John Hancock

Financial Opportunities Fund

Notes to Fund's investments (unaudited)

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

In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Swaps are valued using evaluated prices obtained from an independent pricing vendor. Foreign securities are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

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

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed. Trading in foreign securities may be completed before the scheduled daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the fund's Pricing Committee, following procedures established by the Board of Trustees. The fund uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.

The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund's own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund's investments as of September 30, 2018, by major security category or type:

				Total value at 9-30-18			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Investments in securities:
	Assets
	Common stocks
	Financials
	Banks			$663,578,713			$654,020,310			$9,558,403			—
	Capital markets			33,110,578			33,110,578			—			—
	Consumer finance			5,374,557			5,374,557			—			—
	Insurance			2,788,528			—			2,788,528			—
	Thrifts and mortgage finance			41,245,155			41,245,155			—			—
	Information technology
	IT services			2,763,282			2,763,282			—			—
	Real estate
	Equity real estate investment trusts			8,217,619			8,217,619			—			—
	Preferred securities
	Financials
	Banks			6,585,115			—			6,585,115			—
	Capital markets			5,069,851			5,069,851			—			—
	Real estate
	Equity real estate investment trusts			7,528,220			6,009,020			1,519,200			—

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				Total value at 9-30-18			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Investment companies			3,937,409			3,937,409			—			—
	Corporate bonds
	Financials
	Banks			19,521,599			—			9,102,515			$10,419,084
	Convertible bonds			3,635,616			—			3,635,616			—
	Certificate of deposit			79,054			—			79,054			—
	Short-term investments			1,407,000			—			1,407,000			—
	Total investments in securities			$804,842,296			$759,747,781			$34,675,431			$10,419,084
	Derivatives:
	Assets
	Swap contracts			$564,839			—			$564,839			—

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in securities			Common stocks			Corporate bonds			Total
	Balance as of 12-31-17			$4,029,900			$10,740,175			$14,770,075
	Realized gain (loss)			464,900			—			464,900
	Change in unrealized appreciation (depreciation)			(672,400	)		(321,091	)		(993,491	)
	Purchases			—			—			—
	Sales			(3,822,400	)		—			(3,822,400	)
	Transfers into Level 3			—			—			—
	Transfers out of Level 3			—			—			—
	Balance as of 9-30-18			—			$10,419,084			$10,419,084
	Change in unrealized appreciation (depreciation) at period end*			—			($321,091	)		($321,091	)

*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.

The valuation techniques and significant amounts of unobservable inputs used in the fair value measurement of the fund's Level 3 securities are outlined in the table below:

	Fair value at  9-30-18	Valuation technique	Significant unobservable inputs	Input/range
Corporate Bonds	$10,419,084	Market Approach	Yield	562bps - 654bps (weighted average 606bps)

A change to unobservable inputs of a fund's Level 3 securities may result in changes to the fair value measurement, as follows :

Significant  unobservable  input		Impact to valuation if input increases	Impact to valuation if input decreases
Yield		Decrease	Increase

Derivative instruments. The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Interest rate swaps. Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Swap agreements are privately negotiated in the OTC market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

During the period ended September 30, 2018, the fund used interest rate swaps to manage against anticipated interest rate changes.

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

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More information

How to contact us
Internet	www.jhinvestments.com
Mail	Computershare P.O. Box 30170 College Station, TX 77842-3170
Phone	Customer service representatives Portfolio commentary 24-hour automated information TDD line	800-852-0218 800-344-7054 800-843-0090 800-231-5469

	P9Q3	09/18
This report is for the information of the shareholders of John Hancock Financial Opportunities Fund.		11/18