John Hancock

Investors Trust

	As of 1-31-17 (unaudited)
										Rate (%				)		Maturity date			Par value^									Value
	Corporate bonds 131.1% (85.9% of Total investments)																											$206,009,713
	(Cost $203,555,084)
	Consumer discretionary 24.7%																											38,864,514
	Auto components 2.9%
	Adient Global Holdings, Ltd. (S)									4.875						08-15-26									805,000			790,413
	American Axle & Manufacturing, Inc. (L)(Z)									6.250						03-15-21									1,000,000			1,030,000
	Lear Corp. (Z)									5.250						01-15-25									1,210,000			1,283,931
	Nemak SAB de CV (S)									5.500						02-28-23									550,000			541,035
	The Goodyear Tire & Rubber Company									5.000						05-31-26									950,000			957,125
	Automobiles 0.2%
	General Motors Financial Company, Inc. (Z)									3.450						04-10-22									380,000			379,310
	Hotels, restaurants and leisure 4.0%
	Chester Downs & Marina LLC (S)									9.250						02-01-20									1,185,000			1,185,000
	Hilton Grand Vacations Borrower LLC (S)									6.125						12-01-24									750,000			783,750
	International Game Technology PLC (S)									6.500						02-15-25									1,785,000			1,927,800
	Jacobs Entertainment, Inc. (S)									7.875						02-01-24									355,000			364,763
	Mohegan Tribal Gaming Authority (S)									7.875						10-15-24									1,340,000			1,403,650
	Penn National Gaming, Inc. (S)									5.625						01-15-27									695,000			695,883
	Waterford Gaming LLC (H)(S)									8.625						09-15-14									377,791			0
	Household durables 1.0%
	Tempur Sealy International, Inc.									5.500						06-15-26									625,000			615,625
	Toll Brothers Finance Corp.									4.875						11-15-25									875,000			877,188
	Internet and direct marketing retail 1.2%
	Expedia, Inc.									5.000						02-15-26									1,000,000			1,051,323
	QVC, Inc.									5.950						03-15-43									1,000,000			911,293
	Media 12.2%
	AMC Entertainment Holdings, Inc. (S)									5.875						11-15-26									1,155,000			1,178,100
	Cablevision Systems Corp.									7.750						04-15-18									985,000			1,036,713
	Cablevision Systems Corp. (L)(Z)									8.000						04-15-20									750,000			828,900
	CCO Holdings LLC									5.125						02-15-23									350,000			363,125
	CCO Holdings LLC (L)(S)(Z)									5.750						02-15-26									1,500,000			1,589,532
	Cengage Learning, Inc. (L)(S)(Z)									9.500						06-15-24									850,000			722,500
	Grupo Televisa SAB									4.625						01-30-26									725,000			725,698
	Grupo Televisa SAB									8.490						05-11-37								MXN	11,700,000			492,078
	Lions Gate Entertainment Corp. (L)(S)(Z)									5.875						11-01-24									1,095,000			1,114,163
	McGraw-Hill Global Education Holdings LLC (L)(S)(Z)									7.875						05-15-24									415,000			383,875
	MDC Partners, Inc. (L)(S)(Z)									6.500						05-01-24									955,000			830,850
	MHGE Parent LLC (L)(S)(Z)									8.500						08-01-19									1,000,000			950,000
	Myriad International Holdings BV (L)(S)(Z)									5.500						07-21-25									915,000			932,989
	Nielsen Finance LLC (L)(S)(Z)									5.000						04-15-22									800,000			814,000
	Outfront Media Capital LLC (L)(Z)									5.250						02-15-22									900,000			931,500
	Outfront Media Capital LLC									5.875						03-15-25									485,000			506,825
	Sirius XM Radio, Inc. (L)(S)(Z)									6.000						07-15-24									925,000			984,552
	Time Warner Cable LLC									4.500						09-15-42									1,515,000			1,361,164
	Time Warner Cable LLC									8.250						04-01-19									375,000			420,118
	Viacom, Inc. (Z)									4.375						03-15-43									2,260,000			1,851,458
	Viacom, Inc. (Z)									5.850						09-01-43									1,125,000			1,119,004
	Specialty retail 2.2%
	Group 1 Automotive, Inc. (L)(S)(Z)									5.250						12-15-23									1,500,000			1,503,750
	Jo-Ann Stores Holdings, Inc., PIK (L)(S)(Z)									9.750						10-15-19									255,000			241,931
	L Brands, Inc.									6.950						03-01-33									1,710,000			1,662,975

										Rate (%				)		Maturity date			Par value^									Value
	Consumer discretionary  (continued)
	Textiles, apparel and luxury goods 1.0%
	PVH Corp. (L)(Z)									4.500						12-15-22									1,500,000			$1,520,625
	Consumer staples 4.1%																											6,381,360
	Beverages 0.5%
	Anheuser-Busch InBev Worldwide, Inc. (Z)									3.750						01-15-22									750,000			785,416
	Food and staples retailing 0.5%
	Tops Holding LLC (S)									8.000						06-15-22									860,000			681,550
	Food products 1.1%
	FAGE International SA (S)									5.625						08-15-26									430,000			435,642
	JBS Investments GmbH (S)									7.750						10-28-20									1,205,000			1,274,288
	Personal products 1.0%
	Revlon Consumer Products Corp.									5.750						02-15-21									1,600,000			1,606,000
	Tobacco 1.0%
	Reynolds American, Inc. (Z)									6.875						05-01-20									720,000			817,564
	Vector Group, Ltd. (L)(S)(Z)									6.125						02-01-25									760,000			780,900
	Energy 20.4%																											32,086,581
	Energy equipment and services 0.6%
	Weatherford International, Ltd. (L)(Z)									8.250						06-15-23									905,000			923,100
	Oil, gas and consumable fuels 19.8%
	Antero Resources Corp.									5.125						12-01-22									917,000			923,878
	Cenovus Energy, Inc.									3.800						09-15-23									875,000			870,271
	Cheniere Corpus Christi Holdings LLC (S)									5.875						03-31-25									995,000			1,052,213
	Cheniere Corpus Christi Holdings LLC (S)									7.000						06-30-24									800,000			893,000
	Chesapeake Energy Corp. (L)(S)(Z)									8.000						01-15-25									415,000			426,931
	Continental Resources, Inc.									4.500						04-15-23									500,000			493,750
	Enbridge Energy Partners LP (Z)									5.875						10-15-25									2,140,000			2,383,999
	Kinder Morgan Energy Partners LP (Z)									4.250						09-01-24									1,310,000			1,340,295
	Kinder Morgan, Inc. (Z)									5.550						06-01-45									1,055,000			1,113,576
	Newfield Exploration Company (L)(Z)									5.750						01-30-22									750,000			798,750
	Oasis Petroleum, Inc.									6.875						03-15-22									705,000			722,625
	Parsley Energy LLC (S)									5.375						01-15-25									370,000			379,250
	Permian Resources LLC (L)(S)(Z)									7.125						11-01-20									500,000			422,500
	Petrobras Global Finance BV									6.850						06-05-15									1,535,000			1,285,793
	Petrobras Global Finance BV									7.375						01-17-27									1,755,000			1,826,429
	Petroleos Mexicanos (L)(Z)									5.500						01-21-21									755,000			785,578
	Phillips 66 Partners LP (Z)									4.900						10-01-46									1,585,000			1,551,094
	Sabine Pass Liquefaction LLC (S)									5.000						03-15-27									1,000,000			1,047,500
	Sabine Pass Liquefaction LLC (L)(S)(Z)									5.875						06-30-26									610,000			677,863
	SM Energy Company (L)(Z)									5.625						06-01-25									880,000			862,400
	SM Energy Company (L)(Z)									6.750						09-15-26									530,000			551,200
	Sunoco Logistics Partners Operations LP (Z)									3.900						07-15-26									425,000			415,507
	Tallgrass Energy Partners LP (S)									5.500						09-15-24									915,000			928,725
	Teekay Offshore Partners LP									6.000						07-30-19									1,085,000			976,500
	Tesoro Corp.									5.125						04-01-24									650,000			674,375
	Tesoro Logistics LP									5.250						01-15-25									870,000			906,975
	Tesoro Logistics LP									6.125						10-15-21									635,000			664,369
	Tesoro Logistics LP									6.250						10-15-22									650,000			692,250
	Tesoro Logistics LP (L)(Z)									6.375						05-01-24									140,000			152,075
	Whiting Petroleum Corp.									5.750						03-15-21									705,000			712,050
	Whiting Petroleum Corp. (L)(Z)									6.250						04-01-23									360,000			363,600
	Williams Partners LP (Z)									4.875						03-15-24									2,795,000			2,889,594

										Rate (%				)		Maturity date			Par value^									Value
	Energy  (continued)
	Oil, gas and consumable fuels  (continued)
	WPX Energy, Inc. (L)(Z)									5.250						09-15-24									1,400,000			$1,378,566
	Financials 19.5%																											30,623,904
	Banks 10.8%
	Banco BTG Pactual SA (S)									5.750						09-28-22									960,000			902,275
	Citigroup, Inc. (6.125% to 11-15-20, then 3 month LIBOR + 4.478%) (L)(Q)(Z)									6.125						11-15-20									1,000,000			1,050,500
	Corp Group Banking SA (S)									6.750						03-15-23									1,000,000			952,000
	Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (Q)(S)									7.875						01-23-24									865,000			880,926
	Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (Q)(S)									8.125						12-23-25									1,365,000			1,451,132
	HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (Q)(Z)									6.875						06-01-21									760,000			807,144
	ING Groep NV (6.000% to 4-16-20, then 5 Year U.S. Swap Rate + 4.445%) (L)(Q)(Z)									6.000						04-16-20									1,660,000			1,630,950
	ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (Q)									6.500						04-16-25									2,360,000			2,286,250
	JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (Q)(Z)									6.750						02-01-24									2,200,000			2,407,702
	Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (L)(Q)(Z)									7.500						06-27-24									1,465,000			1,519,630
	Sberbank of Russia (S)									6.125						02-07-22									1,000,000			1,087,700
	Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (L)(Q)(S)(Z)									7.375						09-13-21									790,000			791,462
	Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (Q)(Z)									5.875						06-15-25									1,100,000			1,169,438
	Capital markets 2.3%
	Morgan Stanley (Z)									5.750						01-25-21									1,000,000			1,109,530
	Morgan Stanley (5.550% to 7-15-20, then 3 month LIBOR + 3.810%) (L)(Q)(Z)									5.550						07-15-20									1,160,000			1,190,450
	The Goldman Sachs Group, Inc. (Z)									3.750						05-22-25									375,000			376,568
	The Goldman Sachs Group, Inc. (5.375% to 5-10-20, then 3 month LIBOR + 3.922%) (Q)									5.375						05-10-20									1,000,000			1,020,000
	Consumer finance 1.6%
	American Express Company (4.900% to 3-15-20, then 3 month LIBOR + 3.285%) (L)(Q)(Z)									4.900						03-15-20									800,000			784,920
	Enova International, Inc.									9.750						06-01-21									665,000			673,313
	Springleaf Finance Corp.									6.900						12-15-17									465,000			478,950
	Springleaf Finance Corp.									8.250						10-01-23									500,000			520,000
	Diversified financial services 0.7%
	Leucadia National Corp.									5.500						10-18-23									600,000			638,008
	Lincoln Finance, Ltd. (S)									7.375						04-15-21									385,000			408,148
	Insurance 1.8%
	Aquarius & Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%)									6.375						09-01-24									1,200,000			1,276,843
	MetLife, Inc. (Z)									6.817						08-15-18									1,000,000			1,076,267
	Symetra Financial Corp. (8.300% to 10-15-17, then 3 month LIBOR + 4.177%) (S)									8.300						10-15-37									520,000			530,400
	Mortgage real estate investment trusts 0.6%
	Starwood Property Trust, Inc. (S)									5.000						12-15-21									970,000			985,763
	Thrifts and mortgage finance 1.7%
	Ladder Capital Finance Holdings LLLP									7.375						10-01-17									550,000			552,063
	MGIC Investment Corp.									5.750						08-15-23									585,000			611,325
	Nationstar Mortgage LLC									7.875						10-01-20									505,000			525,200
	Stearns Holdings LLC (S)									9.375						08-15-20									925,000			929,047
	Health care 8.8%																											13,869,571
	Health care equipment and supplies 0.5%
	Tennessee Merger Sub, Inc. (S)									6.375						02-01-25									840,000			821,100
	Health care providers and services 6.7%
	Community Health Systems, Inc. (L)(Z)									5.125						08-01-21									770,000			725,725
	Community Health Systems, Inc. (L)(Z)									6.875						02-01-22									1,500,000			1,095,000

										Rate (%				)		Maturity date			Par value^									Value
	Health care  (continued)
	Health care providers and services  (continued)
	Covenant Surgical Partners, Inc. (S)									8.750						08-01-19									250,000			$241,563
	DaVita, Inc.									5.000						05-01-25									1,145,000			1,118,516
	DaVita, Inc. (L)(Z)									5.125						07-15-24									1,145,000			1,134,266
	HCA, Inc. (L)(Z)									5.250						04-15-25									1,000,000			1,052,500
	HCA, Inc.									7.500						02-15-22									530,000			603,538
	HealthSouth Corp.									5.750						11-01-24									1,545,000			1,568,175
	LifePoint Health, Inc. (L)(Z)									5.875						12-01-23									1,500,000			1,492,500
	Select Medical Corp. (L)(Z)									6.375						06-01-21									1,515,000			1,499,850
	Pharmaceuticals 1.6%
	Mallinckrodt International Finance SA (L)(S)(Z)									5.500						04-15-25									1,350,000			1,162,688
	Mallinckrodt International Finance SA (L)(S)(Z)									5.750						08-01-22									1,460,000			1,354,150
	Industrials 9.8%																											15,360,578
	Aerospace and defense 0.6%
	Textron Financial Corp. (6.000% to 2-21-17, then 3 month LIBOR + 1.735%) (S)									6.000						02-15-67									1,295,000			961,538
	Air freight and logistics 1.1%
	Mexico City Airport Trust (S)									5.500						10-31-46									1,280,000			1,156,480
	XPO Logistics, Inc. (L)(S)(Z)									6.500						06-15-22									570,000			594,938
	Airlines 1.7%
	Air Canada 2013-1 Class C Pass Through Trust (S)									6.625						05-15-18									1,550,000			1,608,125
	TAM Capital 3, Inc. (S)									8.375						06-03-21									505,000			521,413
	Tam Capital, Inc. (L)(Z)									7.375						04-25-17									500,000			502,000
	Building products 0.3%
	Masco Corp.									4.450						04-01-25									500,000			515,650
	Commercial services and supplies 1.0%
	LSC Communications, Inc. (S)									8.750						10-15-23									735,000			773,588
	Ritchie Bros Auctioneers, Inc. (S)									5.375						01-15-25									305,000			310,719
	Tervita Escrow Corp. (S)									7.625						12-01-21									410,000			425,375
	Electrical equipment 0.5%
	AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (L)(S)(Z)									6.500						06-15-45									800,000			824,000
	Industrial conglomerates 0.5%
	Odebrecht Finance, Ltd. (S)									8.250						04-25-18								BRL	2,250,000			496,255
	Odebrecht Offshore Drilling Finance, Ltd. (S)									6.750						10-01-23									841,200			277,596
	Road and rail 0.6%
	The Kenan Advantage Group, Inc. (S)									7.875						07-31-23									900,000			921,375
	Trading companies and distributors 3.2%
	AerCap Ireland Capital, Ltd. (L)(Z)									4.500						05-15-21									1,735,000			1,808,529
	Ahern Rentals, Inc. (S)									7.375						05-15-23									955,000			892,328
	Aircastle, Ltd. (Z)									5.125						03-15-21									785,000			825,231
	United Rentals North America, Inc. (L)(Z)									5.500						07-15-25									1,475,000			1,530,313
	Transportation infrastructure 0.3%
	Park Aerospace Holdings, Ltd. (S)									5.250						08-15-22									405,000			415,125
	Information technology 4.7%																											7,347,039
	Electronic equipment, instruments and components 0.2%
	Ingram Micro, Inc.									5.450						12-15-24									250,000			248,053
	IT services 0.9%
	Sixsigma Networks Mexico SA de CV (L)(S)(Z)									8.250						11-07-21									1,500,000			1,380,000
	Semiconductors and semiconductor equipment 1.9%
	Micron Technology, Inc. (L)(Z)									5.500						02-01-25									750,000			753,750

										Rate (%				)		Maturity date			Par value^									Value
	Information technology  (continued)
	Semiconductors and semiconductor equipment  (continued)
	Micron Technology, Inc. (S)									5.625						01-15-26									1,400,000			$1,402,100
	Micron Technology, Inc. (S)(Z)									7.500						09-15-23									820,000			910,200
	Software 0.7%
	Activision Blizzard, Inc. (S)(Z)									6.125						09-15-23									1,000,000			1,087,500
	Technology hardware, storage and peripherals 1.0%
	Diamond 1 Finance Corp. (S)(Z)									6.020						06-15-26									1,450,000			1,565,436
	Materials 15.3%																											24,062,166
	Chemicals 5.0%
	Ashland LLC									6.875						05-15-43									1,530,000			1,606,500
	Braskem Finance, Ltd.									6.450						02-03-24									700,000			749,210
	Mexichem SAB de CV (S)									6.750						09-19-42									1,500,000			1,471,875
	Platform Specialty Products Corp. (L)(S)(Z)									6.500						02-01-22									1,615,000			1,648,309
	Rain CII Carbon LLC (S)									8.250						01-15-21									360,000			363,600
	The Chemours Company (L)(Z)									6.625						05-15-23									740,000			734,450
	The Scotts Miracle-Gro Company (S)									6.000						10-15-23									490,000			518,175
	Tronox Finance LLC									6.375						08-15-20									500,000			481,875
	Tronox Finance LLC (L)(S)(Z)									7.500						03-15-22									280,000			273,000
	Construction materials 0.8%
	Standard Industries, Inc. (S)									5.375						11-15-24									1,220,000			1,258,125
	Containers and packaging 2.2%
	Ardagh Packaging Finance PLC (S)									7.250						05-15-24									320,000			342,400
	Ball Corp.									5.250						07-01-25									1,425,000			1,496,678
	Crown Americas LLC									4.500						01-15-23									1,000,000			1,021,250
	Graphic Packaging International, Inc.									4.875						11-15-22									650,000			670,313
	Metals and mining 6.4%
	AngloGold Ashanti Holdings PLC (L)(Z)									5.375						04-15-20									675,000			706,725
	ArcelorMittal									7.250						02-25-22									880,000			992,200
	First Quantum Minerals, Ltd. (S)									7.250						05-15-22									875,000			894,688
	FMG Resources August 2006 Pty, Ltd. (S)(Z)									9.750						03-01-22									670,000			777,200
	Freeport-McMoRan, Inc. (S)									6.875						02-15-23									1,340,000			1,396,950
	Lundin Mining Corp. (S)									7.500						11-01-20									675,000			718,031
	MMC Norilsk Nickel OJSC (S)									5.550						10-28-20									750,000			798,188
	Novelis Corp. (S)									5.875						09-30-26									405,000			412,594
	Severstal OAO (S)									4.450						03-19-18									1,000,000			1,019,924
	Teck Resources, Ltd.									6.250						07-15-41									1,110,000			1,140,525
	Vale Overseas, Ltd. (L)(Z)									5.875						06-10-21									1,120,000			1,198,400
	Paper and forest products 0.9%
	Norbord, Inc. (S)									6.250						04-15-23									735,000			763,481
	Sappi Papier Holding GmbH (S)									7.750						07-15-17									600,000			607,500
	Real estate 3.2%																											5,022,255
	Equity real estate investment trusts 2.7%
	Crown Castle International Corp. (Z)									4.875						04-15-22									1,000,000			1,075,090
	Crown Castle Towers LLC (S)(Z)									4.883						08-15-40									750,000			799,032
	Trust F/1401 (L)(S)(Z)									5.250						12-15-24									2,475,000			2,401,493
	Real estate management and development 0.5%
	Rialto Holdings LLC (S)									7.000						12-01-18									732,000			746,640
	Telecommunication services 13.2%																											20,764,081
	Diversified telecommunication services 7.6%
	CenturyLink, Inc. (L)(Z)									7.500						04-01-24									620,000			656,425

										Rate (%				)		Maturity date			Par value^									Value
	Telecommunication services  (continued)
	Diversified telecommunication services  (continued)
	CSC Holdings LLC (S)									5.500						04-15-27									1,045,000			$1,059,369
	Frontier Communications Corp.									7.125						03-15-19									530,000			564,450
	Frontier Communications Corp. (L)(Z)									11.000						09-15-25									860,000			869,675
	GCI, Inc. (L)(Z)									6.875						04-15-25									1,355,000			1,409,200
	Intelsat Jackson Holdings SA (L)(Z)									7.500						04-01-21									840,000			651,000
	Level 3 Financing, Inc.									5.625						02-01-23									825,000			843,563
	SBA Communications Corp.									4.875						07-15-22									1,135,000			1,150,606
	SFR Group SA (S)									6.250						05-15-24									1,675,000			1,685,469
	Telecom Italia Capital SA									6.000						09-30-34									720,000			709,200
	Wind Acquisition Finance SA (S)									7.375						04-23-21									1,000,000			1,039,900
	Windstream Services LLC (L)(Z)									7.500						06-01-22									1,375,000			1,330,313
	Wireless telecommunication services 5.6%
	America Movil SAB de CV									6.000						06-09-19								MXN	8,670,000			398,869
	America Movil SAB de CV									6.450						12-05-22								MXN	10,370,000			455,632
	Colombia Telecomunicaciones SA ESP (S)									5.375						09-27-22									1,000,000			982,500
	Digicel, Ltd. (S)									6.000						04-15-21									405,000			377,582
	Sprint Communications, Inc.									6.000						11-15-22									935,000			951,363
	T-Mobile USA, Inc.									6.250						04-01-21									900,000			932,580
	T-Mobile USA, Inc. (L)(Z)									6.500						01-15-26									1,560,000			1,716,390
	T-Mobile USA, Inc.									6.625						04-01-23									1,255,000			1,333,689
	Telefonica Celular del Paraguay SA (S)									6.750						12-13-22									1,000,000			1,032,500
	VimpelCom Holdings BV (S)									7.504						03-01-22									550,000			613,806
	Utilities 7.4%																											11,627,664
	Electric utilities 3.4%
	Abengoa Transmision Sur SA (S)									6.875						04-30-43									2,025,737			2,076,380
	Beaver Valley II Funding Corp.									9.000						06-01-17									5,000			5,000
	BVPS II Funding Corp.									8.890						06-01-17									13,000			13,158
	Empresa Electrica Angamos SA (S)									4.875						05-25-29									1,000,000			970,625
	FPL Energy National Wind LLC (S)									5.608						03-10-24									55,278			55,416
	Israel Electric Corp., Ltd. (S)									5.000						11-12-24									1,000,000			1,045,570
	Israel Electric Corp., Ltd. (S)									6.700						02-10-17									1,000,000			999,990
	Talen Energy Supply LLC (L)(S)(Z)									4.625						07-15-19									175,000			169,313
	Gas utilities 0.8%
	AmeriGas Finance LLC									7.000						05-20-22									374,000			391,999
	AmeriGas Partners LP (L)(Z)									5.625						05-20-24									900,000			933,750
	Independent power and renewable electricity producers 3.2%
	NRG Energy, Inc. (L)(Z)									6.250						07-15-22									1,320,000			1,359,600
	NRG Energy, Inc. (L)(S)(Z)									6.625						01-15-27									600,000			596,250
	NRG Energy, Inc. (L)(S)(Z)									7.250						05-15-26									450,000			470,813
	NRG Yield Operating LLC (L)(Z)									5.375						08-15-24									2,490,000			2,539,800
	Convertible bonds 0.2% (0.2% of Total investments)																											$371,858
	(Cost $448,263)
	Energy 0.2%																											371,858
	Oil, gas and consumable fuels 0.2%
	SandRidge Energy, Inc. (I)									0.000						10-04-20									339,984			371,858
	Term loans (M) 0.4% (0.3% of Total investments)																											$680,924
	(Cost $915,564)
	Industrials 0.4%																											680,924
	Airlines 0.0%
	Global Aviation Holdings, Inc. (H)									0.000						07-31-17			51,038									0

										Rate (%				)		Maturity date			Par value^									Value
	Industrials  (continued)
	Airlines  (continued)
	Global Aviation Holdings, Inc. (H)									0.000						02-13-18			514,063									$0
	Machinery 0.4%
	Gardner Denver, Inc.									4.558						07-30-20			689,313									680,924
	Capital preferred securities (a) 0.7% (0.5% of Total investments)																											$1,089,000
	(Cost $1,146,993)
	Financials 0.7%																											1,089,000
	Diversified financial services 0.7%
	ILFC E-Capital Trust II (P)(S)									4.920						12-21-65			1,200,000									1,089,000
	U.S. Government and Agency obligations 6.6% (4.3% of Total investments)																											$10,439,847
	(Cost $10,357,229)
	U.S. Government Agency 6.6%																											10,439,847
	Federal National Mortgage Association
				15 Yr Pass Thru (L) (Z)						4.000						12-01-24			829,696									877,588
				30 Yr Pass Thru (L) (Z)						4.000						12-01-40			2,394,330									2,533,507
				30 Yr Pass Thru (L) (Z)						4.000						09-01-41			2,213,240									2,332,574
				30 Yr Pass Thru (L) (Z)						4.000						10-01-41			1,208,324									1,274,607
				30 Yr Pass Thru						4.000						01-01-42			611,262									644,794
				30 Yr Pass Thru (L) (Z)						4.500						10-01-40			1,617,375									1,749,058
				30 Yr Pass Thru						5.000						04-01-41			369,705									410,432
				30 Yr Pass Thru						5.500						08-01-40			119,588									133,701
				30 Yr Pass Thru						6.500						01-01-39			421,613									483,586
	Foreign government obligations 4.6% (3.0% of Total investments)																											$7,305,404
	(Cost $7,682,431)
	Argentina 2.1%																											3,329,420
	Republic of Argentina
				Bond (L) (S) (Z)						5.625						01-26-22									1,060,000			1,062,650
				Bond (S)						7.500						04-22-26									1,200,000			1,253,400
				Bond (S)						7.625						04-22-46									1,020,000			1,013,370
	Egypt 0.8%																											1,278,125
	Republic of Egypt Bond (S)									8.500						01-31-47									1,250,000			1,278,125
	Mexico 0.5%																											855,906
	Government of Mexico Bond									10.000						12-05-24								MXN	15,430,000			855,906
	Saudi Arabia 1.2%																											1,841,953
	Kingdom of Saudi Arabia Bond (S)									3.250						10-26-26									1,930,000			1,841,953
	Collateralized mortgage obligations 2.0% (1.3% of Total investments)																											$3,067,228
	(Cost $2,191,592)
	Commercial and residential 1.7%																											2,654,051
	Bear Stearns Adjustable Rate Mortgage Trust Series 2005-2, Class A1 (P)									2.920						03-25-35									217,963			219,819
	Bear Stearns Asset Backed Securities Trust Series 2004-AC5, Class A1 (P)									5.250						10-25-34									199,642			199,759
	Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-4, Class 2AR1 (P)									1.296						06-25-34									266,279			254,716
	HarborView Mortgage Loan Trust
				Series 2007-3, Class ES IO (S)						0.350						05-19-47									4,575,710			71,102
				Series 2007-4, Class ES IO						0.350						07-19-47									4,849,732			70,185
				Series 2007-6, Class ES IO (S)						0.342						08-19-37									3,761,828			47,753

										Rate (%				)		Maturity date			Par value^									Value
	Commercial and residential  (continued)
	IndyMac Index Mortgage Loan Trust
				Series 2005-AR18, Class 1X IO						2.002						10-25-36									6,168,469			$497,007
				Series 2005-AR18, Class 2X IO						1.710						10-25-36									5,426,271			231,868
	MSCG Trust Series 2016-SNR, Class D (S)									6.550						11-15-34									1,090,000			1,061,842
	U.S. Government Agency 0.3%																											413,177
	Federal Home Loan Mortgage Corp.
				Series K017, Class X1 IO						1.368						12-25-21									2,642,999			143,079
				Series K709, Class X1 IO						1.516						03-25-19									3,077,222			81,309
				Series K710, Class X1 IO						1.758						05-25-19									3,122,301			99,818
	Government National Mortgage Association Series 2012-114, Class IO									0.823						01-16-53									1,523,136			88,971
	Asset backed securities 1.1% (0.7% of Total investments)																											$1,727,864
	(Cost $1,778,835)
	ContiMortgage Home Equity Loan Trust Series 1995-2, Class A5									8.100						08-15-25									20,646			15,440
	Domino's Pizza Master Issuer LLC Series 2015-1A, Class A2I (S)									3.484						10-25-45									987,500			979,608
	Driven Brands Funding LLC Series 2015-1A, Class A2 (S)									5.216						07-20-45									770,250			732,816
																						Shares						Value
	Preferred securities (b) 2.4% (1.5% of Total investments)																											$3,701,060
	(Cost $3,621,297)
	Financials 0.7%																											1,077,087
	Diversified financial services 0.7%
	GMAC Capital Trust I, 6.691% (P)																					41,910						1,077,087
	Health care 0.4%																											576,205
	Pharmaceuticals 0.4%
	Allergan PLC, 5.500%																					728						576,205
	Real estate 0.5%																											816,080
	Equity real estate investment trusts 0.5%
	American Tower Corp., 5.250%																					8,000						816,080
	Utilities 0.8%																											1,231,688
	Electric utilities 0.4%
	NextEra Energy, Inc., 6.123%																					12,160						608,851
	Multi-utilities 0.4%
	DTE Energy Company, 6.500%																					11,745						622,837
	Common stocks 0.6% (0.4% of Total investments)																											$914,722
	(Cost $2,496,616)
	Consumer discretionary 0.0%																											0
	Media 0.0%
	Vertis Holdings, Inc. (I)																					34,014						0
	Energy 0.6%																											914,722
	Oil, gas and consumable fuels 0.6%
	Energy XXI Gulf Coast, Inc. (I)(L)(Z)																					16,738						472,849
	Pacific Exploration and Production Corp. (I)(L)(Z)																					3,651						146,098
	SandRidge Energy, Inc. (I)(L)(Z)																					14,421						295,775

																						Shares						Value
	Industrials 0.0%																											$0
	Airlines 0.0%
	Global Aviation Holdings, Inc., Class A (I)																					82,159						0
										Yield				* (%)		Maturity date			Par value^									Value
	Short-term investments 2.9% (1.9% of Total investments)																											$4,519,000
	(Cost $4,519,000)
	U.S. Government Agency 2.8%																											4,369,000
	Federal Home Loan Bank Discount Note									0.400						02-01-17									4,369,000			4,369,000
																						Par value^						Value
	Repurchase agreement 0.1%																											$150,000
	Repurchase Agreement with State Street Corp. dated 1-31-17 at 0.100% to be repurchased at $150,000 on 2-1-17, collateralized by $150,000 U.S. Treasury Inflated Index Note, 0.125% due 4-15-19 (valued at $157,378, including interest)																					150,000						150,000
	Total investments (Cost $238,712,904)† 152.6%																											$239,826,620
	Other assets and liabilities, net (52.6%)																											($82,642,852	)
	Total net assets 100.0%																											$157,183,768

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.

Key to Currency Abbreviations

BRL

Brazilian Real

MXN

Mexican Peso

Key to Security Abbreviations and Legend

IO

Interest Only Security — (Interest Tranche of Stripped Mortgage Pool). Rate shown is the effective yield at period end.

ISDAFIX

International Swaps and Derivatives Association Fixed Interest Rate Swap Rate

LIBOR

London Interbank Offered Rate

PIK

Payment-in-kind

(a)

Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.

(b)

Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.

(H)

Non-income producing - Issuer is in default.

(I)

Non-income producing security.

(L)

A portion of this security is on loan as of 1-31-17, and is a component of the fund's leverage under the Liquidity Agreement.

(M)

Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

(P)

Variable rate obligation. The coupon rate shown represents the rate at period end.

(Q)

Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.

(S)

These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $97,779,650 or 62.2% of the fund's net assets as of 1-31-17.

(Z)

All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 1-31-17 was $92,098,311. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $61,642,546.

*

Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

†

At 1-31-17, the aggregate cost of investment securities for federal income tax purposes was $239,503,943. Net unrealized appreciation aggregated to $322,677, of which $8,191,483 related to appreciated investment securities and $7,868,806 related to depreciated investment securities.

The fund had the following country composition as a percentage of total investments on 1-31-17:

	United States			70.2%
	Mexico			4.4%
	Brazil			3.2%
	Canada			2.8%
	Luxembourg			2.8%
	Netherlands			2.0%
	France			2.0%
	Ireland			1.8%
	Argentina			1.4%
	United Kingdom			1.0%
	Other countries			8.4%
	TOTAL			100.0%

Notes to Fund's investments (unaudited)

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Swaps are valued using evaluated prices obtained from an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing vendor.

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

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

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

As of January 31, 2017, all investments are categorized as Level 2 under the hierarchy described above, except for preferred securities and common stocks which are categorized as Level 1.

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.

Derivative instruments. The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Interest rate swaps. Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Swap agreements are privately negotiated in the OTC market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

       12

During the period ended January 31, 2017, the fund used interest rate swaps to manage against anticipated interest rate changes. The following table summarizes the interest rate swap contracts held as of January 31, 2017.

Counterparty

USD notional amount

Payments made by fund

Payments received by fund

Maturity date

Market value

Morgan Stanley Capital Services

$22,000,000

Fixed 1.09375%

3 Month LIBOR (a)

May 2017

($10,988

)

^(a) At 1-31-17, the 3 month LIBOR was 1.03456%

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

       13

More information

How to contact us
Internet	www.jhinvestments.com
Mail	Computershare P.O. Box 30170 College Station, TX 77842-3170
Phone	Customer service representatives Portfolio commentary 24-hour automated information TDD line	800-852-0218 800-344-7054 800-843-0090 800-231-5469

	P5Q1	01/17
This report is for the information of the shareholders of John Hancock Investors Trust.		3/17