JOHN HANCOCK INVESTORS TRUST

NPORT-EX 1 d742753dnportex.htm JOHN HANCOCK INVESTORS TRUST JOHN HANCOCK INVESTORS TRUST

John Hancock

Investors Trust

Quarterly portfolio holdings 7/31/19

LOGO

Fund’s investments

As of 7-31-19 (unaudited)


	Rate (%)		Maturity date			Par value^		Value
U.S. Government and Agency obligations 4.1% (2.6% of Total investments) (Cost $6,368,827)								$	6,464,973
U.S. Government Agency 4.1%									6,464,973

Federal National Mortgage Association
30 Yr Pass Thru		4.000		12-01-40			1,692,670		1,806,470
30 Yr Pass Thru		4.000		09-01-41			1,474,179		1,560,391
30 Yr Pass Thru		4.000		10-01-41			844,350		897,159
30 Yr Pass Thru		4.000		01-01-42			426,342		453,007
30 Yr Pass Thru		4.500		10-01-40			1,069,628		1,157,911
30 Yr Pass Thru		5.000		04-01-41			224,289		249,279
30 Yr Pass Thru		5.500		08-01-40			67,799		74,181
30 Yr Pass Thru		6.500		01-01-39			231,701		266,575
Foreign government obligations 0.8% (0.5% of Total investments) (Cost $1,320,000)								$	1,309,907
Oman 0.8%									1,309,907

Oman Sovereign Sukuk SAOC Bond (A)(B)(C)		4.397		06-01-24			1,320,000		1,309,907
Corporate bonds 134.7% (86.9% of Total investments) (Cost $210,072,811)								$	213,585,205
Communication services 28.1%									44,628,141

Diversified telecommunication services 5.8%
Altice France SA (A)(B)(C)		6.250		05-15-24			1,675,000		1,729,438
GCI LLC (A)(B)(C)		6.625		06-15-24			375,000		399,375
GCI LLC		6.875		04-15-25			935,000		982,919
Intelsat Connect Finance SA (A)(B)(C)		9.500		02-15-23			480,000		430,656
Intelsat Jackson Holdings SA (A)		8.500		10-15-24			735,000		733,236
Level 3 Financing, Inc. (B)(C)		5.250		03-15-26			1,365,000		1,421,306
Level 3 Financing, Inc. (B)(C)		5.625		02-01-23			825,000		835,725
Telecom Italia Capital SA		6.000		09-30-34			1,560,000		1,583,400
Turk Telekomunikasyon AS (A)(B)(C)		4.875		06-19-24			1,220,000		1,167,655
Entertainment 5.1%
AMC Entertainment Holdings, Inc. (B)(C)		6.125		05-15-27			1,450,000		1,298,656
Lions Gate Capital Holdings LLC (A)(B)(C)		5.875		11-01-24			1,095,000		1,141,538
Lions Gate Capital Holdings LLC (A)(B)(C)		6.375		02-01-24			1,600,000		1,678,000
Netflix, Inc. (B)(C)		4.875		04-15-28			1,245,000		1,286,241
Netflix, Inc. (B)(C)		5.875		11-15-28			1,220,000		1,337,425
Viacom, Inc. (C)		5.850		09-01-43			1,125,000		1,339,207
Media 12.0%
Altice Financing SA (A)(B)(C)		7.500		05-15-26			1,000,000		1,047,500
Altice Luxembourg SA (A)(B)(C)		7.750		05-15-22			755,000		771,044
Altice Luxembourg SA (A)		10.500		05-15-27			500,000		529,375
Cablevision Systems Corp.		8.000		04-15-20			1,000,000		1,031,250
CCO Holdings LLC (A)(B)(C)		5.000		02-01-28			1,630,000		1,672,869
CCO Holdings LLC		5.125		02-15-23			950,000		963,063
CCO Holdings LLC (A)(B)(C)		5.125		05-01-27			1,245,000		1,283,906
Cengage Learning, Inc. (A)(B)(C)		9.500		06-15-24			700,000		658,000
CSC Holdings LLC (A)(B)(C)		5.500		04-15-27			1,245,000		1,304,138
CSC Holdings LLC (A)(B)(C)		7.500		04-01-28			855,000		941,569
Diamond Sports Group LLC (A)		6.625		08-15-27			741,000		759,525
Grupo Televisa SAB (B)(C)		4.625		01-30-26			725,000		764,633
Grupo Televisa SAB		8.490		05-11-37	MXN		26,200,000		1,155,254
McGraw-Hill Global Education Holdings LLC (A)(B)(C)		7.875		05-15-24			1,100,000		987,250


2 JOHN HANCOCK INVESTORS TRUST \| QUARTERLY REPORT		SEE NOTES TO FUND’S INVESTMENTS


	Rate (%)		Maturity date			Par value^		Value
Communication services (continued)
Media (continued)
MDC Partners, Inc. (A)(B)(C)		6.500		05-01-24			1,955,000	$	1,764,388
Myriad International Holdings BV (A)(B)(C)		4.850		07-06-27			1,445,000		1,557,025
Myriad International Holdings BV (A)		5.500		07-21-25			915,000		1,011,863
Time Warner Cable LLC (B)(C)		4.500		09-15-42			815,000		772,058
Wireless telecommunication services 5.2%
America Movil SAB de CV		6.450		12-05-22	MXN		10,370,000		512,684
Colombia Telecomunicaciones SA ESP (A)		5.375		09-27-22			1,000,000		1,007,510
Comunicaciones Celulares SA (A)		6.875		02-06-24			1,775,000		1,837,125
Sprint Communications, Inc. (B)(C)		6.000		11-15-22			935,000		993,438
Sprint Corp. (B)(C)		7.125		06-15-24			750,000		818,438
T-Mobile USA, Inc. (B)(C)		4.750		02-01-28			640,000		657,600
T-Mobile USA, Inc.		6.500		01-15-26			1,125,000		1,197,788
United States Cellular Corp.		6.700		12-15-33			1,195,000		1,264,071
Consumer discretionary 6.1%									9,653,159

Auto components 0.1%
Lear Corp. (B)(C)		5.250		01-15-25			210,000		217,698
Automobiles 0.6%
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (B)(C)(D)		6.500		09-30-28			1,000,000		974,960
Hotels, restaurants and leisure 2.6%
Eldorado Resorts, Inc.		6.000		09-15-26			590,000		637,200
GLP Capital LP		5.375		04-15-26			815,000		886,818
MGM Resorts International		6.000		03-15-23			395,000		428,575
Twin River Worldwide Holdings, Inc. (A)(B)(C)		6.750		06-01-27			750,000		781,875
Waterford Gaming LLC (A)(E)(F)		8.625		09-15-14			377,791		0
Wyndham Destinations, Inc. (B)(C)		6.350		10-01-25			1,190,000		1,302,812
Household durables 0.5%
William Lyon Homes, Inc.		6.000		09-01-23			720,000		725,400
Internet and direct marketing retail 1.5%
Expedia Group, Inc. (B)(C)		5.000		02-15-26			1,000,000		1,099,309
GrubHub Holdings, Inc. (A)		5.500		07-01-27			354,000		363,296
QVC, Inc.		5.950		03-15-43			1,000,000		968,866
Specialty retail 0.8%
Group 1 Automotive, Inc. (A)		5.250		12-15-23			1,240,000		1,266,350
Consumer staples 1.8%									2,864,588

Food and staples retailing 0.3%
Rite Aid Corp. (A)(B)(C)		6.125		04-01-23			550,000		464,063
Food products 1.0%
Darling Ingredients, Inc. (A)		5.250		04-15-27			550,000		571,555
Post Holdings, Inc. (A)(B)(C)		5.500		03-01-25			540,000		561,600
Post Holdings, Inc. (A)(B)(C)		5.625		01-15-28			510,000		524,663
Tobacco 0.5%
Reynolds American, Inc. (B)(C)		6.875		05-01-20			720,000		742,707
Energy 24.0%									38,106,443

Energy equipment and services 2.4%
Archrock Partners LP (B)(C)		6.000		10-01-22			1,185,000		1,201,294
CSI Compressco LP		7.250		08-15-22			1,635,000		1,471,500
CSI Compressco LP (A)		7.500		04-01-25			500,000		497,500
Tervita Corp. (A)		7.625		12-01-21			655,000		668,100


SEE NOTES TO FUND’S INVESTMENTS		QUARTERLY REPORT \| JOHN HANCOCK INVESTORS TRUST 3


	Rate (%)		Maturity date			Par value^		Value
Energy (continued)
Oil, gas and consumable fuels 21.6%
Aker BP ASA (A)		4.750		06-15-24			380,000	$	391,400
Andeavor Logistics LP		5.250		01-15-25			870,000		920,151
Blue Racer Midstream LLC (A)(B)(C)		6.125		11-15-22			1,230,000		1,231,538
Cheniere Corpus Christi Holdings LLC		5.875		03-31-25			995,000		1,094,600
Cheniere Corpus Christi Holdings LLC		7.000		06-30-24			800,000		910,016
Chesapeake Energy Corp. (B)(C)		7.500		10-01-26			1,325,000		1,040,125
Chesapeake Energy Corp. (B)(C)		8.000		06-15-27			925,000		740,000
DCP Midstream LP (7.375% to 12-15-22, then 3 month LIBOR + 5.148%) (D)		7.375		12-15-22			1,000,000		987,500
DCP Midstream Operating LP		5.375		07-15-25			1,600,000		1,698,032
DCP Midstream Operating LP (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (A)(B)(C)		5.850		05-21-43			1,060,000		996,400
Denbury Resources, Inc. (A)(B)(C)		7.500		02-15-24			715,000		536,250
Diamondback Energy, Inc. (A)		4.750		11-01-24			930,000		955,296
Energy Transfer Operating LP (B)(C)		4.200		04-15-27			1,500,000		1,563,562
Kinder Morgan, Inc. (C)		5.550		06-01-45			500,000		578,585
Laredo Petroleum, Inc. (B)(C)		6.250		03-15-23			293,000		262,968
Marathon Petroleum Corp. (B)(C)		4.750		09-15-44			1,500,000		1,574,104
Oasis Petroleum, Inc. (A)(B)(C)		6.250		05-01-26			985,000		933,189
Odebrecht Offshore Drilling Finance, Ltd. (A)		6.720		12-01-22			169,628		166,238
Odebrecht Offshore Drilling Finance, Ltd. (7.720% Cash or 2.048% PIK) (A)		7.720		12-01-26			694,491		201,402
Odebrecht Oil & Gas Finance, Ltd. (A)(D)		5.683		09-02-19			100,959		1,111
Parkland Fuel Corp. (A)(B)(C)		5.875		07-15-27			1,150,000		1,183,063
Parsley Energy LLC (A)		5.375		01-15-25			370,000		374,647
Parsley Energy LLC (A)(B)(C)		5.625		10-15-27			590,000		609,175
PBF Holding Company LLC (B)(C)		7.250		06-15-25			455,000		476,613
Petrobras Global Finance BV (B)(C)		7.375		01-17-27			1,755,000		2,077,323
Petroleos Mexicanos (B)(C)		5.500		01-21-21			755,000		771,988
Petroleos Mexicanos		7.470		11-12-26	MXN		61,356,000		2,521,315
Phillips 66 Partners LP (B)(C)		4.900		10-01-46			1,585,000		1,709,585
Sabine Pass Liquefaction LLC (C)		5.000		03-15-27			1,000,000		1,090,283
Sabine Pass Liquefaction LLC (C)		5.875		06-30-26			610,000		694,423
Sunoco Logistics Partners Operations LP (C)		3.900		07-15-26			925,000		947,935
Tallgrass Energy Partners LP (A)(B)(C)		5.500		09-15-24			915,000		926,438
Targa Resources Partners LP (A)(B)(C)		6.500		07-15-27			1,300,000		1,415,401
The Oil and Gas Holding Company BSCC (A)(B)(C)		7.500		10-25-27			1,155,000		1,278,012
Whiting Petroleum Corp. (B)(C)		5.750		03-15-21			705,000		705,881
WPX Energy, Inc.		5.250		09-15-24			700,000		703,500
Financials 25.6%									40,583,699

Banks 15.1%
Banco BTG Pactual SA (A)		5.750		09-28-22			2,540,000		2,616,225
Banco de Credito del Peru (A)		4.850		10-30-20	PEN		3,405,000		1,038,455
Banco Nacional de Comercio Exterior SNC (3.800% to 8-11-21, then 5 Year CMT + 3.000%) (A)		3.800		08-11-26			1,385,000		1,397,133
Bank of America Corp. (6.100% to 3-17-25, then 3 month LIBOR + 3.898%) (B)(C)(D)		6.100		03-17-25			1,385,000		1,511,451
Barclays PLC (7.750% to 9-15-23, then 5 Year U.S. Swap Rate + 4.842%) (D)		7.750		09-15-23			1,330,000		1,354,938
BBVA Bancomer SA (A)(B)(C)		6.500		03-10-21			870,000		912,630
BNP Paribas SA (7.000% to 8-16-28, then 5 Year U.S. Swap Rate + 3.980%) (A)(B)(C)(D)		7.000		08-16-28			1,205,000		1,300,641
Corp. Group Banking SA (A)		6.750		03-15-23			1,000,000		1,000,010


4 JOHN HANCOCK INVESTORS TRUST \| QUARTERLY REPORT		SEE NOTES TO FUND’S INVESTMENTS


	Rate (%)		Maturity date		Par value^		Value
Financials (continued)
Banks (continued)
Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (A)(B)(C)(D)		7.875		01-23-24		865,000	$	954,197
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (A)(D)		8.125		12-23-25		1,495,000		1,732,071
Freedom Mortgage Corp. (A)(B)(C)		8.250		04-15-25		840,000		732,900
HSBC Holdings PLC (6.500% to 3-23-28, then 5 Year U.S. ISDAFIX + 3.606%) (C)(D)		6.500		03-23-28		2,015,000		2,100,638
HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (C)(D)		6.875		06-01-21		760,000		792,680
ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (B)(C)(D)		6.500		04-16-25		1,060,000		1,107,170
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)(C)(D)		6.750		02-01-24		1,500,000		1,663,793
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (D)		7.500		06-27-24		1,465,000		1,535,540
Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (A)(D)		7.375		09-13-21		1,470,000		1,530,638
Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (C)(D)		5.875		06-15-25		665,000		728,175
Capital markets 2.7%
Credit Suisse Group AG (7.250% to 9-12-25, then 5 Year U.S. Swap Rate + 4.332%) (A)(B)(C)(D)		7.250		09-12-25		1,500,000		1,605,000
Credit Suisse Group AG (7.500% to 7-17-23, then 5 Year U.S. Swap Rate + 4.600%) (A)(B)(C)(D)		7.500		07-17-23		1,100,000		1,168,750
Morgan Stanley (C)		5.750		01-25-21		1,000,000		1,047,805
The Goldman Sachs Group, Inc.		3.750		05-22-25		375,000		391,915
Consumer finance 4.6%
American Express Company (4.900% to 3-15-20, then 3 month LIBOR + 3.285%) (D)		4.900		03-15-20		1,300,000		1,307,423
Avation Capital SA (A)		6.500		05-15-21		1,730,000		1,777,575
Enova International, Inc. (A)		8.500		09-01-24		465,000		448,725
Enova International, Inc. (A)		8.500		09-15-25		1,200,000		1,155,000
Springleaf Finance Corp. (B)(C)		6.875		03-15-25		1,650,000		1,845,657
Springleaf Finance Corp.		7.125		03-15-26		725,000		814,266
Diversified financial services 0.7%
ASP AMC Merger Sub, Inc. (A)		8.000		05-15-25		835,000		567,800
Gogo Intermediate Holdings LLC (A)		9.875		05-01-24		500,000		516,265
Insurance 1.1%
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		1,201,500
Ardonagh Midco 3 PLC (A)(B)(C)		8.625		07-15-23		545,000		506,850
Mortgage real estate investment trusts 0.6%
Starwood Property Trust, Inc.		5.000		12-15-21		970,000		1,001,525
Thrifts and mortgage finance 0.8%
Quicken Loans, Inc. (A)		5.750		05-01-25		900,000		929,358
Stearns Holdings LLC (A)(E)		9.375		08-15-20		578,000		289,000
Health care 10.7%								16,902,139

Health care providers and services 8.1%
Centene Corp. (A)		5.375		06-01-26		1,000,000		1,056,250
DaVita, Inc. (B)(C)		5.000		05-01-25		975,000		955,520
DaVita, Inc. (B)(C)		5.125		07-15-24		1,145,000		1,149,294
Encompass Health Corp. (B)(C)		5.750		11-01-24		1,416,000		1,431,958
HCA, Inc.		5.250		04-15-25		1,000,000		1,102,757
HCA, Inc.		5.500		06-15-47		1,760,000		1,900,413


SEE NOTES TO FUND’S INVESTMENTS		QUARTERLY REPORT \| JOHN HANCOCK INVESTORS TRUST 5


	Rate (%)		Maturity date		Par value^		Value
Health care (continued)
Health care providers and services (continued)
MEDNAX, Inc. (A)(B)(C)		5.250		12-01-23		1,575,000	$	1,572,275
Select Medical Corp.		6.375		06-01-21		1,500,000		1,501,875
Team Health Holdings, Inc. (A)(B)(C)		6.375		02-01-25		1,240,000		1,010,600
Tenet Healthcare Corp. (B)(C)		6.750		06-15-23		1,110,000		1,141,913
Pharmaceuticals 2.6%
Bausch Health Americas, Inc. (A)		8.500		01-31-27		507,000		558,384
Bausch Health Companies, Inc. (A)(B)(C)		7.000		01-15-28		900,000		927,000
Catalent Pharma Solutions, Inc. (A)		5.000		07-15-27		385,000		395,588
Endo Finance LLC (A)(B)(C)		5.375		01-15-23		932,000		591,820
Mallinckrodt International Finance SA (A)(B)(C)		5.500		04-15-25		865,000		499,538
Teva Pharmaceutical Finance Netherlands III BV (B)(C)		6.000		04-15-24		520,000		480,454
Teva Pharmaceutical Finance Netherlands III BV (B)(C)		6.750		03-01-28		700,000		626,500
Industrials 9.3%								14,731,247

Aerospace and defense 0.8%
TransDigm, Inc. (A)		6.250		03-15-26		1,185,000		1,242,769
Air freight and logistics 0.9%
Mexico City Airport Trust (A)		5.500		10-31-46		1,535,000		1,524,255
Airlines 1.4%
Air Canada 2017-1 Class AA Pass Through Trust (A)		3.300		07-15-31		948,800		960,262
Virgin Australia Holdings, Ltd. (A)		8.500		11-15-19		1,250,000		1,262,500
Building products 0.8%
Standard Industries, Inc. (A)		5.375		11-15-24		1,220,000		1,250,488
Commercial services and supplies 2.1%
Cimpress NV (A)		7.000		06-15-26		1,300,000		1,303,250
Clean Harbors, Inc. (A)		4.875		07-15-27		380,000		391,826
Clean Harbors, Inc. (A)		5.125		07-15-29		240,000		252,972
LSC Communications, Inc. (A)(B)(C)		8.750		10-15-23		1,750,000		1,334,375
Construction and engineering 0.9%
AECOM		5.125		03-15-27		850,000		890,375
HC2 Holdings, Inc. (A)		11.500		12-01-21		615,000		535,050
Machinery 0.5%
Stevens Holding Company, Inc. (A)(B)(C)		6.125		10-01-26		775,000		821,500
Road and rail 0.9%
Uber Technologies, Inc. (A)		8.000		11-01-26		1,350,000		1,427,625
Trading companies and distributors 1.0%
United Rentals North America, Inc. (B)(C)		5.500		07-15-25		1,475,000		1,534,000
Information technology 8.0%								12,719,894

Communications equipment 0.9%
CommScope, Inc. (A)(B)(C)		6.000		03-01-26		632,000		638,920
CommScope, Inc. (A)(B)(C)		8.250		03-01-27		800,000		788,000
Electronic equipment, instruments and components 0.7%
TTM Technologies, Inc. (A)(B)(C)		5.625		10-01-25		1,200,000		1,170,000
IT services 0.5%
Sixsigma Networks Mexico SA de CV (A)		7.500		05-02-25		725,000		698,574
Semiconductors and semiconductor equipment 1.4%
Advanced Micro Devices, Inc. (B)(C)		7.000		07-01-24		1,110,000		1,157,175
Micron Technology, Inc.		5.327		02-06-29		1,000,000		1,063,874
Software 0.3%
Ascend Learning LLC (A)		6.875		08-01-25		469,000		486,001


6 JOHN HANCOCK INVESTORS TRUST \| QUARTERLY REPORT		SEE NOTES TO FUND’S INVESTMENTS


	Rate (%)		Maturity date		Par value^		Value
Information technology (continued)
Technology hardware, storage and peripherals 4.2%
Dell International LLC (A)(B)(C)		6.020		06-15-26		1,450,000	$	1,602,306
Dell International LLC (A)(C)		8.350		07-15-46		600,000		764,512
Lexmark International, Inc. (B)(C)		7.125		03-15-20		850,000		833,000
Seagate HDD Cayman (B)(C)		4.750		06-01-23		715,000		741,444
Seagate HDD Cayman (B)(C)		4.875		06-01-27		1,090,000		1,094,971
Seagate HDD Cayman (B)(C)		5.750		12-01-34		1,700,000		1,681,117
Materials 12.6%								19,990,858

Chemicals 3.4%
Ashland LLC		6.875		05-15-43		845,000		918,938
Braskem Finance, Ltd.		6.450		02-03-24		700,000		777,490
Braskem Netherlands Finance BV (A)(B)(C)		3.500		01-10-23		1,105,000		1,108,039
Braskem Netherlands Finance BV (A)		4.500		01-10-28		490,000		494,753
Mexichem SAB de CV (A)		5.500		01-15-48		835,000		839,175
The Chemours Company (B)(C)		6.625		05-15-23		1,240,000		1,245,431
Containers and packaging 1.1%
ARD Finance SA (7.125% Cash or 7.875% PIK)		7.125		09-15-23		500,000		515,000
Ardagh Packaging Finance PLC (A)(B)(C)		6.000		02-15-25		1,185,000		1,223,513
Metals and mining 7.2%
AngloGold Ashanti Holdings PLC		5.375		04-15-20		675,000		686,176
Corp. Nacional del Cobre de Chile (A)		4.250		07-17-42		310,000		325,674
Corp. Nacional del Cobre de Chile (A)		4.875		11-04-44		2,345,000		2,686,055
First Quantum Minerals, Ltd. (A)(B)(C)		7.250		05-15-22		875,000		879,375
First Quantum Minerals, Ltd. (A)(B)(C)		7.500		04-01-25		2,500,000		2,446,875
Freeport-McMoRan, Inc.		5.450		03-15-43		1,500,000		1,388,760
Freeport-McMoRan, Inc. (B)(C)		6.875		02-15-23		840,000		884,100
MMC Norilsk Nickel OJSC (A)		5.550		10-28-20		750,000		773,614
Vale Overseas, Ltd. (B)(C)		6.250		08-10-26		1,165,000		1,311,790
Paper and forest products 0.9%
Norbord, Inc. (A)		5.750		07-15-27		700,000		707,000
Norbord, Inc. (A)		6.250		04-15-23		735,000		779,100
Real estate 0.9%								1,421,388

Equity real estate investment trusts 0.5%
Iron Mountain, Inc. (A)		5.250		03-15-28		815,000		819,075
Real estate management and development 0.4%
Williams Scotsman International, Inc. (A)		7.875		12-15-22		575,000		602,313
Utilities 7.6%								11,983,649

Electric utilities 5.1%
ABY Transmision Sur SA (A)		6.875		04-30-43		1,997,520		2,397,024
Empresa Electrica Angamos SA (A)		4.875		05-25-29		869,500		912,923
Instituto Costarricense de Electricidad (A)		6.375		05-15-43		1,595,000		1,339,816
Israel Electric Corp., Ltd. (A)(C)		4.250		08-14-28		2,320,000		2,427,780
Vistra Operations Company LLC (A)(B)(C)		5.500		09-01-26		900,000		940,500
Gas utilities 1.3%
AmeriGas Partners LP (B)(C)		5.625		05-20-24		900,000		955,125
AmeriGas Partners LP		5.750		05-20-27		1,000,000		1,050,000
Independent power and renewable electricity producers 1.2%
Clearway Energy Operating LLC		5.375		08-15-24		1,290,000		1,320,767
NRG Energy, Inc.		6.625		01-15-27		600,000		639,714


SEE NOTES TO FUND’S INVESTMENTS		QUARTERLY REPORT \| JOHN HANCOCK INVESTORS TRUST 7


	Rate (%)		Maturity date			Par value^		Value
Convertible bonds 0.8% (0.6% of Total investments) (Cost $1,524,639)								$	1,285,832
Communication services 0.8%									1,285,832

Entertainment 0.3%
DHX Media, Ltd. (A)		5.875		09-30-24	CAD		999,000		529,853
Media 0.5%
DISH Network Corp.		3.375		08-15-26			825,000		755,979
Capital preferred securities (G) 0.5% (0.3% of Total investments) (Cost $688,569)								$	752,625
Financials 0.5%									752,625

Banks 0.5%
Wachovia Capital Trust III (Greater of 3 month LIBOR + 0.930% or 5.570%) (C)(D)(H)		5.570		09-03-19			750,000		752,625
Term loans (I) 6.4% (4.1% of Total investments) (Cost $10,340,224)								$	10,119,278
Communication services 0.8%									1,352,384

Interactive media and services 0.5%
Ancestry.com Operations, Inc., 2017 1st Lien Term Loan (1 month LIBOR + 3.250%)		5.490		10-19-23			859,533		857,384
Media 0.3%
Hoya Midco LLC, 1st Lien (J)		TBD		06-30-24			500,000		495,000
Consumer discretionary 0.8%									1,203,199

Auto components 0.8%
American Tire Distributors, Inc., 2015 Term Loan (1 month LIBOR + 7.500%)		9.734		09-02-24			1,183,370		1,077,612
American Tire Distributors, Inc., PIK, Exit FILO Term Loan (3 month LIBOR + 6.000%)		8.522		09-01-23			126,952		125,587
Energy 0.1%									92,138

Oil, gas and consumable fuels 0.1%
Citgo Holding, Inc., 2019 Term Loan B (J)		TBD		07-24-23			91,000		92,138
Financials 2.0%									3,233,031

Capital markets 0.7%
Jane Street Group LLC, 2018 Term Loan B (1 month LIBOR + 3.000%)		5.234		08-25-22			1,196,985		1,189,504
Diversified financial services 1.3%
Allied Universal Holdco LLC, 2019 Term Loan B (3 month LIBOR + 4.250%)		6.507		07-10-26			799,820		801,108
Refinitiv US Holdings, Inc., 2018 USD Term Loan (1 month LIBOR + 3.750%)		5.984		10-01-25			1,243,750		1,242,419
Health care 0.3%									501,095

Health care technology 0.3%
VVC Holding Corp., 2019 Term Loan B (J)		TBD		02-11-26			500,000		501,095
Industrials 0.0%									0

Airlines 0.0%
Global Aviation Holdings, Inc., PIK, 2nd Lien Term Loan (E)(F)		0.000		07-13-20			51,038		0
Global Aviation Holdings, Inc., PIK, 3rd Lien Term Loan (E)(F)		0.000		03-13-20			514,063		0
Information technology 0.3%									449,913

Electronic equipment, instruments and components 0.3%
Dell International LLC, 2017 Term Loan B (J)		TBD		09-07-23			448,858		449,913


8 JOHN HANCOCK INVESTORS TRUST \| QUARTERLY REPORT		SEE NOTES TO FUND’S INVESTMENTS


	Rate (%)		Maturity date		Par value^		Value
Materials 1.3%							$	1,997,300

Containers and packaging 1.3%
Berry Global Inc., USD Term Loan U (3 month LIBOR + 2.500%)		4.902		07-01-26		2,000,000		1,997,300
Real estate 0.8%								1,290,218

Equity real estate investment trusts 0.8%
iStar, Inc., 2016 Term Loan B (1 month LIBOR + 2.750%)		5.088		06-28-23		1,287,000		1,290,218
Collateralized mortgage obligations 0.9% (0.6% of Total investments) (Cost $1,090,108)							$	1,484,800
Commercial and residential 0.8%								1,347,764

HarborView Mortgage Loan Trust
Series 2007-3, Class ES IO (A)		0.350		05-19-47		3,243,236		54,959
Series 2007-4, Class ES IO		0.350		07-19-47		3,220,604		53,511
Series 2007-6, Class ES IO (A)		0.343		08-19-37		2,826,396		40,317
IndyMac Index Mortgage Loan Trust
Series 2005-AR18, Class 1X IO		0.953		10-25-36		4,656,834		250,719
MSCG Trust
Series 2016-SNR, Class D (A)		6.550		11-15-34		926,500		948,258
U.S. Government Agency 0.1%								137,036

Federal Home Loan Mortgage Corp.
Series K017, Class X1 IO		1.298		12-25-21		3,147,196		78,629
Government National Mortgage Association
Series 2012-114, Class IO		0.767		01-16-53		1,281,301		58,407
Asset backed securities 0.6% (0.4% of Total investments) (Cost $916,399)							$	934,524
Asset backed securities 0.6%								934,524

Coinstar Funding LLC
Series 2017-1A, Class A2 (A)		5.216		04-25-47		146,625		149,679
ContiMortgage Home Equity Loan Trust
Series 1995-2, Class A5		8.100		08-15-25		18,628		10,814
Driven Brands Funding LLC
Series 2015-1A, Class A2 (A)		5.216		07-20-45		750,750		774,031

					Shares		Value
Common stocks 0.0% (0.0% of Total investments) (Cost $595,080)							$	1,061
Communication services 0.0%
Media 0.0%
Vertis Holdings, Inc. (F)(K)						34,014		0
Industrials 0.0%
Airlines 0.0%
Global Aviation Holdings, Inc., Class A (F)(K)						82,159		0
Information technology 0.0%
Software 0.0%
Avaya Holdings Corp. (B)(C)(K)						90		1,061
Preferred securities (L) 1.9% (1.2% of Total investments) (Cost $3,055,902)							$	3,046,817
Energy 0.1%								183,566

Energy equipment and services 0.1%
Nabors Industries, Ltd., 6.000%						7,950		183,566


SEE NOTES TO FUND’S INVESTMENTS		QUARTERLY REPORT \| JOHN HANCOCK INVESTORS TRUST 9


					Shares		Value
Financials 0.7%							$	1,104,748

Banks 0.7%
GMAC Capital Trust I (3 month LIBOR + 5.785%), 8.303% (H)						41,910		1,104,748
Utilities 1.1%								1,758,503

Multi-utilities 0.7%
Dominion Energy, Inc., 7.250%						5,350		537,622
DTE Energy Company, 6.500%						11,745		655,371
Water utilities 0.4%
Aqua America, Inc., 6.000%						9,890		565,510
Warrants 0.0% (0.0% of Total investments) (Cost $0)							$	16,312
Avaya Holdings Corp. (Expiration Date: 12-15-22; Strike Price: $25.55) (K)						20,390		16,312

	*Yield (%)**		Maturity date		Par value^		Value
Short-term investments 4.3% (2.8% of Total investments) (Cost $6,750,000)							$	6,750,000
U.S. Government Agency 2.7%								4,274,000

Federal Agricultural Mortgage Corp. Discount Note		2.150		08-01-19		1,520,000		1,520,000
Federal Home Loan Bank Discount Note		2.150		08-01-19		2,754,000		2,754,000

					Par value^		Value
Repurchase agreement 1.6%								2,476,000

Repurchase Agreement with State Street Corp. dated 7-31-19 at 1.300% to be repurchased at $2,476,089 on 8-1-19, collateralized by $2,505,000 U.S. Treasury Notes, 2.500% due 12-31-20 (valued at $2,529,536, including interest)						2,476,000		2,476,000
Total investments (Cost $242,722,559) 155.0%							$	245,751,334
Other assets and liabilities, net (55.0%)								(87,252,407	)
Total net assets 100.0%							$	158,498,927

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 $114,067,018 or 72.0% of the fund’s net assets as of 7-31-19.
(B)		All or a portion of this security is on loan as of 7-31-19, 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 7-31-19 was $88,166,932. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $72,311,686.
(D)		Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(E)		Non-income producing - Issuer is in default.
(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.


10 JOHN HANCOCK INVESTORS TRUST \| QUARTERLY REPORT		SEE NOTES TO FUND’S INVESTMENTS


(J)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which is disclosed as TBD (To Be Determined).
(K)		Non-income producing security.
(L)		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.

The fund had the following country composition as a percentage of total investments on 7-31-19:


United States	65.4	%
Mexico	4.1	%
Canada	3.3	%
Netherlands	3.1	%
France	3.0	%
Brazil	2.9	%
Luxembourg	2.6	%
United Kingdom	2.6	%
Chile	2.0	%
Cayman Islands	1.4	%
Other countries	9.6	%
TOTAL	100.0	%


SEE NOTES TO FUND’S INVESTMENTS		QUARTERLY REPORT \| JOHN HANCOCK INVESTORS TRUST 11

DERIVATIVES

FORWARD FOREIGN CURRENCY CONTRACTS


Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date		Unrealized appreciation		Unrealized depreciation
MXN	66,540,000	USD	3,369,369	GSI		9/18/2019	$	75,939		—
USD	557,141	CAD	751,000	TD		9/18/2019		—	$	(12,404	)
USD	5,849,486	MXN	117,384,056	GSI		9/18/2019		—		(228,425	)
USD	1,551,418	MXN	30,370,000	SSB		9/18/2019		—		(21,080	)
USD	1,005,760	PEN	3,405,000	SSB		10/30/2019		—		(20,892	)
							$	75,939	$	(282,801	)


Derivatives Currency Abbreviations

CAD		Canadian Dollar
MXN		Mexican Peso
PEN		Peruvian Nuevo Sol
USD		U.S. Dollar

Derivatives Abbreviations

GSI		Goldman Sachs International
OTC		Over-the-counter
SSB		State Street Bank and Trust Company
TD		The Toronto-Donimion Bank


12 JOHN HANCOCK INVESTORS TRUST \| QUARTERLY REPORT		SEE NOTES TO FUND’S INVESTMENTS

Notes to Fund’s investments (unaudited)

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value 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 typically valued based on the evaluated prices provided by an independent pricing vendor. 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. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

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

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

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

The following is a summary of the values by input classification of the fund’s investments as of July 31, 2019, by major security category or type:


						Level 2			Level 3
	Total			Level 1		significant			significant
	value at			quoted		observable			unobservable
	7-31-19			price		inputs			inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$	6,464,973			—	$	6,464,973			—
Foreign government obligations		1,309,907			—		1,309,907			—
Corporate bonds		213,585,205			—		213,585,205			—
Convertible bonds		1,285,832			—		1,285,832			—
Capital preferred securities		752,625			—		752,625			—
Term loans		10,119,278			—		10,119,278			—
Collateralized mortgage obligations		1,484,800			—		1,484,800			—
Asset backed securities		934,524			—		934,524			—
Common stocks		1,061		$	1,061		—			—
Preferred securities		3,046,817			3,046,817		—			—
Warrants		16,312			16,312		—			—
Short-term investments		6,750,000			—		6,750,000			—
Total investments in securities	$	245,751,334		$	3,064,190	$	242,687,144			—
Derivatives:
Assets
Forward foreign currency contracts	$	75,939			—	$	75,939			—
Liabilities
Forward foreign currency contracts		(282,801	)		—		(282,801	)		—

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

More information

How to contact us


Internet	www.jhinvestments.com


Mail	Computershare
	P.O. Box 30170
	College Station, TX 77842-3170


Phone	Customer service representatives	800-852-0218
	Portfolio commentary	800-344-7054
	24-hour automated information	800-843-0090
	TDD line	800-231-5469


	P5Q3	07/19
This report is for the information of the shareholders of John Hancock Investors Trust.			9/19