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John Hancock
Investors Trust
Quarterly portfolio holdings 1/31/2025
Fund’s investments  
As of 1-31-25 (unaudited)
  Rate (%) Maturity date   Par value^ Value
U.S. Government and Agency obligations 11.3% (6.7% of Total investments)   $14,595,986
(Cost $14,561,125)          
U.S. Government 7.6%         9,839,683
U.S. Treasury          
Note (A)(B) 0.250 06-30-25   10,000,000 9,839,683
U.S. Government Agency 3.7%         4,756,303
Federal Home Loan Mortgage Corp.          
30 Yr Pass Thru (B) 5.000 04-01-53   284,371 276,506
30 Yr Pass Thru 5.000 08-01-53   497,071 485,033
30 Yr Pass Thru (B) 5.500 06-01-53   309,165 308,508
30 Yr Pass Thru (B) 5.500 06-01-53   322,580 321,683
30 Yr Pass Thru (B) 5.500 07-01-53   313,311 312,205
30 Yr Pass Thru (B) 6.000 07-01-53   288,873 293,389
30 Yr Pass Thru (B) 6.000 09-01-53   290,586 295,347
Federal National Mortgage Association          
30 Yr Pass Thru (B) 4.500 07-01-52   301,216 284,629
30 Yr Pass Thru (B) 4.500 10-01-52   537,612 507,503
30 Yr Pass Thru (B) 5.500 04-01-53   294,200 293,758
30 Yr Pass Thru (B) 5.500 07-01-53   272,214 270,806
30 Yr Pass Thru 6.000 07-01-53   800,935 816,309
30 Yr Pass Thru (B) 6.000 09-01-53   285,329 290,627
Corporate bonds 120.9% (71.7% of Total investments)   $156,575,891
(Cost $157,472,942)          
Communication services 15.0%       19,430,045
Diversified telecommunication services 3.2%      
Connect Finco SARL (B)(C) 9.000 09-15-29   245,000 219,600
Frontier Florida LLC (B) 6.860 02-01-28   700,000 718,018
GCI LLC (B)(C) 4.750 10-15-28   820,000 773,614
Iliad Holding SAS (B)(C) 7.000 04-15-32   246,000 249,434
Level 3 Financing, Inc. (C) 4.625 09-15-27   428,000 421,580
Level 3 Financing, Inc. (B)(C) 11.000 11-15-29   866,000 981,776
Sable International Finance, Ltd. (C) 7.125 10-15-32   393,000 384,008
Windstream Services LLC (B)(C) 8.250 10-01-31   413,000 427,464
Entertainment 1.4%      
AMC Entertainment Holdings, Inc. (A)(B)(C) 7.500 02-15-29   245,000 206,824
Cinemark USA, Inc. (B)(C) 7.000 08-01-32   126,000 129,461
Playtika Holding Corp. (B)(C) 4.250 03-15-29   830,000 765,505
Univision Communications, Inc. (B)(C) 8.500 07-31-31   633,000 635,790
Interactive media and services 0.5%      
Arches Buyer, Inc. (C) 6.125 12-01-28   310,000 280,756
Cars.com, Inc. (B)(C) 6.375 11-01-28   414,000 414,173
Media 8.3%      
Altice Financing SA (C) 5.750 08-15-29   400,000 312,791
Altice Financing SA (A)(B)(C) 9.625 07-15-27   500,000 463,123
Altice France Holding SA (C) 10.500 05-15-27   600,000 183,198
Altice France SA (A)(B)(C) 5.500 10-15-29   625,000 497,192
Altice France SA (C) 8.125 02-01-27   356,000 298,916
CCO Holdings LLC (B)(C) 6.375 09-01-29   1,728,000 1,729,014
CCO Holdings LLC (B)(C) 7.375 03-01-31   685,000 701,306
CSC Holdings LLC (C) 5.500 04-15-27   575,000 532,431
CSC Holdings LLC (C) 11.750 01-31-29   308,000 306,487
DISH Network Corp. (C) 11.750 11-15-27   990,000 1,045,336
Gray Media, Inc. (C) 4.750 10-15-30   97,000 58,900
2 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Communication services (continued)        
Media (continued)      
Gray Media, Inc. (B)(C) 10.500 07-15-29   209,000 $218,787
IHeartCommunications, Inc. (C) 10.875 05-01-30   674,400 463,456
LCPR Senior Secured Financing DAC (C) 6.750 10-15-27   1,145,000 1,047,894
Sabre GLBL, Inc. (A)(B)(C) 8.625 06-01-27   535,000 537,934
Sabre GLBL, Inc. (B)(C) 10.750 11-15-29   339,000 349,736
Scripps Escrow II, Inc. (C) 5.375 01-15-31   393,000 209,588
Scripps Escrow, Inc. (C) 5.875 07-15-27   122,000 102,446
Stagwell Global LLC (B)(C) 5.625 08-15-29   771,000 744,001
Townsquare Media, Inc. (A)(B)(C) 6.875 02-01-26   970,000 968,897
Wireless telecommunication services 1.6%      
SoftBank Group Corp. 5.125 09-19-27   1,500,000 1,470,815
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%) (D) 6.875 07-19-27   583,000 579,794
Consumer discretionary 17.4%       22,498,778
Automobile components 1.8%      
The Goodyear Tire & Rubber Company (B) 5.000 07-15-29   289,000 269,611
The Goodyear Tire & Rubber Company (B) 5.250 04-30-31   505,000 461,111
ZF North America Capital, Inc. (C) 6.750 04-23-30   554,000 544,370
ZF North America Capital, Inc. (C) 6.875 04-14-28   586,000 590,367
ZF North America Capital, Inc. (C) 7.125 04-14-30   500,000 499,986
Automobiles 2.3%      
Ford Motor Credit Company LLC (B) 6.950 03-06-26   1,000,000 1,018,054
Ford Motor Credit Company LLC 7.350 03-06-30   407,000 431,954
General Motors Company (B) 6.750 04-01-46   1,500,000 1,550,451
Broadline retail 4.0%      
Kohl’s Corp. (A)(B) 4.625 05-01-31   287,000 229,724
Liberty Interactive LLC 8.250 02-01-30   1,450,000 713,118
Macy’s Retail Holdings LLC (A)(B)(C) 5.875 03-15-30   700,000 673,327
Nordstrom, Inc. 4.250 08-01-31   500,000 440,958
Nordstrom, Inc. 5.000 01-15-44   900,000 680,992
QVC, Inc. (B) 5.950 03-15-43   1,000,000 550,589
QVC, Inc. (C) 6.875 04-15-29   528,000 440,255
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%) (C)(D) 6.250 04-22-31   226,000 201,544
Rakuten Group, Inc. (8.125% to 12-15-29, then 5 Year CMT + 4.250%) (C)(D) 8.125 12-15-29   200,000 197,336
Rakuten Group, Inc. (C) 11.250 02-15-27   580,000 633,952
Wand NewCo 3, Inc. (B)(C) 7.625 01-30-32   428,000 443,040
Diversified consumer services 0.6%      
Sotheby’s (B)(C) 7.375 10-15-27   750,000 738,127
Hotels, restaurants and leisure 6.4%      
Affinity Interactive (C) 6.875 12-15-27   753,000 639,260
Allwyn Entertainment Financing UK PLC (C) 7.875 04-30-29   767,000 798,452
Caesars Entertainment, Inc. (C) 7.000 02-15-30   959,000 988,452
CCM Merger, Inc. (B)(C) 6.375 05-01-26   1,000,000 999,680
CEC Entertainment LLC (B)(C) 6.750 05-01-26   830,000 830,445
Choice Hotels International, Inc. (B) 5.850 08-01-34   1,101,000 1,097,397
Full House Resorts, Inc. (C) 8.250 02-15-28   666,000 670,971
Hilton Grand Vacations Borrower LLC (C) 6.625 01-15-32   449,000 454,857
Jacobs Entertainment, Inc. (B)(C) 6.750 02-15-29   255,000 250,532
Mohegan Tribal Gaming Authority (B)(C) 8.000 02-01-26   725,000 722,132
SEE NOTES TO FUND’S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 3
  Rate (%) Maturity date   Par value^ Value
Consumer discretionary (continued)        
Hotels, restaurants and leisure (continued)      
NCL Corp., Ltd. (B)(C) 6.750 02-01-32   207,000 $210,232
Resorts World Las Vegas LLC (C) 8.450 07-27-30   600,000 621,967
Household durables 1.2%      
KB Home (A)(B) 7.250 07-15-30   225,000 232,484
Newell Brands, Inc. (A)(B) 6.375 09-15-27   1,242,000 1,264,252
Specialty retail 1.1%      
Amer Sports Company (A)(B)(C) 6.750 02-16-31   681,000 699,010
Saks Global Enterprises LLC (B)(C) 11.000 12-15-29   559,000 535,301
Wayfair LLC (B)(C) 7.250 10-31-29   171,000 174,488
Consumer staples 3.2%       4,130,264
Consumer staples distribution and retail 0.9%      
US Foods, Inc. (C) 5.750 04-15-33   362,000 351,915
Walgreens Boots Alliance, Inc. (A)(B) 8.125 08-15-29   867,000 876,484
Food products 1.4%      
Camposol SA 6.000 02-03-27   589,000 567,275
Darling Ingredients, Inc. (A)(B)(C) 6.000 06-15-30   60,000 59,709
JBS USA LUX SA (B) 5.750 04-01-33   610,000 613,768
Post Holdings, Inc. (B)(C) 6.375 03-01-33   517,000 509,203
Personal care products 0.9%      
Edgewell Personal Care Company (C) 5.500 06-01-28   950,000 936,648
HLF Financing Sarl LLC (B)(C) 12.250 04-15-29   205,000 215,262
Energy 12.6%       16,377,385
Energy equipment and services 0.9%      
Archrock Partners LP (B)(C) 6.625 09-01-32   670,000 679,178
USA Compression Partners LP (B) 6.875 09-01-27   543,000 546,363
Oil, gas and consumable fuels 11.7%      
Antero Resources Corp. (B)(C) 7.625 02-01-29   310,000 317,934
Bapco Energies BSCC (A)(B)(C) 7.500 10-25-27   1,155,000 1,185,497
Blue Racer Midstream LLC (B)(C) 7.000 07-15-29   334,000 343,093
Buckeye Partners LP (A)(B)(C) 6.750 02-01-30   169,000 171,922
Buckeye Partners LP (C) 6.875 07-01-29   518,000 530,310
Cenovus Energy, Inc. (B) 6.750 11-15-39   115,000 124,170
Delek Logistics Partners LP (B)(C) 7.125 06-01-28   435,000 436,782
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   801,000 839,495
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 1,515,960
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (D) 7.125 05-15-30   1,285,000 1,303,184
EnLink Midstream Partners LP (B) 4.150 06-01-25   500,000 497,636
Genesis Energy LP (B) 8.000 05-15-33   327,000 327,069
Genesis Energy LP (B) 8.250 01-15-29   801,000 819,748
Howard Midstream Energy Partners LLC (B)(C) 7.375 07-15-32   104,000 108,115
Howard Midstream Energy Partners LLC (B)(C) 8.875 07-15-28   511,000 538,991
MEG Energy Corp. (B)(C) 5.875 02-01-29   237,000 233,358
Occidental Petroleum Corp. 6.625 09-01-30   340,000 356,494
Petroleos Mexicanos 6.700 02-16-32   632,000 549,429
Sitio Royalties Operating Partnership LP (B)(C) 7.875 11-01-28   258,000 268,044
Sunoco LP 4.500 04-30-30   374,000 351,727
Sunoco LP (B) 6.000 04-15-27   436,000 435,444
Venture Global LNG, Inc. (B)(C) 7.000 01-15-30   612,000 625,512
4 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Energy (continued)        
Oil, gas and consumable fuels (continued)      
Venture Global LNG, Inc. (9.000% to 9-30-29, then 5 Year CMT + 5.440%) (B)(C)(D) 9.000 09-30-29   955,000 $995,180
Venture Global LNG, Inc. (B)(C) 9.500 02-01-29   1,457,000 1,624,125
Viper Energy, Inc. (C) 7.375 11-01-31   624,000 652,625
Financials 33.8%       43,845,425
Banks 17.0%      
Bank of America Corp. (6.100% to 3-17-25, then 3 month CME Term SOFR + 4.160%) (B)(D) 6.100 03-17-25   2,760,000 2,756,431
Bank of Montreal (7.700% to 5-26-29, then 5 Year CMT + 3.452%) (B) 7.700 05-26-84   1,156,000 1,196,679
Barclays PLC (8.000% to 9-15-29, then 5 Year CMT + 5.431%) (D) 8.000 03-15-29   2,200,000 2,292,660
BNP Paribas SA (8.000% to 8-22-31, then 5 Year CMT + 3.727%) (C)(D) 8.000 08-22-31   692,000 724,394
BNP Paribas SA (9.250% to 11-17-27, then 5 Year CMT + 4.969%) (A)(B)(C)(D) 9.250 11-17-27   600,000 642,492
Citizens Financial Group, Inc. (5.650% to 10-6-25, then 5 Year CMT + 5.313%) (A)(B)(D) 5.650 10-06-25   1,000,000 994,558
Citizens Financial Group, Inc. (5.718% to 7-23-31, then Overnight SOFR + 1.910%) (B) 5.718 07-23-32   727,000 733,659
Comerica, Inc. (5.982% to 1-30-29, then Overnight SOFR + 2.155%) (B) 5.982 01-30-30   648,000 654,357
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (B)(C)(D) 8.125 12-23-25   1,495,000 1,528,638
HSBC Holdings PLC (6.875% to 3-11-30, then 5 Year CMT + 3.298%) (B)(D) 6.875 09-11-29   1,111,000 1,115,638
ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (D) 6.500 04-16-25   1,135,000 1,136,346
JPMorgan Chase & Co. (4.080% to 4-26-25, then Overnight SOFR + 1.320%) (B) 4.080 04-26-26   1,000,000 998,292
Manufacturers & Traders Trust Company (B) 4.650 01-27-26   1,000,000 999,670
Popular, Inc. 7.250 03-13-28   770,000 802,617
The Bank of Nova Scotia (8.625% to 10-27-27, then 5 Year CMT + 4.389%) 8.625 10-27-82   1,000,000 1,054,431
The Toronto-Dominion Bank (7.250% to 7-31-29, then 5 Year CMT + 2.977%) (B) 7.250 07-31-84   754,000 762,247
The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%) (B) 8.125 10-31-82   1,600,000 1,671,782
Truist Financial Corp. (5.711% to 1-24-34, then Overnight SOFR + 1.922%) (B) 5.711 01-24-35   413,000 417,109
Wells Fargo & Company (5.875% to 6-15-25, then 9.865% thereafter) (B)(D) 5.875 06-15-25   1,565,000 1,560,509
Capital markets 0.8%      
Boost Newco Borrower LLC (C) 7.500 01-15-31   419,000 438,644
Focus Financial Partners LLC (B)(C) 6.750 09-15-31   568,000 571,009
Consumer finance 3.3%      
Ally Financial, Inc. (B) 5.800 05-01-25   2,000,000 2,002,548
OneMain Finance Corp. 7.875 03-15-30   1,000,000 1,051,971
OneMain Finance Corp. (B) 9.000 01-15-29   444,000 471,613
PHH Escrow Issuer LLC (C) 9.875 11-01-29   241,000 235,884
World Acceptance Corp. (C) 7.000 11-01-26   572,000 570,731
Financial services 3.1%      
Block, Inc. 3.500 06-01-31   600,000 533,922
Enact Holdings, Inc. (B) 6.250 05-28-29   1,068,000 1,090,000
Freedom Mortgage Corp. (B)(C) 12.250 10-01-30   576,000 643,055
Nationstar Mortgage Holdings, Inc. (B)(C) 6.000 01-15-27   600,000 599,202
Nationstar Mortgage Holdings, Inc. (B)(C) 6.500 08-01-29   507,000 508,162
NMI Holdings, Inc. (B) 6.000 08-15-29   649,000 657,784
SEE NOTES TO FUND’S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 5
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Insurance 9.1%      
Acrisure LLC (B)(C) 7.500 11-06-30   773,000 $799,211
Acrisure LLC (C) 8.500 06-15-29   461,000 483,142
Alliant Holdings Intermediate LLC (B)(C) 6.750 04-15-28   766,000 774,087
Alliant Holdings Intermediate LLC (B)(C) 7.000 01-15-31   581,000 591,188
Alliant Holdings Intermediate LLC (A)(B)(C) 7.375 10-01-32   492,000 502,725
AmWINS Group, Inc. (B)(C) 6.375 02-15-29   402,000 406,652
Athene Holding, Ltd. (6.625% to 10-15-34, then 5 Year CMT + 2.607%) 6.625 10-15-54   1,000,000 995,065
Baldwin Insurance Group Holdings LLC (B)(C) 7.125 05-15-31   315,000 322,208
F&G Annuities & Life, Inc. (B) 6.250 10-04-34   1,273,000 1,248,966
Global Atlantic Financial Company (7.950% to 10-15-29, then 5 Year CMT + 3.608%) (C) 7.950 10-15-54   516,000 539,673
Howden UK Refinance PLC (B)(C) 7.250 02-15-31   706,000 721,353
HUB International, Ltd. (B)(C) 7.250 06-15-30   847,000 875,780
HUB International, Ltd. (C) 7.375 01-31-32   321,000 330,072
Panther Escrow Issuer LLC (B)(C) 7.125 06-01-31   755,000 773,172
Prudential Financial, Inc. (3.700% to 10-1-30, then 5 Year CMT + 3.035%) (B) 3.700 10-01-50   2,100,000 1,871,406
SBL Holdings, Inc. (B)(C) 5.000 02-18-31   587,000 529,332
Mortgage real estate investment trusts 0.5%      
Blackstone Mortgage Trust, Inc. (B)(C) 7.750 12-01-29   645,000 664,359
Health care 6.0%       7,753,838
Health care equipment and supplies 0.7%      
Varex Imaging Corp. (B)(C) 7.875 10-15-27   897,000 927,982
Health care providers and services 4.5%      
AdaptHealth LLC (B)(C) 4.625 08-01-29   450,000 413,631
AMN Healthcare, Inc. (B)(C) 4.000 04-15-29   529,000 482,052
Concentra Escrow Issuer Corp. (B)(C) 6.875 07-15-32   169,000 174,755
CVS Health Corp. (7.000% to 3-10-30, then 5 Year CMT + 2.886%) 7.000 03-10-55   1,055,000 1,065,616
Encompass Health Corp. (A)(B) 4.750 02-01-30   600,000 577,180
HCA, Inc. (B) 5.500 06-15-47   1,760,000 1,613,998
Raven Acquisition Holdings LLC (B)(C) 6.875 11-15-31   359,000 358,170
Tenet Healthcare Corp. 5.125 11-01-27   567,000 560,846
Tenet Healthcare Corp. (A)(B) 6.125 10-01-28   600,000 600,322
Pharmaceuticals 0.8%      
Bausch Health Companies, Inc. (A)(B)(C) 9.000 01-30-28   86,000 86,125
Endo Finance Holdings, Inc. (A)(B)(C) 8.500 04-15-31   835,000 893,161
Industrials 11.8%       15,258,698
Aerospace and defense 1.7%      
Bombardier, Inc. (B)(C) 7.875 04-15-27   468,000 469,664
TransDigm, Inc. (C) 6.375 03-01-29   654,000 660,554
TransDigm, Inc. (C) 6.750 08-15-28   713,000 725,634
TransDigm, Inc. (C) 7.125 12-01-31   350,000 361,417
Building products 0.8%      
JELD-WEN, Inc. (A)(B)(C) 7.000 09-01-32   749,000 713,891
Miter Brands Acquisition Holdco, Inc. (B)(C) 6.750 04-01-32   258,000 261,113
Commercial services and supplies 2.5%      
Cimpress PLC (C) 7.375 09-15-32   322,000 319,777
Garda World Security Corp. (C) 8.250 08-01-32   338,000 347,669
Garda World Security Corp. (C) 8.375 11-15-32   243,000 250,899
The Brink’s Company (C) 6.500 06-15-29   156,000 159,017
The GEO Group, Inc. (B) 10.250 04-15-31   993,000 1,087,383
6 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Industrials (continued)        
Commercial services and supplies (continued)      
VT Topco, Inc. (B)(C) 8.500 08-15-30   711,000 $753,359
Wrangler Holdco Corp. (B)(C) 6.625 04-01-32   313,000 320,036
Construction and engineering 1.6%      
AECOM 5.125 03-15-27   900,000 894,973
Brundage-Bone Concrete Pumping Holdings, Inc. (B)(C) 7.500 02-01-32   644,000 652,030
Global Infrastructure Solutions, Inc. (B)(C) 5.625 06-01-29   550,000 534,471
Electrical equipment 0.9%      
EMRLD Borrower LP (B)(C) 6.625 12-15-30   520,000 525,970
EMRLD Borrower LP (B)(C) 6.750 07-15-31   650,000 660,940
Ground transportation 0.2%      
Watco Companies LLC (C) 7.125 08-01-32   238,000 246,724
Machinery 1.0%      
Stanley Black & Decker, Inc. (4.000% to 3-15-25, then 5 Year CMT + 2.657%) (A)(B) 4.000 03-15-60   1,252,000 1,251,357
Passenger airlines 2.2%      
Air Canada 2020-1 Class C Pass Through Trust (C) 10.500 07-15-26   625,000 664,063
American Airlines 2013-1 Class A Pass Through Trust (B) 4.000 07-15-25   277,164 274,352
American Airlines 2016-3 Class B Pass Through Trust (B) 3.750 10-15-25   266,921 263,339
JetBlue Airways Corp. (B)(C) 9.875 09-20-31   657,000 694,553
OneSky Flight LLC (B)(C) 8.875 12-15-29   177,000 181,321
United Airlines 2020-1 Class B Pass Through Trust (B) 4.875 01-15-26   768,384 764,431
Professional services 0.6%      
Amentum Holdings, Inc. (B)(C) 7.250 08-01-32   152,000 154,097
TriNet Group, Inc. (C) 7.125 08-15-31   648,000 665,028
Trading companies and distributors 0.3%      
Herc Holdings, Inc. (C) 6.625 06-15-29   392,000 400,636
Information technology 5.2%       6,735,420
Communications equipment 0.5%      
CommScope LLC (C) 6.000 03-01-26   229,000 229,000
EchoStar Corp. 10.750 11-30-29   441,000 475,389
Electronic equipment, instruments and components 0.3%      
Insight Enterprises, Inc. (C) 6.625 05-15-32   208,000 211,484
Zebra Technologies Corp. (C) 6.500 06-01-32   136,000 139,092
IT services 0.5%      
Virtusa Corp. (C) 7.125 12-15-28   639,000 624,861
Software 2.5%      
Cloud Software Group, Inc. (C) 9.000 09-30-29   1,084,000 1,110,181
Consensus Cloud Solutions, Inc. (B)(C) 6.000 10-15-26   405,000 402,114
Consensus Cloud Solutions, Inc. (B)(C) 6.500 10-15-28   600,000 606,469
NCR Voyix Corp. (B)(C) 5.125 04-15-29   44,000 41,965
UKG, Inc. (B)(C) 6.875 02-01-31   1,009,000 1,030,150
Technology hardware, storage and peripherals 1.4%      
Dell International LLC (B) 8.350 07-15-46   319,000 403,844
Diebold Nixdorf, Inc. (B)(C) 7.750 03-31-30   55,000 56,935
Seagate HDD Cayman 5.750 12-01-34   939,000 914,261
Seagate HDD Cayman 8.250 12-15-29   168,000 180,193
Xerox Holdings Corp. (B)(C) 5.500 08-15-28   363,000 309,482
Materials 7.7%       9,942,322
Chemicals 1.1%      
Ashland, Inc. 6.875 05-15-43   845,000 876,860
SEE NOTES TO FUND’S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 7
  Rate (%) Maturity date   Par value^ Value
Materials (continued)        
Chemicals (continued)      
Braskem Idesa SAPI (A)(B)(C) 6.990 02-20-32   340,000 $267,466
SCIL IV LLC (B)(C) 5.375 11-01-26   310,000 307,560
Construction materials 0.2%      
Quikrete Holdings, Inc. (C) 6.750 03-01-33   224,000 224,000
Containers and packaging 5.0%      
Ardagh Metal Packaging Finance USA LLC (B)(C) 6.000 06-15-27   658,000 654,510
Ardagh Packaging Finance PLC (A)(B)(C) 4.125 08-15-26   850,000 748,000
Ball Corp. 6.000 06-15-29   322,000 325,270
Ball Corp. (B) 6.875 03-15-28   581,000 596,244
Clydesdale Acquisition Holdings, Inc. (B)(C) 6.875 01-15-30   780,000 792,401
Clydesdale Acquisition Holdings, Inc. (A)(B)(C) 8.750 04-15-30   250,000 255,025
OI European Group BV (B)(C) 6.250 05-15-28 EUR 145,000 154,748
Owens-Brockway Glass Container, Inc. (A)(B)(C) 7.250 05-15-31   1,200,000 1,169,700
Sealed Air Corp. (C) 6.875 07-15-33   487,000 511,659
Trivium Packaging Finance BV (B)(C) 5.500 08-15-26   900,000 895,505
Trivium Packaging Finance BV (C) 8.500 08-15-27   364,000 364,260
Metals and mining 0.8%      
First Quantum Minerals, Ltd. (C) 9.375 03-01-29   420,000 443,868
Novelis Corp. (C) 4.750 01-30-30   610,000 573,150
Paper and forest products 0.6%      
Magnera Corp. (B)(C) 7.250 11-15-31   793,000 782,096
Real estate 3.9%       5,077,131
Health care REITs 1.0%      
Diversified Healthcare Trust (C)(E) 5.286 01-15-26   736,000 700,151
Diversified Healthcare Trust 9.750 06-15-25   402,000 401,581
MPT Operating Partnership LP (C) 8.500 02-15-32   144,000 146,233
Hotel and resort REITs 0.1%      
XHR LP (B)(C) 6.625 05-15-30   152,000 153,639
Real estate management and development 1.1%      
Anywhere Real Estate Group LLC (A)(B)(C) 7.000 04-15-30   609,000 558,748
Fideicomiso Irrevocable de Emision, Administracion y Fuente de Pago Numero CIB/4323 (11.000% Cash and 2.000% PIK) (C) 13.000 09-12-30   200,000 207,500
Greystar Real Estate Partners LLC (C) 7.750 09-01-30   609,000 645,018
Specialized REITs 1.7%      
GLP Capital LP (B) 5.375 04-15-26   1,315,000 1,317,153
Outfront Media Capital LLC (C) 7.375 02-15-31   209,000 218,995
Uniti Group LP (B)(C) 10.500 02-15-28   681,000 728,113
Utilities 4.3%       5,526,585
Electric utilities 1.4%      
Alexander Funding Trust II (B)(C) 7.467 07-31-28   721,000 763,467
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (B)(C)(D) 10.250 03-15-28   507,000 562,232
PG&E Corp. (7.375% to 3-15-30, then 5 Year CMT + 3.883%) (B) 7.375 03-15-55   427,000 414,873
Gas utilities 0.5%      
AltaGas, Ltd. (7.200% to 10-15-34, then 5 Year CMT + 3.573%) (C) 7.200 10-15-54   640,000 643,074
Independent power and renewable electricity producers 2.4%      
Alpha Generation LLC (B)(C) 6.750 10-15-32   305,000 308,387
ContourGlobal Power Holdings SA (C) 5.000 02-28-30 EUR 453,000 477,366
ContourGlobal Power Holdings SA (C) 6.750 02-28-30   617,000 617,123
Lightning Power LLC (C) 7.250 08-15-32   523,000 540,186
8 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Utilities (continued)        
Independent power and renewable electricity producers (continued)      
Talen Energy Supply LLC (C) 8.625 06-01-30   710,000 $757,359
Vistra Corp. (8.875% to 1-15-29, then 5 Year CMT + 5.045%) (C)(D) 8.875 01-15-29   413,000 442,518
Term loans (F) 17.1% (10.1% of Total investments)   $22,197,631
(Cost $22,338,125)          
Communication services 2.4%         3,053,265
Entertainment 0.5%      
AMC Entertainment Holdings, Inc., 2024 Term Loan (G) TBD 01-04-29   636,000 645,197
Interactive media and services 0.5%      
Arches Buyer, Inc., 2021 Term Loan B (1 month CME Term SOFR + 3.250%) 7.662 12-06-27   689,350 675,273
Media 1.4%      
Altice France SA, 2023 USD Term Loan B14 (3 month CME Term SOFR + 5.500%) 9.802 08-15-28   353,303 297,658
Cable One, Inc., 2021 Term Loan B4 (1 month CME Term SOFR + 2.000%) 6.426 05-03-28   663,282 654,162
Clear Channel International BV, 2024 CCIBV Fixed Term Loan 7.500 04-01-27   780,000 780,975
Consumer discretionary 3.0%         3,936,356
Hotels, restaurants and leisure 2.6%      
Dave & Buster’s, Inc., 2024 Term Loan B (G) TBD 06-29-29   1,102,000 1,069,083
IRB Holding Corp., 2024 1st Lien Term Loan B (1 month CME Term SOFR + 2.500%) 6.812 12-15-27   644,760 646,694
J&J Ventures Gaming LLC, 2025 Repriced Term Loan B (1 month CME Term SOFR + 3.500%) 7.802 04-26-30   891,302 889,296
Oravel Stays Singapore Pte, Ltd. , 2024 Term Loan B (3 month CME Term SOFR + 8.000%) 12.287 12-20-29   829,000 818,638
Specialty retail 0.3%      
The Michaels Companies, Inc., 2021 Term Loan B (3 month CME Term SOFR + 4.250%) 8.840 04-17-28   494,872 400,812
Textiles, apparel and luxury goods 0.1%      
Champ Acquisition Corp., 2024 Term Loan B (1 month CME Term SOFR + 4.500%) 8.857 11-25-31   111,000 111,833
Financials 4.6%         5,981,735
Capital markets 1.1%      
Aretec Group, Inc., 2024 1st Lien Term Loan B (1 month CME Term SOFR + 3.500%) 7.812 08-09-30   100,000 100,429
Hightower Holding LLC, 2024 Term Loan B (3 month CME Term SOFR + 3.500%) 8.071 04-21-28   498,747 498,956
Mariner Wealth Advisors LLC, Term Loan B (3 month CME Term SOFR + 2.750%) 7.079 08-18-28   774,050 775,017
Financial services 2.0%      
CPI Holdco B LLC, 2024 Incremental Term Loan B (1 month CME Term SOFR + 2.250%) 6.562 05-17-31   442,000 442,460
Edelman Financial Engines Center LLC, 2024 2nd Lien Term Loan (1 month CME Term SOFR + 5.250%) 9.562 10-06-28   303,000 306,694
Edelman Financial Engines Center LLC, 2024 2nd Lien Term Loan B (G) TBD 04-07-28   200,000 201,442
GIH Borrower LLC, 2024 Term Loan B (3 month CME Term SOFR + 2.500%) 6.829 11-21-31   221,000 221,968
June Purchaser LLC, Term Loan (G) TBD 11-28-31   85,714 86,607
June Purchaser LLC, Delayed Draw Term Loan (G) TBD 11-28-31   14,286 14,435
Kestra Advisor Services Holdings A, Inc., 2024 Repriced Term Loan B (G) TBD 03-21-31   100,000 100,083
Osaic Holdings, Inc., 2024 Term Loan B (1 month CME Term SOFR + 3.500%) 7.812 08-17-28   887,775 892,063
SEE NOTES TO FUND’S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 9
  Rate (%) Maturity date   Par value^ Value
Financials (continued)          
Financial services (continued)      
PEX Holdings LLC, 2024 Term Loan B (3 month CME Term SOFR + 2.750%) 7.079 11-26-31   110,000 $110,275
Summit Acquisition, Inc., 2024 Term Loan B (3 month CME Term SOFR + 3.750%) 8.079 10-16-31   277,000 278,731
Insurance 1.5%      
Acrisure LLC, 2024 1st Lien Term Loan B1 (1 month CME Term SOFR + 2.750%) 7.062 02-15-27   569,009 570,340
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B (3 month CME Term SOFR + 3.000%) 7.291 12-06-31   438,000 437,330
OneDigital Borrower LLC, 2025 Repriced Term Loan (1 month CME Term SOFR + 3.000%) 7.315 07-02-31   500,000 500,755
OneDigital Borrower LLC, 2024 Term Loan (1 month CME Term SOFR + 3.250%) 7.565 07-02-31   99,749 99,900
Truist Insurance Holdings LLC, 2nd Lien Term Loan (3 month CME Term SOFR + 4.750%) 9.079 05-06-32   340,000 344,250
Health care 3.0%         3,895,412
Biotechnology 0.6%      
Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B (1 month CME Term SOFR + 2.000%) 6.462 11-15-27   821,070 816,144
Health care equipment and supplies 1.1%      
Bausch + Lomb Corp., Term Loan (1 month CME Term SOFR + 3.250%) 7.661 05-10-27   890,863 894,845
Medline Borrower LP, 2024 USD Add-on Term Loan B (1 month CME Term SOFR + 2.250%) 6.562 10-23-28   449,873 451,811
Health care providers and services 0.7%      
AthenaHealth Group, Inc., 2022 Term Loan B (G) TBD 02-15-29   142,000 142,044
Mamba Purchaser, Inc., 2024 Repriced Term Loan B (1 month CME Term SOFR + 3.000%) 7.312 10-16-28   805,789 809,318
Pharmaceuticals 0.6%      
Bausch Health Americas, Inc., 2022 Term Loan B (1 month CME Term SOFR + 5.250%) 9.662 02-01-27   806,335 781,250
Industrials 3.0%         3,904,184
Commercial services and supplies 2.2%      
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B (1 month CME Term SOFR + 3.750%) 8.162 05-12-28   1,287,208 1,291,315
Amspec Parent LLC, 2024 Term Loan (3 month CME Term SOFR + 4.250%) 8.579 12-22-31   239,113 240,010
Anticimex Global AB, 2021 USD Term Loan B1 (3 month CME Term SOFR + 3.150%) 7.720 11-16-28   498,715 501,742
Garda World Security Corp., 2024 Term Loan B (1 month CME Term SOFR + 3.500%) 7.805 02-01-29   770,130 771,285
Passenger airlines 0.6%      
AAdvantage Loyalty IP, Ltd., 2021 Term Loan (3 month CME Term SOFR + 4.750%) 9.305 04-20-28   802,941 821,762
Professional services 0.2%      
Holding Socotec SAS, 2024 USD Term Loan B (G) TBD 06-30-28   276,000 278,070
Information technology 0.6%         777,497
Software 0.2%      
Project Boost Purchaser LLC, 2024 2nd Lien Term Loan (3 month CME Term SOFR + 5.250%) 9.557 07-16-32   229,000 234,153
Technology hardware, storage and peripherals 0.4%      
Xerox Corp., 2023 Term Loan B (1 and 3 month CME Term SOFR + 4.000%) 8.321 11-17-29   547,792 543,344
10 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Materials 0.5%         $649,182
Chemicals 0.4%      
Trinseo Materials Operating SCA, 2021 Term Loan B2 (3 month CME Term SOFR + 2.500%) 7.276 05-03-28   871,050 522,717
Containers and packaging 0.1%      
Graham Packaging Company, Inc., 2024 Term Loan B (1 month CME Term SOFR + 2.500%) 6.812 08-04-27   126,026 126,465
Collateralized mortgage obligations 0.0% (0.0% of Total investments)   $72,279
(Cost $103,663)          
Commercial and residential 0.0%         66,141
HarborView Mortgage Loan Trust          
Series 2007-3, Class ES IO (C) 0.350 05-19-37   1,390,183 21,072
Series 2007-4, Class ES IO 0.350 07-19-47   1,424,189 18,683
Series 2007-6, Class ES IO (C) 0.343 08-19-37   1,511,628 26,386
U.S. Government Agency 0.0%         6,138
Government National Mortgage Association          
Series 2012-114, Class IO 0.628 01-16-53   393,394 6,138
Asset-backed securities 6.1% (3.6% of Total investments)   $7,894,132
(Cost $7,731,355)          
Asset-backed securities 6.1%         7,894,132
Ares XXXVII CLO, Ltd.          
Series 2015-4A, Class A1RR (3 month CME Term SOFR + 1.080%) (C)(H) 5.382 10-15-30   673,996 676,528
Concord Music Royalties LLC          
Series 2022-1A, Class A2 (C) 6.500 01-20-73   850,000 854,596
ContiMortgage Home Equity Loan Trust          
Series 1995-2, Class A5 8.100 08-15-25   14,091 6,099
CyrusOne Data Centers Issuer I LLC          
Series 2023-1A, Class B (C) 5.450 04-20-48   766,389 747,247
KKR Financial CLO, Ltd.          
Series 2013-1A, Class A1R2 (3 month CME Term SOFR + 1.100%) (C)(H) 5.402 04-15-29   379,881 380,527
MVW LLC          
Series 2022-1A, Class D (C) 7.350 11-21-39   414,651 408,033
Series 2023-1A, Class D (C) 8.830 10-20-40   442,017 448,400
Neighborly Issuer LLC          
Series 2023-1A, Class A2 (C) 7.308 01-30-53   1,200,500 1,224,893
Service Experts Issuer          
Series 2024-1A, Class A (C) 6.390 11-20-35   1,023,156 1,039,777
SERVPRO Master Issuer LLC          
Series 2024-1A, Class A2 (C) 6.174 01-25-54   515,945 520,005
Subway Funding LLC          
Series 2024-1A, Class A2I (C) 6.028 07-30-54   763,088 770,891
Series 2024-1A, Class A2II (C) 6.268 07-30-54   299,250 304,830
VR Funding LLC          
Series 2020-1A, Class A (C) 2.790 11-15-50   556,193 512,306
    
        Shares Value
Common stocks 0.0% (0.0% of Total investments)   $0
(Cost $192,563)          
Industrials 0.0%         0
Passenger airlines 0.0%    
Global Aviation Holdings, Inc., Class A (I)(J)       82,159 0
SEE NOTES TO FUND’S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 11
        Shares Value
Preferred securities 3.0% (1.8% of Total investments)   $3,881,062
(Cost $3,561,571)          
Communication services 0.9%         1,161,304
Wireless telecommunication services 0.9%  
Telephone & Data Systems, Inc., 6.000% (B)   17,125 332,225
U.S. Cellular Corp., 6.250% (B)   34,675 829,079
Financials 0.1%         130,876
Insurance 0.1%  
Athene Holding, Ltd., 7.250% (7.250% to 3-30-29, then 5 Year CMT + 2.986%) (B)   5,175 130,876
Information technology 1.5%         1,913,600
Software 1.5%  
MicroStrategy, Inc., 8.000%   23,920 1,913,600
Real estate 0.1%         118,682
Office REITs 0.1%  
Vornado Realty Trust, 5.400% (B)   6,675 118,682
Utilities 0.4%         556,600
Multi-utilities 0.4%  
Algonquin Power & Utilities Corp., 8.574% (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)(B)(H)   22,000 556,600
    
    Yield (%)   Shares Value
Short-term investments 10.2% (6.1% of Total investments) $13,272,867
(Cost $13,273,152)          
Short-term funds 10.2%         13,272,867
John Hancock Collateral Trust (K)   4.2301(L)   1,326,836 13,272,867
    
Total investments (Cost $219,234,496) 168.6%     $218,489,848
Other assets and liabilities, net (68.6%)     (88,932,044)
Total net assets 100.0%     $129,557,804
    
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 on loan as of 1-31-25, and is a component of the fund’s leverage under the Liquidity Agreement. The value of securities on loan amounted to $22,166,630.
(B) All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 1-31-25 was $109,954,332.
(C) 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 $99,148,089 or 76.5% of the fund’s net assets as of 1-31-25.
(D) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(E) 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.
(F) Term loans are variable rate obligations. The rate shown represents the rate at period end.
(G) 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).
(H) Variable rate obligation. The coupon rate shown represents the rate at period end.
12 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
(I) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(J) Non-income producing security.
(K) Investment is an affiliate of the fund, the advisor and/or subadvisor.
(L) The rate shown is the annualized seven-day yield as of 1-31-25.
The fund had the following country composition as a percentage of total investments on 1-31-25:
United States 80.3%
Canada 5.8%
United Kingdom 2.6%
France 2.1%
Luxembourg 1.6%
Cayman Islands 1.5%
Japan 1.4%
Netherlands 1.2%
Ireland 1.0%
Other countries 2.5%
TOTAL 100.0%
SEE NOTES TO FUND’S INVESTMENTS QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 13
DERIVATIVES
FORWARD FOREIGN CURRENCY CONTRACTS
Contract to buy Contract to sell Counterparty (OTC) Contractual
settlement
date 		Unrealized
appreciation 		Unrealized
depreciation
EUR 453,000 USD 474,548 JPM 2/6/2025 — $(4,564)
USD 83,970 EUR 80,000 CITI 3/19/2025 $809 —
USD 475,455 EUR 453,000 JPM 3/19/2025 4,560 —
USD 74,871 EUR 72,500 TD 3/19/2025 — (493)
            $5,369 $(5,057)
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 — $333,600 $333,600
Centrally cleared 22,000,000 USD Fixed 3.473% USD SOFR Compounded OIS(a) Semi-Annual Quarterly May 2026 — 231,578 231,578
Centrally cleared 13,000,000 USD Fixed 3.817% USD SOFR Compounded OIS(a) Semi-Annual Quarterly Dec 2026 — 68,232 68,232
                — $633,410 $633,410
    
(a) At 1-31-25, the overnight SOFR was 4.380%.
    
Derivatives Currency Abbreviations
EUR Euro
USD U.S. Dollar
    
Derivatives Abbreviations
CITI Citibank, N.A.
JPM JPMorgan Chase Bank, N.A.
OIS Overnight Index Swap
OTC Over-the-counter
SOFR Secured Overnight Financing Rate
TD The Toronto-Dominion Bank
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.
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, 2025, by major security category or type:
  Total
value at
1-31-25 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
         
Investments in securities:        
Assets        
U.S. Government and Agency obligations $14,595,986 — $14,595,986 —
Corporate bonds 156,575,891 — 156,575,891 —
Term loans 22,197,631 — 22,197,631 —
Collateralized mortgage obligations 72,279 — 72,279 —
Asset-backed securities 7,894,132 — 7,894,132 —
Common stocks — — — —
Preferred securities 3,881,062 $3,881,062 — —
Short-term investments 13,272,867 13,272,867 — —
Total investments in securities $218,489,848 $17,153,929 $201,335,919 —
Derivatives:        
Assets        
Forward foreign currency contracts $5,369 — $5,369 —
Swap contracts 633,410 — 633,410 —
Liabilities        
Forward foreign currency contracts (5,057) — (5,057) —
Level 3 includes securities valued at $0. Refer to Fund’s investments.
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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:
              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 1,326,836 $9,861,690 $21,261,172 $(17,850,329) $1,187 $(853) $105,837 — $13,272,867
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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