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Quarterly portfolio holdings
John Hancock
Investors Trust
Closed-end fixed income
January 31, 2026
Manulife, Manulife Investments, Stylized M Design, and Manulife Investments & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and John Hancock and the Stylized John Hancock Design are trademarks of John Hancock Life Insurance Company (U.S.A.). Each are used by it and by its affiliates under license.
Fund’s investments
As of 1-31-26 (unaudited)
  Rate (%) Maturity date   Par value^ Value
U.S. Government and Agency obligations 10.6% (6.4% of Total investments)   $13,699,583
(Cost $13,459,185)          
U.S. Government Agency 10.6%         13,699,583
Federal National Mortgage Association          
30 Yr Pass Thru 5.500 07-01-55   4,916,046 5,003,647
30 Yr Pass Thru (A) 6.000 07-01-55   4,311,401 4,458,266
30 Yr Pass Thru 6.000 07-01-55   4,098,072 4,237,670
Corporate bonds 134.1% (80.8% of Total investments)   $173,087,901
(Cost $173,614,874)          
Communication services 18.5%       23,929,508
Diversified telecommunication services 4.1%      
Cipher Compute LLC (B) 7.125 11-15-30   149,000 153,531
Connect Finco SARL (A)(B) 9.000 09-15-29   245,000 260,035
Connect Holding II LLC (B) 10.500 04-03-31   104,000 102,075
Fibercop SpA (B) 6.375 11-15-33   70,000 70,893
Fibercop SpA (B) 7.200 07-18-36   70,000 70,827
Frontier Florida LLC (A) 6.860 02-01-28   700,000 724,500
Iliad Holding SAS (A)(B) 7.000 04-15-32   246,000 252,140
Level 3 Financing, Inc. (B) 3.750 07-15-29   69,000 63,653
Level 3 Financing, Inc. (A)(B) 6.875 06-30-33   1,273,000 1,311,815
Level 3 Financing, Inc. (A)(B) 7.000 03-31-34   829,000 858,682
Level 3 Financing, Inc. (B) 8.500 01-15-36   182,000 186,320
Sable International Finance, Ltd. (B) 7.125 10-15-32   393,000 397,321
Uniti Services LLC (A)(B) 7.500 10-15-33   338,000 348,969
Windstream Services LLC (A)(B) 8.250 10-01-31   413,000 432,628
Zayo Group Holdings, Inc. (7.125% Cash and 1.875% PIK) (B) 9.000 09-09-30   91,000 83,551
Entertainment 2.6%      
AMC Entertainment Holdings, Inc. (A)(B)(C) 7.500 02-15-29   245,000 191,121
Cinemark USA, Inc. (A)(B) 7.000 08-01-32   126,000 130,375
Playtika Holding Corp. (A)(B) 4.250 03-15-29   939,000 815,545
Univision Communications, Inc. (A)(B) 8.500 07-31-31   850,000 886,428
Univision Communications, Inc. (A)(B) 9.375 08-01-32   223,000 240,094
WarnerMedia Holdings, Inc. 4.279 03-15-32   1,270,000 1,117,600
Interactive media and services 1.0%      
Arches Buyer, Inc. (B) 6.125 12-01-28   51,000 49,865
Match Group Holdings II LLC (B) 6.125 09-15-33   614,000 616,280
Snap, Inc. (A)(B) 6.875 03-01-33   600,000 615,693
Media 7.3%      
Altice Financing SA (B) 5.750 08-15-29   400,000 287,800
Altice Financing SA (B) 9.625 07-15-27   940,000 728,128
Altice France Lux 3 (A)(B)(C) 10.000 01-15-33   120,000 115,960
Altice France Lux 3, Zero Coupon (B)(D) 0.000   EUR 501 82
Altice France SA (B) 6.875 07-15-32   476,372 465,198
Altice France SA (B) 9.500 11-01-29   271,341 278,471
CCO Holdings LLC (A)(B) 7.000 02-01-33   203,000 204,961
CCO Holdings LLC (A)(B) 7.375 02-01-36   282,000 282,338
Clear Channel Outdoor Holdings, Inc. (A)(B) 7.125 02-15-31   209,000 217,946
Clear Channel Outdoor Holdings, Inc. (A)(B)(C) 7.500 06-01-29   110,000 108,847
Clear Channel Outdoor Holdings, Inc. (B) 7.750 04-15-28   105,000 105,033
CSC Holdings LLC (B) 4.625 12-01-30   200,000 74,612
CSC Holdings LLC (B) 5.500 04-15-27   575,000 507,520
CSC Holdings LLC (B) 11.750 01-31-29   708,000 516,250
Directv Financing LLC (A)(B) 10.000 02-15-31   963,000 991,976
DISH DBS Corp. 5.125 06-01-29   274,000 242,495
DISH DBS Corp. (B) 5.750 12-01-28   276,000 267,093
2 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Communication services (continued)        
Media (continued)      
DISH Network Corp. (B) 11.750 11-15-27   990,000 $1,024,608
Gray Media, Inc. (A)(B)(C) 4.750 10-15-30   97,000 74,865
Gray Media, Inc. (A)(B)(C) 5.375 11-15-31   105,000 77,954
Gray Media, Inc. (A)(B) 7.250 08-15-33   210,000 214,992
Gray Media, Inc. (B) 9.625 07-15-32   94,000 96,909
Gray Media, Inc. (A)(B) 10.500 07-15-29   188,000 201,934
iHeartCommunications, Inc. (B) 10.875 05-01-30   495,400 410,984
McGraw-Hill Education, Inc. (B) 8.000 08-01-29   66,000 66,601
Neptune Bidco US, Inc. (A)(B) 9.500 02-15-33   115,000 117,101
Neptune Bidco US, Inc. (A)(B) 10.375 05-15-31   489,000 517,017
Scripps Escrow II, Inc. (B) 5.375 01-15-31   137,000 101,622
Stagwell Global LLC (A)(B) 5.625 08-15-29   771,000 747,611
The EW Scripps Company (B) 9.875 08-15-30   83,000 82,714
Versant Media Group, Inc. (B) 7.250 01-30-31   97,000 99,405
VZ Secured Financing BV (A)(B) 5.000 01-15-32   146,000 131,832
VZ Secured Financing BV (A)(B) 7.500 01-15-33   113,000 113,346
Wireless telecommunication services 3.5%      
C&W Senior Finance, Ltd. (B) 9.000 01-15-33   590,000 613,620
Rogers Communications, Inc. (7.000% to 4-15-30, then 5 Year CMT + 2.653%) 7.000 04-15-55   1,081,000 1,121,291
SoftBank Group Corp. 5.125 09-19-27   1,500,000 1,488,481
SoftBank Group Corp. (6.875% to 7-19-27, then 5 Year SOFR Spread-Adjusted ICE Swap Rate + 4.854% to 7-19-42, then 5 Year SOFR Spread-Adjusted ICE Swap Rate + 5.604%) (E) 6.875 07-19-27   1,083,000 1,056,938
Vmed O2 UK Financing I PLC (A)(B) 6.750 01-15-33   200,000 195,032
Consumer discretionary 17.8%       22,955,426
Automobile components 2.4%      
American Axle & Manufacturing, Inc. (B) 6.375 10-15-32   84,000 85,705
American Axle & Manufacturing, Inc. (A)(B) 7.750 10-15-33   336,000 345,652
Clarios Global LP (B) 6.750 09-15-32   166,000 171,815
Dealer Tire LLC (B) 8.000 02-01-28   52,000 51,917
IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) (A)(B) 8.000 11-15-32   91,000 96,981
The Goodyear Tire & Rubber Company (A) 5.000 07-15-29   289,000 283,027
The Goodyear Tire & Rubber Company (A) 5.250 04-30-31   505,000 486,019
ZF North America Capital, Inc. (B) 6.750 04-23-30   554,000 555,460
ZF North America Capital, Inc. (A)(B) 6.875 04-14-28   586,000 605,042
ZF North America Capital, Inc. (B) 7.500 03-24-31   430,000 440,745
Automobiles 2.8%      
Ford Motor Credit Company LLC (A) 6.950 03-06-26   1,000,000 1,001,713
Ford Motor Credit Company LLC 7.350 03-06-30   407,000 439,434
General Motors Company (A) 6.750 04-01-46   1,500,000 1,613,058
Nissan Motor Company, Ltd. (B) 7.500 07-17-30   518,000 543,886
Broadline retail 2.8%      
Kohl’s Corp. (A) 5.125 05-01-31   287,000 245,697
Kohl’s Corp. (A)(B) 10.000 06-01-30   573,000 627,711
Liberty Interactive LLC 8.250 02-01-30   1,450,000 94,714
Macy’s Retail Holdings LLC (A)(B)(C) 7.375 08-01-33   449,000 474,131
Nordstrom, Inc. 4.250 08-01-31   500,000 462,427
Nordstrom, Inc. 5.000 01-15-44   900,000 668,407
QVC, Inc. 5.950 03-15-43   1,000,000 380,000
QVC, Inc. (B) 6.875 04-15-29   528,000 219,120
Rakuten Group, Inc. (6.250% to 4-22-31, then 5 Year CMT + 4.956% to 4-22-51, then 5 Year CMT + 5.706%) (A)(B)(C)(E) 6.250 04-22-31   226,000 218,506
Rakuten Group, Inc. (8.125% to 12-15-29, then 5 Year CMT + 4.250%) (B)(E) 8.125 12-15-29   200,000 206,997
Diversified consumer services 0.8%      
Graham Holdings Company (B) 5.625 12-01-33   208,000 209,003
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 3
  Rate (%) Maturity date   Par value^ Value
Consumer discretionary (continued)        
Diversified consumer services (continued)      
Sotheby’s (A)(B) 7.375 10-15-27   750,000 $747,091
Hotels, restaurants and leisure 4.3%      
Affinity Interactive (B) 6.875 12-15-27   753,000 451,800
Choice Hotels International, Inc. (A) 5.850 08-01-34   1,581,000 1,619,788
Full House Resorts, Inc. (A)(B)(C) 8.250 02-15-28   666,000 606,893
Hilton Grand Vacations Borrower LLC (B) 6.625 01-15-32   755,000 771,746
Jacobs Entertainment, Inc. (A)(B) 6.750 02-15-29   255,000 251,767
Lindblad Expeditions LLC (A)(B) 7.000 09-15-30   225,000 234,886
Resorts World Las Vegas LLC (B) 8.450 07-27-30   600,000 609,676
Sabre GLBL, Inc. (A)(B) 10.750 11-15-29   171,000 139,567
Sabre GLBL, Inc. (A)(B) 10.750 03-15-30   290,640 233,239
Sabre GLBL, Inc. (A)(B) 11.125 07-15-30   612,000 494,955
Six Flags Entertainment Corp. (B) 8.625 01-15-32   123,000 125,515
Household durables 2.4%      
Installed Building Products, Inc. (B) 5.625 02-01-34   57,000 57,328
KB Home (A) 7.250 07-15-30   225,000 231,609
Newell Brands, Inc. (A) 6.375 09-15-27   1,242,000 1,252,481
Newell Brands, Inc. (A)(B) 8.500 06-01-28   766,000 803,109
Taylor Morrison Communities, Inc. (B) 5.750 11-15-32   90,000 92,378
Whirlpool Corp. 6.125 06-15-30   658,000 659,715
Leisure products 0.0%      
MajorDrive Holdings IV LLC (A)(B)(C) 6.375 06-01-29   55,000 44,246
Specialty retail 2.0%      
Carvana Company (9.000% Cash or 13.000% PIK) (A)(B) 9.000 06-01-30   147,485 153,782
Carvana Company (9.000% Cash or 14.000% PIK) (A)(B) 9.000 06-01-31   204,841 225,339
Champions Financing, Inc. (B) 8.750 02-15-29   63,000 61,114
Mavis Tire Express Services Topco Corp. (A)(B)(C) 6.500 05-15-29   75,000 74,853
Petco Health & Wellness Company, Inc. (B) 8.250 02-01-31   164,000 164,430
PetSmart LLC (A)(B) 7.500 09-15-32   522,000 535,291
PetSmart LLC (B) 10.000 09-15-33   325,000 338,181
Staples, Inc. (B) 12.750 01-15-30   84,000 68,780
The Michaels Companies, Inc. (B) 7.875 05-01-29   199,000 193,887
Wayfair LLC (A)(B) 7.250 10-31-29   171,000 178,796
Wayfair LLC (A)(B) 7.750 09-15-30   571,000 607,042
Textiles, apparel and luxury goods 0.3%      
Beach Acquisition Bidco LLC (10.000% Cash or 10.750% PIK) (B) 10.000 07-15-33   362,592 398,975
Consumer staples 2.7%       3,517,277
Consumer staples distribution and retail 0.6%      
Albertsons Companies, Inc. (B) 5.625 03-31-32   656,000 655,335
Albertsons Companies, Inc. (B) 5.750 03-31-34   208,000 204,563
Food products 1.9%      
B&G Foods, Inc. 5.250 09-15-27   52,000 50,251
B&G Foods, Inc. (B) 8.000 09-15-28   49,000 46,244
Froneri Lux FinCo SARL (A)(B) 6.000 08-01-32   1,242,000 1,257,675
JBS USA Lux SA (A) 5.750 04-01-33   610,000 636,572
Simmons Foods, Inc. (A)(B) 4.625 03-01-29   463,000 446,231
Personal care products 0.2%      
HLF Financing Sarl LLC (A)(B) 12.250 04-15-29   205,000 220,406
Energy 18.6%       24,018,922
Energy equipment and services 1.6%      
Archrock Partners LP (A)(B) 6.625 09-01-32   670,000 694,520
Bristow Group, Inc. (B) 6.750 02-01-33   67,000 67,785
Enerflex, Inc. (A)(B)(C) 6.875 01-15-31   48,000 49,607
4 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Energy (continued)        
Energy equipment and services (continued)      
Kodiak Gas Services LLC (A)(B) 6.500 10-01-33   293,000 $300,115
Nabors Industries, Inc. (A)(B) 7.625 11-15-32   67,000 68,253
SESI LLC (A)(B) 7.875 09-30-30   206,000 207,715
Transocean International, Ltd. (A)(C) 7.500 04-15-31   41,000 40,402
Transocean International, Ltd. (A)(B) 7.875 10-15-32   82,000 86,497
Transocean International, Ltd. (B) 8.250 05-15-29   94,000 95,774
Transocean International, Ltd. (A)(B)(C) 8.500 05-15-31   95,000 96,700
USA Compression Partners LP (A)(B) 6.250 10-01-33   316,000 320,107
Oil, gas and consumable fuels 17.0%      
Calumet Specialty Products Partners LP (B) 9.750 02-15-31   82,000 84,563
Cenovus Energy, Inc. (A) 6.750 11-15-39   115,000 126,149
Continental Resources, Inc. (A) 4.375 01-15-28   1,000,000 1,001,296
Crescent Energy Finance LLC (A)(B) 8.375 01-15-34   1,076,000 1,086,184
Delek Logistics Partners LP (A)(B) 7.125 06-01-28   418,000 420,761
Enbridge, Inc. (7.625% to 1-15-33, then 5 Year CMT + 4.418% to 1-15-53, then 5 Year CMT + 5.168%) 7.625 01-15-83   801,000 873,806
Enbridge, Inc. (8.500% to 1-15-34, then 5 Year CMT + 4.431% to 1-15-54, then 5 Year CMT + 5.181%) 8.500 01-15-84   1,369,000 1,566,584
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (E) 7.125 05-15-30   2,067,000 2,134,969
Excelerate Energy LP (A)(B) 8.000 05-15-30   574,000 613,825
Genesis Energy LP (A) 8.000 05-15-33   527,000 550,010
Genesis Energy LP (A) 8.250 01-15-29   894,000 931,974
Global Partners LP (A)(B) 7.125 07-01-33   228,000 233,542
Hilcorp Energy I LP (A)(B) 5.750 02-01-29   468,000 468,112
Howard Midstream Energy Partners LLC (A)(B) 6.625 01-15-34   187,000 191,937
Howard Midstream Energy Partners LLC (A)(B) 7.375 07-15-32   104,000 109,856
Long Ridge Energy LLC (A)(B) 8.750 02-15-32   645,000 685,207
NGL Energy Operating LLC (A)(B) 8.375 02-15-32   187,000 195,725
Northern Oil & Gas, Inc. (A)(B) 7.875 10-15-33   126,000 127,212
Occidental Petroleum Corp. 6.625 09-01-30   340,000 365,578
Petroleos Mexicanos 6.700 02-16-32   632,000 630,980
SM Energy Company (A)(B) 7.000 08-01-32   656,000 657,681
SM Energy Company (A)(B) 8.750 07-01-31   690,000 724,747
SM Energy Company (A)(B) 9.625 06-15-33   424,000 463,723
Sunoco LP (A) 4.500 04-30-30   374,000 365,182
Sunoco LP (B) 5.625 03-15-31   279,000 280,710
Sunoco LP (B) 5.875 03-15-34   488,000 489,300
Sunoco LP (A) 6.000 04-15-27   436,000 436,450
TransMontaigne Partners LLC (B) 8.500 06-15-30   51,000 52,908
Venture Global LNG, Inc. (A)(B)(C) 7.000 01-15-30   612,000 615,792
Venture Global LNG, Inc. (9.000% to 9-30-29, then 5 Year CMT + 5.440%) (A)(B)(E) 9.000 09-30-29   2,321,000 2,041,838
Venture Global LNG, Inc. (A)(B) 9.500 02-01-29   1,457,000 1,551,516
Venture Global Plaquemines LNG LLC (B) 6.125 12-15-30   206,000 212,036
Venture Global Plaquemines LNG LLC (B) 6.500 01-15-34   258,000 267,752
Venture Global Plaquemines LNG LLC (B) 6.500 06-15-34   206,000 213,340
Venture Global Plaquemines LNG LLC (B) 7.500 05-01-33   1,052,000 1,153,379
Vermilion Energy, Inc. (A)(B) 7.250 02-15-33   69,000 66,823
Financials 36.6%       47,183,009
Banks 14.5%      
Bank of America Corp. (6.125% to 4-27-27, then 5 Year CMT + 3.231%) (A)(E) 6.125 04-27-27   2,500,000 2,532,058
Bank of Montreal (7.700% to 5-26-29, then 5 Year CMT + 3.452%) (A) 7.700 05-26-84   2,156,000 2,292,619
Barclays PLC (8.000% to 9-15-29, then 5 Year CMT + 5.431%) (E) 8.000 03-15-29   2,200,000 2,351,897
BNP Paribas SA (8.000% to 8-22-31, then 5 Year CMT + 3.727%) (A)(B)(C)(E) 8.000 08-22-31   692,000 753,872
Comerica, Inc. (5.982% to 1-30-29, then Overnight SOFR + 2.155%) (A) 5.982 01-30-30   648,000 677,368
HSBC Holdings PLC (6.000% to 5-22-27, then 5 Year U.S. ICE Swap Rate + 3.746%) (A)(E) 6.000 05-22-27   2,200,000 2,229,172
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 5
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Banks (continued)      
HSBC Holdings PLC (6.875% to 3-11-30, then 5 Year CMT + 3.298%) (A)(E) 6.875 09-11-29   1,111,000 $1,147,831
Park River Holdings, Inc. (A)(B)(C) 8.750 12-31-30   53,000 52,642
Popular, Inc. (A)(C) 7.250 03-13-28   770,000 806,356
The Bank of Nova Scotia (8.625% to 10-27-27, then 5 Year CMT + 4.389%) (A) 8.625 10-27-82   2,000,000 2,118,010
The Toronto-Dominion Bank (7.250% to 7-31-29, then 5 Year CMT + 2.977%) (A) 7.250 07-31-84   1,054,000 1,103,436
The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%) (A) 8.125 10-31-82   2,100,000 2,200,168
Truist Financial Corp. (5.711% to 1-24-34, then Overnight SOFR + 1.922%) (A) 5.711 01-24-35   413,000 432,518
Capital markets 3.1%      
Ares Strategic Income Fund (A) 5.600 02-15-30   2,000,000 1,999,994
Brookfield Finance, Inc. (6.300% to 1-15-35, then 5 Year CMT + 2.076%) (A) 6.300 01-15-55   1,000,000 993,322
Focus Financial Partners LLC (A)(B) 6.750 09-15-31   433,000 443,275
Hightower Holding LLC (A)(B)(C) 6.750 04-15-29   32,000 31,956
Hightower Holding LLC (B) 9.125 01-31-30   43,000 45,388
Jane Street Group (B) 6.750 05-01-33   413,000 429,577
Consumer finance 3.6%      
Bread Financial Holdings, Inc. (B) 6.750 05-15-31   285,000 293,515
Credit Acceptance Corp. (A)(B) 6.625 03-15-30   356,000 356,349
goeasy, Ltd. (B) 7.375 10-01-30   743,000 716,872
OneMain Finance Corp. 6.125 05-15-30   912,000 929,688
OneMain Finance Corp. 6.500 03-15-33   725,000 728,715
OneMain Finance Corp. 6.750 03-15-32   218,000 222,806
OneMain Finance Corp. (A) 7.875 03-15-30   1,000,000 1,054,862
PHH Escrow Issuer LLC (B) 9.875 11-01-29   66,000 67,536
Rfna LP (A)(B) 7.875 02-15-30   257,000 258,884
Financial services 5.9%      
Block, Inc. 3.500 06-01-31   600,000 561,103
Cobra AcquisitionCo LLC (B) 6.375 11-01-29   41,000 35,824
Cobra AcquisitionCo LLC (B) 12.250 11-01-29   25,000 25,250
CrossCountry Intermediate HoldCo LLC (A)(B) 6.500 10-01-30   212,000 215,178
CrossCountry Intermediate HoldCo LLC (A)(B) 6.750 12-01-32   293,000 295,409
Enact Holdings, Inc. (A) 6.250 05-28-29   1,068,000 1,119,262
Freedom Mortgage Corp. (A)(B) 12.250 10-01-30   576,000 634,970
Freedom Mortgage Holdings LLC (A)(B) 6.875 05-01-31   88,000 87,329
Freedom Mortgage Holdings LLC (A)(B) 7.875 04-01-33   221,000 225,428
Freedom Mortgage Holdings LLC (A)(B) 8.375 04-01-32   336,000 351,483
ION Platform Finance US, Inc. (A)(B) 5.750 05-15-28   189,000 179,203
ION Platform Finance US, Inc. (A)(B) 7.875 09-30-32   208,000 182,419
ION Platform Finance US, Inc. (A)(B) 9.500 05-30-29   263,000 253,622
NMI Holdings, Inc. (A) 6.000 08-15-29   649,000 669,664
Osaic Holdings, Inc. (A)(B) 6.750 08-01-32   321,000 332,674
Osaic Holdings, Inc. (B) 6.750 08-01-32   82,000 84,970
Osaic Holdings, Inc. (B) 8.000 08-01-33   42,000 43,534
Osaic Holdings, Inc. (B) 8.000 08-01-33   41,000 42,487
PennyMac Financial Services, Inc. (A)(B) 6.750 02-15-34   425,000 428,882
PennyMac Financial Services, Inc. (A)(B) 6.875 05-15-32   355,000 362,795
PennyMac Financial Services, Inc. (A)(B) 6.875 02-15-33   382,000 389,644
Rocket Companies, Inc. (B) 6.375 08-01-33   468,000 485,532
Stonebriar ABF Issuer LLC (A)(B) 8.125 12-15-30   386,000 400,992
Walker & Dunlop, Inc. (B) 6.625 04-01-33   177,000 181,440
Insurance 8.8%      
Acrisure LLC (B) 8.500 06-15-29   320,000 334,637
Alliant Holdings Intermediate LLC (A)(B) 7.000 01-15-31   581,000 602,356
Alliant Holdings Intermediate LLC (B) 7.375 10-01-32   281,000 290,896
Amynta Agency Borrower, Inc. (B) 7.500 07-15-33   74,000 75,448
Ardonagh Group Finance, Ltd. (B) 8.875 02-15-32   161,000 166,026
6 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Insurance (continued)      
Asurion LLC (B) 8.000 12-31-32   674,000 $704,198
Asurion LLC (A)(B)(C) 8.375 02-01-34   685,000 692,508
Athene Holding, Ltd. (6.625% to 10-15-34, then 5 Year CMT + 2.607%) (A) 6.625 10-15-54   1,000,000 999,540
Athene Holding, Ltd. (6.875% to 6-28-35, then 5 Year CMT + 2.582%) (A) 6.875 06-28-55   2,000,000 2,003,570
Baldwin Insurance Group Holdings LLC (A)(B) 7.125 05-15-31   315,000 323,922
Broadstreet Partners Group LLC (B) 5.875 04-15-29   76,000 75,820
Global Atlantic Financial Company (7.950% to 10-15-29, then 5 Year CMT + 3.608%) (B) 7.950 10-15-54   516,000 533,353
Howden UK Refinance PLC (A)(B) 7.250 02-15-31   466,000 481,970
Howden UK Refinance PLC (B) 8.125 02-15-32   362,000 368,855
HUB International, Ltd. (B) 7.375 01-31-32   321,000 336,249
Jones Deslauriers Insurance Management, Inc. (B) 6.875 10-01-33   42,000 40,939
Panther Escrow Issuer LLC (A)(B) 7.125 06-01-31   755,000 777,594
Prudential Financial, Inc. (3.700% to 10-1-30, then 5 Year CMT + 3.035%) (A) 3.700 10-01-50   2,100,000 1,959,940
SBL Holdings, Inc. (A)(B) 5.000 02-18-31   587,000 545,903
USI, Inc. (B) 7.500 01-15-32   64,000 67,000
Mortgage real estate investment trusts 0.7%      
Blackstone Mortgage Trust, Inc. (A)(B) 7.750 12-01-29   645,000 691,388
Starwood Property Trust, Inc. (B) 5.750 01-15-31   248,000 251,117
Health care 9.2%       11,823,010
Biotechnology 0.4%      
Genmab A/S (B) 6.250 12-15-32   213,000 218,333
Genmab A/S (A)(B) 7.250 12-15-33   145,000 153,462
National Mentor Holdings, Inc. (A)(B) 10.500 12-15-30   183,000 189,091
Health care equipment and supplies 0.7%      
Varex Imaging Corp. (A)(B) 7.875 10-15-27   897,000 912,713
Health care providers and services 5.6%      
Acadia Healthcare Company, Inc. (A)(B)(C) 7.375 03-15-33   658,000 649,969
Accendra Health, Inc. (A)(B)(C) 4.500 03-31-29   51,000 33,555
Accendra Health, Inc. (B) 6.625 04-01-30   58,000 32,624
AdaptHealth LLC (A)(B) 4.625 08-01-29   450,000 434,642
AMN Healthcare, Inc. (A)(B) 4.000 04-15-29   529,000 505,845
AMN Healthcare, Inc. (A)(B) 6.500 01-15-31   294,000 297,854
AthenaHealth Group, Inc. (B) 6.500 02-15-30   246,000 238,582
Community Health Systems, Inc. (B) 5.250 05-15-30   498,000 469,571
Community Health Systems, Inc. (A)(B)(C) 6.125 04-01-30   130,000 106,984
Community Health Systems, Inc. (A)(B)(C) 6.875 04-15-29   131,000 120,461
Community Health Systems, Inc. (B) 10.875 01-15-32   329,000 354,181
CVS Health Corp. (7.000% to 3-10-30, then 5 Year CMT + 2.886%) 7.000 03-10-55   847,000 886,509
HCA, Inc. (A) 5.500 06-15-47   1,760,000 1,661,001
MPH Acquisition Holdings LLC (B) 5.750 12-31-30   80,000 68,400
MPH Acquisition Holdings LLC (6.000% Cash and 0.750% PIK) (B) 6.750 03-31-31   79,296 66,609
MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) (B) 11.500 12-31-30   66,625 69,956
Radiology Partners, Inc. (0.000% Cash and 9.781% PIK) (B) 9.781 02-15-30   81,000 81,000
Raven Acquisition Holdings LLC (A)(B) 6.875 11-15-31   359,000 359,763
Surgery Center Holdings, Inc. (A)(B)(C) 7.250 04-15-32   125,000 125,852
Team Services Holding, Inc. (B) 9.000 02-15-33   203,000 203,000
Tenet Healthcare Corp. (A) 6.125 10-01-28   420,000 420,431
Pharmaceuticals 2.5%      
Bausch Health Americas, Inc. (A)(B)(C) 8.500 01-31-27   67,000 66,439
Bausch Health Companies, Inc. (A)(B)(C) 5.000 01-30-28   48,000 41,090
Bausch Health Companies, Inc. (B) 5.250 02-15-31   127,000 83,185
Bausch Health Companies, Inc. (B) 6.250 02-15-29   122,000 96,520
Bausch Health Companies, Inc. (B) 10.000 04-15-32   1,541,000 1,581,462
Bausch Health Companies, Inc. (B) 14.000 10-15-30   40,000 40,265
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 7
  Rate (%) Maturity date   Par value^ Value
Health care (continued)        
Pharmaceuticals (continued)      
Endo Finance Holdings LP (A)(B) 8.500 04-15-31   835,000 $883,519
Organon & Company (A)(B) 5.125 04-30-31   228,000 207,059
Perrigo Finance Unlimited Company (A) 5.150 06-15-30   86,000 83,417
Perrigo Finance Unlimited Company (A) 6.125 09-30-32   81,000 79,666
Industrials 10.3%       13,297,602
Aerospace and defense 1.1%      
Carpenter Technology Corp. (B) 5.625 03-01-34   165,000 167,437
Efesto Bidco SpA Efesto US LLC (B) 7.500 02-15-32   200,000 203,884
TransDigm, Inc. (A) 4.875 05-01-29   430,000 429,213
TransDigm, Inc. (A)(B) 6.750 01-31-34   583,000 603,414
Building products 1.1%      
Builders FirstSource, Inc. (B) 6.750 05-15-35   425,000 446,517
Clearway Energy Operating LLC (B) 5.750 01-15-34   206,000 206,751
CP Atlas Buyer, Inc. (7.000% Cash and 5.750% PIK) (B) 12.750 01-15-31   49,000 45,146
FXI Holdings, Inc. (A)(B)(C) 11.000 11-15-30   21,000 19,346
JELD-WEN, Inc. (A)(B)(C) 7.000 09-01-32   749,000 469,155
Miter Brands Acquisition Holdco, Inc. (A)(B) 6.750 04-01-32   258,000 264,982
Commercial services and supplies 3.7%      
Albion Financing 1 SARL (B) 7.000 05-21-30   465,000 484,652
Allied Universal Holdco LLC (A)(B) 6.875 06-15-30   940,000 976,195
Allied Universal Holdco LLC (A)(B) 7.875 02-15-31   678,000 713,543
Cimpress PLC (A)(B)(C) 7.375 09-15-32   187,000 192,017
Garda World Security Corp. (B) 8.250 08-01-32   338,000 345,390
Garda World Security Corp. (B) 8.375 11-15-32   243,000 249,480
The GEO Group, Inc. (A) 10.250 04-15-31   993,000 1,083,482
VT Topco, Inc. (A)(B) 8.500 08-15-30   711,000 728,448
Construction and engineering 0.7%      
Brand Industrial Services, Inc. (A)(B)(C) 10.375 08-01-30   209,000 200,377
Brundage-Bone Concrete Pumping Holdings, Inc. (A)(B) 7.500 02-01-32   644,000 648,263
Ground transportation 0.2%      
Watco Companies LLC (A)(B) 7.125 08-01-32   238,000 249,493
Machinery 1.9%      
Columbus McKinnon Corp. (A)(B)(C) 7.125 02-01-33   164,000 164,853
Lsf12 Helix Parent LLC (B) 7.125 02-01-33   19,000 19,056
Madison IAQ LLC (B) 5.875 06-30-29   109,000 108,864
Stanley Black & Decker, Inc. (6.707% to 3-15-30, then 5 Year CMT + 2.657%) 6.707 03-15-60   2,102,000 2,081,189
Synergy Infrastructure Holdings LLC (A)(B) 7.875 12-01-30   83,000 86,580
Passenger airlines 1.0%      
JetBlue Airways Corp. (A)(B) 9.875 09-20-31   1,089,000 1,093,756
OneSky Flight LLC (A)(B) 8.875 12-15-29   177,000 189,254
Professional services 0.6%      
Amentum Holdings, Inc. (A)(B) 7.250 08-01-32   152,000 160,181
TriNet Group, Inc. (A)(B) 7.125 08-15-31   648,000 666,684
Information technology 4.1%       5,284,398
Communications equipment 0.4%      
EchoStar Corp. 10.750 11-30-29   441,000 483,433
IT services 0.9%      
CoreWeave, Inc. (A)(B) 9.000 02-01-31   206,000 200,285
CoreWeave, Inc. (A)(B) 9.250 06-01-30   356,000 350,446
Virtusa Corp. (B) 7.125 12-15-28   639,000 626,874
Semiconductors and semiconductor equipment 0.4%      
Qnity Electronics, Inc. (A)(B) 6.250 08-15-33   472,000 487,148
8 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Information technology (continued)        
Software 1.9%      
Cloud Software Group, Inc. (A)(B) 6.625 08-15-33   231,000 $221,433
Cloud Software Group, Inc. (B) 9.000 09-30-29   914,000 922,931
Consensus Cloud Solutions, Inc. (A)(B) 6.500 10-15-28   600,000 600,151
Flash Compute LLC (B) 7.250 12-31-30   174,000 174,590
NCR Voyix Corp. (A)(B) 5.125 04-15-29   44,000 43,363
Pagaya US Holdings Company LLC (A)(B) 8.875 08-01-30   200,000 178,460
Rocket Software, Inc. (B) 6.500 02-15-29   60,000 53,465
WULF Compute LLC (A)(B) 7.750 10-15-30   215,000 224,249
Technology hardware, storage and peripherals 0.5%      
Dell International LLC (A) 8.350 07-15-46   319,000 401,941
Diebold Nixdorf, Inc. (A)(B) 7.750 03-31-30   55,000 58,249
Xerox Corp. (A)(B) 10.250 10-15-30   54,000 44,520
Xerox Corp. (A)(B)(C) 13.500 04-15-31   73,000 53,108
Xerox Holdings Corp. (B) 5.500 08-15-28   363,000 159,752
Materials 10.0%       12,903,127
Chemicals 3.5%      
Ashland, Inc. (A)(C) 6.875 05-15-43   845,000 893,131
Celanese US Holdings LLC 7.000 02-15-31   164,000 167,751
Celanese US Holdings LLC 7.050 11-15-30   217,000 229,575
Celanese US Holdings LLC (A)(C) 7.375 02-15-34   164,000 166,883
Consolidated Energy Finance SA (A)(B)(C) 12.000 02-15-31   150,000 125,985
FMC Corp. (A) 3.450 10-01-29   99,000 88,928
FMC Corp. (A)(C) 5.650 05-18-33   70,000 61,962
Huntsman International LLC (A) 4.500 05-01-29   124,000 119,318
INEOS Finance PLC (A)(B)(C) 6.750 05-15-28   212,000 185,829
INEOS Quattro Finance 2 PLC (A)(B) 9.625 03-15-29   58,000 46,020
Inversion Escrow Issuer LLC (A)(B) 6.750 08-01-32   626,000 620,050
Mativ Holdings, Inc. (B) 8.000 10-01-29   41,000 41,294
Olympus Water US Holding Corp. (A)(B) 7.250 02-15-33   204,000 203,206
The Chemours Company (A)(B) 5.750 11-15-28   109,000 108,097
The Chemours Company (A)(B) 8.000 01-15-33   54,000 54,142
The Scotts Miracle-Gro Company (A) 4.000 04-01-31   700,000 658,929
Tronox, Inc. (A)(B)(C) 4.625 03-15-29   120,000 92,236
WR Grace Holdings LLC (B) 5.625 08-15-29   121,000 115,637
WR Grace Holdings LLC (A)(B) 6.625 08-15-32   299,000 297,348
WR Grace Holdings LLC (A)(B) 7.000 08-01-33   246,000 246,308
Construction materials 0.6%      
Quikrete Holdings, Inc. (A)(B) 6.750 03-01-33   544,000 565,144
Standard Building Solutions, Inc. (B) 5.875 03-15-34   183,000 182,822
White Cap Supply Holdings LLC (B) 7.375 11-15-30   65,000 67,514
Containers and packaging 4.1%      
Ardagh Group SA (A)(B) 9.500 12-01-30   963,356 1,040,978
Ardagh Group SA (5.500% Cash and 6.500% PIK) (B) 12.000 12-01-30   1,180,000 1,115,100
Ardagh Metal Packaging Finance USA LLC (B) 4.000 09-01-29   110,000 104,489
Ardagh Metal Packaging Finance USA LLC (A)(B) 6.250 01-30-31   200,000 205,534
Clydesdale Acquisition Holdings, Inc. (A)(B) 6.750 04-15-32   350,000 352,732
Clydesdale Acquisition Holdings, Inc. (A)(B) 6.875 01-15-30   780,000 790,140
Clydesdale Acquisition Holdings, Inc. (B) 8.750 04-15-30   250,000 250,179
Owens-Brockway Glass Container, Inc. (B) 7.250 05-15-31   1,100,000 1,119,517
Trivium Packaging Finance BV (A)(B) 8.250 07-15-30   180,000 192,073
Trivium Packaging Finance BV (B) 12.250 01-15-31   63,000 68,935
Metals and mining 1.2%      
Champion Iron Canada, Inc. (B) 7.875 07-15-32   169,000 180,780
Commercial Metals Company (B) 5.750 11-15-33   124,000 126,070
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 9
  Rate (%) Maturity date   Par value^ Value
Materials (continued)        
Metals and mining (continued)      
Kaiser Aluminum Corp. (A)(B) 5.875 03-01-34   327,000 $329,431
Novelis Corp. (A)(B) 4.750 01-30-30   610,000 591,291
Novelis Corp. (A)(B) 6.375 08-15-33   342,000 348,373
Paper and forest products 0.6%      
Magnera Corp. (A)(B) 7.250 11-15-31   793,000 749,396
Real estate 2.7%       3,507,011
Health care REITs 0.6%      
Diversified Healthcare Trust 4.750 02-15-28   53,000 51,155
Diversified Healthcare Trust (A)(B) 7.250 10-15-30   126,000 129,774
MPT Operating Partnership LP 3.500 03-15-31   135,000 100,033
MPT Operating Partnership LP 4.625 08-01-29   95,000 81,451
MPT Operating Partnership LP (A)(C) 5.000 10-15-27   147,000 143,729
MPT Operating Partnership LP (A)(B) 8.500 02-15-32   228,000 244,269
Hotel and resort REITs 0.8%      
Service Properties Trust 3.950 01-15-28   42,000 39,745
Service Properties Trust (A)(C) 4.950 10-01-29   82,000 72,327
Service Properties Trust 5.500 12-15-27   65,000 64,490
Service Properties Trust (B)(F) 6.080 09-30-27   84,000 76,042
Service Properties Trust 8.375 06-15-29   100,000 101,199
Service Properties Trust (B) 8.625 11-15-31   144,000 151,240
Service Properties Trust 8.875 06-15-32   72,000 71,465
XHR LP (A)(B) 6.625 05-15-30   439,000 453,378
Real estate management and development 0.7%      
Anywhere Real Estate Group LLC (B) 5.250 04-15-30   89,000 84,875
Anywhere Real Estate Group LLC (A)(B) 7.000 04-15-30   297,935 301,651
Anywhere Real Estate Group LLC (A)(B) 9.750 04-15-30   428,000 467,143
Fideicomiso Irrevocable de Emision, Administracion y Fuente de Pago Numero CIB/4323 (11.000% Cash and 2.000% PIK) (B)(G) 13.000 09-12-30   202,000 55,045
Specialized REITs 0.6%      
Millrose Properties, Inc. (A)(B) 6.375 08-01-30   220,000 224,551
Uniti Group LP (B) 6.500 02-15-29   205,000 199,380
Uniti Group LP (A)(B)(C) 8.625 06-15-32   63,000 63,609
Uniti Group LP (B) 8.625 06-15-32   328,000 330,460
Utilities 3.6%       4,668,611
Electric utilities 2.2%      
NextEra Energy Capital Holdings, Inc. (6.375% to 8-15-30, then 5 Year CMT + 2.053%) (A) 6.375 08-15-55   2,056,000 2,123,451
VoltaGrid LLC (A)(B) 7.375 11-01-30   409,000 414,240
XPLR Infrastructure Operating Partners LP (B) 7.750 04-15-34   250,000 254,837
Independent power and renewable electricity producers 1.4%      
Alpha Generation LLC (A)(B) 6.250 01-15-34   165,000 166,071
Alpha Generation LLC (A)(B) 6.750 10-15-32   305,000 316,225
ContourGlobal Power Holdings SA (A)(B) 6.750 02-28-30   617,000 636,300
Talen Energy Supply LLC (A)(B) 6.250 02-01-34   623,000 631,386
TransAlta Corp. 5.875 02-01-34   126,000 126,101
Term loans (H) 11.6% (7.0% of Total investments)   $14,962,112
(Cost $15,944,519)          
Communication services 3.6%         4,668,140
Entertainment 1.1%      
Playtika Holding Corp., 2021 Term Loan B1 (1 month CME Term SOFR + 2.750%) 6.536 03-13-28   1,492,167 1,444,537
Interactive media and services 1.7%      
Arches Buyer, Inc., 2021 Term Loan B (1 month CME Term SOFR + 3.250%) 7.022 12-06-27   682,169 678,881
X Corp., 2025 Fixed Term Loan 9.500 10-26-29   1,404,000 1,451,385
10 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Communication services (continued)          
Media 0.8%      
Cable One, Inc., 2021 Term Loan B4 (1 month CME Term SOFR + 2.000%) 5.786 05-03-28   656,408 $611,280
Townsquare Media, Inc., 2025 Term Loan (3 month CME Term SOFR + 5.000%) 8.878 02-19-30   665,182 482,057
Consumer discretionary 2.4%         3,046,569
Hotels, restaurants and leisure 2.4%      
Dave & Buster’s, Inc., 2024 Term Loan B (3 month CME Term SOFR + 3.250%) 7.125 06-29-29   1,602,000 1,486,944
J&J Ventures Gaming LLC, 2025 Repriced Term Loan B (1 month CME Term SOFR + 3.500%) 7.172 04-26-30   1,579,367 1,559,625
Financials 3.6%         4,672,461
Capital markets 0.4%      
Hightower Holding LLC, 2025 1st Lien Term Loan B (3 month CME Term SOFR + 2.750%) 6.651 02-03-32   496,253 494,392
Financial services 1.4%      
Edelman Financial Engines Center LLC, 2024 2nd Lien Term Loan (1 month CME Term SOFR + 5.250%) 8.922 10-06-28   912,000 912,383
June Purchaser LLC, Term Loan (3 month CME Term SOFR + 2.750%) 6.422 11-28-31   85,071 85,117
Kestra Advisor Services Holdings A, Inc., 2024 Repriced Term Loan (1 month CME Term SOFR + 3.000%) 6.672 03-22-31   99,000 98,592
Summit Acquisition, Inc., 2025 Add-on Term Loan (1 month CME Term SOFR + 3.500%) 7.172 10-16-31   774,367 776,063
Insurance 1.8%      
Amynta Agency Borrower, Inc., 2026 Repriced Term Loan B (3 month CME Term SOFR + 2.500%) 6.169 12-29-31   656,051 651,747
CRC Insurance Group LLC, 2nd Lien Term Loan (3 month CME Term SOFR + 4.750%) 8.422 05-06-32   340,000 340,850
IMA Financial Group, Inc., Term Loan (1 month CME Term SOFR + 3.000%) 6.672 11-01-28   723,685 721,572
OneDigital Borrower LLC, 2025 Repriced Term Loan (1 month CME Term SOFR + 3.000%) 6.672 07-02-31   593,722 591,745
Health care 0.2%         327,846
Health care technology 0.2%      
AthenaHealth Group, Inc., 2022 Term Loan B (1 month CME Term SOFR + 2.750%) 6.422 02-15-29   332,488 327,846
Industrials 1.7%         2,165,204
Commercial services and supplies 1.1%      
Anticimex Global AB, 2025 USD Term Loan (3 month CME Term SOFR + 2.900%) 7.310 11-17-31   537,867 538,636
Garda World Security Corp., 2026 Repriced Term Loan B (3 month CME Term SOFR + 2.750%) 6.421 02-01-29   831,729 829,649
Passenger airlines 0.6%      
AAdvantage Loyalty IP, Ltd., 2025 Term Loan (3 month CME Term SOFR + 2.250%) 5.918 04-20-28   796,919 796,919
Materials 0.1%         81,892
Chemicals 0.1%      
Trinseo Holding Sarl, 2021 Term Loan B2 (3 month CME Term SOFR + 2.500%) 6.584 05-03-28   862,023 81,892
Collateralized mortgage obligations 0.1% (0.0% of Total investments)   $60,786
(Cost $103,663)          
Commercial and residential 0.1%         56,079
HarborView Mortgage Loan Trust          
Series 2007-3, Class ES IO (B) 0.350 05-19-37   1,274,140 19,917
Series 2007-4, Class ES IO 0.350 07-19-37   1,294,739 19,921
Series 2007-6, Class ES IO (B) 0.343 08-19-37   1,415,002 16,241
U.S. Government Agency 0.0%         4,707
Government National Mortgage Association          
Series 2012-114, Class IO (A) 0.635 01-16-53   317,499 4,707
Asset-backed securities 1.0% (0.6% of Total investments)   $1,329,242
(Cost $1,246,918)          
Asset-backed securities 1.0%         1,329,242
ContiMortgage Home Equity Loan Trust          
Series 1995-2, Class A5 (I) 8.100 08-15-25   13,801 13,416
CyrusOne Data Centers Issuer I LLC          
Series 2023-1A, Class B (B) 5.450 04-20-48   720,436 715,224
MVW LLC          
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 11
  Rate (%) Maturity date   Par value^ Value
Asset-backed securities (continued)          
Series 2022-1A, Class D (B) 7.350 11-21-39   288,770 $289,415
Series 2023-1A, Class D (B) 8.830 10-20-40   301,815 311,187
    
        Shares Value
Common stocks 0.2% (0.1% of Total investments)   $238,217
(Cost $391,803)          
Communication services 0.2%         238,217
Media 0.2%    
Altice France Lux 3 (J)       12,657 238,217
Industrials 0.0%         0
Passenger airlines 0.0%    
Global Aviation Holdings, Inc., Class A (J)(K)       82,159 0
Preferred securities 1.4% (0.9% of Total investments)   $1,871,472
(Cost $1,828,671)          
Financials 1.0%         1,302,552
Insurance 1.0%  
Athene Holding, Ltd., 7.250% (7.250% to 3-30-29, then 5 Year CMT + 2.986%) (A)   51,525 1,302,552
Utilities 0.4%         568,920
Multi-utilities 0.4%  
Algonquin Power & Utilities Corp., 7.932% (3 month CME Term SOFR + 4.272% to 7-1-29, then 3 month CME Term SOFR + 4.522% to 7-1-49, then 3 month CME Term SOFR + 5.272%) (A)(C)(L)   22,000 568,920
    
    Yield (%)   Shares Value
Short-term investments 6.9% (4.2% of Total investments) $8,922,909
(Cost $8,923,137)          
Short-term funds 6.9%         8,922,909
John Hancock Collateral Trust (M)   3.5792(N)   891,952 8,922,909
    
Total investments (Cost $215,512,770) 165.9%     $214,172,222
Other assets and liabilities, net (65.9%)     (85,100,553)
Total net assets 100.0%     $129,071,669
    
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
EUR Euro
Security Abbreviations and Legend
CME CME Group Published Rates
CMT Constant Maturity Treasury
ICE Intercontinental Exchange
IO Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
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.
SOFR Secured Overnight Financing Rate
(A) All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 1-31-26 was $119,589,469.
(B) This security is 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 $105,434,484 or 81.7% of the fund’s net assets as of 1-31-26.
(C) All or a portion of this security is on loan as of 1-31-26, and is a component of the fund’s leverage under the Liquidity Agreement. The value of securities on loan amounted to $7,821,135.
(D) Non-callable perpetual bond.
(E) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(F) Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end.
(G) Non-income producing - Issuer is in default.
(H) Term loans are variable rate obligations. The rate shown represents the rate at period end.
(I) The security has matured but proceeds have not been received.
(J) Non-income producing security.
(K) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
12 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
(L) Variable rate obligation. The coupon rate shown represents the rate at period end.
(M) Investment is an affiliate of the fund, the advisor and/or subadvisor.
(N) The rate shown is the annualized seven-day yield as of 1-31-26.
The fund had the following country composition as a percentage of total investments on 1-31-26:
United States 79.1%
Canada 8.1%
United Kingdom 3.3%
Luxembourg 3.3%
Japan 1.6%
Israel 1.1%
Other countries 3.5%
TOTAL 100.0%
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 13
DERIVATIVES
FORWARD FOREIGN CURRENCY CONTRACTS
Contract to buy Contract to sell Counterparty (OTC) Contractual
settlement
date 		Unrealized
appreciation 		Unrealized
depreciation
USD 46,690 EUR 40,000 JPM 3/18/2026 — $(820)
            — $(820)
SWAPS
Interest rate swaps
Counterparty (OTC)/
Centrally cleared 		Notional
amount 		Currency Payments
made 		Payments
received 		Fixed
payment
frequency 		Floating
payment
frequency 		Maturity
date 		Unamortized
upfront
payment
paid
(received) 		Unrealized
appreciation
(depreciation) 		Value
Centrally cleared 43,000,000 USD Fixed 3.662% USD SOFR Compounded OIS(a) Semi-Annual Quarterly May 2026 — $17,040 $17,040
Centrally cleared 22,000,000 USD Fixed 3.473% USD SOFR Compounded OIS(a) Semi-Annual Quarterly May 2026 — 32,063 32,063
Centrally cleared 13,000,000 USD Fixed 3.817% USD SOFR Compounded OIS(a) Semi-Annual Quarterly Dec 2026 — (37,704) (37,704)
                — $11,399 $11,399
    
(a) At 1-31-26, the overnight SOFR was 3.680%.
    
Derivatives Currency Abbreviations
EUR Euro
USD U.S. Dollar
    
Derivatives Abbreviations
JPM JPMorgan Chase Bank, N.A.
OIS Overnight Index Swap
OTC Over-the-counter
SOFR Secured Overnight Financing Rate
14 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 (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Valuation Policies and Procedures of the Advisor, John Hancock Investment Management LLC, the fund’s valuation designee.
In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on 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, including exchange-traded or closed-end funds, 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. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor. 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 of the Advisor 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 Pricing Committee following procedures established by the Advisor and adopted 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 Pricing Committee, following procedures established by the Advisor and adopted by the Board of Trustees. The Advisor 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, including registered investment companies. 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 Advisor’s 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 January 31, 2026, by major security category or type:
  Total
value at
1-31-26 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
         
Investments in securities:        
Assets        
U.S. Government and Agency obligations $13,699,583 — $13,699,583 —
Corporate bonds 173,087,901 — 173,087,901 —
Term loans 14,962,112 — 14,962,112 —
Collateralized mortgage obligations 60,786 — 60,786 —
Asset-backed securities 1,329,242 — 1,329,242 —
Common stocks 238,217 — 238,217 —
Preferred securities 1,871,472 $1,871,472 — —
Short-term investments 8,922,909 8,922,909 — —
Total investments in securities $214,172,222 $10,794,381 $203,377,841 —
Derivatives:        
Assets        
Swap contracts $49,103 — $49,103 —
Liabilities        
Forward foreign currency contracts (820) — (820) —
Swap contracts (37,704) — (37,704) —
Level 3 includes securities valued at $0. Refer to Fund’s investments.
Investment in affiliated underlying funds. The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:
   |  15
              Dividends and distributions
Affiliate Ending
share
amount 		Beginning
value 		Cost of
purchases 		Proceeds
from shares
sold 		Realized
gain
(loss) 		Change in
unrealized
appreciation
(depreciation) 		Income
distributions
received 		Capital gain
distributions
received 		Ending
value
John Hancock Collateral Trust 891,952 $11,563,469 $13,813,159 $(16,453,717) $181 $(183) $96,753 — $8,922,909
For additional information on the fund’s significant accounting policies and risks, please refer to the fund’s most recent semiannual or annual shareholder report and prospectus.
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