diversified financial services 0.9%
	Intercontinental Exchange, Inc. (C)															4,288						1,098,843
	MSCI, Inc.															12,563						906,169
	Insurance 6.8%
	ACE, Ltd.															11,720						1,369,482
	Ageas															9,290						431,185
	Assicurazioni Generali SpA															69,232						1,264,639
	CNO Financial Group, Inc.															43,693						834,099
	Coface SA (I)															12,107						122,679
	Delta Lloyd NV															74,054						436,543
	FNF Group															25,327						878,087
	Marsh & McLennan Companies, Inc.															16,040						889,418
	MetLife, Inc.															35,929						1,732,137
	Primerica, Inc.															7,941						375,053
	Sony Financial Holdings, Inc.															20,020						358,102
	Storebrand ASA (I)															61,334						240,207
	T&D Holdings, Inc.															31,000						409,000
	The Dai-ichi Life Insurance Company, Ltd.															16,900						281,177
	Tongyang Life Insurance															9,867						97,561
	Torchmark Corp.															6,000						342,960
	Willis Towers Watson PLC															36,431						1,769,454
	Zurich Insurance Group AG (I)															9,378						2,409,206
	Real estate investment trusts 0.9%
	ICADE															11,936						801,144
	Weyerhaeuser Company															36,527						1,095,079
	Real estate management and development 1.7%
	Castellum AB															62,160						885,236
	The UNITE Group PLC															63,318						611,685

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       11

																Shares						Value
	Financials  (continued)
	Real estate management and development  (continued)
	Vonovia SE															65,133						$2,012,159
	Health care 9.4%																					19,816,502
	Biotechnology 0.1%
	Sinovac Biotech, Ltd. (I)															22,089						126,349
	Health care equipment and supplies 0.1%
	Zimmer Biomet Holdings, Inc.															3,355						344,189
	Health care providers and services 0.5%
	AmerisourceBergen Corp.															2,221						230,340
	Quest Diagnostics, Inc.															10,852						772,011
	Suzuken Company, Ltd.															990						37,622
	Health care technology 0.1%
	AGFA-Gevaert NV (I)															32,928						187,374
	Life sciences tools and services 0.0%
	CMIC Holdings Company, Ltd.															6,400						81,510
	Pharmaceuticals 8.6%
	Almirall SA															10,618						214,601
	AstraZeneca PLC															45,481						3,072,119
	Bristol-Myers Squibb Company															40,767						2,804,362
	Daiichi Sankyo Company, Ltd.															10,400						214,653
	Eisai Company, Ltd.															29,346						1,941,260
	H. Lundbeck A/S (I)															8,985						306,795
	Johnson & Johnson															12,714						1,305,982
	Merck & Company, Inc. (C)															88,336						4,665,908
	Ono Pharmaceutical Company, Ltd.															1,780						317,395
	Roche Holding AG															9,763						2,705,409
	Takeda Pharmaceutical Company, Ltd.															9,800						488,623
	Industrials 8.9%																					18,713,364
	Aerospace and defense 0.7%
	Raytheon Company															3,140						391,024
	Thales SA															2,943						220,283
	United Technologies Corp.															9,279						891,434
	Air freight and logistics 0.5%
	Deutsche Post AG															24,727						691,312
	PostNL NV (I)															85,802						325,442
	Airlines 0.4%
	American Airlines Group, Inc.															8,431						357,053
	Deutsche Lufthansa AG (I)															23,450						369,362
	Qantas Airways, Ltd. (I)															32,989						97,782
	Building products 0.4%
	Cie de Saint-Gobain															10,909						472,744

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       12

																Shares						Value
	Industrials  (continued)
	Building products  (continued)
	Fortune Brands Home & Security, Inc.															7,680						$426,240
	Commercial services and supplies 0.1%
	Aeon Delight Company, Ltd.															2,300						73,791
	Moshi Moshi Hotline, Inc.															8,500						72,931
	Construction and engineering 0.1%
	Raubex Group, Ltd.															58,523						63,505
	Toyo Engineering Corp. (I)															65,000						167,005
	Electrical equipment 2.1%
	Eaton Corp. PLC															46,545						2,422,202
	Schneider Electric SE															29,216						1,659,584
	Ushio, Inc.															14,600						201,332
	Zumtobel Group AG															1,496						37,687
	Industrial conglomerates 1.5%
	3M Company															6,703						1,009,740
	General Electric Company															20,197						629,137
	Koninklijke Philips NV															7,580						193,474
	Rheinmetall AG															4,572						303,909
	Siemens AG															9,564						925,277
	Machinery 0.7%
	Caterpillar, Inc.															13,164						894,625
	Fuji Machine Manufacturing Company, Ltd.															2,300						24,178
	Hisaka Works, Ltd.															9,200						73,287
	Sumitomo Heavy Industries, Ltd.															33,000						147,934
	The Japan Steel Works, Ltd.															53,000						186,052
	Toshiba Machine Company, Ltd.															41,000						139,057
	Marine 0.1%
	D/S Norden A/S (I)															7,995						141,758
	Pacific Basin Shipping, Ltd.															511,000						111,841
	Professional services 0.4%
	Adecco SA (I)															3,547						242,766
	en-japan, Inc.															4,800						176,749
	Hays PLC															85,030						182,615
	USG People NV															10,621						197,592
	Road and rail 0.6%
	Kansas City Southern															6,937						517,986
	Union Pacific Corp.															10,455						817,581
	Trading companies and distributors 0.4%
	Fastenal Company															9,702						396,036
	Kuroda Electric Company, Ltd.															9,400						173,660
	Rexel SA															11,033						146,913
	SIG PLC															65,647						138,724

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       13

																Shares						Value
	Industrials  (continued)
	Transportation infrastructure 0.9%
	Hamburger Hafen und Logistik AG															5,548						$84,530
	Jiangsu Expressway Company, Ltd., H Shares															1,428,519						1,917,230
	Information technology 10.3%																					21,728,157
	Communications equipment 2.0%
	Cisco Systems, Inc. (C)															101,647						2,760,224
	QUALCOMM, Inc.															30,429						1,520,994
	Electronic equipment, instruments and components 0.5%
	Avnet, Inc.															11,822						506,454
	Hosiden Corp.															27,100						152,435
	Kingboard Laminates Holdings, Ltd.															322,500						145,517
	Mitsumi Electric Company, Ltd.															7,200						40,776
	Nichicon Corp.															25,500						199,347
	Internet software and services 0.2%
	DeNa Company, Ltd.															13,700						214,218
	Dropbox, Inc., Class B (I)(R)															7,248						115,098
	Gree, Inc.															31,400						149,089
	IT services 0.9%
	Alten SA															2,642						152,890
	Booz Allen Hamilton Holding Corp.															19,661						606,542
	Devoteam SA															1,502						54,422
	Fujitsu, Ltd.															81,000						404,280
	GFI Informatique SA															3,780						34,195
	Itochu Techno-Solutions Corp.															10,200						203,229
	NET One Systems Company, Ltd.															26,700						170,929
	Sopra Steria Group															2,491						292,924
	Semiconductors and semiconductor equipment 3.7%
	Intel Corp.															93,906						3,235,062
	Kontron AG (I)															14,745						48,341
	Lam Research Corp.															6,049						480,412
	Maxim Integrated Products, Inc. (C)															72,067						2,738,546
	Micronas Semiconductor Holding AG (I)															15,030						111,997
	Mimasu Semiconductor Industry Company, Ltd.															7,500						71,413
	Miraial Company, Ltd.															6,500						57,124
	Rohm Company, Ltd.															3,600						182,343
	SCREEN Holdings Company, Ltd.															37,000						272,347
	Shinkawa, Ltd. (I)															15,400						79,355
	Shinko Electric Industries Company, Ltd.															32,600						208,994
	Tokyo Seimitsu Company, Ltd.															10,400						230,575
	Software 2.4%
	Alpha Systems, Inc.															1,700						27,362
	Microsoft Corp. (C)															88,160						4,891,117

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       14

																Shares						Value
	Information technology  (continued)
	Software  (continued)
	Nintendo Company, Ltd.															1,600						$220,016
	Technology hardware, storage and peripherals 0.6%
	Canon, Inc.															11,800						356,950
	Compal Electronics, Inc.															334,000						186,907
	Japan Digital Laboratory Company, Ltd.															6,400						87,082
	Melco Holdings, Inc.															8,300						152,586
	Western Digital Corp.															6,096						366,065
	Materials 5.3%																					11,188,759
	Chemicals 1.9%
	Agrium, Inc.															10,482						936,462
	Agrium, Inc.															3,416						305,309
	Akzo Nobel NV															12,056						805,566
	E.I. du Pont de Nemours & Company															11,305						752,913
	Fujimi, Inc.															4,300						59,524
	Hitachi Chemical Company, Ltd.															8,300						131,677
	JSR Corp.															18,500						288,310
	Methanex Corp.															8,497						280,486
	Mitsui Chemicals, Inc.															37,000						164,095
	Nitto Denko Corp.															2,600						189,815
	Sumitomo Bakelite Company, Ltd.															47,000						195,615
	Construction materials 0.4%
	Buzzi Unicem SpA															15,028						269,381
	LafargeHolcim, Ltd.															7,341						367,599
	Vicat SA															2,722						163,668
	Containers and packaging 1.4%
	AMVIG Holdings, Ltd.															230,000						95,302
	Graphic Packaging Holding Company															24,670						316,516
	International Paper Company															58,579						2,208,428
	Packaging Corp. of America															4,022						253,587
	Metals and mining 1.2%
	Aichi Steel Corp.															11,000						51,526
	Anglo American Platinum, Ltd. (I)															6,840						82,379
	Anglo American PLC															22,731						99,726
	Aquarius Platinum, Ltd. (I)															240,444						39,623
	Barrick Gold Corp.															14,100						104,346
	Centerra Gold, Inc.															30,200						143,830
	Chubu Steel Plate Company, Ltd.															8,500						37,191
	CST Mining Group, Ltd. (I)															1,440,000						16,809
	Eldorado Gold Corp.															36,404						108,120
	G-Resources Group, Ltd.															4,227,000						100,360
	Impala Platinum Holdings, Ltd. (I)															49,229						79,639

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       15

																Shares						Value
	Materials  (continued)
	Metals and mining  (continued)
	Ivanhoe Mines, Ltd., Class A (I)															109,000						$48,052
	Kinross Gold Corp. (I)															75,897						138,133
	Kyoei Steel, Ltd.															9,900						177,202
	Lonmin PLC (I)															15,069						18,443
	Maruichi Steel Tube, Ltd.															4,300						126,943
	Neturen Company, Ltd.															11,800						92,305
	Northern Dynasty Minerals, Ltd. (I)															16,000						4,857
	NV Bekaert SA															5,662						174,465
	Pacific Metals Company, Ltd. (I)															29,000						80,859
	Resolute Mining, Ltd. (I)															361,784						65,923
	Salzgitter AG															5,965						145,768
	Tokyo Steel Manufacturing Company, Ltd.															25,700						159,559
	Western Areas, Ltd.															46,516						75,362
	Yamato Kogyo Company, Ltd.															7,600						193,785
	Yodogawa Steel Works, Ltd.															5,400						108,291
	Paper and forest products 0.4%
	KapStone Paper and Packaging Corp.															18,800						424,692
	Norbord, Inc.															25,996						506,318
	Telecommunication services 4.6%																					9,708,523
	Diversified telecommunication services 3.7%
	Hellenic Telecommunications Organization SA															21,297						213,141
	KT Corp. (I)															12,791						306,514
	Magyar Telekom Telecommunications PLC (I)															119,805						167,220
	Nippon Telegraph & Telephone Corp.															88,612						3,526,590
	Orange SA															19,424						324,880
	Telefonica SA															26,116						289,729
	Telenor ASA															74,533						1,242,358
	Verizon Communications, Inc.															35,296						1,631,381
	Wireless telecommunication services 0.9%
	Mobistar SA (I)															9,759						236,642
	NTT DOCOMO, Inc.															86,296						1,770,068
	Utilities 4.9%																					10,191,961
	Electric utilities 1.9%
	Edison International															16,424						972,465
	Power Assets Holdings, Ltd.															222,168						2,036,736
	Xcel Energy, Inc.															29,457						1,057,801
	Gas utilities 0.6%
	Gas Natural SDG SA															58,187						1,186,563
	Independent power and renewable electricity producers 0.1%
	NTPC, Ltd.															81,336						178,065

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       16

																Shares						Value
	Utilities  (continued)
	Multi-utilities 2.3%
	Centrica PLC															389,974						$1,252,196
	Dominion Resources, Inc.															19,757						1,336,363
	E.ON SE															15,563						149,436
	Engie															18,391						325,764
	National Grid PLC															62,489						861,822
	PG&E Corp.															13,789						733,437
	RWE AG															8,036						101,313
	Preferred securities 0.0%																					$102,907
	(Cost $108,103)
	Telecommunication services 0.0%																					50,377
	Telefonica Brasil SA															5,600						50,377
	Utilities 0.0%																					52,530
	Cia Paranaense de Energia, B Shares															8,600						52,530
							Rate (%)			Maturity date			Par value^									Value
	Corporate bonds 13.9%																					$29,332,015
	(Cost $32,089,312)
	Consumer discretionary 2.9%																					6,107,985
	Auto components 0.1%
	ZF North America Capital, Inc. (S)						4.500			04-29-22									150,000			146,625
	Automobiles 0.1%
	General Motors Company						4.875			10-02-23									85,000			86,925
	General Motors Company						6.250			10-02-43									65,000			68,584
	Diversified consumer services 0.1%
	Service Corp. International						7.625			10-01-18									125,000			139,531
	Hotels, restaurants and leisure 0.3%
	CEC Entertainment, Inc.						8.000			02-15-22									130,000			122,850
	Cirsa Funding Luxembourg SA						5.875			05-15-23								EUR	100,000			102,970
	Cirsa Funding Luxembourg SA (S)						5.875			05-15-23								EUR	115,000			118,415
	NH Hotel Group SA (S)						6.875			11-15-19								EUR	235,000			280,516
	Household durables 0.5%
	Argos Merger Sub, Inc. (S)						7.125			03-15-23									205,000			203,258
	DR Horton, Inc.						4.000			02-15-20									25,000			25,143
	DR Horton, Inc.						4.375			09-15-22									80,000			79,500
	DR Horton, Inc.						5.750			08-15-23									20,000			21,320
	KB Home						7.000			12-15-21									375,000			369,844
	Lennar Corp.						4.750			11-15-22									125,000			123,938
	Lennar Corp.						4.875			12-15-23									40,000			39,800
	M/I Homes, Inc. (S)						6.750			01-15-21									195,000			192,075
	Toll Brothers Finance Corp.						4.875			11-15-25									45,000			44,213

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       17

							Rate (%)			Maturity date			Par value^									Value
	Consumer discretionary  (continued)
	Internet and catalog retail 0.1%
	Liberty Interactive LLC						8.250			02-01-30									155,000			$154,225
	Media 1.4%
	Altice Financing SA (S)						6.500			01-15-22								EUR	100,000			113,603
	CCO Holdings LLC						5.125			02-15-23									5,000			5,006
	CCO Holdings LLC						5.250			09-30-22									5,000			5,050
	CCO Holdings LLC						5.750			09-01-23									35,000			35,875
	CCO Holdings LLC						7.375			06-01-20									255,000			265,519
	CCO Safari II LLC (S)						4.908			07-23-25									95,000			94,907
	CCOH Safari LLC (S)						5.750			02-15-26									120,000			120,300
	Cequel Communications Holdings I LLC (S)						5.125			12-15-21									285,000			256,500
	Cequel Communications Holdings I LLC (S)						5.125			12-15-21									55,000			49,500
	DISH DBS Corp.						6.750			06-01-21									170,000			171,275
	DISH DBS Corp.						7.875			09-01-19									320,000			348,000
	Gray Television, Inc.						7.500			10-01-20									75,000			77,063
	Lin Television Corp.						5.875			11-15-22									35,000			34,825