John Hancock

Hedged Equity & Income Fund

Ticker: HEQ
Semiannual report 6/30/16

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 at the fund level 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,

The past six months marked a volatile stretch for equity investors. In January, major U.S. equity indexes experienced corrections—declines of 10% or more—before going on to rebound in the spring. Turbulence soon returned, however, as Brexit, the U.K.'s vote in late June to leave the European Union (EU), created a challenging backdrop for financial markets. Investors embraced traditional safe-haven assets, including U.S. Treasuries and gold, but equities and currency markets worldwide experienced sharp short-term drops. The move creates a number of unknowns in the near term, the most important of which is whether other EU countries will follow suit, and may ultimately have a negative effect on Europe's economic recovery. Our network of asset managers and researchers expects that the European Central Bank and the Bank of England will likely expand their efforts to stimulate economic activity and that the U.K.'s decision may even delay the U.S. Federal Reserve's next interest-rate increase until December at the earliest, all of which should help support markets. In fact, the S&P 500 Index and Dow Jones Industrial Average both went on to hit all-time highs in mid-July as investors bought stocks on the Brexit dip.

While it's impossible to predict how markets will respond to global macroeconomic developments in the coming weeks and months, it is prudent to expect continued volatility. 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 to meet the needs of our fund shareholders. Whether the markets are up or down, your financial advisor can help ensure your portfolio is sufficiently diversified to meet your long-term objectives and to withstand the inevitable bumps along the way.

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 June 30, 2016. They are subject to change at any time. All investments entail risks, including the possible loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. For more up-to-date information, you can visit our website at jhinvestments.com.

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		Additional information
39		Continuation of investment advisory and subadvisory agreements
44		Shareholder meeting
45		More information

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       1

INVESTMENT OBJECTIVE

---

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 6/30/16 (%)

---

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.

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       2

PERFORMANCE HIGHLIGHTS OVER THE LAST SIX MONTHS

---

Global stocks were generally flat to down

Global stocks were flat for the period, with aggressive policy actions by central banks offsetting periods of volatility due to global growth concerns and geopolitical uncertainty in Europe and the United Kingdom.

Defensive stocks paced relative results

The fund outperformed its comparative index, the MSCI All Country World Index, owing primarily to stock selection in the more defensive telecommunication services, consumer staples, and healthcare sectors.

The fund's high-yield exposure helped

Allocation to global high-yield bonds, which provide a source of income, contributed to relative performance during the period.

PORTFOLIO COMPOSITION AS OF 6/30/16 (%)

---

A note about risks

As is the case with all closed-end funds, shares of this fund may trade at a discount or a premium to the fund's net asset value (NAV). In addition to the impact of market movements, if a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. 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 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. Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment. Liquidity—the extent (if at all) to which a security may be sold or a derivative position closed without negatively affecting its market value—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. Investments in higher-yielding, lower-rated securities include a higher risk of default. The primary risks associated with the use of futures contracts and options are imperfect correlation, unanticipated market movement, and counterparty risk.

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       3

What factors affected global markets over the past six months?

Global equities, as measured by the fund's comparative index, the MSCI All Country World Index, gained only 1.58% for the first half of 2016 as the rally in risk assets stalled. The year got off to a volatile start as Chinese stocks plunged in early January, sparking a global risk-off trade. Along with ongoing worries about a hard landing in China, fears that yuan weakness could unleash a wave of global deflationary pressure resurfaced. Once again, monetary policy accommodation by major central banks in Japan, China, and the European Union (EU) helped support risk assets.

The volatility in the market continued into the second quarter of 2016, capped by Brexit, the vote of the U.K. electorate to leave the EU. While the short-term uncertainty about the outcome of the vote is now behind us, we are entering a new period of ambiguity regarding the implementation of the outcome, which may heighten near-term volatility. Overshadowed by the Brexit vote were a promising European economic backdrop and the European Central Bank's reaffirmation of its low interest-rate policy stance. In the United States, solid economic data helped investors shrug off the U.S. Federal Reserve's ramped-up rhetoric hinting at raising rates during May. Market participants were also encouraged by improving signs from China's economic data releases and Beijing's increased emphasis on currency stability.

During the six-month period, U.S. equities outperformed non-U.S. equities and emerging-market equities outperformed their developed market counterparts. Within the fund's comparative index, seven out of ten sectors posted positive returns. Energy, utilities, and telecommunication services gained the most, while the financials, consumer discretionary, and healthcare sectors declined.

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 net asset value, primarily due to its allocation to high-yield bonds and strong stock selection in the equity strategy. The fund's option overlay and beta hedge—a

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       4

"During the six-month period, U.S. equities outperformed non-U.S. equities and emerging-market equities outperformed their developed market counterparts."

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—detracted from relative performance as the S&P 500 Index advanced during the period.

Allocation among sectors, a result of the fund's bottom-up stock selection process, contributed to relative results, most notably due to an underweight in the consumer discretionary sector and overweight exposure to the utilities, energy, and telecommunication services sectors. Stock selection also aided relative performance, particularly within the defensive telecommunication services, consumer staples, and healthcare sectors. These results were partially offset by weaker selection within financials and consumer discretionary stocks.

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

Top contributors to the fund's relative performance during the period included U.K.-based British American Tobacco PLC, which benefited from pricing power and investor preference for dividend-paying securities. Japan-based telecommunication services companies Nippon Telegraph &

SECTOR COMPOSITION AS OF 6/30/16 (%)

---

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       5

"While Brexit and its impact will persist for some time, we believe the direct impact can be contained to the United Kingdom and Europe."

Telephone Corp. and wireless carrier NTT DOCOMO, Inc., were boosted by subscriber and profit growth at DOCOMO, which is majority owned by Nippon.

Which positions detracted the most from results?

Primary detractors from relative performance included the fund's holdings in U.S.-based The PNC Financial Services Group, Inc. and Japan-based bank Mitsubishi UFJ Financial Group, Inc., which were pressured by the impact of low interest rates on lending margins and capital markets volatility. British homebuilder Persimmon PLC was also among the top detractors.

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 utilities, financials, and telecommunication services, while underweight in the consumer discretionary, consumer staples, and information technology sectors. From a regional standpoint, the fund had overweight exposure to Europe (including the United Kingdom) and Japan, while being underweight to most emerging markets and North America. As always, we remain vigilant about downside risk and believe that the portfolio's strategy, which seeks to participate in rising markets and manage downside risk while providing income, has the potential to perform well in multiple market environments.

While Brexit and its impact will persist for some time, we believe the direct impact can be contained

TOP 10 HOLDINGS AS OF 6/30/16 (%)

---

British American Tobacco PLC	2.7
Merck & Company, Inc.	2.4
Microsoft Corp.	2.2
Chevron Corp.	1.6
Intel Corp.	1.5
Bristol-Myers Squibb Company	1.5
The PNC Financial Services Group, Inc.	1.5
Cisco Systems, Inc.	1.5
JPMorgan Chase & Co.	1.5
Eaton Corp. PLC	1.3
TOTAL	17.7
As a percentage of net assets.
Cash and cash equivalents are not included.

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       6

to the United Kingdom and Europe. While our team sees the potential for a U.K. recession in 2017 and slightly weaker growth for Europe, we maintain a low but positive global growth outlook. We continue to believe that the United States will show improving but uninspiring growth for the second half of the year with expected improvement in investment and capital expenditures as activity levels normalize. We believe that the U.S. consumer remains healthy and the drag from the stronger U.S. dollar will become less of a headwind on a year-over-year basis.

MANAGED BY

---

	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 6/30/16 (%)

---

United States	52.1
Japan	9.4
United Kingdom	8.2
Switzerland	4.0
France	3.7
Germany	3.2
Canada	2.9
Luxembourg	2.6
Netherlands	2.1
Italy	1.7
Other countries	10.1
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.

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       7

 

	As of 6-30-16 (unaudited)
																Shares						Value
	Common stocks 81.3%																					$163,833,542
	(Cost $167,063,239)
	Consumer discretionary 4.6%																					9,243,030
	Auto components 0.7%
	Aisan Industry Company, Ltd.															15,600						100,940
	Exedy Corp.															8,200						175,559
	Keihin Corp.															14,200						219,104
	Nissin Kogyo Company, Ltd.															13,200						169,066
	NOK Corp.															12,800						217,672
	Sumitomo Riko Company, Ltd.															14,500						116,180
	Tokai Rika Company, Ltd.															12,800						189,074
	Toyoda Gosei Company, Ltd.															11,200						199,464
	Automobiles 0.4%
	Honda Motor Company, Ltd.															16,800						421,398
	Mitsubishi Motors Corp.															33,800						156,032
	Peugeot SA (I)															3,952						47,369
	Renault SA															1,812						136,801
	Diversified consumer services 0.1%
	Allstar Co-Invest LLC (I)(R)															236,300						137,054
	Benesse Holdings, Inc.															3,800						89,208
	Hotels, restaurants and leisure 0.1%
	Hilton Worldwide Holdings, Inc.															12,005						270,473
	Household durables 1.2%
	Alpine Electronics, Inc.															14,700						144,063
	Funai Electric Company, Ltd.															17,863						157,420
	Newell Brands, Inc.															7,507						364,615
	Nikon Corp.															18,200						246,425
	Persimmon PLC															50,594						981,103
	Pioneer Corp. (I)															65,000						114,118
	PulteGroup, Inc.															27,220						530,518
	Internet and catalog retail 0.1%
	Home Retail Group PLC															54,185						110,962
	Qliro Group AB (I)															49,556						54,871
	Media 0.9%
	Avex Group Holdings, Inc.															7,000						79,231
	Gendai Agency, Inc.															5,200						25,043
	Metropole Television SA															6,630						110,230
	Proto Corp.															3,000						34,901
	SES SA															70,029						1,499,148
	Multiline retail 0.2%
	Dollar General Corp.															3,490						328,060

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       8

																Shares						Value
	Consumer discretionary  (continued)
	Multiline retail  (continued)
	New World Department Store China, Ltd. (I)															343,000						$44,896
	Specialty retail 0.8%
	Honeys Company, Ltd.															9,830						107,622
	Nishimatsuya Chain Company, Ltd.															4,700						66,653
	Pal Company, Ltd.															4,500						106,095
	The Home Depot, Inc.															9,528						1,216,630
	Xebio Holdings Company, Ltd.															9,200						130,066
	Textiles, apparel and luxury goods 0.1%
	Daphne International Holdings, Ltd. (I)															506,000						77,241
	Sanyo Shokai, Ltd.															36,000						67,725
	Consumer staples 5.5%																					11,187,122
	Beverages 1.3%
	PepsiCo, Inc.															12,729						1,348,510
	The Coca-Cola Company															26,409						1,197,120
	Food and staples retailing 0.3%
	Cawachi, Ltd.															4,700						112,222
	J Sainsbury PLC															72,935						227,206
	METRO AG															7,785						239,436
	Food products 0.8%
	Ebro Foods SA															13,769						316,936
	Ingredion, Inc.															6,018						778,789
	Pinnacle Foods, Inc.															10,146						469,658
	Suedzucker AG															6,908						152,152
	Household products 0.3%
	The Procter & Gamble Company															7,610						644,339
	Personal products 0.1%
	Oriflame Holding AG (I)															8,135						207,468
	Tobacco 2.7%
	British American Tobacco PLC															84,735						5,493,286
	Energy 7.5%																					15,169,621
	Energy equipment and services 0.1%
	Ensco PLC, Class A															14,177						137,659
	Oil, gas and consumable fuels 7.4%
	BP PLC															146,481						857,428
	Canadian Natural Resources, Ltd.															6,659						205,297
	Chevron Corp. (C)															30,346						3,181,171
	Encana Corp.															9,900						77,011
	Eni SpA															31,930						514,302
	Gazprom PJSC, ADR															63,011						272,838
	Harum Energy Tbk PT (I)															450,400						28,021

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       9

																Shares						Value
	Energy  (continued)
	Oil, gas and consumable fuels  (continued)
	Indo Tambangraya Megah Tbk PT															96,400						$68,923
	Inpex Corp.															19,300						150,938
	Japan Petroleum Exploration Company, Ltd.															8,000						161,256
	Lukoil PJSC, ADR															7,320						306,356
	Marathon Oil Corp.															70,522						1,058,535
	Occidental Petroleum Corp.															17,176						1,297,819
	Painted Pony Petroleum, Ltd. (I)															12,700						74,512
	Petro Rio SA (I)															586						2,499
	Petroleo Brasileiro SA, ADR (I)															27,443						196,492
	PrairieSky Royalty, Ltd.															173						3,283
	Royal Dutch Shell PLC, B Shares															79,747						2,203,296
	Statoil ASA															8,657						149,580
	Suncor Energy, Inc.															66,349						1,839,858
	TOTAL SA															40,343						1,934,688
	TransCanada Corp.															9,904						447,859
	Financials 18.5%																					37,392,921
	Banks 7.2%
	Allahabad Bank															61,017						62,888
	Alpha Bank AE (I)															29,314						54,927
	Banca Popolare dell'Emilia Romagna SC															43,910						161,212
	Banco Popular Espanol SA															145,210						188,709
	BNP Paribas SA															8,496						372,596
	CaixaBank SA															70,406						155,173
	Canara Bank															27,195						88,246
	China Construction Bank Corp., H Shares															1,496,218						997,436
	Corp. Bank (I)															60,024						36,451
	Dah Sing Financial Holdings, Ltd.															15,200						93,936
	HSBC Holdings PLC															106,829						661,864
	ING Groep NV															28,523						295,096
	JPMorgan Chase & Co. (C)															48,060						2,986,448
	KB Financial Group, Inc.															8,181						232,634
	M&T Bank Corp.															3,730						440,998
	Mitsubishi UFJ Financial Group, Inc.															92,749						415,780
	Mizuho Financial Group, Inc.															207,300						298,317
	Nordea Bank AB															129,380						1,097,613
	Sberbank of Russia PJSC, ADR															14,300						124,839
	Shinhan Financial Group Company, Ltd.															4,297						141,238
	Societe Generale SA															9,959						311,576
	Standard Chartered PLC															40,311						305,838
	Sumitomo Mitsui Financial Group, Inc.															12,900						372,488
	The Eighteenth Bank, Ltd.															10,000						24,429
	The Oita Bank, Ltd.															15,000						43,263

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       10

																Shares						Value
	Financials  (continued)
	Banks  (continued)
	The PNC Financial Services Group, Inc.															37,322						$3,037,638
	The Tochigi Bank, Ltd.															16,000						55,288
	The Yamanashi Chuo Bank, Ltd.															16,000						56,366
	UniCredit SpA															63,541						139,743
	Wells Fargo & Company (C)															27,927						1,321,785
	Capital markets 1.8%
	Banca Generali SpA															55,005						1,102,490
	BlackRock, Inc. (C)															5,802						1,987,359
	Julius Baer Group, Ltd. (I)															3,845						154,755
	UBS Group AG															30,177						391,564
	Uranium Participation Corp. (I)															29,800						92,956
	Diversified financial services 0.8%
	Intercontinental Exchange, Inc. (C)															4,455						1,140,302
	MSCI, Inc.															5,987						461,717
	Insurance 6.2%
	Ageas															9,074						315,406
	Assicurazioni Generali SpA															84,385						995,100
	Chubb, Ltd.															11,889						1,554,011
	CNO Financial Group, Inc.															20,363						355,538
	Coface SA (I)															18,620						125,963
	Delta Lloyd NV															147,652						518,803
	FNF Group															19,853						744,488
	Marsh & McLennan Companies, Inc.															16,040						1,098,098
	MetLife, Inc.															46,528						1,853,210
	Storebrand ASA (I)															53,105						201,450
	T&D Holdings, Inc.															37,400						317,602
	The Dai-ichi Life Insurance Company, Ltd.															18,900						211,574
	Tongyang Life Insurance Company, Ltd.															9,537						84,315
	Torchmark Corp.															2,948						182,245
	Willis Towers Watson PLC															9,834						1,222,465
	XL Group PLC															6,983						232,604
	Zurich Insurance Group AG (I)															10,226						2,529,735
	Real estate investment trusts 1.0%
	ICADE															13,290						933,893
	STORE Capital Corp.															11,420						336,319
	Weyerhaeuser Company															23,711						705,876
	Real estate management and development 1.5%
	Castellum AB															60,449						859,460
	Sumitomo Real Estate Sales Company, Ltd.															5,400						106,163
	Vonovia SE															54,846						2,002,645

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       11

																Shares						Value
	Health care 9.6%																					$19,354,296
	Biotechnology 0.1%
	Sinovac Biotech, Ltd. (I)															21,350						126,606
	Health care equipment and supplies 0.3%
	Baxter International, Inc.															7,192						325,222
	Zimmer Biomet Holdings, Inc.															1,974						237,630
	Health care providers and services 0.4%
	AmerisourceBergen Corp.															3,672						291,263
	Quest Diagnostics, Inc.															6,581						535,759
	Suzuken Company, Ltd.															990						31,161
	Health care technology 0.0%
	AGFA-Gevaert NV (I)															27,196						88,286
	Life sciences tools and services 0.1%
	CMIC Holdings Company, Ltd.															6,200						95,957
	Pharmaceuticals 8.7%
	Almirall SA															10,263						154,306
	AstraZeneca PLC															44,274						2,646,853
	Bristol-Myers Squibb Company															41,374						3,043,058
	Eisai Company, Ltd.															28,546						1,593,897
	H Lundbeck A/S (I)															6,413						240,406
	Johnson & Johnson															13,517						1,639,612
	Merck & Company, Inc. (C)															85,584						4,930,494
	Ono Pharmaceutical Company, Ltd.															5,600						243,942
	Roche Holding AG															9,494						2,505,275
	Takeda Pharmaceutical Company, Ltd.															9,500						409,718
	Zoetis, Inc.															4,527						214,851
	Industrials 8.8%																					17,657,148
	Aerospace and defense 0.6%
	Honeywell International, Inc.															8,584						998,491
	Thales SA															2,466						204,787
	Air freight and logistics 0.7%
	Deutsche Post AG															37,446						1,054,947
	PostNL NV (I)															83,878						342,161
	Airlines 0.2%
	American Airlines Group, Inc.															5,576						157,857
	Deutsche Lufthansa AG															22,908						269,341
	Building products 0.3%
	Cie de Saint-Gobain															9,812						371,930
	Fortune Brands Home & Security, Inc.															3,046						176,577
	Commercial services and supplies 0.0%
	Relia, Inc.															6,600						69,020

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       12

																Shares						Value
	Industrials  (continued)
	Construction and engineering 0.1%
	Raubex Group, Ltd.															56,566						$74,286
	Toyo Engineering Corp.															63,000						209,158
	Electrical equipment 2.1%
	Eaton Corp. PLC															44,694						2,669,573
	Schneider Electric SE															22,176						1,293,762
	Ushio, Inc.															12,200						143,333
	Zumtobel Group AG															10,716						130,437
	Industrial conglomerates 1.3%
	3M Company															7,127						1,248,080
	Koninklijke Philips NV															7,327						181,975
	Rheinmetall AG															4,015						238,807
	Siemens AG															9,301						954,479
	Machinery 1.1%
	Caterpillar, Inc.															14,747						1,117,970
	Deere & Company															4,526						366,787
	Hisaka Works, Ltd.															8,900						73,433
	Sumitomo Heavy Industries, Ltd.															42,000						184,502
	The Japan Steel Works, Ltd.															52,000						237,684
	Toshiba Machine Company, Ltd.															48,000						145,195
	Marine 0.1%
	D/S Norden A/S (I)															7,728						107,905
	Pacific Basin Shipping, Ltd. (I)															988,000						93,506
	Professional services 0.2%
	Adecco Group AG															3,464						174,717
	en-japan, Inc.															7,000						130,040
	Hays PLC															123,178						160,944
	Road and rail 0.8%
	Kansas City Southern															4,948						445,765
	Union Pacific Corp.															12,398						1,081,726
	Trading companies and distributors 0.3%
	Kuroda Electric Company, Ltd.															9,100						156,302
	Rexel SA															16,723						210,248
	SIG PLC															108,010						162,116
	Transportation infrastructure 1.0%
	Hamburger Hafen und Logistik AG															5,362						80,261
	Jiangsu Expressway Company, Ltd., H Shares															1,388,519						1,939,046
	Information technology 11.0%																					22,079,748
	Communications equipment 1.5%
	Cisco Systems, Inc. (C)															105,756						3,034,140

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       13

																Shares						Value
	Information technology  (continued)
	Electronic equipment, instruments and components 0.4%
	Avnet, Inc.															6,764						$274,010
	Hosiden Corp.															26,200						162,890
	Kingboard Laminates Holdings, Ltd.															248,000						152,927
	Mitsumi Electric Company, Ltd. (I)															7,200						29,042
	Nichicon Corp.															24,600						159,848
	Internet software and services 0.2%
	DeNa Company, Ltd.															10,500						245,632
	Dropbox, Inc., Class B (I)(R)															7,248						76,684
	Gree, Inc.															30,400						172,296
	IT services 0.9%
	Alten SA															1,343						78,835
	Amdocs, Ltd.															5,811						335,411
	Booz Allen Hamilton Holding Corp.															13,579						402,482
	Devoteam SA															1,081						51,360
	Fujitsu, Ltd.															107,000						393,473
	Itochu Techno-Solutions Corp.															6,200						133,568
	NET One Systems Company, Ltd.															25,800						148,612
	Sopra Steria Group															1,712						176,461
	Semiconductors and semiconductor equipment 4.4%
	Intel Corp.															95,243						3,123,970
	Kontron AG (I)															14,745						45,838
	Lam Research Corp.															4,272						359,104
	Maxim Integrated Products, Inc. (C)															54,984						1,962,379
	Mimasu Semiconductor Industry Company, Ltd.															7,500						70,452
	Miraial Company, Ltd.															6,500						45,418
	QUALCOMM, Inc.															37,898						2,030,196
	Rohm Company, Ltd.															5,900						232,873
	Shinkawa, Ltd. (I)															14,900						66,713
	Shinko Electric Industries Company, Ltd.															31,500						154,289
	Skyworks Solutions, Inc.															3,181						201,294
	STMicroelectronics NV															43,177						253,562
	Tokyo Seimitsu Company, Ltd.															10,100						235,200
	Software 2.6%
	Alpha Systems, Inc.															1,700						27,166
	Microsoft Corp.															85,210						4,360,196
	Nintendo Company, Ltd.															1,600						229,919
	SS&C Technologies Holdings, Inc.															23,285						653,843
	Technology hardware, storage and peripherals 1.0%
	Canon, Inc.															11,500						328,327
	Catcher Technology Company, Ltd.															138,000						1,028,953
	Compal Electronics, Inc.															368,000						232,799
	Japan Digital Laboratory Company, Ltd.															6,200						84,310

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       14

																Shares						Value
	Information technology  (continued)
	Technology hardware, storage and peripherals  (continued)
	Melco Holdings, Inc.															6,200						$127,068
	Western Digital Corp.															4,194						198,208
	Materials 4.9%																					9,850,723
	Chemicals 1.7%
	Agrium, Inc. (Toronto Stock Exchange)															2,736						247,541
	Agrium, Inc.															12,430						1,123,921
	Fujimi, Inc.															4,300						63,159
	Hitachi Chemical Company, Ltd.															8,000						149,411
	JSR Corp.															21,900						290,024
	Methanex Corp.															5,569						162,058
	Mitsui Chemicals, Inc.															30,000						110,243
	Nitto Denko Corp.															2,500						158,585
	Sumitomo Bakelite Company, Ltd.															32,000						148,421
	The Dow Chemical Company															18,700						929,577
	Construction materials 0.4%
	Buzzi Unicem SpA															12,484						218,770
	LafargeHolcim, Ltd. (I)															8,712						364,489
	Vicat SA															2,631						148,164
	Containers and packaging 1.4%
	AMVIG Holdings, Ltd.															222,000						87,537
	Graphic Packaging Holding Company															17,345						217,506
	International Paper Company															56,967						2,414,261
	Packaging Corp. of America															2,955						197,778
	Metals and mining 1.4%
	Aichi Steel Corp.															11,000						48,824
	Anglo American Platinum, Ltd. (I)															6,611						165,277
	Anglo American PLC															22,205						217,659
	Barrick Gold Corp.															11,000						234,823
	Centerra Gold, Inc.															29,200						174,032
	Chubu Steel Plate Company, Ltd.															8,500						41,044
	Eldorado Gold Corp.															47,754						214,893
	G-Resources Group, Ltd.															4,086,000						78,290
	Impala Platinum Holdings, Ltd. (I)															47,583						153,309
	Ivanhoe Mines, Ltd., Class A (I)															105,500						82,476
	Kinross Gold Corp. (I)															37,186						181,840
	Kyoei Steel, Ltd.															10,900						165,822
	Lonmin PLC (I)															15,069						38,669
	NetMind Financial Holdings, Ltd. (I)															1,440,000						15,591
	Neturen Company, Ltd.															11,400						80,246
	Northern Dynasty Minerals, Ltd. (I)															16,000						4,954
	Pacific Metals Company, Ltd. (I)															40,000						109,069
	Resolute Mining, Ltd. (I)															164,524						158,635

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       15

																Shares						Value
	Materials  (continued)
	Metals and mining  (continued)
	Salzgitter AG															5,766						$152,454
	Tokyo Steel Manufacturing Company, Ltd.															24,800						135,940
	Western Areas, Ltd.															61,179						99,911
	Yamato Kogyo Company, Ltd.															7,400						167,969
	Yodogawa Steel Works, Ltd.															4,000						97,551
	Telecommunication services 5.3%																					10,601,440
	Diversified telecommunication services 3.4%
	Hellenic Telecommunications Organization SA															23,494						214,657
	KT Corp.															12,495						322,709
	Magyar Telekom Telecommunications PLC															115,799						181,619
	Nippon Telegraph & Telephone Corp.															55,812						2,617,297
	Telefonica SA															25,512						242,206
	Telenor ASA															72,482						1,199,795
	Verizon Communications, Inc.															35,863						2,002,590
	Wireless telecommunication services 1.9%
	Millicom International Cellular SA															25,943						1,591,326
	NTT DOCOMO, Inc.															76,496						2,062,985
	Orange Belgium SA (I)															7,192						166,256
	Utilities 5.6%																					11,297,493
	Electric utilities 2.3%
	Edison International															15,972						1,240,545
	NextEra Energy, Inc.															11,150						1,453,960
	PG&E Corp.															7,718						493,335
	Power Assets Holdings, Ltd.															162,713						1,496,068
	Gas utilities 0.7%
	Gas Natural SDG SA															65,195						1,295,921
	UGI Corp.															4,150						187,788
	Independent power and renewable electricity producers 0.1%
	NTPC, Ltd.															78,616						181,698
	Multi-utilities 2.5%
	Centrica PLC															379,242						1,146,824
	Dominion Resources, Inc.															21,005						1,636,920
	E.ON SE															80,926						816,933
	Engie SA															17,965						288,458
	National Grid PLC															60,769						893,628
	RWE AG (I)															10,387						165,415
	Preferred securities 0.1%																					$298,877
	(Cost $190,884)
	Telecommunication services 0.0%																					134,234
	Telefonica Brasil SA															9,800						134,234

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       16

																Shares						Value
	Utilities 0.1%																					$164,643
	Cia Paranaense de Energia, B Shares															18,100						164,643
							Rate (%)			Maturity date			Par value^									Value
	Corporate bonds 15.0%																					$30,242,550
	(Cost $31,310,126)
	Consumer discretionary 2.9%																					5,861,801
	Auto components 0.1%
	ZF North America Capital, Inc. (S)						4.500			04-29-22									150,000			152,063
	Automobiles 0.0%
	General Motors Company						6.250			10-02-43									65,000			72,248
	Distributors 0.0%
	HD Supply, Inc. (S)						5.750			04-15-24									30,000			31,200
	Diversified consumer services 0.0%
	APX Group, Inc. (S)						7.875			12-01-22									100,000			100,750
	Hotels, restaurants and leisure 0.4%
	Boyd Gaming Corp. (S)						6.375			04-01-26									85,000			88,825
	CEC Entertainment, Inc.						8.000			02-15-22									190,000			184,538
	Cirsa Funding Luxembourg SA (S)						5.875			05-15-23								EUR	215,000			239,712
	GLP Capital LP						4.375			04-15-21									5,000			5,150
	GLP Capital LP						5.375			04-15-26									105,000			108,675
	NH Hotel Group SA (S)						6.875			11-15-19								EUR	130,000			156,062
	Pinnacle Entertainment, Inc. (S)						5.625			05-01-24									45,000			44,888
	Household durables 0.3%
	KB Home						7.000			12-15-21									375,000			376,875
	M/I Homes, Inc.						6.750			01-15-21									195,000			194,025
	Internet and catalog retail 0.2%
	Liberty Interactive LLC						8.250			02-01-30									250,000			259,375
	Netflix, Inc.						5.875			02-15-25									95,000			99,631
	Media 1.4%
	Altice Financing SA (S)						6.500			01-15-22								EUR	100,000			116,318
	CCO Holdings LLC						5.125			02-15-23									5,000			5,063
	CCO Holdings LLC						5.250			09-30-22									5,000			5,131
	CCO Holdings LLC						5.750			09-01-23									35,000			36,050
	CCO Holdings LLC (S)						5.750			02-15-26									120,000			123,600
	CCO Holdings LLC (S)						5.875			04-01-24									20,000			20,850
	Cequel Communications Holdings I LLC (S)						5.125			12-15-21									360,000			342,138
	Charter Communications Operating LLC (S)						4.908			07-23-25									95,000			103,540
	DISH DBS Corp.						6.750			06-01-21									170,000			176,163
	DISH DBS Corp.						7.875			09-01-19									320,000			352,800
	Gray Television, Inc. (S)						5.875			07-15-26									15,000			15,113
	Gray Television, Inc.						7.500			10-01-20									75,000			78,188
	Lamar Media Corp. (S)						5.750			02-01-26									15,000			15,609
	Neptune Finco Corp. (S)						10.875			10-15-25									200,000			229,000

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT   |   JOHN HANCOCK HEDGED EQUITY & INCOME FUND       17

							Rate (%)			Maturity date			Par value^									Value
	Consumer discretionary  (continued)
	Media  (continued)
	Sinclair Television Group, Inc. (S)						5.875			03-15-26									75,000			$76,500
	TEGNA, Inc. (S)						4.875			09-15-21									115,000			117,875
	TEGNA, Inc.						5.125			10-15-19									310,000			318,913
	TEGNA, Inc. (S)						5.500			09-15-24									20,000			20,600
	TEGNA, Inc.						6.375			10-15-23									55,000			58,438
	Tribune Media Company						5.875			07-15-22									295,000			293,525
	Unitymedia Hessen GmbH & Company KG						5.500			09-15-22								EUR	210,600			245,972
	Specialty retail 0.5%
	Chinos Intermediate Holdings A, Inc., PIK (S)						7.750			05-01-19									135,525			46,079
	Dufry Finance SCA (S)