N-CSR 1 d349727.htm N-CSR

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4173

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

200 Berkeley Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip code)

Salvatore Schiavone
Treasurer
200 Berkeley Street

Boston, Massachusetts 02116
(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: |  | October 31, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

John Hancock

Investors Trust

Ticker: JHI
Annual report 10/31/18

A message to shareholders

Dear shareholder,

It has been a challenging year for fixed-income investors, as both short- and long-term yields rose steadily higher. Inflation fears sparked a sell-off in credit segments of the markets in early 2018, while a strong economy led the U.S. Federal Reserve (Fed) to continue normalizing monetary policy. Meanwhile, foreign bonds, especially emerging-market debt, suffered declines as the U.S. dollar strengthened against a range of major currencies. Recent questions about the solvency of some of the European Union's more heavily indebted nations also raised concerns.

Diversification in a fixed-income portfolio remains a time-tested strategy, but periods such as this year—when a number of typically uncorrelated markets moved in the same direction—do sometimes occur. They also tend to be relatively short-lived, and eventually fundamentals—including credit risk, the direction of interest rates, and foreign exchange rates—reassert themselves to drive performance.

Your best resource in unpredictable and volatile markets is your financial advisor, who can help position your portfolio so that it's sufficiently diversified to meet your long-term objectives and to withstand the inevitable turbulence along the way.

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

Sincerely,

Andrew G. Arnott
President and CEO,
John Hancock Investments
Head of Wealth and Asset Management,
United States and Europe

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. It is not possible to invest directly in an index. 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
20 |  | Financial statements
24 |  | Financial highlights
25 |  | Notes to financial statements
34 |  | Report of independent registered public accounting firm
35 |  | Tax information
36 |  | Additional information
38 |  | Continuation of investment advisory and subadvisory agreements
44 |  | Trustees and Officers
48 |  | More information

ANNUAL 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 10/31/18 (%)

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

Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund's performance at net asset value (NAV) is different from the fund's performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may be augmented when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund's most recent performance can be found at jhinvestments.com or by calling 800-852-0218.

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Bonds finished the period with negative returns

The bond market came under pressure from the combination of stronger U.S. growth and tighter monetary policy by the U.S. Federal Reserve.

The fund underperformed a comparative index

The fund posted a loss and lagged the Bloomberg Barclays U.S. Government/Credit Bond Index.

The fund's use of leverage—which amplifies the impact of falling bond prices—detracted from results

The adverse effect of leverage was somewhat offset by security selection and asset allocation.

PORTFOLIO COMPOSITION AS OF 10/31/18 (%)

A note about risks

As is the case with all exchange-listed, 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. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of fund securities may negatively impact performance. 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. Derivatives transactions, such as hedging and other strategic transactions, may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment.

ANNUAL 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

How would you describe investment conditions during the 12 months ended October 31, 2018?

The past year proved to be a challenging time for the global fixed-income markets, primarily as a result of the U.S. Federal Reserve's (Fed's) continued shift toward tighter monetary policy. Strong economic growth in the United States, in combination with an uptick in inflation, prompted the Fed to raise short-term interest rates by a quarter point on four separate occasions. The benchmark rate stood at 2.25% at the close of the period, and consensus expectations favored three to four more quarter-point increases before the end of 2019. In addition to raising rates, the Fed continued to unwind its stimulative quantitative easing policy by reducing the size of its balance sheet.

These developments put downward pressure on U.S. Treasury prices and weighed on returns across the investment-grade market. Securitized assets and investment-grade corporate bonds both finished with losses as a result. High-yield bonds, while generally holding up better than higher-quality issues due to the backdrop of improving growth, also produced lackluster absolute returns due to their poor performance in February and October. Emerging-market bonds, which were hurt not just by rising rates, but also by protectionist U.S. trade policies and economic disruptions in Turkey and Argentina, finished as the worst-performing segment of the fixed-income market.

What factors helped and hurt the fund's results?

The fund experienced a small loss and lagged a comparative index, the Bloomberg Barclays U.S. Government/Credit Bond Index. The use of leverage was a significant detractor from performance, outweighing the positive effects of security selection, asset allocation, and duration positioning.

Our use of leverage was the primary reason for the shortfall. Leverage is the use of borrowed capital to allow the fund to hold a larger invested position than it would without the use of leverage. At the close of the period, the fund had $236.1 million in total assets, with $86.9 million outstanding under a liability agreement. Since leverage increases the size of a portfolio's invested asset base, it can lead to a larger contribution from income and augment returns in a rising market. However, it

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 4

"The past year proved to be a challenging time for the global fixed-income markets ..."
can also exacerbate the impact of a market downturn such as that which occurred in the past 12 months. Additionally, the cost of leverage increased due to rising interest rates.

On the plus side, our individual security selection contributed to performance. The information technology and healthcare industries were the most notable areas of strength, with smaller contributions coming from oil field services, electric utilities, and banking, among other areas. Conversely, the fund lost some ground through our selection in the wire line telecommunication and independent energy industries.

With regard to asset allocation, the largest contribution came from the fund's sizable allocation to high-yield bonds. The fund averaged a weighting of about 65% of net assets in the category, allowing it to capitalize on its positive relative performance. The fund further benefited from having a zero weighting in U.S. Treasuries, which made up more than half of a comparative index.

The fund's positioning with respect to duration (interest-rate sensitivity) further aided results. We kept duration below that of a comparative index, which helped protect the portfolio from the full

QUALITY COMPOSITION AS OF 10/31/18 (%)

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 5

impact of rising yields. The fund's duration stood at 4.8 years on October 31, 2018, compared with 6.3 years for the index.

How would you describe your overall view on the investment backdrop, and how was that reflected in the fund's activity?

We retain a reasonably positive outlook on the U.S. economy, and we believe the tax reduction bill passed in late 2017 continues to aid domestic corporations' free cash flow. The Fed, while remaining poised to maintain its monetary policy tightening, is demonstrating its commitment to a gradual, data-dependent, and well-communicated approach designed to minimize market disruptions. We're also encouraged by the fact that the credit markets remain free of the excesses that typically precede a severe downturn in the credit cycle. Absolute yields in the domestic high-yield space finished October at the highest level in more than two years, indicating that investors were being well compensated for the risks.

With that said, we continued to pursue a fairly defensive approach. Instead of trying to boost the portfolio's yield by establishing a large weighting in lower-quality issues, we emphasized bonds that offer attractive yields in relation to the underlying risks. Specifically, we sought securities with the potential for positive price performance stemming from favorable catalysts in the underlying businesses. The financials sector, where we identified a number of securities lower in the capital structures of investment-grade banks, was one such area of opportunity. In addition to featuring high yields relative to the risks of the underlying issuers, some bonds in this segment offer floating rates—an attractive attribute given the Fed's current policy direction. We also liked the communication and cable/media industries due to their stable, subscription-based revenues. In addition, a number of issuers in these areas may benefit from merger-and-acquisition activity. The

COUNTRY COMPOSITION AS OF 10/31/18 (%)

United States | 64.3
Mexico | 6.6
United Kingdom | 3.6
France | 3.3
Netherlands | 3.0
Brazil | 2.9
Ireland | 1.9
Chile | 1.8
Canada | 1.8
Luxembourg | 1.7
Other countries | 9.1
TOTAL | 100.0
As a percentage of total investments. |

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 6

technology and midstream energy (pipelines) industries also featured a high representation of bonds with favorable risk/reward profiles.

Conversely, we maintained underweights in segments of the energy sector with a higher sensitivity to oil prices. We also avoided a number of issuers in the consumer noncyclical area, including those in the retail, auto, leisure, and home construction categories. We believe the economic cycle is relatively advanced, which argues for lower exposure to consumer noncyclicals.

Outside of the corporate bond space, we maintained a preference for agency mortgage-backed securities (MBS). In addition to offering moderately attractive yields, agency MBS can provide a measure of protection against the possibility of economic growth failing to live up to expectations.

We believe this strategy, which combines overweights in the higher-yielding credit sectors with a defensive posture and a continued focus on individual security selection, is well suited to an environment that features both healthy fundamentals and the potential for increased risk.

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.
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 7

Fund’s investments |

AS OF 10-31-18

| Rate (%) | Maturity date |  | Par value^ | Value
U.S. Government and Agency obligations 4.7% (3.0% of Total investments) |  | $6,865,082
(Cost $7,098,748) |  |  |  |  |
U.S. Government Agency 4.7% |  |  |  |  | 6,865,082
Federal National Mortgage Association |  |  |  |  |
30 Yr Pass Thru | 4.000 | 12-01-40 |  | 1,839,290 | 1,857,670
30 Yr Pass Thru | 4.000 | 09-01-41 |  | 1,628,741 | 1,645,017
30 Yr Pass Thru | 4.000 | 10-01-41 |  | 959,897 | 969,490
30 Yr Pass Thru | 4.000 | 01-01-42 |  | 466,709 | 471,372
30 Yr Pass Thru | 4.500 | 10-01-40 |  | 1,220,095 | 1,263,658
30 Yr Pass Thru | 5.000 | 04-01-41 |  | 261,499 | 277,331
30 Yr Pass Thru | 5.500 | 08-01-40 |  | 74,240 | 80,034
30 Yr Pass Thru | 6.500 | 01-01-39 |  | 270,367 | 300,510
Foreign government obligations 0.9% (0.5% of Total investments) |  | $1,243,371
(Cost $1,320,000) |  |  |  |  |
Oman 0.9% |  |  |  |  | 1,243,371
Oman Sovereign Sukuk SAOC Bond (A) | 4.397 | 06-01-24 |  | 1,320,000 | 1,243,371
Corporate bonds 140.0% (89.8% of Total investments) |  | $207,092,891
(Cost $215,887,103) |  |  |  |  |
Communication services 31.6% |  |  |  | 46,816,878
Diversified telecommunication services 7.6% |  |  |
C&W Senior Financing DAC (A) | 7.500 | 10-15-26 |  | 415,000 | 416,038
CSC Holdings LLC (A)(B)(C) | 5.500 | 04-15-27 |  | 1,245,000 | 1,195,200
Frontier Communications Corp. (B)(C) | 7.125 | 03-15-19 |  | 530,000 | 531,325
GCI LLC | 6.875 | 04-15-25 |  | 935,000 | 964,798
Intelsat Connect Finance SA (A) | 9.500 | 02-15-23 |  | 480,000 | 461,400
Intelsat Jackson Holdings SA (B)(C) | 7.500 | 04-01-21 |  | 702,000 | 710,775
Intelsat Jackson Holdings SA (A)(B)(C) | 8.500 | 10-15-24 |  | 735,000 | 722,138
Level 3 Financing, Inc. (B)(C) | 5.250 | 03-15-26 |  | 1,365,000 | 1,310,400
Level 3 Financing, Inc. | 5.625 | 02-01-23 |  | 825,000 | 827,912
Telecom Italia Capital SA (B)(C) | 6.000 | 09-30-34 |  | 1,560,000 | 1,407,900
Turk Telekomunikasyon AS (A) | 4.875 | 06-19-24 |  | 1,220,000 | 1,055,739
Windstream Services LLC (A)(B)(C) | 6.375 | 08-01-23 |  | 1,159,000 | 556,320
Windstream Services LLC (A) | 8.625 | 10-31-25 |  | 1,220,000 | 1,140,700
Entertainment 1.5% |  |  |
Lions Gate Capital Holdings LLC (A) | 5.875 | 11-01-24 |  | 1,095,000 | 1,100,475
Netflix, Inc. (A)(B)(C) | 5.875 | 11-15-28 |  | 1,220,000 | 1,198,650
Interactive media and services 1.8% |  |  |
Cimpress NV (A) | 7.000 | 06-15-26 |  | 1,300,000 | 1,298,375
Uber Technologies, Inc. (A) | 8.000 | 11-01-26 |  | 1,350,000 | 1,356,750
Media 13.4% |  |  |
Altice Financing SA (A)(B)(C) | 7.500 | 05-15-26 |  | 1,000,000 | 940,000
Altice France SA (A)(B)(C) | 6.250 | 05-15-24 |  | 1,675,000 | 1,608,000

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

| Rate (%) | Maturity date |  | Par value^ | Value
Communication services (continued) |  |  |  |
Media (continued) |  |  |
Cablevision Systems Corp. (B)(C) | 8.000 | 04-15-20 |  | 1,000,000 | $1,043,650
CCO Holdings LLC (A)(B)(C) | 5.000 | 02-01-28 |  | 1,630,000 | 1,522,013
CCO Holdings LLC | 5.125 | 02-15-23 |  | 950,000 | 945,250
CCO Holdings LLC (A)(B)(C) | 5.125 | 05-01-27 |  | 1,245,000 | 1,171,856
CCO Holdings LLC (A)(B)(C) | 5.750 | 02-15-26 |  | 1,000,000 | 990,000
Cengage Learning, Inc. (A) | 9.500 | 06-15-24 |  | 1,350,000 | 1,159,313
Cequel Communications Holdings I LLC (A)(B)(C) | 7.500 | 04-01-28 |  | 855,000 | 886,182
Grupo Televisa SAB (B)(C) | 4.625 | 01-30-26 |  | 725,000 | 719,580
Grupo Televisa SAB | 8.490 | 05-11-37 | MXN | 26,200,000 | 1,064,912
McGraw-Hill Global Education Holdings LLC (A)(B)(C) | 7.875 | 05-15-24 |  | 1,100,000 | 936,375
MDC Partners, Inc. (A)(B)(C) | 6.500 | 05-01-24 |  | 1,955,000 | 1,603,100
Myriad International Holdings BV (A) | 5.500 | 07-21-25 |  | 915,000 | 933,941
National CineMedia LLC | 6.000 | 04-15-22 |  | 1,250,000 | 1,262,500
Time Warner Cable LLC | 4.500 | 09-15-42 |  | 815,000 | 659,206
Viacom, Inc. (C) | 5.850 | 09-01-43 |  | 1,125,000 | 1,123,074
Viacom, Inc. (6.250% to 2-28-27, then 3 month LIBOR + 3.899%) | 6.250 | 02-28-57 |  | 1,250,000 | 1,205,201
Wireless telecommunication services 7.3% |  |  |
America Movil SAB de CV | 6.000 | 06-09-19 | MXN | 37,470,000 | 1,804,304
America Movil SAB de CV | 6.450 | 12-05-22 | MXN | 10,370,000 | 453,838
Colombia Telecomunicaciones SA ESP (A) | 5.375 | 09-27-22 |  | 1,000,000 | 994,260
Comunicaciones Celulares SA (A) | 6.875 | 02-06-24 |  | 1,775,000 | 1,815,603
Sprint Communications, Inc. | 6.000 | 11-15-22 |  | 935,000 | 943,766
Sprint Corp. (B)(C) | 7.125 | 06-15-24 |  | 750,000 | 766,875
Telefonica Celular del Paraguay SA (A) | 6.750 | 12-13-22 |  | 1,000,000 | 1,015,090
T-Mobile USA, Inc. | 4.750 | 02-01-28 |  | 640,000 | 592,800
T-Mobile USA, Inc. (B)(C) | 6.500 | 01-15-26 |  | 1,125,000 | 1,186,875
United States Cellular Corp. | 6.700 | 12-15-33 |  | 1,195,000 | 1,214,419
Consumer discretionary 6.9% |  |  |  | 10,209,462
Auto components 1.3% |  |  |
Adient Global Holdings, Ltd. (A)(B)(C) | 4.875 | 08-15-26 |  | 805,000 | 690,288
American Tire Distributors, Inc. (A)(D) | 10.250 | 03-01-22 |  | 270,000 | 45,900
Lear Corp. (B)(C) | 5.250 | 01-15-25 |  | 1,210,000 | 1,239,535
Automobiles 0.7% |  |  |
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (B)(C)(E) | 6.500 | 09-30-28 |  | 1,000,000 | 943,750
Hotels, restaurants and leisure 2.0% |  |  |
Eldorado Resorts, Inc. (A)(B)(C) | 6.000 | 09-15-26 |  | 590,000 | 578,938
GLP Capital LP | 5.375 | 04-15-26 |  | 815,000 | 809,906
MGM Resorts International (B)(C) | 6.000 | 03-15-23 |  | 395,000 | 400,925
Waterford Gaming LLC (A)(D)(F) | 8.625 | 09-15-14 |  | 377,791 | 0

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

| Rate (%) | Maturity date |  | Par value^ | Value
Consumer discretionary (continued) |  |  |  |
Hotels, restaurants and leisure (continued) |  |  |
Wyndham Destinations, Inc. (B)(C) | 5.100 | 10-01-25 |  | 1,190,000 | $1,184,050
Household durables 0.8% |  |  |
Tempur Sealy International, Inc. (B)(C) | 5.500 | 06-15-26 |  | 625,000 | 571,875
William Lyon Homes, Inc. | 6.000 | 09-01-23 |  | 720,000 | 657,000
Internet and direct marketing retail 1.3% |  |  |
Expedia Group, Inc. | 5.000 | 02-15-26 |  | 1,000,000 | 1,001,448
QVC, Inc. | 5.950 | 03-15-43 |  | 1,000,000 | 892,347
Specialty retail 0.8% |  |  |
Group 1 Automotive, Inc. (A) | 5.250 | 12-15-23 |  | 1,240,000 | 1,193,500
Consumer staples 3.1% |  |  |  | 4,568,299
Food and staples retailing 0.8% |  |  |
Rite Aid Corp. (A)(B)(C) | 6.125 | 04-01-23 |  | 1,500,000 | 1,274,063
Food products 0.7% |  |  |
Post Holdings, Inc. (A)(B)(C) | 5.500 | 03-01-25 |  | 540,000 | 522,113
Post Holdings, Inc. (A)(B)(C) | 5.625 | 01-15-28 |  | 510,000 | 479,553
Personal products 0.6% |  |  |
Revlon Consumer Products Corp. (B)(C) | 6.250 | 08-01-24 |  | 1,490,000 | 845,575
Tobacco 1.0% |  |  |
Reynolds American, Inc. (C) | 6.875 | 05-01-20 |  | 720,000 | 755,395
Vector Group, Ltd. (A) | 6.125 | 02-01-25 |  | 760,000 | 691,600
Energy 24.9% |  |  |  | 36,896,438
Energy equipment and services 2.4% |  |  |
Archrock Partners LP | 6.000 | 10-01-22 |  | 1,185,000 | 1,173,150
CSI Compressco LP | 7.250 | 08-15-22 |  | 1,635,000 | 1,520,550
Diamond Offshore Drilling, Inc. (B)(C) | 7.875 | 08-15-25 |  | 400,000 | 394,000
Transocean Guardian, Ltd. (A) | 5.875 | 01-15-24 |  | 450,000 | 445,500
Oil, gas and consumable fuels 22.5% |  |  |
Andeavor Logistics LP | 5.250 | 01-15-25 |  | 870,000 | 887,400
Blue Racer Midstream LLC (A)(B)(C) | 6.125 | 11-15-22 |  | 1,230,000 | 1,254,600
Blue Racer Midstream LLC (A)(B)(C) | 6.625 | 07-15-26 |  | 595,000 | 603,925
Cheniere Corpus Christi Holdings LLC | 5.875 | 03-31-25 |  | 995,000 | 1,022,363
Cheniere Corpus Christi Holdings LLC (B)(C) | 7.000 | 06-30-24 |  | 800,000 | 865,000
Chesapeake Energy Corp. | 7.500 | 10-01-26 |  | 1,325,000 | 1,298,500
Chesapeake Energy Corp. (B)(C) | 8.000 | 06-15-27 |  | 925,000 | 919,219
DCP Midstream Operating LP (B)(C) | 5.375 | 07-15-25 |  | 1,600,000 | 1,622,480
DCP Midstream Operating LP (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (A) | 5.850 | 05-21-43 |  | 1,060,000 | 948,700
Denbury Resources, Inc. (A) | 7.500 | 02-15-24 |  | 715,000 | 698,913
Diamondback Energy, Inc. (A) | 4.750 | 11-01-24 |  | 930,000 | 904,425
Kinder Morgan, Inc. (B)(C) | 5.550 | 06-01-45 |  | 500,000 | 505,131
Laredo Petroleum, Inc. | 6.250 | 03-15-23 |  | 1,195,000 | 1,174,088

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

| Rate (%) | Maturity date |  | Par value^ | Value
Energy (continued) |  |  |  |
Oil, gas and consumable fuels (continued) |  |  |
Marathon Petroleum Corp. (B)(C) | 4.750 | 09-15-44 |  | 1,500,000 | $1,375,772
Oasis Petroleum, Inc. (A)(B)(C) | 6.250 | 05-01-26 |  | 985,000 | 967,763
Oasis Petroleum, Inc. (B)(C) | 6.875 | 03-15-22 |  | 667,000 | 671,169
Odebrecht Offshore Drilling Finance, Ltd. (A) | 6.720 | 12-01-22 |  | 191,027 | 182,431
Odebrecht Offshore Drilling Finance, Ltd. (1.000% Cash or 6.720% PIK) (A) | 7.720 | 12-01-26 |  | 660,634 | 199,842
Odebrecht Oil & Gas Finance, Ltd. (A)(E) | 0.000 | 12-03-18 |  | 100,959 | 1,828
Parsley Energy LLC (A) | 5.375 | 01-15-25 |  | 370,000 | 362,600
Parsley Energy LLC (A)(B)(C) | 5.625 | 10-15-27 |  | 590,000 | 581,604
PBF Holding Company LLC | 7.250 | 06-15-25 |  | 455,000 | 468,650
Petrobras Global Finance BV (B)(C) | 7.375 | 01-17-27 |  | 1,755,000 | 1,821,427
Petroleos Mexicanos | 5.500 | 01-21-21 |  | 755,000 | 761,040
Petroleos Mexicanos (A)(B)(C) | 6.500 | 01-23-29 |  | 1,140,000 | 1,089,270
Petroleos Mexicanos | 7.470 | 11-12-26 | MXN | 61,356,000 | 2,432,242
Phillips 66 Partners LP (B)(C) | 4.900 | 10-01-46 |  | 1,585,000 | 1,463,187
Sabine Pass Liquefaction LLC (C) | 5.000 | 03-15-27 |  | 1,000,000 | 1,004,748
Sabine Pass Liquefaction LLC (B)(C) | 5.875 | 06-30-26 |  | 610,000 | 647,662
SM Energy Company | 5.625 | 06-01-25 |  | 880,000 | 847,000
SM Energy Company (B)(C) | 6.750 | 09-15-26 |  | 530,000 | 531,325
Sunoco Logistics Partners Operations LP (C) | 3.900 | 07-15-26 |  | 925,000 | 859,215
Tallgrass Energy Partners LP (A)(B)(C) | 5.500 | 09-15-24 |  | 915,000 | 920,719
Tapstone Energy LLC (A) | 9.750 | 06-01-22 |  | 540,000 | 477,900
The Oil and Gas Holding Company BSCC (A)(B)(C) | 7.500 | 10-25-27 |  | 1,645,000 | 1,590,444
Whiting Petroleum Corp. (B)(C) | 5.750 | 03-15-21 |  | 705,000 | 709,406
WPX Energy, Inc. (B)(C) | 5.250 | 09-15-24 |  | 700,000 | 691,250
Financials 29.2% |  |  |  | 43,142,791
Banks 17.1% |  |  |
Banco BTG Pactual SA (A) | 5.750 | 09-28-22 |  | 2,540,000 | 2,425,725
Banco de Credito del Peru (A) | 4.850 | 10-30-20 | PEN | 3,405,000 | 1,012,461
Banco Nacional de Comercio Exterior SNC (3.800% to 8-11-21, then 5 Year CMT + 3.000%) (A)(B)(C) | 3.800 | 08-11-26 |  | 1,385,000 | 1,328,921
Bank of America Corp. (6.100% to 3-17-25, then 3 month LIBOR + 3.898%) (B)(C)(E) | 6.100 | 03-17-25 |  | 1,385,000 | 1,421,356
Barclays PLC (7.750% to 9-15-23, then 5 Year U.S. Swap Rate + 4.842%) (B)(C)(E) | 7.750 | 09-15-23 |  | 2,430,000 | 2,424,411
BBVA Bancomer SA (A)(B)(C) | 6.500 | 03-10-21 |  | 870,000 | 896,100
BNP Paribas SA (7.000% to 8-16-28, then 5 Year U.S. Swap Rate + 3.980%) (A)(B)(C)(E) | 7.000 | 08-16-28 |  | 1,205,000 | 1,186,925
Corp. Group Banking SA (A) | 6.750 | 03-15-23 |  | 1,000,000 | 974,010
Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (A)(E) | 7.875 | 01-23-24 |  | 865,000 | 894,301

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

| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Banks (continued) |  |  |
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (A)(B)(C)(E) | 8.125 | 12-23-25 |  | 2,165,000 | $2,321,837
Freedom Mortgage Corp. (A) | 8.250 | 04-15-25 |  | 840,000 | 777,000
HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (B)(C)(E) | 6.875 | 06-01-21 |  | 760,000 | 787,550
HSBC Holdings PLC (6.500% to 3-23-28, then 5 Year U.S. ISDAFIX + 3.606%) (B)(C)(E) | 6.500 | 03-23-28 |  | 2,015,000 | 1,891,581
ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (B)(C)(E) | 6.500 | 04-16-25 |  | 1,060,000 | 1,004,880
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)(C)(E) | 6.750 | 02-01-24 |  | 1,500,000 | 1,599,750
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (B)(C)(E) | 7.500 | 06-27-24 |  | 1,465,000 | 1,477,819
Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (A)(C)(E) | 7.375 | 09-13-21 |  | 1,470,000 | 1,490,213
Wells Fargo & Company, Series U (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (C)(E) | 5.875 | 06-15-25 |  | 1,365,000 | 1,405,950
Capital markets 2.0% |  |  |
Credit Suisse Group AG (7.250% to 9-12-25, then 5 Year U.S. Swap Rate + 4.332%) (A)(E) | 7.250 | 09-12-25 |  | 1,500,000 | 1,483,125
Morgan Stanley (C) | 5.750 | 01-25-21 |  | 1,000,000 | 1,045,440
The Goldman Sachs Group, Inc. (B)(C) | 3.750 | 05-22-25 |  | 375,000 | 363,322
Consumer finance 5.4% |  |  |
American Express Company (4.900% to 3-15-20, then 3 month LIBOR + 3.285%) (B)(C)(E) | 4.900 | 03-15-20 |  | 1,300,000 | 1,295,125
Avolon Holdings Funding, Ltd. (A)(B)(C) | 5.125 | 10-01-23 |  | 805,000 | 789,906
Enova International, Inc. (A) | 8.500 | 09-01-24 |  | 465,000 | 437,100
Enova International, Inc. (A) | 8.500 | 09-15-25 |  | 1,200,000 | 1,137,000
Springleaf Finance Corp. (B)(C) | 6.875 | 03-15-25 |  | 1,650,000 | 1,579,875
Springleaf Finance Corp. | 7.125 | 03-15-26 |  | 1,375,000 | 1,302,813
Trust F/1401 (A)(B)(C) | 5.250 | 12-15-24 |  | 1,475,000 | 1,470,221
Diversified financial services 1.1% |  |  |
ASP AMC Merger Sub, Inc. (A) | 8.000 | 05-15-25 |  | 835,000 | 626,250
Jefferies Financial Group, Inc. | 5.500 | 10-18-23 |  | 600,000 | 620,634
Lincoln Finance, Ltd. (A) | 7.375 | 04-15-21 |  | 385,000 | 390,775
Insurance 1.2% |  |  |
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 | 1,217,040
Ardonagh Midco 3 PLC (A) | 8.625 | 07-15-23 |  | 545,000 | 506,850

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

| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Mortgage real estate investment trusts 0.7% |  |  |
Starwood Property Trust, Inc. (C) | 5.000 | 12-15-21 |  | 970,000 | $965,150
Thrifts and mortgage finance 1.7% |  |  |
MGIC Investment Corp. | 5.750 | 08-15-23 |  | 1,165,000 | 1,194,125
Quicken Loans, Inc. (A)(B)(C) | 5.250 | 01-15-28 |  | 900,000 | 798,750
Stearns Holdings LLC (A) | 9.375 | 08-15-20 |  | 600,000 | 598,500
Health care 9.0% |  |  |  | 13,273,285
Health care providers and services 7.1% |  |  |
DaVita, Inc. (B)(C) | 5.125 | 07-15-24 |  | 1,145,000 | 1,093,475
Encompass Health Corp. | 5.750 | 11-01-24 |  | 1,545,000 | 1,541,138
HCA, Inc. | 5.250 | 04-15-25 |  | 1,000,000 | 1,021,250
HCA, Inc. (B)(C) | 5.500 | 06-15-47 |  | 1,760,000 | 1,731,840
MEDNAX, Inc. (A) | 5.250 | 12-01-23 |  | 1,475,000 | 1,475,000
Select Medical Corp. | 6.375 | 06-01-21 |  | 1,500,000 | 1,513,125
Team Health Holdings, Inc. (A)(B)(C) | 6.375 | 02-01-25 |  | 1,240,000 | 1,066,400
Tenet Healthcare Corp. (B)(C) | 6.750 | 06-15-23 |  | 1,110,000 | 1,106,892
Pharmaceuticals 1.9% |  |  |
Endo Finance LLC (A) | 5.375 | 01-15-23 |  | 932,000 | 794,530
Mallinckrodt International Finance SA (A)(B)(C) | 5.500 | 04-15-25 |  | 865,000 | 696,325
Teva Pharmaceutical Finance Netherlands III BV | 6.000 | 04-15-24 |  | 520,000 | 517,491
Teva Pharmaceutical Finance Netherlands III BV | 6.750 | 03-01-28 |  | 700,000 | 715,819
Industrials 7.8% |  |  |  | 11,582,843
Air freight and logistics 1.6% |  |  |
Mexico City Airport Trust (A) | 5.500 | 10-31-46 |  | 2,990,000 | 2,380,040
Airlines 0.9% |  |  |
Virgin Australia Holdings Ltd. (A) | 8.500 | 11-15-19 |  | 1,250,000 | 1,264,375
Building products 0.8% |  |  |
Standard Industries, Inc. (A) | 5.375 | 11-15-24 |  | 1,220,000 | 1,175,775
Commercial services and supplies 1.2% |  |  |
LSC Communications, Inc. (A)(B)(C) | 8.750 | 10-15-23 |  | 1,050,000 | 1,124,813
Tervita Escrow Corp. (A) | 7.625 | 12-01-21 |  | 655,000 | 664,825
Construction and engineering 0.5% |  |  |
AECOM (B)(C) | 5.125 | 03-15-27 |  | 850,000 | 790,500
Industrial conglomerates 0.8% |  |  |
General Electric Company (5.000% to 1-21-21, then 3 month LIBOR + 3.330%) (B)(C)(E) | 5.000 | 01-21-21 |  | 1,250,000 | 1,153,125
Machinery 0.5% |  |  |
Stevens Holding Company, Inc. (A) | 6.125 | 10-01-26 |  | 775,000 | 772,187

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

| Rate (%) | Maturity date |  | Par value^ | Value
Industrials (continued) |  |  |  |
Trading companies and distributors 1.5% |  |  |
AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (A) | 6.500 | 06-15-45 |  | 800,000 | $820,000
United Rentals North America, Inc. (B)(C) | 5.500 | 07-15-25 |  | 1,475,000 | 1,437,203
Information technology 7.7% |  |  |  | 11,328,630
Electronic equipment, instruments and components 0.8% |  |  |
TTM Technologies, Inc. (A)(B)(C) | 5.625 | 10-01-25 |  | 1,200,000 | 1,170,000
IT services 1.3% |  |  |
Sixsigma Networks Mexico SA de CV (A) | 7.500 | 05-02-25 |  | 725,000 | 684,219
Travelport Corporate Finance PLC (A) | 6.000 | 03-15-26 |  | 1,250,000 | 1,253,125
Semiconductors and semiconductor equipment 1.7% |  |  |
Advanced Micro Devices, Inc. | 7.000 | 07-01-24 |  | 1,110,000 | 1,155,788
NXP BV (A)(B)(C) | 4.625 | 06-01-23 |  | 1,385,000 | 1,372,881
Software 1.5% |  |  |
CDK Global, Inc. | 5.875 | 06-15-26 |  | 450,000 | 453,375
j2 Cloud Services LLC (A) | 6.000 | 07-15-25 |  | 848,000 | 840,580
RP Crown Parent LLC (A) | 7.375 | 10-15-24 |  | 930,000 | 953,250
Technology hardware, storage and peripherals 2.4% |  |  |
Dell International LLC (A)(B)(C) | 6.020 | 06-15-26 |  | 1,450,000 | 1,503,554
Dell International LLC (A)(B)(C) | 8.350 | 07-15-46 |  | 600,000 | 694,795
Western Digital Corp. (B)(C) | 4.750 | 02-15-26 |  | 1,350,000 | 1,247,063
Materials 11.4% |  |  |  | 16,891,199
Chemicals 4.1% |  |  |
Ashland LLC | 6.875 | 05-15-43 |  | 845,000 | 855,563
Braskem Finance, Ltd. | 6.450 | 02-03-24 |  | 700,000 | 735,175
Braskem Netherlands Finance BV (A) | 3.500 | 01-10-23 |  | 1,105,000 | 1,041,131
Mexichem SAB de CV (A) | 5.500 | 01-15-48 |  | 1,200,000 | 1,055,412
Platform Specialty Products Corp. (A)(B)(C) | 6.500 | 02-01-22 |  | 1,115,000 | 1,128,938
The Chemours Company (B)(C) | 6.625 | 05-15-23 |  | 1,240,000 | 1,267,900
Containers and packaging 1.1% |  |  |
ARD Finance SA (7.125% Cash or 7.875% PIK) | 7.125 | 09-15-23 |  | 500,000 | 486,249
Ardagh Packaging Finance PLC (A)(B)(C) | 6.000 | 02-15-25 |  | 1,185,000 | 1,110,938
Metals and mining 5.7% |  |  |
AngloGold Ashanti Holdings PLC | 5.375 | 04-15-20 |  | 675,000 | 683,444
Corp. Nacional del Cobre de Chile (A)(B)(C) | 4.875 | 11-04-44 |  | 2,345,000 | 2,284,583
First Quantum Minerals, Ltd. (A)(B)(C) | 7.250 | 05-15-22 |  | 875,000 | 832,344
First Quantum Minerals, Ltd. (A)(B)(C) | 7.500 | 04-01-25 |  | 600,000 | 535,500
FMG Resources August 2006 Pty, Ltd. (A)(B)(C) | 5.125 | 05-15-24 |  | 440,000 | 418,000
Freeport-McMoRan, Inc. (B)(C) | 6.875 | 02-15-23 |  | 840,000 | 878,850
MMC Norilsk Nickel OJSC (A) | 5.550 | 10-28-20 |  | 750,000 | 759,584
Teck Resources, Ltd. | 6.250 | 07-15-41 |  | 830,000 | 827,925

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

| Rate (%) | Maturity date |  | Par value^ | Value
Materials (continued) |  |  |  |
Metals and mining (continued) |  |  |
Vale Overseas, Ltd. (B)(C) | 6.250 | 08-10-26 |  | 1,165,000 | $1,243,638
Paper and forest products 0.5% |  |  |
Norbord, Inc. (A) | 6.250 | 04-15-23 |  | 735,000 | 746,025
Real estate 0.9% |  |  |  | 1,322,276
Equity real estate investment trusts 0.5% |  |  |
Iron Mountain, Inc. (A)(B)(C) | 5.250 | 03-15-28 |  | 815,000 | 731,463
Real estate management and development 0.4% |  |  |
Williams Scotsman International, Inc. (A) | 7.875 | 12-15-22 |  | 575,000 | 590,813
Utilities 7.5% |  |  |  | 11,060,790
Electric utilities 5.0% |  |  |
ABY Transmision Sur SA (A) | 6.875 | 04-30-43 |  | 2,004,828 | 2,227,865
Empresa Electrica Angamos SA (A) | 4.875 | 05-25-29 |  | 956,500 | 932,286
Instituto Costarricense de Electricidad (A) | 6.375 | 05-15-43 |  | 1,595,000 | 1,130,456
Israel Electric Corp., Ltd. (A)(C) | 4.250 | 08-14-28 |  | 2,320,000 | 2,195,639
Vistra Operations Company LLC (A) | 5.500 | 09-01-26 |  | 900,000 | 886,500
Gas utilities 1.2% |  |  |
AmeriGas Partners LP (B)(C) | 5.625 | 05-20-24 |  | 900,000 | 864,000
AmeriGas Partners LP | 5.750 | 05-20-27 |  | 1,000,000 | 927,500
Independent power and renewable electricity producers 1.3% |  |  |
Clearway Energy Operating LLC | 5.375 | 08-15-24 |  | 1,290,000 | 1,276,294
NRG Energy, Inc. (B)(C) | 6.625 | 01-15-27 |  | 600,000 | 620,250
Convertible bonds 1.2% (0.7% of Total investments) |  | $1,742,234
(Cost $2,046,065) |  |  |  |  |
Communication services 0.9% |  |  |  | 1,313,664
Entertainment 0.4% |  |  |
DHX Media, Ltd. (A) | 5.875 | 09-30-24 | CAD | 999,000 | 578,630
Media 0.5% |  |  |
DISH Network Corp. | 3.375 | 08-15-26 |  | 825,000 | 735,034
Information technology 0.3% |  |  |  | 428,570
Semiconductors and semiconductor equipment 0.3% |  |  |
Novellus Systems, Inc. | 2.625 | 05-15-41 |  | 100,000 | 428,570
Capital preferred securities (G) 0.4% (0.3% of Total investments) |  | $623,000
(Cost $684,405) |  |  |  |  |
Financials 0.4% |  |  |  | 623,000
Diversified financial services 0.4% |  |  |
ILFC E-Capital Trust II (Highest of 3 month LIBOR/10 Year CMT/30 Year CMT + 1.800%) (A)(H) | 5.030 | 12-21-65 |  | 700,000 | 623,000

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

| Rate (%) | Maturity date |  | Par value^ | Value
Term loans (I) 3.3% (2.1% of Total investments) |  | $4,932,136
(Cost $5,184,699) |  |  |  |  |
Communication services 0.6% |  |  |  |  | 866,112
Interactive media and services 0.6% |  |  |  |  |
Ancestry.com Operations, Inc. (1 month LIBOR + 3.250%) | 5.550 | 10-19-23 |  | 863,952 | 866,112
Consumer discretionary 1.0% |  |  |  |  | 1,532,811
Auto components 1.0% |  |  |  |  |
American Tire Distributors, Inc. (3 month LIBOR + 4.250%) | 6.636 | 09-01-21 |  | 1,497,416 | 1,323,341
American Tire Distributors, Inc. (3 month LIBOR + 8.750%) | 11.237 | 10-05-19 |  | 211,586 | 209,470
Financials 0.8% |  |  |  |  | 1,236,463
Capital markets 0.8% |  |  |  |  |
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) | 6.052 | 10-01-25 |  | 1,250,000 | 1,236,463
Industrials 0.0% |  |  |  |  | 0
Airlines 0.0% |  |  |  |  |
Global Aviation Holdings, Inc., PIK (D)(F) | 3.000 | 03-13-19 |  | 514,063 | 0
Global Aviation Holdings, Inc., PIK (D)(F) | 10.000 | 07-13-19 |  | 51,038 | 0
Real estate 0.9% |  |  |  |  | 1,296,750
Equity real estate investment trusts 0.9% |  |  |  |  |
iStar, Inc. (1 month LIBOR + 2.750%) | 5.028 | 06-28-23 |  | 1,296,750 | 1,296,750
Collateralized mortgage obligations 1.0% (0.7% of Total investments) |  | $1,464,433
(Cost $1,134,749) |  |  |  |  |
Commercial and residential 0.9% |  |  |  |  | 1,264,184
HarborView Mortgage Loan Trust |  |  |  |  |
Series 2007-3, Class ES IO (A) | 0.350 | 05-19-47 |  | 3,557,501 | 63,129
Series 2007-4, Class ES IO | 0.350 | 07-19-47 |  | 3,681,982 | 55,182
Series 2007-6, Class ES IO (A) | 0.353 | 08-19-37 |  | 3,114,730 | 55,419
IndyMac Index Mortgage Loan Trust |  |  |  |  |
Series 2005-AR18, Class 1X IO | 1.444 | 10-25-36 |  | 4,988,071 | 166,295
Series 2005-AR18, Class 2X IO | 1.066 | 10-25-36 |  | 4,425,870 | 11,365
MSCG Trust Series 2016-SNR, Class D (A) | 6.550 | 11-15-34 |  | 926,500 | 912,794
U.S. Government Agency 0.1% |  |  |  |  | 200,249
Federal Home Loan Mortgage Corp. |  |  |  |  |
Series K017, Class X1 IO | 1.482 | 12-25-21 |  | 3,260,405 | 108,738
Series K709, Class X1 IO | 1.627 | 03-25-19 |  | 2,583,204 | 6,605
Series K710, Class X1 IO | 1.858 | 05-25-19 |  | 2,833,538 | 12,072
Government National Mortgage Association Series 2012-114, Class IO | 0.786 | 01-16-53 |  | 1,408,972 | 72,834

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

| Rate (%) | Maturity date |  | Par value^ | Value
Asset backed securities 0.6% (0.4% of Total investments) |  | $935,790
(Cost $924,260) |  |  |  |  |
Asset backed securities 0.6% |  |  |  |  | 935,790
Coinstar Funding LLC Series 2017-1A, Class A2 (A) | 5.216 | 04-25-47 |  | 147,750 | 148,779
ContiMortgage Home Equity Loan Trust Series 1995-2, Class A5 | 8.100 | 08-15-25 |  | 19,495 | 12,502
Driven Brands Funding LLC Series 2015-1A, Class A2 (A) | 5.216 | 07-20-45 |  | 756,600 | 774,509

|  |  |  | Shares | Value
Common stocks 0.2% (0.2% of Total investments) |  | $395,081
(Cost $1,121,517) |  |  |  |  |
Communication services 0.0% |  |  |  | 0
Media 0.0% |  |  |  |
Vertis Holdings, Inc. (F)(J) |  |  |  | 34,014 | 0
Health care 0.2% |  |  |  | 393,603
Pharmaceuticals 0.2% |  |  |  |
Allergan PLC |  |  |  | 2,491 | 393,603
Industrials 0.0% |  |  |  | 0
Airlines 0.0% |  |  |  |
Global Aviation Holdings, Inc., Class A (F)(J) |  |  |  | 82,159 | 0
Information technology 0.0% |  |  |  | 1,478
Software 0.0% |  |  |  |
Avaya Holdings Corp. (B)(C)(J) |  |  |  | 90 | 1,478
Preferred securities (K) 2.2% (1.4% of Total investments) |  | $3,227,756
(Cost $3,325,508) |  |  |  |  |
Energy 0.2% |  |  |  |  | 302,088
Energy equipment and services 0.2% |  |  |  |  |
Nabors Industries, Ltd., 6.000% |  | 7,950 | 302,088
Financials 0.8% |  |  |  |  | 1,100,557
Banks 0.8% |  |  |  |  |
GMAC Capital Trust I (3 month LIBOR + 5.785%), 8.099% (H) |  | 41,910 | 1,100,557
Utilities 1.2% |  |  |  |  | 1,825,111
Multi-utilities 1.2% |  |  |  |  |
Dominion Energy, Inc., 6.750% |  | 25,000 | 1,198,750
DTE Energy Company, 6.500% |  | 11,745 | 626,361
Warrants 0.1% (0.0% of Total investments) |  | $91,755
(Cost $0) |  |  |  |  |
Avaya Holdings Corp. (Expiration Date: 12-15-22; Strike Price: $25.55) (J) |  |  |  | 20,390 | 91,755

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

| Yield* (%) | Maturity date |  | Par value^ | Value
Short-term investments 1.4% (0.9% of Total investments) | $2,071,000
(Cost $2,071,000) |  |  |  |  |
U.S. Government Agency 1.4% |  |  |  |  | 2,071,000
Federal Home Loan Bank Discount Note | 2.050 | 11-01-18 |  | 2,071,000 | 2,071,000

Total investments (Cost $240,798,054) 156.0% |  |  | $230,684,529
Other assets and liabilities, net (56.0%) |  |  | (82,781,611)
Total net assets 100.0% |  |  | $147,902,918

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
CAD | Canadian Dollar
MXN | Mexican Peso
PEN | Peruvian Nuevo Sol
Security Abbreviations and Legend
CMT | Constant Maturity Treasury
IO | Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
ISDAFIX | International Swaps and Derivatives Association Fixed Interest Rate Swap Rate
LIBOR | London Interbank Offered Rate
PIK | Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate.
(A) | 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 $108,043,689 or 73.1% of the fund's net assets as of 10-31-18.
(B) | All or a portion of this security is on loan as of 10-31-18, and is a component of the fund's leverage under the Liquidity Agreement.
(C) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 10-31-18 was $87,322,462. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $75,539,243.
(D) | Non-income producing - Issuer is in default.
(E) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(F) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(G) | Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.
(H) | Variable rate obligation. The coupon rate shown represents the rate at period end.
(I) | Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(J) | Non-income producing security.
(K) | Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.
* | 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.

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

DERIVATIVES
FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy | Contract to sell | Counterparty (OTC) | Contractual settlement date | Unrealized appreciation | Unrealized depreciation
CAD | 100,000 | USD | 76,964 | Royal Bank of Canada | 12/19/2018 | — | $(928)
USD | 333,947 | CAD | 430,458 | JPMorgan Chase Bank N.A. | 12/19/2018 | $6,643 | —
USD | 93,295 | CAD | 120,630 | Morgan Stanley Capital Services, Inc. | 12/19/2018 | 1,572 | —
USD | 239,613 | CAD | 309,912 | Toronto Dominion Bank | 12/19/2018 | 3,967 | —
USD | 4,214,222 | MXN | 83,000,000 | Goldman Sachs Bank USA | 12/19/2018 | 157,677 | —
USD | 1,005,760 | PEN | 3,405,000 | State Street Bank and Trust Company | 10/30/2019 | 10,638 | —
|  |  |  |  |  | $180,497 | $(928)

Derivatives Currency Abbreviations
CAD | Canadian Dollar
MXN | Mexican Peso
PEN | Peruvian Nuevo Sol
USD | U.S. Dollar

At 10-31-18, the aggregate cost of investments for federal income tax purposes was $241,654,317. Net unrealized depreciation aggregated to $10,790,219, of which $2,046,054 related to gross unrealized appreciation and $12,836,273 related to gross unrealized depreciation.
OTC is an abbreviation for over-the-counter. See Notes to financial statements regarding investment transactions and other derivatives information.

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

Financial statements |

STATEMENT OF ASSETS AND LIABILITIES 10-31-18

Assets |
Unaffiliated investments, at value (Cost $240,798,054) | $230,684,529
Unrealized appreciation on forward foreign currency contracts | 180,497
Cash | 146,045
Foreign currency, at value (Cost $356) | 349
Dividends and interest receivable | 3,366,250
Receivable for investments sold | 2,811,389
Other assets | 222,229
Total assets | 237,411,288
Liabilities |
Unrealized depreciation on forward foreign currency contracts | 928
Liquidity agreement | 86,900,000
Payable for investments purchased | 2,275,136
Interest payable | 215,901
Payable to affiliates |
Accounting and legal services fees | 24,831
Trustees' fees | 280
Other liabilities and accrued expenses | 91,294
Total liabilities | 89,508,370
Net assets | $147,902,918
Net assets consist of |
Paid-in capital | $172,098,095
Accumulated distributable earnings (accumulated loss) | (24,195,177)
Net assets | $147,902,918
Net asset value per share |
Based on 8,707,025 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $ 16.99

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

STATEMENT OF OPERATIONS For the year ended 10-31-18

Investment income |
Interest | $14,145,141
Dividends | 274,634
Less foreign taxes withheld | (2,233)
Total investment income | 14,417,542
Expenses |
Investment management fees | 1,311,009
Interest expense | 2,164,963
Accounting and legal services fees | 50,658
Transfer agent fees | 64,867
Trustees' fees | 45,040
Custodian fees | 35,472
Printing and postage | 80,747
Professional fees | 134,226
Stock exchange listing fees | 23,779
Other | 11,000
Total expenses | 3,921,761
Less expense reductions | (20,518)
Net expenses | 3,901,243
Net investment income | 10,516,299
Realized and unrealized gain (loss) |
Net realized gain (loss) on |
Unaffiliated investments and foreign currency transactions | (1,968,451)
Forward foreign currency contracts | 85,368
| (1,883,083)
Change in net unrealized appreciation (depreciation) of |
Unaffiliated investments and translation of assets and liabilities in foreign currencies | (13,831,811)
Forward foreign currency contracts | 176,229
| (13,655,582)
Net realized and unrealized loss | (15,538,665)
Decrease in net assets from operations | $(5,022,366)

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

STATEMENTS OF CHANGES IN NET ASSETS

| Year ended 10-31-18 | Year ended 10-31-17
Increase (decrease) in net assets |  |
From operations |  |
Net investment income | $10,516,299 | $11,113,968
Net realized gain (loss) | (1,883,083) | 4,746,769
Change in net unrealized appreciation (depreciation) | (13,655,582) | 1,546,854
Increase (decrease) in net assets resulting from operations | (5,022,366) | 17,407,591
Distributions to shareholders |  |
From net investment income and net realized gain | (10,818,479) | —
From net investment income | — | (11,315,651)
Total distributions | (10,818,479) | —
Total increase (decrease) | (15,840,845) | 6,091,940
Net assets |  |
Beginning of year | 163,743,763 | 157,651,823
End of year1 | $147,902,918 | $163,743,763
Share activity |  |
Shares outstanding |  |
Beginning of year | 8,707,025 | 8,707,025
End of year | 8,707,025 | 8,707,025

1 | Net assets - End of year includes undistributed net investment income of $1,166,787 in 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

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

STATEMENT OF CASH FLOWS For the year ended 10-31-18

Cash flows from operating activities |
Net decrease in net assets from operations | $(5,022,366)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: |
Long-term investments purchased | (124,355,375)
Long-term investments sold | 122,339,011
Net purchases and sales in short-term investments | 1,677,000
Net amortization of premium (discount) | 283,368
(Increase) Decrease in assets: |
Unrealized appreciation on forward foreign currency contracts | (177,157)
Foreign currency, at value | (349)
Dividends and interest receivable | 139,334
Receivable for investments sold | (612,729)
Other assets | 4,614
Increase (Decrease) in liabilities: |
Unrealized depreciation on forward foreign currency contracts | 928
Payable for investments purchased | (364,251)
Interest payable | 78,348
Payable to affiliates | 21,261
Other liabilities and accrued expenses | (10,373)
Net change in unrealized (appreciation) depreciation on: |
Investments | 13,822,252
Net realized (gain) loss on: |
Investments | 1,945,320
Net cash provided by operating activities | $9,768,836
Cash flows provided by (used in) financing activities |
Distributions to shareholders | $(10,818,479)
Net cash used in financing activities | $(10,818,479)
Net decrease in cash | $(1,049,643)
Cash at beginning of year | $1,195,688
Cash at end of year | $146,045
Supplemental disclosure of cash flow information: |
Cash paid for interest | $2,086,615

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

Financial highlights |

Period ended | 10-31-18 | 10-31-17 | 10-31-16 | 10-31-15 | 10-31-14
Per share operating performance |  |  |  |  |
Net asset value, beginning of period | $18.81 | $18.11 | $17.20 | $19.56 | $19.76
Net investment income1 | 1.21 | 1.28 | 1.32 | 1.41 | 1.58
Net realized and unrealized gain (loss) on investments | (1.79) | 0.72 | 0.96 | (2.28) | (0.14)
Total from investment operations | (0.58) | 2.00 | 2.28 | (0.87) | 1.44
Less distributions |  |  |  |  |
From net investment income | (1.24) | (1.30) | (1.39) | (1.49) | (1.64)
Anti-dilutive impact of repurchase plan | — | — | 0.02 2 | — | —
Anti-dilutive impact of shelf offering | — | — | — | — | — 3
Net asset value, end of period | $16.99 | $18.81 | $18.11 | $17.20 | $19.56
Per share market value, end of period | $15.51 | $17.87 | $16.73 | $15.20 | $19.06
Total return at net asset value (%)4,5 | (2.74) | 11.87 | 14.95 | (3.85) | 7.65
Total return at market value (%)4 | (6.54) | 15.05 | 20.17 | (12.80) | 7.40
Ratios and supplemental data |  |  |  |  |
Net assets, end of period (in millions) | $148 | $164 | $158 | $151 | $172
Ratios (as a percentage of average net assets): |  |  |  |  |
Expenses before reductions | 2.52 | 1.95 | 1.79 | 1.54 | 1.38
Expenses including reductions6 | 2.51 | 1.94 | 1.78 | 1.53 | 1.37
Net investment income | 6.76 | 6.96 | 7.75 | 7.70 | 7.94
Portfolio turnover (%) | 52 | 53 | 62 | 74 | 71
Senior securities |  |  |  |  |
Total debt outstanding end of period (in millions) | $87 | $87 | $87 | $87 | $87
Asset coverage per $1,000 of debt7 | $2,702 | $2,884 | $2,814 | $2,741 | $2,979

1 | Based on average daily shares outstanding.
2 | The repurchase plan was completed at an average repurchase price of $13.99 for 84,400 shares for the period ended 10-31-16.
3 | Less than $0.005 per share.
4 | 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.
5 | Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6 | Expenses including reductions excluding interest expense were 1.12%, 1.06%, 1.16%, 1.06% and 1.05% for the periods ended 10-31-18, 10-31-17, 10-31-16, 10-31-15 and 10-31-14, respectively.
7 | 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.

24 | JOHN HANCOCK Investors Trust| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements

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, 2015 and 2018, the fund filed registration statements with the Securities and Exchange Commission (SEC), in each case registering an additional 1,000,000 common shares, 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. Foreign securities, including forward foreign currency contracts, 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

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 25

securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund's investments as of October 31, 2018, by major security category or type:

|  |  |  | Total value at 10-31-18 |  |  | Level 1 quoted price |  |  | Level 2 significant observable inputs |  |  | Level 3 significant unobservable inputs |
| Investments in securities: |  |  |  |  |  |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Government and Agency obligations |  |  | $6,865,082 |  |  | — |  |  | $6,865,082 |  |  | — |
| Foreign government obligations |  |  | 1,243,371 |  |  | — |  |  | 1,243,371 |  |  | — |
| Corporate bonds |  |  | 207,092,891 |  |  | — |  |  | 207,092,891 |  |  | — |
| Convertible bonds |  |  | 1,742,234 |  |  | — |  |  | 1,742,234 |  |  | — |
| Capital preferred securities |  |  | 623,000 |  |  | — |  |  | 623,000 |  |  | — |
| Term loans |  |  | 4,932,136 |  |  | — |  |  | 4,932,136 |  |  | — |
| Collateralized mortgage obligations |  |  | 1,464,433 |  |  | — |  |  | 1,464,433 |  |  | — |
| Asset backed securities |  |  | 935,790 |  |  | — |  |  | 935,790 |  |  | — |
| Common stocks |  |  | 395,081 |  |  | $395,081 |  |  | — |  |  | — |
| Preferred securities |  |  | 3,227,756 |  |  | 3,227,756 |  |  | — |  |  | — |
| Warrants |  |  | 91,755 |  |  | — |  |  | 91,755 |  |  | — |
| Short-term investments |  |  | 2,071,000 |  |  | — |  |  | 2,071,000 |  |  | — |
| Total investments in securities |  |  | $230,684,529 |  |  | $3,622,837 |  |  | $227,061,692 |  |  | — |
| Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  | $180,497 |  |  | — |  |  | $180,497 |  |  | — |
| Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts |  |  | (928 | ) |  | — |  |  | (928 | ) |  | — |

Term loans (Floating rate loans). The fund may invest in term loans, which are debt securities and are often 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.

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 26

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.

Foreign investing. 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. Foreign investments are 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.

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 taxes. The fund may be subject to withholding tax on income, capital gains or repatriation taxes imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.

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 also have the risk 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.

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 27

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, 2018, the fund has a capital loss carryforward of $14,374,463 available to offset future net realized capital gains. The following table details the capital loss carryforward available as of October 31, 2018:

Capital loss carryforward expiring October 31 | No expiration date
2019 | Short term | Long term
$2,044,097 | $2,191,776 | $10,138,590

As of October 31, 2018, 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.

The tax character of distributions for the years ended October 31,2018 and 2017 was as follows:

| October 31, 2018 | October 31, 2017
Ordinary income | $10,818,479 | $11,315,651

As of October 31, 2018, the components of distributable earnings on a tax basis consisted of $991,000 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital.

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, foreign currency transactions, derivative transactions, and amortization and accretion on debt securities.

Statement of cash flows. A Statement of cash flows is presented when a fund has a significant amount of borrowing during the period, based on the average total borrowing in relation to total assets, or when a certain percentage of the fund's investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the 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 Collateral held at broker for futures contracts.

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 28

Note 3 — Derivative instruments

The fund may invest in derivatives in order to meet its investment objective. 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.

Forward foreign currency contracts are typically traded through the OTC market. Certain forwards are regulated by the Commodity Futures Trading Commission. 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.

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, the risk that currency movements will not favor the fund thereby reducing the fund's total return, and the potential for losses in excess of the amounts recognized on the Statement of assets and liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

During the year ended October 31, 2018, the fund used forward foreign currency contracts to manage currency exposure. The fund held forward foreign currency contracts with U.S. Dollar notional values ranging from $1.0 million to $6.1 million as measured at each quarter end.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at October 31, 2018 by risk category:

| Risk |  |  | Statement of assets and liabilities location |  |  |  |  |  | Financial instruments location |  |  | Assets derivatives fair value |  |  | Liabilities derivatives fair value |
| Foreign currency |  |  | Unrealized appreciation (depreciation) on forward foreign currency contracts |  |  |  |  |  | Forward foreign currency contracts |  |  | $180,497 |  |  | ($928 | )

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 29

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 year ended October 31, 2018:

Statement of operations location - net realized gain (loss) on:
Risk | Forward foreign currency contracts
Foreign currency | $85,368

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 year ended October 31, 2018:

Statement of operations location - change in net unrealized appreciation (depreciation) of:
Risk | Forward foreign currency contracts
Foreign currency | $176,229

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.

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 year ended October 31, 2018, this waiver amounted to 0.01% of the fund's average daily managed assets. This agreement expires on June 30, 2020, unless renewed by mutual agreement of the Fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The expense reductions described above amounted to $20,518 for the year ended October 31, 2018.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2018 were equivalent to a net annual effective rate of 0.53% of the fund's average daily managed assets.

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Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, 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 year ended October 31, 2018 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 years ended October 31, 2018 and 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, compensation and expenses are allocated to the 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, 2017. The current share repurchase plan will remain in effect between January 1, 2018 to December 31, 2018.

During the years ended October 31, 2018 and 2017, the fund had no activities under the repurchase program. 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. Transactions in common shares for the years ended October 31, 2018 and 2017 are presented in the statements of changes in net assets. 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. As of October 31, 2018, $44,629 has been deducted from proceeds of shares issued and the remaining $204,077 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 shares, including:

• | the likelihood of greater volatility of NAV and market price of 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

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 31

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 October 31, 2018 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 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 October 31, 2018, the fund had an aggregate balance of $86,900,000 at an interest rate of 2.91%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the year ended October 31, 2018, the average balance of the LA and the effective average interest rate were $86,900,000 and 2.49%, 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.

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Note 9 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, amounted to $124,355,375 and $122,339,011, respectively, for the year ended October 31, 2018.

Note 10 — Industry or sector risk

The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund's assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund's NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.

Note 11 — New accounting pronouncement

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within those fiscal years. At this time, management is evaluating the impact of ASU 2017-08 to the fund.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of John Hancock Investors Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund's investments, of John Hancock Investors Trust (the "Fund") as of October 31, 2018, the related statements of operations and cash flows for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 18, 2018

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

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TAX INFORMATION

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2018.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Eligible shareholders will be mailed a 2018 Form 1099-DIV in early 2019. This will reflect the tax character of all distributions paid in calendar year 2018.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

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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 year ended October 31, 2018, distributions from net investment income totaling $1.2425 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment Date | Income Distributions
December 29, 2017 | $0.3560
March 29, 2018 | 0.3048
June 29, 2018 | 0.3128
September 28, 2018 | 0.2689
Total | $1.2425

Dividend reinvestment plan

The fund's Dividend Reinvestment Plan (the Plan) provides that distributions of dividends and capital gains are automatically reinvested in common shares of the fund by Computershare Trust Company, N.A. (the Plan Agent). Every shareholder holding at least one full share of the fund is entitled to participate in the Plan. In addition, every shareholder who became a shareholder of the fund after June 30, 2011, and holds at least one full share of the fund will be automatically enrolled in the Plan. Shareholders may withdraw from the Plan at any time and shareholders who do not participate in the Plan will receive all distributions in cash.

If the fund declares a dividend or distribution payable either in cash or in common shares of the fund and the market price of shares on the payment date for the distribution or dividend equals or exceeds the fund's net asset value per share (NAV), the fund will issue common shares to participants at a value equal to the higher of NAV or 95% of the market price. The number of additional shares to be credited to each participant's account will be determined by dividing the dollar amount of the distribution or dividend by the higher of NAV or 95% of the market price. If the market price is lower than NAV, or if dividends or distributions are payable only in cash, then participants will receive shares purchased by the Plan Agent on participants' behalf on the NYSE or otherwise on the open market. If the market price exceeds NAV before the Plan Agent has completed its purchases, the average per share purchase price may exceed NAV, resulting in fewer shares being acquired than if the fund had issued new shares.

There are no brokerage charges with respect to common shares issued directly by the fund. However, whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.

The reinvestment of dividends and net capital gains distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.

Shareholders participating in the Plan may buy additional shares of the fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 36

shares of the fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date. Pursuant to regulatory changes, effective September 5, 2017, the settlement date is changed from three business days after the shares have been sold to two business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their stockbroker through the Direct Registration System.

Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If shareholders withdraw from the Plan, their shares will be credited to their account; or, if they wish, the Plan Agent will sell their full and fractional shares and send the shareholders the proceeds, less a transaction fee of $5 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder's participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.

Shareholders who hold at least one full share of the fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If shareholders wish to participate in the Plan and their shares are held in the name of a brokerage firm, bank or other nominee, shareholders should contact their nominee to see if it will participate in the Plan. If shareholders wish to participate in the Plan, but their brokerage firm, bank or other nominee is unable to participate on their behalf, they will need to request that their shares be re-registered in their own name, or they will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by shareholders as representing the total amount registered in their name and held for their account by their nominee.

Experience under the Plan may indicate that changes are desirable. Accordingly, the fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 90 days before the record date for the payment of any dividend or distribution by the fund.

Effective November 1, 2013, the Plan was revised to provide that Computershare Trust Company, N.A. no longer provides mail loss insurance coverage when shareholders mail their certificates to the fund's administrator.

All correspondence or requests for additional information about the Plan should be directed to Computershare Trust Company, N.A., at the address stated below, or by calling 800-852-0218, 201-680-6578 (For International Telephone Inquiries) and 800-952-9245 (For the Hearing Impaired (TDD)).

Shareholder communication and assistance

If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:

Regular Mail:
Computershare
P.O. Box 505000
Louisville, KY 40233

Registered or Overnight Mail:
Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202

If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 37

Continuation of Investment Advisory and Subadvisory Agreements

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Investors Trust (the fund) of the Advisory Agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadvisor). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 18-21, 2018 in-person meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at an in-person meeting held on May 29-31, 2018.

Approval of Advisory and Subadvisory Agreements

At in-person meetings held on June 18-21, 2018, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the fund under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), reapproved for an annual period the continuation of the Advisory Agreement between the fund and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and other pertinent information, such as the market premium and discount information, and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor's revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor's affiliates, including distribution services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.

Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the fund and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as

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determinative, and each Trustee may have attributed different weights to different factors. The Board's conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of fund performance and operations throughout the year.

Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the fund's Chief Compliance Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund's compliance programs, risk management programs, liquidity management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments.. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risk with respect to all funds.

The Board also considered the differences between the Advisor's services to the fund and the services it provides to other clients that are not closed-end funds, including, for example, the differences in services related to the regulatory and legal obligations of closed-end funds

In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management and the quality of the performance of the Advisor's duties, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the fund and of the other funds in the John Hancock group of funds complex (the John Hancock Fund Complex).

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a) | the skills and competency with which the Advisor has in the past managed the fund's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor's timeliness in responding to performance issues;
(b) | the background, qualifications and skills of the Advisor's personnel;
(c) | the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d) | the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor's oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
(f) | the Advisor's initiatives intended to improve various aspects of the fund's operations and investor experience with the fund; and

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(g) | the Advisor's reputation and experience in serving as an investment advisor to the fund and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

Investment performance. In considering the fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund's performance results. In connection with the consideration of the Advisory Agreement, the Board:

(a) | reviewed information prepared by management regarding the fund's performance;
(b) | considered the comparative performance of an applicable benchmark index;
(c) | considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data;
(d) | took into account the Advisor's analysis of the fund's performance; and
(e) | considered the fund's share performance and premium/discount information.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that, based on its net asset value, the fund outperformed its benchmark index for the one-, three-, five- and ten-year periods ended December 31, 2017. The Board also noted that, based on its net asset value, the fund outperformed its peer group average for the one-, three- and ten-year periods and underperformed its peer group average for the five-year period ended December 31, 2017. The Board took into account management's discussion of the fund's performance, including the favorable performance relative to the benchmark index for the one-, three-, five- and ten-year periods and to the peer group for the one-, three- and ten-year periods. The Board concluded that the fund's performance has generally been in line with or outperformed the historical performance of comparable funds and the fund's benchmark index.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund's ranking within a broader group of funds. In comparing the fund's contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs.

The Board also took into account the impact of leverage on fund expenses. The Board took into account the management fee structure, including that management fees for the fund were based on the fund's total managed assets, which are attributable to common stock and borrowings. The Board noted that net management fees and total expenses for the fund are lower than the peer group median.

The Board took into account management's discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its

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advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor's relationship with the fund, the Board:

(a) | reviewed financial information of the Advisor;
(b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d) | received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor's allocation methodologies;
(e) | considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(f) | noted that the fund's Subadvisor is an affiliate of the Advisor;
(g) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(h) | noted that the subadvisory fees for the fund are paid by the Advisor;
(i) | considered the Advisor's ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(j) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.

Economies of scale. In considering the extent to which the fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of the fund shareholders, the Board noted that the fund has a limited ability to increase its assets as a closed-end fund. The Board took into account management's discussions of the current advisory fee structure, and, as noted above, the services the Advisor provides in performing its functions under the Advisory Agreement and in supervising the Subadvisor.

The Board also considered potential economies of scale that may be realized by the fund as part of the John Hancock Fund Complex. Among them, the Board noted that the Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock Fund 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. The Board reviewed the fund's advisory fee structure and concluded that: (i) the fund's fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management's discussion of

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 41

the fund's advisory fee structure. The Board also considered the Advisor's overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the fund. The Board determined that the management fee structure for the fund was reasonable.

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1) | information relating to the Subadvisor's business, including current subadvisory services to the fund (and other funds in the John Hancock Fund Complex);
(2) | the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
(3) | the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data.

Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as received information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the fund's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board considered the Subadvisor's investment process and philosophy. The Board took into account that the Subadvisor's responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund's investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.

Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor's relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.

Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays subadvisory fees to the Subadvisor. As noted above, the Board also considered the fund's subadvisory fee as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fee paid by the Advisor

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 42

to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

Subadvisor performance. As noted above, the Board considered the fund's performance as compared to the fund's peer group and the benchmark index and noted that the Board reviews information about the fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.

The Board's decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1) | the Subadvisor has extensive experience and demonstrated skills as a manager;
(2) | the fund's performance, based on net asset value, has generally been in line with or outperformed the historical performance of comparable funds and the fund's benchmark index;
(3) | the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4) | that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

* * *

Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 43

Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.

Independent Trustees

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Hassell H. McClellan, Born: 1945 | 2012 | 216
Trustee and Chairperson of the Board Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2014) and Chairperson of the Board (since 2017), John Hancock Collateral Trust; Trustee (since 2015) and Chairperson of the Board (since 2017), John Hancock Exchange-Traded Fund Trust; Trustee (since 2012) and Chairperson of the Board (since 2017), John Hancock retail funds3; Trustee (2005-2006 and since 2012) and Chairperson of the Board (since 2017), John Hancock Funds III; Trustee (since 2005) and Chairperson of the Board (since 2017), John Hancock Variable Insurance Trust and John Hancock Funds II.

Charles L. Bardelis,2 Born: 1941 | 2012 | 216
Trustee Director, Island Commuter Corp. (marine transport). Trustee, John Hancock Collateral Trust (since 2014), Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust (since 1988); Trustee, John Hancock Funds II (since 2005).

James R. Boyle, Born: 1959 | 2015 | 216
Trustee Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC, and John Hancock Investment Management Services, LLC (2005-2010). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (2005-2010; 2012-2014 and since 2015); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (2005-2014 and since 2015).

Peter S. Burgess,2 Born: 1942 | 2012 | 216
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).

William H. Cunningham, Born: 1944 | 2005 | 216
Trustee Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee, John Hancock retail funds3 (since 1986); Trustee, John Hancock Variable Insurance Trust (since 2012); Trustee, John Hancock Funds II (2005-2006 and since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015).

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 44

Independent Trustees (continued)

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Grace K. Fey, Born: 1946 | 2012 | 216
Trustee Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988-2007); Director, Fiduciary Trust (since 2009). Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

Theron S. Hoffman,2 Born: 1947 | 2012 | 216
Trustee Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003-2010); President, Westport Resources Management (investment management consulting firm) (2006-2008); Board Member, Senior Managing Director, Partner, and Operating Head, Putnam Investments (2000-2003); Executive Vice President, The Thomson Corp. (financial and legal information publishing) (1997-2000). Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

Deborah C. Jackson, Born: 1952 | 2008 | 216
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (since 2014); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee, John Hancock retail funds3 (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2014); and Trustee, John Hancock Exchange-Traded Fund Trust (since 2015).

James M. Oates, Born: 1946 | 2012 | 216
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2014) and Chairperson of the Board (2014-2016), John Hancock Collateral Trust; Trustee (since 2015) and Chairperson of the Board (2015-2016), John Hancock Exchange-Traded Fund Trust; Trustee (since 2012) and Chairperson of the Board (2012-2016), John Hancock retail funds3; Trustee (2005-2006 and since 2012) and Chairperson of the Board (2012-2016), John Hancock Funds III; Trustee (since 2004) and Chairperson of the Board (2005-2016), John Hancock Variable Insurance Trust; Trustee (since 2005) and Chairperson of the Board, John Hancock Funds II (2005-2016).

Steven R. Pruchansky, Born: 1944 | 2005 | 216
Trustee and Vice Chairperson of the Board Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992) and Chairperson of the Board (2011-2012), John Hancock retail funds3; Trustee and Vice Chairperson of the Board, John Hancock retail funds3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee and Vice Chairperson of the Board, John Hancock Collateral Trust (since 2014); Trustee and Vice Chairperson of the Board, John Hancock Exchange-Traded Fund Trust (since 2015).

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 45

Independent Trustees (continued)

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Gregory A. Russo, Born: 1949 | 2008 | 216
Trustee Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (since 2012) and Finance Committee Chairman (since 2014), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee, John Hancock retail funds3 (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015).

Non-Independent Trustees4

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971 | 2017 | 216
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Advisers, LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Investment Management Services, LLC (since 2006, including prior positions); President, John Hancock Funds, LLC (since 2004, including prior positions); President, John Hancock retail funds,3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2007, including prior positions); President, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014). Trustee, John Hancock Collateral Trust, John Hancock Exchange-Traded Fund Trust, John Hancock retail funds,3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2017).

Marianne Harrison, Born: 1963 | 2018 | 216
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (since 2017); Member, Board of Directors, Manulife Assurance Canada (since 2015); Board Member, St. Mary's General Hospital Foundation (since 2014); Member, Board of Directors, Manulife Bank of Canada (since 2013); Member, Standing Committee of the Canadian Life & Health Assurance Association (since 2013); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee, John Hancock Collateral Trust, John Hancock Exchange-Traded Fund Trust, John Hancock retail funds3, John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2018).

Warren A. Thomson, Born: 1955 | 2012 | 216
Non-Independent Trustee Senior Executive Vice President and Chief Investment Officer, Manulife Financial and The Manufacturers Life Insurance Company (since 2009); Chairman, Manulife Asset Management (since 2001, including prior positions); Director and Chairman, Manulife Asset Management Limited (since 2006); Director and Chairman, Hancock Natural Resources Group, Inc. (since 2013). Trustee, John Hancock retail funds,3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015).

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 46

Principal officers who are not Trustees

Name, year of birth Position(s) held with fund Principal occupation(s) during past 5 years | Officer of the Trust since
Francis V. Knox, Jr., Born: 1947 | 2005
Chief Compliance Officer Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock retail funds,3 John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Advisers, LLC, and John Hancock Investment Management Services, LLC (since 2005); Chief Compliance Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

Charles A. Rizzo, Born: 1957 | 2007
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial Officer, John Hancock retail funds,3 John Hancock Variable Insurance Trust and John Hancock Funds II (since 2007); Chief Financial Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

Salvatore Schiavone, Born: 1965 | 2010
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer, John Hancock retail funds3 (since 2007, including prior positions); Treasurer, John Hancock Variable Insurance Trust and John Hancock Funds II (2007-2009 and since 2010, including prior positions); Treasurer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

Christopher (Kit) Sechler, Born: 1973 | 2018
Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investments; Chief Legal Officer and Secretary, John Hancock retail funds(2), John Hancock Variable Insurance Trust, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2018); Assistant Secretary of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2009).

The business address for all Trustees and Officers is 197 Clarendon Street, Boston, Massachusetts 02116-5010.

1 | Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee's death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to date listed in the table.
2 | Member of the Audit Committee.
3 | "John Hancock retail funds" comprises John Hancock Funds III and 40 other John Hancock funds consisting of 30 series of other John Hancock trusts and 10 closed-end funds.
4 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates.

ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 47

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 Marianne Harrison†# Theron S. Hoffman* Deborah C. Jackson James M. Oates Gregory A. Russo Warren A. Thomson† Officers Andrew G. Arnott President Francis V. Knox, Jr. Chief Compliance Officer Charles A. Rizzo Chief Financial Officer Salvatore Schiavone Treasurer Christopher (Kit) Sechler** Secretary and Chief Legal Officer | Investment advisor John Hancock Advisers, LLC Subadvisor John Hancock Asset Management a division of Manulife Asset Management (US) LLC Distributor John Hancock Funds, LLC Custodian State Street Bank and Trust Company Transfer agent Computershare Shareowner Services, LLC Legal counsel K&L Gates LLP Independent registered public accounting firm PricewaterhouseCoopers LLP Stock symbol Listed New York Stock Exchange: JHI

* Member of the Audit Committee
† Non-Independent Trustee
#Effective 6-19-18

**Effective 9-13-18

For shareholder assistance refer to page 37

| 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

The fund's proxy voting policies and procedures, as well as the fund's 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.

The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 48

John Hancock family of funds

DOMESTIC EQUITY FUNDS Blue Chip Growth Classic Value Disciplined Value Disciplined Value Mid Cap Equity Income Financial Industries Fundamental All Cap Core Fundamental Large Cap Core Fundamental Large Cap Value New Opportunities Regional Bank Small Cap Core Small Cap Growth Small Cap Value U.S. Global Leaders Growth U.S. Growth U.S. Quality Growth Value Equity GLOBAL AND INTERNATIONAL EQUITY FUNDS Disciplined Value International Emerging Markets Emerging Markets Equity Fundamental Global Franchise Global Equity Global Shareholder Yield Global Thematic Opportunities Greater China Opportunities International Growth International Small Company |  | INCOME FUNDS Bond California Tax-Free Income Emerging Markets Debt Floating Rate 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 Global Absolute Return Strategies Global Conservative Absolute Return Global Focused Strategies Redwood Seaport Long/Short 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 Balanced Income Allocation Multi-Index Lifetime Portfolios Multi-Index Preservation Portfolios Multimanager Lifestyle Portfolios Multimanager Lifetime Portfolios Retirement Income 2040 EXCHANGE-TRADED FUNDS John Hancock Multifactor Consumer Discretionary ETF John Hancock Multifactor Consumer Staples ETF John Hancock Multifactor Developed International ETF John Hancock Multifactor Emerging Markets 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 Small 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 200 Berkeley Street n Boston, MA 02116-5010 800-852-0218 n jhinvestments.com
| MF647933 | P5A 10/18 12/18

ITEM 2. CODE OF ETHICS.

As of the end of the year, October 31, 2018, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the “Senior Financial Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Peter S. Burgess is the audit committee financial expert and is “independent”, pursuant to general instructions on Form N-CSR Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees
The aggregate fees for John Hancock Investors Trust billed for professional services rendered by the principal accountant(s) for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $56,113 for the fiscal year ended October 31, 2018 and $52,313 for the fiscal year ended October 31, 2017. These fees were billed to the registrant and were approved by the registrant’s audit committee.

(b) Audit-Related Services
Audit-related fees for John Hancock Investors Trust amounted to $0 for the fiscal year ended October 31, 2018 and $0 for the fiscal year ended October 31, 2017 billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates"). In addition, amounts billed to control affiliates for service provider internal controls reviews were $110,200 and $106,517 for the fiscal years ended October 31, 2018 and 2017, respectively.

(c) Tax Fees
The aggregate fees for John Hancock Investors Trust billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning (“tax fees”) amounted to $3,725 for the fiscal year ended October 31, 2018 and $3,725 for the fiscal year ended October 31, 2017. The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant’s audit committee.

(d) All Other Fees
The all other fees for John Hancock Investors Trust billed to the registrant for products and services provided by the principal accountant were $239 for the fiscal year ended October 31, 2018 and $832 for the fiscal year ended October 31, 2017 billed to control affiliates for products and services provided by the principal accountant. These fees were approved by the registrant’s audit committee.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the “Auditor”) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust’s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees, Tax Fees and All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) According to the registrant’s principal accountant, for the fiscal year ended October 31, 2018, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g) The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the registrant were $2,064,999 for the fiscal year ended October 31, 2018 and $8,884,223 for the fiscal year ended October 31, 2017.

(h) The audit committee of the registrant has considered the non-audit services provided by the registrant’s principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Peter S. Burgess - Chairman
Charles L. Bardelis
Theron S. Hoffman

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.

See attached exhibit - Proxy Voting Policies and Procedures.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Information about the portfolio managers
Management Biographies

Below is a list of the John Hancock Asset Management a division of Manulife Asset Management (US) LLC (“John Hancock Asset Management”) portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years. Information is provided as of October 31, 2018.

John F. Addeo, CFA
Managing Director and Portfolio Manager
John Hancock Asset Management since 2012
Investment Officer, Portfolio Manager/Analyst, High Yield Bond Group,
MFS Investment Management (1998–2012)
Began business career in 1984
Managed the Fund since 2013

Jeffrey N. Given, CFA
Senior Managing Director and Senior Portfolio Manager
John Hancock Asset Management since 2012
Managing Director, John Hancock Asset Management (US) LLC (2005–2012)
Second Vice President, John Hancock Advisers, LLC (1993–2005)
Began business career in 1993
Managed the Fund since 1999

Dennis F. McCafferty, CFA
Managing Director and Portfolio Manager
John Hancock Asset Management since 2009
Investment Analyst, John Hancock Asset Management (2008–2009)
Principal and Senior Analyst, Pardus Capital Management (2005–2008)
Began business career in 1995
Managed the Fund since 2013

Other Accounts the Portfolio Managers are Managing

The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2018. For purposes of the table, “Other Pooled Investment Vehicles” may include investment partnerships and group trusts, and “Other Accounts” may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.

| Registered Investment | Other Pooled |
| Companies | Investment Vehicles | Other Accounts
| Number | Total | Number | Total | Number | Total
| of | Assets | of | Assets | of | Assets
| Accounts | $Million | Accounts | $Million | Accounts | $Million
John F. | 2 | 1,040 | 8 | 1,201 | 4 | 323
Addeo, CFA |  |  |  |  |  |
Jeffrey N. | 21 | 51,345 | 19 | 2,472 | 17 | 7,987
Given, CFA |  |  |  |  |  |

| Registered Investment | Other Pooled |
| Companies | Investment Vehicles | Other Accounts
| Number | Total | Number | Total | Number | Total
| of | Assets | of | Assets | of | Assets
| Accounts | $Million | Accounts | $Million | Accounts | $Million
Dennis F. | 2 | 1,040 | 12 | 5,001 | 0 | 0
McCafferty, |  |  |  |  |  |
CFA |  |  |  |  |  |

Number and value of accounts within the total accounts that are subject to a performance-based advisory fee: None.

Conflicts of Interest. When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager’s responsibility for the management of the Fund as well as one or more other accounts. The Advisor and Subadvisor have adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. The Advisor and Subadvisor have structured their compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See “Compensation of Portfolio Managers” below.

● | A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. The Subadvisor has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.
● | A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadvisor generally require that such trades be “bunched,” which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended to result in as favorable a price as possible for such client.

● | A portfolio manager could favor an account if the portfolio manager’s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager’s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadvisor receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager’s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager’s compensation. See “Compensation of Portfolio Managers” below. Neither the Advisor nor the Subadvisor receives a performance-based fee with respect to any of the accounts managed by the portfolio managers.
● | A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.
● | If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.

Compensation of Portfolio Managers. The Subadvisor has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. At the Subadvisor, the structure of compensation of investment professionals is currently composed of the following basic components: base salary and an annual investment bonus plan as well as customary benefits that are offered generally to all full-time employees of the Subadvisor. A limited number of senior investment professionals, who serve as officers of both the Subadvisor and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial. The following describes each component of the compensation package for the individuals identified as a portfolio manager for the Funds.

● | Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor seeks to set compensation at market rates, taking into account the experience and responsibilities of the investment professional.
● | Investment Bonus Plan. Only investment professionals are eligible to participate in the Investment Bonus Plan. Under the plan, investment professionals are eligible for an annual bonus. The plan is intended to provide a competitive level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan:

● | Investment Performance: The investment performance of all accounts managed by the investment professional over one, three and five-year periods are considered. With respect to fixed income accounts, relative yields are also used to measure performance. The pre-tax performance of each account is measured relative to an appropriate benchmark and universe as identified in the table below.
● | The Profitability of the Subadvisor: The profitability of the Subadvisor and its parent company are also considered in determining bonus awards.
● | Non-Investment Performance: To a lesser extent, intangible contributions, including the investment professional’s support of client service and sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are also evaluated when determining bonus awards.

● | Options and Stock Grants. A limited number of senior investment professionals may receive options to purchase shares of Manulife Financial stock. Generally, such option would permit the investment professional to purchase a set amount of stock at the market price on the date of grant. The option can be exercised for a set period (normally a number of years or until termination of employment) and the investment professional would exercise the option if the market value of Manulife Financial stock increases. Some investment professionals may receive restricted stock grants, where the investment professional is entitled to receive the stock at no or nominal cost, provided that the stock is forgone if the investment professional’s employment is terminated prior to a vesting date.

The Subadvisor also permits investment professionals to participate on a voluntary basis in a deferred compensation plan, under which the investment professional may elect on an annual basis to defer receipt of a portion of their compensation until retirement. Participation in the plan is voluntary.

Fund | Benchmark
Investors Trust | Barclays Capital U.S. Aggregate Bond Index

Share Ownership by Portfolio Managers. The following table indicates as of October 31, 2018 the value of shares beneficially owned by the portfolio managers in the Fund.

| Range of
| Beneficial
| Ownership in the
Portfolio Manager | Fund
John F. Addeo, CFA | $50,001-
| $100,000
Jeffrey N. Given, CFA | $1-$10,000
Dennis F. McCafferty, CFA | $0

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) Not applicable.
(b)

REGISTRANT PURCHASES OF EQUITY SECURITIES

|  |  | Total number of | Maximum number
|  | Average | shares purchased | of shares that may
| Total number of | price per | as part of publicly | yet be purchased
Period | shares purchased | share | announced plans* | under the plans*
Nov-17 | - | - | - | 870,703
Dec-17 | - | - | - | 870,703
Jan-18 | - | - | - | 870,703
Feb-18 | - | - | - | 870,703
Mar-18 | - | - | - | 870,703
Apr-18 | - | - | - | 870,703
May-18 | - | - | - | 870,703
Jun-18 | - | - | - | 870,703
Jul-18 | - | - | - | 870,703
Aug-18 | - | - | - | 870,703
Sep-18 | - | - | - | 870,703
Oct-18 | - | - | - | 870,703
Total | - | - | - |
*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, 2017. The current share repurchase plan will remain in effect between January 1, 2018 to December 31, 2018.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

(a) 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 and Governance 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Fund did not participate directly in securities lending activities. See Note 8 to financial statements in Item 1.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics for Senior Financial Officers is attached.

(a)(2) 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) Proxy Voting Policies and Procedures are attached.

(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock – Nominating and Governance Committee Charter”.

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: |  | December 18, 2018

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: |  | December 18, 2018
By: |  | /s/ Charles A. Rizzo
|  | Charles A. Rizzo
|  | Chief Financial Officer
Date: |  | December 18, 2018