0000925683 false N-2 N-CSRS Six months ended 6-30-25. Unaudited.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. 0000925683 2025-01-01 2025-06-30 0000925683 2025-06-30 0000925683 2024-12-31 0000925683 2023-12-31 0000925683 2022-12-31 0000925683 2021-12-31 0000925683 2020-12-31 0000925683 cik0000925683:NoteMember 2025-01-01 2025-06-30 0000925683 cik0000925683:PrincipalRisksMember 2025-01-01 2025-06-30 0000925683 cik0000925683:BankingIndustryRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:ChangingDistributionLevelAndReturnOfCapitalRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:ConcentrationRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:CreditAndCounterpartyRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:PreferredAndConvertibleSecuritiesRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:RealEstateInvestmentTrustRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:RealEstateSecuritiesRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:SmallAndMidSizedCompanyRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:HedgingDerivativesAndOtherStrategicTransactionsRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:LargeCompanyRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:LeveragingRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:LiquidityRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:LowerRatedAndHighYieldFixedIncomeSecuritiesMember 2025-01-01 2025-06-30 0000925683 cik0000925683:OperationalAndCybersecurityRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:EconomicAndMarketEventsRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:EquitySecuritiesRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:ESGIntegrationRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:FixedIncomeSecuritiesRiskMember 2025-01-01 2025-06-30 0000925683 cik0000925683:ForeignSecuritiesRiskMember 2025-01-01 2025-06-30 iso4217:USD iso4217:USD xbrli:shares
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, MA 02116
(Address of principal executive offices) (Zip code)
SALVATORE SCHIAVONE
TREASURER
200 BERKELEY STREET
BOSTON, MA 02116
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 543-9634
Date of fiscal year end: December 31
Date of reporting period: June 30, 2025
ITEM 1. REPORT TO STOCKHOLDERS.
Semiannual report
John Hancock
Financial Opportunities Fund
Closed-end sector
Ticker: BTO
June 30, 2025

Managed distribution plan

The fund has adopted a managed distribution plan (Plan). Under the Plan, the fund currently makes quarterly distributions of an amount equal to $0.6500 per share, which will be paid quarterly until further notice. The fund may make additional distributions: (i) for purposes of not incurring federal income tax at the fund level of investment company taxable income and net capital gain, if any, not included in such regular distributions; and (ii) for purposes of not incurring federal excise tax on ordinary income and capital gain net income, if any, not included in such regular distributions.
The Plan provides that the Board of Trustees of the fund may amend the terms of the Plan or terminate the Plan at any time without prior notice to the fund’s shareholders. The Plan is subject to periodic review by the fund’s Board of Trustees.
You should not draw any conclusions about the fund’s investment performance from the amount of the fund’s distributions or from the terms of the fund’s Plan. The fund’s total return at net asset value (NAV) is presented in the "Financial highlights" section.
With each distribution that does not consist solely of net income, the fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income-tax purposes. The fund may, at times, distribute more than its net investment income and net realized capital gains; therefore, a portion of your distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital does not necessarily reflect the fund’s investment performance and should not be confused with "yield" or "income".

John Hancock
Financial Opportunities Fund
Table of contents

2 | Your fund at a glance
3 | Portfolio summary
4 | Fund’s investments
12 | Financial statements
16 | Financial highlights
17 | Notes to financial statements
28 | Investment objective, principal investment strategies, and principal risks
32 | Additional information
34 | Shareholder meeting
35 | Evaluation of advisory and subadvisory agreements by the Board of Trustees
41 | More information

| SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 1

Table of Contents
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 6/30/2025 (%)

The Blended Benchmark comprises 85% S&P Regional Banks Select Industry Index which tracks the regional banking segment of the broad U.S. equity market and 15% Intercontinental Exchange (ICE) Bank of America (BofA) US All Capital Securities Index tracks all fixed- to floating-rate, perpetual callable and capital securities of the ICE BofA US Corporate Index.
It is not possible to invest directly in an index. Index figures do not reflect expenses, 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 increase 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 jhinvestments.com or by calling 800-852-0218.

2 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |

Table of Contents
Portfolio summary
INDUSTRY COMPOSITION AS OF 6/30/2025 (% of total investments)

TOP 10 HOLDINGS AS OF 6/30/2025 (% of total investments)
Old National Bancorp | 1.9
Coastal Financial Corp. | 1.5
Synovus Financial Corp. | 1.5
M&T Bank Corp. | 1.4
Popular, Inc. | 1.4
Renasant Corp. | 1.4
Cullen/Frost Bankers, Inc. | 1.4
Huntington Bancshares, Inc. | 1.4
Citizens Financial Group, Inc. | 1.4
KeyCorp | 1.3
TOTAL | 14.6
Cash and short-term investments are not included.

| SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 3

Table of Contents
Fund’s investments
AS OF 6-30-25 (unaudited)

|  |  |  | Shares | Value
Common stocks 107.7% (90.6% of Total investments) |  | $721,852,915
(Cost $433,993,985) |  |  |  |  |
Financials 106.9% |  |  |  |  | 716,216,274
Banks 95.3% |  |
1st Source Corp. |  |  |  | 118,620 | 7,362,743
ACNB Corp. |  |  |  | 62,233 | 2,666,062
Alpine Banks of Colorado, Class B (A)(B) |  |  |  | 173,462 | 4,674,801
American Business Bank |  |  |  | 83,455 | 3,558,521
American Riviera Bancorp (C) |  |  |  | 218,459 | 4,176,936
Ameris Bancorp |  |  |  | 163,774 | 10,596,178
Avidbank Holdings, Inc. (C) |  |  |  | 257,070 | 5,203,097
Bank of Marin Bancorp |  |  |  | 200,182 | 4,572,157
Bank7 Corp. |  |  |  | 116,363 | 4,867,464
Banner Corp. |  |  |  | 53,428 | 3,427,406
Bar Harbor Bankshares |  |  |  | 142,394 | 4,266,124
BayCom Corp. |  |  |  | 173,874 | 4,818,049
Business First Bancshares, Inc. |  |  |  | 182,458 | 4,497,590
C&F Financial Corp. |  |  |  | 37,912 | 2,340,308
California BanCorp (C) |  |  |  | 455,317 | 7,175,796
Camden National Corp. |  |  |  | 68,551 | 2,781,800
CB Financial Services, Inc. |  |  |  | 57,155 | 1,628,918
Central Pacific Financial Corp. |  |  |  | 144,201 | 4,041,954
ChoiceOne Financial Services, Inc. |  |  |  | 98,216 | 2,818,799
Citizens Community Bancorp, Inc. |  |  |  | 169,116 | 2,333,801
Citizens Financial Group, Inc. (A)(B) |  |  |  | 242,898 | 10,869,686
Civista Bancshares, Inc. |  |  |  | 183,001 | 4,245,623
Coastal Financial Corp. (A)(B)(C) |  |  |  | 120,858 | 11,707,514
Colony Bankcorp, Inc. |  |  |  | 97,517 | 1,606,105
Columbia Banking System, Inc. (A)(B) |  |  |  | 318,953 | 7,457,121
Community Bancorp, Inc. |  |  |  | 13,118 | 262,360
Community Heritage Financial, Inc. |  |  |  | 141,197 | 3,600,524
Community West Bancshares |  |  |  | 126,760 | 2,473,088
ConnectOne Bancorp, Inc. |  |  |  | 85,763 | 1,986,271
Cullen/Frost Bankers, Inc. (A)(B) |  |  |  | 86,104 | 11,067,808
CVB Financial Corp. |  |  |  | 222,784 | 4,408,895
Dime Community Bancshares, Inc. |  |  |  | 219,054 | 5,901,315
Eagle Bancorp Montana, Inc. |  |  |  | 155,751 | 2,596,369
East West Bancorp, Inc. |  |  |  | 56,285 | 5,683,659
Eastern Bankshares, Inc. (A)(B) |  |  |  | 410,229 | 6,264,197
Enterprise Bancorp, Inc. |  |  |  | 74,904 | 2,969,195
Equity Bancshares, Inc., Class A |  |  |  | 169,613 | 6,920,210
ESSA Bancorp, Inc. |  |  |  | 94,578 | 1,834,813
Farmers & Merchants Bancorp, Inc. |  |  |  | 114,822 | 2,902,700

4 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

|  |  |  | Shares | Value
Financials (continued) |  |  |  |  |
Banks (continued) |  |
Farmers National Banc Corp. |  |  |  | 162,398 | $2,239,468
FFB Bancorp (C) |  |  |  | 82,186 | 6,410,508
Fifth Third Bancorp |  |  |  | 246,524 | 10,139,532
First Business Financial Services, Inc. |  |  |  | 91,858 | 4,653,526
First Citizens BancShares, Inc., Class A |  |  |  | 2,688 | 5,258,991
First Commonwealth Financial Corp. |  |  |  | 249,243 | 4,045,214
First Community Corp. |  |  |  | 132,912 | 3,240,395
First Financial Bancorp |  |  |  | 311,817 | 7,564,680
First Horizon Corp. (A)(B) |  |  |  | 343,871 | 7,290,065
First Merchants Corp. |  |  |  | 150,025 | 5,745,958
First Mid Bancshares, Inc. |  |  |  | 76,166 | 2,855,463
First Reliance Bancshares, Inc. (C)(D) |  |  |  | 426,454 | 4,093,958
Flushing Financial Corp. |  |  |  | 279,362 | 3,318,821
German American Bancorp, Inc. |  |  |  | 124,124 | 4,780,015
Glacier Bancorp, Inc. (A)(B) |  |  |  | 165,000 | 7,108,200
Great Southern Bancorp, Inc. |  |  |  | 40,257 | 2,366,306
Hancock Whitney Corp. |  |  |  | 182,751 | 10,489,907
HBT Financial, Inc. |  |  |  | 209,443 | 5,280,058
Heritage Commerce Corp. |  |  |  | 513,678 | 5,100,823
Heritage Financial Corp. |  |  |  | 90,346 | 2,153,849
Horizon Bancorp, Inc. |  |  |  | 378,518 | 5,821,607
Huntington Bancshares, Inc. |  |  |  | 655,503 | 10,986,230
InBankshares Corp. (C) |  |  |  | 207,676 | 2,284,436
Independent Bank Corp. (Massachusetts) (A)(B) |  |  |  | 85,080 | 5,350,256
Independent Bank Corp. (Michigan) |  |  |  | 163,971 | 5,314,300
KeyCorp (A)(B) |  |  |  | 616,729 | 10,743,419
Landmark Bancorp, Inc. |  |  |  | 103,300 | 2,731,252
Ledyard Financial Group, Inc. |  |  |  | 129,036 | 1,851,667
Live Oak Bancshares, Inc. |  |  |  | 110,051 | 3,279,520
M&T Bank Corp. (A)(B) |  |  |  | 58,267 | 11,303,215
Metrocity Bankshares, Inc. |  |  |  | 65,263 | 1,865,217
Mid Penn Bancorp, Inc. |  |  |  | 104,181 | 2,937,904
NBT Bancorp, Inc. |  |  |  | 167,805 | 6,972,298
Nicolet Bankshares, Inc. |  |  |  | 84,102 | 10,384,915
Northrim BanCorp, Inc. |  |  |  | 92,403 | 8,617,504
Norwood Financial Corp. (A)(B) |  |  |  | 78,289 | 2,018,290
Ohio Valley Banc Corp. |  |  |  | 70,250 | 2,264,158
Old National Bancorp (A)(B) |  |  |  | 708,861 | 15,127,097
Old Second Bancorp, Inc. |  |  |  | 355,988 | 6,315,227
OP Bancorp |  |  |  | 182,412 | 2,369,532
Orange County Bancorp, Inc. |  |  |  | 123,187 | 3,183,152
Orrstown Financial Services, Inc. (A)(B) |  |  |  | 87,425 | 2,782,738

SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 5

Table of Contents

|  |  |  | Shares | Value
Financials (continued) |  |  |  |  |
Banks (continued) |  |
Pinnacle Financial Partners, Inc. |  |  |  | 91,793 | $10,134,865
Plumas Bancorp |  |  |  | 72,944 | 3,243,090
Popular, Inc. (A)(B) |  |  |  | 102,018 | 11,243,404
Prime Meridian Holding Company |  |  |  | 125,087 | 6,129,263
Private Bancorp of America, Inc. (C) |  |  |  | 121,888 | 6,608,767
Provident Financial Holdings, Inc. |  |  |  | 108,800 | 1,686,400
QCR Holdings, Inc. |  |  |  | 74,384 | 5,050,674
QNB Corp. |  |  |  | 75,111 | 2,530,490
Red River Bancshares, Inc. |  |  |  | 58,027 | 3,406,185
Regions Financial Corp. |  |  |  | 410,978 | 9,666,203
Renasant Corp. |  |  |  | 310,405 | 11,152,852
River City Bank (A)(B) |  |  |  | 14,878 | 5,013,737
Riverview Bancorp, Inc. |  |  |  | 417,954 | 2,298,747
SB Financial Group, Inc. |  |  |  | 257,156 | 4,911,680
Shore Bancshares, Inc. |  |  |  | 406,028 | 6,382,760
Sierra Bancorp |  |  |  | 163,038 | 4,840,598
South Atlantic Bancshares, Inc. (A)(B) |  |  |  | 289,568 | 4,630,192
Southern Missouri Bancorp, Inc. |  |  |  | 104,786 | 5,740,177
SouthState Corp. |  |  |  | 83,765 | 7,708,893
SpareBank 1 Nord Norge |  |  |  | 174,737 | 2,549,307
SpareBank 1 Sor-Norge ASA |  |  |  | 235,524 | 4,333,396
Stock Yards Bancorp, Inc. (A)(B) |  |  |  | 79,829 | 6,304,894
Synovus Financial Corp. (A)(B) |  |  |  | 225,002 | 11,643,854
The First Bancorp, Inc. |  |  |  | 226,174 | 5,747,081
Timberland Bancorp, Inc. |  |  |  | 113,266 | 3,533,899
TriCo Bancshares (A)(B) |  |  |  | 190,923 | 7,730,472
Truist Financial Corp. (A)(B) |  |  |  | 166,433 | 7,154,955
U.S. Bancorp (B) |  |  |  | 235,522 | 10,657,371
United BanCorp of Alabama, Inc., Class A |  |  |  | 168,566 | 8,895,228
Virginia National Bankshares Corp. |  |  |  | 86,679 | 3,207,123
Walden Mutual (C)(E)(F) |  |  |  | 100,000 | 628,000
Washington Trust Bancorp, Inc. |  |  |  | 133,936 | 3,787,710
Westamerica BanCorp |  |  |  | 111,139 | 5,383,573
Western Alliance Bancorp |  |  |  | 52,765 | 4,114,615
White River Bancshares Company (C)(E) |  |  |  | 119,478 | 5,006,128
White River Bancshares Company |  |  |  | 15,162 | 635,288
WSFS Financial Corp. |  |  |  | 190,189 | 10,460,395
WTB Financial Corp., Class B |  |  |  | 10,170 | 2,958,962
Zions Bancorp NA (A)(B) |  |  |  | 198,195 | 10,294,248
Capital markets 7.9% |  |
Ares Management Corp., Class A |  |  |  | 58,332 | 10,103,102
GCM Grosvenor, Inc., Class A (A)(B) |  |  |  | 219,284 | 2,534,923
KKR & Company, Inc. (B) |  |  |  | 74,992 | 9,976,186

6 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

|  |  |  | Shares | Value
Financials (continued) |  |  |  |  |
Capital markets (continued) |  |
Marex Group PLC |  |  |  | 145,046 | $5,724,966
Oaktree Specialty Lending Corp. (A)(B) |  |  |  | 259,793 | 3,548,772
Onex Corp. |  |  |  | 96,758 | 7,965,171
Sixth Street Specialty Lending, Inc. (A)(B) |  |  |  | 228,214 | 5,433,775
The Carlyle Group, Inc. (A)(B) |  |  |  | 146,317 | 7,520,694
Financial services 1.2% |  |
Eurazeo SE |  |  |  | 110,822 | 7,922,968
Insurance 2.1% |  |
American Integrity Insurance Group, Inc. (C) |  |  |  | 220,779 | 4,060,126
Assured Guaranty, Ltd. |  |  |  | 75,941 | 6,614,461
Skyward Specialty Insurance Group, Inc. (C) |  |  |  | 55,961 | 3,233,986
Mortgage real estate investment trusts 0.4% |  |
Blackstone Mortgage Trust, Inc., Class A |  |  |  | 154,080 | 2,966,040
Real estate 0.8% |  |  |  |  | 5,636,641
Health care REITs 0.4% |  |
Sila Realty Trust, Inc. |  |  |  | 121,300 | 2,871,171
Specialized REITs 0.4% |  |
Millrose Properties, Inc., Class A |  |  |  | 97,000 | 2,765,470
Preferred securities 6.1% (5.1% of Total investments) |  | $40,552,277
(Cost $39,627,336) |  |  |  |  |
Financials 5.9% |  |  |  |  | 39,042,527
Banks 5.6% |
Associated Banc-Corp., 6.625% (6.625% to 3-1-28, then 5 Year CMT + 2.812%) (B) |  | 80,975 | 1,905,342
Atlantic Union Bankshares Corp., 6.875% |  | 64,745 | 1,563,592
Banc of California, Inc., 7.750% (7.750% to 9-1-27, then 5 Year CMT + 4.820%) |  | 90,000 | 2,169,000
CNB Financial Corp., 7.125% |  | 75,200 | 1,819,840
Dime Community Bancshares, Inc., 9.000% (9.000% to 7-15-29, then Overnight SOFR + 4.951%) |  | 80,000 | 2,104,000
First Busey Corp., 8.250% (A)(B) |  | 200,000 | 5,008,000
First Business Financial Services, Inc., 7.000% (7.000% to 3-15-27, then 3 month CME Term SOFR + 5.390%) (F)(G) |  | 4,000 | 3,564,520
First Merchants Corp., 7.500% |  | 48,900 | 1,239,615
Midland States Bancorp, Inc., 7.750% (7.750% to 9-30-27, then 5 Year CMT + 4.713%) (A)(B) |  | 68,025 | 1,505,393
Northpointe Bancshares, Inc., 8.250% (8.250% to 12-30-25, then Overnight SOFR + 7.990%) (C)(G) |  | 160,000 | 3,906,112
Synovus Financial Corp., 8.397% (5 Year CMT + 4.127%) (B)(H) |  | 77,222 | 1,974,567
Tectonic Financial, Inc., 11.574% (3 month CME Term SOFR + 6.980%) (H) |  | 186,840 | 1,978,636
WaFd, Inc., 4.875% (A)(B) |  | 210,875 | 3,255,910
Wintrust Financial Corp., 7.875% (7.875% to 7-15-30, then 5 Year CMT + 3.878%) (B) |  | 200,000 | 5,120,000

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

Table of Contents

|  |  |  | Shares | Value
Financials (continued) |  |  |  |  |
Mortgage real estate investment trusts 0.3% |
Redwood Trust, Inc., 9.125% |  | 80,000 | $1,928,000
Real estate 0.2% |  |  |  |  | 1,509,750
Diversified REITs 0.2% |
CTO Realty Growth, Inc., 6.375% (A)(B) |  | 75,000 | 1,509,750

| Rate (%) | Maturity date |  | Par value^ | Value
Corporate bonds 3.5% (3.0% of Total investments) |  | $23,506,228
(Cost $23,280,000) |  |  |  |  |
Financials 2.9% |  |  |  | 19,720,027
Banks 2.9% |  |  |
ConnectOne Bancorp, Inc. (8.125% to 6-1-30, then 3 month CME Term SOFR + 4.415%) | 8.125 | 06-01-35 |  | 5,000,000 | 5,009,174
First Interstate BancSystem, Inc. (7.625% to 6-15-30, then 3 month CME Term SOFR + 3.980%) | 7.625 | 06-15-35 |  | 1,850,000 | 1,887,370
Hometown Financial Group, Inc. (G) | 8.750 | 03-15-27 |  | 3,500,000 | 3,497,996
Independent Bank Corp. (7.250% to 4-1-30, then 3 month CME Term SOFR + 3.530%) | 7.250 | 04-01-35 |  | 3,000,000 | 3,004,350
QNB Corp. (8.875% to 9-1-29, then 3 month CME Term SOFR + 5.450%) (G) | 8.875 | 09-01-34 |  | 2,250,000 | 2,326,478
South State Bank NA (8.375% to 11-15-29, then 3 month CME Term SOFR + 4.605%) | 8.375 | 08-15-34 |  | 1,500,000 | 1,537,500
University Bancorp, Inc. (8.250% to 1-31-28, then 3 month CME Term SOFR + 4.870%) (G) | 8.250 | 01-31-33 |  | 2,500,000 | 2,457,159
Real estate 0.6% |  |  |  | 3,786,201
Residential REITs 0.6% |  |  |
BW Real Estate, Inc. (9.500% to 3-30-30, then 5 Year CMT + 5.402%) (G)(I) | 9.500 | 03-30-30 |  | 3,680,000 | 3,786,201
Convertible bonds 0.6% (0.5% of Total investments) |  | $4,128,797
(Cost $3,939,791) |  |  |  |  |
Financials 0.6% |  |  |  | 4,128,797
Mortgage real estate investment trusts 0.6% |  |  |
Redwood Trust, Inc. | 7.750 | 06-15-27 |  | 4,179,000 | 4,128,797
Certificate of deposit 0.0% (0.0% of Total investments) | $86,584
(Cost $86,584) |  |  |  |  |
Country Bank for Savings | 4.000 | 08-28-26 |  | 2,196 | 2,196
East Boston Savings Bank | 2.960 | 11-03-25 |  | 1,944 | 1,944
Eastern Savings Bank | 0.200 | 04-23-27 |  | 1,978 | 1,978
First Bank Richmond NA (F) | 3.500 | 12-05-25 |  | 22,466 | 22,466
First Federal Savings Bank | 2.500 | 01-09-26 |  | 3,151 | 3,151
First National Bank | 0.400 | 06-17-26 |  | 1,379 | 1,379

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

Table of Contents

| Rate (%) | Maturity date |  | Par value^ | Value
First Savings Bank of Perkasie | 3.300 | 04-07-27 |  | 5,280 | $5,280
Home National Bank | 1.000 | 11-06-25 |  | 23,176 | 23,176
Hudson United Bank | 3.250 | 04-23-27 |  | 2,495 | 2,495
Machias Savings Bank | 2.960 | 05-29-26 |  | 2,065 | 2,065
Midstates Bank NA | 0.520 | 06-03-26 |  | 2,088 | 2,088
Milford Bank Short Term | 0.100 | 06-11-27 |  | 1,947 | 1,947
Milford Federal Savings and Loan Bank | 3.200 | 10-29-25 |  | 2,167 | 2,167
Mt. McKinley Bank | 0.500 | 12-02-26 |  | 1,770 | 1,770
MutualOne Bank | 1.300 | 09-11-25 |  | 4,309 | 4,309
Newburyport Five Cents Savings Bank | 3.440 | 10-19-26 |  | 2,196 | 2,196
Newtown Savings Bank | 3.200 | 06-03-26 |  | 2,086 | 2,086
Salem Five Bancorp | 2.950 | 12-19-25 |  | 1,761 | 1,761
Sunshine Federal Savings and Loan Association | 3.250 | 05-12-27 |  | 2,130 | 2,130

|  | Yield (%) |  | Shares | Value
Short-term investments 1.0% (0.8% of Total investments) | $6,195,252
(Cost $6,195,112) |  |  |  |  |
Short-term funds 1.0% |  |  |  |  | 6,195,252
John Hancock Collateral Trust (J) |  | 4.2596(K) |  | 619,377 | 6,195,252

Total investments (Cost $507,122,808) 118.9% |  |  | $796,322,053
Other assets and liabilities, net (18.9%) |  |  | (126,311,612)
Total net assets 100.0% |  |  | $670,010,441

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
CME | CME Group Published Rates
CMT | Constant Maturity Treasury
SOFR | Secured Overnight Financing Rate
(A) | All or a portion of this security is on loan as of 6-30-25, and is a component of the fund’s leverage under the Liquidity Agreement. The value of securities on loan amounted to $114,309,210.
(B) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 6-30-25 was $139,682,071.
(C) | Non-income producing security.
(D) | The fund owns 5% or more of the outstanding voting shares of the issuer and the security is considered an affiliate of the fund. For more information on this security refer to the Notes to financial statements.
(E) | Restricted security as to resale, excluding 144A securities. For more information on this security refer to the Notes to financial statements.
(F) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(G) | This security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(H) | Variable rate obligation. The coupon rate shown represents the rate at period end.
(I) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.

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

Table of Contents

(J) | Investment is an affiliate of the fund, the advisor and/or subadvisor.
(K) | The rate shown is the annualized seven-day yield as of 6-30-25.

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

Table of Contents
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 3.874% | USD SOFR Compounded OIS (a) | Semi-Annual | Quarterly | Dec 2026 | — | $(41,516) | $(41,516)
Centrally cleared | 10,000,000 | USD | Fixed 3.356% | USD SOFR Compounded OIS (a) | Semi-Annual | Quarterly | May 2028 | — | 22,643 | 22,643
Centrally cleared | 5,000,000 | USD | Fixed 4.181% | USD SOFR Compounded OIS (a) | Semi-Annual | Quarterly | Jul 2029 | — | (200,428) | (200,428)
Centrally cleared | 15,000,000 | USD | Fixed 1.220% | USD SOFR Compounded OIS (a) | Semi-Annual | Quarterly | Mar 2030 | $(3,076) | 1,589,264 | 1,586,188
Centrally cleared | 25,000,000 | USD | Fixed 1.136% | USD SOFR Compounded OIS (a) | Semi-Annual | Quarterly | Mar 2030 | (4,915) | 2,742,523 | 2,737,608
Centrally cleared | 25,000,000 | USD | Fixed 1.077% | USD SOFR Compounded OIS (a) | Semi-Annual | Quarterly | Mar 2030 | (4,832) | 2,810,144 | 2,805,312
|  |  |  |  |  |  |  | $(12,823) | $6,922,630 | $6,909,807

(a) | At 6-30-25, the overnight SOFR was 4.450%.

Derivatives Currency Abbreviations
USD | U.S. Dollar

Derivatives Abbreviations
OIS | Overnight Index Swap
OTC | Over-the-counter
SOFR | Secured Overnight Financing Rate

At 6-30-25, the aggregate cost of investments for federal income tax purposes was $509,209,276. Net unrealized appreciation aggregated to $294,022,584, of which $302,252,806 related to gross unrealized appreciation and $8,230,222 related to gross unrealized depreciation.
See Notes to financial statements regarding investment transactions and other derivatives information.

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

Table of Contents
Financial statements
STATEMENT OF ASSETS AND LIABILITIES
6-30-25 (unaudited)

Assets |
Unaffiliated investments, at value (Cost $497,044,729) | $786,032,843
Affiliated investments, at value (Cost $10,078,079) | 10,289,210
Total investments, at value (Cost $507,122,808) | 796,322,053
Receivable for centrally cleared swaps | 1,962,636
Prepaid Investment | 5,000,000
Dividends and interest receivable | 1,701,010
Receivable for fund shares sold | 571,591
Receivable from affiliates | 95,872
Other assets | 157,850
Total assets | 805,811,012
Liabilities |
Due to custodian | 4,903,433
Liquidity agreement | 130,000,000
Payable for investments purchased | 2,065
Interest payable | 544,917
Payable to affiliates |
Administrative services fees | 159,787
Trustees’ fees | 1,453
Other liabilities and accrued expenses | 188,916
Total liabilities | 135,800,571
Net assets | $670,010,441
Net assets consist of |
Paid-in capital | $370,083,472
Total distributable earnings (loss) | 299,926,969
Net assets | $670,010,441
Net asset value per share |
Based on 19,800,132 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $33.84

12 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents
STATEMENT OF OPERATIONS
For the six months ended
6-30-25 (unaudited)

Investment income |
Dividends | $12,527,053
Interest | 1,161,036
Dividends from affiliated investments | 87,555
Less foreign taxes withheld | (144,913)
Total investment income | 13,630,731
Expenses |
Investment management fees | 4,303,813
Interest expense | 3,287,664
Administrative services fees | 981,540
Transfer agent fees | 13,586
Trustees’ fees | 29,517
Custodian fees | 45,872
Printing and postage | 32,058
Professional fees | 98,265
Stock exchange listing fees | 11,769
Other | 10,772
Total expenses | 8,814,856
Less expense reductions | (622,568)
Net expenses | 8,192,288
Net investment income | 5,438,443
Realized and unrealized gain (loss) |
Net realized gain (loss) on |
Unaffiliated investments and foreign currency transactions | 20,007,033
Affiliated investments | (235)
Swap contracts | 1,246,002
| 21,252,800
Change in net unrealized appreciation (depreciation) of |
Unaffiliated investments | (23,209,235)
Affiliated investments | 4,306
Swap contracts | (2,891,103)
| (26,096,032)
Net realized and unrealized loss | (4,843,232)
Increase in net assets from operations | $595,211

SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 13

Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS

| Six months ended 6-30-25 (unaudited) | Year ended 12-31-24
Increase (decrease) in net assets |  |
From operations |  |
Net investment income | $5,438,443 | $8,296,561
Net realized gain | 21,252,800 | 45,892,238
Change in net unrealized appreciation (depreciation) | (26,096,032) | 86,755,535
Increase in net assets resulting from operations | 595,211 | 140,944,334
Distributions to shareholders |  |
From earnings | (25,706,886) | (51,259,896)
Total distributions | (25,706,886) | (51,259,896)
Fund share transactions |  |
Issued pursuant to Dividend Reinvestment Plan | 1,137,620 | 2,549,019
Total increase (decrease) | (23,974,055) | 92,233,457
Net assets |  |
Beginning of period | 693,984,496 | 601,751,039
End of period | $670,010,441 | $693,984,496
Share activity |  |
Shares outstanding |  |
Beginning of period | 19,765,814 | 19,686,612
Issued pursuant to Dividend Reinvestment Plan | 34,318 | 79,202
End of period | 19,800,132 | 19,765,814

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

Table of Contents
STATEMENT OF CASH FLOWS
For the six months ended
6-30-25 (unaudited)

Cash flows from operating activities |
Net increase in net assets from operations | $595,211
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |
Long-term investments purchased | (60,954,246)
Long-term investments sold | 84,133,144
Net purchases and sales of short-term investments | (3,081,518)
Net amortization (accretion) of premium (discount) | (135,475)
(Increase) Decrease in assets: |
Receivable for centrally cleared swaps | 325,185
Prepaid Investment | (5,000,000)
Dividends and interest receivable | 239,248
Receivable from affiliates | 13,272
Other assets | (6,557)
Increase (Decrease) in liabilities: |
Payable for investments purchased | 1,825
Interest payable | (34,414)
Payable to affiliates | (22,449)
Other liabilities and accrued expenses | (29,301)
Net change in unrealized (appreciation) depreciation on: |
Investments | 23,204,929
Net realized (gain) loss on: |
Investments | (19,938,350)
Net cash provided by operating activities | $19,310,504
Cash flows provided by (used in) financing activities |
Distributions to shareholders | $(24,569,266)
Increase in due to custodian | 4,903,433
(Increase) decrease in receivable for fund shares sold pursuant to dividend reinvestment plan | 262,201
Net cash used in financing activities | $(19,403,632)
Net decrease in cash | $(93,128)
Cash at beginning of period | $93,128
Cash at end of period | —
Supplemental disclosure of cash flow information: |
Cash paid for interest | $(3,322,078)
Noncash financing activities not included herein consists of reinvestment of distributions | $1,137,620

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

Table of Contents
Financial highlights

Period ended | 6-30-25 1 | 12-31-24 | 12-31-23 | 12-31-22 | 12-31-21 | 12-31-20
Per share operating performance |  |  |  |  |  |
Net asset value, beginning of period | $ 35.11 | $ 30.57 | $ 32.82 | $ 39.82 | $ 28.48 | $ 36.38
Net investment income 2 | 0.28 | 0.42 | 0.42 | 0.50 | 0.54 | 0.60
Net realized and unrealized gain (loss) on investments | (0.25) | 6.72 | (0.11) 3 | (5.03) | 12.96 | (6.30)
Total from investment operations | 0.03 | 7.14 | 0.31 | (4.53) | 13.50 | (5.70)
Less distributions |  |  |  |  |  |
From net investment income | (1.30) | (0.70) | (0.62) | (0.47) | (0.62) | (0.65)
From net realized gain | — | (1.90) | (1.98) | (2.03) | (1.58) | (1.55)
Total distributions | (1.30) | (2.60) | (2.60) | (2.50) | (2.20) | (2.20)
Premium from shares sold through shelf offering | — | — | 0.04 | 0.03 | 0.04 | —
Net asset value, end of period | $33.84 | $35.11 | $30.57 | $32.82 | $39.82 | $28.48
Per share market value, end of period | $35.42 | $35.69 | $30.08 | $33.31 | $46.59 | $30.35
Total return at net asset value (%) 4,5 | 0.20 6 | 24.71 | 2.39 | (11.39) | 47.83 | (13.38)
Total return at market value (%) 4 | 3.17 6 | 28.84 | (0.76) | (23.11) | 62.31 | (7.49)
Ratios and supplemental data |  |  |  |  |  |
Net assets, end of period (in millions) | $670 | $694 | $602 | $632 | $757 | $535
Ratios (as a percentage of average net assets): |  |  |  |  |  |
Expenses before reductions | 2.68 7 | 2.97 | 3.16 | 2.12 | 1.78 | 2.21
Expenses including reductions 8 | 2.49 7 | 2.78 | 2.96 | 1.93 | 1.60 | 2.01
Net investment income | 1.65 7 | 1.35 | 1.55 | 1.41 | 1.45 | 2.50
Portfolio turnover (%) | 8 | 13 | 13 | 10 | 14 | 10

Senior securities |  |  |  |  |  |
Total debt outstanding end of period (in millions) | $130 | $130 | $125 | $125 | $125 | $125
Asset coverage per $1,000 of debt 9 | $6,154 | $6,338 | $5,814 | $6,057 | $7,058 | $5,278

1 | Six months ended 6-30-25. Unaudited.
2 | Based on average daily shares outstanding.
3 | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of the sales and repurchases of shares in relation to fluctuating market values of the investments of the fund.
4 | Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested.
5 | Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6 | Not annualized.
7 | Annualized.
8 | Expenses including reductions excluding interest expense were 1.49% (annualized), 1.55%, 1.60%, 1.47%, 1.47% and 1.69% for the periods ended 6-30-25, 12-31-24, 12-31-23, 12-31-22, 12-31-21 and 12-31-20, respectively.
9 | 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.

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

Table of Contents
Notes to financial statements (unaudited)
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 Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund’s valuation designee.
In order to value the securities, the fund uses the following valuation techniques: Equity securities, including exchange-traded or closed-end funds, 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. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Debt obligations are typically valued based on 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 generally 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 of the Advisor 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 Pricing Committee following procedures established by the Advisor and adopted 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 Pricing Committee, following procedures established by the Advisor and adopted by the Board of Trustees. The Advisor 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.

| SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 17

Table of Contents
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, including registered investment companies. 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 Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of June 30, 2025, by major security category or type:

| Total value at 6-30-25 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs
Investments in securities: |  |
Assets |  |  |  |
Common stocks |  |  |  |
Financials |  |  |  |
Banks | $638,611,104 | $626,094,273 | $11,888,831 | $628,000
Capital markets | 52,807,589 | 52,807,589 | — | —
Financial services | 7,922,968 | — | 7,922,968 | —
Insurance | 13,908,573 | 13,908,573 | — | —
Mortgage real estate investment trusts | 2,966,040 | 2,966,040 | — | —
Real estate |  |  |  |
Health care REITs | 2,871,171 | 2,871,171 | — | —
Specialized REITs | 2,765,470 | 2,765,470 | — | —
Preferred securities |  |  |  |
Financials |  |  |  |
Banks | 37,114,527 | 29,643,895 | 3,906,112 | 3,564,520
Mortgage real estate investment trusts | 1,928,000 | 1,928,000 | — | —
Real estate |  |  |  |
Diversified REITs | 1,509,750 | 1,509,750 | — | —
Corporate bonds | 23,506,228 | — | 23,506,228 | —
Convertible bonds | 4,128,797 | — | 4,128,797 | —
Certificate of deposit | 86,584 | — | 64,118 | 22,466
Short-term investments | 6,195,252 | 6,195,252 | — | —
Total investments in securities | $796,322,053 | $740,690,013 | $51,417,054 | $4,214,986

18 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |

Table of Contents

| Total value at 6-30-25 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs
Derivatives: |  |  |  |
Assets |  |  |  |
Swap contracts | $7,151,751 | — | $7,151,751 | —
Liabilities |  |  |  |
Swap contracts | (241,944) | — | (241,944) | —

The fund holds liabilities for which the fair value approximates the carrying amount for financial statement purposes. As of June 30, 2025, the liability for the fund’s Liquidity agreement on the Statement of assets and liabilities is categorized as Level 2 within the disclosure hierarchy.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3, if any, represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period and in all cases were transferred into or out of Level 2.

| Common stocks | Preferred securities | Certificate of deposit | Total
Balance as of 12-31-24 | $5,162,157 | $3,420,200 | $22,466 | $8,604,823
Realized gain (loss) | — | — | — | —
Change in unrealized appreciation (depreciation) | 465,883 | 144,320 | — | 610,203
Purchases | — | — | — | —
Sales | (5,000,040) | — | — | (5,000,040)
Transfers into Level 3 | — | — | — | —
Transfers out of Level 3 | — | — | — | —
Balance as of 6-30-25 | $628,000 | $3,564,520 | $22,466 | $4,214,986
Change in unrealized appreciation (depreciation) at period end 1 | $48,000 | $144,320 | — | $192,320

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

Real estate investment trusts.
The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
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 ex-date, except for dividends of certain 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 and/or capital gain, if any, 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.

| SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 19

Table of Contents
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 repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax 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. Overdrafts at period end are presented under the caption Due to custodian in the Statement of assets and liabilities.
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.
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 or collateral on derivative contracts, if any.
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, 2024, 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 fund has adopted a managed distribution plan (Plan). Under the current Plan, the fund makes quarterly distributions of an amount equal to $0.6500 per share, which will be paid quarterly until further notice.
Distributions under the 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 may also

20 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |

Table of Contents
make additional distributions for the purpose of not incurring federal income and excise taxes.
The Board of Trustees may terminate or reduce the amount paid under the 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 pursuant to the Managed Distribution Plan described above. Capital gain distributions, if any, are typically distributed annually.
Such distributions, on a tax basis, if any, 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences at fiscal year end. 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 derivative transactions.
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.
Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or 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 centrally-cleared derivatives are set by the broker or applicable clearinghouse. Margin for centrally-cleared transactions is included in Receivable/Payable for centrally-cleared swaps in the Statement of assets and liabilities. Securities pledged by the fund for centrally-cleared transactions, if any, are identified in the Fund’s investments.
Swaps.
Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) 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 a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.
Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by

| SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 21

Table of Contents
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.
Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses 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 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.
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.
During the six months ended June 30, 2025, the fund used interest rate swap contracts to manage against changes in the liquidity agreement interest rates. The notional values at the period end are representative of the fund’s exposure throughout the period. No new interest rate swap positions were entered into or closed during the six months ended June 30, 2025.
Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the fund at June 30, 2025 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 1 | Interest rate swaps | $7,151,751 | $(241,944)

1 | Reflects cumulative value of swap contracts. Receivable/payable for centrally cleared swaps, which includes value and margin, 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 six months ended June 30, 2025:

| Statement of operations location - Net realized gain (loss) on:
Risk | Swap contracts
Interest rate | $1,246,002

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 six months ended June 30, 2025:

| Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk | Swap contracts
Interest rate | $(2,891,103)

22 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |

Table of Contents
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 Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as distributor for the common shares offered through the equity shelf offering of the fund. The Advisor is an indirect, principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a 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 managed assets, equal to total assets (including any assets attributable to the Liquidity Agreement (LA) (see Note 8) that may be outstanding) minus the sum of accrued liabilities (other than liabilities representing the LA), and (b) 1.00% of the fund’s average daily managed assets in excess of $500 million. The Advisor has a subadvisory agreement with Manulife Investment 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 managed 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 six months ended June 30, 2025, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This agreement expires on July 31, 2027, 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 $33,644 for the six months ended June 30, 2025.
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended June 30, 2025, were equivalent to a net annual effective rate of 1.09% of the fund’s average daily 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. This arrangement expires on April 30, 2026, 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. Accordingly, the expense reductions related to administrative services fees amounted to $588,924 for the six months ended June 30, 2025. The net administrative services fees incurred for the six months ended June 30, 2025 amounted to an annual rate of 0.10% of the fund’s average weekly gross managed assets.

| SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 23

Table of Contents
Distributor.
The fund will compensate the Distributor with respect to sales of the common shares offered through the equity shelf offering at a commission rate of 1.00% of the gross proceeds of the sale of common shares, a portion of which is allocated to the selling dealers. During the six months ended June 30, 2025, there was no compensation paid to the Distributor. The Distributor has an agreement with a sub-placement agent in the sale of common shares. The fund is not responsible for payment of commissions to the subplacement agent.
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 out-of-pocket expenses are allocated to each 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 is subsequently reviewed by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market, between January 1, 2025 and December 31, 2025, up to 10% of its outstanding common shares as of December 31, 2024. The share repurchase plan will remain in effect between January 1, 2025 and December 31, 2025.
During the six months ended June 30, 2025 and the year ended December 31, 2024, the fund had no activities under the repurchase program. Shares repurchased and corresponding dollar amounts, if any, are included on the Statements of changes in net assets. The anti-dilutive impacts of these share repurchases, if any, are included on the Financial highlights.
Transactions in common shares, if any, are presented in the Statements of changes in net assets. In 2021, the fund filed a registration statement with the Securities and Exchange Commission, registering an additional 1,500,000 common shares through an equity shelf offering program. Under this program, the fund, subject to market conditions, may raise additional equity capital from time to time by offering new common shares at a price equal to or above the fund’s net asset value per common share. Shares issued in shelf offering and corresponding dollar amounts, if any, are included on the Statements of changes in net assets. The premium from shares sold through these shelf offerings, if any, are included on the Financial highlights. Proceeds received in connection with the shelf offering are net of commissions and offering costs. Total offering costs of $246,606 have been prepaid by the fund. As of June 30, 2025, $104,798 has been deducted from proceeds of shares issued and the remaining $141,808 is included in Other assets on the Statement of assets and liabilities.
Note 7
—
Leverage risk
The fund utilizes the LA to increase its assets available for investment. When the fund leverages its assets, shareholders bear the expenses associated with the LA 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 LA;

• | 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.

24 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |

Table of Contents
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 LA is terminated. Were this to happen, the fund would be 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 LA with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $150.0 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at June 30, 2025 are shown in the Statement of assets and liabilities as the 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 makes these assets available for securities lending and reverse repurchase transactions with SSB acting as the fund’s authorized agent for these transactions. All transactions initiated through SSB are required to be secured with cash collateral received from the securities borrower (the Borrower) or cash is received from the reverse repurchase agreement (Reverse Repo) counterparties. Securities lending transactions will be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these transactions. Cash received by SSB from securities lending or Reverse Repo transactions is credited against the amounts borrowed under the line of credit. As of June 30, 2025, the LA balance of $130,000,000 was comprised of $12,819,872 from the line of credit and $117,180,128 cash received by SSB from securities lending or Reverse Repo transactions.
Upon return of securities by the Borrower or Reverse Repo counterparty, SSB will return the cash collateral to the Borrower or proceeds from the Reverse Repo, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements is paid by SSB.
SSB has indemnified the fund for certain losses that may arise if the Borrower or a Reverse Repo Counterparty fails to return securities when due. With respect to securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the Borrower to purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement securities, SSB is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any of the fund’s losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the Borrower or proceeds from the Reverse Repo counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the Borrower or Reverse Repo counterparty fails to return the securities on a timely basis.
Interest charged is at the rate of overnight bank funding rate (OBFR) plus 0.700% and is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of June 30, 2025, the fund had an aggregate balance of $130,000,000 at an interest rate of 5.03%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the six months ended June 30, 2025, the average balance of the LA and the effective average annual interest rate were $130,000,000 and 5.03%, respectively.
The fund may terminate the LA with 60 days’ notice. If certain asset coverage and collateral requirements, 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.

| SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 25

Table of Contents
Note 9
—
Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $60,954,246 and $84,133,144, respectively, for the six months ended June 30, 2025.
Note 10
—
Industry or sector risk
The fund may invest 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.
Note 11
—
Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

|  |  |  |  |  |  | Dividends and distributions
Affiliate | Ending share amount | Beginning value | Cost of purchases | Proceeds from shares sold | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Income distributions received | Capital gain distributions received | Ending value
John Hancock Collateral Trust | 619,377 | $3,117,800 | $65,008,935 | $(61,931,290) | $(235) | $42 | $87,555 | — | $6,195,252

Note 12
—
Restricted securities
The fund may hold restricted securities which are restricted as to resale and the fund has limited rights to registration under the Securities Act of 1933. Disposal may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. The following table summarizes the restricted securities held at June 30, 2025:

Issuer, Description | Original acquisition date | Acquisition cost | Beginning share amount | Shares purchased | Shares sold | Ending share amount | Value as a percentage of net assets | Ending value
Walden Mutual | 9-1-22 | $1,000,000 | 100,000 | — | — | 100,000 | 0.1% | $ 628,000
White River Bancshares Company | 4-26-24 | 3,285,645 | 119,478 | — | — | 119,478 | 0.7% | 5,006,128
|  |  |  |  |  |  |  | $5,634,128

Note 13
—
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 six months ended June 30, 2025, is set forth below:

26 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |

Table of Contents

|  |  |  |  |  |  | Dividends and distributions
Affiliate | Ending share amount | Beginning value | Cost of purchases | Proceeds from shares sold | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Income distributions received | Capital gain distributions received | Ending value
First Reliance Bancshares, Inc. | 426,454 | $4,089,694 | — | — | — | $4,264 | — | — | $4,093,958

Note 14
—
Segment reporting
The management committee of the Advisor acts as the fund’s chief operating decision maker (the CODM), assessing performance and making decisions about resource allocation. The fund represents a single operating segment, as the CODM monitors and assesses the operating results of the fund as a whole, and the fund’s long-term strategic asset allocation is managed in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the portfolio management team of the fund’s subadvisor. Segment assets are reflected in the Statement of assets and liabilities as “Total assets”, which consists primarily of total investments at value. The financial information, including the measurement of profit and loss and significant expenses, provided to and reviewed by the CODM is consistent with that presented within the Statement of operations, which includes “Increase (decrease) in net assets from operations”, Statements of changes in net assets, which includes “Increase (decrease) in net assets from fund share transactions”, and Financial highlights, which includes total return and income and expense ratios.

| SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 27

Table of Contents
Investment objective, principal investment strategies, and principal risks

Unaudited
Investment Objective
The fund’s primary investment objective is to provide a high level of total return consisting of long-term capital appreciation and current income.
Principal Investment Strategies
Under normal circumstances, the fund will invest at least 80% of its net assets 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 and financial technology companies, brokerage and advisory firms, real estate-related firms, insurance companies and financial holding companies. The equity securities in which the fund may invest are common stocks, preferred stocks, warrants, stock purchase rights and securities convertible into other equity securities. Because the fund normally invests more than 25% of its assets in securities of issuers in the banking and thrift industry, the fund is considered to be “concentrated” in this industry. “Net assets” is defined as net assets plus any borrowings for investment purposes. The fund will notify shareholders at least 60 days prior to any change in this 80% policy.
The fund may invest up to 20% of its total assets in common and preferred equity securities and other preferred securities of foreign banking, lending and financial services companies, including securities quoted in foreign currencies. The fund will focus on common and preferred equity securities of issuers, in that the Advisor believes are undervalued by the marketplace as indicated by, among other factors: (1) the value and quality of the underlying assets of the financial services companies; and (2) the value of a financial services company relative to its earnings potential and to market valuations of comparable companies.
The fund may invest in securities of issuers that are small from a national perspective but have a significant share of their local market. The Advisor intends to focus its investment analysis on delinquency trends, reserve levels and investment and loan portfolio compositions, among other things, in assessing asset quality.
Under normal market conditions, the fund may also invest up to 20% of its net assets in the common and preferred equity securities and other preferred securities of non-financial services companies. The fund also may invest in investment grade securities. The fund may also invest in debt securities that are rated, at the time of purchase, below investment grade (junk bonds) (i.e., rated “Ba” or lower by Moody’s or “BB” or lower by S&P), or in unrated securities determined by the fund’s Advisor or Subadvisor to be of comparable quality. The fund will not purchase debt securities rated below C or which are in default at the time of purchase.
The fund may enter into interest-rate swaps for the purposes of reducing risk, obtaining efficient market exposure, and/or enhancing investment returns. The fund may engage in portfolio trading, may issue preferred shares, borrow or issue short-term debt securities, and enter into reverse repurchase agreements to obtain investment leverage either alone and/or in combination with other forms of investment leverage or for temporary purposes. The fund utilizes a liquidity agreement to increase its assets available for investments, and may also seek to obtain additional income or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets.
The manager may also take into consideration environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment selection process. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.

28 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |

Table of Contents
Principal 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.
The fund’s main risks are listed below in alphabetical order, not in order of importance.
Banking industry risk.
Commercial banks (including “money center” regional and
community
banks), savings and loan associations, and holding companies of the foregoing are especially subject to adverse effects of volatile interest rates, concentrations of loans in particular industries (such as real estate or energy), and significant competition. Profitability of these businesses depends significantly upon the availability and cost of capital funds. Economic conditions in the real estate market may have a particularly strong effect on certain banks and savings associations. Commercial banks and savings associations are subject to extensive federal and state regulation.
Changing distribution level & return of capital risk.
There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund.
Concentration risk.
Because the fund focuses on a single industry or sector of the economy, its performance depends in large part on the performance of that industry or sector. As a result, the value of an investment may fluctuate more widely since it is more susceptible to market, economic, political, regulatory, and other conditions and risks affecting that industry or sector than a fund that invests more broadly across industries a
Credit and counterparty risk.
The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.
Economic and market events risk.
Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.
Equity securities risk.
The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions. Securities the manager believes are undervalued may never realize their full potential value, and in certain markets value stocks may underperform the market as a whole.
ESG integration risk.
The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The portion of the fund’s investments for which the manager considers these ESG factors may vary, and could increase or decrease over time. In certain situations, the extent to which these ESG factors may be applied according to the manager’s integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Integration of ESG factors into the fund’s investment strategy does not preclude the fund from including companies with low ESG scores or excluding companies with high ESG scores in the fund’s investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the Advisor, carries the risk that the fund may perform differently, including underperforming funds that do not utilize ESG criteria or funds that utilize different ESG criteria. Integration of ESG factors into the fund’s investment process may result in a manager making different investments for the fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment

| SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 29

Table of Contents
strategy or processes, and the fund’s investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in the fund’s investments.
Fixed-income securities risk.
A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed. Changes in a security’s credit qualify may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.
Foreign securities risk.
Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities.
Hedging, derivatives, and other strategic transactions risk.
Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: interest rate swaps and reverse repurchase agreements. Swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund’s ability to dispose of the underlying securities, in addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund’s net asset value per share (NAV).
Large company risk.
Larger companies may grow more slowly than smaller companies or be slower to respond to business developments. Large-capitalization securities may underperform the market as a whole.
Leveraging risk.
Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund’s losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Liquidity Agreement to increase its assets available for investment. See “Note 7 —Leverage risk” above.
Liquidity risk.
The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments.
Lower-rated and high-yield fixed-income securities risk.
Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.
Operational and cybersecurity risk.
Cybersecurity breaches 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. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

30 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |

Table of Contents
Preferred and convertible securities risk.
Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.
Real estate investment trust risk.
REITs, pooled investment vehicles that typically invest in real estate directly or in loans collateralized by real estate, carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.
Real estate securities risk.
Securities of
companies
in the real estate industry carry risks associated with owning real estate, including the potential for a decline in value due to economic or market conditions.
Small and mid-sized company risk.
Small and mid-sized companies are generally less established and may be more volatile than larger companies. Small and/or mid-capitalization securities may underperform the market as a whole.

| SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 31

Table of Contents
ADDITIONAL INFORMATION

Unaudited
The fund is a closed-end, diversified management investment company, shares of which were initially offered to the public in August 1994.
Dividends and distributions
During the six months ended June 30, 2025, distributions from net investment income totaling $1.3000 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment Date | Income Distributions
March 31, 2025 | $ 0.6500
June 30, 2025 | 0.6500
Total | $1.3000

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 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

32 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |

Table of Contents
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.
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 43006
Providence, RI 02940-3078
Registered or Overnight Mail:
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.

| SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 33

Table of Contents
SHAREHOLDER MEETING

The fund held its Annual Meeting of Shareholders on Tuesday, February 18, 2025. The following proposal was considered by the shareholders:
THE PROPOSAL PASSED ON FEBRUARY 18, 2025
PROPOSAL: To elect two (2) Trustees (William K. Bacic and Thomas R. Wright) to each serve for a two-year term ending at the 2027 Annual Meeting of Shareholders and to elect (3) Trustees (Dean C. Garfield, Deborah C. Jackson, and Andrew G. Arnott) to each serve for a three-year term ending at the 2028 Annual Meeting of Shareholders:

| Total votes for the nominee | Total votes withheld from the nominee
Independent Trustees |  |
William K. Bacic | 15,624,675.439 | 376,023.000
Dean C. Garfield | 15,595,931.439 | 404,767.000
Deborah C. Jackson | 15,575,042.111 | 425,656.328
Thomas R. Wright | 15,622,537.439 | 378,161.000

Non-Independent Trustee(s) |  |
Andrew G. Arnott | 15,612,163.439 | 388,535.000

Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election were: James R. Boyle, William H. Cunningham, Noni L. Ellison, Grace K. Fey, Paul Lorentz, Hassell H. McClellan, and Frances G. Rathke

34 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |

Table of Contents
EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Financial Opportunities Fund (the fund) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23-26, 2025 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the meeting held on May 27-29, 2025. The Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.
Approval of Advisory and Subadvisory Agreements
At meetings held on June 23-26, 2025, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the fund under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the fund and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.
In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and other pertinent information, such as the market premium and discount information, and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor’s affiliates. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.
Throughout the process, the Board asked questions of and requested additional information from management. The Board was assisted by counsel for the fund and the Independent Trustees were also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

| SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 35

Table of Contents
Approval of Advisory Agreement
In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board’s ongoing regular review of fund performance and operations throughout the year.
Nature, extent, and quality of services.
Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the fund’s Chief Compliance Officer (CCO) regarding the fund’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risk with respect to all funds.
The Board also considered the differences between the Advisor’s services to the fund and the services it provides to other clients that are not closed-end funds, including, for example, the differences in services related to the regulatory and legal obligations of closed-end funds.
In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the fund and of the other funds in the John Hancock group of funds complex (the John Hancock Fund Complex).
In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a) | the skills and competency with which the Advisor has in the past managed the fund’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;
(b) | the background, qualifications and skills of the Advisor’s personnel;
(c) | the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

36 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |

Table of Contents

(d) | the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
(f) | the Advisor’s initiatives intended to improve various aspects of the fund’s operations and investor experience with the fund; and
(g) | the Advisor’s reputation and experience in serving as an investment advisor to the fund and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.
Investment performance
.
In considering the fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund’s performance results. In connection with the consideration of the Advisory Agreement, the Board:

(a) | reviewed information prepared by management regarding the fund’s performance;
(b) | considered the comparative performance of an applicable benchmark index;
(c) | considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data;
(d) | took into account the Advisor’s analysis of the fund’s performance; and
(e) | considered the fund’s share performance and premium/discount information.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that, based on its net asset value, the fund outperformed its benchmark index for the one-, three-, five- and ten-year periods ended December 31, 2024. The Board also noted that, based on its net asset value, the fund outperformed its peer group median for the one and ten-year periods and underperformed for the three- and five- year periods ended December 31, 2024. In considering the fund’s performance relative to peers, the Board took into account the relatively limited number of funds in the fund’s peer group as well as the types of funds in the peer group. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the one-, three-, five- and ten-year periods and to the peer group median for the one- and ten-year periods. The Board also took into account management’s discussion of the factors that contributed to the fund’s performance relative to its peer group median for the three- and five-year periods. The Board concluded that the fund’s performance has generally been in line with or outperformed the historical performance of the fund’s benchmark index.
Fees and expenses.
The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund’s ranking within a smaller

| SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 37

Table of Contents
group of peer funds chosen by the independent third-party provider, as well as the fund’s ranking within a broader group of funds. In comparing the fund’s contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs.
The Board also took into account the impact of leverage on fund expenses. The Board took into account the management fee structure, including that management fees for the fund were based on the fund’s total managed assets, which are attributable to common stock and borrowings. The Board noted that net management fees for the fund are higher than the peer group median and net total expenses for the fund are lower than the peer group median.
The Board took into account management’s discussion of the fund’s expenses. The Board also took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.
Profitability/Fall out benefits
.
In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor’s relationship with the fund, the Board:

(a) | reviewed financial information of the Advisor;
(b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d) | received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;
(e) | considered that the Advisor also provides administrative services to the fund pursuant to an administrative services agreement;
(f) | noted that the fund’s Subadvisor is an affiliate of the Advisor;
(g) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(h) | noted that the subadvisory fees for the fund are paid by the Advisor;
(i) | considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and

38 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |

Table of Contents

(j) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.
Economies of scale.
In considering the extent to which the fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of the fund shareholders, the Board noted that the fund has a limited ability to increase its assets as a closed-end fund. The Board took into account management’s discussions of the current advisory fee structure, and, as noted above, the services the Advisor provides in performing its functions under the Advisory Agreement and in supervising the Subadvisor.
The Board also considered potential economies of scale that may be realized by the fund as part of the John Hancock Fund Complex. Among them, the Board noted that the Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock Fund 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. The Board reviewed the fund’s advisory fee structure and concluded that: (i) the fund’s fee structure contains breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management’s discussion of the fund’s advisory fee structure. The Board also considered the Advisor’s overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the fund. The Board determined that the management fee structure for the fund was reasonable.
Approval of Subadvisory Agreement
In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1) | information relating to the Subadvisor’s business, including current subadvisory services to the fund (and other funds in the John Hancock Fund Complex);
(2) | the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
(3) | the subadvisory fee for the fund and to the extent available, comparable fee information prepared by an independent third party provider of fund data.

Nature, extent, and quality of services
.
With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor’s investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board also considered the Subadvisor’s risk assessment and monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the fund’s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and

| SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 39

Table of Contents
present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.
The Board considered the Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.
Subadvisor compensation
.
In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.
In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.
Subadvisory fees
.
The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays subadvisory fees to the Subadvisor. As noted above, the Board also considered the fund’s subadvisory fee as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fee paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.
Subadvisor performance
.
As noted above, the Board considered the fund’s performance as compared to the fund’s peer group and the benchmark index and noted that the Board reviews information about the fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.
The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1) | the Subadvisor has extensive experience and demonstrated skills as a manager;
(2) | the performance of the fund has generally been in line with or outperformed the historical performance of the fund’s benchmark index; and
(3) | the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement.

***
Based on the Board’s evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.

40 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |

Table of Contents
More information
Trustees
Hassell H. McClellan,
Chairperson
Deborah C. Jackson,
Vice Chairperson
Andrew G. Arnott
†
William K. Bacic
#,π
James R. Boyle
William H. Cunningham
*
Noni L. Ellison
Kristie M. Feinberg
§
Grace K. Fey
Dean C. Garfield
Frances G. Rathke
*
Thomas R. Wright
#
Officers
Kristie M. Feinberg
President (Chief Executive Officer and Principal Executive Officer)
Fernando A. Silva
‡
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg
Chief Compliance Officer
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (US) LLC
Portfolio Managers
Susan A. Curry
Ryan P. Lentell, CFA
Distributor
John Hancock Investment Management Distributors LLC
Custodian
State Street Bank and Trust Company
Transfer agent
Computershare Shareowner Services, LLC
Legal counsel
K&L Gates LLP
Stock symbol
Listed New York Stock Exchange: BTO
†
Non-Independent Trustee
# Appointed to serve as Trustee effective August 1, 2024.
π Member of the Audit Committee as of September 24, 2024.
*
Member of the Audit Committee
§
Appointed as Non-Independent Trustee effective as of June 30, 2025
‡ Effective July 1, 2024.
The fund’s proxy voting policies and procedures, as well as the fund 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.
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are 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.

You can also contact us: |  |
800-852-0218 | Regular mail: | Express mail:
jhinvestments.com | Computershare P.O. Box 43006 Providence, RI 02940-3078 | Computershare 150 Royall St., Suite 101 Canton, MA 02021

| SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 41

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents
John Hancock Investment Management LLC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.

MF4618621 | P9SA 6/25

8/25

ITEM 2. CODE OF ETHICS.

Item is not applicable at this time.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Item is not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Item is not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Item is not applicable at this time.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Refer to information included in Item 1.

(b)Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. Information included in Item 1, if applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Item is not applicable at this time.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)Item is not applicable at this time

(b)Item is not applicable at this time

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a)Not applicable.

(b)REGISTRANT PURCHASES OF EQUITY SECURITIES

|  | Average | Total number of shares | Maximum number of
|  | purchased as part of | shares that may yet be
| Total number of shares | price per | publicly announced | purchased under the
Period | purchased | share | plans* | plans*
Jan-25 | - | - | - | 1,976,581
Feb-25 | - | - | - | 1,976,581
Mar-25 | - | - | - | 1,976,581
Apr-25 | - | - | - | 1,976,581
May-25 | - | - | - | 1,976,581
June-25 | - | - | - | 1,976,581
Total | - | - |  |

*In May 2009, the Board of Trustees approved a share repurchase plan, which was subsequently reviewed 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, 2024. The current plan is in effect between January 1, 2025 and December 31, 2025.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 16. 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 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 17. 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 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. Not applicable.

ITEM 19. EXHIBITS. (a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) 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)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) 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/ Kristie M. Feinberg
| ------------------------------
| Kristie M. Feinberg
| President,
| Principal Executive Officer
Date: | August 12, 2025

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/ Kristie M. Feinberg
| ------------------------------
| Kristie M. Feinberg
| President,
| Principal Executive Officer
Date: | August 12, 2025
By: | /s/ Fernando A. Silva
| ---------------------------
| Fernando A. Silva
| Chief Financial Officer,
| Principal Financial Officer
Date: | August 12, 2025