N-CSRS 1 d326775.htm N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 4173

John Hancock Investors Trust
(Exact name of registrant as specified in charter)

601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Salvatore Schiavone
Treasurer

601 Congress Street

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4497

Date of fiscal year end: | October 31
Date of reporting period: | April 30, 2017

John Hancock

Investors Trust

Ticker: JHI
Semiannual report 4/30/17

A message to shareholders

Dear shareholder,

Bond markets around the world enjoyed generally positive returns in recent months, based on a combination of strengthening economic growth and mostly low inflation. Foreign bonds were aided further by rising currencies relative to the U.S. dollar and by the attraction of higher yields in emerging markets.

In the United States, the steady drumbeat of economic growth convinced the U.S. Federal Reserve (Fed) to raise short-term interest rates by a quarter of a percentage point in December and again in March, and to hint at two more rate hikes later this year. The Fed has been working to normalize monetary policy for several years in the face of a much-improved economic picture, while central banks in other parts of the world continue to stimulate growth through accommodative measures.

At John Hancock Investments, we believe one of the best ways to navigate today's fixed-income environment is by casting a wider net; your financial advisor can make sure that your fixed-income allocations are appropriate for your investment goals and that they appropriately balance the need for income with market risks.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views, which are subject to change at any time. Investing involves risks, including the potential loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. For more up-to-date information, please visit our website at jhinvestments.com.

John Hancock
Investors Trust

Table of contents

2 |  | Your fund at a glance
4 |  | Discussion of fund performance
8 |  | Fund's investments
19 |  | Financial statements
23 |  | Financial highlights
24 |  | Notes to financial statements
32 |  | Additional information
32 |  | Shareholder meeting
33 |  | More information

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to generate income for distribution to its shareholders, with capital appreciation as a secondary objective.

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/17 (%)

The Bloomberg Barclays U.S. Government/Credit Bond Index is an unmanaged index of U.S. government bonds, U.S. corporate bonds, and Yankee bonds.

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

The fund's performance at net asset value (NAV) is different from the fund's performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.

The performance data contained within this material represents past performance, which does not guarantee future results.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 2

PERFORMANCE HIGHLIGHTS OVER THE LAST SIX MONTHS

Mixed results for the fixed-income markets

While the prospect of improving economic growth weighed on the returns of U.S. Treasuries, high-yield bonds strongly outperformed.

High-yield allocation drove performance

The fund returned 6.63% for the period, with returns mainly driven by an allocation to high-yield bonds.

PORTFOLIO COMPOSITION AS OF 4/30/17 (%)

A note about risks

As is the case with all closed-end funds, shares of this fund may trade at a discount or a premium to the fund's net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial return of capital. Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities are subject to a higher risk of default. An issuer of securities held by the fund may default, have its credit rating downgraded, or otherwise perform poorly, which may affect fund performance. Liquidity—the extent to which a security may be sold or a derivative position closed without negatively affecting its market value—may be impaired by reduced trading volume, heightened volatility, rising interest rates, and other market conditions. The fund's use of leverage creates additional risks, including greater volatility of the fund's NAV, market price, and returns. There is no assurance that the fund's leverage strategy will be successful. Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 3

Discussion of fund performance

An interview with Portfolio Manager Jeffrey N. Given, CFA, John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Jeffrey N. Given, CFA
Portfolio Manager
John Hancock Asset Management

Can you describe the market environment during the six months ended April 30, 2017?

A backdrop of accelerating economic growth and improving investor sentiment led to widely divergent returns in the bond market during the semiannual period. Although U.S. Treasuries and other rate-sensitive assets produced muted returns, high-yield bonds—which generally benefit from strengthening economic conditions—registered substantial outperformance.

The result of the U.S. elections was the primary catalyst for this disparity. Donald Trump's victory, together with the Republican sweep of Congress, surprised the markets and compelled investors to alter their expectations in favor of lower taxes, stronger economic growth, and the possibility of tighter U.S. Federal Reserve (Fed) policy. This rapid shift caused U.S. Treasury yields to spike higher in November and December. While yields stabilized from January onward once it became apparent that the GOP would face challenges in enacting its agenda, the bond market downturn of late 2016 was enough to push the investment-grade bond indexes into negative territory for the full period.

The story was quite different for high-yield bonds. The prospect of accelerating economic growth led to an improved outlook for defaults and gave investors the confidence to gravitate toward higher-yielding market segments. In this favorable environment, the Bank of America Merrill Lynch U.S. High Yield Master II Index posted a gain of 5.46% and outpaced the investment-grade market by a wide margin.

What factors led to the fund's performance?

The fund's allocation to high-yield bonds (generally those rated BB and below) was the primary contributor to performance. The rationale behind this positioning was that in an environment of improving economic growth and gradual interest-rate increases by the Fed, high-yield bonds were well positioned to outperform their investment-grade counterparts. That indeed proved to be the case, and the fund's performance benefited in kind.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 4

"The fund's allocation to high-yield bonds (generally those rated BB and below) was the primary contributor to performance."

Top contributors included Brazilian companies Petrobras Global Finance BV and Odebrecht Offshore Drilling Finance, Ltd., industrial equipment rental provider Ahern Rentals, Inc., and aircraft leasing company AerCap Ireland Capital DAC. Conversely, the fund lost some ground through positions in SandRidge Energy, Inc.—which the fund continues to hold—as well as McGraw-Hill Global Education Holdings, LLC and supermarket operator Tops Holdings LLC, both of which we sold.

What was your view on high yield as of the close of the period?

Although we see more limited upside in high yield following its strong showing in recent months, we continue to believe the asset class offers the most compelling risk/return profile in the fixed-income markets. We remain focused on finding opportunities to add yield to the portfolio, but we are also being very mindful of the potential risks, given that the economic cycle is relatively

QUALITY COMPOSITION AS OF 4/30/17 (%)

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 5

"Outside of high yield, the fund benefited from our emphasis on corporate bonds and securitized assets in the investment-grade portfolio ..."
extended following seven-plus years of expansion. We have therefore emphasized the BB-rated credit tier, with a smaller weighting (currently less than 5%) in the lower-rated CCC segment.

We also remain very selective with respect to credit risk, focusing on areas with healthier fundamentals, such as financials, and tilting away from those with weaker prospects, including autos and retail. With regard to portfolio shifts, one change of note was our decision to increase the fund's weighting in the energy sector, beginning in mid-2016. We saw a particularly attractive opportunity in the midstream energy industry, where financial results tend to be steadier and less commodity-sensitive than they are for the majority of companies in the broader energy group.

How was the fund positioned within its investment-grade segment?

Outside of high yield, the fund benefited from our emphasis on corporate bonds and securitized assets in the investment-grade portfolio, together with our decision not to hold U.S. Treasuries. Given the relatively low yields and the likelihood of further Fed tightening, we saw little benefit to having exposure to that area. The fund's position in domestic government bonds instead emphasized agency mortgage-backed securities.

The fund's holdings in investment-grade corporate bonds are largely focused on issues where we see attractive yields in relation to the downside risk, leading us to emphasize financials and U.S.

COUNTRY COMPOSITION AS OF 4/30/17 (%)

United States | 69.6
Mexico | 5.0
Brazil | 4.2
Canada | 3.2
Luxembourg | 2.9
Netherlands | 2.3
France | 1.9
Ireland | 1.5
United Kingdom | 1.5
Argentina | 1.4
Other countries | 6.5
TOTAL | 100.0
As a percentage of total investments. |

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 6

dollar-denominated foreign issuers. We also found specific opportunities in the securitized area, which includes asset-backed, commercial mortgage-backed, and nonagency mortgage-backed securities.

How was the fund positioned at the end of the period?

Our recent activity largely involved making incremental shifts at the individual security level rather than enacting broader changes to the fund's positioning. We maintained generally stable allocations among the major asset classes, keeping the fund's weightings above 60% in high yield, near 20% in investment-grade corporates, and approximately 20% in other segments of the investment-grade market. We also kept leverage steady within a range of approximately 35% to 40% of total investments, which helped boost income and augment total returns.

Although the Fed remains in the midst of a tightening cycle, we see the largest impact of rising interest rates occurring among short-term bonds, given that longer-term issues remain well supported by demand from yield-seeking investors overseas. With that said, we are mindful of interest-rate risk and manage the fund's duration accordingly. In addition, we remain willing to sacrifice some potential upside in exchange for more limited downside risk. We believe this strategy is appropriate for a time in which risk factors may begin to play a larger role in market performance.

MANAGED BY

| Dennis F. McCafferty, CFA On the fund since 2013 Investing since 1995
| John F. Addeo, CFA On the fund since 2012 Investing since 1984
| Jeffrey N. Given, CFA On the fund since 2002 Investing since 1993

The views expressed in this report are exclusively those of Jeffrey N. Given, CFA, John Hancock Asset Management, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 7

Fund's investments

| As of 4-30-17 (unaudited) |
|  |  |  | Rate (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Corporate bonds 129.2% (85.8% of Total investments) |  |  | $209,055,528 |
| (Cost $202,976,751) |
| Consumer discretionary 24.8% |  |  | 40,143,290 |
| Auto components 2.9% |
| Adient Global Holdings, Ltd. (S) |  |  | 4.875 |  |  | 08-15-26 |  |  |  |  |  | 805,000 |  |  | 807,013 |
| American Axle & Manufacturing, Inc. (L)(Z) |  |  | 6.250 |  |  | 03-15-21 |  |  |  |  |  | 1,000,000 |  |  | 1,027,500 |
| Lear Corp. (Z) |  |  | 5.250 |  |  | 01-15-25 |  |  |  |  |  | 1,210,000 |  |  | 1,283,370 |
| Nemak SAB de CV (L)(S)(Z) |  |  | 5.500 |  |  | 02-28-23 |  |  |  |  |  | 550,000 |  |  | 567,875 |
| The Goodyear Tire & Rubber Company |  |  | 5.000 |  |  | 05-31-26 |  |  |  |  |  | 950,000 |  |  | 974,938 |
| Automobiles 0.5% |
| Aston Martin Capital Holdings, Ltd. (L)(S)(Z) |  |  | 6.500 |  |  | 04-15-22 |  |  |  |  |  | 405,000 |  |  | 414,619 |
| General Motors Financial Company, Inc. (Z) |  |  | 3.450 |  |  | 04-10-22 |  |  |  |  |  | 380,000 |  |  | 383,712 |
| Hotels, restaurants and leisure 4.2% |
| Chester Downs & Marina LLC (S) |  |  | 9.250 |  |  | 02-01-20 |  |  |  |  |  | 1,185,000 |  |  | 1,213,144 |
| Hilton Grand Vacations Borrower LLC (S) |  |  | 6.125 |  |  | 12-01-24 |  |  |  |  |  | 750,000 |  |  | 798,750 |
| International Game Technology PLC (S) |  |  | 6.500 |  |  | 02-15-25 |  |  |  |  |  | 1,785,000 |  |  | 1,954,575 |
| Jacobs Entertainment, Inc. (S) |  |  | 7.875 |  |  | 02-01-24 |  |  |  |  |  | 705,000 |  |  | 736,725 |
| Mohegan Tribal Gaming Authority (L)(S)(Z) |  |  | 7.875 |  |  | 10-15-24 |  |  |  |  |  | 1,340,000 |  |  | 1,371,825 |
| Scientific Games International, Inc. (S) |  |  | 7.000 |  |  | 01-01-22 |  |  |  |  |  | 655,000 |  |  | 701,256 |
| Waterford Gaming LLC (H)(S) |  |  | 8.625 |  |  | 09-15-14 |  |  |  |  |  | 377,791 |  |  | 0 |
| Household durables 0.9% |
| Tempur Sealy International, Inc. |  |  | 5.500 |  |  | 06-15-26 |  |  |  |  |  | 625,000 |  |  | 621,875 |
| Toll Brothers Finance Corp. (Z) |  |  | 4.875 |  |  | 11-15-25 |  |  |  |  |  | 875,000 |  |  | 899,063 |
| Internet and direct marketing retail 1.2% |
| Expedia, Inc. (Z) |  |  | 5.000 |  |  | 02-15-26 |  |  |  |  |  | 1,000,000 |  |  | 1,073,517 |
| QVC, Inc. |  |  | 5.950 |  |  | 03-15-43 |  |  |  |  |  | 1,000,000 |  |  | 937,433 |
| Media 12.5% |
| AMC Entertainment Holdings, Inc. (S) |  |  | 5.875 |  |  | 11-15-26 |  |  |  |  |  | 1,155,000 |  |  | 1,175,934 |
| AMC Entertainment Holdings, Inc. (L)(S)(Z) |  |  | 6.125 |  |  | 05-15-27 |  |  |  |  |  | 800,000 |  |  | 817,000 |
| Cablevision Systems Corp. |  |  | 7.750 |  |  | 04-15-18 |  |  |  |  |  | 985,000 |  |  | 1,030,556 |
| Cablevision Systems Corp. |  |  | 8.000 |  |  | 04-15-20 |  |  |  |  |  | 750,000 |  |  | 837,660 |
| CCO Holdings LLC |  |  | 5.125 |  |  | 02-15-23 |  |  |  |  |  | 350,000 |  |  | 364,000 |
| CCO Holdings LLC (S) |  |  | 5.125 |  |  | 05-01-27 |  |  |  |  |  | 1,245,000 |  |  | 1,269,900 |
| CCO Holdings LLC (L)(S)(Z) |  |  | 5.750 |  |  | 02-15-26 |  |  |  |  |  | 1,500,000 |  |  | 1,593,270 |
| Cengage Learning, Inc. (L)(S)(Z) |  |  | 9.500 |  |  | 06-15-24 |  |  |  |  |  | 850,000 |  |  | 767,125 |
| Grupo Televisa SAB |  |  | 4.625 |  |  | 01-30-26 |  |  |  |  |  | 725,000 |  |  | 755,547 |
| Grupo Televisa SAB |  |  | 8.490 |  |  | 05-11-37 |  |  |  |  | MXN | 26,200,000 |  |  | 1,264,875 |
| Lions Gate Entertainment Corp. (L)(S)(Z) |  |  | 5.875 |  |  | 11-01-24 |  |  |  |  |  | 1,095,000 |  |  | 1,136,063 |
| MDC Partners, Inc. (L)(S)(Z) |  |  | 6.500 |  |  | 05-01-24 |  |  |  |  |  | 955,000 |  |  | 931,125 |
| MHGE Parent LLC (L)(S)(Z) |  |  | 8.500 |  |  | 08-01-19 |  |  |  |  |  | 1,000,000 |  |  | 1,007,500 |
| Myriad International Holdings BV (S) |  |  | 5.500 |  |  | 07-21-25 |  |  |  |  |  | 915,000 |  |  | 969,214 |
| Nielsen Finance LLC (L)(S)(Z) |  |  | 5.000 |  |  | 04-15-22 |  |  |  |  |  | 800,000 |  |  | 823,500 |
| Outfront Media Capital LLC |  |  | 5.250 |  |  | 02-15-22 |  |  |  |  |  | 900,000 |  |  | 934,875 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 8

|  |  |  | Rate (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Consumer discretionary (continued) |  |  |  |
| Media (continued) |
| Outfront Media Capital LLC |  |  | 5.875 |  |  | 03-15-25 |  |  |  |  |  | 485,000 |  |  | $512,888 |
| Sirius XM Radio, Inc. (L)(S)(Z) |  |  | 6.000 |  |  | 07-15-24 |  |  |  |  |  | 925,000 |  |  | 989,750 |
| Time Warner Cable LLC (Z) |  |  | 4.500 |  |  | 09-15-42 |  |  |  |  |  | 1,515,000 |  |  | 1,389,411 |
| Time Warner Cable LLC (Z) |  |  | 8.250 |  |  | 04-01-19 |  |  |  |  |  | 375,000 |  |  | 416,482 |
| Viacom, Inc. (Z) |  |  | 5.850 |  |  | 09-01-43 |  |  |  |  |  | 1,125,000 |  |  | 1,209,000 |
| Specialty retail 1.6% |
| Group 1 Automotive, Inc. (S) |  |  | 5.250 |  |  | 12-15-23 |  |  |  |  |  | 1,500,000 |  |  | 1,511,250 |
| L Brands, Inc. |  |  | 6.950 |  |  | 03-01-33 |  |  |  |  |  | 1,185,000 |  |  | 1,131,675 |
| Textiles, apparel and luxury goods 1.0% |
| PVH Corp. (L)(Z) |  |  | 4.500 |  |  | 12-15-22 |  |  |  |  |  | 1,500,000 |  |  | 1,537,500 |
| Consumer staples 3.1% |  |  | 4,983,809 |
| Beverages 0.5% |
| Anheuser-Busch InBev Worldwide, Inc. (Z) |  |  | 3.750 |  |  | 01-15-22 |  |  |  |  |  | 750,000 |  |  | 789,683 |
| Food products 0.6% |
| FAGE International SA (S) |  |  | 5.625 |  |  | 08-15-26 |  |  |  |  |  | 430,000 |  |  | 437,525 |
| Post Holdings, Inc. (L)(S)(Z) |  |  | 5.500 |  |  | 03-01-25 |  |  |  |  |  | 540,000 |  |  | 564,300 |
| Personal products 1.0% |
| Revlon Consumer Products Corp. |  |  | 5.750 |  |  | 02-15-21 |  |  |  |  |  | 1,600,000 |  |  | 1,592,000 |
| Tobacco 1.0% |
| Reynolds American, Inc. (Z) |  |  | 6.875 |  |  | 05-01-20 |  |  |  |  |  | 720,000 |  |  | 813,701 |
| Vector Group, Ltd. (S) |  |  | 6.125 |  |  | 02-01-25 |  |  |  |  |  | 760,000 |  |  | 786,600 |
| Energy 19.3% |  |  | 31,155,968 |
| Oil, gas and consumable fuels 19.3% |
| Antero Resources Corp. |  |  | 5.125 |  |  | 12-01-22 |  |  |  |  |  | 917,000 |  |  | 930,755 |
| Cenovus Energy, Inc. (Z) |  |  | 3.800 |  |  | 09-15-23 |  |  |  |  |  | 875,000 |  |  | 882,386 |
| Cheniere Corpus Christi Holdings LLC (S) |  |  | 5.875 |  |  | 03-31-25 |  |  |  |  |  | 995,000 |  |  | 1,060,919 |
| Cheniere Corpus Christi Holdings LLC (S) |  |  | 7.000 |  |  | 06-30-24 |  |  |  |  |  | 800,000 |  |  | 893,904 |
| Continental Resources, Inc. (L)(Z) |  |  | 4.500 |  |  | 04-15-23 |  |  |  |  |  | 500,000 |  |  | 492,500 |
| Enbridge Energy Partners LP (Z) |  |  | 5.875 |  |  | 10-15-25 |  |  |  |  |  | 1,610,000 |  |  | 1,835,759 |
| Kinder Morgan Energy Partners LP (Z) |  |  | 4.250 |  |  | 09-01-24 |  |  |  |  |  | 1,210,000 |  |  | 1,249,609 |
| Kinder Morgan, Inc. (Z) |  |  | 5.550 |  |  | 06-01-45 |  |  |  |  |  | 1,055,000 |  |  | 1,117,281 |
| Newfield Exploration Company |  |  | 5.750 |  |  | 01-30-22 |  |  |  |  |  | 750,000 |  |  | 796,875 |
| Oasis Petroleum, Inc. (L)(Z) |  |  | 6.875 |  |  | 03-15-22 |  |  |  |  |  | 705,000 |  |  | 713,813 |
| Parsley Energy LLC (S) |  |  | 5.375 |  |  | 01-15-25 |  |  |  |  |  | 370,000 |  |  | 373,700 |
| Permian Resources LLC (L)(S)(Z) |  |  | 7.125 |  |  | 11-01-20 |  |  |  |  |  | 500,000 |  |  | 405,625 |
| Petrobras Global Finance BV |  |  | 6.850 |  |  | 06-05-15 |  |  |  |  |  | 1,535,000 |  |  | 1,366,918 |
| Petrobras Global Finance BV (L)(Z) |  |  | 7.375 |  |  | 01-17-27 |  |  |  |  |  | 1,755,000 |  |  | 1,883,115 |
| Petroleos Mexicanos |  |  | 5.500 |  |  | 01-21-21 |  |  |  |  |  | 755,000 |  |  | 800,300 |
| Phillips 66 Partners LP (Z) |  |  | 4.900 |  |  | 10-01-46 |  |  |  |  |  | 1,585,000 |  |  | 1,550,306 |
| Sabine Pass Liquefaction LLC (S)(Z) |  |  | 5.000 |  |  | 03-15-27 |  |  |  |  |  | 1,000,000 |  |  | 1,055,385 |
| Sabine Pass Liquefaction LLC (S)(Z) |  |  | 5.875 |  |  | 06-30-26 |  |  |  |  |  | 610,000 |  |  | 680,202 |
| SM Energy Company (L)(Z) |  |  | 5.625 |  |  | 06-01-25 |  |  |  |  |  | 880,000 |  |  | 840,400 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 9

|  |  |  | Rate (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Energy (continued) |  |  |  |
| Oil, gas and consumable fuels (continued) |
| SM Energy Company (L)(Z) |  |  | 6.750 |  |  | 09-15-26 |  |  |  |  |  | 530,000 |  |  | $533,975 |
| Sunoco Logistics Partners Operations LP (Z) |  |  | 3.900 |  |  | 07-15-26 |  |  |  |  |  | 425,000 |  |  | 421,301 |
| Tallgrass Energy Partners LP (S) |  |  | 5.500 |  |  | 09-15-24 |  |  |  |  |  | 915,000 |  |  | 919,575 |
| Teekay Offshore Partners LP |  |  | 6.000 |  |  | 07-30-19 |  |  |  |  |  | 1,085,000 |  |  | 1,014,475 |
| Tesoro Corp. |  |  | 5.125 |  |  | 04-01-24 |  |  |  |  |  | 650,000 |  |  | 685,750 |
| Tesoro Logistics LP |  |  | 5.250 |  |  | 01-15-25 |  |  |  |  |  | 870,000 |  |  | 923,288 |
| Tesoro Logistics LP |  |  | 6.125 |  |  | 10-15-21 |  |  |  |  |  | 635,000 |  |  | 662,781 |
| Tesoro Logistics LP (L)(Z) |  |  | 6.250 |  |  | 10-15-22 |  |  |  |  |  | 650,000 |  |  | 697,125 |
| Tesoro Logistics LP |  |  | 6.375 |  |  | 05-01-24 |  |  |  |  |  | 140,000 |  |  | 152,950 |
| The Williams Companies, Inc. |  |  | 4.550 |  |  | 06-24-24 |  |  |  |  |  | 600,000 |  |  | 614,250 |
| Ultra Resources, Inc. (S) |  |  | 7.125 |  |  | 04-15-25 |  |  |  |  |  | 270,000 |  |  | 267,470 |
| Whiting Petroleum Corp. |  |  | 5.750 |  |  | 03-15-21 |  |  |  |  |  | 705,000 |  |  | 701,475 |
| Whiting Petroleum Corp. (L)(Z) |  |  | 6.250 |  |  | 04-01-23 |  |  |  |  |  | 360,000 |  |  | 360,000 |
| Williams Partners LP (Z) |  |  | 4.875 |  |  | 03-15-24 |  |  |  |  |  | 2,795,000 |  |  | 2,899,801 |
| WPX Energy, Inc. |  |  | 5.250 |  |  | 09-15-24 |  |  |  |  |  | 1,400,000 |  |  | 1,372,000 |
| Financials 20.2% |  |  | 32,720,943 |
| Banks 11.4% |
| Banco BTG Pactual SA (L)(S)(Z) |  |  | 5.750 |  |  | 09-28-22 |  |  |  |  |  | 2,540,000 |  |  | 2,361,235 |
| Citigroup, Inc. (6.125% to 11-15-20, then 3 month LIBOR + 4.478%) (Q)(Z) |  |  | 6.125 |  |  | 11-15-20 |  |  |  |  |  | 1,000,000 |  |  | 1,065,550 |
| Corp Group Banking SA (L)(S)(Z) |  |  | 6.750 |  |  | 03-15-23 |  |  |  |  |  | 1,000,000 |  |  | 972,500 |
| Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (Q)(S)(Z) |  |  | 7.875 |  |  | 01-23-24 |  |  |  |  |  | 865,000 |  |  | 925,394 |
| Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (Q)(S) |  |  | 8.125 |  |  | 12-23-25 |  |  |  |  |  | 965,000 |  |  | 1,064,993 |
| HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (Q)(Z) |  |  | 6.875 |  |  | 06-01-21 |  |  |  |  |  | 760,000 |  |  | 823,080 |
| ING Groep NV (6.000% to 4-16-20, then 5 Year U.S. Swap Rate + 4.445%) (L)(Q)(Z) |  |  | 6.000 |  |  | 04-16-20 |  |  |  |  |  | 1,660,000 |  |  | 1,696,520 |
| ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (Q) |  |  | 6.500 |  |  | 04-16-25 |  |  |  |  |  | 2,360,000 |  |  | 2,421,950 |
| JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (Q)(Z) |  |  | 6.750 |  |  | 02-01-24 |  |  |  |  |  | 2,200,000 |  |  | 2,481,600 |
| Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (L)(Q)(Z) |  |  | 7.500 |  |  | 06-27-24 |  |  |  |  |  | 1,465,000 |  |  | 1,578,538 |
| Sberbank of Russia (S) |  |  | 6.125 |  |  | 02-07-22 |  |  |  |  |  | 1,000,000 |  |  | 1,095,000 |
| Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (L)(Q)(S)(Z) |  |  | 7.375 |  |  | 09-13-21 |  |  |  |  |  | 790,000 |  |  | 835,425 |
| Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (Q)(Z) |  |  | 5.875 |  |  | 06-15-25 |  |  |  |  |  | 1,100,000 |  |  | 1,193,500 |
| Capital markets 2.3% |
| Morgan Stanley (Z) |  |  | 5.750 |  |  | 01-25-21 |  |  |  |  |  | 1,000,000 |  |  | 1,112,582 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 10

|  |  |  | Rate (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Financials (continued) |  |  |  |
| Capital markets (continued) |
| Morgan Stanley (5.550% to 7-15-20, then 3 month LIBOR + 3.810%) (L)(Q)(Z) |  |  | 5.550 |  |  | 07-15-20 |  |  |  |  |  | 1,160,000 |  |  | $1,214,375 |
| The Goldman Sachs Group, Inc. (Z) |  |  | 3.750 |  |  | 05-22-25 |  |  |  |  |  | 375,000 |  |  | 381,783 |
| The Goldman Sachs Group, Inc. (5.375% to 5-10-20, then 3 month LIBOR + 3.922%) (Q)(Z) |  |  | 5.375 |  |  | 05-10-20 |  |  |  |  |  | 1,000,000 |  |  | 1,036,750 |
| Consumer finance 1.5% |
| American Express Company (4.900% to 3-15-20, then 3 month LIBOR + 3.285%) (Q)(Z) |  |  | 4.900 |  |  | 03-15-20 |  |  |  |  |  | 800,000 |  |  | 812,400 |
| Enova International, Inc. (L)(Z) |  |  | 9.750 |  |  | 06-01-21 |  |  |  |  |  | 665,000 |  |  | 678,300 |
| Springleaf Finance Corp. |  |  | 6.900 |  |  | 12-15-17 |  |  |  |  |  | 465,000 |  |  | 477,206 |
| Springleaf Finance Corp. |  |  | 8.250 |  |  | 10-01-23 |  |  |  |  |  | 500,000 |  |  | 536,250 |
| Diversified financial services 1.2% |
| ASP AMC Merger Sub, Inc. (S) |  |  | 8.000 |  |  | 05-15-25 |  |  |  |  |  | 835,000 |  |  | 828,738 |
| Leucadia National Corp. |  |  | 5.500 |  |  | 10-18-23 |  |  |  |  |  | 600,000 |  |  | 646,325 |
| Lincoln Finance, Ltd. (S) |  |  | 7.375 |  |  | 04-15-21 |  |  |  |  |  | 385,000 |  |  | 410,506 |
| Insurance 1.5% |
| Aquarius & Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%) |  |  | 6.375 |  |  | 09-01-24 |  |  |  |  |  | 1,200,000 |  |  | 1,285,500 |
| MetLife, Inc. (Z) |  |  | 6.817 |  |  | 08-15-18 |  |  |  |  |  | 1,000,000 |  |  | 1,064,805 |
| Mortgage real estate investment trusts 0.6% |
| Starwood Property Trust, Inc. (S) |  |  | 5.000 |  |  | 12-15-21 |  |  |  |  |  | 970,000 |  |  | 1,011,225 |
| Thrifts and mortgage finance 1.7% |
| MGIC Investment Corp. |  |  | 5.750 |  |  | 08-15-23 |  |  |  |  |  | 1,165,000 |  |  | 1,249,463 |
| Nationstar Mortgage LLC |  |  | 7.875 |  |  | 10-01-20 |  |  |  |  |  | 505,000 |  |  | 525,200 |
| Stearns Holdings LLC (S) |  |  | 9.375 |  |  | 08-15-20 |  |  |  |  |  | 925,000 |  |  | 934,250 |
| Health care 9.2% |  |  | 14,951,131 |
| Health care equipment and supplies 0.5% |
| Team Health Holdings, Inc. (L)(S)(Z) |  |  | 6.375 |  |  | 02-01-25 |  |  |  |  |  | 840,000 |  |  | 820,050 |
| Health care providers and services 7.1% |
| Community Health Systems, Inc. (L)(Z) |  |  | 5.125 |  |  | 08-01-21 |  |  |  |  |  | 770,000 |  |  | 763,263 |
| Community Health Systems, Inc. |  |  | 6.250 |  |  | 03-31-23 |  |  |  |  |  | 540,000 |  |  | 549,450 |
| Community Health Systems, Inc. (L)(Z) |  |  | 6.875 |  |  | 02-01-22 |  |  |  |  |  | 1,500,000 |  |  | 1,241,250 |
| Covenant Surgical Partners, Inc. (S) |  |  | 8.750 |  |  | 08-01-19 |  |  |  |  |  | 250,000 |  |  | 242,500 |
| DaVita, Inc. |  |  | 5.000 |  |  | 05-01-25 |  |  |  |  |  | 1,145,000 |  |  | 1,153,588 |
| DaVita, Inc. |  |  | 5.125 |  |  | 07-15-24 |  |  |  |  |  | 1,145,000 |  |  | 1,177,209 |
| HCA, Inc. (Z) |  |  | 5.250 |  |  | 04-15-25 |  |  |  |  |  | 1,000,000 |  |  | 1,074,690 |
| HCA, Inc. |  |  | 7.500 |  |  | 02-15-22 |  |  |  |  |  | 530,000 |  |  | 609,712 |
| HealthSouth Corp. (L)(Z) |  |  | 5.750 |  |  | 11-01-24 |  |  |  |  |  | 1,545,000 |  |  | 1,573,969 |
| LifePoint Health, Inc. |  |  | 5.875 |  |  | 12-01-23 |  |  |  |  |  | 1,500,000 |  |  | 1,548,750 |
| Select Medical Corp. (L)(Z) |  |  | 6.375 |  |  | 06-01-21 |  |  |  |  |  | 1,500,000 |  |  | 1,533,750 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 11

|  |  |  | Rate (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Health care (continued) |  |  |  |
| Pharmaceuticals 1.6% |
| Mallinckrodt International Finance SA (L)(S)(Z) |  |  | 5.500 |  |  | 04-15-25 |  |  |  |  |  | 1,350,000 |  |  | $1,228,500 |
| Mallinckrodt International Finance SA (L)(S)(Z) |  |  | 5.750 |  |  | 08-01-22 |  |  |  |  |  | 1,460,000 |  |  | 1,434,450 |
| Industrials 8.9% |  |  | 14,431,185 |
| Air freight and logistics 1.1% |
| Mexico City Airport Trust (L)(S)(Z) |  |  | 5.500 |  |  | 10-31-46 |  |  |  |  |  | 1,280,000 |  |  | 1,265,600 |
| XPO Logistics, Inc. (S) |  |  | 6.500 |  |  | 06-15-22 |  |  |  |  |  | 570,000 |  |  | 603,488 |
| Airlines 1.3% |
| Air Canada 2013-1 Class C Pass Through Trust (S) |  |  | 6.625 |  |  | 05-15-18 |  |  |  |  |  | 1,550,000 |  |  | 1,604,250 |
| TAM Capital 3, Inc. (S) |  |  | 8.375 |  |  | 06-03-21 |  |  |  |  |  | 505,000 |  |  | 523,306 |
| Building products 0.3% |
| Masco Corp. (Z) |  |  | 4.450 |  |  | 04-01-25 |  |  |  |  |  | 500,000 |  |  | 531,685 |
| Commercial services and supplies 1.2% |
| GW Honos Security Corp. (S) |  |  | 8.750 |  |  | 05-15-25 |  |  |  |  |  | 705,000 |  |  | 714,694 |
| LSC Communications, Inc. (S) |  |  | 8.750 |  |  | 10-15-23 |  |  |  |  |  | 735,000 |  |  | 758,888 |
| Tervita Escrow Corp. (S) |  |  | 7.625 |  |  | 12-01-21 |  |  |  |  |  | 410,000 |  |  | 421,275 |
| Construction and engineering 0.6% |
| AECOM (S) |  |  | 5.125 |  |  | 03-15-27 |  |  |  |  |  | 950,000 |  |  | 951,093 |
| Industrial conglomerates 0.5% |
| Odebrecht Finance, Ltd. (S) |  |  | 8.250 |  |  | 04-25-18 |  |  |  |  | BRL | 2,250,000 |  |  | 432,413 |
| Odebrecht Offshore Drilling Finance, Ltd. (S) |  |  | 6.750 |  |  | 10-01-23 |  |  |  |  |  | 826,900 |  |  | 322,491 |
| Professional services 0.4% |
| IHS Markit, Ltd. (S)(Z) |  |  | 4.750 |  |  | 02-15-25 |  |  |  |  |  | 575,000 |  |  | 601,594 |
| Road and rail 0.6% |
| The Kenan Advantage Group, Inc. (S) |  |  | 7.875 |  |  | 07-31-23 |  |  |  |  |  | 900,000 |  |  | 929,250 |
| Trading companies and distributors 2.9% |
| AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (L)(S)(Z) |  |  | 6.500 |  |  | 06-15-45 |  |  |  |  |  | 800,000 |  |  | 840,000 |
| AerCap Ireland Capital DAC (Z) |  |  | 4.500 |  |  | 05-15-21 |  |  |  |  |  | 395,000 |  |  | 417,577 |
| Ahern Rentals, Inc. (S) |  |  | 7.375 |  |  | 05-15-23 |  |  |  |  |  | 1,320,000 |  |  | 1,135,200 |
| Aircastle, Ltd. (Z) |  |  | 5.125 |  |  | 03-15-21 |  |  |  |  |  | 785,000 |  |  | 837,006 |
| United Rentals North America, Inc. (L)(Z) |  |  | 5.500 |  |  | 07-15-25 |  |  |  |  |  | 1,475,000 |  |  | 1,541,375 |
| Information technology 3.8% |  |  | 6,133,142 |
| Electronic equipment, instruments and components 0.2% |
| Ingram Micro, Inc. (Z) |  |  | 5.450 |  |  | 12-15-24 |  |  |  |  |  | 250,000 |  |  | 250,912 |
| IT services 0.9% |
| Sixsigma Networks Mexico SA de CV (L)(S)(Z) |  |  | 8.250 |  |  | 11-07-21 |  |  |  |  |  | 1,500,000 |  |  | 1,500,000 |
| Semiconductors and semiconductor equipment 1.0% |
| Micron Technology, Inc. |  |  | 5.500 |  |  | 02-01-25 |  |  |  |  |  | 197,000 |  |  | 205,865 |
| Micron Technology, Inc. (Z) |  |  | 7.500 |  |  | 09-15-23 |  |  |  |  |  | 820,000 |  |  | 918,400 |
| NXP BV (S)(Z) |  |  | 4.625 |  |  | 06-01-23 |  |  |  |  |  | 535,000 |  |  | 575,794 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 12

|  |  |  | Rate (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Information technology (continued) |  |  |  |
| Software 0.7% |
| Activision Blizzard, Inc. (S)(Z) |  |  | 6.125 |  |  | 09-15-23 |  |  |  |  |  | 1,000,000 |  |  | $1,085,000 |
| Technology hardware, storage and peripherals 1.0% |
| Dell International LLC (S)(Z) |  |  | 6.020 |  |  | 06-15-26 |  |  |  |  |  | 1,450,000 |  |  | 1,597,171 |
| Materials 17.3% |  |  | 28,005,617 |
| Chemicals 5.2% |
| Ashland LLC (Z) |  |  | 6.875 |  |  | 05-15-43 |  |  |  |  |  | 845,000 |  |  | 925,275 |
| Braskem Finance, Ltd. |  |  | 6.450 |  |  | 02-03-24 |  |  |  |  |  | 700,000 |  |  | 745,500 |
| Kraton Polymers LLC (S) |  |  | 7.000 |  |  | 04-15-25 |  |  |  |  |  | 900,000 |  |  | 945,000 |
| Mexichem SAB de CV (L)(S)(Z) |  |  | 6.750 |  |  | 09-19-42 |  |  |  |  |  | 1,500,000 |  |  | 1,608,750 |
| Platform Specialty Products Corp. (L)(S)(Z) |  |  | 6.500 |  |  | 02-01-22 |  |  |  |  |  | 1,115,000 |  |  | 1,142,875 |
| Rain CII Carbon LLC (S) |  |  | 7.250 |  |  | 04-01-25 |  |  |  |  |  | 800,000 |  |  | 802,000 |
| Rain CII Carbon LLC (S) |  |  | 8.250 |  |  | 01-15-21 |  |  |  |  |  | 209,000 |  |  | 216,838 |
| The Chemours Company |  |  | 6.625 |  |  | 05-15-23 |  |  |  |  |  | 740,000 |  |  | 791,800 |
| The Scotts Miracle-Gro Company |  |  | 6.000 |  |  | 10-15-23 |  |  |  |  |  | 490,000 |  |  | 523,688 |
| Tronox Finance LLC (L)(Z) |  |  | 6.375 |  |  | 08-15-20 |  |  |  |  |  | 500,000 |  |  | 508,125 |
| Tronox Finance LLC (L)(S)(Z) |  |  | 7.500 |  |  | 03-15-22 |  |  |  |  |  | 280,000 |  |  | 292,600 |
| Construction materials 0.8% |
| Standard Industries, Inc. (S) |  |  | 5.375 |  |  | 11-15-24 |  |  |  |  |  | 1,220,000 |  |  | 1,271,850 |
| Containers and packaging 3.2% |
| Ardagh Packaging Finance PLC (S) |  |  | 6.000 |  |  | 02-15-25 |  |  |  |  |  | 1,185,000 |  |  | 1,224,994 |
| Ball Corp. (L)(Z) |  |  | 5.250 |  |  | 07-01-25 |  |  |  |  |  | 1,425,000 |  |  | 1,539,000 |
| BWAY Holding Company (S) |  |  | 7.250 |  |  | 04-15-25 |  |  |  |  |  | 700,000 |  |  | 699,125 |
| Crown Americas LLC |  |  | 4.500 |  |  | 01-15-23 |  |  |  |  |  | 1,000,000 |  |  | 1,032,500 |
| Graphic Packaging International, Inc. |  |  | 4.875 |  |  | 11-15-22 |  |  |  |  |  | 650,000 |  |  | 680,063 |
| Metals and mining 7.6% |
| Anglo American Capital PLC (S)(Z) |  |  | 4.750 |  |  | 04-10-27 |  |  |  |  |  | 650,000 |  |  | 672,120 |
| AngloGold Ashanti Holdings PLC (L)(Z) |  |  | 5.375 |  |  | 04-15-20 |  |  |  |  |  | 675,000 |  |  | 710,775 |
| ArcelorMittal (L)(Z) |  |  | 7.000 |  |  | 02-25-22 |  |  |  |  |  | 880,000 |  |  | 997,700 |
| First Quantum Minerals, Ltd. (L)(S)(Z) |  |  | 7.250 |  |  | 05-15-22 |  |  |  |  |  | 875,000 |  |  | 901,250 |
| First Quantum Minerals, Ltd. (S) |  |  | 7.500 |  |  | 04-01-25 |  |  |  |  |  | 600,000 |  |  | 612,000 |
| FMG Resources August 2006 Pty, Ltd. (S)(Z) |  |  | 9.750 |  |  | 03-01-22 |  |  |  |  |  | 670,000 |  |  | 770,919 |
| Freeport-McMoRan, Inc. (L)(S)(Z) |  |  | 6.875 |  |  | 02-15-23 |  |  |  |  |  | 1,340,000 |  |  | 1,410,350 |
| Lundin Mining Corp. (S) |  |  | 7.500 |  |  | 11-01-20 |  |  |  |  |  | 675,000 |  |  | 715,500 |
| MMC Norilsk Nickel OJSC (S) |  |  | 5.550 |  |  | 10-28-20 |  |  |  |  |  | 750,000 |  |  | 803,625 |
| Severstal OAO (S) |  |  | 4.450 |  |  | 03-19-18 |  |  |  |  |  | 1,000,000 |  |  | 1,019,308 |
| Teck Resources, Ltd. |  |  | 6.250 |  |  | 07-15-41 |  |  |  |  |  | 1,110,000 |  |  | 1,176,600 |
| Vale Overseas, Ltd. |  |  | 5.875 |  |  | 06-10-21 |  |  |  |  |  | 1,120,000 |  |  | 1,209,600 |
| Vale Overseas, Ltd. |  |  | 6.250 |  |  | 08-10-26 |  |  |  |  |  | 1,165,000 |  |  | 1,273,112 |
| Paper and forest products 0.5% |
| Norbord, Inc. (S) |  |  | 6.250 |  |  | 04-15-23 |  |  |  |  |  | 735,000 |  |  | 782,775 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 13

|  |  |  | Rate (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Real estate 2.5% |  |  | $4,092,298 |
| Equity real estate investment trusts 2.1% |
| Crown Castle Towers LLC (S)(Z) |  |  | 4.883 |  |  | 08-15-40 |  |  |  |  |  | 750,000 |  |  | 799,820 |
| Trust F/1401 (L)(S)(Z) |  |  | 5.250 |  |  | 12-15-24 |  |  |  |  |  | 2,475,000 |  |  | 2,549,498 |
| Real estate management and development 0.4% |
| Rialto Holdings LLC (S) |  |  | 7.000 |  |  | 12-01-18 |  |  |  |  |  | 732,000 |  |  | 742,980 |
| Telecommunication services 12.3% |  |  | 19,852,414 |
| Diversified telecommunication services 7.3% |
| CenturyLink, Inc. (L)(Z) |  |  | 7.500 |  |  | 04-01-24 |  |  |  |  |  | 620,000 |  |  | 673,475 |
| CSC Holdings LLC (L)(S)(Z) |  |  | 5.500 |  |  | 04-15-27 |  |  |  |  |  | 1,045,000 |  |  | 1,080,269 |
| Frontier Communications Corp. |  |  | 7.125 |  |  | 03-15-19 |  |  |  |  |  | 530,000 |  |  | 559,150 |
| Frontier Communications Corp. (L)(Z) |  |  | 11.000 |  |  | 09-15-25 |  |  |  |  |  | 860,000 |  |  | 828,825 |
| GCI, Inc. (L)(Z) |  |  | 6.875 |  |  | 04-15-25 |  |  |  |  |  | 935,000 |  |  | 1,005,125 |
| Intelsat Jackson Holdings SA |  |  | 7.500 |  |  | 04-01-21 |  |  |  |  |  | 840,000 |  |  | 768,600 |
| Level 3 Financing, Inc. |  |  | 5.625 |  |  | 02-01-23 |  |  |  |  |  | 825,000 |  |  | 855,938 |
| SBA Communications Corp. |  |  | 4.875 |  |  | 07-15-22 |  |  |  |  |  | 1,135,000 |  |  | 1,169,050 |
| SFR Group SA (S) |  |  | 6.250 |  |  | 05-15-24 |  |  |  |  |  | 1,675,000 |  |  | 1,733,625 |
| Telecom Italia Capital SA |  |  | 6.000 |  |  | 09-30-34 |  |  |  |  |  | 720,000 |  |  | 736,200 |
| Wind Acquisition Finance SA (S) |  |  | 7.375 |  |  | 04-23-21 |  |  |  |  |  | 1,000,000 |  |  | 1,040,000 |
| Windstream Services LLC (L)(Z) |  |  | 7.500 |  |  | 06-01-22 |  |  |  |  |  | 1,375,000 |  |  | 1,337,188 |
| Wireless telecommunication services 5.0% |
| America Movil SAB de CV |  |  | 6.000 |  |  | 06-09-19 |  |  |  |  | MXN | 8,670,000 |  |  | 442,438 |
| America Movil SAB de CV |  |  | 6.450 |  |  | 12-05-22 |  |  |  |  | MXN | 10,370,000 |  |  | 511,046 |
| Colombia Telecomunicaciones SA ESP (S) |  |  | 5.375 |  |  | 09-27-22 |  |  |  |  |  | 1,000,000 |  |  | 1,015,000 |
| Digicel, Ltd. (L)(S)(Z) |  |  | 6.000 |  |  | 04-15-21 |  |  |  |  |  | 405,000 |  |  | 384,750 |
| Sprint Communications, Inc. |  |  | 6.000 |  |  | 11-15-22 |  |  |  |  |  | 935,000 |  |  | 974,153 |
| T-Mobile USA, Inc. (L)(Z) |  |  | 6.500 |  |  | 01-15-26 |  |  |  |  |  | 1,560,000 |  |  | 1,729,650 |
| T-Mobile USA, Inc. |  |  | 6.625 |  |  | 04-01-23 |  |  |  |  |  | 1,255,000 |  |  | 1,341,281 |
| Telefonica Celular del Paraguay SA (S) |  |  | 6.750 |  |  | 12-13-22 |  |  |  |  |  | 1,000,000 |  |  | 1,043,220 |
| VimpelCom Holdings BV (S) |  |  | 7.504 |  |  | 03-01-22 |  |  |  |  |  | 550,000 |  |  | 623,431 |
| Utilities 7.8% |  |  | 12,585,731 |
| Electric utilities 2.7% |
| Abengoa Transmision Sur SA (S) |  |  | 6.875 |  |  | 04-30-43 |  |  |  |  |  | 2,025,737 |  |  | 2,180,199 |
| Beaver Valley II Funding Corp. |  |  | 9.000 |  |  | 06-01-17 |  |  |  |  |  | 5,000 |  |  | 5,030 |
| BVPS II Funding Corp. |  |  | 8.890 |  |  | 06-01-17 |  |  |  |  |  | 13,000 |  |  | 13,016 |
| Empresa Electrica Angamos SA (L)(S)(Z) |  |  | 4.875 |  |  | 05-25-29 |  |  |  |  |  | 1,000,000 |  |  | 1,014,573 |
| FPL Energy National Wind LLC (S) |  |  | 5.608 |  |  | 03-10-24 |  |  |  |  |  | 50,961 |  |  | 50,961 |
| Israel Electric Corp., Ltd. (S) |  |  | 5.000 |  |  | 11-12-24 |  |  |  |  |  | 1,000,000 |  |  | 1,079,160 |
| Gas utilities 2.0% |
| AmeriGas Partners LP (L)(Z) |  |  | 5.625 |  |  | 05-20-24 |  |  |  |  |  | 900,000 |  |  | 915,750 |
| AmeriGas Partners LP |  |  | 5.750 |  |  | 05-20-27 |  |  |  |  |  | 1,000,000 |  |  | 1,002,500 |
| Southern Gas Corridor CJSC (L)(S)(Z) |  |  | 6.875 |  |  | 03-24-26 |  |  |  |  |  | 1,250,000 |  |  | 1,379,563 |
| Independent power and renewable electricity producers 3.1% |
| NRG Energy, Inc. |  |  | 6.250 |  |  | 07-15-22 |  |  |  |  |  | 1,320,000 |  |  | 1,344,829 |
| NRG Energy, Inc. (L)(Z) |  |  | 6.625 |  |  | 01-15-27 |  |  |  |  |  | 600,000 |  |  | 594,000 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 14

|  |  |  | Rate (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Utilities (continued) |  |  |  |
| Independent power and renewable electricity producers (continued) |
| NRG Energy, Inc. (L)(Z) |  |  | 7.250 |  |  | 05-15-26 |  |  |  |  |  | 450,000 |  |  | $460,125 |
| NRG Yield Operating LLC (L)(Z) |  |  | 5.375 |  |  | 08-15-24 |  |  |  |  |  | 2,490,000 |  |  | 2,546,025 |
| Term loans (M) 0.4% (0.3% of Total investments) |  |  | $686,961 |
| (Cost $915,284) |
| Industrials 0.4% |  |  | 686,961 |
| Airlines 0.0% |
| Global Aviation Holdings, Inc., PIK (H) |  |  | 3.000 |  |  | 02-13-18 |  |  | 514,063 |  |  | 0 |
| Global Aviation Holdings, Inc., PIK (H) |  |  | 10.000 |  |  | 07-31-17 |  |  | 51,038 |  |  | 0 |
| Machinery 0.4% |
| Gardner Denver, Inc. |  |  | 4.559 |  |  | 07-30-20 |  |  | 687,532 |  |  | 686,961 |
| Capital preferred securities (a) 0.7% (0.5% of Total investments) |  |  | $1,152,000 |
| (Cost $1,147,047) |
| Financials 0.7% |  |  | 1,152,000 |
| Diversified financial services 0.7% |
| ILFC E-Capital Trust II (P)(S) |  |  | 4.910 |  |  | 12-21-65 |  |  | 1,200,000 |  |  | 1,152,000 |
| U.S. Government and Agency obligations 6.2% (4.1% of Total investments) |  |  | $10,083,003 |
| (Cost $9,954,208) |
| U.S. Government Agency 6.2% |  |  | 10,083,003 |
| Federal National Mortgage Association |
|  |  |  | 15 Yr Pass Thru |  |  | 4.000 |  |  | 12-01-24 |  |  | 775,796 |  |  | 819,696 |
|  |  |  | 30 Yr Pass Thru |  |  | 4.000 |  |  | 12-01-40 |  |  | 2,335,598 |  |  | 2,487,229 |
|  |  |  | 30 Yr Pass Thru |  |  | 4.000 |  |  | 09-01-41 |  |  | 2,120,509 |  |  | 2,247,905 |
|  |  |  | 30 Yr Pass Thru |  |  | 4.000 |  |  | 10-01-41 |  |  | 1,187,120 |  |  | 1,260,852 |
|  |  |  | 30 Yr Pass Thru |  |  | 4.000 |  |  | 01-01-42 |  |  | 586,758 |  |  | 623,384 |
|  |  |  | 30 Yr Pass Thru |  |  | 4.500 |  |  | 10-01-40 |  |  | 1,531,124 |  |  | 1,662,286 |
|  |  |  | 30 Yr Pass Thru |  |  | 5.000 |  |  | 04-01-41 |  |  | 356,307 |  |  | 395,083 |
|  |  |  | 30 Yr Pass Thru |  |  | 5.500 |  |  | 08-01-40 |  |  | 118,848 |  |  | 132,933 |
|  |  |  | 30 Yr Pass Thru |  |  | 6.500 |  |  | 01-01-39 |  |  | 393,775 |  |  | 453,635 |
| Foreign government obligations 3.9% (2.6% of Total investments) |  |  | $6,345,364 |
| (Cost $6,432,959) |
| Argentina 2.2% |  |  | 3,504,380 |
| Republic of Argentina |
|  |  |  | Bond (L) (Z) |  |  | 5.625 |  |  | 01-26-22 |  |  |  |  |  | 1,060,000 |  |  | 1,103,990 |
|  |  |  | Bond |  |  | 7.500 |  |  | 04-22-26 |  |  |  |  |  | 1,200,000 |  |  | 1,314,600 |
|  |  |  | Bond |  |  | 7.625 |  |  | 04-22-46 |  |  |  |  |  | 1,020,000 |  |  | 1,085,790 |
| Mexico 0.6% |  |  | 956,590 |
| Government of Mexico Bond |  |  | 10.000 |  |  | 12-05-24 |  |  |  |  | MXN | 15,430,000 |  |  | 956,590 |
| Saudi Arabia 1.1% |  |  | 1,884,394 |
| Kingdom of Saudi Arabia Bond (S) |  |  | 3.250 |  |  | 10-26-26 |  |  |  |  |  | 1,930,000 |  |  | 1,884,394 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 15

|  |  |  | Rate (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Collateralized mortgage obligations 1.8% (1.2% of Total investments) |  |  | $2,876,503 |
| (Cost $2,132,001) |
| Commercial and residential 1.6% |  |  | 2,496,753 |
| Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2, Class A1 (P) |  |  | 3.260 |  |  | 03-25-35 |  |  |  |  |  | 201,901 |  |  | 202,851 |
| Bear Stearns Asset Backed Securities Trust Series 2004-AC5, Class A1 (P) |  |  | 5.250 |  |  | 10-25-34 |  |  |  |  |  | 193,621 |  |  | 193,278 |
| Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-4, Class 2AR1 (P) |  |  | 1.531 |  |  | 06-25-34 |  |  |  |  |  | 257,745 |  |  | 246,511 |
| HarborView Mortgage Loan Trust |
|  |  |  | Series 2007-3, Class ES IO (S) |  |  | 0.350 |  |  | 05-19-47 |  |  |  |  |  | 4,356,252 |  |  | 67,247 |
|  |  |  | Series 2007-4, Class ES IO |  |  | 0.350 |  |  | 07-19-47 |  |  |  |  |  | 4,720,799 |  |  | 67,876 |
|  |  |  | Series 2007-6, Class ES IO (S) |  |  | 0.343 |  |  | 08-19-37 |  |  |  |  |  | 3,684,212 |  |  | 46,498 |
| IndyMac Index Mortgage Loan Trust |
|  |  |  | Series 2005-AR18, Class 1X IO |  |  | 1.793 |  |  | 10-25-36 |  |  |  |  |  | 5,934,705 |  |  | 395,110 |
|  |  |  | Series 2005-AR18, Class 2X IO |  |  | 1.569 |  |  | 10-25-36 |  |  |  |  |  | 5,275,898 |  |  | 191,479 |
| MSCG Trust Series 2016-SNR, Class D (S) |  |  | 6.550 |  |  | 11-15-34 |  |  |  |  |  | 1,090,000 |  |  | 1,085,903 |
| U.S. Government Agency 0.2% |  |  | 379,750 |
| Federal Home Loan Mortgage Corp. |
|  |  |  | Series K017, Class X1 IO |  |  | 1.511 |  |  | 12-25-21 |  |  |  |  |  | 2,629,455 |  |  | 136,047 |
|  |  |  | Series K709, Class X1 IO |  |  | 1.645 |  |  | 03-25-19 |  |  |  |  |  | 3,059,392 |  |  | 70,725 |
|  |  |  | Series K710, Class X1 IO |  |  | 1.886 |  |  | 05-25-19 |  |  |  |  |  | 3,104,055 |  |  | 88,051 |
| Government National Mortgage Association Series 2012-114, Class IO |  |  | 0.822 |  |  | 01-16-53 |  |  |  |  |  | 1,507,525 |  |  | 84,927 |
| Asset backed securities 1.1% (0.7% of Total investments) |  |  | $1,763,492 |
| (Cost $1,776,799) |
| ContiMortgage Home Equity Loan Trust Series 1995-2, Class A5 |  |  | 8.100 |  |  | 08-15-25 |  |  |  |  |  | 20,562 |  |  | 15,103 |
| Domino's Pizza Master Issuer LLC Series 2015-1A, Class A2I (S) |  |  | 3.484 |  |  | 10-25-45 |  |  |  |  |  | 987,500 |  |  | 991,530 |
| Driven Brands Funding LLC Series 2015-1A, Class A2 (S) |  |  | 5.216 |  |  | 07-20-45 |  |  |  |  |  | 768,300 |  |  | 756,859 |
|  |  |  | Shares |  |  | Value |
| Preferred securities (b) 2.4% (1.6% of Total investments) |  |  | $3,907,759 |
| (Cost $3,621,297) |
| Financials 0.6% |  |  | 1,067,029 |
| Diversified financial services 0.6% |
| GMAC Capital Trust I, 6.824% (P) |  |  |  |  |  | 41,910 |  |  | 1,067,029 |
| Health care 0.4% |  |  | 630,288 |
| Pharmaceuticals 0.4% |
| Allergan PLC, 5.500% |  |  |  |  |  | 728 |  |  | 630,288 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 16

|  |  |  | Shares |  |  | Value |
| Real estate 0.6% |  |  | $940,320 |
| Equity real estate investment trusts 0.6% |
| American Tower Corp., 5.250% |  |  |  |  |  | 8,000 |  |  | 940,320 |
| Utilities 0.8% |  |  | 1,270,122 |
| Electric utilities 0.4% |
| NextEra Energy, Inc., 6.123% |  |  |  |  |  | 12,160 |  |  | 637,184 |
| Multi-utilities 0.4% |
| DTE Energy Company, 6.500% |  |  |  |  |  | 11,745 |  |  | 632,938 |
| Common stocks 0.6% (0.4% of Total investments) |  |  | $921,741 |
| (Cost $2,622,260) |
| Consumer discretionary 0.0% |  |  | 0 |
| Media 0.0% |
| Vertis Holdings, Inc. (I) |  |  | 34,014 |  |  | 0 |
| Energy 0.6% |  |  | 921,741 |
| Oil, gas and consumable fuels 0.6% |
| Energy XXI Gulf Coast, Inc. (I) |  |  | 11,614 |  |  | 319,385 |
| Pacific Exploration and Production Corp. (I) |  |  | 3,651 |  |  | 107,595 |
| SandRidge Energy, Inc. (I) |  |  | 26,860 |  |  | 494,761 |
| Industrials 0.0% |  |  | 0 |
| Airlines 0.0% |
| Global Aviation Holdings, Inc., Class A (I) |  |  | 82,159 |  |  | 0 |
|  |  |  | Yield* (%) |  |  | Maturity date |  |  | Par value^ |  |  | Value |
| Short-term investments 4.2% (2.8% of Total investments) |  |  | $6,776,000 |
| (Cost $6,776,000) |
| U.S. Government Agency 3.6% |  |  | 5,796,000 |
| Federal Home Loan Bank Discount Note |  |  | 0.680 |  |  | 05-01-17 |  |  |  |  |  | 5,796,000 |  |  | 5,796,000 |
|  |  |  |  |  |  | Par value^ |  |  | Value |
| Repurchase agreement 0.6% |  |  | 980,000 |
| Repurchase Agreement with State Street Corp. dated 4-28-17 at 0.220% to be repurchased at $980,018 on 5-1-17, collateralized by $955,000 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-19 (valued at $1,001,819, including interest) |  |  |  |  |  | 980,000 |  |  | 980,000 |
| Total investments (Cost $238,354,606)† 150.5% |  |  | $243,568,351 |
| Other assets and liabilities, net (50.5%) |  |  | ($81,728,793 | )
| Total net assets 100.0% |  |  | $161,839,558 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 17

| 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. |
| Currency Abbreviations |
| BRL |  |  | Brazilian Real |
| MXN |  |  | Mexican Peso |
| Security Abbreviations and Legend |
| IO |  |  | Interest Only Security — (Interest Tranche of Stripped Mortgage Pool). Rate shown is the effective yield at period end. |
| ISDAFIX |  |  | International Swaps and Derivatives Association Fixed Interest Rate Swap Rate |
| LIBOR |  |  | London Interbank Offered Rate |
| PIK |  |  | Payment-in-kind |
| (a) |  |  | Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income. |
| (b) |  |  | Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis. |
| (H) |  |  | Non-income producing - Issuer is in default. |
| (I) |  |  | Non-income producing security. |
| (L) |  |  | A portion of this security is on loan as of 4-30-17, and is a component of the fund's leverage under the Liquidity Agreement. |
| (M) |  |  | Term loans are variable rate obligations. The coupon rate shown represents the rate at period end. |
| (P) |  |  | Variable rate obligation. The coupon rate shown represents the rate at period end. |
| (Q) |  |  | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date. |
| (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. Rule 144A securities amounted to $97,622,250 or 60.3% of the fund's net assets as of 4-30-17. |
| (Z) |  |  | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 4-30-17 was $95,415,839. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $54,349,101. |
| * |  |  | 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 4-30-17, the aggregate cost of investment securities for federal income tax purposes was $239,160,108. Net unrealized appreciation aggregated to $4,408,243, of which $10,100,627 related to appreciated investment securities and $5,692,384 related to depreciated investment securities. |

DERIVATIVES

SWAPS

Interest rate swaps

| Counterparty |  |  | Notional amount |  |  |  |  |  | Currency |  |  | Payments made by fund |  |  |  |  |  | Payments received by fund |  |  |  |  |  | Fixed payment frequency |  |  |  |  |  | Floating payment frequency |  |  | Maturity date |  |  | Unamortized upfront payment paid (received) |  |  | Unrealized appreciation (depreciation) |  |  | Market value |
| Morgan Stanley Capital Services |  |  | 22,000,000 |  |  |  |  |  | USD |  |  | Fixed 1.09375% |  |  |  |  |  | 3 Month LIBOR (a) |  |  |  |  |  | Semi- Annual |  |  |  |  |  | Quarterly |  |  | May 2017 |  |  | — |  |  | ($63,247 | ) |  | ($63,247 | )

(a) At 4-30-17, 3-Month LIBOR was 1.1723%

See Notes to financial statements regarding investment transactions and other derivatives information.

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 18

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 4-30-17 (unaudited)

| Assets |  |  |  |  |  |  |
| Investments, at value (Cost $238,354,606) |  |  |  |  |  | $243,568,351 |
| Cash |  |  |  |  |  | 25,434 |
| Cash segregated at custodian for derivative contracts |  |  |  |  |  | 20,000 |
| Receivable for investments sold |  |  |  |  |  | 3,099,022 |
| Dividends and interest receivable |  |  |  |  |  | 3,309,405 |
| Other receivables and prepaid expenses |  |  |  |  |  | 227,782 |
| Total assets |  |  |  |  |  | 250,249,994 |
| Liabilities |  |  |  |  |  |  |
| Liquidity agreement |  |  |  |  |  | 86,900,000 |
| Payable for investments purchased |  |  |  |  |  | 1,250,069 |
| Swap contracts, at value |  |  |  |  |  | 63,247 |
| Interest payable |  |  |  |  |  | 115,201 |
| Payable to affiliates |  |  |  |  |  |  |
| Accounting and legal services fees |  |  |  |  |  | 11,894 |
| Trustees' fees |  |  |  |  |  | 64 |
| Other liabilities and accrued expenses |  |  |  |  |  | 69,961 |
| Total liabilities |  |  |  |  |  | 88,410,436 |
| Net assets |  |  |  |  |  | $161,839,558 |
| Net assets consist of |  |  |  |  |  |  |
| Paid-in capital |  |  |  |  |  | $174,773,699 |
| Undistributed net investment income |  |  |  |  |  | 830,346 |
| Accumulated net realized gain (loss) on investments, foreign currency transactions and swap agreements |  |  |  |  |  | (18,919,783 | )
| Net unrealized appreciation (depreciation) on investments, translation of assets and liabilities in foreign currencies and swap agreements |  |  |  |  |  | 5,155,296 |
| Net assets |  |  |  |  |  | $161,839,558 |
| Net asset value per share |  |  |  |  |  |  |
| Based on 8,707,025 shares of beneficial interest outstanding — unlimited number of shares authorized with no par value |  |  |  |  |  | $18.59 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 19

STATEMENT OF OPERATIONS For the six months ended 4-30-17 (unaudited)

| Investment income |  |  |  |  |  |  |  |  |  |
| Interest |  |  |  |  |  |  |  |  | $6,986,147 |
| Dividends |  |  |  |  |  |  |  |  | 103,878 |
| Total investment income |  |  |  |  |  |  |  |  | 7,090,025 |
| Expenses |  |  |  |  |  |  |  |  |  |
| Investment management fees |  |  |  |  |  |  |  |  | 652,261 |
| Interest expense |  |  |  |  |  |  |  |  | 607,757 |
| Accounting and legal services fees |  |  |  |  |  |  |  |  | 27,806 |
| Transfer agent fees |  |  |  |  |  |  |  |  | 30,958 |
| Trustees' fees |  |  |  |  |  |  |  |  | 21,526 |
| Printing and postage |  |  |  |  |  |  |  |  | 47,736 |
| Professional fees |  |  |  |  |  |  |  |  | 51,768 |
| Custodian fees |  |  |  |  |  |  |  |  | 15,097 |
| Stock exchange listing fees |  |  |  |  |  |  |  |  | 11,738 |
| Other |  |  |  |  |  |  |  |  | 3,447 |
| Total expenses |  |  |  |  |  |  |  |  | 1,470,094 |
| Less expense reductions |  |  |  |  |  |  |  |  | (9,292 | )
| Net expenses |  |  |  |  |  |  |  |  | 1,460,802 |
| Net investment income |  |  |  |  |  |  |  |  | 5,629,223 |
| Realized and unrealized gain (loss) |  |  |  |  |  |  |  |  |  |
| Net realized gain (loss) on |  |  |  |  |  |  |  |  |  |
| Investments and foreign currency transactions |  |  |  |  |  |  |  |  | 1,237,433 |
| Swap contracts |  |  |  |  |  |  |  |  | (22,537 | )
|  |  |  |  |  |  |  |  |  | 1,214,896 |
| Change in net unrealized appreciation (depreciation) of |  |  |  |  |  |  |  |  |  |
| Investments and translation of assets and liabilities in foreign currencies |  |  |  |  |  |  |  |  | 2,970,290 |
| Swap contracts |  |  |  |  |  |  |  |  | 26,797 |
|  |  |  |  |  |  |  |  |  | 2,997,087 |
| Net realized and unrealized gain |  |  |  |  |  |  |  |  | 4,211,983 |
| Increase in net assets from operations |  |  |  |  |  |  |  |  | $9,841,206 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 20

STATEMENTS OF CHANGES IN NET ASSETS

|  |  |  |  |  |  |  |  |  | Six months ended 4-30-17 |  |  |  |  |  |  |  |  |  |  |  | Year ended 10-31-16 |  |  |  |
|  |  |  |  |  |  |  |  |  | (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Increase (decrease) in net assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| From operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net investment income |  |  |  |  |  |  |  |  | $5,629,223 |  |  |  |  |  |  |  |  | $11,493,949 |
| Net realized gain (loss) |  |  |  |  |  |  |  |  | 1,214,896 |  |  |  |  |  |  |  |  | (3,782,717 | )
| Change in net unrealized appreciation (depreciation) |  |  |  |  |  |  |  |  | 2,997,087 |  |  |  |  |  |  |  |  | 12,050,935 |
| Increase in net assets resulting from operations |  |  |  |  |  |  |  |  | 9,841,206 |  |  |  |  |  |  |  |  | 19,762,167 |
| Distributions to shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| From net investment income |  |  |  |  |  |  |  |  | (5,653,471 | ) |  |  |  |  |  |  |  | (12,180,155 | )
| From fund share transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Repurchased |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | (1,180,832 | )
| Total from fund share transactions |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | (1,180,832 | )
| Total increase |  |  |  |  |  |  |  |  | 4,187,735 |  |  |  |  |  |  |  |  | 6,401,180 |
| Net assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beginning of period |  |  |  |  |  |  |  |  | 157,651,823 |  |  |  |  |  |  |  |  | 151,250,643 |
| End of period |  |  |  |  |  |  |  |  | $161,839,558 |  |  |  |  |  |  |  |  | $157,651,823 |
| Undistributed net investment income |  |  |  |  |  |  |  |  | $830,346 |  |  |  |  |  |  |  |  | $854,594 |
| Share activity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Beginning of period |  |  |  |  |  |  |  |  | 8,707,025 |  |  |  |  |  |  |  |  | 8,791,425 |
| Shares repurchased |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | (84,400 | )
| End of period |  |  |  |  |  |  |  |  | 8,707,025 |  |  |  |  |  |  |  |  | 8,707,025 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 21

STATEMENT OF CASH FLOWS For the six months ended 4-30-17 (unaudited)

| Cash flows from operating activities |  |  |  |
| Net increase in net assets from operations |  |  | $9,841,206 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |
| Long-term investments purchased |  |  | (62,340,985) |
| Long-term investments sold |  |  | 68,579,233 |
| Increase in short-term investments |  |  | (4,891,000) |
| Net amortization of premium (discount) |  |  | 213,049 |
| Decrease in cash segregated at custodian for derivative contracts |  |  | 270,000 |
| Increase in receivable for investments sold |  |  | (1,342,139) |
| Decrease in dividends and interest receivable |  |  | 27,908 |
| Increase in other receivables and prepaid assets |  |  | (12,893) |
| Decrease in payable for investments purchased |  |  | (466,894) |
| Decrease in unrealized appreciation (depreciation) of swap contracts |  |  | (26,797) |
| Increase in interest payable |  |  | 30,538 |
| Decrease in payable to affiliates |  |  | (1,125) |
| Decrease in other liabilities and accrued expenses |  |  | (15,885) |
| Net change in unrealized (appreciation) depreciation on investments |  |  | (2,964,852) |
| Net realized gain on investments |  |  | (1,243,533) |
| Net cash provided by operating activities |  |  | $5,655,831 |
| Cash flows from financing activities |  |  |  |
| Distributions to common shareholders net of reinvestments |  |  | ($5,653,471) |
| Net cash used in financing activities |  |  | ($5,653,471 | )
| Net increase in cash |  |  | $2,360 |
| Cash at beginning of period |  |  | 23,074 |
| Cash at end of period |  |  | $25,434 |
| Supplemental disclosure of cash flow information |  |  |  |
| Cash paid for interest |  |  | $577,219 |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 22

Financial highlights

| COMMON SHARES Period Ended |  |  | 4-30-171 |  |  |  |  |  | 10-31-16 |  |  |  |  |  | 10-31-15 |  |  |  |  |  | 10-31-14 |  |  |  |  |  | 10-31-13 |  |  |  |  |  | 10-31-12 |
| Per share operating performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net asset value, beginning of period |  |  |  |  |  |  |  |  |  |  |  | $18.11 |  |  |  |  |  |  |  |  | $17.20 |  |  |  |  |  |  |  |  | $19.56 |  |  |  |  |  |  |  |  | $19.76 |  |  |  |  |  |  |  |  | $20.44 |  |  |  |  |  |  |  |  | $19.19 |
| Net investment income2 |  |  |  |  |  |  |  |  |  |  |  | 0.65 |  |  |  |  |  |  |  |  | 1.32 |  |  |  |  |  |  |  |  | 1.41 |  |  |  |  |  |  |  |  | 1.58 |  |  |  |  |  |  |  |  | 1.61 |  |  |  |  |  |  |  |  | 1.88 |
| Net realized and unrealized gain (loss) on investments |  |  |  |  |  |  |  |  |  |  |  | 0.48 |  |  |  |  |  |  |  |  | 0.96 |  |  |  |  |  |  |  |  | (2.28 | ) |  |  |  |  |  |  |  | (0.14 | ) |  |  |  |  |  |  |  | (0.59 | ) |  |  |  |  |  |  |  | 1.30 |
| Total from investment operations |  |  |  |  |  |  |  |  |  |  |  | 1.13 |  |  |  |  |  |  |  |  | 2.28 |  |  |  |  |  |  |  |  | (0.87 | ) |  |  |  |  |  |  |  | 1.44 |  |  |  |  |  |  |  |  | 1.02 |  |  |  |  |  |  |  |  | 3.18 |
| Less distributions to common shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| From net investment income |  |  |  |  |  |  |  |  |  |  |  | (0.65 | ) |  |  |  |  |  |  |  | (1.39 | ) |  |  |  |  |  |  |  | (1.49 | ) |  |  |  |  |  |  |  | (1.64 | ) |  |  |  |  |  |  |  | (1.71 | ) |  |  |  |  |  |  |  | (1.94 | )
| Anti-dilutive impact of repurchase plan |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 0.02 | 3 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | — |
| Anti-dilutive impact of shelf offering |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | — | 4 |  |  |  |  |  |  |  | 0.01 |  |  |  |  |  |  |  |  | 0.01 |
| Net asset value, end of period |  |  |  |  |  |  |  |  |  |  |  | $18.59 |  |  |  |  |  |  |  |  | $18.11 |  |  |  |  |  |  |  |  | $17.20 |  |  |  |  |  |  |  |  | $19.56 |  |  |  |  |  |  |  |  | $19.76 |  |  |  |  |  |  |  |  | $20.44 |
| Per share market value, end of period |  |  |  |  |  |  |  |  |  |  |  | $17.51 |  |  |  |  |  |  |  |  | $16.73 |  |  |  |  |  |  |  |  | $15.20 |  |  |  |  |  |  |  |  | $19.06 |  |  |  |  |  |  |  |  | $19.30 |  |  |  |  |  |  |  |  | $22.24 |
| Total return at net asset value (%)5,6 |  |  |  |  |  |  |  |  |  |  |  | 6.63 | 7 |  |  |  |  |  |  |  | 14.95 |  |  |  |  |  |  |  |  | (3.85 | ) |  |  |  |  |  |  |  | 7.65 |  |  |  |  |  |  |  |  | 5.09 |  |  |  |  |  |  |  |  | 16.14 |
| Total return at market value (%)6 |  |  |  |  |  |  |  |  |  |  |  | 8.72 | 7 |  |  |  |  |  |  |  | 20.17 |  |  |  |  |  |  |  |  | (12.80 | ) |  |  |  |  |  |  |  | 7.40 |  |  |  |  |  |  |  |  | (5.66 | ) |  |  |  |  |  |  |  | 11.13 |
| Ratios and supplemental data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net assets applicable to common shares, end of period (in millions) |  |  |  |  |  |  |  |  |  |  |  | $162 |  |  |  |  |  |  |  |  | $158 |  |  |  |  |  |  |  |  | $151 |  |  |  |  |  |  |  |  | $172 |  |  |  |  |  |  |  |  | $173 |  |  |  |  |  |  |  |  | $176 |
| Ratios (as a percentage of average net assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Expenses before reductions |  |  |  |  |  |  |  |  |  |  |  | 1.89 | 8 |  |  |  |  |  |  |  | 1.79 |  |  |  |  |  |  |  |  | 1.54 |  |  |  |  |  |  |  |  | 1.38 |  |  |  |  |  |  |  |  | 1.41 |  |  |  |  |  |  |  |  | 1.57 |
|  |  |  | Expenses including reductions9 |  |  |  |  |  |  |  |  |  |  |  | 1.88 | 8 |  |  |  |  |  |  |  | 1.78 |  |  |  |  |  |  |  |  | 1.53 |  |  |  |  |  |  |  |  | 1.37 |  |  |  |  |  |  |  |  | 1.41 |  |  |  |  |  |  |  |  | 1.57 |
|  |  |  | Net investment income |  |  |  |  |  |  |  |  |  |  |  | 7.24 | 8 |  |  |  |  |  |  |  | 7.75 |  |  |  |  |  |  |  |  | 7.70 |  |  |  |  |  |  |  |  | 7.94 |  |  |  |  |  |  |  |  | 8.00 |  |  |  |  |  |  |  |  | 9.65 |
| Portfolio turnover (%) |  |  |  |  |  |  |  |  |  |  |  | 26 |  |  |  |  |  |  |  |  | 62 |  |  |  |  |  |  |  |  | 74 |  |  |  |  |  |  |  |  | 71 |  |  |  |  |  |  |  |  | 61 |  |  |  |  |  |  |  |  | 56 |
| Senior securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total debt outstanding end of period (in millions) |  |  |  |  |  |  |  |  |  |  |  | $87 |  |  |  |  |  |  |  |  | $87 |  |  |  |  |  |  |  |  | $87 |  |  |  |  |  |  |  |  | $87 |  |  |  |  |  |  |  |  | $86 |  |  |  |  |  |  |  |  | $86 |
| Asset coverage per $1,000 of debt10 |  |  |  |  |  |  |  |  |  |  |  | $2,862 |  |  |  |  |  |  |  |  | $2,814 |  |  |  |  |  |  |  |  | $2,741 |  |  |  |  |  |  |  |  | $2,979 |  |  |  |  |  |  |  |  | $3,013 |  |  |  |  |  |  |  |  | $3,054 |

| 1 |  |  | Six months ended 4-30-17. Unaudited. |  |  |  |  |  |  |
| 2 |  |  | Based on average daily shares outstanding. |  |  |  |  |  |  |
| 3 |  |  | The repurchase plan was completed at an average repurchase price of $13.99 for 84,400 shares, which equals $1,180,832 in redemptions for the year ended 10-31-16. |  |  |  |  |  |  |
| 4 |  |  | Less than $0.005 per share. |  |  |  |  |  |  |
| 5 |  |  | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |  |  |  |  |  |  |
| 6 |  |  | 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. These figures will differ depending upon the level of any discount from or premium to net asset value at which the fund's shares traded during the period. |  |  |  |  |  |  |
| 7 |  |  | Not annualized. |  |  |  |  |  |  |
| 8 |  |  | Annualized. |  |  |  |  |  |  |
| 9 |  |  | Expenses including reductions excluding interest expense were 1.10% (annualized), 1.16%, 1.06%, 1.05%, 1.07% and 1.07% for the periods ended 4-30-17, 10-31-16, 10-31-15, 10-31-14, 10-31-13 and 10-31-12, respectively. |  |  |  |  |  |  |
| 10 |  |  | 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. |  |  |  |  |  |  |

SEE NOTES TO FINANCIAL STATEMENTS
SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 23

Notes to financial statements (unaudited)

Note 1 — Organization

John Hancock Investors Trust (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).

In 2012 and 2015, the fund filed registration statements with the Securities and Exchange Commission (SEC), registering an additional 1,000,000 and 1,000,000 common shares, respectively, through equity shelf offering programs. Under these programs, the fund, subject to market conditions, may raise additional equity capital from time to time by offering new common shares at a price equal to or above the fund's net asset value (NAV) per common share.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: 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. 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 trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Swaps are valued using evaluated prices obtained from an independent pricing vendor. Foreign securities 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.

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

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 24

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.

As of April 30, 2017, all investments are categorized as Level 2 under the hierarchy described above, except for common stocks and preferred securities, which are categorized as Level 1.

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 Statement of assets and liabilities. 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.

Term loans (Floating rate loans). The fund may invest in term loans, which often include debt securities that are rated below investment grade at the time of purchase. Term loans are generally subject to legal or contractual restrictions on resale and generally have longer settlement periods than conventional debt securities. Term loans involve special types of risk, including credit risk, interest-rate risk, counterparty risk and risk associated with extended settlement. The liquidity of term loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. During periods of infrequent trading, valuing a term loan can be more difficult and buying and selling a term loan at an acceptable price can be more difficult and delayed, which could result in a loss.

The fund's ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The fund's failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason would adversely affect the fund's income and would likely reduce the value of its assets. Transactions in loan investments typically take a significant amount of time (i.e., seven days or longer) to settle. This could pose a liquidity risk to the fund and, if the fund's exposure to such investments is substantial, could impair the fund's ability to meet redemptions. Because term loans may not be rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadvisor's credit analysis of the borrower and/or term loan agents. There is greater risk that the fund may have limited rights to enforce the terms of an underlying loan than for other types of debt instruments.

At April 30, 2017, the fund had $1,295,000 in unfunded loan commitments outstanding.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Distributions received on securities that represent a tax return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 25

Foreign currency translation. Assets, including investments and liabilities denominated in foreign currencies, are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors. Foreign investments are also subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.

Overdrafts. Pursuant to the custodian agreement, the fund's custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund's relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, as of October 31, 2016, the fund has a capital loss carryforward of $19,458,095 available to offset future net realized capital gains. The following table details the capital loss carryforward available:

Capital loss carryforward expiring October 31 | No expiration date
2017 | 2019 | Short term | Long term
$2,675,603 | $2,044,097 | $3,544,289 | $11,194,106

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 26

As of October 31, 2016, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly and capital gain distributions, if any, annually.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to contingent payment debt instruments, defaulted bonds, expiration of a capital loss carryforward, derivative transactions and amortization and accretion on debt securities.

Statement of cash flows. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund's Statement of assets and liabilities and represents the cash on hand at the fund's custodian and does not include any short-term investments or cash segregated at the custodian for derivative contracts.

Note 3 — 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 over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Certain swaps are typically traded through the OTC market. Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.

As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund for OTC transactions is held in a segregated account at the fund's custodian and is noted in the accompanying Fund's investments, or if cash is posted, on the Statement of assets and liabilities. The fund's maximum risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.

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

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 27

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). 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.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that are in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

During the six months ended April 30, 2017, the fund used interest rate swaps in anticipation of rising interest rates. No interest rate swap positions were entered into or closed during the six months ended April 30, 2017.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at April 30, 2017 by risk category:

| Risk |  |  | Statement of assets and liabilities location |  |  |  |  |  | Financial instruments location |  |  | Assets derivatives fair value |  |  | Liabilities derivative fair value |
| Interest rate |  |  | Swap contracts, at value |  |  |  |  |  | Interest rate swaps |  |  | — |  |  | ($63,247 | )

For financial reporting purposes, the portfolio does not offset OTC derivative assets or liabilities that are subject to master netting arrangements, as defined by the ISDAs, in the Statement of assets and liabilities. In the event of default by the counterparty or a termination of the agreement, the ISDA allows an offset of amounts across the various transactions between the fund and the applicable counterparty.

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2017:

| Risk |  |  | Statement of operations location |  |  | Swap contracts |
| Interest rate |  |  | Net realized gain (loss) |  |  | ($22,537 | )

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2017:

Risk | Statement of operations location | Swap contracts
Interest rate | Change in unrealized appreciation (depreciation) | $26,797

Note 4 — Guarantees and indemnifications

Under the fund's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 28

Note 5 — Fees and transactions with affiliates

John Hancock Advisers, LLC (the Advisor) serves as investment advisor for the fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Advisor, serves as distributor for the common shares offered through the equity shelf offering. The Advisor is an indirect, wholly owned subsidiary of Manulife Financial Corporation (MFC).

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis, to the sum of (a) 0.650% of the first $150 million of the fund's average daily managed assets (net assets plus borrowings under the Liquidity Agreement (see Note 8), (b) 0.375% of the next $50 million of the fund's average daily managed assets, (c) 0.350% of the next $100 million of the fund's average daily managed assets and (d) 0.300% of the fund's average daily managed assets in excess of $300 million. The Advisor has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the six months ended April 30, 2017, this waiver amounted to 0.01% of the fund's average daily managed assets (on an annualized basis). This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The expense reductions described above amounted to $9,292 for the six months ended April 30, 2017.

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended April 30, 2017 were equivalent to a net annual effective rate of 0.53% of the fund's average daily managed assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred for the six months ended April 30, 2017 amounted to an annual rate of 0.02% of the fund's average daily managed assets.

Distributor. The fund will compensate the Distributor with respect to sales of the common shares offered through the equity shelf offering at a commission rate of 1.00% of the gross proceeds of the sale of common shares, a portion of which is allocated to the selling dealers. During the six months ended April 30, 2017, there was no compensation paid to the Distributor. The Distributor has an agreement with a sub-placement agent in the sale of common shares. The fund is not responsible for payment of commissions to the sub placement agent.

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.

Note 6 — Fund share transactions

On December 10, 2015, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed and approved 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, 2016. The current share repurchase plan

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 29

will remain in effect between January 1, 2017 to December 31, 2017. During the six months ended April 30, 2017, there was no activity under the share repurchase plan. During the year ended October 31, 2016, the fund repurchased 0.96% of its common shares outstanding under the repurchase program. The weighted average discount per share on these repurchases amounted to 10.58% for the year ended October 31, 2016. Shares repurchased and corresponding dollar amounts are included on the Statements of changes in net assets. The anti-dilutive impact of these share repurchases is included in the Financial highlights.

During the six months ended April 30, 2017 and the year ended October 31, 2016, there was no activity under the shelf offering program. Proceeds received in connection with the shelf offering are net of commissions and offering costs. Total offering costs of $248,706 have been prepaid by the fund. These costs are deducted from proceeds as shares are issued. To date, $21,863 has been deducted from proceeds of shares issued and the remaining $226,843 is included in Other receivables and prepaid expenses on the Statement of assets and liabilities.

Note 7 — Leverage risk

The fund utilizes a Liquidity Agreement to increase its assets available for investment. When the fund leverages its assets, common shareholders bear the fees associated with the Liquidity Agreement and have potential to benefit or be disadvantaged from the use of leverage. The Advisor's fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund's assets. Leverage creates risks that may adversely affect the return for the holders of common shares, including:

• | the likelihood of greater volatility of NAV and market price of common shares;
• | fluctuations in the interest rate paid for the use of the Liquidity Agreement;
• | increased operating costs, which may reduce the fund's total return;
• | the potential for a decline in the value of an investment acquired through leverage, while the fund's obligations under such leverage remains fixed; and
• | the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund's return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived. The use of securities lending to obtain leverage in the fund's investments may subject the fund to greater risk of loss than would reinvestment of collateral in short-term highly rated investments.

In addition to the risks created by the fund's use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the Liquidity Agreement is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund's ability to generate income from the use of leverage would be adversely affected.

Note 8 — Liquidity agreement

The fund has entered into a Liquidity Agreement (LA) with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $86.9 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at April 30, 2017 are shown in the Statement of assets and liabilities as the Liquidity agreement.

The fund pledges its assets as collateral to secure obligations under the LA. The fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities lending and reverse repurchase transactions with SSB acting as the fund's authorized agent for these transactions. All transactions initiated through SSB are required to be secured with cash collateral received from the securities borrower (the Borrower) or cash is received from the reverse repurchase agreement (Reverse Repo) counterparties. Securities lending transactions will

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 30

be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these transactions. Cash received by SSB from securities lending or Reverse Repo transactions is credited against the amounts borrowed under the line of credit.

Upon return of securities by the Borrower or Reverse Repo counterparty, SSB will return the cash collateral to the Borrower or proceeds from the Reverse Repo, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements is paid by SSB.

SSB has indemnified the fund for certain losses that may arise if the Borrower or a Reverse Repo Counterparty fails to return securities when due. With respect to securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the Borrower to purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement securities, SSB is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any of the fund's losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the Borrower or proceeds from the Reverse Repo counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the Borrower or Reverse Repo counterparty fails to return the securities on a timely basis.

Under normal circumstances, interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.60%, is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of April 30, 2017, the fund had an aggregate balance of $86,900,000 at an interest rate of 1.60%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the six months ended April 30, 2017, the average balance of the LA and the effective average interest rate were $86,900,000 and 1.41%, respectively.

After the six month anniversary of the effective date of the agreement, the fund may terminate the LA with 60 days' notice. If certain asset coverage and collateral requirements, or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination event, SSB is required to provide the fund with 360 days' notice prior to terminating the LA.

Note 9 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, amounted to $62,340,985 and $68,579,233, respectively, for the six months ended April 30, 2017.

Note 10 — New rule issuance

In October 2016, the SEC issued Final Rule Release No.33-10231, Investment Company Reporting Modernization (the Release). The Release calls for the adoption of new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The SEC is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The updates to Regulation S-X are effective August 1, 2017 and may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments. These updates will have no impact on the fund's net assets or results of operations

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 31

ADDITIONAL INFORMATION

Unaudited

Investment objective and policy

The fund is a diversified, closed-end, management investment company, common shares of which were initially offered to the public in January 1971. The fund's primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective. The preponderance of the fund's assets are invested in a diversified portfolio of debt securities issued by U.S. and non-U.S. corporations and governments, some of which may carry equity features. Up to 50% of the value of the fund's assets may be invested in restricted securities acquired through private placements. The fund may also invest in repurchase agreements. The fund utilizes a credit facility agreement to increase its assets available for investments.

Dividends and distributions

During the six months ended April 30, 2017, distributions from net investment income totaling $0.6493 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment Date | Income Distributions
December 30, 2016 | $0.3268
March 31, 2017 | 0.3225
Total | $0.6493

Shareholder meeting

The fund held its Annual Meeting of Shareholders on January 24, 2017. The following proposal was considered by the shareholders:

Proposal: Election of thirteen (13) Nominees to serve until their respective successors have been duly elected and qualified

| Total votes for the nominee | Total votes withheld from the nominee
Independent Trustees |  |
Charles L. Bardelis | 7,040,497.509 | 215,448.948
Peter S. Burgess | 7,031,998.544 | 223,947.913
William H. Cunningham | 7,045,068.509 | 210,877.948
Grace K. Fey | 7,048,449.966 | 207,496.491
Theron S. Hoffman | 7,042,975.938 | 212,970.519
Deborah C. Jackson | 7,033,063.929 | 222,882.528
Hassell H. McClellan | 7,046,226.424 | 209,720.033
James M. Oates | 7,043,460.938 | 212,485.519
Steven R. Pruchansky | 7,048,968.459 | 206,977.998
Gregory A. Russo | 7,051,938.023 | 204,008.434
Non-Independent Trustee |  |
James R. Boyle | 7,040,705.001 | 215,241.456
Craig Bromley1 | 7,054,541.966 | 201,404.491
Warren A. Thomson | 7,048,632.481 | 207,313.976

1 | Effective June 15, 2017, Mr. Bromley no longer serves as a Trustee of the fund. Andrew G. Arnott has been appointed as a Trustee of the fund effective June 20, 2017. Mr. Arnott serves as a Trustee until his successor has been duly elected and qualified.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 32

More information

Trustees Hassell H. McClellan, Chairperson# Steven R. Pruchansky, Vice Chairperson Andrew G. Arnott†## Charles L. Bardelis* James R. Boyle† Peter S. Burgess* William H. Cunningham Grace K. Fey Theron S. Hoffman* Deborah C. Jackson James M. Oates Gregory A. Russo Warren A. Thomson† Officers Andrew G. Arnott President John J. Danello Senior Vice President, Secretary, and Chief Legal Officer Francis V. Knox, Jr. Chief Compliance Officer Charles A. Rizzo Chief Financial Officer Salvatore Schiavone Treasurer | Investment advisor John Hancock Advisers, LLC Subadvisor John Hancock Asset Management a division of Manulife Asset Management (US) LLC Principal distributor John Hancock Funds, LLC Custodian State Street Bank and Trust Company Transfer agent Computershare Shareowner Services, LLC Legal counsel K&L Gates LLP Stock symbol Listed New York Stock Exchange: JHI

*Member of the Audit Committee
†Non-Independent Trustee
#Effective 1-1-17
##Effective 6-20-17

The fund's proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

The fund's complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The fund's Form N-Q is available on our website and the SEC's website, sec.gov, and can be reviewed and copied (for a fee) at the SEC's Public Reference Room in Washington, DC. Call 800-SEC-0330 to receive information on the operation of the SEC's Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.

| You can also contact us:
| 800-852-0218 jhinvestments.com | Regular mail: Computershare P.O. Box 505000 Louisville, KY 40233 | Express mail: Computershare 462 South 4th Street, Suite 1600 Louisville, KY 40202

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 33

John Hancock family of funds

DOMESTIC EQUITY FUNDS Balanced Blue Chip Growth Classic Value Disciplined Value Disciplined Value Mid Cap Equity Income Fundamental All Cap Core Fundamental Large Cap Core Fundamental Large Cap Value New Opportunities Small Cap Value Small Company Strategic Growth U.S. Global Leaders Growth U.S. Growth Value Equity GLOBAL AND INTERNATIONAL EQUITY FUNDS Disciplined Value International Emerging Markets Emerging Markets Equity Fundamental Global Franchise Global Equity Global Shareholder Yield Greater China Opportunities International Growth International Small Company International Value Equity |  | INCOME FUNDS Bond California Tax-Free Income Emerging Markets Debt Floating Rate Income Global Income Government Income High Yield High Yield Municipal Bond Income Investment Grade Bond Money Market Short Duration Credit Opportunities Spectrum Income Strategic Income Opportunities Tax-Free Bond ALTERNATIVE AND SPECIALTY FUNDS Absolute Return Currency Alternative Asset Allocation Enduring Assets Financial Industries Global Absolute Return Strategies Global Conservative Absolute Return Global Focused Strategies Natural Resources Redwood Regional Bank Seaport Technical Opportunities

The fund's investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investments at 800-852-0218, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

ASSET ALLOCATION Income Allocation Fund Multi-Index Lifetime Portfolios Multi-Index Preservation Portfolios Multimanager Lifestyle Portfolios Multimanager Lifetime Portfolios EXCHANGE-TRADED FUNDS John Hancock Multifactor Consumer Discretionary ETF John Hancock Multifactor Consumer Staples ETF John Hancock Multifactor Developed International ETF John Hancock Multifactor Energy ETF John Hancock Multifactor Financials ETF John Hancock Multifactor Healthcare ETF John Hancock Multifactor Industrials ETF John Hancock Multifactor Large Cap ETF John Hancock Multifactor Materials ETF John Hancock Multifactor Mid Cap ETF John Hancock Multifactor Technology ETF John Hancock Multifactor Utilities ETF |  | ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FUNDS ESG All Cap Core ESG Core Bond ESG International Equity ESG Large Cap Core CLOSED-END FUNDS Financial Opportunities Hedged Equity & Income Income Securities Trust Investors Trust Preferred Income Preferred Income II Preferred Income III Premium Dividend Tax-Advantaged Dividend Income Tax-Advantaged Global Shareholder Yield

John Hancock Multifactor ETF shares are bought and sold at market price (not NAV), and are not individually redeemed
from the fund. Brokerage commissions will reduce returns.

John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Funds, LLC or Dimensional Fund Advisors LP.

Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the
John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no
representation as to the advisability of investing in, John Hancock Multifactor ETFs.

John Hancock Investments

A trusted brand

John Hancock Investments is a premier asset manager representing one of
America's most trusted brands, 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.

A better way to invest

We serve investors globally through a unique multimanager approach:
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.

Results for investors

Our unique approach to asset management enables us to provide a diverse set
of investments backed by some of the world's best managers, along with strong
risk-adjusted returns across asset classes.

| John Hancock Advisers, LLC 601 Congress Street n Boston, MA 02210-2805 800-852-0218 n jhinvestments.com
| MF368611 | P5SA 4/17 6/17

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable at this time.

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)

|  |  | Total number of | Maximum number of
|  |  | shares purchased | shares that may yet
| Total number of | Average price per | as part of publicly | be purchased under
Period | shares purchased | share | announced plans* | the plans
Nov-16 | - | - | - | 870,703
Dec-15 | - | - | - | 870,703
Jan-17 | - | - | - | 870,703*
Feb-17 | - | - | - | 870,703
Mar-17 | - | - | - | 870,703
Apr-17 | - | - | - | 870,703
Total | - | - |  |
* On December 10, 2015, the Board of Trustees approved a share repurchase program. Under the share repurchase program, the Fund may purchase in the open market, up to 10% of its outstanding common shares between January 1, 2017 to December, 31, 2017 (based on common shares outstanding as of December 31, 2016).

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 registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Nominating, Governance and Administration Committee Charter.”

(c)(2) Contact person at the registrant.

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 Investors Trust

By: |  | /s/ Andrew Arnott
|  | Andrew Arnott
|  | President
Date: |  | June 21, 2017

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/ Andrew Arnott
|  | Andrew Arnott
|  | President
Date: |  | June 21, 2017

By: |  | /s/ Charles A. Rizzo
|  | Charles A. Rizzo
|  | Chief Financial Officer
Date: |  | June 21, 2017