Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2023 |
United States and Europe
Manulife Investment Management
John Hancock Investment Management
1 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 2 |
TOP 10 HOLDINGS AS OF 6/30/2023 (% of total investments) | |
Ares Management Corp., Class A | 1.8 |
KKR & Company, Inc. | 1.7 |
M&T Bank Corp. | 1.7 |
WSFS Financial Corp. | 1.6 |
Regions Financial Corp. | 1.6 |
JPMorgan Chase & Co. | 1.6 |
Bank of America Corp. | 1.6 |
Cullen/Frost Bankers, Inc. | 1.6 |
Huntington Bancshares, Inc. | 1.6 |
The PNC Financial Services Group, Inc. | 1.6 |
TOTAL | 16.4 |
Cash and cash equivalents are not included. |
3 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
Shares | Value | ||||
Common stocks 116.0% (92.7% of Total investments) | $555,301,424 | ||||
(Cost $447,825,123) | |||||
Financials 115.2% | 551,496,817 | ||||
Banks 101.4% | |||||
1st Source Corp. (A) | 121,706 | 5,103,133 | |||
Alpine Banks of Colorado (B) | 175,439 | 4,601,034 | |||
American Business Bank (C) | 74,896 | 2,022,192 | |||
American National Bankshares, Inc. | 85,338 | 2,473,095 | |||
American Riviera Bancorp (C) | 220,949 | 3,358,425 | |||
Ameris Bancorp | 220,072 | 7,528,663 | |||
Atlantic Union Bankshares Corp. | 219,949 | 5,707,677 | |||
Avidbank Holdings, Inc. (C) | 200,000 | 3,200,000 | |||
Avidbank Holdings, Inc. (C) | 60,000 | 960,000 | |||
Bank of America Corp. | 332,901 | 9,550,930 | |||
Bank of Idaho Holding Company (C) | 150,000 | 3,900,000 | |||
Bank of Marin Bancorp | 191,744 | 3,388,116 | |||
Bank7 Corp. | 116,363 | 2,854,384 | |||
Banner Corp. | 66,503 | 2,904,186 | |||
Bar Harbor Bankshares | 144,017 | 3,548,579 | |||
BayCom Corp. | 175,855 | 2,933,261 | |||
Bremer Financial Corp. (B)(D) | 41,667 | 3,263,880 | |||
Business First Bancshares, Inc. | 184,537 | 2,780,973 | |||
C&F Financial Corp. | 37,912 | 2,035,874 | |||
California BanCorp (C) | 121,815 | 1,827,225 | |||
Cambridge Bancorp (A)(E) | 85,031 | 4,618,034 | |||
Camden National Corp. | 68,551 | 2,123,024 | |||
CB Financial Services, Inc. | 57,155 | 1,161,390 | |||
Central Pacific Financial Corp. | 144,201 | 2,265,398 | |||
Central Valley Community Bancorp | 126,760 | 1,958,442 | |||
Citizens Community Bancorp, Inc. | 169,116 | 1,496,677 | |||
Citizens Financial Group, Inc. | 303,980 | 7,927,798 | |||
Civista Bancshares, Inc. | 183,001 | 3,184,217 | |||
Coastal Financial Corp. (C) | 134,013 | 5,045,589 | |||
Codorus Valley Bancorp, Inc. | 99,915 | 1,959,333 | |||
Colony Bankcorp, Inc. | 86,996 | 819,502 | |||
Columbia Banking System, Inc. | 219,901 | 4,459,592 | |||
Comerica, Inc. | 165,325 | 7,003,167 | |||
Communities First Financial Corp. (C) | 87,906 | 5,353,475 | |||
Community Heritage Financial, Inc. | 141,197 | 2,068,536 | |||
ConnectOne Bancorp, Inc. | 85,763 | 1,422,808 | |||
Cullen/Frost Bankers, Inc. (A)(E) | 88,344 | 9,499,630 | |||
CVB Financial Corp. (A)(E) | 198,856 | 2,640,808 | |||
Eagle Bancorp Montana, Inc. | 127,715 | 1,689,669 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 4 |
Shares | Value | ||||
Financials (continued) | |||||
Banks (continued) | |||||
East West Bancorp, Inc. | 43,408 | $2,291,508 | |||
Enterprise Bancorp, Inc. | 74,904 | 2,167,722 | |||
Equity Bancshares, Inc., Class A | 148,933 | 3,392,694 | |||
ESSA Bancorp, Inc. | 94,578 | 1,413,941 | |||
Evans Bancorp, Inc. | 69,760 | 1,739,117 | |||
Farmers & Merchants Bancorp, Inc. (A)(E) | 114,822 | 2,584,643 | |||
Farmers National Banc Corp. | 162,398 | 2,008,863 | |||
Fifth Third Bancorp (A)(E) | 353,510 | 9,265,497 | |||
First Business Financial Services, Inc. (A) | 91,858 | 2,708,892 | |||
First Commonwealth Financial Corp. (A) | 315,271 | 3,988,178 | |||
First Community Corp. | 132,912 | 2,307,352 | |||
First Financial Bancorp (A) | 365,772 | 7,476,380 | |||
First Horizon Corp. | 352,819 | 3,976,270 | |||
First Interstate BancSystem, Inc., Class A (A) | 129,540 | 3,088,234 | |||
First Merchants Corp. (A) | 153,928 | 4,345,387 | |||
First Mid Bancshares, Inc. | 76,166 | 1,838,647 | |||
First Northwest Bancorp | 62,446 | 710,635 | |||
First Reliance Bancshares, Inc. (C)(F) | 426,454 | 2,686,660 | |||
Flushing Financial Corp. (A) | 63,037 | 774,725 | |||
German American Bancorp, Inc. | 125,538 | 3,412,123 | |||
Great Southern Bancorp, Inc. | 40,257 | 2,042,238 | |||
Hancock Whitney Corp. (A)(E) | 235,476 | 9,037,569 | |||
HBT Financial, Inc. | 211,830 | 3,906,145 | |||
Heritage Commerce Corp. | 519,533 | 4,301,733 | |||
Heritage Financial Corp. | 83,350 | 1,347,770 | |||
Horizon Bancorp, Inc. | 408,902 | 4,256,670 | |||
Huntington Bancshares, Inc. (A)(E) | 870,915 | 9,388,464 | |||
InBankshares Corp. (C) | 207,676 | 1,578,338 | |||
Independent Bank Corp. (Massachusetts) | 86,049 | 3,830,041 | |||
Independent Bank Corp. (Michigan) | 163,971 | 2,780,948 | |||
JPMorgan Chase & Co. | 66,221 | 9,631,182 | |||
KeyCorp | 681,488 | 6,296,949 | |||
Landmark Bancorp, Inc. | 61,696 | 1,344,973 | |||
Live Oak Bancshares, Inc. (A)(E) | 111,305 | 2,928,435 | |||
M&T Bank Corp. (A)(E) | 81,151 | 10,043,248 | |||
Metrocity Bankshares, Inc. | 65,263 | 1,167,555 | |||
Mid Penn Bancorp, Inc. | 71,323 | 1,574,812 | |||
MidWestOne Financial Group, Inc. | 133,914 | 2,861,742 | |||
NBT Bancorp, Inc. | 101,770 | 3,241,375 | |||
New York Community Bancorp, Inc. | 252,089 | 2,833,480 | |||
Nicolet Bankshares, Inc. (A)(E) | 95,864 | 6,510,124 | |||
Northrim BanCorp, Inc. | 97,720 | 3,843,328 | |||
Ohio Valley Banc Corp. | 72,969 | 1,787,741 |
5 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Financials (continued) | |||||
Banks (continued) | |||||
Old National Bancorp (A)(E) | 364,040 | $5,074,718 | |||
Old Second Bancorp, Inc. | 318,549 | 4,160,250 | |||
OP Bancorp | 170,717 | 1,439,144 | |||
Orange County Bancorp, Inc. | 43,740 | 1,618,380 | |||
Pinnacle Financial Partners, Inc. (A)(E) | 126,415 | 7,161,410 | |||
Plumas Bancorp | 54,412 | 1,941,964 | |||
Popular, Inc. | 142,766 | 8,640,198 | |||
Premier Financial Corp. | 352,115 | 5,640,882 | |||
Prime Meridian Holding Company | 125,087 | 2,628,078 | |||
Private Bancorp of America, Inc. (C) | 118,082 | 3,194,118 | |||
Provident Financial Holdings, Inc. | 106,084 | 1,370,605 | |||
QCR Holdings, Inc. | 76,319 | 3,131,369 | |||
Red River Bancshares, Inc. | 58,027 | 2,851,447 | |||
Regions Financial Corp. | 542,242 | 9,662,752 | |||
Renasant Corp. | 146,291 | 3,822,584 | |||
Riverview Bancorp, Inc. | 344,365 | 1,735,600 | |||
SB Financial Group, Inc. | 260,087 | 3,292,701 | |||
Shore Bancshares, Inc. | 209,035 | 2,416,445 | |||
Sierra Bancorp | 163,038 | 2,766,755 | |||
South Atlantic Bancshares, Inc. | 289,568 | 2,895,680 | |||
Southern California Bancorp (A)(C)(E) | 264,614 | 3,630,504 | |||
Southern Missouri Bancorp, Inc. (A)(E) | 105,980 | 4,074,931 | |||
SouthState Corp. (A)(E) | 92,643 | 6,095,909 | |||
SpareBank 1 SR-Bank ASA | 127,986 | 1,551,220 | |||
Stock Yards Bancorp, Inc. | 80,738 | 3,663,083 | |||
Synovus Financial Corp. | 230,856 | 6,983,394 | |||
The Community Financial Corp. | 89,596 | 2,427,156 | |||
The First Bancorp, Inc. | 245,664 | 5,979,462 | |||
The First Bancshares, Inc. | 197,940 | 5,114,770 | |||
The PNC Financial Services Group, Inc. (A)(E) | 74,408 | 9,371,688 | |||
Timberland Bancorp, Inc. | 113,266 | 2,897,344 | |||
TriCo Bancshares | 204,465 | 6,788,238 | |||
Truist Financial Corp. | 218,096 | 6,619,214 | |||
U.S. Bancorp (A)(E) | 250,110 | 8,263,634 | |||
United BanCorp of Alabama, Inc., Class A | 170,487 | 6,816,070 | |||
Univest Financial Corp. | 103,480 | 1,870,918 | |||
Virginia National Bankshares Corp. (A)(E) | 82,690 | 2,658,484 | |||
Walden Mutual (B)(C)(D) | 100,000 | 640,530 | |||
Westamerica BanCorp | 114,031 | 4,367,387 | |||
Western Alliance Bancorp | 46,427 | 1,693,193 | |||
WSFS Financial Corp. | 256,994 | 9,693,814 | |||
WTB Financial Corp., Class B | 10,170 | 2,827,260 | |||
Zions Bancorp NA | 246,179 | 6,612,368 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 6 |
Shares | Value | ||||
Financials (continued) | |||||
Capital markets 8.6% | |||||
Ares Management Corp., Class A (A)(E) | 109,448 | $10,545,316 | |||
Brookfield Corp. (A)(E) | 125,919 | 4,237,174 | |||
KKR & Company, Inc. (A)(E) | 182,743 | 10,233,608 | |||
Oaktree Specialty Lending Company (A)(E) | 291,154 | 5,657,122 | |||
Onex Corp. | 119,060 | 6,576,048 | |||
Sixth Street Specialty Lending, Inc. | 219,531 | 4,103,034 | |||
Consumer finance 1.9% | |||||
Discover Financial Services (A)(E) | 55,015 | 6,428,503 | |||
LendingClub Corp. (C) | 260,870 | 2,543,483 | |||
Financial services 1.5% | |||||
Eurazeo SE | 102,323 | 7,204,124 | |||
Insurance 1.8% | |||||
Assured Guaranty, Ltd. | 92,812 | 5,178,910 | |||
Skyward Specialty Insurance Group, Inc. (C) | 132,000 | 3,352,800 | |||
Real estate 0.8% | 3,804,607 | ||||
Industrial REITs 0.8% | |||||
Plymouth Industrial REIT, Inc. | 165,274 | 3,804,607 | |||
Preferred securities 6.2% (5.0% of Total investments) | $29,564,563 | ||||
(Cost $31,771,044) | |||||
Financials 5.3% | 25,529,725 | ||||
Banks 4.9% | |||||
Atlantic Union Bankshares Corp., 6.875% | 124,375 | 2,526,056 | |||
CNB Financial Corp., 7.125% | 69,615 | 1,516,911 | |||
First Business Financial Services, Inc., 7.000% (7.000% to 3-15-27, then 3 month CME Term SOFR + 5.390%) (D)(G) | 4,000 | 3,113,976 | |||
First Merchants Corp., 7.500% | 50,000 | 1,212,500 | |||
Midland States Bancorp, Inc., 7.750% (7.750% to 9-30-27, then 5 Year CMT + 4.713%) | 120,000 | 2,958,000 | |||
Northpointe Bancshares, Inc., 8.250% (8.250% to 12-30-25, then SOFR + 7.990%) (C)(G) | 160,000 | 3,606,400 | |||
Pinnacle Financial Partners, Inc., 6.750% | 71,825 | 1,705,844 | |||
Synovus Financial Corp., 5.875% (5.875% to 7-1-24, then 5 Year CMT + 4.127%) (A)(E) | 47,222 | 975,134 | |||
Tectonic Financial, Inc., 9.000% (9.000% to 5-15-24, then 3 month LIBOR + 6.720%) | 186,840 | 1,887,084 | |||
United Community Banks, Inc., 6.875% | 86,596 | 1,835,835 | |||
Washington Federal, Inc., 4.875% (A)(E) | 61,050 | 909,645 | |||
WesBanco, Inc., 6.750% (6.750% to 11-15-25, then 5 Year CMT + 6.557%) | 50,000 | 1,187,500 | |||
Mortgage real estate investment trusts 0.4% | |||||
Invesco Mortgage Capital, Inc., 7.750% (7.750% to 12-27-24, then 3 month LIBOR + 5.180%) | 99,000 | 2,094,840 |
7 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Shares | Value | ||||
Real estate 0.9% | $4,034,838 | ||||
Hotel and resort REITs 0.6% | |||||
Sotherly Hotels, Inc., 8.000% | 50,424 | 1,247,994 | |||
Sotherly Hotels, Inc., 8.250% | 67,358 | 1,674,520 | |||
Office REITs 0.3% | |||||
Hudson Pacific Properties, Inc., 4.750% | 118,838 | 1,112,324 | |||
Rate (%) | Maturity date | Par value^ | Value | ||
Corporate bonds 1.8% (1.4% of Total investments) | $8,755,859 | ||||
(Cost $8,748,182) | |||||
Financials 1.8% | 8,755,859 | ||||
Banks 1.8% | |||||
Associated Banc-Corp | 4.250 | 01-15-25 | 1,000,000 | 934,277 | |
BNP Paribas SA (7.750% to 8-16-29, then 5 Year CMT + 4.899%) (G)(H) | 7.750 | 08-16-29 | 2,903,000 | 2,809,814 | |
BNP Paribas SA (9.250% to 11-17-27, then 5 Year CMT + 4.969%) (G)(H) | 9.250 | 11-17-27 | 832,000 | 857,470 | |
Synovus Financial Corp. (5.900% to 2-7-24, then 5 Year U.S. Swap Rate + 3.379%) | 5.900 | 02-07-29 | 2,000,000 | 1,823,548 | |
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 | 2,330,750 | |
Convertible bonds 0.8% (0.6% of Total investments) | $3,515,584 | ||||
(Cost $3,742,018) | |||||
Financials 0.8% | 3,515,584 | ||||
Mortgage real estate investment trusts 0.8% | |||||
Redwood Trust, Inc. | 7.750 | 06-15-27 | 4,179,000 | 3,515,584 | |
Certificate of deposit 0.0% (0.0% of Total investments) | $75,579 | ||||
(Cost $75,579) | |||||
East Boston Savings Bank (D) | 0.150 | 11-01-23 | 1,938 | 1,938 | |
Eastern Savings Bank FSB | 0.200 | 04-24-25 | 1,970 | 1,970 | |
First Bank Richmond NA (D) | 3.500 | 12-05-25 | 22,466 | 22,466 | |
First Federal of Northern Michigan | 0.250 | 01-09-24 | 3,065 | 3,065 | |
First National Bank | 0.400 | 06-17-24 | 1,368 | 1,368 | |
First Savings Bank of Perkasie | 0.747 | 04-07-25 | 5,201 | 5,201 | |
Home National Bank | 1.900 | 11-06-23 | 18,927 | 18,927 | |
Hudson United Bank | 4.250 | 04-24-25 | 2,296 | 2,296 | |
Milford Federal Savings and Loan Bank | 0.500 | 10-30-23 | 2,070 | 2,070 | |
MutualOne Bank (D) | 0.500 | 09-11-23 | 4,265 | 4,265 | |
Newburyport Five Cents Savings Bank | 0.300 | 10-18-24 | 2,183 | 2,183 | |
Newtown Savings Bank (D) | 0.250 | 08-29-24 | 5,970 | 5,970 | |
Salem Five Bancorp (D) | 0.250 | 12-19-23 | 1,752 | 1,752 | |
Sunshine Federal Savings and Loan Association | 0.500 | 05-12-25 | 2,108 | 2,108 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 8 |
Yield (%) | Shares | Value | |||
Short-term investments 0.3% (0.3% of Total investments) | $1,662,640 | ||||
(Cost $1,662,631) | |||||
Short-term funds 0.3% | 1,662,640 | ||||
John Hancock Collateral Trust (I) | 5.1773(J) | 166,351 | 1,662,640 |
Total investments (Cost $493,824,577) 125.1% | $598,875,649 | ||||
Other assets and liabilities, net (25.1%) | (120,248,362) | ||||
Total net assets 100.0% | $478,627,287 |
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 | Chicago Mercantile Exchange |
CMT | Constant Maturity Treasury |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
(A) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 6-30-23 was $134,449,287. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $108,763,019. |
(B) | Restricted security as to resale, excluding 144A securities. For more information on this security refer to the Notes to financial statements. |
(C) | Non-income producing security. |
(D) | 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. |
(E) | All or a portion of this security is on loan as of 6-30-23, and is a component of the fund’s leverage under the Liquidity Agreement. |
(F) | 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. |
(G) | 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. |
(H) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date. |
(I) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
(J) | The rate shown is the annualized seven-day yield as of 6-30-23. |
9 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
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 | 15,000,000 | USD | Fixed 1.220% | USD LIBOR BBA | At Maturity | Quarterly | Sep 2023 | — | $124,892 | $124,892 |
Centrally cleared | 25,000,000 | USD | Fixed 1.136% | USD LIBOR BBA | At Maturity | Quarterly | Sep 2023 | — | 214,764 | 214,764 |
Centrally cleared | 25,000,000 | USD | Fixed 1.077% | USD LIBOR BBA | At Maturity | Quarterly | Sep 2023 | — | 220,723 | 220,723 |
Centrally cleared | 10,000,000 | USD | Fixed 3.356% | USD SOFR Compounded OIS | Semi-Annual | Quarterly | May 2028 | — | 275,600 | 275,600 |
Centrally cleared | 15,000,000 | USD | Fixed 1.220% | USD SOFR Compounded OIS | Semi-Annual | Quarterly | Mar 2030 | $(4,282) | 2,311,999 | 2,307,717 |
Centrally cleared | 25,000,000 | USD | Fixed 1.136% | USD SOFR Compounded OIS | Semi-Annual | Quarterly | Mar 2030 | (6,837) | 3,967,322 | 3,960,485 |
Centrally cleared | 25,000,000 | USD | Fixed 1.077% | USD SOFR Compounded OIS | Semi-Annual | Quarterly | Mar 2030 | (6,716) | 4,047,808 | 4,041,092 |
$(17,835) | $11,163,108 | $11,145,273 |
Derivatives Currency Abbreviations | |
USD | U.S. Dollar |
Derivatives Abbreviations | |
BBA | The British Banker’s Association |
LIBOR | London Interbank Offered Rate |
OIS | Overnight Index Swap |
OTC | Over-the-counter |
SOFR | Secured Overnight Financing Rate |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 10 |
Assets | |
Unaffiliated investments, at value (Cost $488,278,979) | $594,526,349 |
Affiliated investments, at value (Cost $5,545,598) | 4,349,300 |
Total investments, at value (Cost $493,824,577) | 598,875,649 |
Receivable for centrally cleared swaps | 2,455,514 |
Cash | 1,002,294 |
Dividends and interest receivable | 1,502,700 |
Receivable for fund shares sold | 358,132 |
Receivable from affiliates | 75,144 |
Other assets | 171,382 |
Total assets | 604,440,815 |
Liabilities | |
Liquidity agreement | 125,000,000 |
Interest payable | 600,208 |
Payable to affiliates | |
Administrative services fees | 125,240 |
Trustees’ fees | 460 |
Other liabilities and accrued expenses | 87,620 |
Total liabilities | 125,813,528 |
Net assets | $478,627,287 |
Net assets consist of | |
Paid-in capital | $364,270,574 |
Total distributable earnings (loss) | 114,356,713 |
Net assets | $478,627,287 |
Net asset value per share | |
Based on 19,607,357 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $24.41 |
11 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Investment income | |
Dividends | $11,789,213 |
Interest | 348,668 |
Dividends from affiliated investments | 123,944 |
Less foreign taxes withheld | (80,024) |
Total investment income | 12,181,801 |
Expenses | |
Investment management fees | 3,711,430 |
Interest expense | 3,423,116 |
Administrative services fees | 837,832 |
Transfer agent fees | 13,681 |
Trustees’ fees | 23,519 |
Custodian fees | 40,966 |
Printing and postage | 72,659 |
Professional fees | 78,149 |
Stock exchange listing fees | 11,765 |
Other | 16,412 |
Total expenses | 8,229,529 |
Less expense reductions | (527,888) |
Net expenses | 7,701,641 |
Net investment income | 4,480,160 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments and foreign currency transactions | 13,082,956 |
Affiliated investments | (851) |
Swap contracts | 1,228,599 |
14,310,704 | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments and translation of assets and liabilities in foreign currencies | (155,680,583) |
Affiliated investments | (1,011,014) |
Swap contracts | (28,961) |
(156,720,558) | |
Net realized and unrealized loss | (142,409,854) |
Decrease in net assets from operations | $(137,929,694) |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 12 |
Six months ended 6-30-23 (unaudited) | Year ended 12-31-22 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $4,480,160 | $9,621,893 |
Net realized gain | 14,310,704 | 32,002,379 |
Change in net unrealized appreciation (depreciation) | (156,720,558) | (128,541,647) |
Decrease in net assets resulting from operations | (137,929,694) | (86,917,375) |
Distributions to shareholders | ||
From earnings | (25,238,052) | (47,926,823) |
Total distributions | (25,238,052) | (47,926,823) |
Fund share transactions | ||
Issued in shelf offering | 8,003,672 | 6,595,560 |
Issued pursuant to Dividend Reinvestment Plan | 1,662,907 | 3,138,679 |
Total from fund share transactions | 9,666,579 | 9,734,239 |
Total decrease | (153,501,167) | (125,109,959) |
Net assets | ||
Beginning of period | 632,128,454 | 757,238,413 |
End of period | $478,627,287 | $632,128,454 |
Share activity | ||
Shares outstanding | ||
Beginning of period | 19,263,174 | 19,014,318 |
Issued in shelf offering | 282,912 | 156,533 |
Issued pursuant to Dividend Reinvestment Plan | 61,271 | 92,323 |
End of period | 19,607,357 | 19,263,174 |
13 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Cash flows from operating activities | |
Net decrease in net assets from operations | $(137,929,694) |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | |
Long-term investments purchased | (44,410,977) |
Long-term investments sold | 55,050,008 |
Net purchases and sales of short-term investments | (416,467) |
Net amortization of premium (discount) | (50,298) |
(Increase) Decrease in assets: | |
Receivable for centrally cleared swaps | (107,607) |
Dividends and interest receivable | (6,330) |
Receivable from affiliates | 23,170 |
Other assets | 34,996 |
Increase (Decrease) in liabilities: | |
Payable for investments purchased | (10,145) |
Interest payable | 71,111 |
Payable to affiliates | (38,309) |
Other liabilities and accrued expenses | 26,322 |
Net change in unrealized (appreciation) depreciation on: | |
Investments | 156,691,927 |
Net realized (gain) loss on: | |
Investments | (13,087,592) |
Net cash provided by operating activities | $15,840,115 |
Cash flows provided by (used in) financing activities | |
Distributions to shareholders | $(23,575,145) |
Fund shares issued in shelf offering | 7,645,540 |
Net cash used in financing activities | $(15,929,605) |
Net decrease in cash | $(89,490) |
Cash at beginning of period | $1,091,784 |
Cash at end of period | $1,002,294 |
Supplemental disclosure of cash flow information: | |
Cash paid for interest | $(3,352,005) |
Noncash financing activities not included herein consists of reinvestment of distributions | $1,662,907 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 14 |
Period ended | 6-30-231 | 12-31-22 | 12-31-21 | 12-31-20 | 12-31-19 | 12-31-18 |
Per share operating performance | ||||||
Net asset value, beginning of period | $32.82 | $39.82 | $28.48 | $36.38 | $29.06 | $36.94 |
Net investment income2 | 0.23 | 0.50 | 0.54 | 0.60 | 0.50 | 0.39 |
Net realized and unrealized gain (loss) on investments | (7.38) | (5.03) | 12.96 | (6.30) | 9.02 | (6.61) |
Total from investment operations | (7.15) | (4.53) | 13.50 | (5.70) | 9.52 | (6.22) |
Less distributions | ||||||
From net investment income | (1.30) | (0.47) | (0.62) | (0.65) | (0.48) | (0.40) |
From net realized gain | — | (2.03) | (1.58) | (1.55) | (1.72) | (1.26) |
Total distributions | (1.30) | (2.50) | (2.20) | (2.20) | (2.20) | (1.66) |
Premium from shares sold through shelf offering | 0.04 | 0.03 | 0.04 | — | — | — |
Net asset value, end of period | $24.41 | $32.82 | $39.82 | $28.48 | $36.38 | $29.06 |
Per share market value, end of period | $26.82 | $33.31 | $46.59 | $30.35 | $36.30 | $27.93 |
Total return at net asset value (%)3,4 | (22.03)5 | (11.39) | 47.83 | (13.38) | 33.71 | (17.42) |
Total return at market value (%)3 | (15.58)5 | (23.11) | 62.31 | (7.49) | 38.81 | (25.46) |
Ratios and supplemental data | ||||||
Net assets, end of period (in millions) | $479 | $632 | $757 | $535 | $680 | $543 |
Ratios (as a percentage of average net assets): | ||||||
Expenses before reductions | 3.036 | 2.12 | 1.78 | 2.21 | 2.27 | 2.04 |
Expenses including reductions7 | 2.836 | 1.93 | 1.60 | 2.01 | 2.08 | 1.86 |
Net investment income | 1.656 | 1.41 | 1.45 | 2.50 | 1.52 | 1.04 |
Portfolio turnover (%) | 7 | 10 | 14 | 10 | 13 | 11 |
Senior securities | ||||||
Total debt outstanding end of period (in millions) | $125 | $125 | $125 | $125 | $125 | $120 |
Asset coverage per $1,000 of debt8 | $4,829 | $6,057 | $7,058 | $5,278 | $6,440 | $5,522 |
1 | Six months ended 6-30-23. Unaudited. |
2 | Based on average daily shares outstanding. |
3 | 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. |
4 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
5 | Not annualized. |
6 | Annualized. |
7 | Expenses including reductions excluding interest expense were 1.57% (annualized), 1.47%, 1.47%, 1.69%, 1.50% and 1.44% for the periods ended 6-30-23, 12-31-22, 12-31-21, 12-31-20, 12-31-19 and 12-31-18, respectively. |
8 | 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. |
15 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 16 |
Total value at 6-30-23 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Common stocks | ||||
Financials | ||||
Banks | $485,436,695 | $475,380,031 | $6,152,254 | $3,904,410 |
Capital markets | 41,352,302 | 41,352,302 | — | — |
Consumer finance | 8,971,986 | 8,971,986 | — | — |
Financial services | 7,204,124 | — | 7,204,124 | — |
Insurance | 8,531,710 | 8,531,710 | — | — |
Real estate | ||||
Industrial REITs | 3,804,607 | 3,804,607 | — | — |
Preferred securities | ||||
Financials | ||||
Banks | 23,434,885 | 16,714,509 | 3,606,400 | 3,113,976 |
Mortgage real estate investment trusts | 2,094,840 | 2,094,840 | — | — |
Real estate | ||||
Hotel and resort REITs | 2,922,514 | 2,922,514 | — | — |
Office REITs | 1,112,324 | 1,112,324 | — | — |
Corporate bonds | 8,755,859 | — | 8,755,859 | — |
Convertible bonds | 3,515,584 | — | 3,515,584 | — |
Certificate of deposit | 75,579 | — | 39,188 | 36,391 |
Short-term investments | 1,662,640 | 1,662,640 | — | — |
Total investments in securities | $598,875,649 | $562,547,463 | $29,273,409 | $7,054,777 |
Derivatives: | ||||
Assets | ||||
Swap contracts | $11,145,273 | — | $11,145,273 | — |
17 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |
Common stocks | Preferred securities | Certificate of deposit | Total | |
Balance as of 12-31-22 | $6,139,314 | $3,574,533 | $4,265 | $9,718,112 |
Realized gain (loss) | — | — | — | — |
Change in unrealized appreciation (depreciation) | (2,234,904) | (460,557) | — | (2,695,461) |
Purchases | — | — | 30,188 | 30,188 |
Sales | — | — | — | — |
Transfers into Level 3 | — | — | 1,938 | 1,938 |
Transfers out of Level 3 | — | — | — | — |
Balance as of 6-30-23 | $3,904,410 | $3,113,976 | $36,391 | $7,054,777 |
Change in unrealized appreciation (depreciation) at period end1 | $(2,234,904) | $(460,557) | — | $(2,695,461) |
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. |
Financial Opportunities | Fair Value at 6-30-23 | Valuation technique | Significant unobservable inputs | Input/Range |
Common Stocks | $3,263,880 | Market Comparable | Price/Book Value multiple Discount | 0.81x 18% |
$640,530 | Market Comparable | Price/Book Value multiple Implied multiple premium Discount | 0.80x 19.41% 18% | |
$3,904,410 | ||||
Preferred Securities | $3,113,976 | Bond Comparable | Benchmark Option Adjusted Spread (OAS) | 480.46 |
Implied OAS premium | 2% | |||
Certificate of deposit | $36,391 | Transactions Indicative of Value | Prior/recent transactions | $100 |
Total | $7,054,777 |
SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 18 |
Significant Unobservable Input | Impact to Valuation if input had increased | Impact to Valuation if input had decreased |
Benchmark Option Adjusted Spread (OAS) | Increase | Decrease |
Discount | Decrease | Increase |
Implied multiple premium | Increase | Decrease |
Implied OAS premium | Increase | Decrease |
Price/Book Value multiple | Increase | Decrease |
Prior/recent transactions | Increase | Decrease |
19 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 20 |
21 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |
Risk | Statement of assets and liabilities location | Financial instruments location | Assets derivatives fair value | Liabilities derivatives fair value |
Interest rate | Swap contracts, at value1 | Interest rate swaps | $11,145,273 | — |
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. |
Statement of operations location - Net realized gain (loss) on: | |
Risk | Swap contracts |
Interest rate | $1,228,599 |
Statement of operations location - Change in net unrealized appreciation (depreciation) of: | |
Risk | Swap contracts |
Interest rate | $(28,961) |
SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 22 |
23 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |
• | 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. |
SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 24 |
25 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |
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 | 166,351 | $1,253,479 | $57,235,609 | $(56,825,279) | $(851) | $(318) | $123,944 | — | $1,662,640 |
SEMIANNUAL REPORT | JOHN HANCOCK Financial Opportunities Fund | 26 |
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 |
Alpine Banks of Colorado | 7-12-22 | $5,000,012 | 175,439 | — | — | 175,439 | 1.0% | $4,601,034 |
Bremer Financial Corp. | 10-25-19 | 5,000,040 | 41,667 | — | — | 41,667 | 0.7% | 3,263,880 |
Walden Mutual | 9-1-22 | 1,000,000 | 100,000 | — | — | 100,000 | 0.1% | 640,530 |
$8,505,444 |
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 | $3,697,356 | — | — | — | $(1,010,696) | — | — | $2,686,660 |
27 | JOHN HANCOCK Financial Opportunities Fund | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 28 |
29 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 30 |
31 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
Payment Date | Income Distributions |
March 31, 2023 | $0.6500 |
June 30, 2023 | 0.6500 |
Total | $1.3000 |
SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 32 |
Computershare
P.O. Box 43006
Providence, RI 02940-3078
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
33 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
Total votes for the nominee | Total votes withheld from the nominee | |
Independent Trustees | ||
James R. Boyle | 15,790,494.955 | 255,715.000 |
William H. Cunningham | 15,784,786.955 | 297,423.000 |
Noni L. Ellison | 15,733,677.267 | 312,532.688 |
Grace K. Fey | 15,740,218.417 | 305,991.538 |
Dean C. Garfield | 15,751,238.805 | 294,971.150 |
Patricia Lizarraga | 15,738,853.267 | 307,356.688 |
Hassell H. McClellan | 15,507,676.417 | 538,533.538 |
Gregory A. Russo | 15,783,878.955 | 262,331.000 |
Non-Independent Trustees | ||
Paul Lorentz | 15,785,485.267 | 260,724.688 |
SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 34 |
35 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
(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; |
SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 36 |
(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. |
(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. |
37 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
(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 |
(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. |
SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 38 |
(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. |
39 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
(1) | the Subadvisor has extensive experience and demonstrated skills as a manager; |
(2) | the fund’s performance, based on net asset value, has generally outperformed the fund’s benchmark; and |
(3) | the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement. |
SEMIANNUAL REPORT | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | 40 |
41 | JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND | SEMIANNUAL REPORT |
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
James R. Boyle
William H. Cunningham*
Grace K. Fey
Noni L. Ellison^
Dean C. Garfield^
Deborah C. Jackson
Patricia Lizarraga*,^
Paul Lorentz‡
Frances G. Rathke*
Gregory A. Russo
President
Chief Financial Officer
Treasurer
Secretary and Chief Legal Officer
Chief Compliance Officer
Ryan P. Lentell, CFA
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 | 42 |
GOVERNANCE FUNDS
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
MF2879836 | P9SA 6/23 |
ITEM 2. CODE OF ETHICS.
Not Applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not Applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not Applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a)Not applicable.
(b)Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.
Not Applicable.
ITEM 8.
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not Applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a)Not applicable.
(b)REGISTRANT PURCHASES OF EQUITY SECURITIES
| Total |
| Total number of | Maximum number of |
| number of | Average price per | shares purchased | shares that may yet |
| shares | as part of publicly | be purchased under | |
Period | purchased | share | announced plans* | the plans* |
Jan-23 | - | - | - | 1,926,317 |
Feb-23 | - | - | - | 1,926,317 |
Mar-23 | - | - | - | 1,926,317 |
Apr-23 | - | - | - | 1,926,317 |
May-23 | - | - | - | 1,926,317 |
Jun-23 | - | - | - | 1,926,317 |
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, 2022. The current plan is in effect between January 1, 2023 and December 31, 2023.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating, Governance and Administration Committee Charter."
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the registrant's disclosure controls and procedures as
conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the registrant's internal control over financial reporting that
occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Fund did not participate directly in securities lending activities. See Note 8 to financial statements in Item 1.
ITEM 13. EXHIBITS.
(a)(1) Not applicable.
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 |
Date: August 15, 2023
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 |
Date: | August 15, 2023 |
By: | /s/ Charles A. Rizzo |
| -------------------------------- |
| Charles A. Rizzo |
| Chief Financial Officer |
Date: | August 15, 2023 |