N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08568

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

(Exact name of registrant as specified in charter)

200 BERKELEY STREET, BOSTON, 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:

December 31, 2025

ITEM 1. REPORT TO STOCKHOLDERS.

Annual report

John Hancock

Financial Opportunities Fund

Closed-end sector

Ticker: BTO

December 31, 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
4	Management’s discussion of fund performance
6	A look at performance
8	Fund’s investments
15	Financial statements
19	Financial highlights
20	Notes to financial statements
32	Report of independent registered public accounting firm
33	Tax information
34	Investment objective, principal investment strategies, and principal risks
38	Additional information
43	Trustees and Officers
47	More information

ANNUAL REPORT

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

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

12/31/2025 (%)

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.

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Equities rose on artificial intelligence (AI) enthusiasm and resilient earnings

U.S. equities delivered double-digit gains driven by strong consumer spending, resilient corporate earnings and ongoing enthusiasm for AI innovation.

The fund’s regional bank holdings contributed to absolute results

The fund delivered positive absolute performance, led primarily by holdings in the regional bank segment as well as select preferred shares holdings.

The fund’s alternative asset manager holdings detracted

The performance of alternative managers was mostly negative and trailed other segments.

INDUSTRY COMPOSITION AS OF 12/31/2025 (% of total investments)

ANNUAL REPORT

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

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Management’s discussion of fund performance

What factors affected global equity markets over the past 12 months ended December 31, 2025?

U.S. stocks rallied strongly in 2025, a third straight year of double-digit annual gains. Throughout most of the year, strong consumer spending and resilient corporate earnings helped buoy stocks. Ongoing enthusiasm for artificial intelligence (AI) innovation boosted the market, particularly technology and related stocks. Falling interest rates provided another lift. The U.S. Federal Reserve (Fed) cut its policy interest rate in the second half of the year in response to higher-than-expected unemployment data. Together, these factors helped offset market volatility triggered by fears over tariffs in the spring and a government shutdown in the fall. The market’s momentum cooled toward year end when the Fed signaled fewer-than-expected rate cuts in 2026 and some investors engaged in profit-taking and portfolio rebalancing. There was some rotation away from AI-driven and mega cap stocks toward small- and mid-sized and value stocks.

How did the fund perform?

The fund at net asset value delivered solidly positive absolute performance, led primarily by holdings in the regional bank segment as well as select preferred shares holdings. Among the fund’s other major segments, the performance of alternative managers was mostly negative and trailed other segments.

TOP 10 HOLDINGS AS OF 12/31/2025 (% of total investments)
Old National Bancorp	1.9
Citizens Financial Group, Inc.	1.6
Coastal Financial Corp.	1.5
Popular, Inc.	1.5
U.S. Bancorp	1.4
M&T Bank Corp.	1.4
Hancock Whitney Corp.	1.4
Zions Bancorp NA	1.4
Huntington Bancshares, Inc.	1.4
Ameris Bancorp	1.3
TOTAL	14.8
Cash and short-term investments are not included.

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

ANNUAL REPORT

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Which holdings had the most significant positive and negative impacts?

The top absolute contributor for the period was Prime Meridian Holding Company, the Florida-based holding company for community bank Prime Meridian Bank. Other top contributors included Citizens Financial Group, Inc., a regional bank based in Rhode Island, Puerto Rico-based bank Popular, Inc., Coastal Financial Corp., the Washington-based holding company for Coastal Community Bank and Northrim BanCorp, Inc., the Alaska-based holding company for Northrim Bank.

On the negative side, the following positions were among those that declined during the period and detracted from absolute performance: Atlantic Union Bankshares Corp., the Virginia-based holding company for Atlantic Union Bank; Pinnacle Financial Partners, Inc., a Georgia-based special purpose holding company formerly known as Steel Newco, Inc. that facilitated the merger of Synovus Bank and Pinnacle Bank; global alternative asset manager KKR & Company, Inc.; FFB Bancorp, the California-based holding company for FFB Bank; and French private equity and venture capital firm Eurazeo SE. We sold the Fund’s position in Atlantic Union Bankshares Corp. during the period.

The views expressed in this report are exclusively those of the portfolio management team at Manulife Investment Management (US) LLC and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

ANNUAL REPORT

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

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A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2025

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	10-Year	5-year	10-Year
At Net asset value	10.67	13.11	10.65	85.12	175.00
At Market price	5.97	11.08	9.59	69.09	149.91
S&P 500 Index	17.88	14.42	14.82	96.16	298.27
Blended Index	10.54	7.52	7.63	43.73	108.56

Performance figures assume all distributions have been reinvested.

The returns reflect past results and should not be considered indicative of future performance. Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may be augmented when shares are purchased at a premium to NAV or when shares need to be 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.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

ANNUAL REPORT

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This chart shows what happened to a hypothetical $10,000 investment in John Hancock Financial Opportunities Fund for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in a blended index and the S&P 500 Index.

The fund changed its broad-based securities market index from S&P Composite 1500 Banks Index to S&P 500 Index to align with index changes across the fund complex.

The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States.

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

The returns reflect past results and should not be considered indicative of future performance.

ANNUAL REPORT

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

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Fund’s investments

AS OF 12-31-25

	Shares	Value
Common stocks 106.9% (90.8% of Total investments)		$763,757,278
(Cost $431,145,615)
Financials 106.1%		758,032,385
Banks 96.8%
1st Source Corp.	118,620	7,412,564
ACNB Corp.	62,233	3,008,966
Alpine Banks of Colorado, Class B	173,462	6,903,788
American Business Bank	83,455	5,407,884
American Riviera Bancorp (A)	228,717	5,374,850
Ameris Bancorp	152,485	11,325,061
Avidbank Holdings, Inc. (A)	257,070	6,827,779
Bank of Marin Bancorp	200,182	5,206,734
Bank7 Corp.	116,363	4,768,556
Banner Corp.	53,428	3,347,798
Bar Harbor Bankshares	142,394	4,421,334
BayCom Corp.	173,874	5,111,896
Business First Bancshares, Inc.	182,458	4,769,452
C&F Financial Corp.	37,912	2,752,032
California BanCorp	455,317	8,500,768
Camden National Corp.	90,567	3,928,796
CB Financial Services, Inc.	57,155	1,992,423
Central Pacific Financial Corp.	144,201	4,493,303
Chemung Financial Corp.	63,598	3,548,768
ChoiceOne Financial Services, Inc.	98,216	2,899,336
Citizens Community Bancorp, Inc.	169,116	3,013,647
Citizens Financial Group, Inc. (B)(C)	228,406	13,341,194
Civista Bancshares, Inc.	250,733	5,571,287
CNB Financial Corp.	80,835	2,115,452
Coastal Carolina Bancshares, Inc. (A)	30,000	389,400
Coastal Carolina Bancshares, Inc. (A)(D)	260,000	3,206,060
Coastal Financial Corp. (A)(B)(C)	108,420	12,423,848
Colony Bankcorp, Inc.	97,517	1,737,753
Columbia Banking System, Inc.	318,953	8,914,736
Community Bancorp, Inc.	61,507	1,502,616
Community Heritage Financial, Inc.	141,197	3,798,199
Community West Bancshares	126,760	2,852,100
ConnectOne Bancorp, Inc.	85,763	2,248,706
Cullen/Frost Bankers, Inc.	86,104	10,903,350
CVB Financial Corp. (B)(C)	222,784	4,143,782
Dime Community Bancshares, Inc.	219,054	6,591,335
Eagle Bancorp Montana, Inc.	155,751	3,099,445
East West Bancorp, Inc.	56,285	6,325,871
Eastern Bankshares, Inc.	410,229	7,560,520

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Shares	Value
Financials (continued)
Banks (continued)
Equity Bancshares, Inc., Class A	169,613	$7,573,220
Farmers & Merchants Bancorp, Inc.	114,822	2,838,400
Farmers National Banc Corp.	162,398	2,163,141
FFB Bancorp (A)	82,186	6,985,810
Fifth Third Bancorp (B)(C)	237,095	11,098,417
First Business Financial Services, Inc.	91,858	4,987,889
First Citizens BancShares, Inc., Class A	2,688	5,768,932
First Commonwealth Financial Corp.	249,243	4,202,237
First Community Corp.	132,912	3,940,841
First Financial Bancorp	311,817	7,801,661
First Horizon Corp.	325,059	7,768,910
First Merchants Corp.	150,025	5,622,937
First Mid Bancshares, Inc.	76,166	2,970,474
First Reliance Bancshares, Inc. (A)(E)	426,454	5,228,326
Flushing Financial Corp.	279,362	4,237,922
German American Bancorp, Inc.	124,124	4,863,178
Glacier Bancorp, Inc. (B)(C)	165,000	7,268,250
Great Southern Bancorp, Inc.	40,257	2,478,221
Hancock Whitney Corp. (B)(C)	182,751	11,637,584
HBT Financial, Inc.	209,443	5,414,102
Heritage Commerce Corp.	513,678	6,169,273
Heritage Financial Corp.	90,346	2,136,683
Horizon Bancorp, Inc. (B)(C)	505,196	8,568,124
Huntington Bancshares, Inc.	655,503	11,372,977
InBankshares Corp. (A)	207,676	2,481,728
Independent Bank Corp. (Massachusetts)	130,022	9,502,008
Independent Bank Corp. (Michigan)	163,971	5,333,977
KeyCorp (B)(C)	434,830	8,974,891
Landmark Bancorp, Inc.	138,666	3,631,663
Ledyard Financial Group, Inc.	155,104	2,321,907
Live Oak Bancshares, Inc.	110,051	3,780,252
M&T Bank Corp. (C)	58,267	11,739,635
Metrocity Bankshares, Inc.	65,263	1,732,080
Mid Penn Bancorp, Inc.	104,181	3,231,695
NBT Bancorp, Inc.	167,805	6,967,264
Nicolet Bankshares, Inc. (B)(C)	77,030	9,343,739
Northrim BanCorp, Inc.	369,612	9,835,375
Norwood Financial Corp.	78,289	2,196,006
Ohio Valley Banc Corp.	70,250	2,808,595
Old National Bancorp (B)(C)	708,861	15,814,685
Old Second Bancorp, Inc.	355,988	6,941,766
OP Bancorp	182,412	2,575,657
Orange County Bancorp, Inc.	123,187	3,516,989

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

Table of Contents

	Shares	Value
Financials (continued)
Banks (continued)
Orrstown Financial Services, Inc.	87,425	$3,096,594
Pinnacle Financial Partners, Inc. (B)(C)	91,793	8,757,970
Plumas Bancorp	82,851	3,702,611
Popular, Inc. (B)(C)	98,514	12,266,963
Prime Meridian Holding Company	125,087	7,079,924
Private Bancorp of America, Inc. (A)	121,888	7,012,217
Provident Financial Holdings, Inc.	108,800	1,731,008
QCR Holdings, Inc.	74,384	6,196,187
QNB Corp.	75,111	2,625,881
Red River Bancshares, Inc.	58,027	4,144,869
Regions Financial Corp.	410,978	11,137,504
Renasant Corp.	310,405	10,932,464
River City Bank	148,780	6,527,723
Riverview Bancorp, Inc.	417,954	2,098,129
SB Financial Group, Inc.	257,156	5,726,864
Shore Bancshares, Inc.	406,028	7,178,575
Sierra Bancorp	163,038	5,328,082
South Atlantic Bancshares, Inc.	289,568	5,718,968
Southern Missouri Bancorp, Inc.	104,786	6,194,948
SouthState Bank Corp.	83,765	7,883,124
SpareBank 1 Nord Norge	240,836	3,619,186
SpareBank 1 Sor-Norge ASA	235,524	4,628,075
Stock Yards Bancorp, Inc.	79,829	5,184,894
Synovus Financial Corp. (B)(C)	162,547	8,135,477
The First Bancorp, Inc.	226,174	5,980,041
Timberland Bancorp, Inc.	113,266	4,054,923
TriCo Bancshares (B)(C)	190,923	9,044,023
U.S. Bancorp (C)	225,123	12,012,563
United BanCorp of Alabama, Inc., Class A	168,566	8,967,711
Virginia National Bankshares Corp.	86,679	3,454,158
Walden Mutual (A)(D)(F)	100,000	607,000
Washington Trust Bancorp, Inc.	133,936	3,957,809
Western Alliance Bancorp	52,765	4,435,954
White River Bancshares Company (E)	134,640	6,663,334
WSFS Financial Corp.	190,189	10,506,040
WTB Financial Corp., Class B	14,981	5,468,065
Zions Bancorp NA (B)(C)	198,195	11,602,335
Capital markets 6.4%
Ares Management Corp., Class A (C)	49,128	7,940,559
GCM Grosvenor, Inc., Class A	219,284	2,482,295
KKR & Company, Inc. (C)	65,878	8,398,127
Marex Group PLC (B)(C)	145,046	5,563,965
Onex Corp.	96,758	7,963,122

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

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SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Shares	Value
Financials (continued)
Capital markets (continued)
Sixth Street Specialty Lending, Inc. (B)(C)	228,214	$4,956,808
The Carlyle Group, Inc.	146,317	8,648,798
Financial services 1.0%
Eurazeo SE	110,822	6,903,486
Insurance 1.5%
American Integrity Insurance Group, Inc. (A)	220,779	4,598,827
Assured Guaranty, Ltd.	71,190	6,397,845
Mortgage real estate investment trusts 0.4%
Blackstone Mortgage Trust, Inc., Class A	154,080	2,947,550
Real estate 0.8%		5,724,893
Health care REITs 0.4%
Sila Realty Trust, Inc.	121,300	2,827,503
Specialized REITs 0.4%

Millrose Properties, Inc., Class A	97,000	2,897,390
Preferred securities 5.8% (4.9% of Total investments)		$41,036,168
(Cost $38,005,477)
Financials 5.6%		39,498,668
Banks 5.3%
Banc of California, Inc., 7.750% (7.750% to 9-1-27, then 5 Year CMT + 4.820%) (B)(C)	90,000	2,266,200
CNB Financial Corp., 7.125%	75,200	1,880,000
Dime Community Bancshares, Inc., 9.000% (9.000% to 7-15-29, then Overnight SOFR + 4.951%)	80,000	2,088,000
First Busey Corp., 8.250%	200,000	5,150,000
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	3,734,560
First Merchants Corp., 7.500%	48,900	1,241,571
Investar Holding Corp., 6.500% (F)(G)	5,000	6,252,700
Live Oak Bancshares, Inc., 8.375% (B)(C)	120,000	3,066,000
Synovus Financial Corp., 8.397% (5 Year CMT + 4.127%) (C)(H)	77,222	1,996,189
Tectonic Financial, Inc., 11.574% (3 month CME Term SOFR + 6.980%) (H)	186,840	1,997,320
WaFd, Inc., 4.875%	210,875	3,534,265
Wintrust Financial Corp., 7.875% (7.875% to 7-15-30, then 5 Year CMT + 3.878%) (C)	166,700	4,315,863
Mortgage real estate investment trusts 0.3%
Redwood Trust, Inc., 9.125%	80,000	1,976,000
Real estate 0.2%		1,537,500
Diversified REITs 0.2%
CTO Realty Growth, Inc., 6.375%	75,000	1,537,500

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Corporate bonds 3.6% (3.0% of Total investments)				$25,571,141
(Cost $25,040,672)
Financials 3.1%				21,803,866
Banks 3.1%
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	5,100,000
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	1,887,000
Flagstar Bank NA (3 month CME Term SOFR + 3.042%) (H)	6.928	11-06-28	3,385,000	3,256,906
Hometown Financial Group, Inc. (G)	8.750	03-15-27	3,500,000	3,550,107
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	3,115,810
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	2,328,419
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	2,565,624
Real estate 0.5%				3,767,275
Residential REITs 0.5%

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	3,767,275
Convertible bonds 0.6% (0.5% of Total investments)				$4,158,105
(Cost $3,996,601)
Financials 0.6%				4,158,105
Mortgage real estate investment trusts 0.6%

Redwood Trust, Inc.	7.750	06-15-27	4,179,000	4,158,105
Certificate of deposit 0.0% (0.0% of Total investments)				$87,718
(Cost $87,718)
Country Bank for Savings	4.000	08-28-26	2,196	2,196
East Boston Savings Bank	2.960	11-01-27	2,061	2,061
Eastern Savings Bank	0.200	04-23-27	1,978	1,978
First Bank Richmond NA	3.300	12-05-28	24,860	24,860
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
First Savings Bank of Perkasie	3.300	04-07-27	5,280	5,280
Home National Bank	1.000	11-06-26	23,411	23,411
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	04-29-26	2,202	2,202
Mt. McKinley Bank	0.500	12-02-26	1,770	1,770
MutualOne Bank	1.300	09-10-27	4,423	4,423

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Rate (%)	Maturity date	Par value^	Value

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
Sunshine Federal Savings and Loan Association	3.250	05-12-27	2,130	2,130

	Yield (%)	Shares	Value
Short-term investments 0.9% (0.8% of Total investments)			$6,513,879
(Cost $6,513,889)
Short-term funds 0.9%			6,513,879
John Hancock Collateral Trust (J)	3.7477(K)	651,114	6,513,879


Total investments (Cost $504,789,972) 117.8%					$841,124,289
Other assets and liabilities, net (17.8%)					(126,868,186)
Total net assets 100.0%					$714,256,103

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)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 12-31-25, and is a component of the fund’s leverage under the Liquidity Agreement. The value of securities on loan amounted to $103,807,833.
(C)	All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 12-31-25 was $148,866,277.
(D)	Restricted security as to resale, excluding 144A securities. For more information on this security refer to the Notes to financial statements.
(E)	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.
(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. 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.
(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 12-31-25.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

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

SEC Form N-CSR filed by John Hancock Financial Opportunities Fund