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Quarterly portfolio holdings
John Hancock
Investors Trust
Closed-end fixed income
July 31, 2025
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 7-31-25 (unaudited)
  Rate (%) Maturity date   Par value^ Value
U.S. Government and Agency obligations 11.3% (6.7% of Total investments)   $14,632,941
(Cost $14,614,090)          
U.S. Government Agency 11.3%         14,632,941
Federal Home Loan Mortgage Corp.          
30 Yr Pass Thru (A) 5.500 07-01-53   297,763 297,985
30 Yr Pass Thru (A) 6.000 09-01-53   271,690 278,519
Federal National Mortgage Association          
30 Yr Pass Thru (A) 5.500 07-01-53   246,265 246,460
30 Yr Pass Thru 5.500 07-01-55   4,997,714 4,971,454
30 Yr Pass Thru 6.000 07-01-55   4,491,251 4,580,628
30 Yr Pass Thru 6.000 07-01-55   4,176,094 4,257,895
Corporate bonds 127.3% (75.6% of Total investments)   $164,796,285
(Cost $166,799,285)          
Communication services 15.9%       20,554,194
Diversified telecommunication services 2.7%      
Connect Finco SARL (A)(B) 9.000 09-15-29   245,000 247,404
Frontier Florida LLC 6.860 02-01-28   700,000 728,528
Iliad Holding SAS (A)(B) 7.000 04-15-32   246,000 252,492
Level 3 Financing, Inc. (A)(B) 6.875 06-30-33   1,273,000 1,290,000
Level 3 Financing, Inc. (A)(B) 11.000 11-15-29   163,840 185,758
Sable International Finance, Ltd. (B) 7.125 10-15-32   393,000 393,015
Windstream Services LLC (A)(B) 8.250 10-01-31   413,000 432,366
Entertainment 2.6%      
AMC Entertainment Holdings, Inc. (A)(B)(C) 7.500 02-15-29   245,000 208,742
Cinemark USA, Inc. (A)(B) 7.000 08-01-32   126,000 130,106
Playtika Holding Corp. (A)(B) 4.250 03-15-29   939,000 858,611
Univision Communications, Inc. (A)(B) 8.500 07-31-31   850,000 863,235
Univision Communications, Inc. (A)(B) 9.375 08-01-32   223,000 231,385
WarnerMedia Holdings, Inc. (A)(C) 4.279 03-15-32   1,270,000 1,066,470
Interactive media and services 1.0%      
Arches Buyer, Inc. (B) 6.125 12-01-28   310,000 295,857
Cars.com, Inc. (A)(B) 6.375 11-01-28   414,000 413,141
Snap, Inc. (A)(B) 6.875 03-01-33   600,000 615,211
Media 6.5%      
Altice Financing SA (B) 5.750 08-15-29   400,000 306,352
Altice Financing SA (B) 9.625 07-15-27   940,000 860,047
Altice France Holding SA (B)(D) 10.500 05-15-27   600,000 219,750
Altice France SA (B) 5.500 10-15-29   625,000 541,976
Altice France SA (B) 8.125 02-01-27   356,000 329,914
Clear Channel Outdoor Holdings, Inc. (B) 7.125 02-15-31   209,000 208,711
CSC Holdings LLC (A)(B)(C) 5.500 04-15-27   575,000 556,553
CSC Holdings LLC (B) 11.750 01-31-29   708,000 662,255
Directv Financing LLC (A)(B) 10.000 02-15-31   963,000 928,694
DISH Network Corp. (B) 11.750 11-15-27   990,000 1,031,027
Gray Media, Inc. (A)(B)(C) 4.750 10-15-30   97,000 72,386
Gray Media, Inc. (A)(B) 7.250 08-15-33   210,000 208,896
Gray Media, Inc. (A)(B) 10.500 07-15-29   209,000 226,180
iHeartCommunications, Inc. (B) 10.875 05-01-30   674,400 334,037
LCPR Senior Secured Financing DAC (B) 6.750 10-15-27   845,000 648,538
Scripps Escrow II, Inc. (B) 5.375 01-15-31   393,000 287,452
Scripps Escrow, Inc. (A)(B)(C) 5.875 07-15-27   122,000 121,851
Stagwell Global LLC (A)(B) 5.625 08-15-29   771,000 742,101
The EW Scripps Company (B) 9.875 08-15-30   83,000 82,481
Wireless telecommunication services 3.1%      
C&W Senior Finance, Ltd. (A)(B)(C) 9.000 01-15-33   590,000 608,222
2 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Communication services (continued)        
Wireless telecommunication services (continued)      
Rogers Communications, Inc. (7.000% to 4-15-30, then 5 Year CMT + 2.653%) 7.000 04-15-55   1,081,000 $1,105,183
SoftBank Group Corp. 5.125 09-19-27   1,500,000 1,483,151
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   783,000 776,116
Consumer discretionary 16.7%       21,615,210
Automobile components 1.8%      
The Goodyear Tire & Rubber Company (A) 5.000 07-15-29   289,000 280,362
The Goodyear Tire & Rubber Company (A) 5.250 04-30-31   505,000 479,596
ZF North America Capital, Inc. (A)(B) 6.750 04-23-30   554,000 527,194
ZF North America Capital, Inc. (A)(B) 6.875 04-14-28   586,000 584,919
ZF North America Capital, Inc. (A)(B) 7.125 04-14-30   500,000 484,650
Automobiles 2.7%      
Ford Motor Credit Company LLC (A) 6.950 03-06-26   1,000,000 1,007,858
Ford Motor Credit Company LLC (A) 7.350 03-06-30   407,000 429,950
General Motors Company (A) 6.750 04-01-46   1,500,000 1,563,579
Nissan Motor Company, Ltd. (B) 7.500 07-17-30   518,000 534,416
Broadline retail 3.8%      
Kohl’s Corp. (A) 5.125 05-01-31   287,000 206,744
Kohl’s Corp. (A)(B) 10.000 06-01-30   573,000 595,130
Liberty Interactive LLC 8.250 02-01-30   1,450,000 199,549
Macy’s Retail Holdings LLC (A)(B)(C) 5.875 03-15-30   225,000 222,146
Macy’s Retail Holdings LLC (B) 7.375 08-01-33   449,000 450,710
Nordstrom, Inc. (A)(C) 4.250 08-01-31   500,000 433,236
Nordstrom, Inc. 5.000 01-15-44   900,000 605,250
QVC, Inc. 5.950 03-15-43   1,000,000 415,000
QVC, Inc. (A)(B)(C) 6.875 04-15-29   528,000 237,257
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   226,000 210,186
Rakuten Group, Inc. (8.125% to 12-15-29, then 5 Year CMT + 4.250%) (B)(E) 8.125 12-15-29   200,000 198,463
Rakuten Group, Inc. (B) 11.250 02-15-27   580,000 628,575
Wand NewCo 3, Inc. (A)(B) 7.625 01-30-32   428,000 449,388
Diversified consumer services 0.6%      
Sotheby’s (A)(B) 7.375 10-15-27   750,000 734,884
Hotels, restaurants and leisure 4.5%      
Affinity Interactive (B) 6.875 12-15-27   753,000 414,918
CEC Entertainment LLC (A)(B) 6.750 05-01-26   830,000 823,934
Choice Hotels International, Inc. (A) 5.850 08-01-34   1,101,000 1,109,136
Full House Resorts, Inc. (A)(B)(C) 8.250 02-15-28   666,000 644,714
Hilton Grand Vacations Borrower LLC (A)(B) 6.625 01-15-32   755,000 763,474
Jacobs Entertainment, Inc. (A)(B) 6.750 02-15-29   255,000 248,625
Resorts World Las Vegas LLC (A)(B)(C) 8.450 07-27-30   600,000 597,344
Sabre GLBL, Inc. (A)(B) 8.625 06-01-27   227,000 230,609
Sabre GLBL, Inc. (A)(B) 10.750 11-15-29   389,000 400,658
Sabre GLBL, Inc. (A)(B) 11.125 07-15-30   612,000 645,201
Household durables 1.8%      
KB Home (A) 7.250 07-15-30   225,000 231,637
Newell Brands, Inc. (A) 6.375 09-15-27   1,242,000 1,251,719
Newell Brands, Inc. (A)(B) 8.500 06-01-28   171,000 179,186
Whirlpool Corp. 6.125 06-15-30   658,000 656,431
Specialty retail 1.2%      
Saks Global Enterprises LLC (B) 11.000 12-15-29   559,000 125,775
The Michaels Companies, Inc. (A)(B)(C) 7.875 05-01-29   731,000 484,853
Wayfair LLC (A)(B) 7.250 10-31-29   171,000 173,990
Wayfair LLC (A)(B) 7.750 09-15-30   776,000 795,318
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 3
  Rate (%) Maturity date   Par value^ Value
Consumer discretionary (continued)        
Textiles, apparel and luxury goods 0.3%      
Beach Acquisition Bidco LLC (10.000% Cash or 10.750% PIK) (B) 10.000 07-15-33   344,000 $358,646
Consumer staples 4.0%       5,202,442
Consumer staples distribution and retail 0.5%      
Walgreens Boots Alliance, Inc. (A) 8.125 08-15-29   648,000 695,581
Food products 3.3%      
Camposol SA 6.000 02-03-27   1,139,000 1,122,727
Froneri Lux FinCo SARL (B) 6.000 08-01-32   2,107,000 2,098,291
JBS USA LUX SA (A) 5.750 04-01-33   610,000 625,539
Simmons Foods, Inc. (A)(B) 4.625 03-01-29   463,000 438,145
Personal care products 0.2%      
HLF Financing Sarl LLC (A)(B) 12.250 04-15-29   205,000 222,159
Energy 19.7%       25,454,303
Energy equipment and services 1.5%      
Archrock Partners LP (A)(B) 6.250 04-01-28   215,000 214,988
Archrock Partners LP (A)(B) 6.625 09-01-32   670,000 679,933
USA Compression Partners LP (A) 6.875 09-01-27   1,043,000 1,042,749
Oil, gas and consumable fuels 18.2%      
Bapco Energies BSCC (B) 7.500 10-25-27   1,155,000 1,186,549
Buckeye Partners LP (A)(B) 6.875 07-01-29   518,000 533,226
Cenovus Energy, Inc. (A) 6.750 11-15-39   115,000 122,910
Civitas Resources, Inc. (A)(B) 8.750 07-01-31   690,000 698,514
Civitas Resources, Inc. (A)(B) 9.625 06-15-33   424,000 436,118
Continental Resources, Inc. (A) 4.375 01-15-28   1,000,000 984,681
Crescent Energy Finance LLC (A)(B) 8.375 01-15-34   1,076,000 1,064,976
Delek Logistics Partners LP (A)(B) 7.125 06-01-28   435,000 437,112
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   801,000 850,214
Enbridge, Inc. (8.500% to 1-15-34, then 5 Year CMT + 4.431% to 1-15-54, then 5 Year CMT + 5.181%) (A)(C) 8.500 01-15-84   1,369,000 1,541,857
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (E) 7.125 05-15-30   2,067,000 2,116,265
Excelerate Energy LP (A)(B) 8.000 05-15-30   574,000 600,893
Genesis Energy LP (A) 8.000 05-15-33   527,000 546,371
Genesis Energy LP (A) 8.250 01-15-29   894,000 932,441
Global Partners LP (A)(B) 7.125 07-01-33   228,000 231,535
Hilcorp Energy I LP (A)(B) 5.750 02-01-29   468,000 459,710
Howard Midstream Energy Partners LLC (A)(B) 7.375 07-15-32   104,000 107,528
Howard Midstream Energy Partners LLC (A)(B) 8.875 07-15-28   511,000 532,815
Long Ridge Energy LLC (A)(B) 8.750 02-15-32   645,000 668,877
Occidental Petroleum Corp. 6.625 09-01-30   340,000 358,898
Permian Resources Operating LLC (A)(B) 7.000 01-15-32   590,000 609,245
Petroleos Mexicanos 6.700 02-16-32   632,000 602,421
Sitio Royalties Operating Partnership LP (A)(B) 7.875 11-01-28   258,000 269,176
SM Energy Company (A)(B) 7.000 08-01-32   656,000 649,585
Sunoco LP (A) 4.500 04-30-30   374,000 358,599
Sunoco LP (A) 6.000 04-15-27   436,000 435,710
TransMontaigne Partners LLC (B) 8.500 06-15-30   237,000 247,745
Venture Global LNG, Inc. (A)(B) 7.000 01-15-30   612,000 620,577
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 2,321,592
Venture Global LNG, Inc. (A)(B) 9.500 02-01-29   1,457,000 1,588,974
Venture Global Plaquemines LNG LLC (B) 6.500 01-15-34   258,000 265,418
Venture Global Plaquemines LNG LLC (B) 7.500 05-01-33   1,052,000 1,136,101
Financials 35.7%       46,202,686
Banks 15.5%      
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 2,521,695
4 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Banks (continued)      
Bank of Montreal (7.700% to 5-26-29, then 5 Year CMT + 3.452%) (A) 7.700 05-26-84   2,156,000 $2,255,508
Barclays PLC (8.000% to 9-15-29, then 5 Year CMT + 5.431%) (E) 8.000 03-15-29   2,200,000 2,331,652
BNP Paribas SA (8.000% to 8-22-31, then 5 Year CMT + 3.727%) (A)(B)(C)(E) 8.000 08-22-31   692,000 740,419
Comerica, Inc. (5.982% to 1-30-29, then Overnight SOFR + 2.155%) (A) 5.982 01-30-30   648,000 666,310
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (A)(B)(E) 8.125 12-23-25   1,495,000 1,511,699
HSBC Holdings PLC (6.000% to 5-22-27, then 5 Year U.S. ICE Swap Rate + 3.746%) (A)(C)(E) 6.000 05-22-27   2,200,000 2,200,194
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 1,145,053
Popular, Inc. 7.250 03-13-28   770,000 805,273
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 2,124,244
The Toronto-Dominion Bank (7.250% to 7-31-29, then 5 Year CMT + 2.977%) (A)(C) 7.250 07-31-84   1,054,000 1,092,799
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 2,213,585
Truist Financial Corp. (5.711% to 1-24-34, then Overnight SOFR + 1.922%) (A) 5.711 01-24-35   413,000 427,338
Capital markets 2.4%      
Ares Strategic Income Fund (A) 5.600 02-15-30   2,000,000 1,992,808
Focus Financial Partners LLC (A)(B) 6.750 09-15-31   1,086,000 1,109,798
Consumer finance 3.3%      
Credit Acceptance Corp. (A)(B) 6.625 03-15-30   356,000 360,511
goeasy, Ltd. (A)(B) 7.375 10-01-30   743,000 757,573
OneMain Finance Corp. (F) 6.125 05-15-30   372,000 372,625
OneMain Finance Corp. 6.750 03-15-32   218,000 221,203
OneMain Finance Corp. (A) 7.875 03-15-30   1,000,000 1,052,662
OneMain Finance Corp. (A) 9.000 01-15-29   444,000 465,893
PHH Escrow Issuer LLC (B) 9.875 11-01-29   241,000 241,443
Rfna LP (A)(B) 7.875 02-15-30   257,000 261,045
World Acceptance Corp. (B) 7.000 11-01-26   572,000 581,358
Financial services 4.3%      
Block, Inc. 3.500 06-01-31   600,000 549,875
Enact Holdings, Inc. (A) 6.250 05-28-29   1,068,000 1,103,466
Freedom Mortgage Corp. (A)(B) 12.250 10-01-30   576,000 637,140
Freedom Mortgage Holdings LLC (A)(B) 8.375 04-01-32   336,000 343,652
NMI Holdings, Inc. (A) 6.000 08-15-29   649,000 661,947
Osaic Holdings, Inc. (B) 6.750 08-01-32   149,000 150,797
Osaic Holdings, Inc. (B) 8.000 08-01-33   42,000 42,681
PennyMac Financial Services, Inc. (A)(B) 6.875 05-15-32   355,000 361,690
PennyMac Financial Services, Inc. (A)(B) 6.875 02-15-33   382,000 389,339
Rocket Companies, Inc. (A)(B) 6.125 08-01-30   557,000 564,772
Rocket Companies, Inc. (B) 6.375 08-01-33   468,000 477,352
Walker & Dunlop, Inc. (B) 6.625 04-01-33   306,000 311,976
Insurance 9.7%      
Acrisure LLC (A)(B) 7.500 11-06-30   773,000 798,570
Acrisure LLC (B) 8.500 06-15-29   461,000 480,894
Alliant Holdings Intermediate LLC (A)(B) 6.750 04-15-28   616,000 624,331
Alliant Holdings Intermediate LLC (A)(B) 7.000 01-15-31   581,000 597,426
Alliant Holdings Intermediate LLC (A)(B)(C) 7.375 10-01-32   492,000 505,765
Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc. (B) 7.500 07-15-33   74,000 74,217
Athene Holding, Ltd. (6.625% to 10-15-34, then 5 Year CMT + 2.607%) (A) 6.625 10-15-54   1,000,000 984,243
Athene Holding, Ltd. (6.875% to 6-28-35, then 5 Year CMT + 2.582%) (A)(C) 6.875 06-28-55   2,000,000 1,974,460
Baldwin Insurance Group Holdings LLC (A)(B) 7.125 05-15-31   315,000 325,226
F&G Annuities & Life, Inc. (A) 6.250 10-04-34   1,273,000 1,266,349
Global Atlantic Financial Company (7.950% to 10-15-29, then 5 Year CMT + 3.608%) (B) 7.950 10-15-54   516,000 539,223
Howden UK Refinance PLC (A)(B) 7.250 02-15-31   706,000 731,051
HUB International, Ltd. (B) 7.375 01-31-32   321,000 334,241
Panther Escrow Issuer LLC (A)(B) 7.125 06-01-31   755,000 780,744
Prudential Financial, Inc. (3.700% to 10-1-30, then 5 Year CMT + 3.035%) (A) 3.700 10-01-50   2,100,000 1,917,179
SBL Holdings, Inc. (A)(B) 5.000 02-18-31   587,000 539,571
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 5
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Mortgage real estate investment trusts 0.5%      
Blackstone Mortgage Trust, Inc. (A)(B) 7.750 12-01-29   645,000 $681,821
Health care 6.5%       8,414,904
Health care equipment and supplies 0.7%      
Varex Imaging Corp. (A)(B) 7.875 10-15-27   897,000 910,062
Health care providers and services 3.9%      
Acadia Healthcare Company, Inc. (A)(B)(C) 7.375 03-15-33   658,000 677,475
AdaptHealth LLC (A)(B) 4.625 08-01-29   450,000 421,670
AMN Healthcare, Inc. (A)(B) 4.000 04-15-29   529,000 485,862
CVS Health Corp. (7.000% to 3-10-30, then 5 Year CMT + 2.886%) 7.000 03-10-55   847,000 871,427
HCA, Inc. (A) 5.500 06-15-47   1,760,000 1,628,596
Raven Acquisition Holdings LLC (A)(B) 6.875 11-15-31   359,000 362,600
Tenet Healthcare Corp. (A) 6.125 10-01-28   600,000 600,037
Pharmaceuticals 1.9%      
Bausch Health Companies, Inc. (B) 10.000 04-15-32   1,541,000 1,568,875
Endo Finance Holdings, Inc. (A)(B) 8.500 04-15-31   835,000 888,300
Industrials 8.5%       10,990,288
Building products 1.0%      
Builders FirstSource, Inc. (B) 6.750 05-15-35   425,000 435,752
JELD-WEN, Inc. (A)(B) 7.000 09-01-32   749,000 561,945
Miter Brands Acquisition Holdco, Inc. (A)(B) 6.750 04-01-32   258,000 263,414
Commercial services and supplies 3.3%      
Albion Financing 1 SARL (B) 7.000 05-21-30   465,000 478,618
Allied Universal Holdco LLC (A)(B) 6.875 06-15-30   940,000 962,340
Cimpress PLC (A)(B)(C) 7.375 09-15-32   433,000 423,249
Garda World Security Corp. (B) 8.250 08-01-32   338,000 348,497
Garda World Security Corp. (B) 8.375 11-15-32   243,000 250,310
The GEO Group, Inc. (A) 10.250 04-15-31   993,000 1,091,731
VT Topco, Inc. (A)(B) 8.500 08-15-30   711,000 757,027
Construction and engineering 0.5%      
Brundage-Bone Concrete Pumping Holdings, Inc. (A)(B) 7.500 02-01-32   644,000 641,044
Ground transportation 0.2%      
Watco Companies LLC (B) 7.125 08-01-32   238,000 246,914
Machinery 0.9%      
Stanley Black & Decker, Inc. (6.707% to 3-15-30, then 5 Year CMT + 2.657%) 6.707 03-15-60   1,252,000 1,218,400
Passenger airlines 1.6%      
American Airlines 2016-3 Class B Pass Through Trust (A) 3.750 10-15-25   235,987 234,887
JetBlue Airways Corp. (A)(B) 9.875 09-20-31   1,089,000 1,052,900
OneSky Flight LLC (A)(B) 8.875 12-15-29   177,000 186,478
United Airlines 2020-1 Class B Pass Through Trust 4.875 01-15-26   561,781 560,864
Professional services 0.6%      
Amentum Holdings, Inc. (A)(B) 7.250 08-01-32   152,000 157,240
TriNet Group, Inc. (A)(B) 7.125 08-15-31   648,000 666,822
Trading companies and distributors 0.4%      
Herc Holdings, Inc. (A)(B) 7.000 06-15-30   438,000 451,856
Information technology 5.4%       6,949,203
Communications equipment 0.4%      
EchoStar Corp. 10.750 11-30-29   441,000 464,704
IT services 0.9%      
CoreWeave, Inc. (A)(B) 9.000 02-01-31   206,000 205,122
CoreWeave, Inc. (A)(B) 9.250 06-01-30   294,000 295,485
Virtusa Corp. (B) 7.125 12-15-28   639,000 610,494
6 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
  Rate (%) Maturity date   Par value^ Value
Information technology (continued)        
Semiconductors and semiconductor equipment 0.8%      
Kioxia Holdings Corp. (B) 6.250 07-24-30   1,114,000 $1,109,872
Software 1.9%      
Cloud Software Group, Inc. (B) 9.000 09-30-29   1,603,000 1,658,882
Consensus Cloud Solutions, Inc. (A)(B) 6.500 10-15-28   600,000 596,688
NCR Voyix Corp. (A)(B) 5.125 04-15-29   44,000 43,121
Pagaya US Holdings Company LLC (A)(B) 8.875 08-01-30   200,000 198,694
Technology hardware, storage and peripherals 1.4%      
Dell International LLC (A) 8.350 07-15-46   319,000 405,689
Diebold Nixdorf, Inc. (A)(B) 7.750 03-31-30   55,000 58,354
Seagate Data Storage Technology Pte, Ltd. (A)(B)(C) 5.750 12-01-34   939,000 882,942
Seagate Data Storage Technology Pte, Ltd. (A)(B) 8.250 12-15-29   168,000 179,068
Xerox Holdings Corp. (A)(B) 5.500 08-15-28   363,000 240,088
Materials 6.2%       8,049,668
Chemicals 1.7%      
Ashland, Inc. 6.875 05-15-43   845,000 871,797
Braskem Idesa SAPI (B) 6.990 02-20-32   340,000 228,308
Celanese US Holdings LLC 7.050 11-15-30   217,000 225,989
Inversion Escrow Issuer LLC (B) 6.750 08-01-32   626,000 618,590
SCIL IV LLC (A)(B) 5.375 11-01-26   310,000 308,284
Construction materials 0.3%      
Quikrete Holdings, Inc. (B) 6.375 03-01-32   160,000 164,095
Quikrete Holdings, Inc. (A)(B) 6.750 03-01-33   224,000 229,740
Containers and packaging 3.0%      
Ardagh Packaging Finance PLC (A)(B)(C) 4.125 08-15-26   1,180,000 1,165,250
Clydesdale Acquisition Holdings, Inc. (A)(B) 6.750 04-15-32   350,000 358,509
Clydesdale Acquisition Holdings, Inc. (A)(B) 6.875 01-15-30   780,000 797,651
Clydesdale Acquisition Holdings, Inc. (B) 8.750 04-15-30   250,000 255,144
Owens-Brockway Glass Container, Inc. (A)(B)(C) 7.250 05-15-31   1,100,000 1,112,361
Trivium Packaging Finance BV (A)(B) 8.250 07-15-30   200,000 210,608
Metals and mining 0.6%      
Champion Iron Canada, Inc. (B) 7.875 07-15-32   169,000 172,608
Novelis Corp. (A)(B) 4.750 01-30-30   610,000 584,323
Paper and forest products 0.6%      
Magnera Corp. (A)(B) 7.250 11-15-31   793,000 746,411
Real estate 4.2%       5,492,341
Health care REITs 0.5%      
Diversified Healthcare Trust (B)(G) 6.155 01-15-26   501,000 487,228
MPT Operating Partnership LP (A)(B) 8.500 02-15-32   144,000 149,674
Hotel and resort REITs 0.3%      
XHR LP (A)(B) 6.625 05-15-30   439,000 446,190
Real estate management and development 1.2%      
Anywhere Real Estate Group LLC (A)(B)(C) 7.000 04-15-30   297,935 285,326
Anywhere Real Estate Group LLC (A)(B) 9.750 04-15-30   428,000 445,719
Fideicomiso Irrevocable de Emision, Administracion y Fuente de Pago Numero CIB/4323 (11.000% Cash and 2.000% PIK) (B) 13.000 09-12-31   202,000 153,268
Greystar Real Estate Partners LLC (A)(B) 7.750 09-01-30   609,000 643,832
Specialized REITs 2.2%      
GLP Capital LP (A) 5.375 04-15-26   2,315,000 2,315,674
Uniti Group LP (A)(B) 10.500 02-15-28   535,000 565,430
Utilities 4.5%       5,871,046
Electric utilities 2.4%      
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 2,109,396
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 7
  Rate (%) Maturity date   Par value^ Value
Utilities (continued)        
Electric utilities (continued)      
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (A)(B)(E) 10.250 03-15-28   507,000 $558,063
PG&E Corp. (7.375% to 3-15-30, then 5 Year CMT + 3.883%) (A) 7.375 03-15-55   427,000 412,048
Gas utilities 0.5%      
AltaGas, Ltd. (7.200% to 10-15-34, then 5 Year CMT + 3.573%) (B) 7.200 10-15-54   640,000 644,904
Independent power and renewable electricity producers 1.6%      
Alpha Generation LLC (A)(B) 6.750 10-15-32   305,000 312,114
ContourGlobal Power Holdings SA (A)(B) 6.750 02-28-30   617,000 632,425
Talen Energy Supply LLC (A)(B) 8.625 06-01-30   710,000 754,496
Vistra Corp. (8.875% to 1-15-29, then 5 Year CMT + 5.045%) (B)(E) 8.875 01-15-29   413,000 447,600
Term loans (H) 15.9% (9.5% of Total investments)   $20,603,750
(Cost $21,082,718)          
Communication services 4.7%         6,150,564
Entertainment 1.1%      
Playtika Holding Corp., 2021 Term Loan (I) TBD 03-13-28   1,500,000 1,486,020
Interactive media and services 2.2%      
Arches Buyer, Inc., 2021 Term Loan B (1 month CME Term SOFR + 3.250%) 7.706 12-06-27   685,760 684,635
X Corp., 2025 Fixed Term Loan 9.500 10-26-29   2,209,000 2,140,278
Media 1.4%      
Altice France SA, 2023 USD Term Loan B14 (3 month CME Term SOFR + 5.500%) 9.756 08-15-28   651,641 605,211
Cable One, Inc., 2021 Term Loan B4 (1 month CME Term SOFR + 2.000%) 6.471 05-03-28   659,845 634,771
Townsquare Media, Inc., 2025 Term Loan (3 month CME Term SOFR + 5.000%) 9.324 02-19-30   673,763 599,649
Consumer discretionary 2.4%         3,135,409
Hotels, restaurants and leisure 2.4%      
Dave & Buster’s, Inc., 2024 Term Loan B (3 month CME Term SOFR + 3.250%) 7.563 06-29-29   1,602,000 1,562,959
J&J Ventures Gaming LLC, 2025 Repriced Term Loan B (1 month CME Term SOFR + 3.500%) 7.856 04-26-30   1,587,323 1,572,450
Financials 4.4%         5,688,932
Capital markets 0.5%      
Aretec Group, Inc., 2024 1st Lien Term Loan B (1 month CME Term SOFR + 3.500%) 7.856 08-09-30   99,500 99,672
Hightower Holding LLC, 2025 Term Loan B (3 month CME Term SOFR + 3.000%) 7.260 02-03-32   498,747 498,747
Financial services 2.1%      
Edelman Financial Engines Center LLC, 2024 2nd Lien Term Loan (1 month CME Term SOFR + 5.250%) 9.606 10-06-28   912,000 915,420
June Purchaser LLC, Term Loan (6 month CME Term SOFR + 3.000%) 7.217 11-28-31   85,500 85,851
Kestra Advisor Services Holdings A, Inc., 2024 Repriced Term Loan (1 month CME Term SOFR + 3.000%) 7.356 03-22-31   99,500 99,542
Osaic Holdings, Inc., 2024 Term Loan B (1 month CME Term SOFR + 3.500%) 7.856 08-17-28   883,325 883,599
Summit Acquisition, Inc., 2024 Term Loan B (3 month CME Term SOFR + 3.500%) 7.832 10-16-31   276,308 276,653
Summit Acquisition, Inc., 2025 Add-on Term Loan (3 month CME Term SOFR + 3.500%) 7.832 10-16-31   500,000 500,625
Insurance 1.8%      
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B (1 month CME Term SOFR + 3.000%) 7.105 12-29-31   657,695 657,859
IMA Financial Group, Inc., Term Loan (1 month CME Term SOFR + 3.000%) 7.356 11-01-28   727,331 727,513
OneDigital Borrower LLC, 2025 Repriced Term Loan (1 month CME Term SOFR + 3.000%) 7.356 07-02-31   596,736 596,736
Truist Insurance Holdings LLC, 2nd Lien Term Loan (3 month CME Term SOFR + 4.750%) 9.046 05-06-32   340,000 346,715
Health care 1.0%         1,235,145
Health care providers and services 0.7%      
Mamba Purchaser, Inc., 2024 Repriced Term Loan B (1 month CME Term SOFR + 2.750%) 7.106 10-16-28   901,248 901,474
Health care technology 0.3%      
AthenaHealth Group, Inc., 2022 Term Loan B (1 month CME Term SOFR + 2.750%) 7.106 02-15-29   334,163 333,671
Industrials 2.8%         3,616,151
Commercial services and supplies 2.2%      
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B (1 month CME Term SOFR + 3.750%) 8.206 05-12-28   1,280,556 1,282,618
Anticimex Global AB, 2021 USD Term Loan B1 (3 month CME Term SOFR + 3.400%) 7.660 11-16-28   496,144 496,586
8 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)      
Anticimex Global AB, 2024 Term Loan B6 (3 month CME Term SOFR + 3.400%) 7.660 11-16-28   204,967 $205,267
Garda World Security Corp., 2025 Term Loan B (1 month CME Term SOFR + 3.000%) 7.343 02-01-29   835,929 834,751
Passenger airlines 0.6%      
AAdvantage Loyalty IP, Ltd., 2025 Term Loan (3 month CME Term SOFR + 2.250%) 6.575 04-20-28   800,934 796,929
Information technology 0.3%         413,058
Technology hardware, storage and peripherals 0.3%      
Xerox Corp., 2023 Term Loan B (3 and 6 month CME Term SOFR + 4.000%) 8.273 11-17-29   440,986 413,058
Materials 0.3%         364,491
Chemicals 0.3%      
Trinseo Materials Operating SCA, 2021 Term Loan B2 (3 month CME Term SOFR + 2.500%) 7.090 05-03-28   866,536 364,491
Collateralized mortgage obligations 0.0% (0.0% of Total investments)   $72,050
(Cost $103,663)          
Commercial and residential 0.0%         66,401
HarborView Mortgage Loan Trust          
Series 2007-3, Class ES IO (B) 0.350 05-19-37   1,305,278 20,607
Series 2007-4, Class ES IO 0.350 07-19-37   1,353,528 21,374
Series 2007-6, Class ES IO (B) 0.343 08-19-37   1,483,085 24,420
U.S. Government Agency 0.0%         5,649
Government National Mortgage Association          
Series 2012-114, Class IO (A) 0.630 01-16-53   363,626 5,649
Asset-backed securities 2.9% (1.7% of Total investments)   $3,712,629
(Cost $3,602,915)          
Asset-backed securities 2.9%         3,712,629
ContiMortgage Home Equity Loan Trust          
Series 1995-2, Class A5 8.100 08-15-25   14,091 9,390
CyrusOne Data Centers Issuer I LLC          
Series 2023-1A, Class B (B) 5.450 04-20-48   728,018 707,917
MVW LLC          
Series 2022-1A, Class D (B) 7.350 11-21-39   341,831 335,616
Series 2023-1A, Class D (B) 8.830 10-20-40   362,578 369,880
Neighborly Issuer LLC          
Series 2023-1A, Class A2 (B) 7.308 01-30-53   1,197,438 1,218,111
Subway Funding LLC          
Series 2024-1A, Class A2I (B) 6.028 07-30-54   759,263 768,772
Series 2024-1A, Class A2II (B) 6.268 07-30-54   297,750 302,943
    
        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 (J)(K)       82,159 0
Preferred securities 2.2% (1.3% of Total investments)   $2,922,968
(Cost $2,545,691)          
Communication services 0.9%         1,201,731
Wireless telecommunication services 0.9%  
Telephone & Data Systems, Inc., 6.000% (A)   17,125 315,785
U.S. Cellular Corp., 6.250%   34,675 885,946
Financials 0.7%         907,110
Insurance 0.7%  
Athene Holding, Ltd., 7.250% (7.250% to 3-30-29, then 5 Year CMT + 2.986%) (A)   36,025 907,110
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 9
        Shares Value
Real estate 0.2%         $239,267
Office REITs 0.2%  
Vornado Realty Trust, 5.400% (A)   13,300 239,267
Utilities 0.4%         574,860
Multi-utilities 0.4%  
Algonquin Power & Utilities Corp., 8.573% (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)   22,000 574,860
    
    Yield (%)   Shares Value
Short-term investments 8.8% (5.2% of Total investments) $11,344,646
(Cost $11,346,086)          
Short-term funds 8.8%         11,344,646
John Hancock Collateral Trust (M)   4.2650(N)   1,134,249 11,344,646
    
Total investments (Cost $220,287,011) 168.4%     $218,085,269
Other assets and liabilities, net (68.4%)     (88,615,363)
Total net assets 100.0%     $129,469,906
    
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.
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 7-31-25 was $117,924,961.
(B) This security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $98,820,493 or 76.3% of the fund’s net assets as of 7-31-25.
(C) All or a portion of this security is on loan as of 7-31-25, and is a component of the fund’s leverage under the Liquidity Agreement. The value of securities on loan amounted to $11,786,562.
(D) Non-income producing - Issuer is in default.
(E) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(F) Security purchased or sold on a when-issued or delayed-delivery basis.
(G) 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.
(H) Term loans are variable rate obligations. The rate shown represents the rate at period end.
(I) 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).
(J) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(K) Non-income producing security.
(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 7-31-25.
The fund had the following country composition as a percentage of total investments on 7-31-25:
United States 77.1%
Canada 7.5%
United Kingdom 2.9%
Luxembourg 2.7%
Japan 2.3%
France 1.8%
Israel 1.1%
Ireland 1.0%
Other countries 3.6%
TOTAL 100.0%
10 JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT SEE NOTES TO FUND’S INVESTMENTS
DERIVATIVES
FORWARD FOREIGN CURRENCY CONTRACTS
Contract to buy Contract to sell Counterparty (OTC) Contractual
settlement
date 		Unrealized
appreciation 		Unrealized
depreciation
EUR 155,000 USD 179,626 MSCS 9/17/2025 — $(2,224)
EUR 460,500 USD 533,292 TD 9/17/2025 — (6,237)
USD 711,173 EUR 615,500 CITI 9/17/2025 $6,716 —
            $6,716 $(8,461)
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 — $232,243 $232,243
Centrally cleared 22,000,000 USD Fixed 3.473% USD SOFR Compounded OIS(a) Semi-Annual Quarterly May 2026 — 161,717 161,717
Centrally cleared 13,000,000 USD Fixed 3.817% USD SOFR Compounded OIS(a) Semi-Annual Quarterly Dec 2026 — 19,848 19,848
                — $413,808 $413,808
    
(a) At 7-31-25, the overnight SOFR was 4.390%.
    
Derivatives Currency Abbreviations
EUR Euro
USD U.S. Dollar
    
Derivatives Abbreviations
CITI Citibank, N.A.
MSCS Morgan Stanley Capital Services LLC
OIS Overnight Index Swap
OTC Over-the-counter
SOFR Secured Overnight Financing Rate
TD The Toronto-Dominion Bank
SEE NOTES TO FUND’S INVESTMENTS JOHN HANCOCK INVESTORS TRUST | QUARTERLY REPORT 11
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.
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 July 31, 2025, by major security category or type:
  Total
value at
7-31-25 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
         
Investments in securities:        
Assets        
U.S. Government and Agency obligations $14,632,941 — $14,632,941 —
Corporate bonds 164,796,285 — 164,796,285 —
Term loans 20,603,750 — 20,603,750 —
Collateralized mortgage obligations 72,050 — 72,050 —
Asset-backed securities 3,712,629 — 3,712,629 —
Common stocks — — — —
Preferred securities 2,922,968 $2,922,968 — —
Short-term investments 11,344,646 11,344,646 — —
Total investments in securities $218,085,269 $14,267,614 $203,817,655 —
Derivatives:        
Assets        
Forward foreign currency contracts $6,716 — $6,716 —
Swap contracts 413,808 — 413,808 —
Liabilities        
Forward foreign currency contracts (8,461) — (8,461) —
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:
              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 1,134,249 $9,861,690 $82,350,027 $(80,865,483) $420 $(2,008) $352,044 — $11,344,646
12  |   
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.
   |  13