N-CSR 1 d353217.htm N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08568

John Hancock Financial Opportunities Fund
(Exact name of registrant as specified in charter)

200 Berkeley Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip code)

Salvatore Schiavone
Treasurer
200 Berkeley Street

Boston, Massachusetts 02116
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4497

Date of fiscal year end: | December 31
Date of reporting period: | December 31, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

John Hancock

Financial Opportunities Fund

Ticker: BTO
Annual report 12/31/18

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports such as this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the transfer agent or from your financial intermediary. Instead, the reports will be made available on our website, and you will be notified by mail each time a report is posted and be provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling the transfer agent, Computershare, at 800-852-0218, by going to "Communication Preferences" at computershare.com/investor, or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform the transfer agent or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investments or your financial intermediary.

A message to shareholders

Dear shareholder,

The past year proved a challenging one for equity investors as stock markets across many major economies worldwide posted losses. In the United States, new tariffs on a range of imports and heightened fears of a full-blown trade war with China weighed on investor sentiment despite relatively supportive U.S. economic fundamentals. Global economic growth slowed, and international markets have faced some challenging headwinds that may not abate in the near future.

Concerns about the potential for a more widespread global economic slowdown led to a significant increase in volatility as well as a flight to quality, particularly in the final months of the year. While at John Hancock Investments we believe that the bull market appears to be in the later innings, the economic underpinnings in the United States suggest that there's still room for stocks to run.

Your best resource in unpredictable and volatile markets is your financial advisor, who can help position your portfolio so that it's sufficiently diversified to meet your long-term objectives and to withstand the inevitable turbulence along the way.

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

Sincerely,

Andrew G. Arnott
President and CEO,
John Hancock Investments
Head of Wealth and Asset Management,
United States and Europe

This commentary reflects the CEO's views, which are subject to change at any time. Investing involves risks, including the potential loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. It is not possible to invest directly in an index. For more up-to-date information, please visit our website at jhinvestments.com.

John Hancock
Financial Opportunities Fund

Table of contents

2 |  | Your fund at a glance
5 |  | Discussion of fund performance
7 |  | Fund's investments
14 |  | Financial statements
18 |  | Financial highlights
19 |  | Notes to financial statements
28 |  | Report of independent registered public accounting firm
29 |  | Tax information
30 |  | Additional information
33 |  | Trustees and Officers
36 |  | More information

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to provide a high level of total return consisting of long-term capital appreciation and current income.

AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/18 (%)

The S&P Composite 1500 Banks Index is an unmanaged index of banking sector stocks in the S&P 1500 Index.

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

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

Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, 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. Market risk may be increased when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund's most recent performance can be found at jhinvestment.com or by calling 800-852-0218.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Financial stocks suffered along with the broader market

Stock performance in the financials and other sectors was challenged by higher volatility, which stemmed from concerns over slowing economic growth and other sources of uncertainty.

The fund underperformed a comparative benchmark

The fund trailed the S&P Composite 1500 Banks Index, in part due to its underweight exposure to large U.S. banks.

Despite a challenging market, fundamentals remained attractive for financials

A number of factors continued to support financial stocks' fundamentals—if not their price performance—including decent loan growth, improving margins, and benign credit conditions.

PORTFOLIO COMPOSITION AS OF 12/31/18 (%)

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 3

INDUSTRY COMPOSITION AS OF 12/31/18 (%)

A note about risks

As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund's net asset value (NAV). 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. A return of capital is the return of all or a portion of a shareholder's investment in the fund. The fund's prospectus includes additional information regarding returns of capital and the risks associated with distributions made by the fund, including potential tax implications. The fund's use of leverage creates additional risks, including greater volatility of the fund's NAV, market price, and returns. There is no assurance that the fund's leverage strategy will be successful. Focusing on a particular industry or sector may increase the fund's volatility and make it more susceptible to market, economic, and regulatory risks, as well as other factors affecting those industries or sectors. 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. Derivatives transactions, including hedging 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 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. The primary risks associated with the use of futures contracts and options are imperfect correlation, unanticipated market movement, and counterparty risk. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund's securities may negatively impact performance.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 4

Discussion of fund performance

How would you describe the market environment for financial stocks during the 12 months ended December 31, 2018?

Although 2018 saw four hikes in the federal funds rate, rising LIBOR (London Interbank Offered Rate), a relatively stable credit environment, and improving loan growth—all of which are generally positive for banks and the broader financials sector—financial stocks had disappointing price performance for the year.

Fears about an economic slowdown, which could lead to modestly higher credit costs and slower-than-expected loan growth, weighed heavily on bank stocks. More uncertainty around the U.S. Federal Reserve's future pace of rate hikes, tariffs and trade, and the partial U.S. government shutdown in the latter part of December didn't help matters. Falling stock prices across the financials sector drove greater selling pressure that only served to deepen the stocks' decline.

What were the largest detractors from and contributors to the fund's relative return?

Some of the largest detractors for the year versus a comparative benchmark were the underweights in JPMorgan Chase & Co. and Bank of America Corp., whose stocks generally held up better than other bank stocks during the market's pullback.

Other underperformers for the period included small- and mid-cap banks, which didn't perform as well as the large, diversified banks. These included Georgia-headquartered Ameris Bancorp and Chemical Financial Corp. of Michigan.

The largest contributor to relative performance was an underweight in Citigroup, Inc., which struggled due to the slowdown in global growth (half of Citigroup's revenues are generated outside the United States). Financial technology company Evertec, Inc., which provides transaction

TOP 10 HOLDINGS AS OF 12/31/18 (%)

JPMorgan Chase & Co. | 2.8
M&T Bank Corp. | 2.7
The PNC Financial Services Group, Inc. | 2.6
Cullen/Frost Bankers, Inc. | 2.4
BB&T Corp. | 2.3
Citizens Financial Group, Inc. | 2.3
SunTrust Banks, Inc. | 2.3
U.S. Bancorp | 2.2
Bank of America Corp. | 1.9
Comerica, Inc. | 1.8
TOTAL | 23.3
As a percentage of total investments.
Cash and cash equivalents are not included.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 5

processing services in the Caribbean and Latin America, was another positive contributor to performance.

Did you make any notable positioning changes in the fund?

We increased the fund's use of leverage in December in favor of opportunities we saw in some fixed-income securities and yield-oriented equities.

What's your outlook for financials?

We view the recent downdraft in stock prices as a tremendous buying opportunity, particularly for bank stocks. We expect company margins will remain healthy, loan growth will remain solid, and that the credit environment will remain stable into 2019. In general, we would say the disappointing stock price performance for financials marks a strong disconnect from company fundamentals, which remain intact. The silver lining here is that valuations in the sector are, in our opinion, the best they've been for many years.

Our economic outlook hasn't changed. We believe GDP growth in the United States will be solid in 2019, albeit slower than in 2018. We think financial companies should be able to focus on controlling expense growth to produce positive operating leverage, and we continue to see the potential for robust merger activity in the financials sector, particularly among banks. The regulatory environment remains favorable, potentially leading to lower compliance costs. Last, we think it's worth noting that many financial companies are focused on capital return and have used this decline in stock prices to buy back shares.

MANAGED BY

| Susan A. Curry On the fund since 2006 Investing since 1993
| Lisa A. Welch On the fund since 1998 Investing since 1986
| Ryan P. Lentell, CFA On the fund since 2015 Investing since 1999

The views expressed in this report are exclusively those of Lisa A. Welch, John Hancock Asset Management, 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 FINANCIAL OPPORTUNITIES FUND 6

Fund’s investments |

AS OF 12-31-18

|  |  |  | Shares | Value
Common stocks 113.5% (93.1% of Total investments) |  | $616,200,535
(Cost $407,889,896) |  |  |  |  |
Financials 111.5% |  |  |  | 605,360,953
Banks 99.6% |  |  |  |
1st Source Corp. |  |  |  | 121,706 | 4,909,620
Access National Corp. |  |  |  | 117,879 | 2,514,359
Ameris Bancorp |  |  |  | 306,471 | 9,705,937
Atlantic Capital Bancshares, Inc. (A) |  |  |  | 241,667 | 3,956,089
Avidbank Holdings, Inc. (A)(B)(C) |  |  |  | 200,000 | 4,180,000
Bank of America Corp. (C) |  |  |  | 498,443 | 12,281,636
Bank of Commerce Holdings |  |  |  | 79,361 | 869,797
Bank of Marin Bancorp |  |  |  | 117,462 | 4,844,133
Bar Harbor Bankshares |  |  |  | 129,698 | 2,909,126
Baycom Corp. (A) |  |  |  | 62,154 | 1,435,136
BB&T Corp. |  |  |  | 346,799 | 15,023,333
Berkshire Hills Bancorp, Inc. |  |  |  | 334,441 | 9,019,874
BOK Financial Corp. (C) |  |  |  | 13,129 | 962,750
Bryn Mawr Bank Corp. |  |  |  | 80,000 | 2,752,000
Business First Bancshares, Inc. |  |  |  | 27,447 | 665,041
Cadence BanCorp (B)(C) |  |  |  | 102,475 | 1,719,531
California Bancorp, Inc. (A) |  |  |  | 19,085 | 324,707
California Bancorp, Inc. (A)(B)(C) |  |  |  | 21,059 | 367,480
Cambridge Bancorp |  |  |  | 9,795 | 815,434
Camden National Corp. |  |  |  | 55,164 | 1,984,249
Carolina Financial Corp. |  |  |  | 70,982 | 2,100,357
Carolina Trust Bancshares, Inc. (A) |  |  |  | 325,000 | 2,463,500
Centric Financial Corp. (A) |  |  |  | 275,000 | 2,515,013
Chemical Financial Corp. (B)(C) |  |  |  | 217,502 | 7,962,748
Citigroup, Inc. (C) |  |  |  | 115,107 | 5,992,470
Citizens Financial Group, Inc. |  |  |  | 503,303 | 14,963,198
City Holding Company |  |  |  | 39,363 | 2,660,545
Civista Bancshares, Inc. |  |  |  | 93,265 | 1,624,676
Coastal Financial Corp. (A)(B)(C) |  |  |  | 35,302 | 537,649
Columbia Banking System, Inc. |  |  |  | 146,165 | 5,304,328
Comerica, Inc. |  |  |  | 176,778 | 12,142,881
Commerce Bancshares, Inc. (B)(C) |  |  |  | 121,784 | 6,864,978
Communities First Financial Corp. (A) |  |  |  | 115,523 | 2,287,355
County Bancorp, Inc. |  |  |  | 62,184 | 1,080,136
Cullen/Frost Bankers, Inc. (B)(C) |  |  |  | 178,964 | 15,738,094
DNB Financial Corp. |  |  |  | 78,515 | 2,119,905
Eagle Bancorp Montana, Inc. |  |  |  | 82,912 | 1,340,687
Equity Bancshares, Inc., Class A (A)(B)(C) |  |  |  | 130,915 | 4,614,754
Evans Bancorp, Inc. |  |  |  | 69,760 | 2,267,898
FCB Financial Holdings, Inc., Class A (A) |  |  |  | 188,399 | 6,326,438

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 7

|  |  |  | Shares | Value
Financials (continued) |  |  |  |
Banks (continued) |  |  |  |
Fifth Third Bancorp |  |  |  | 284,551 | $6,695,485
First Bancorp, Inc. |  |  |  | 266,499 | 7,008,924
First Business Financial Services, Inc. |  |  |  | 60,700 | 1,184,257
First Citizens BancShares, Inc., Class A |  |  |  | 15,038 | 5,670,078
First Community Corp. |  |  |  | 136,228 | 2,646,910
First Financial Bancorp (B)(C) |  |  |  | 403,431 | 9,569,383
First Hawaiian, Inc. |  |  |  | 233,930 | 5,265,764
First Horizon National Corp. (B)(C) |  |  |  | 108,740 | 1,431,018
First Merchants Corp. |  |  |  | 118,683 | 4,067,266
First Mid-Illinois Bancshares, Inc. |  |  |  | 28,496 | 909,592
First Security Group, Inc. (A) |  |  |  | 83,942 | 2,867,964
Flushing Financial Corp. |  |  |  | 139,050 | 2,993,747
FNB Corp. (B)(C) |  |  |  | 706,188 | 6,948,890
German American Bancorp, Inc. |  |  |  | 60,090 | 1,668,699
Glacier Bancorp, Inc. (B)(C) |  |  |  | 171,733 | 6,804,061
Great Southern Bancorp, Inc. |  |  |  | 40,257 | 1,853,030
Great Western Bancorp, Inc. |  |  |  | 149,171 | 4,661,594
Hancock Whitney Corp. |  |  |  | 245,752 | 8,515,307
Heritage Commerce Corp. |  |  |  | 371,642 | 4,214,420
Heritage Financial Corp. |  |  |  | 189,099 | 5,620,022
HomeTown Bankshares Corp. |  |  |  | 174,720 | 2,068,685
Horizon Bancorp, Inc. |  |  |  | 404,586 | 6,384,367
Howard Bancorp, Inc. (A) |  |  |  | 156,530 | 2,238,379
Independent Bank Corp. (MA) (B)(C) |  |  |  | 146,636 | 10,309,977
Independent Bank Corp. (MI) |  |  |  | 125,407 | 2,636,055
JPMorgan Chase & Co. (C) |  |  |  | 189,766 | 18,524,957
KeyCorp |  |  |  | 738,141 | 10,909,724
Level One Bancorp, Inc. |  |  |  | 64,375 | 1,443,931
M&T Bank Corp. |  |  |  | 124,860 | 17,871,212
Mackinac Financial Corp. |  |  |  | 72,333 | 987,345
MB Financial, Inc. |  |  |  | 203,268 | 8,055,511
MidWestOne Financial Group, Inc. |  |  |  | 38,224 | 949,102
MutualFirst Financial, Inc. |  |  |  | 100,539 | 2,671,321
National Commerce Corp. (A) |  |  |  | 71,147 | 2,561,292
Nicolet Bankshares, Inc. (A) |  |  |  | 35,912 | 1,752,506
Northrim BanCorp, Inc. |  |  |  | 99,739 | 3,278,421
Old National Bancorp |  |  |  | 419,575 | 6,461,455
Old Second Bancorp, Inc. |  |  |  | 202,363 | 2,630,719
Pacific Premier Bancorp, Inc. (A) |  |  |  | 208,491 | 5,320,690
PacWest Bancorp (B)(C) |  |  |  | 201,725 | 6,713,408
Park National Corp. |  |  |  | 42,877 | 3,642,401
Peoples Bancorp, Inc. |  |  |  | 122,945 | 3,700,645
Pinnacle Financial Partners, Inc. (B)(C) |  |  |  | 126,415 | 5,827,732
Presidio Bank (A)(B)(C) |  |  |  | 46,859 | 977,010

8 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

|  |  |  | Shares | Value
Financials (continued) |  |  |  |
Banks (continued) |  |  |  |
Prime Meridian Holding Company |  |  |  | 108,010 | $2,025,188
QCR Holdings, Inc. |  |  |  | 48,822 | 1,566,698
Regions Financial Corp. (C) |  |  |  | 723,674 | 9,682,758
Renasant Corp. |  |  |  | 159,629 | 4,817,603
SBT Bancorp, Inc. |  |  |  | 37,879 | 1,344,705
Shore Bancshares, Inc. |  |  |  | 183,579 | 2,669,239
South Atlantic Bancshares, Inc. (A) |  |  |  | 265,755 | 2,931,278
South State Corp. (B)(C) |  |  |  | 93,903 | 5,629,485
Southern First Bancshares, Inc. (A) |  |  |  | 131,586 | 4,219,963
State Bank Financial Corp. |  |  |  | 53,182 | 1,148,199
Stock Yards Bancorp, Inc. |  |  |  | 66,324 | 2,175,427
SunTrust Banks, Inc. |  |  |  | 296,433 | 14,952,081
The Community Financial Corp. |  |  |  | 32,029 | 936,528
The First Bancshares, Inc. |  |  |  | 210,000 | 6,352,500
The First of Long Island Corp. |  |  |  | 57,322 | 1,143,574
The PNC Financial Services Group, Inc. (B)(C) |  |  |  | 148,765 | 17,392,116
Towne Bank |  |  |  | 157,856 | 3,780,651
TriCo Bancshares |  |  |  | 202,536 | 6,843,691
U.S. Bancorp (C) |  |  |  | 318,276 | 14,545,213
Union Bankshares Corp. |  |  |  | 164,127 | 4,633,305
United Bankshares, Inc. (B)(C) |  |  |  | 125,661 | 3,909,314
United Community Banks, Inc. |  |  |  | 111,192 | 2,386,180
Washington Trust Bancorp, Inc. |  |  |  | 123,905 | 5,889,205
Wells Fargo & Company (C) |  |  |  | 159,225 | 7,337,088
Zions Bancorp NA |  |  |  | 282,210 | 11,497,235
Capital markets 4.8% |  |  |  |
Ares Management Corp., Class A (B)(C) |  |  |  | 217,118 | 3,860,358
KKR & Company, Inc., Class A (B)(C) |  |  |  | 355,776 | 6,983,883
Oaktree Specialty Lending Corp. (B)(C) |  |  |  | 837,762 | 3,543,733
The Blackstone Group LP (C) |  |  |  | 243,005 | 7,243,979
TPG Specialty Lending, Inc. (B)(C) |  |  |  | 243,379 | 4,402,726
Consumer finance 0.8% |  |  |  |
Capital One Financial Corp. (C) |  |  |  | 56,616 | 4,279,603
Insurance 0.4% |  |  |  |
Gjensidige Forsikring ASA |  |  |  | 165,452 | 2,588,295
Thrifts and mortgage finance 5.9% |  |  |  |
Citizens Community Bancorp, Inc. |  |  |  | 107,710 | 1,174,039
First Defiance Financial Corp. |  |  |  | 221,030 | 5,417,445
OP Bancorp (A)(B)(C) |  |  |  | 52,252 | 463,475
Provident Financial Holdings, Inc. |  |  |  | 97,339 | 1,508,755
Provident Financial Services, Inc. |  |  |  | 155,989 | 3,764,015
Southern Missouri Bancorp, Inc. |  |  |  | 112,188 | 3,803,173
United Community Financial Corp. |  |  |  | 634,588 | 5,616,104
Westbury Bancorp, Inc. (A) |  |  |  | 88,349 | 1,802,320

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 9

|  |  |  | Shares | Value
Financials (continued) |  |  |  |
Thrifts and mortgage finance (continued) |  |  |  |
WSFS Financial Corp. |  |  |  | 222,599 | $8,438,728
Information technology 0.6% |  |  |  | 3,290,713
IT services 0.6% |  |  |  |
EVERTEC, Inc. |  |  |  | 114,659 | 3,290,713
Real estate 1.4% |  |  |  | 7,548,869
Equity real estate investment trusts 1.4% |  |  |  |
Park Hotels & Resorts, Inc. (B)(C) |  |  |  | 50,154 | 1,303,001
Simon Property Group, Inc. (C) |  |  |  | 37,180 | 6,245,868
Preferred securities 3.5% (2.9% of Total investments) |  | $19,048,621
(Cost $17,328,843) |  |  |  |  |
Financials 2.1% |  |  |  |  | 11,654,279
Banks 0.7% |  |  |  |  |
SB Financial Group, Inc., 6.500% |  | 250,000 | 4,153,200
Capital markets 1.4% |  |  |  |  |
JMP Group, Inc., 8.000% |  | 64,509 | 1,606,274
The Carlyle Group LP, 5.875% |  | 122,148 | 2,488,155
THL Credit, Inc., 6.750% |  | 136,266 | 3,406,650
Real estate 1.4% |  |  |  |  | 7,394,342
Equity real estate investment trusts 1.4% |  |  |  |  |
Bluerock Residential Growth REIT, Inc., 8.250% |  | 84,140 | 2,128,742
Invesco Mortgage Capital, Inc. (7.750% to 12-27-24, then 3 month LIBOR + 5.180%) |  | 150,000 | 3,825,000
Sotherly Hotels, Inc., 8.000% |  | 60,000 | 1,440,600
Investment companies 0.6% (0.5% of Total investments) |  | $3,125,731
(Cost $4,323,234) |  |  |  |  |
Eagle Point Credit Company, Inc. (B)(C) |  |  |  | 219,967 | 3,125,731

| Rate (%) | Maturity date |  | Par value^ | Value
Corporate bonds 2.5% (2.1% of Total investments) |  | $13,547,543
(Cost $13,362,000) |  |  |  |  |
Financials 2.5% |  |  |  | 13,547,543
Banks 2.5% |  |  |
Avidbank Holdings, Inc. (6.875% to 11-15-20, then 3 month LIBOR + 5.367%) (D) | 6.875 | 11-15-25 |  | 3,000,000 | 3,065,653
First Business Financial Services, Inc. (E) | 6.500 | 09-01-24 |  | 5,000,000 | 4,978,057
Northeast Bancorp (6.750% to 7-1-21, then 3 month LIBOR + 5.570%) (D) | 6.750 | 07-01-26 |  | 5,000,000 | 5,135,077
Old Second Bancorp, Inc. (5.750% to 12-31-21, then 3 month LIBOR + 3.850%) | 5.750 | 12-31-26 |  | 362,000 | 368,756

10 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Convertible bonds 0.6% (0.4% of Total investments) |  | $2,955,846
(Cost $3,390,000) |  |  |  |  |
Financials 0.6% |  |  |  | 2,955,846
Insurance 0.6% |  |  |
AXA SA (C)(D) | 7.250 | 05-15-21 |  | 3,390,000 | 2,955,846
Certificate of deposit 0.0% (0.0% of Total investments) | $80,449
(Cost $80,444) |  |  |  |  |
Country Bank for Savings | 1.140 | 08-27-20 |  | 2,056 | 2,056
Eastern Savings Bank | 0.200 | 04-22-19 |  | 1,946 | 1,946
First Bank Richmond | 0.990 | 12-05-19 |  | 21,010 | 21,010
First Bank System, Inc. | 0.600 | 04-03-19 |  | 5,015 | 5,015
Home National Bank | 1.739 | 11-04-21 |  | 18,927 | 18,927
Hudson United Bank | 0.800 | 04-23-19 |  | 2,188 | 2,188
Machias Savings Bank | 0.500 | 05-29-19 |  | 1,986 | 1,986
mBank | 0.100 | 01-07-19 |  | 3,045 | 3,045
Midstate Federal Savings and Loan | 0.500 | 05-30-19 |  | 2,030 | 2,030
Milford Federal Savings and Loan Bank | 0.300 | 04-24-19 |  | 2,046 | 2,046
Mount McKinley Savings Bank | 0.500 | 12-03-20 |  | 1,717 | 1,717
Mt. Washington Bank | 0.650 | 10-31-19 |  | 1,924 | 1,924
MutualOne Bank | 0.900 | 09-09-19 |  | 4,084 | 4,084
Newburyport Five Cents Savings Bank | 0.700 | 10-19-20 |  | 2,122 | 2,122
Newport Federal Savings Bank | 0.450 | 05-30-19 |  | 1,964 | 1,964
OBA Federal Savings and Loan | 0.400 | 06-17-19 |  | 2,692 | 2,692
Salem Five Bank | 0.250 | 12-17-19 |  | 1,739 | 1,739
Sunshine Federal Savings and Loan Association | 0.500 | 05-10-19 |  | 2,045 | 2,045
The Milford Bank | 0.250 | 06-10-19 |  | 1,913 | 1,913

| Yield* (%) | Maturity date |  | Par value^ | Value
Short-term investments 1.3% (1.0% of Total investments) | $6,837,000
(Cost $6,836,622) |  |  |  |  |
U.S. Government Agency 1.2% |  |  |  |  | 6,406,000
Federal Agricultural Mortgage Corp. Discount Note | 2.150 | 01-02-19 |  | 1,349,000 | 1,349,000
Federal Home Loan Bank Discount Note | 2.150 | 01-02-19 |  | 5,057,000 | 5,057,000

|  |  |  | Par value^ | Value
Repurchase agreement 0.1% |  |  |  |  | 431,000
Repurchase Agreement with State Street Corp. dated 12-31-18 at 1.300% to be repurchased at $431,031 on 1-2-19, collateralized by $445,000 U.S. Treasury Notes, 2.375% due 8-15-24 (valued at $443,519, including interest) |  |  |  | 431,000 | 431,000

Total investments (Cost $453,211,039) 122.0% |  |  | $661,795,725
Other assets and liabilities, net (22.0%) |  |  | (119,142,276)
Total net assets 100.0% |  |  | $542,653,449

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 11

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
LIBOR | London Interbank Offered Rate
(A) | Non-income producing security.
(B) | All or a portion of this security is on loan as of 12-31-18, and is a component of the fund's leverage under the Liquidity Agreement.
(C) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 12-31-18 was $147,821,769. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $88,995,412.
(D) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(E) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
* | Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

12 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

DERIVATIVES
SWAPS

Interest rate swaps
Counterparty (OTC)/ Centrally cleared | Notional amount | Currency | Payments made | Payments received | Fixed payment frequency | Floating payment frequency | Maturity date | Unamortized upfront payment paid (received) | Unrealized appreciation (depreciation) | Value
Centrally cleared | 10,000,000 | USD | Fixed 1.427% | USD LIBOR BBA(a) | Semi-Annual | Quarterly | Aug 2019 | — | $61,730 | $61,730
Centrally cleared | 5,000,000 | USD | Fixed 1.295% | USD LIBOR BBA(a) | Semi-Annual | Quarterly | Aug 2019 | — | 37,623 | 37,623
Centrally cleared | 5,000,000 | USD | Fixed 1.594% | USD LIBOR BBA(a) | Semi-Annual | Quarterly | Dec 2020 | — | 105,286 | 105,286
Centrally cleared | 5,000,000 | USD | Fixed 1.790% | USD LIBOR BBA(a) | Semi-Annual | Quarterly | Aug 2022 | — | 118,903 | 118,903
|  |  |  |  |  |  |  | — | $323,542 | $323,542

(a) | At 12-31-18, the 3 month LIBOR was 2.808%

Derivatives Currency Abbreviations
USD | U.S. Dollar

Derivatives Abbreviations
BBA | The British Banker's Association
LIBOR | London Interbank Offered Rate

At 12-31-18, the aggregate cost of investments for federal income tax purposes was $453,424,715. Net unrealized appreciation aggregated to $208,694,552, of which $220,610,927 related to gross unrealized appreciation and $11,916,375 related to gross unrealized depreciation.
OTC is an abbreviation for over-the-counter. See Notes to financial statements regarding investment transactions and other derivatives information.

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 13

Financial statements |

STATEMENT OF ASSETS AND LIABILITIES 12-31-18

Assets |
Unaffiliated investments, at value (Cost $453,211,039) | $661,795,725
Receivable for centrally cleared swaps | 35,266
Cash | 11,089
Dividends and interest receivable | 1,297,734
Receivable from affiliates | 88,750
Other assets | 18,094
Total assets | 663,246,658
Liabilities |
Liquidity agreement | 120,000,000
Payable for investments purchased | 2,692
Interest payable | 299,666
Payable to affiliates |
Administrative services fees | 147,916
Trustees' fees | 636
Other liabilities and accrued expenses | 142,299
Total liabilities | 120,593,209
Net assets | $542,653,449
Net assets consist of |
Paid-in capital | $332,337,404
Accumulated distributable earnings (accumulated loss) | 210,316,045
Net assets | $542,653,449
Net asset value per share |
Based on 18,670,462 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $ 29.06

14 | JOHN HANCOCK Financial Opportunities Fund| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the year ended 12-31-18

Investment income |
Dividends | $18,262,988
Interest | 1,986,403
Income distributions received from affiliated investments | 4,388
Less foreign taxes withheld | (46,210)
Total investment income | 20,207,569
Expenses |
Investment management fees | 8,832,893
Interest expense | 2,936,651
Administrative services fees | 2,022,948
Transfer agent fees | 34,908
Trustees' fees | 45,429
Custodian fees | 94,968
Printing and postage | 189,844
Professional fees | 57,144
Stock exchange listing fees | 23,750
Other | 20,360
Total expenses | 14,258,895
Less expense reductions | (1,280,855)
Net expenses | 12,978,040
Net investment income | 7,229,529
Realized and unrealized gain (loss) |
Net realized gain (loss) on |
Unaffiliated investments and foreign currency transactions | 23,569,796
Affiliated investments | 1,207,870
Swap contracts | 135,159
| 24,912,825
Change in net unrealized appreciation (depreciation) of |
Unaffiliated investments | (147,020,317)
Affiliated investments | (1,160,250)
Swap contracts | 68,760
| (148,111,807)
Net realized and unrealized loss | (123,198,982)
Decrease in net assets from operations | $(115,969,453)

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK Financial Opportunities Fund | 15

STATEMENTS OF CHANGES IN NET ASSETS

| Year ended 12-31-18 | Year ended 12-31-17
Increase (decrease) in net assets |  |
From operations |  |
Net investment income | $7,229,529 | $6,984,367
Net realized gain | 24,912,825 | 19,585,919
Change in net unrealized appreciation (depreciation) | (148,111,807) | 37,516,945
Increase (decrease) in net assets resulting from operations | (115,969,453) | 64,087,231
Distributions to shareholders |  |
From net investment income and net realized gain | (30,994,369) | —
From net investment income | — | (7,812,650)
From net realized gain | — | (19,771,340)
Total distributions | (30,994,369) | (27,583,990)
Fund share transactions |  |
Issued pursuant to Dividend Reinvestment Plan | 423,395 | 1,274,308
Total increase (decrease) | (146,540,427) | 37,777,549
Net assets |  |
Beginning of year | 689,193,876 | 651,416,327
End of year1 | $542,653,449 | $689,193,876
Share activity |  |
Shares outstanding |  |
Beginning of year | 18,659,117 | 18,623,731
Issued pursuant to Dividend Reinvestment Plan | 11,345 | 35,386
End of year | 18,670,462 | 18,659,117

1 | Net assets - End of year includes undistributed net investment income of $279,475 at December 31, 2017. The SEC eliminated the requirement to disclose undistributed net investment income in the current reporting period.

16 | JOHN HANCOCK Financial Opportunities Fund| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS For the year ended 12-31-18

Cash flows from operating activities |
Net decrease in net assets from operations | $(115,969,453)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: |
Long-term investments purchased | (84,020,470)
Long-term investments sold | 87,206,988
Net purchases and sales in short-term investments | 8,558,052
Net amortization of premium (discount) | (1,195)
(Increase) Decrease in assets: |
Receivable for centrally cleared swaps | 108,932
Dividends and interest receivable | 602,997
Receivable due from advisor | 13,932
Other assets | 4,833
Increase (Decrease) in liabilities: |
Payable for investments purchased | (98,054)
Interest payable | 101,553
Payable to affiliates | (23,067)
Other liabilities and accrued expenses | 62,285
Net change in unrealized (appreciation) depreciation on: |
Investments | 148,180,312
Net realized (gain) loss on: |
Investments | (24,781,629)
Proceeds received as return of capital | 212,521
Net cash provided by operating activities | $20,158,537
Cash flows provided by (used in) financing activities |
Distributions to shareholders | $(30,570,974)
Borrowings from liquidity agreement | 10,000,000
Net cash used in financing activities | $(20,570,974)
Net decrease in cash | $(412,437)
Cash at beginning of year | $423,526
Cash at end of year | $11,089
Supplemental disclosure of cash flow information: |
Cash paid for interest | $2,835,098
Noncash financing activities not included herein consists of reinvestment distributions: | $423,395

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK Financial Opportunities Fund | 17

Financial highlights |

Period ended | 12-31-18 | 12-31-17 | 12-31-16 | 12-31-15 1 | 10-31-15 | 10-31-14
Per share operating performance |  |  |  |  |  |
Net asset value, beginning of period | $36.94 | $34.98 | $26.17 | $26.00 | $25.19 | $23.01
Net investment income2 | 0.39 | 0.37 | 0.50 | 0.10 | 0.52 3 | 0.35
Net realized and unrealized gain (loss) on investments | (6.61) | 3.07 | 9.79 | 0.44 | 1.55 | 3.01
Total from Investment operations | (6.22) | 3.44 | 10.29 | 0.54 | 2.07 | 3.36
Less distributions |  |  |  |  |  |
From net investment income | (0.40) | (0.42) | (0.40) | (0.10) | (0.47) | (0.35)
From net realized gain | (1.26) | (1.06) | (1.08) | (0.27) | (0.79) | (0.83)
Total distributions | (1.66) | (1.48) | (1.48) | (0.37) | (1.26) | (1.18)
Anti-dilutive impact of repurchase plan | — | — | — 4,5 | — | — | —
Net asset value, end of period | $29.06 | $36.94 | $34.98 | $26.17 | $26.00 | $25.19
Per share market value, end of period | $27.93 | $39.33 | $36.27 | $28.03 | $26.77 | $22.97
Total return at net asset value (%)6,7 | (17.42) | 10.08 | 41.10 | 2.05 8 | 8.60 | 15.16
Total return at market value (%)6 | (25.46) | 13.03 | 36.60 | 6.16 8 | 22.63 | 8.84
Ratios and supplemental data |  |  |  |  |  |
Net assets, end of period (in millions) | $543 | $689 | $651 | $486 | $482 | $467
Ratios (as a percentage of average net assets): |  |  |  |  |  |
Expenses before reductions | 2.04 | 1.93 | 2.02 | 2.02 9 | 1.99 | 1.99
Expenses including reductions10 | 1.86 | 1.75 | 1.82 | 1.83 9 | 1.80 | 1.81
Net investment income | 1.04 | 1.07 | 1.88 | 2.15 9 | 2.03 3 | 1.43
Portfolio turnover (%) | 11 | 5 | 11 | 2 | 18 | 15
Senior securities |  |  |  |  |  |
Total debt outstanding end of period (in millions) | $120 | $110 | $110 | $110 | $110 | $110
Asset coverage per $1,000 of debt11 | $5,522 | $7,265 | $6,922 | $5,419 | $5,385 | $5,244

1 | For the two-month period ended 12-31-15. The fund changed its fiscal year end from October 31 to December 31.
2 | Based on average daily shares outstanding.
3 | Net investment income (loss) per share and ratio of net investment income (loss) to average net assets reflect special dividends received by the fund, which amounted to $0.04 and 0.15%, respectively.
4 | Less than $0.005 per share.
5 | The repurchase plan was completed at an average repurchase price of $20.79 for 10,000 shares for the period ended 12-31-16.
6 | Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested.
7 | Total returns would have been lower had certain expenses not been reduced during the applicable periods.
8 | Not annualized.
9 | Annualized.
10 | Expenses including reductions excluding interest expense were 1.44%, 1.45%, 1.58%, 1.63% (annualized) and 1.60% for the periods ended 12-31-18, 12-31-17, 12-31-16, 12-31-15 and 10-31-14, respectively.
11 | Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.

18 | JOHN HANCOCK Financial Opportunities Fund| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements

Note 1 — Organization

John Hancock Financial Opportunities Fund (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:

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 (NAV) 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 typically valued based on the evaluated prices provided by an independent pricing vendor. 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 and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

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

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

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

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 19

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 December 31, 2018, by major security category or type:

| Total value at 12-31-18 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs
Investments in securities: |  |  |  |
Assets |  |  |  |
Common stocks |  |  |  |
Financials |  |  |  |
Banks | $540,470,322 | $532,737,450 | $7,732,872 | —
Capital markets | 26,034,679 | 26,034,679 | — | —
Consumer finance | 4,279,603 | 4,279,603 | — | —
Insurance | 2,588,295 | — | 2,588,295 | —
Thrifts and mortgage finance | 31,988,054 | 31,988,054 | — | —
Information technology |  |  |  |
IT services | 3,290,713 | 3,290,713 | — | —
Real estate |  |  |  |
Equity real estate investment trusts | 7,548,869 | 7,548,869 | — | —
Preferred securities |  |  |  |
Financials |  |  |  |
Banks | 4,153,200 | — | 4,153,200 | —
Capital markets | 7,501,079 | 7,501,079 | — | —
Real estate |  |  |  |
Equity real estate investment trusts | 7,394,342 | 5,953,742 | 1,440,600 | —
Investment companies | 3,125,731 | 3,125,731 | — | —
Corporate bonds |  |  |  |
Financials |  |  |  |
Banks | 13,547,543 | — | 8,569,486 | $4,978,057
Convertible bonds | 2,955,846 | — | 2,955,846 | —
Certificate of deposit | 80,449 | — | 80,449 | —
Short-term investments | 6,837,000 | — | 6,837,000 | —
Total investments in securities | $661,795,725 | $622,459,920 | $34,357,748 | $4,978,057
Derivatives: |  |  |  |
Assets |  |  |  |
Swap contracts | $323,542 | — | $323,542 | —

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

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 20

| 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 |  |  | 537,500 |  |  | 1,002,400 |
| Change in unrealized appreciation (depreciation) |  |  | (672,400 | ) |  | (762,118 | ) |  | (1,434,518 | )
| Purchases |  |  | — |  |  | — |  |  | — |
| Sales |  |  | (3,822,400 | ) |  | (5,537,500 | ) |  | (9,359,900 | )
| Transfers into Level 3 |  |  | — |  |  | — |  |  | — |
| Transfers out of Level 3 |  |  | — |  |  | — |  |  | — |
| Balance as of 12-31-18 |  |  | — |  |  | $4,978,057 |  |  | $4,978,057 |
| Change in unrealized appreciation (depreciation) at period end* |  |  | — |  |  | ($84,983 | ) |  | ($84,983 | )

*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end. This balance is included in the change in unrealized appreciation (depreciation) on the Statement of operations.

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a tax return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Foreign investing. Assets, including investments and liabilities denominated in foreign currencies, are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.

Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriation taxes imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund's understanding of the tax

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 21

rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.

Overdrafts. Pursuant to the custodian agreement, the fund's custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund's relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

As of December 31, 2018, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Managed distribution plan. The Board of Trustees approved a managed distribution plan (the Managed Distribution Plan). Effective September 13, 2018 under the current Managed Distribution Plan, the fund makes quarterly distributions of an amount equal to $0.5500 per share an increase over the prior quarterly distribution of $0.3701 per share, which will be paid quarterly until further notice.

Distributions under the Managed Distribution Plan may consist of net investment income, net realized capital gains and, to the extent necessary, return of capital. Return of capital distributions may be necessary when the fund's net investment income and net capital gains are insufficient to meet the minimum distribution. In addition, the fund also may make additional distributions to avoid federal income and excise taxes.

The Board of Trustees may terminate or reduce the amount distributed under the Managed Distribution Plan at any time. The termination or reduction may have an adverse effect on the market price of the fund's shares.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly under the Managed Distribution Plan described above.

The tax character of distributions for the years ended December 31, 2018 and 2017 was as follows:

| December 31, 2018 | December 31, 2017
Ordinary income | $8,438,294 | $8,097,141
Long-term capital gain | 22,556,075 | 19,486,849
Total | $30,994,369 | $27,583,990

As of December 31, 2018, the components of distributable earnings on a tax basis consisted of $1,621,493 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital. The final determination of tax characteristics of the fund's distribution will occur at the end of the year and will subsequently be reported to shareholders.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 22

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to investments in passive foreign investment companies and partnerships.

Statement of cash flows. A Statement of cash flows is presented when a fund has a significant amount of borrowing during the period, based on the average total borrowing in relation to total assets, or when a certain percentage of the fund's investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund's Statement of assets and liabilities and represents the cash on hand at the fund's custodian and does not include any short-term investments.

Note 3 — 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.

Centrally-cleared swaps are cleared on an exchange or central clearinghouse. Centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.

Centrally-cleared swap contracts are subject to clearinghouse rules, including initial and variation margin requirements, daily settlement of obligations and the clearinghouse guarantee of payments to the broker. There is, however, still counterparty risk due to the potential insolvency of the broker with respect to any margin held in the brokers' customer accounts. While clearing members are required to segregate customer assets from their own assets, in the event of insolvency, there may be a shortfall in the amount of margin held by the broker for its clients. Collateral or margin requirements for exchange-traded or centrally-cleared derivatives are set by the broker or applicable clearinghouse. Margin for exchange-traded and centrally-cleared transactions is detailed in the Statement of assets and liabilities as receivable for centrally-cleared swaps. Securities pledged by the fund for exchange-traded and centrally-cleared transactions, if any, are identified in the Fund's investments.

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.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that are in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 23

risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

During the year ended December 31, 2018, the fund used interest rate swaps to manage against anticipated interest rate changes. No new interest rate swap positions were entered into or closed during the year ended December 31, 2018.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at December 31, 2018 by risk category:

Risk | Statement of assets and liabilities location |  | Financial instruments location | Assets derivatives fair value | Liabilities derivatives fair value
Interest rate | Swap contracts, at value^ |  | Interest rate swaps | $323,542 | —
^ Reflects cumulative value of swap contracts. Receivable for centrally cleared swaps, which includes value and margin, and swap contracts at value, which represents OTC swaps, are shown separately on the Statement of assets and liabilities.

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended December 31, 2018:

Statement of operations location - net realized gain (loss) on:
Risk | Swap contracts
Interest rate | $135,159

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended December 31, 2018:

Statement of operations location - change in net unrealized appreciation (depreciation) of:
Risk | Swap contracts
Interest rate | $68,760

Note 4 — Guarantees and indemnifications

Under the fund's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5 — Fees and transactions with affiliates

John Hancock Advisers, LLC (the Advisor) serves as investment advisor for the fund. The Advisor is an indirect, wholly owned subsidiary of Manulife Financial Corporation (MFC).

Management fee. The fund has an investment advisory agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis to the sum of (a) 1.15% of the first $500 million of the fund's average daily gross assets, including the assets attributed to the Liquidity Agreement (see Note 8) (collectively, gross managed assets), and (b) 1.00% of the fund's average daily gross managed assets in excess of $500 million. The Advisor has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended December 31,

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2018, this waiver amounted to 0.01% of the fund's average daily gross managed assets. This arrangement expires on June 30, 2020, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The expense reductions described above amounted to $67,086 for the year ended December 31, 2018.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended December 31, 2018 were equivalent to a net annual effective rate of 1.08% of the fund's average daily gross managed assets.

Administrative services. The fund has an administration agreement with the Advisor under which the Advisor provides certain administrative services to the fund and oversees operational activities of the fund. The compensation for the period was at an annual rate of 0.25% of the average weekly gross managed assets of the fund. The Advisor agreed to limit the administrative services fee to 0.10% of the fund's average weekly gross assets. Accordingly, the expense reductions related to administrative services fees amounted to $1,213,769 for the year ended December 31, 2018. The Advisor reserves the right to terminate this limitation in the future with the Trustees' approval. The administrative services fees incurred for the year ended December 31, 2018 amounted to an annual rate of 0.10% of the fund's average weekly gross managed assets.

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee compensation and expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.

Note 6 — Fund share transactions

In May 2009, the Board of Trustees approved a share repurchase plan, which has been subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market up to 10% of its outstanding common shares as of December 31, 2018. The current share repurchase plan will remain in effect between January 1, 2019 and December 31, 2019. During the years ended December 31, 2018 and 2017, the fund had no activities under the repurchase program.

Note 7 — Leverage risk

The fund utilizes a Liquidity Agreement to increase its assets available for investment. When the fund leverages its assets, common shareholders bear the fees associated with the Liquidity Agreement and have potential to benefit or be disadvantaged from the use of leverage. The Advisor's fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund's assets. Leverage creates risks that may adversely affect the return for the holders of shares, including:

• | the likelihood of greater volatility of NAV and market price of shares;
• | fluctuations in the interest rate paid for the use of the Liquidity Agreement;
• | increased operating costs, which may reduce the fund's total return;
• | the potential for a decline in the value of an investment acquired through leverage, while the fund's obligations under such leverage remains fixed; and
• | the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund's return will be greater than if leverage had not been used, conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived. The use of securities lending to obtain leverage in the Fund's investments may subject the fund to greater risk of loss than would reinvestment of collateral in short-term highly rated investments.

In addition to the risks created by the fund's use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the Liquidity Agreement is terminated. Were this to happen, the fund would be

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 25

required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund's ability to generate income from the use of leverage would be adversely affected.

Note 8 — Liquidity agreement

The fund has entered into a Liquidity Agreement (LA) with State Street Bank & Trust Company (SSB) that allows it to borrow up to $125.0 million (maximum facility amount) and includes a securities lending provision. The amounts outstanding at December 31, 2018 are shown in the Statement of assets and liabilities as Liquidity agreement.

The fund pledges its assets as collateral to secure obligations under the LA. The fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and may make these assets available for securities lending transactions. Under the terms of the LA, the fund may enter into securities lending transactions initiated by SSB, acting as the fund's authorized securities lending agent. All securities lent through SSB are required to be secured with cash collateral received from the securities lending counterparty in amounts at least equal to 100% of the initial market value of the securities lent. Cash collateral received by SSB, in its role as securities lending agent for the fund is credited against the amounts drawn under the LA. Any amounts credited against the LA are considered leverage and would be subject to various limitations in the LA and/or the 1940 Act. Upon return of loaned securities, SSB will return collateral to the securities lending counterparty and will cause amounts drawn under the LA to increase by the amount of collateral returned. Amounts paid by securities lending counterparties for loaned securities are retained by SSB.

In the event of a securities lending counterparty default, SSB indemnifies the fund for certain losses that may arise in connection with the default. SSB uses the collateral received from the securities lending counterparty to purchase replacement securities of the same issue, type, class and series of the loaned securities. If the value of the collateral is less than the purchase cost of the replacement securities, SSB is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any decrease in the value of the collateral. Although the risk of the loss of the securities lent is mitigated by receiving collateral from the securities lending counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the securities lending counterparty fails to return the securities on a timely basis.

Interest charged is at the rate of one-month LIBOR (London Interbank Offered Rate) plus 0.60%, and is payable monthly on the collective balance of the drawdowns outstanding and the securities lending activities of the fund. As of December 31, 2018, the fund had a collective balance of $120,000,000 at an interest rate of 3.10%, which is reflected in the LA payable on the Statement of assets and liabilities. During the year ended December 31, 2018, the average balance of the LA and the effective average interest rate were $110,328,767 and 2.66%, respectively.

The fund may terminate the LA with 60 days' notice. If certain asset coverage and collateral requirements, minimum net assets or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination event, SSB is required to provide the fund with 360 days' notice prior to terminating the LA.

Note 9 — Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $84,020,470 and $87,206,988, respectively, for the year ended December 31, 2018.

Note 10 — Industry or sector risk

The fund generally invests a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund's assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund's NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors. Financial services companies can be hurt by economic declines, changes in interest rates, and regulatory and market impacts.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 26

Note 11 — Transactions in securities of affiliated issuers

Affiliated issuers, as defined by the 1940 Act, are those in which the fund's holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the fund's transactions in the securities of these issuers during the year ended December 31, 2018, is set forth below:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Dividends and distributions |  |  |  |
| Affiliate |  |  | Beginning share amount |  |  | Shares purchased |  |  | Shares sold |  |  | Ending share amount |  |  |  |  |  | Income distributions received |  |  | Capital gain distributions received |  |  | Realized gain (loss) |  |  |  |  |  | Change in unrealized appreciation (depreciation) |  |  |  |  |  | Ending value |
| First Colebrook Bancorp, Inc. |  |  | 48,750 |  |  | — |  |  | (48,750 | ) |  | — |  |  |  |  |  | $4,388 |  |  | — |  |  | $1,207,870 |  |  |  |  |  | ($1,160,250 | ) |  |  |  |  | — |

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 27

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of John Hancock Financial Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund's investments, of John Hancock Financial Opportunities Fund (the "Fund") as of December 31, 2018, the related statements of operations and cash flows for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2018, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2018 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 20, 2019

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 28

TAX INFORMATION

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended December 31, 2018.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The fund paid $22,556,075 in long term capital gain dividends.

Eligible shareholders will be mailed a 2018 Form 1099-DIV in early 2019. This will reflect the tax character of all distributions paid in calendar year 2018.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 29

ADDITIONAL INFORMATION

Unaudited

Investment objective and policy

The fund is a closed-end, diversified management investment company, shares of which were initially offered to the public in August 1994. The fund's investment objective is to provide a high level of total return consisting of long-term capital appreciation and current income. The fund utilizes a credit facility agreement to increase its assets available for investments.

Under normal circumstances, the fund will invest at least 80% of its net assets plus borrowings for investment purposes in equity securities of U.S. and foreign financial services companies of any size. These companies may include, but are not limited to, banks, thrifts, finance companies, brokerage and advisory firms, real estate-related firms, insurance companies and financial holding companies. The fund will notify shareholders at least 60 days prior to any change in this 80% policy.

The use of securities lending collateral to obtain leverage in the fund's investment portfolio may subject the fund to greater risk of loss than would reinvestment of collateral in short-term, highly-rated investments. Risks associated with the fund's use of leverage are discussed under Note 7 to the financial statements.

Dividends and distributions

During the year ended December 31, 2018, distributions from net investment income totaling $0.4043 per share and capital gains totaling $1.2560 were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment date | Distributions
March 29, 2018 | $0.3701
June 29, 2018 | 0.3701
September 28, 2018 | 0.3701
December 31, 2018 | 0.5500
Total | $1.6603

Dividend reinvestment plan

The fund's Dividend Reinvestment Plan (the Plan) provides that distributions of dividends and capital gains are automatically reinvested in common shares of the fund by Computershare Trust Company, N.A. (the Plan Agent). Every shareholder holding at least one full share of the fund is entitled to participate in the Plan. In addition, every shareholder who became a shareholder of the fund after June 30, 2011, and holds at least one full share of the fund will be automatically enrolled in the Plan. Shareholders may withdraw from the Plan at any time and shareholders who do not participate in the Plan will receive all distributions in cash.

If the fund declares a dividend or distribution payable either in cash or in common shares of the fund and the market price of shares on the payment date for the distribution or dividend equals or exceeds the fund's net asset value per share (NAV), the fund will issue common shares to participants at a value equal to the higher of NAV or 95% of the market price. The number of additional shares to be credited to each participant's account will be determined by dividing the dollar amount of the distribution or dividend by the higher of NAV or 95% of the market price. If the market price is lower than NAV, or if dividends or distributions are payable only in cash, then participants will receive shares purchased by the Plan Agent on participants' behalf on the NYSE or otherwise on the open market. If the market price exceeds NAV before the Plan Agent has completed its purchases, the average per share purchase price may exceed NAV, resulting in fewer shares being acquired than if the fund had issued new shares.

There are no brokerage charges with respect to common shares issued directly by the fund. However, whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.

The reinvestment of dividends and net capital gains distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.

Shareholders participating in the Plan may buy additional shares of the fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 30

transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date. Pursuant to regulatory changes, effective September 5, 2017, the settlement date is changed from three business days after the shares have been sold to two business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their stockbroker through the Direct Registration System.

Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If shareholders withdraw from the Plan, their shares will be credited to their account; or, if they wish, the Plan Agent will sell their full and fractional shares and send the shareholders the proceeds, less a transaction fee of $5 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder's participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.

Shareholders who hold at least one full share of the fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If shareholders wish to participate in the Plan and their shares are held in the name of a brokerage firm, bank or other nominee, shareholders should contact their nominee to see if it will participate in the Plan. If shareholders wish to participate in the Plan, but their brokerage firm, bank or other nominee is unable to participate on their behalf, they will need to request that their shares be re-registered in their own name, or they will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by shareholders as representing the total amount registered in their name and held for their account by their nominee.

Experience under the Plan may indicate that changes are desirable. Accordingly, the fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 90 days before the record date for the payment of any dividend or distribution by the fund.

Effective November 1, 2013, the Plan was revised to provide that Computershare Trust Company, N.A. no longer provides mail loss insurance coverage when shareholders mail their certificates to the fund's administrator.

All correspondence or requests for additional information about the Plan should be directed to Computershare Trust Company, N.A., at the address stated below, or by calling 800-852-0218, 201-680-6578 (For International Telephone Inquiries) and 800-952-9245 (For the Hearing Impaired (TDD)).

Shareholder communication and assistance

If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:

Regular Mail:
Computershare
P.O. Box 505000
Louisville, KY 40233

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 31

Registered or Overnight Mail:
Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202

If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 32

Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.

Independent Trustees

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Hassell H. McClellan, Born: 1945 | 2012 | 215
Trustee and Chairperson of the Board Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.

Charles L. Bardelis,2 Born: 1941 | 2012 | 215
Trustee Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988).

James R. Boyle, Born: 1959 | 2015 | 215
Trustee Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC, and John Hancock Investment Management Services, LLC (2005-2010). Trustee of various trusts within the John Hancock Fund Complex (2005-2014 and since 2015).

Peter S. Burgess,2 Born: 1942 | 2012 | 215
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).

William H. Cunningham, Born: 1944 | 1995 | 215
Trustee Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986).

Grace K. Fey, Born: 1946 | 2012 | 215
Trustee Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988-2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

Theron S. Hoffman,2 Born: 1947 | 2012 | 215
Trustee Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003-2010); President, Westport Resources Management (investment management consulting firm) (2006-2008); Board Member, Senior Managing Director, Partner, and Operating Head, Putnam Investments (2000-2003); Executive Vice President, The Thomson Corp. (financial and legal information publishing) (1997-2000). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 33

Independent Trustees (continued)

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952 | 2008 | 215
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (since 2014); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

James M. Oates, Born: 1946 | 2012 | 215
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2004) and Chairperson of the Board (2005-2016) of various trusts within the John Hancock Fund Complex.

Steven R. Pruchansky, Born: 1944 | 1994 | 215
Trustee and Vice Chairperson of the Board Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011-2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.

Gregory A. Russo, Born: 1949 | 2008 | 215
Trustee Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (since 2012) and Finance Committee Chairman (since 2014), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

Non-Independent Trustees3

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971 | 2017 | 215
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Advisers, LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Investment Management Services, LLC (since 2006, including prior positions); President, John Hancock Funds, LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 34

Non-Independent Trustees3 (continued)

Name, year of birth Position(s) held with Trust Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee

Marianne Harrison, Born: 1963 | 2018 | 215
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (since 2017); Member, Board of Directors, Manulife Assurance Canada (since 2015); Board Member, St. Mary's General Hospital Foundation (since 2014); Member, Board of Directors, Manulife Bank of Canada (since 2013); Member, Standing Committee of the Canadian Life & Health Assurance Association (since 2013); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

Principal officers who are not Trustees

Name, year of birth Position(s) held with fund Principal occupation(s) during past 5 years | Officer of the Trust since
Francis V. Knox, Jr., Born: 1947 | 2005
Chief Compliance Officer Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, various trusts within the John Hancock Fund Complex, John Hancock Advisers, LLC, and John Hancock Investment Management Services, LLC (since 2005).

Charles A. Rizzo, Born: 1957 | 2007
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).

Salvatore Schiavone, Born: 1965 | 2010
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).

Christopher (Kit) Sechler, Born: 1973 | 2018
Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investments; Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2018); Assistant Secretary of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2009).

The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.

1 | Mr. Arnott, Ms. Jackson, Mr. Oates, and Mr. Pruchansky serve as Trustees for a term expiring in 2019; Mr. Boyle, Mr. Cunningham, Ms. Fey, Mr. McClellan, and Mr. Russo serve as Trustees for a term expiring in 2020; Mr. Bardelis, Mr. Burgess, Ms. Harrison and Mr. Hoffman serve as Trustees for a term expiring in 2021; Mr. Boyle has served as Trustee at various times prior to date listed in the table.
2 | Member of the Audit Committee.
3 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates.

ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 35

More information

Trustees Hassell H. McClellan, Chairperson Steven R. Pruchansky, Vice Chairperson Andrew G. Arnott† Charles L. Bardelis* James R. Boyle Peter S. Burgess* William H. Cunningham Grace K. Fey Marianne Harrison†# Theron S. Hoffman* Deborah C. Jackson James M. Oates Gregory A. Russo Officers Andrew G. Arnott President Francis V. Knox, Jr. Chief Compliance Officer Charles A. Rizzo Chief Financial Officer Salvatore Schiavone Treasurer Christopher (Kit) Sechler** Secretary and Chief Legal Officer | Investment advisor John Hancock Advisers, LLC Subadvisor John Hancock Asset Management a division of Manulife Asset Management (US) LLC Custodian State Street Bank and Trust Company Transfer agent Computershare Shareowner Services, LLC Legal counsel K&L Gates LLP Independent registered public accounting firm PricewaterhouseCoopers LLP Stock symbol Listed New York Stock Exchange: BTO

* Member of the Audit Committee
† Non-Independent Trustee
#Effective 6-19-18

**Effective 9-13-18

For shareholder assistance refer to page 31

| You can also contact us:
| 800-852-0218 jhinvestments.com | Regular mail: Computershare P.O. Box 505000 Louisville, KY 40233 | Express mail: Computershare 462 South 4th Street, Suite 1600 Louisville, KY 40202

The fund's proxy voting policies and procedures, as well as the fund's proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

The fund's complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The fund's Form N-Q is available on our website and the SEC's website, sec.gov.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.

The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.
ANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND 36

John Hancock family of funds

DOMESTIC EQUITY FUNDS Blue Chip Growth Classic Value Disciplined Value Disciplined Value Mid Cap Equity Income Financial Industries Fundamental All Cap Core Fundamental Large Cap Core Fundamental Large Cap Value New Opportunities Regional Bank Small Cap Core Small Cap Growth Small Cap Value U.S. Global Leaders Growth U.S. Growth U.S. Quality Growth Value Equity GLOBAL AND INTERNATIONAL EQUITY FUNDS Disciplined Value International Emerging Markets Emerging Markets Equity Fundamental Global Franchise Global Equity Global Shareholder Yield Global Thematic Opportunities Greater China Opportunities International Growth International Small Company |  | INCOME FUNDS Bond California Tax-Free Income Emerging Markets Debt Floating Rate Income Government Income High Yield High Yield Municipal Bond Income Investment Grade Bond Money Market Short Duration Credit Opportunities Spectrum Income Strategic Income Opportunities Tax-Free Bond ALTERNATIVE AND SPECIALTY FUNDS Absolute Return Currency Alternative Asset Allocation Disciplined Alternative Yield Enduring Assets Global Absolute Return Strategies Global Conservative Absolute Return Global Focused Strategies Seaport Long/Short Technical Opportunities

The fund's investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investments at 800-852-0218, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

ASSET ALLOCATION Balanced Income Allocation Multi-Index Lifetime Portfolios Multi-Index Preservation Portfolios Multimanager Lifestyle Portfolios Multimanager Lifetime Portfolios Retirement Income 2040 EXCHANGE-TRADED FUNDS John Hancock Multifactor Consumer Discretionary ETF John Hancock Multifactor Consumer Staples ETF John Hancock Multifactor Developed International ETF John Hancock Multifactor Emerging Markets ETF John Hancock Multifactor Energy ETF John Hancock Multifactor Financials ETF John Hancock Multifactor Healthcare ETF John Hancock Multifactor Industrials ETF John Hancock Multifactor Large Cap ETF John Hancock Multifactor Materials ETF John Hancock Multifactor Mid Cap ETF John Hancock Multifactor Small Cap ETF John Hancock Multifactor Technology ETF John Hancock Multifactor Utilities ETF |  | ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FUNDS ESG All Cap Core ESG Core Bond ESG International Equity ESG Large Cap Core CLOSED-END FUNDS Financial Opportunities Hedged Equity & Income Income Securities Trust Investors Trust Preferred Income Preferred Income II Preferred Income III Premium Dividend Tax-Advantaged Dividend Income Tax-Advantaged Global Shareholder Yield

John Hancock Multifactor ETF shares are bought and sold at market price (not NAV), and are not individually redeemed
from the fund. Brokerage commissions will reduce returns.

John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Funds, LLC or Dimensional Fund Advisors LP.

Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the
John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no
representation as to the advisability of investing in, John Hancock Multifactor ETFs.

John Hancock Investments

A trusted brand

John Hancock Investments is a premier asset manager representing one of
America's most trusted brands, with a heritage of financial stewardship dating
back to 1862. Helping our shareholders pursue their financial goals is at the
core of everything we do. It's why we support the role of professional financial
advice and operate with the highest standards of conduct and integrity.

A better way to invest

We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising standards
and serve the best interests of our shareholders.

Results for investors

Our unique approach to asset management enables us to provide a diverse set
of investments backed by some of the world's best managers, along with strong
risk-adjusted returns across asset classes.

| John Hancock Advisers, LLC 200 Berkeley Street n Boston, MA 02116-5010 800-852-0218 n jhinvestments.com
| MF705671 | P9A 12/18 2/19

ITEM 2. CODE OF ETHICS.

As of the end of the period, December 31, 2018, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the “Senior Financial Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Peter S. Burgess is the audit committee financial expert and is “independent”, pursuant to general instructions on Form N-CSR Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees
The aggregate fees billed for professional services rendered by the principal accountant(s) for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $33,738 for the fiscal period ended December 31, 2018, $33,738 for the fiscal year ended December 31, 2017. These fees were billed to the registrant and were approved by the registrant’s audit committee.

(b) Audit-Related Services
Audit-related fees during the fiscal periods ended December 31, 2018 and December 31, 2017 amounted to $0 and $0, respectively, billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates"). In addition, amounts billed to control affiliates for service provider internal controls reviews were $113,000, and $110,200 for the fiscal periods ended December 31, 2018 and 2017, respectively.

(c) Tax Fees
The aggregate fees billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning (“tax fees”) amounted to $3,725 for the fiscal period ended December 31, 2018, and $4,590 for the fiscal year ended December 31, 2017. The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant’s audit committee.

(d) All Other Fees
Other fees amounted to $239 for the fiscal period ended December 31, 2018, and $840 for the fiscal year ended December 31, 2017, billed to the registrant or to the control affiliates.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the “Auditor”) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust’s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees, Tax Fees and All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) According to the registrant’s principal accountant, for the fiscal year ended December 31, 2018, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g) The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the registrant were $736,243 for the fiscal period ended December 31, 2018 and $9,042,739 for the fiscal year ended December 31, 2017.

(h) The audit committee of the registrant has considered the non-audit services provided by the registrant’s principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Peter S. Burgess - Chairman
Charles L. Bardelis
Theron S. Hoffman

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) Not applicable.
(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

See attached exhibit “Proxy Voting Policies and Procedures”.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Information about the portfolio managers

Management Biographies

Below is a list of the John Hancock Asset Management a division of Manulife Asset management (US) LLC (“John Hancock Asset Management”) portfolio managers who share joint responsibility for the day-to-day investment management of the Fund subject to oversight by John Hancock Advisers, LLC (the “Adviser”). It provides a brief summary of their business careers over the past five years. Information is provided as of December 31, 2018.

Lisa A. Welch
Senior Managing Director and Senior Portfolio Manager
John Hancock Asset Management since 2005
Managed the Fund since 1998
Began business career in 1986

Susan A. Curry
Managing Director and Portfolio Manager
John Hancock Asset Management since 2006
Managed the Fund since 2004
Began business career in 1993

Ryan P. Lentell, CFA
Managing Director and Portfolio Manager
John Hancock Asset Management since 2008
Managed the Fund since 2008
Began business career in 1999

Other Accounts the Portfolio Managers are Managing

The table below indicates, for each portfolio manager, information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of December 31, 2018. For purposes of the table, “Other Pooled Investment Vehicles” may include investment partnerships and group trusts, and “Other Accounts” may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.

| Registered Investment | Other Pooled |
| Companies | Investment Vehicles | Other Accounts
| Number | Total | Number | Total | Number | Total
| of | Assets | of | Assets | of | Assets
| Accounts | $Million | Accounts | $Million | Accounts | $Million
Lisa A. Welch | 4 | 4,611 | 7 | 762 | 0 | 0
Susan A. Curry | 3 | 2,829 | 3 | 460 | 0 | 0
Ryan P. Lentell, | 3 | 2,829 | 3 | 460 | 0 | 0
CFA |  |  |  |  |  |

Accounts within the total accounts that are subject to a performance-based advisory fee: None.

Conflicts of Interest. When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager’s responsibility for the management of the Fund as well as one or more other accounts. The Advisor and Subadvisor have adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. The Advisor and Subadvisor have structured their compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See “Compensation of Portfolio Managers” below.

● | A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. The Subadvisor has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.
● | A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadvisor generally require that such trades be “bunched,” which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended to result in as favorable a price as possible for such client.
● | A portfolio manager could favor an account if the portfolio manager’s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager’s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadvisor receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager’s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager’s compensation. See “Compensation of Portfolio Managers” below. Neither the Advisor nor the Subadvisor receives a performance-based fee with respect to any of the accounts managed by the portfolio managers.
● | A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.

● | If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.

Compensation of Portfolio Managers. The Subadvisor has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. At the Subadvisor, the structure of compensation of investment professionals is currently composed of the following basic components: base salary and an annual investment bonus plan as well as customary benefits that are offered generally to all full-time employees of the Subadvisor. A limited number of senior investment professionals, who serve as officers of both the Subadvisor and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial. The following describes each component of the compensation package for the individuals identified as a portfolio manager for the Funds.

● | Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor seeks to set compensation at market rates, taking into account the experience and responsibilities of the investment professional.
● | Investment Bonus Plan. Only investment professionals are eligible to participate in the Investment Bonus Plan. Under the plan, investment professionals are eligible for an annual bonus. The plan is intended to provide a competitive level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan:

● | Investment Performance: The investment performance of all accounts managed by the investment professional over one-, three- and five-year periods are considered. With respect to fixed income accounts, relative yields are also used to measure performance. The pre-tax performance of each account is measured relative to an appropriate benchmark and universe as identified in the table below.
● | The Profitability of the Subadvisor: The profitability of the Subadvisor and its parent company are also considered in determining bonus awards.
● | Non-Investment Performance: To a lesser extent, intangible contributions, including the investment professional’s support of client service and sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are also evaluated when determining bonus awards.

● | Options and Stock Grants. A limited number of senior investment professionals may receive options to purchase shares of Manulife Financial stock. Generally, such option would permit the investment professional to purchase a set amount of stock at the market price on the date of grant. The option can be exercised for a set period (normally a number of years or until termination of employment) and the investment professional would exercise the option if the market value of Manulife Financial stock increases. Some investment professionals may receive restricted stock grants, where the investment professional is entitled to receive the stock at no or nominal cost, provided that the stock is forgone if the investment professional’s employment is terminated prior to a vesting date.

The Subadvisor also permits investment professionals to participate on a voluntary basis in a deferred compensation plan, under which the investment professional may elect on an annual basis to defer receipt of a portion of their compensation until retirement. Participation in the plan is voluntary.

Fund | Peer Universe
Financial Opportunities Fund | Financial

Share Ownership by Portfolio Managers. The following table indicates as of December 31, 2018 the value, of shares beneficially owned by the portfolio managers in the Fund.

| Range of Beneficial
Portfolio Manager | Ownership
Lisa A. Welch | $1-10,000
Susan A. Curry | $10,001-$50,000
Ryan P. Lentell, CFA | $100,001-$500,000

(b) | REGISTRANT PURCHASES OF EQUITY SECURITIES

|  |  | Total Number | Maximum
|  |  | of | Number
|  |  | Shares | of Shares
|  |  | Purchased | that May
| Total |  | as Part of | Yet Be
| Number of | Average | Publicly | Purchased
| Shares | Price | Announced | Under the
Period | Purchased | per Share | Plans* | Plans
Jan-18 | - | - | - | 1,865,912*
Feb-18 | - | - | - | 1,867,046
Mar-18 | - | - | - | 1,867,046
Apr-18 | - | - | - | 1,867,046
May-18 | - | - | - | 1,867,046
Jun-18 | - | - | - | 1,867,046
Jul-18 | - | - | - | 1,867,046
Aug-18 | - | - | - | 1,867,046
Sep-18 | - | - | - | 1,867,046
Oct-18 | - | - | - | 1,867,046
Nov-18 | - | - | - | 1,867,046
Dec-18 | - | - | - | 1,867,046*
Total | - | - |  |

____________________

*In May 2009, the Board of Trustees approved a share repurchase plan, which was subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the Fund may purchase in the open market up to 10% of its outstanding common shares as of December 31, 2018. The current plan is in effect between January 1, 2019 and December 31, 2019.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

(a) The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating and Governance Committee Charter".

ITEM 11. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Fund did not participate directly in securities lending activities. See Note 8 to financial statements in Item 1.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics for Senior Financial Officers is attached.

(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)(1) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Proxy Voting Policies and Procedures are attached.

(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds - Governance Committee Charter".

(c)(3) Registrant’s notice to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the Investment Company Act of 1940, as amended and Rule 19b-1 thereunder regarding distributions made pursuant to the Registrant’s Managed Distribution Plan.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Financial Opportunities Fund

By: | /s/ Andrew Arnott
| Andrew Arnott
| President
Date: | February 22, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: | /s/ Andrew Arnott
| Andrew Arnott
| President
Date: | February 22, 2019

By: | /s/ Charles A. Rizzo
| Charles A. Rizzo
| Chief Financial Officer
Date: | February 22, 2019