John Hancock

Financial Opportunities Fund

Quarterly portfolio holdings 3/31/16

	As of 3-31-16 (unaudited)
																			Shares						Value
	Common stocks 106.6% (86.4% of Total investments)																								$477,788,070
	(Cost $355,655,686)
	Financials 106.6%																								477,788,070
	Banks 91.4 %
	1st Source Corp.																		121,706						3,875,117
	Access National Corp.																		51,655						1,024,319
	Ameris Bancorp																		309,284						9,148,621
	Anchor Bancorp, Inc. (I)																		79,574						1,955,929
	Atlantic Capital Bancshares, Inc. (I)																		186,650						2,601,901
	Avenue Bank (I)																		300,000						5,811,000
	Avidbank Holdings, Inc. (I)																		200,000						2,716,000
	Bank of America Corp.																		333,959						4,515,126
	Bank of Marin Bancorp (Z)																		55,576						2,735,451
	Bankwell Financial Group, Inc. (Z)																		76,657						1,500,177
	Bar Harbor Bankshares																		80,020						2,658,264
	BB&T Corp. (L)																		346,799						11,538,003
	Berkshire Hills Bancorp, Inc.																		358,903						9,650,902
	Bryn Mawr Bank Corp. (Z)																		80,000						2,058,400
	Camden National Corp.																		36,776						1,544,592
	Carolina Financial Corp.																		58,559						1,086,855
	Citigroup, Inc.																		28,193						1,177,058
	Citizens Financial Group, Inc.																		243,046						5,091,814
	City Holding Company (Z)																		39,363						1,880,764
	Comerica, Inc.																		167,706						6,351,026
	Commerce Bancshares, Inc. (L)																		105,204						4,728,920
	Communities First Financial Corp. (I)																		115,523						1,149,454
	County Bancorp, Inc.																		56,180						1,128,094
	CU Bancorp (I)																		91,813						1,943,681
	Cullen/Frost Bankers, Inc. (L)																		197,034						10,858,544
	DNB Financial Corp.																		78,515						2,239,248
	Eagle Bancorp Montana, Inc.																		75,106						912,538
	Eastern Virginia Bankshares, Inc.																		198,225						1,326,125
	Equity Bancshares, Inc., Class A (I)(L)																		92,134						1,934,814
	Evans Bancorp, Inc.																		69,760						1,702,144
	FCB Financial Holdings, Inc., Class A (I)																		221,342						7,361,835
	Fifth Third Bancorp																		452,067						7,544,998
	First Bancorp, Inc. (Z)																		266,499						5,199,395
	First Bancshares, Inc.																		210,000						3,282,300
	First Business Financial Services, Inc. (L)																		60,700						1,391,851
	First Citizens BancShares, Inc., Class A (L)																		15,038						3,775,591
	First Community Corp.																		136,228						1,964,408
	First Connecticut Bancorp, Inc. (Z)																		202,450						3,231,102
	First Financial Bancorp																		146,045						2,655,098
	First Merchants Corp.																		118,683						2,797,358
	First Security Group, Inc. (I)																		83,942						1,930,666
	Flushing Financial Corp.																		148,254						3,205,251
	FNB Corp. (L)																		767,513						9,985,344
	German American Bancorp, Inc. (L)																		40,060						1,289,932
	Glacier Bancorp, Inc. (L)																		223,556						5,682,794
	Great Western Bancorp, Inc.																		159,455						4,348,338

																			Shares						Value
	Financials  (continued)
	Banks (continued)
	Hamilton State Bancshares, Inc. (I)																		500,000						$3,850,000
	Hancock Holding Company (L)																		245,752						5,642,466
	HCSB Financial Corp. (I)																		22,238,470						2,295,321
	Heritage Commerce Corp.																		387,733						3,881,207
	Heritage Financial Corp.																		194,590						3,418,946
	Heritage Oaks Bancorp																		650,719						5,069,101
	Horizon Bancorp (L)																		179,816						4,445,052
	Howard Bancorp, Inc. (I)																		104,350						1,255,331
	Independent Bank Corp. (MA) (L)																		195,961						9,006,368
	Independent Bank Corp. (MI) (Z)																		125,407						1,824,672
	JPMorgan Chase & Co.																		222,625						13,183,853
	KeyCorp																		667,659						7,370,955
	M&T Bank Corp. (L)																		117,579						13,051,269
	MainSource Financial Group, Inc.																		106,598						2,248,152
	MB Financial, Inc. (L)																		183,150						5,943,218
	Merchants Bancshares, Inc. (Z)																		56,125						1,669,158
	Monarch Financial Holdings, Inc.																		178,773						2,969,420
	MutualFirst Financial, Inc.																		100,539						2,533,583
	National Commerce Corp. (I)																		50,542						1,193,297
	Northrim BanCorp, Inc.																		99,739						2,384,759
	Old Second Bancorp, Inc. (I)																		202,363						1,450,943
	Pacific Continental Corp.																		183,645						2,962,194
	PacWest Bancorp (L)																		71,112						2,641,811
	Park National Corp. (L)																		42,113						3,790,170
	Park Sterling Corp.																		585,931						3,908,160
	Peoples Bancorp, Inc.																		122,945						2,402,345
	Prosperity Bancshares, Inc. (L)																		54,471						2,526,910
	QCR Holdings, Inc.																		48,822						1,164,405
	Regions Financial Corp.																		384,335						3,017,030
	Renasant Corp.																		159,629						5,253,390
	Sandy Spring Bancorp, Inc.																		68,417						1,904,045
	SBT Bancorp, Inc.																		37,879						723,489
	Shore Bancshares, Inc.																		183,579						2,199,276
	Southern First Bancshares, Inc. (I)																		131,586						3,212,014
	Southwest Bancorp, Inc.																		110,118						1,657,276
	State Bank Financial Corp.																		84,940						1,678,414
	Suffolk Bancorp																		135,334						3,415,830
	Sun Bancorp, Inc. (I)																		126,066						2,610,827
	SunTrust Banks, Inc.																		278,451						10,046,512
	SY Bancorp, Inc. (I)																		44,216						1,703,642
	Talmer Bancorp, Inc., Class A																		631,164						11,417,757
	The Community Financial Corp.																		62,497						1,364,934
	The PNC Financial Services Group, Inc.																		129,086						10,916,803
	TriCo Bancshares																		202,536						5,128,212
	Trustmark Corp. (L)																		123,537						2,845,057
	U.S. Bancorp (L)																		310,100						12,586,959
	Union Bankshares Corp.																		214,144						5,274,367
	United Bankshares, Inc. (L)																		74,856						2,747,215
	Washington Trust Bancorp, Inc.																		123,905						4,624,135

																			Shares						Value
	Financials  (continued)
	Banks (continued)
	Wells Fargo & Company (L)																		238,300						$11,524,188
	Westbury Bancorp, Inc. (I)(Z)																		88,349						1,678,631
	Yadkin Financial Corp.																		400,251						9,473,941
	Zions Bancorporation (L)																		265,769						6,434,267
	Capital markets 5.1 %
	Ares Capital Corp. (L)																		171,449						2,544,303
	Fifth Street Finance Corp.																		966,695						4,852,809
	Golub Capital BDC, Inc.																		166,116						2,875,468
	Intermediate Capital Group PLC																		379,010						3,363,859
	KKR & Company LP																		233,755						3,433,861
	The Blackstone Group LP																		132,582						3,718,925
	TriplePoint Venture Growth BDC Corp.																		200,000						2,100,000
	Insurance 1.0 %
	Gjensidige Forsikring ASA																		254,902						4,342,432
	Thrifts and mortgage finance 9.1 %
	Anchor BanCorp Wisconsin, Inc. (I)(Z)																		130,950						5,900,607
	Bank Mutual Corp.																		161,841						1,225,136
	BSB Bancorp, Inc. (I)(Z)																		177,195						3,981,572
	Cheviot Financial Corp.																		114,092						1,676,011
	First Defiance Financial Corp.																		118,465						4,550,241
	Georgetown Bancorp, Inc.																		65,000						1,300,000
	HomeStreet, Inc. (I)																		208,636						4,341,715
	Provident Financial Holdings, Inc.																		97,339						1,659,630
	Provident Financial Services, Inc. (L)																		44,169						891,772
	Southern Missouri Bancorp, Inc. (Z)																		112,188						2,694,756
	United Community Financial Corp.																		634,588						3,725,032
	United Financial Bancorp, Inc. (I)																		111,109						1,398,862
	WSFS Financial Corp.																		221,361						7,198,660
	Preferred securities 8.1% (6.6% of Total investments)																								$36,525,384
	(Cost $35,886,840)
	Financials 8.1%																								36,525,384
	Banks 1.2 %
	HomeTown Bankshares Corp., 6.000%																		1,050						1,562,400
	OFG Bancorp, Series C, 8.750%																		1,671						1,169,491
	SB Financial Group, Inc., 6.500%																		250,000						2,812,500
	Capital markets 1.8 %
	JMP Group LLC, 7.250%																		80,000						1,840,000
	JMP Group LLC, 8.000%																		82,428						1,900,790
	TriplePoint Venture Growth BDC Corp., 6.750% (Z)																		168,000						4,141,200
	Real estate investment trusts 3.7 %
	American Homes 4 Rent (5.500% to 3-31-21, then 10.000% thereafter)																		100,000						2,625,000
	Arbor Realty Trust, Inc., 7.375% (Z)																		100,000						2,492,000
	Bluerock Residential Growth REIT, Inc., 8.250%																		84,140						2,121,169
	FelCor Lodging Trust, Inc., Series A, 1.950% (L)																		86,950						2,192,010
	Invesco Mortgage Capital, Inc. (7.750% to 12-27-24, then 3 month LIBOR + 5.180%)																		150,000						3,331,500
	Sotherly Hotels LP, 7.000%																		99,475						2,523,681
	Sotherly Hotels LP, 8.000%																		60,000						1,537,800

																			Shares						Value
	Financials  (continued)
	Thrifts and mortgage finance 1.4 %
	Flagstar Bancorp, Inc., 9.000% (I)																		5,000						$6,275,843
							Rate (%				)		Maturity date			Par value^									Value
	Corporate bonds 8.1% (6.6% of Total investments)																								$36,517,259
	(Cost $37,940,925)
	Financials 8.1%																								36,517,259
	Banks 6.3 %
	Avenue Financial Holdings, Inc. (6.750% to 1-1-20, then 3 month LIBOR + 4.950%) (S)						6.750						12-29-24									5,000,000			5,125,000
	Avidbank Holdings, Inc.						6.875						11-15-25									300,000			2,930,709
	Cadence Financial Corp. (6.500% to 3-11-20, then 3 month LIBOR + 4.663%) (S)						6.500						03-11-25									5,000,000			4,425,000
	First Business Financial Services, Inc.						6.500						09-01-24									5,000,000			4,873,485
	Popular, Inc.						7.000						07-01-19									6,000,000			5,835,000
	VantageSouth Bancshares, Inc.						7.625						08-12-23									5,000,000			5,324,065
	Diversified financial services 1.2 %
	NewStar Financial, Inc.						7.250						05-01-20									5,935,000			5,341,500
	Thrifts and mortgage finance 0.6 %
	Nationstar Mortgage LLC						6.500						07-01-21									3,000,000			2,662,500
																			Shares						Value
	Warrants 0.3% (0.3% of Total investments)																								$1,355,303
	(Cost $1,955,700)
	Financials 0.3%																								1,355,303
	Banks 0.3 %
	Citigroup, Inc. (Expiration Date: 1-4-19; Strike Price: $106.10) (I)																		1,045,183						104,518
	Comerica, Inc. (Expiration Date: 11-14-18; Strike Price: $29.40) (I)																		93,762						1,250,785
							Rate (%				)		Maturity date			Par value^									Value
	Certificate of deposit 0.0% (0.0% of Total investments)																								$78,468
	(Cost $78,005)
	Country Bank for Savings						1.000						08-27-16									1,975			1,978
	First Bank Richmond						0.990						12-05-16									20,395			20,407
	First Bank System, Inc.						0.549						04-03-17									4,960			4,950
	First Federal Savings Bank of Louisiana						0.100						01-06-17									3,039			3,039
	Home Banks						1.739						11-04-21									18,927			19,425
	Hudson Savings						0.700						04-24-17									2,158			2,161
	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 Bank						0.300						04-23-16									2,031			2,018
	Milford Federal Savings and Loan Bank						0.300						06-08-17									1,902			1,890
	Mount McKinley Savings Bank						0.180						12-02-16									1,700			1,695
	Mt. Washington Bank						0.650						10-31-17									1,899			1,899
	MutualOne Bank						0.900						09-08-17									4,011			4,011
	Newburyport Five Cent Savings Bank						0.200						10-20-16									2,093			2,088
	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			1,927
	Salem Five Cents Savings Bank						0.250						12-15-16									1,730			1,730
	Sunshine Federal Savings and Loan Association						0.500						05-10-17									2,025			2,028

																			Par value^						Value
	Short-term investments 0.2% (0.1% of Total investments)																								$790,000
	(Cost $790,000)
	Repurchase agreement 0.2%																								790,000
	Repurchase Agreement with State Street Corp. dated 3-31-16 at 0.030% to be repurchased at $790,001 on 4-1-16, collateralized by $810,000 U.S. Treasury Notes, 0.625% due 4-30-18 (valued at $807,975, including interest)																		790,000						790,000
	Total investments (Cost $432,307,156)† 123.3%																								$553,054,484
	Other assets and liabilities, net (23.3%)																								($104,618,669	)
	Total net assets 100.0%																								$448,435,815

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 3-31-16, and is a component of the fund's leverage under the Liquidity Agreement. The value of securities on loan amounted to $87,884,839.

(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 Liquidity Agreement. Total collateral value at 3-31-16 was $128,164,807.

*

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 3-31-16, the aggregate cost of investment securities for federal income tax purposes was $433,321,114. Net unrealized appreciation aggregated to $119,733,370, of which $138,271,948 related to appreciated investment securities and $18,538,578 related to depreciated investment securities.

Notes to Fund's investments (unaudited)

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset balue (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. In order to value the securities, the fund uses the following valuation techniques: Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security 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. Swaps and unlisted options are valued using evaluated prices obtained from an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing vendor.

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

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

The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund's own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing 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 March 31, 2016, by major security category or type:

							Total value at 3-31-16			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Common stocks
				Banks			410,012,419			401,151,098			8,861,321			—
				Capital markets			22,889,225			19,525,366			3,363,859			—
				Insurance			4,342,432			—			4,342,432			—
				Thrifts and mortgage finance			40,543,994			40,543,994			—			—
	Preferred securities
				Banks			5,544,391			2,812,500			2,731,891			—
				Capital markets			7,881,990			7,881,990			—			—
				Real estate investment trusts			16,823,160			16,823,160			—			—
				Thrifts and mortgage finance			6,275,843			—			6,275,843			—
	Corporate bonds
				Banks			28,513,259			—			15,385,000			13,128,259
				Diversified financial services			5,341,500			—			5,341,500			—
				Thrifts and mortgage finance			2,662,500			—			2,662,500			—
	Warrants						1,355,303			1,355,303			—			—
	Certificate of deposit						78,468			—			78,468			—
	Short-term investments						790,000			—			790,000			—
	Total investments in securities						553,054,484			490,093,411			49,832,814			13,128,259

       7

							Total value at 3-31-16			Level 1 quoted price			Level 2 significant observable inputs			Level 3 significant unobservable inputs
	Other financial instruments
	Interest rate swaps						($478,650	)		—			($478,650	)		—

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. Continue the sentence and include the following if transfers to/from Level 2 and 3 are greater than 1% of net assets "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			Corporate bonds			Total
	Balance as of 12-31-15			$3,580,376			$13,128,221			$16,708,597
	Realized gain (loss)			—			—			—
	Change in unrealized appreciation (depreciation)			269,624			38			269,662
	Purchases			—			—			—
	Sales			—			—			—
	Transfers into Level 3			—			—			—
	Transfers out of Level 3			(3,850,000	)		—			(3,850,000	)
	Balance as of 3-31-16			—			$13,128,259			$13,128,259
	Change in unrealized at period end*			$269,624			$38			$269,662

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

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.

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

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

During the period ended March 31, 2016, the fund used interest rate swaps to manage against anticipated interest rate changes. The following table summarizes the interest rate swap contracts held as of March 31, 2016.

Counterparty

USD notional amount

Payments made by fund

Payments received by fund

Maturity date

Market value

Exchange Cleared Swaps

$10,000,000

Fixed 1.4265%

3-Month LIBOR (a)

Aug 2019

($151,935

)

5,000,000

Fixed 1.2945%

3-Month LIBOR (a)

Aug 2019

(52,764

)

5,000,000

Fixed 1.594%

3-Month LIBOR (a)

Dec 2020

(126,658

)

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	Counterparty			USD notional amount			Payments made by fund			Payments received by fund			Maturity date			Market value
				5,000,000			Fixed 1.7895%			3-Month LIBOR (a)			Aug 2022			(147,293	)
				$25,000,000												($478,650	)

^(a) At 3-31-16, the 3-month LIBOR rate was 0.62860%

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

       9

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

	P9Q1	03/16
This report is for the information of the shareholders of John Hancock Financial Opportunities Fund.		5/16