John Hancock

Financial Opportunities Fund

Quarterly portfolio holdings 7/31/15

	As of 7-31-15 (unaudited)
																Shares			Value
	Common stocks 104.1% (85.3% of Total investments)																		$517,348,731
	(Cost $366,822,227)
	Financials 104.1%																		517,348,731
	Banks 88.6 %
	1st Source Corp.															88,689			3,014,539
	Access National Corp.															51,655			1,002,624
	Ameris Bancorp															309,284			8,353,761
	Anchor Bancorp, Inc. (I)															88,416			1,967,256
	Avenue Bank (I)															300,000			3,943,969
	Avidbank Holdings (I)															200,000			2,395,900
	Bank of America Corp. (L)															333,959			5,971,187
	Bank of Marin Bancorp															23,067			1,122,671
	Bankwell Financial Group, Inc. (I)															76,657			1,370,627
	Bar Harbor Bankshares															80,020			2,744,686
	BB&T Corp.															363,599			14,642,132
	Berkshire Hills Bancorp, Inc.															358,903			10,444,077
	Bryn Mawr Bank Corp. (Z)															80,000			2,307,200
	BSB Bancorp, Inc. (I)															177,195			3,710,463
	Camden National Corp.															36,776			1,480,602
	Chemical Financial Corp. (L)															116,773			3,847,670
	Citigroup, Inc. (L)															28,193			1,648,163
	City Holding Company (Z)															39,363			1,898,084
	Comerica, Inc. (L)															167,706			7,954,296
	Commerce Bancshares, Inc. (L)															100,195			4,718,183
	ConnectOne Bancorp, Inc. (Z)															56,578			1,208,506
	County Bancorp, Inc.															56,180			1,011,802
	CU Bancorp (I)															91,813			2,037,330
	Cullen/Frost Bankers, Inc. (L)															197,034			14,275,113
	DNB Financial Corp.															78,515			2,198,420
	Eagle Bancorp Montana, Inc.															5,272			58,361
	Eastern Virginia Bankshares, Inc.															268,537			1,691,783
	Evans Bancorp, Inc.															69,760			1,691,680
	FCB Financial Holdings, Inc., Class A (I)															221,342			7,687,208
	Fifth Third Bancorp															452,067			9,525,052
	First Bancorp, Inc.															266,499			5,066,146
	First Bancshares, Inc.															210,000			3,628,800
	First Citizens BancShares, Inc., Class A (L)															15,038			3,854,841
	First Community Corp.															136,228			1,701,488
	First Connecticut Bancorp, Inc.															202,450			3,263,494
	First Financial Bancorp															146,045			2,776,315
	First Merchants Corp.															118,683			3,089,318
	First Security Group, Inc. (I)															1,192,189			2,956,629
	First Security Group, Inc. (TN) (I)															83,942			1,930,666
	FirstMerit Corp. (L)															139,359			2,611,588
	Flushing Financial Corp. (Z)															192,160			3,989,242
	FNB Corp. (L)															767,513			10,584,004
	Glacier Bancorp, Inc. (L)															223,556			6,281,924
	Great Western Bancorp, Inc.															159,455			4,187,288
	Green Bancorp, Inc. (I)															81,836			1,118,698
	Hamilton State Bancshares (I)															500,000			4,010,000
	Hancock Holding Company (L)															245,752			7,180,873
	Heritage Commerce Corp.															387,733			4,299,959

																Shares			Value
	Financials  (continued)
	Banks (continued)
	Heritage Financial Corp.															194,590			$3,444,243
	Heritage Oaks Bancorp															650,719			5,179,723
	Howard Bancorp, Inc. (I)															104,350			1,441,074
	Independent Bank Corp. (Massachusetts)															195,961			9,476,674
	Independent Bank Corp. (Michigan)															125,407			1,788,304
	John Marshall Bank (I)															38,325			613,200
	JPMorgan Chase & Co.															267,120			18,305,734
	KeyCorp (L)															266,765			3,958,793
	Live Oak Bancshares, Inc. (I)(L)(Z)															17,534			353,485
	M&T Bank Corp. (L)															102,651			13,462,679
	MainSource Financial Group, Inc. (Z)															106,598			2,333,430
	MB Financial, Inc. (L)															183,150			6,245,415
	Merchants Bancshares, Inc.															56,125			1,773,550
	Monarch Financial Holdings, Inc.															162,521			2,078,644
	MutualFirst Financial, Inc.															100,539			2,374,731
	National Commerce Corp. (I)															50,542			1,329,255
	NewBridge Bancorp															207,422			1,827,388
	Northrim BanCorp, Inc.															99,739			2,522,399
	Old Second Bancorp, Inc. (I)															202,363			1,317,383
	Pacific Continental Corp.															183,645			2,438,806
	PacWest Bancorp (L)															41,762			1,933,163
	Park National Corp.															42,113			3,689,099
	Park Sterling Corp.															585,931			4,242,140
	Peoples Bancorp, Inc.															122,945			2,586,763
	Prosperity Bancshares, Inc. (L)															55,286			3,018,063
	QCR Holdings, Inc.															48,822			1,052,602
	Renasant Corp.															159,629			5,132,072
	Sandy Spring Bancorp, Inc. (Z)															68,417			1,870,521
	Shore Bancshares, Inc. (I)															183,579			1,731,150
	Southern First Bancshares, Inc. (I)															131,586			2,636,983
	Southwest Bancorp, Inc.															110,118			1,930,369
	Square 1 Financial, Inc., Class A (I)(Z)															48,942			1,319,966
	State Bank Financial Corp.															103,998			2,105,960
	Stock Yards Bancorp, Inc. (Z)															44,216			1,629,802
	Suffolk Bancorp															135,334			3,900,326
	Sun Bancorp, Inc. (I)(Z)															126,066			2,633,519
	SunTrust Banks, Inc. (L)															278,451			12,346,517
	Swedbank AB, A Shares															94,083			2,203,816
	Talmer Bancorp, Inc., Class A (L)															715,497			11,662,601
	The Community Financial Corp.															62,497			1,343,686
	The PNC Financial Services Group, Inc.															161,686			15,874,331
	TriCo Bancshares															202,536			5,020,867
	Trustmark Corp. (L)															123,537			2,969,829
	U.S. Bancorp (L)															323,935			14,645,101
	Union Bankshares Corp.															214,144			5,285,074
	United Bankshares, Inc. (L)															74,856			3,033,914
	Washington Trust Bancorp, Inc.															123,905			4,927,702
	Wells Fargo & Company (L)															249,874			14,460,208
	WesBanco, Inc. (L)															84,811			2,817,421
	WestAmerica Bancorp. (L)															25,066			1,227,733
	Westbury Bancorp, Inc. (I)															88,349			1,522,253

																Shares			Value
	Financials  (continued)
	Banks (continued)
	Western Alliance Bancorp (I)(L)															122,634			$4,148,708
	Yadkin Financial Corp.															296,540			6,363,748
	Zions Bancorporation (L)															265,769			8,289,335
	Capital markets 6.8 %
	Apollo Investment Corp. (L)															88,294			605,697
	Ares Capital Corp. (L)															171,449			2,758,614
	Fifth Street Finance Corp.															484,167			3,026,044
	Golub Capital BDC, Inc.															166,116			2,707,691
	Intermediate Capital Group PLC															367,829			3,343,456
	KKR & Company LP															128,055			3,060,515
	State Street Corp.															42,722			3,270,796
	The Blackstone Group LP															98,870			3,880,648
	The Carlyle Group LP															323,995			8,621,507
	TriplePoint Venture Growth BDC Corp.															200,000			2,572,000
	Insurance 0.8 %
	Gjensidige Forsikring ASA															254,902			4,096,080
	Real estate investment trusts 0.2 %
	Digital Realty Trust, Inc. (L)															14,500			931,915
	Thrifts and mortgage finance 7.7 %
	Anchor Bancorp Wisconsin, Inc. (I)(Z)															160,834			5,952,466
	Bank Mutual Corp.															161,841			1,176,584
	Cheviot Financial Corp.															114,092			1,656,616
	First Defiance Financial Corp.															125,161			4,812,440
	Georgetown Bancorp, Inc.															65,000			1,157,000
	HomeStreet, Inc.															208,636			4,717,260
	Hudson City Bancorp, Inc.															267,248			2,755,327
	Provident Financial Holdings, Inc.															97,339			1,566,185
	River Valley Bancorp															52,026			1,193,997
	Southern Missouri Bancorp, Inc.															112,188			2,118,109
	United Community Financial Corp.															634,588			3,274,474
	United Financial Bancorp, Inc. (Z)															108,463			1,463,166
	WSFS Financial Corp.															221,361			6,355,274
	Preferred securities 8.7% (7.1% of Total investments)																		$43,214,577
	(Cost $41,680,680)
	Financials 8.7%																		43,214,577
	Banks 2.3 %
	Communities First Financial Corp., 5.000%															11,660			1,154,340
	HomeTown Bankshares Corp., 6.000% (I)															1,050			1,201,200
	OFG Bancorp, Series A, 7.125%															992			17,558
	OFG Bancorp, Series C, 8.750%															1,671			1,425,313
	Old Second National Bank, 9.000% (I)															2,000			2,037,663
	SB Financial Group, Inc., 6.500%															250,000			2,875,000
	Synovus Financial Corp., Series C (7.875% to 8-1-18, then 3 month LIBOR +6.390%) (L)															100,716			2,794,869
	Capital markets 1.7 %
	JMP Group LLC, 7.250%															80,000			2,057,600
	JMP Group LLC, 8.000%															82,428			2,091,198
	Triplepoint Venture Grow BDC Corp., 6.750% (I)															168,000			4,200,000
	Real estate investment trusts 3.0 %
	American Homes 4 Rent, 5.500%															100,000			2,574,000

																Shares			Value
	Financials  (continued)
	Real estate investment trusts (continued)
	Arbor Realty Trust, Inc., 7.375%															100,000			$2,461,000
	FelCor Lodging Trust, Inc., Series A, 1.950%															86,950			2,202,444
	Invesco Mortgage Capital, Inc. (7.750% to 12-27-24, then 3 month LIBOR + 5.180%)															150,000			3,586,500
	Sotherly Hotels LP, 7.000%															99,475			2,571,429
	Sotherly Hotels LP, 8.000%															60,000			1,560,000
	Thrifts and mortgage finance 1.7 %
	Banc of California, Inc., 7.500%															86,255			2,234,867
	Flagstar Bancorp, Inc. (I)															5,000			6,169,596
				Rate (%				)		Maturity date			Par value^						Value
	Corporate bonds 7.4% (6.1% of Total investments)																		$36,825,123
	(Cost $36,191,001)
	Financials 7.4%																		36,825,123
	Avenue Financial Holdings, Inc. (P)(S)			6.750						12-29-24			5,000,000						5,150,000
	Cadence Financial Corp. (P)(S)			6.500						03-11-25			5,000,000						4,975,000
	First Business Financial Services, Inc.			6.500						09-01-24			5,000,000						5,078,136
	Popular, Inc. (L)			7.000						07-01-19			6,000,000						5,760,000
	United Community Banks,Inc.			9.000						10-15-17			3,500,000						3,842,910
	VantageSouth Bancshares, Inc.			7.625						08-12-23			5,000,000						4,995,427
	Nationstar Mortgage LLC			6.500						07-01-21			3,000,000						2,801,250
	NewStar Financial, Inc. (S)			7.250						05-01-20			4,160,000						4,222,400

																			Shares						Value
	Warrants 1.4% (1.2% of Total investments)																								$7,086,756
	(Cost $3,638,333)
	Financials 1.4%																								7,086,756
	Banks 1.4 %
	Bank of Marin Bancorp (Expiration Date: 12-5-18, Strike Price: $27.23) (I)																		58,796						1,294,210
	Citigroup, Inc. (Expiration Date: 1-4-19; Strike Price: $106.10) (I)																		1,045,183						784,932
	Comerica, Inc. (Expiration Date: 11-14-18; Strike Price: $29.40) (I)																		93,762						1,706,468
	Horizon Bancorp (Expiration Date: 12-19-18, Strike Price: $17.68) (I)																		179,816						2,962,401
	TCF Financial Corp. (Expiration Date: 11-14-18, Strike Price: $16.93) (I)																		71,281						196,023
	Valley National Bancorp (Expiration Date: 11-14-18, Strike Price: $16.11) (I)																		30,979						3,454
	Thrifts and mortgage finance 0.0 %
	Washington Federal, Inc. (Expiration Date: 11-14-18, Strike Price: $17.57) (I)																		25,507						139,268
							Yield	* (%)		Maturity date						Par value									Value
	Certificate of deposit 0.0% (0.0% of Total investments)																								$77,909
	(Cost $77,909)
	Country Bank for Savings						1.000			08-27-16						1,975									1,975
	First Bank Richmond						0.990			12-05-16						20,395									20,395
	First Bank System, Inc.						0.549			04-03-17						4,960									4,960
	First Federal Savings Bank of Louisiana						0.100			01-06-16						3,035									3,035
	Home Banks						1.739			11-04-21						18,927									18,927
	Hudson Savings						0.700			04-24-17						2,158									2,158
	Machias Savings Bank						0.500			05-24-16						1,956									1,956
	Midstate Federal Savings and Loan						0.500			05-27-16						1,999									1,999
	Milford Federal Savings and Loan Association						0.300			10-23-15						3,929									3,931
	Mount McKinley Savings Bank						0.180			12-02-16						1,700									1,700
	Mt. Washington Bank						0.700			10-30-15						1,873									1,873
	MutualOne Bank						0.750			09-08-15						3,951									3,951

							Yield	* (%)		Maturity date						Par value									Value
	Financials  (continued)
	Thrifts and mortgage finance (continued)
	Newburyport Five Cent Savings Bank						0.200			10-20-16						2,093									$2,093
	Newton Savings Bank						0.450			05-27-16						1,937									1,937
	OBA Federal Savings and Loan						0.400			06-15-16						1,330									1,330
	Plymouth Savings Bank						0.200			04-21-17						1,938									1,938
	Salem Five Cents Savings Bank						0.250			12-15-15						1,726									1,726
	Sunshine Federal Savings and Loan Association						0.500			05-10-17						2,025									2,025
																						Par value			Value
	Short-term investments 0.4% (0.3% of Total investments)																								$2,096,000
	(Cost $2,096,000)
	Repurchase agreement 0.4%																								2,096,000
	Repurchase Agreement with State Street Corp. dated 7-31-15 at 0.000% to be repurchased at $2,096,000 on 8-3-15, collateralized by $2,160,000 U.S. Treasury Notes, 0.625% due 4-30-18 (valued at $2,141,208, including interest)																					2,096,000			2,096,000
	Total investments (Cost $450,506,150)† 122.0%																								$606,649,096
	Other assets and liabilities, net (22.0%)																								($109,589,430	)
	Total net assets 100.0%																								$497,059,666

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.

^ All par values are denominated in U.S. dollars unless otherwise indicated.

Key to Security Abbreviations and Legend

LIBOR

London Interbank Offered Rate

(I)

Non-income producing security.

(L)

A portion of this security is on loan as of 7-31-15. The value of securities on loan amounted to $94,708,896.

(P)

Variable rate obligation. The coupon rate shown represents the rate at period end.

(S)

These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

(Z)

All or a portion of this security is pledged as collateral pursuant to the Credit Facility Agreement. Total collateral value at 7-31-15 was $120,510,775.

*

Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

†

At 7-31-15, the aggregate cost of investment securities for federal income tax purposes was $450,933,419. Net unrealized appreciation aggregated $155,715,677, of which $164,179,170 related to appreciated investment securities and $8,463,493 related to depreciated investment securities.

Notes to Fund's investments

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are valued at the last sale price or official closing price on the exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing vendor. Securities that trade only in the over-the-counter market are valued using bid prices. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost.

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

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

The following is a summary of the values by input classification of the fund's investments as of July 31, 2015, by major security category or type:

		Total value at 7-31-15	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Common stocks
	Banks	$440,274,870	$425,790,519	$8,543,685	$5,940,666
	Capital markets	33,846,968	30,503,512	3,343,456	—
	Insurance	4,096,080	—	4,096,080	—
	Real estate investment trusts	931,915	931,915	—	—
	Thrifts and mortgage finance	38,198,898	38,198,898	—	—
Preferred securities
	Banks	11,505,943	5,687,427	3,780,853	2,037,663
	Capital markets	8,348,798	8,348,798	—	—
	Real estate investment trusts	14,955,373	12,383,944	2,571,429	—
	Thrifts and mortgage finance	8,404,463	2,234,867	6,169,596	—
Corporate bonds
	Banks	29,801,473	—	15,885,000	13,916,473
	Diversified financial services	7,023,650	—	7,023,650	—
Warrants
	Banks	6,947,488	2,690,877	4,256,611	—
	Thrifts and mortgage finance	139,268	139,268	—	—
Certificate of deposit		77,909	—	77,909	—
Short-term investments		2,096,000	—	2,096,000	—
Total investments in securities		$606,649,096	$526,910,025	$57,844,269	$21,894,802

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 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. Securities were transferred into Level 3 because of a lack of observable market data which resulted from an absence of market activity for these securities. In addition, securities were transferred from Level 3 since observable market data became available due to the increased market activity of these securities.

	Investments in securities			Common stocks			Preferred securities			Corporate bonds			Total
	Balance as of 10-31-14			$7,880,493			$1,060,500			$14,201,901			$23,142,894
	Realized gain (loss)			—			(9,500	)		—			(9,500	)
	Change in unrealized appreciation (depreciation)			860,512			18,663			(285,428	)		593,747
	Purchases			—			3,028,500			—			3,028,500
	Sales			—			(1,000,000	)		—			(1,000,000	)
	Transfers into Level 3			—			—			—			—
	Transfers out of Level 3			(2,800,339	)		(1,060,500	)		—			(3,860,839	)
	Balance as of 7-31-15			$5,940,666			$2,037,663			$13,916,473			$21,894,802
	Change in unrealized at period end*			$860,512			$18,663			($285,428			$1,083,749

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

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

Fair Value at 7-31-15

Valuation technique

Unobservable Inputs

Input/Range

Common Stocks

$4,010,000

Market Approach

Book value Book value multiple Discount for lack of marketablility

7.30 1.22x 10%

Preferred Securities

$2,037,663

Estimated liquidation value

Estimated Future Payments

$1,018.83

Corporate Bonds

$13,916,473

Market Approach

Yield spread

100 bps - 427 bps (weighted average 229 bps)

Total

$19,964,136

*

*

*Amounts exclude valuations provided by a broker, which amounted to $1,930,666.

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

Unobservable Input	Impact to valuation if input increases	Impact to valuation if input decreases
Book value multiple / market comparable companies	Increase	Decrease
Discount for lack of marketability	Decrease	Increase
Estimated Future Payments	Increase	Decrease
Yield spread	Decrease	Increase

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

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

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

More information

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

	P9Q3	07/15
This report is for the information of the shareholders of John Hancock Financial Opportunities Fund.		9/15