UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 4173
John Hancock Investors Trust
(Exact name of registrant as specified in charter)
601 Congress Street, Boston, Massachusetts
02210
(Address of principal executive offices) (Zip code)
Salvatore Schiavone, Treasurer
601 Congress Street
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant’s telephone number, including area code: 617-663-4497
| Date of fiscal year end: | October 31 | |
| Date of reporting period: | July 31, 2017 |
ITEM 1. SCHEDULE OF INVESTMENTS
John Hancock
Investors Trust
| Fund’s investments |
| As of 7-31-17 (unaudited) | ||||||||||
| Rate (%) | Maturity date | Par value^ | Value | |||||||
| U.S. Government and Agency obligations 5.9% (3.9% of Total investments) | $9,633,877 | |||||||||
| (Cost $9,504,474) | ||||||||||
| U.S. Government Agency 5.9% | ||||||||||
| Federal National Mortgage Association | ||||||||||
| 15 Yr Pass Thru | 4.000 | 12-01-24 | 716,593 | 753,831 | ||||||
| 30 Yr Pass Thru | 4.000 | 12-01-40 | 2,240,598 | 2,392,027 | ||||||
| 30 Yr Pass Thru | 4.000 | 09-01-41 | 2,038,247 | 2,162,624 | ||||||
| 30 Yr Pass Thru | 4.000 | 10-01-41 | 1,157,974 | 1,231,169 | ||||||
| 30 Yr Pass Thru | 4.000 | 01-01-42 | 567,075 | 602,920 | ||||||
| 30 Yr Pass Thru | 4.500 | 10-01-40 | 1,458,091 | 1,584,702 | ||||||
| 30 Yr Pass Thru | 5.000 | 04-01-41 | 340,414 | 376,195 | ||||||
| 30 Yr Pass Thru | 5.500 | 08-01-40 | 100,540 | 111,911 | ||||||
| 30 Yr Pass Thru | 6.500 | 01-01-39 | 363,342 | 418,498 | ||||||
| Foreign government obligations 4.0% (2.7% of Total investments) | $6,589,732 | |||||||||
| (Cost $6,693,502) | ||||||||||
| Argentina 1.4% | 2,337,960 | |||||||||
| Republic of Argentina | ||||||||||
| Bond (A)(B) | 7.500 | 04-22-26 | 1,200,000 | 1,289,400 | ||||||
| Bond | 7.625 | 04-22-46 | 1,020,000 | 1,048,560 | ||||||
| Mexico 0.6% | 1,026,368 | |||||||||
| Government of Mexico | ||||||||||
| Bond | 10.000 | 12-05-24 | MXN | 15,430,000 | 1,026,368 | |||||
| Oman 0.8% | 1,315,167 | |||||||||
| Oman Sovereign Sukuk SAOC | ||||||||||
| Bond (C) | 4.397 | 06-01-24 | 1,320,000 | 1,315,167 | ||||||
| Saudi Arabia 1.2% | 1,910,237 | |||||||||
| Kingdom of Saudi Arabia | ||||||||||
| Bond (A)(B)(C) | 3.250 | 10-26-26 | 1,930,000 | 1,910,237 | ||||||
| Corporate bonds 131.0% (86.9% of Total investments) | $214,859,495 | |||||||||
| (Cost $207,129,527) | ||||||||||
| Consumer discretionary 23.2% | 38,090,403 | |||||||||
| Auto components 2.3% | ||||||||||
| Adient Global Holdings, Ltd. (C) | 4.875 | 08-15-26 | 805,000 | 816,471 | ||||||
| American Axle & Manufacturing, Inc. | 6.250 | 03-15-21 | 1,000,000 | 1,032,500 | ||||||
| Lear Corp. (B) | 5.250 | 01-15-25 | 1,210,000 | 1,296,332 | ||||||
| Nemak SAB de CV (C) | 5.500 | 02-28-23 | 550,000 | 566,500 | ||||||
| Hotels, restaurants and leisure 3.8% | ||||||||||
| Chester Downs & Marina LLC (C) | 9.250 | 02-01-20 | 1,185,000 | 1,220,550 | ||||||
| Hilton Grand Vacations Borrower LLC (C) | 6.125 | 12-01-24 | 750,000 | 820,313 | ||||||
| International Game Technology PLC (C) | 6.500 | 02-15-25 | 1,675,000 | 1,848,781 | ||||||
| Jacobs Entertainment, Inc. (C) | 7.875 | 02-01-24 | 705,000 | 764,925 | ||||||
| Mohegan Gaming & Entertainment (A)(B)(C) | 7.875 | 10-15-24 | 790,000 | 834,438 | ||||||
| Scientific Games International, Inc. (C) | 7.000 | 01-01-22 | 655,000 | 697,575 | ||||||
| Waterford Gaming LLC (C)(D) | 8.625 | 09-15-14 | 377,791 | 0 | ||||||
| Household durables 0.9% | ||||||||||
| Tempur Sealy International, Inc. (A)(B) | 5.500 | 06-15-26 | 625,000 | 643,750 | ||||||
| Toll Brothers Finance Corp. | 4.875 | 11-15-25 | 875,000 | 912,188 | ||||||
| Internet and direct marketing retail 1.3% | ||||||||||
| Expedia, Inc. | 5.000 | 02-15-26 | 1,000,000 | 1,102,166 | ||||||
| QVC, Inc. | 5.950 | 03-15-43 | 1,000,000 | 976,642 |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 2 |
| Rate (%) | Maturity date | Par value^ | Value | |||||||
| Consumer discretionary (continued) | ||||||||||
| Media 13.3% | ||||||||||
| Altice Financing SA (A)(B)(C) | 7.500 | 05-15-26 | 1,000,000 | $1,108,800 | ||||||
| AMC Entertainment Holdings, Inc. | 5.875 | 11-15-26 | 1,155,000 | 1,178,100 | ||||||
| AMC Entertainment Holdings, Inc. (A)(B) | 6.125 | 05-15-27 | 800,000 | 822,920 | ||||||
| Cablevision Systems Corp. | 7.750 | 04-15-18 | 985,000 | 1,019,475 | ||||||
| Cablevision Systems Corp. (A)(B) | 8.000 | 04-15-20 | 750,000 | 840,750 | ||||||
| CCO Holdings LLC | 5.125 | 02-15-23 | 350,000 | 362,250 | ||||||
| CCO Holdings LLC (C) | 5.125 | 05-01-27 | 1,245,000 | 1,287,019 | ||||||
| CCO Holdings LLC (C) | 5.750 | 02-15-26 | 1,000,000 | 1,075,000 | ||||||
| Cengage Learning, Inc. (A)(B)(C) | 9.500 | 06-15-24 | 850,000 | 739,500 | ||||||
| Grupo Televisa SAB (A)(B) | 4.625 | 01-30-26 | 725,000 | 774,867 | ||||||
| Grupo Televisa SAB | 8.490 | 05-11-37 | MXN | 26,200,000 | 1,405,319 | |||||
| Lions Gate Entertainment Corp. (A)(B)(C) | 5.875 | 11-01-24 | 1,095,000 | 1,149,750 | ||||||
| MDC Partners, Inc. (A)(B)(C) | 6.500 | 05-01-24 | 955,000 | 959,775 | ||||||
| MHGE Parent LLC, PIK (A)(B)(C) | 8.500 | 08-01-19 | 1,000,000 | 1,000,000 | ||||||
| Myriad International Holdings BV (C) | 5.500 | 07-21-25 | 915,000 | 991,033 | ||||||
| Nielsen Finance LLC (A)(B)(C) | 5.000 | 04-15-22 | 800,000 | 825,000 | ||||||
| Outfront Media Capital LLC | 5.250 | 02-15-22 | 900,000 | 931,500 | ||||||
| Outfront Media Capital LLC (A)(B) | 5.875 | 03-15-25 | 485,000 | 508,644 | ||||||
| Sirius XM Radio, Inc. (C) | 6.000 | 07-15-24 | 925,000 | 997,844 | ||||||
| Time Warner Cable LLC | 4.500 | 09-15-42 | 1,515,000 | 1,423,049 | ||||||
| Time Warner Cable LLC | 8.250 | 04-01-19 | 375,000 | 412,569 | ||||||
| Viacom, Inc. (B) | 5.850 | 09-01-43 | 1,125,000 | 1,202,427 | ||||||
| Viacom, Inc. (6.250% to 2-28-27, then 3 month LIBOR + 3.899%) | 6.250 | 02-28-57 | 750,000 | 769,607 | ||||||
| Multiline retail 0.7% | ||||||||||
| Macy’s Retail Holdings, Inc. (B) | 3.625 | 06-01-24 | 1,300,000 | 1,230,824 | ||||||
| Textiles, apparel and luxury goods 0.9% | ||||||||||
| PVH Corp. (A)(B) | 4.500 | 12-15-22 | 1,500,000 | 1,541,250 | ||||||
| Consumer staples 3.5% | 5,633,505 | |||||||||
| Beverages 0.5% | ||||||||||
| Anheuser-Busch InBev Worldwide, Inc. (B) | 3.750 | 01-15-22 | 750,000 | 796,812 | ||||||
| Food and staples retailing 0.9% | ||||||||||
| Rite Aid Corp. (A)(B)(C) | 6.125 | 04-01-23 | 1,500,000 | 1,486,875 | ||||||
| Food products 0.6% | ||||||||||
| FAGE International SA (C) | 5.625 | 08-15-26 | 430,000 | 442,900 | ||||||
| Post Holdings, Inc. (C) | 5.500 | 03-01-25 | 540,000 | 569,700 | ||||||
| Personal products 0.5% | ||||||||||
| Revlon Consumer Products Corp. (A)(B) | 6.250 | 08-01-24 | 980,000 | 744,188 | ||||||
| Tobacco 1.0% | ||||||||||
| Reynolds American, Inc. (B) | 6.875 | 05-01-20 | 720,000 | 810,230 | ||||||
| Vector Group, Ltd. (C) | 6.125 | 02-01-25 | 760,000 | 782,800 | ||||||
| Energy 20.7% | 33,981,582 | |||||||||
| Oil, gas and consumable fuels 20.7% | ||||||||||
| Antero Resources Corp. | 5.125 | 12-01-22 | 917,000 | 930,755 | ||||||
| Cenovus Energy, Inc. | 3.800 | 09-15-23 | 875,000 | 877,253 | ||||||
| Cheniere Corpus Christi Holdings LLC (C) | 5.125 | 06-30-27 | 530,000 | 551,863 | ||||||
| Cheniere Corpus Christi Holdings LLC | 5.875 | 03-31-25 | 995,000 | 1,078,331 | ||||||
| Cheniere Corpus Christi Holdings LLC | 7.000 | 06-30-24 | 800,000 | 911,000 | ||||||
| Chesapeake Energy Corp. (A)(B)(C) | 8.000 | 06-15-27 | 925,000 | 925,000 | ||||||
| Continental Resources, Inc. (A)(B) | 4.500 | 04-15-23 | 500,000 | 487,500 | ||||||
| Kinder Morgan Energy Partners LP (B) | 4.250 | 09-01-24 | 1,210,000 | 1,252,853 |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 3 |
| Rate (%) | Maturity date | Par value^ | Value | |||||||
| Energy (continued) | ||||||||||
| Oil, gas and consumable fuels (continued) | ||||||||||
| Kinder Morgan, Inc. (B) | 5.550 | 06-01-45 | 500,000 | $536,596 | ||||||
| Laredo Petroleum, Inc. | 6.250 | 03-15-23 | 715,000 | 737,344 | ||||||
| Marathon Petroleum Corp. (B) | 4.750 | 09-15-44 | 1,500,000 | 1,463,489 | ||||||
| Newfield Exploration Company (A)(B) | 5.750 | 01-30-22 | 750,000 | 792,188 | ||||||
| Oasis Petroleum, Inc. (A)(B) | 6.875 | 03-15-22 | 705,000 | 697,950 | ||||||
| Parsley Energy LLC (A)(B)(C) | 5.375 | 01-15-25 | 370,000 | 377,400 | ||||||
| PBF Holding Company LLC (A)(B)(C) | 7.250 | 06-15-25 | 455,000 | 445,900 | ||||||
| Permian Resources LLC (A)(B)(C) | 7.125 | 11-01-20 | 500,000 | 417,500 | ||||||
| Petrobras Global Finance BV | 6.850 | 06-05-15 | 1,535,000 | 1,406,444 | ||||||
| Petrobras Global Finance BV | 7.375 | 01-17-27 | 1,755,000 | 1,900,665 | ||||||
| Petroleos Mexicanos | 5.500 | 01-21-21 | 755,000 | 809,360 | ||||||
| Phillips 66 Partners LP (B) | 4.900 | 10-01-46 | 1,585,000 | 1,591,456 | ||||||
| Sabine Pass Liquefaction LLC (B) | 5.000 | 03-15-27 | 1,000,000 | 1,070,850 | ||||||
| Sabine Pass Liquefaction LLC (B) | 5.875 | 06-30-26 | 610,000 | 686,753 | ||||||
| SM Energy Company (A)(B) | 5.625 | 06-01-25 | 880,000 | 822,800 | ||||||
| SM Energy Company (A)(B) | 6.750 | 09-15-26 | 530,000 | 527,350 | ||||||
| Sunoco Logistics Partners Operations LP (B) | 3.900 | 07-15-26 | 925,000 | 913,225 | ||||||
| Tallgrass Energy Partners LP (C) | 5.500 | 09-15-24 | 915,000 | 936,731 | ||||||
| Tapstone Energy LLC (C) | 9.750 | 06-01-22 | 690,000 | 589,950 | ||||||
| Teekay Offshore Partners LP (A)(B) | 6.000 | 07-30-19 | 935,000 | 909,288 | ||||||
| Tesoro Corp. (A)(B) | 5.125 | 04-01-24 | 650,000 | 689,682 | ||||||
| Tesoro Logistics LP | 5.250 | 01-15-25 | 870,000 | 930,900 | ||||||
| Tesoro Logistics LP | 6.125 | 10-15-21 | 635,000 | 658,019 | ||||||
| Tesoro Logistics LP (A)(B) | 6.250 | 10-15-22 | 650,000 | 690,625 | ||||||
| Tesoro Logistics LP | 6.375 | 05-01-24 | 140,000 | 152,950 | ||||||
| The Williams Companies, Inc. | 4.550 | 06-24-24 | 600,000 | 621,750 | ||||||
| Ultra Resources, Inc. (A)(B)(C) | 7.125 | 04-15-25 | 270,000 | 275,333 | ||||||
| Whiting Petroleum Corp. (A)(B) | 5.750 | 03-15-21 | 705,000 | 668,869 | ||||||
| Whiting Petroleum Corp. (A)(B) | 6.250 | 04-01-23 | 360,000 | 338,400 | ||||||
| Williams Partners LP (B) | 4.875 | 03-15-24 | 2,795,000 | 2,928,260 | ||||||
| WPX Energy, Inc. | 5.250 | 09-15-24 | 1,400,000 | 1,379,000 | ||||||
| Financials 20.9% | 34,303,348 | |||||||||
| Banks 11.1% | ||||||||||
| Banco BTG Pactual SA (A)(B)(C) | 5.750 | 09-28-22 | 2,540,000 | 2,239,010 | ||||||
| Citigroup, Inc. (6.125% to 11-15-20, then 3 month LIBOR + | ||||||||||
| 4.478%) (A)(B)(E) | 6.125 | 11-15-20 | 1,000,000 | 1,073,750 | ||||||
| Corp Group Banking SA (C) | 6.750 | 03-15-23 | 1,000,000 | 1,012,700 | ||||||
| Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + | ||||||||||
| 4.898%) (C)(E) | 7.875 | 01-23-24 | 865,000 | 975,737 | ||||||
| Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + | ||||||||||
| 6.185%) (A)(B)(C)(E) | 8.125 | 12-23-25 | 965,000 | 1,151,969 | ||||||
| HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + | ||||||||||
| 5.514%) (B)(E) | 6.875 | 06-01-21 | 760,000 | 833,492 | ||||||
| ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + | ||||||||||
| 4.446%) (A)(B)(E) | 6.500 | 04-16-25 | 2,360,000 | 2,547,620 | ||||||
| JPMorgan Chase & Co. (5.300% to 5-1-20, then 3 month LIBOR + | ||||||||||
| 3.800%) (B)(E) | 5.300 | 05-01-20 | 1,000,000 | 1,046,500 | ||||||
| JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + | ||||||||||
| 3.780%) (B)(E) | 6.750 | 02-01-24 | 2,200,000 | 2,520,100 | ||||||
| Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap | ||||||||||
| Rate + 4.760%) (E) | 7.500 | 06-27-24 | 1,465,000 | 1,629,813 | ||||||
| Sberbank of Russia (A)(B)(C) | 6.125 | 02-07-22 | 1,000,000 | 1,090,000 | ||||||
| Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + | ||||||||||
| 6.238%) (A)(B)(C)(E) | 7.375 | 09-13-21 | 790,000 | 863,075 |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 4 |
| Rate (%) | Maturity date | Par value^ | Value | |||||||
| Financials (continued) | ||||||||||
| Banks (continued) | ||||||||||
| Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + | ||||||||||
| 3.990%) (B)(E) | 5.875 | 06-15-25 | 1,100,000 | $1,219,625 | ||||||
| Capital markets 2.3% | ||||||||||
| Morgan Stanley (5.550% to 7-15-20, then 3 month LIBOR + | ||||||||||
| 3.810%) (A)(B)(E) | 5.550 | 07-15-20 | 1,160,000 | 1,215,100 | ||||||
| Morgan Stanley (B) | 5.750 | 01-25-21 | 1,000,000 | 1,109,279 | ||||||
| The Goldman Sachs Group, Inc. (B) | 3.750 | 05-22-25 | 375,000 | 385,709 | ||||||
| The Goldman Sachs Group, Inc. (5.375% to 5-10-20, then 3 month | ||||||||||
| LIBOR + 3.922%) (E) | 5.375 | 05-10-20 | 1,000,000 | 1,050,000 | ||||||
| Consumer finance 3.0% | ||||||||||
| American Express Company (4.900% to 3-15-20, then 3 month LIBOR + | ||||||||||
| 3.285%) (E) | 4.900 | 03-15-20 | 1,300,000 | 1,332,500 | ||||||
| DAE Funding LLC (C) | 5.000 | 08-01-24 | 160,000 | 163,400 | ||||||
| Enova International, Inc. | 9.750 | 06-01-21 | 665,000 | 698,250 | ||||||
| FirstCash, Inc. (A)(B)(C) | 5.375 | 06-01-24 | 1,145,000 | 1,205,113 | ||||||
| Springleaf Finance Corp. (A)(B) | 6.125 | 05-15-22 | 410,000 | 430,500 | ||||||
| Springleaf Finance Corp. | 6.900 | 12-15-17 | 465,000 | 472,556 | ||||||
| Springleaf Finance Corp. | 8.250 | 10-01-23 | 500,000 | 562,500 | ||||||
| Diversified financial services 1.1% | ||||||||||
| ASP AMC Merger Sub, Inc. (C) | 8.000 | 05-15-25 | 835,000 | 827,694 | ||||||
| Leucadia National Corp. (A)(B) | 5.500 | 10-18-23 | 600,000 | 646,526 | ||||||
| Lincoln Finance, Ltd. (C) | 7.375 | 04-15-21 | 385,000 | 407,138 | ||||||
| Insurance 1.4% | ||||||||||
| 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 | 1,273,800 | ||||||
| Ardonagh Midco 3 PLC (A)(B)(C) | 8.625 | 07-15-23 | 545,000 | 559,306 | ||||||
| MetLife, Inc. (B) | 6.817 | 08-15-18 | 500,000 | 526,761 | ||||||
| Mortgage real estate investment trusts 0.6% | ||||||||||
| Starwood Property Trust, Inc. (A)(B) | 5.000 | 12-15-21 | 970,000 | 1,011,225 | ||||||
| Thrifts and mortgage finance 1.4% | ||||||||||
| MGIC Investment Corp. | 5.750 | 08-15-23 | 1,165,000 | 1,269,850 | ||||||
| Stearns Holdings LLC (C) | 9.375 | 08-15-20 | 925,000 | 952,750 | ||||||
| Health care 10.4% | 16,989,712 | |||||||||
| Health care providers and services 8.7% | ||||||||||
| Community Health Systems, Inc. | 5.125 | 08-01-21 | 770,000 | 774,813 | ||||||
| Community Health Systems, Inc. | 6.250 | 03-31-23 | 540,000 | 552,825 | ||||||
| Community Health Systems, Inc. (A)(B) | 6.875 | 02-01-22 | 1,500,000 | 1,276,875 | ||||||
| Covenant Surgical Partners, Inc. (C) | 8.750 | 08-01-19 | 250,000 | 247,500 | ||||||
| DaVita, Inc. (A)(B) | 5.000 | 05-01-25 | 1,145,000 | 1,161,946 | ||||||
| DaVita, Inc. | 5.125 | 07-15-24 | 1,145,000 | 1,177,203 | ||||||
| HCA, Inc. (A)(B) | 5.250 | 04-15-25 | 1,000,000 | 1,085,000 | ||||||
| HCA, Inc. | 5.500 | 06-15-47 | 1,760,000 | 1,834,800 | ||||||
| HCA, Inc. | 7.500 | 02-15-22 | 530,000 | 612,150 | ||||||
| HealthSouth Corp. (A)(B) | 5.750 | 11-01-24 | 1,545,000 | 1,575,900 | ||||||
| LifePoint Health, Inc. | 5.875 | 12-01-23 | 1,500,000 | 1,593,750 | ||||||
| Select Medical Corp. (A)(B) | 6.375 | 06-01-21 | 1,500,000 | 1,545,000 | ||||||
| Team Health Holdings, Inc. (A)(B)(C) | 6.375 | 02-01-25 | 840,000 | 823,200 | ||||||
| Pharmaceuticals 1.7% | ||||||||||
| Mallinckrodt International Finance SA (A)(B)(C) | 5.500 | 04-15-25 | 2,950,000 | 2,728,750 |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 5 |
| Rate (%) | Maturity date | Par value^ | Value | |||||||
| Industrials 8.3% | $13,615,816 | |||||||||
| Air freight and logistics 1.1% | ||||||||||
| Mexico City Airport Trust (C) | 5.500 | 10-31-46 | 1,280,000 | 1,308,403 | ||||||
| XPO Logistics, Inc. (A)(B)(C) | 6.500 | 06-15-22 | 570,000 | 592,088 | ||||||
| Airlines 1.3% | ||||||||||
| Air Canada 2013-1 Class C Pass Through Trust (C) | 6.625 | 05-15-18 | 1,550,000 | 1,598,438 | ||||||
| TAM Capital 3, Inc. (C) | 8.375 | 06-03-21 | 505,000 | 517,625 | ||||||
| Building products 0.3% | ||||||||||
| Masco Corp. | 4.450 | 04-01-25 | 500,000 | 535,085 | ||||||
| Commercial services and supplies 1.2% | ||||||||||
| GW Honos Security Corp. (C) | 8.750 | 05-15-25 | 705,000 | 750,825 | ||||||
| LSC Communications, Inc. (A)(B)(C) | 8.750 | 10-15-23 | 735,000 | 771,750 | ||||||
| Tervita Escrow Corp. (C) | 7.625 | 12-01-21 | 410,000 | 416,150 | ||||||
| Construction and engineering 0.6% | ||||||||||
| AECOM | 5.125 | 03-15-27 | 950,000 | 957,125 | ||||||
| Industrial conglomerates 0.5% | ||||||||||
| Odebrecht Finance, Ltd. (C)(D) | 8.250 | 04-25-18 | BRL | 2,250,000 | 519,506 | |||||
| Odebrecht Offshore Drilling Finance, Ltd. (C)(D) | 6.750 | 10-01-23 | 826,900 | 291,896 | ||||||
| Road and rail 0.6% | ||||||||||
| The Kenan Advantage Group, Inc. (C) | 7.875 | 07-31-23 | 900,000 | 940,500 | ||||||
| Trading companies and distributors 2.7% | ||||||||||
| AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR | ||||||||||
| + 4.300%) (A)(B)(C) | 6.500 | 06-15-45 | 800,000 | 860,000 | ||||||
| Ahern Rentals, Inc. (C) | 7.375 | 05-15-23 | 1,320,000 | 1,168,200 | ||||||
| Aircastle, Ltd. (B) | 5.125 | 03-15-21 | 785,000 | 832,100 | ||||||
| United Rentals North America, Inc. (A)(B) | 5.500 | 07-15-25 | 1,475,000 | 1,556,125 | ||||||
| Information technology 6.0% | 9,891,959 | |||||||||
| Electronic equipment, instruments and components 0.1% | ||||||||||
| Ingram Micro, Inc. | 5.450 | 12-15-24 | 250,000 | 257,699 | ||||||
| IT services 0.9% | ||||||||||
| Sixsigma Networks Mexico SA de CV (A)(B)(C) | 8.250 | 11-07-21 | 1,500,000 | 1,512,000 | ||||||
| Semiconductors and semiconductor equipment 2.8% | ||||||||||
| Advanced Micro Devices, Inc. | 7.000 | 07-01-24 | 1,250,000 | 1,340,625 | ||||||
| Micron Technology, Inc. | 5.500 | 02-01-25 | 197,000 | 209,005 | ||||||
| Micron Technology, Inc. (B) | 7.500 | 09-15-23 | 820,000 | 914,620 | ||||||
| NVIDIA Corp. (B) | 3.200 | 09-16-26 | 1,500,000 | 1,499,994 | ||||||
| NXP BV (C) | 4.625 | 06-01-23 | 535,000 | 577,896 | ||||||
| Software 1.2% | ||||||||||
| Activision Blizzard, Inc. (B)(C) | 6.125 | 09-15-23 | 1,000,000 | 1,078,000 | ||||||
| j2 Cloud Services LLC (C) | 6.000 | 07-15-25 | 848,000 | 882,980 | ||||||
| Technology hardware, storage and peripherals 1.0% | ||||||||||
| Dell International LLC (B)(C) | 6.020 | 06-15-26 | 1,450,000 | 1,619,140 | ||||||
| Materials 16.3% | 26,792,175 | |||||||||
| Chemicals 5.2% | ||||||||||
| Ashland LLC | 6.875 | 05-15-43 | 845,000 | 921,050 | ||||||
| Braskem Finance, Ltd. (A)(B) | 6.450 | 02-03-24 | 700,000 | 763,000 | ||||||
| Kraton Polymers LLC (C) | 7.000 | 04-15-25 | 900,000 | 967,500 | ||||||
| Mexichem SAB de CV (A)(B)(C) | 6.750 | 09-19-42 | 1,500,000 | 1,644,375 | ||||||
| Platform Specialty Products Corp. (C) | 6.500 | 02-01-22 | 1,115,000 | 1,156,813 | ||||||
| Rain CII Carbon LLC (C) | 7.250 | 04-01-25 | 800,000 | 832,000 | ||||||
| Rain CII Carbon LLC (C) | 8.250 | 01-15-21 | 209,000 | 217,883 | ||||||
| The Chemours Company (A)(B) | 6.625 | 05-15-23 | 740,000 | 794,656 |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 6 |
| Rate (%) | Maturity date | Par value^ | Value | |||||||
| Materials (continued) | ||||||||||
| Chemicals (continued) | ||||||||||
| The Scotts Miracle-Gro Company | 6.000 | 10-15-23 | 490,000 | $526,138 | ||||||
| Tronox Finance LLC (A)(B) | 6.375 | 08-15-20 | 500,000 | 502,500 | ||||||
| Tronox Finance LLC (A)(B)(C) | 7.500 | 03-15-22 | 280,000 | 293,300 | ||||||
| Construction materials 0.8% | ||||||||||
| Standard Industries, Inc. (C) | 5.375 | 11-15-24 | 1,220,000 | 1,284,050 | ||||||
| Containers and packaging 2.8% | ||||||||||
| Ardagh Packaging Finance PLC (C) | 6.000 | 02-15-25 | 1,185,000 | 1,265,722 | ||||||
| Ball Corp. (A)(B) | 5.250 | 07-01-25 | 1,425,000 | 1,567,500 | ||||||
| Crown Americas LLC (A)(B) | 4.500 | 01-15-23 | 1,000,000 | 1,057,500 | ||||||
| Graphic Packaging International, Inc. | 4.875 | 11-15-22 | 650,000 | 689,000 | ||||||
| Metals and mining 7.0% | ||||||||||
| AngloGold Ashanti Holdings PLC (A)(B) | 5.375 | 04-15-20 | 675,000 | 712,733 | ||||||
| ArcelorMittal | 7.000 | 02-25-22 | 880,000 | 992,200 | ||||||
| First Quantum Minerals, Ltd. (A)(B)(C) | 7.250 | 05-15-22 | 875,000 | 907,226 | ||||||
| First Quantum Minerals, Ltd. (A)(B)(C) | 7.500 | 04-01-25 | 600,000 | 615,900 | ||||||
| FMG Resources August 2006 Pty, Ltd. (C) | 4.750 | 05-15-22 | 375,000 | 385,313 | ||||||
| FMG Resources August 2006 Pty, Ltd. (A)(B)(C) | 5.125 | 05-15-24 | 440,000 | 457,600 | ||||||
| FMG Resources August 2006 Pty, Ltd. (C) | 9.750 | 03-01-22 | 670,000 | 761,254 | ||||||
| Freeport-Mcmoran, Inc. (A)(B) | 6.875 | 02-15-23 | 1,340,000 | 1,457,250 | ||||||
| Lundin Mining Corp. (A)(B)(C) | 7.500 | 11-01-20 | 675,000 | 708,075 | ||||||
| MMC Norilsk Nickel OJSC (C) | 5.550 | 10-28-20 | 750,000 | 796,875 | ||||||
| Teck Resources, Ltd. | 6.250 | 07-15-41 | 1,110,000 | 1,205,738 | ||||||
| Vale Overseas, Ltd. | 5.875 | 06-10-21 | 1,120,000 | 1,222,200 | ||||||
| Vale Overseas, Ltd. (A)(B) | 6.250 | 08-10-26 | 1,165,000 | 1,294,898 | ||||||
| Paper and forest products 0.5% | ||||||||||
| Norbord, Inc. (C) | 6.250 | 04-15-23 | 735,000 | 791,926 | ||||||
| Real estate 3.3% | 5,327,863 | |||||||||
| Equity real estate investment trusts 2.8% | ||||||||||
| Crown Castle Towers LLC (B)(C) | 4.883 | 08-15-40 | 750,000 | 799,378 | ||||||
| SBA Communications Corp. | 4.875 | 07-15-22 | 1,135,000 | 1,178,561 | ||||||
| Trust F/1401 (A)(B)(C) | 5.250 | 12-15-24 | 2,475,000 | 2,608,774 | ||||||
| Real estate management and development 0.5% | ||||||||||
| Rialto Holdings LLC (C) | 7.000 | 12-01-18 | 732,000 | 741,150 | ||||||
| Telecommunication services 10.6% | 17,419,744 | |||||||||
| Diversified telecommunication services 6.0% | ||||||||||
| CenturyLink, Inc. (A)(B) | 7.500 | 04-01-24 | 620,000 | 673,475 | ||||||
| CSC Holdings LLC (A)(B)(C) | 5.500 | 04-15-27 | 1,045,000 | 1,112,925 | ||||||
| Frontier Communications Corp. | 7.125 | 03-15-19 | 530,000 | 539,938 | ||||||
| Frontier Communications Corp. (A)(B) | 11.000 | 09-15-25 | 140,000 | 127,750 | ||||||
| GCI, Inc. | 6.875 | 04-15-25 | 935,000 | 1,016,813 | ||||||
| Intelsat Jackson Holdings SA | 7.500 | 04-01-21 | 840,000 | 793,800 | ||||||
| Level 3 Financing, Inc. (A)(B) | 5.625 | 02-01-23 | 825,000 | 860,063 | ||||||
| SFR Group SA (A)(B)(C) | 6.250 | 05-15-24 | 1,675,000 | 1,769,219 | ||||||
| Telecom Italia Capital SA | 6.000 | 09-30-34 | 720,000 | 796,320 | ||||||
| Wind Acquisition Finance SA (C) | 7.375 | 04-23-21 | 1,000,000 | 1,041,100 | ||||||
| Windstream Services LLC (A)(B) | 7.500 | 06-01-22 | 1,375,000 | 1,175,625 | ||||||
| Wireless telecommunication services 4.6% | ||||||||||
| America Movil SAB de CV | 6.000 | 06-09-19 | MXN | 8,670,000 | 470,369 | |||||
| America Movil SAB de CV | 6.450 | 12-05-22 | MXN | 10,370,000 | 550,849 | |||||
| Colombia Telecomunicaciones SA ESP (C) | 5.375 | 09-27-22 | 1,000,000 | 1,010,000 |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 7 |
| Rate (%) | Maturity date | Par value^ | Value | |||||||
| Telecommunication services (continued) | ||||||||||
| Wireless telecommunication services (continued) | ||||||||||
| Digicel, Ltd. (A)(B)(C) | 6.000 | 04-15-21 | 405,000 | $393,660 | ||||||
| Sprint Communications, Inc. | 6.000 | 11-15-22 | 935,000 | 986,425 | ||||||
| Telefonica Celular del Paraguay SA (C) | 6.750 | 12-13-22 | 1,000,000 | 1,038,750 | ||||||
| T-Mobile USA, Inc. (A)(B) | 6.500 | 01-15-26 | 1,560,000 | 1,735,500 | ||||||
| T-Mobile USA, Inc. | 6.625 | 04-01-23 | 1,255,000 | 1,327,163 | ||||||
| Utilities 7.8% | 12,813,388 | |||||||||
| Electric utilities 3.5% | ||||||||||
| Abengoa Transmision Sur SA (C) | 6.875 | 04-30-43 | 2,022,286 | 2,214,403 | ||||||
| Empresa Electrica Angamos SA (C) | 4.875 | 05-25-29 | 1,000,000 | 1,020,081 | ||||||
| FPL Energy National Wind LLC (C) | 5.608 | 03-10-24 | 50,961 | 51,144 | ||||||
| Instituto Costarricense de Electricidad (C) | 6.375 | 05-15-43 | 1,595,000 | 1,426,935 | ||||||
| Israel Electric Corp., Ltd. (C) | 5.000 | 11-12-24 | 1,000,000 | 1,075,000 | ||||||
| Gas utilities 1.2% | ||||||||||
| AmeriGas Partners LP (A)(B) | 5.625 | 05-20-24 | 900,000 | 933,750 | ||||||
| AmeriGas Partners LP | 5.750 | 05-20-27 | 1,000,000 | 1,010,000 | ||||||
| Independent power and renewable electricity producers 3.1% | ||||||||||
| NRG Energy, Inc. (A)(B) | 6.250 | 07-15-22 | 1,320,000 | 1,387,650 | ||||||
| NRG Energy, Inc. (A)(B) | 6.625 | 01-15-27 | 600,000 | 616,500 | ||||||
| NRG Energy, Inc. | 7.250 | 05-15-26 | 450,000 | 475,875 | ||||||
| NRG Yield Operating LLC (A)(B) | 5.375 | 08-15-24 | 2,490,000 | 2,602,050 | ||||||
| Capital preferred securities (F) 0.9% (0.6% of Total investments) | $1,432,073 | |||||||||
| (Cost $1,440,904) | ||||||||||
| Financials 0.9% | 1,432,073 | |||||||||
| Banks 0.5% | ||||||||||
| Wachovia Capital Trust III (B)(E)(G) | 5.570 | 09-05-17 | 750,000 | 756,923 | ||||||
| Diversified financial services 0.4% | ||||||||||
| ILFC E-Capital Trust II (C)(G) | 4.590 | 12-21-65 | 700,000 | 675,150 | ||||||
| Term loans (H) 0.3% (0.2% of Total investments) | $586,417 | |||||||||
| (Cost $815,900) | ||||||||||
| Industrials 0.3% | 586,417 | |||||||||
| Airlines 0.0% | ||||||||||
| Global Aviation Holdings, Inc., PIK (D) | 3.000 | 02-13-18 | 514,063 | 0 | ||||||
| Global Aviation Holdings, Inc., PIK (D) | 10.000 | 07-13-18 | 51,038 | 0 | ||||||
| Machinery 0.3% | ||||||||||
| Gardner Denver, Inc. | 4.546 | 07-30-20 | 583,743 | 586,417 | ||||||
| Collateralized mortgage obligations 1.6% (1.1% of Total investments) | $2,746,368 | |||||||||
| (Cost $2,031,069) | ||||||||||
| Commercial and residential 1.4% | ||||||||||
| Bear Stearns Adjustable Rate Mortgage Trust | ||||||||||
| Series 2005-2, Class A1 (G) | 3.260 | 03-25-35 | 185,183 | 186,908 | ||||||
| Bear Stearns Asset Backed Securities Trust | ||||||||||
| Series 2004-AC5, Class A1 | 5.250 | 10-25-34 | 179,950 | 180,079 | ||||||
| Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | ||||||||||
| Series 2004-4, Class 2AR1 (G) | 1.772 | 06-25-34 | 212,417 | 207,691 | ||||||
| HarborView Mortgage Loan Trust | ||||||||||
| Series 2007-3, Class ES IO (C) | 0.350 | 05-19-47 | 4,219,103 | 64,683 | ||||||
| Series 2007-4, Class ES IO | 0.350 | 07-19-47 | 4,459,558 | 63,540 | ||||||
| Series 2007-6, Class ES IO (C) | 0.342 | 08-19-37 | 3,569,039 | 44,695 | ||||||
| IndyMac Index Mortgage Loan Trust | ||||||||||
| Series 2005-AR18, Class 1X IO | 1.660 | 10-25-36 | 5,744,946 | 379,054 |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 8 |
| Rate (%) | Maturity date | Par value^ | Value | |||||||
| Commercial and residential (continued) | ||||||||||
| Series 2005-AR18, Class 2X IO | 1.450 | 10-25-36 | 5,133,795 | $190,778 | ||||||
| MSCG Trust | ||||||||||
| Series 2016-SNR, Class D (C) | 6.550 | 11-15-34 | 1,090,000 | 1,087,599 | ||||||
| U.S. Government Agency 0.2% | ||||||||||
| Federal Home Loan Mortgage Corp. | ||||||||||
| Series K017, Class X1 IO | 1.358 | 12-25-21 | 2,616,092 | 127,076 | ||||||
| Series K709, Class X1 IO | 1.510 | 03-25-19 | 3,041,761 | 60,087 | ||||||
| Series K710, Class X1 IO | 1.741 | 05-25-19 | 3,043,962 | 73,002 | ||||||
| Government National Mortgage Association | ||||||||||
| Series 2012-114, Class IO | 0.816 | 01-16-53 | 1,498,016 | 81,176 | ||||||
| Asset backed securities 1.2% (0.8% of Total investments) | $1,929,697 | |||||||||
| (Cost $1,924,357) | ||||||||||
| Coinstar Funding LLC | ||||||||||
| Series 2017-1A, Class A2 (C) | 5.216 | 04-25-47 | 149,625 | 153,182 | ||||||
| ContiMortgage Home Equity Loan Trust | ||||||||||
| Series 1995-2, Class A5 | 8.100 | 08-15-25 | 20,447 | 14,832 | ||||||
| Domino’s Pizza Master Issuer LLC | ||||||||||
| Series 2015-1A, Class A2I (C) | 3.484 | 10-25-45 | 987,500 | 998,145 | ||||||
| Driven Brands Funding LLC | ||||||||||
| Series 2015-1A, Class A2 (C) | 5.216 | 07-20-45 | 766,350 | 763,538 | ||||||
| Shares | Value | |||||||||
| Common stocks 0.5% (0.3% of Total investments) | $849,276 | |||||||||
| (Cost $2,622,260) | ||||||||||
| Consumer discretionary 0.0% | 0 | |||||||||
| Media 0.0% | ||||||||||
| Vertis Holdings, Inc. (I) | 34,014 | $0 | ||||||||
| Energy 0.5% | 849,276 | |||||||||
| Oil, gas and consumable fuels 0.5% | ||||||||||
| Energy XXI Gulf Coast, Inc. (A)(B)(I) | 11,614 | $229,841 | ||||||||
| Frontera Energy Corp. (I) | 3,651 | $100,768 | ||||||||
| SandRidge Energy, Inc. (I) | 26,860 | $518,667 | ||||||||
| Industrials 0.0% | 0 | |||||||||
| Airlines 0.0% | ||||||||||
| Global Aviation Holdings, Inc., Class A (I) | 82,159 | $0 | ||||||||
| Preferred securities (J) 2.7% (1.8% of Total investments) | $4,354,467 | |||||||||
| (Cost $4,111,215) | ||||||||||
| Financials 0.7% | 1,112,711 | |||||||||
| Diversified financial services 0.7% | ||||||||||
| GMAC Capital Trust I, 6.967% (G) | 41,910 | 1,112,711 | ||||||||
| Health care 0.4% | 650,839 | |||||||||
| Pharmaceuticals 0.4% | ||||||||||
| Allergan PLC, 5.500% | 728 | 650,839 | ||||||||
| Utilities 1.6% | 2,590,917 | |||||||||
| Electric utilities 0.4% | ||||||||||
| NextEra Energy, Inc., 6.123% | 12,160 | 675,610 | ||||||||
| Multi-utilities 1.2% | ||||||||||
| Dominion Energy, Inc., 6.750% | 25,000 | 1,274,500 | ||||||||
| DTE Energy Company, 6.500% | 11,745 | 640,807 |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 9 |
| Yield* (%) | Maturity date | Par value^ | Value | |||||||
| Short-term investments 2.6% (1.7% of Total investments) | $4,213,000 | |||||||||
| (Cost $4,213,000) | ||||||||||
| U.S. Government Agency 2.3% | 3,786,000 | |||||||||
| Federal Agricultural Mortgage Corp. Discount Note | 0.800 | 08-01-17 | 757,000 | 757,000 | ||||||
| Federal Home Loan Bank Discount Note | 0.617 | 08-01-17 | 3,029,000 | 3,029,000 | ||||||
| Par value^ | Value | |||||||||
| Repurchase agreement 0.3% | 427,000 | |||||||||
| Repurchase Agreement with State Street Corp. dated 7-31-17 at 0.340% | ||||||||||
| to be repurchased at $427,004 on 8-1-17, collateralized by $435,000 | ||||||||||
| U.S. Treasury Notes, 2.125% due 2-29-24 (valued at $440,578, | ||||||||||
| including interest) | 427,000 | 427,000 | ||||||||
| Total investments (Cost $240,486,208)† 150.7% | $247,194,402 | |||||||||
| Other assets and liabilities, net (50.7%) | (83,141,701) | |||||||||
| Total net assets 100.0% | $164,052,701 |
| The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | ||
| ^All par values are denominated in U.S. dollars unless otherwise indicated. | ||
| Currency Abbreviations | ||
| BRL | Brazilian Real | |
| MXN | Mexican Peso | |
| Security Abbreviations and Legend | ||
| IO | Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period. | |
| ISDAFIX | International Swaps and Derivatives Association Fixed Interest Rate Swap Rate | |
| LIBOR | London Interbank Offered Rate | |
| PIK | Payment-in-kind | |
| (A) | A portion of this security is on loan as of 7-31-17, and is a component of the fund’s leverage under the Liquidity Agreement. | |
| (B) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 7-31-17 was $91,669,255. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $61,530,870. | |
| (C) | 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 $92,558,692 or 56.4% of the fund’s net assets as of 7-31-17. | |
| (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) | Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income. | |
| (G) | Variable rate obligation. The coupon rate shown represents the rate at period end. | |
| (H) | Term loans are variable rate obligations. The coupon rate shown represents the rate at period end. | |
| (I) | Non-income producing security. | |
| (J) | Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis. | |
| * | Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end. | |
| † | At 7-31-17, the aggregate cost of investment securities for federal income tax purposes was $241,285,176. Net unrealized appreciation aggregated to $5,909,226, of which $11,334,435 related to appreciated investment securities and $5,425,209 related to depreciated investment securities. | |
The fund had the following country composition as a percentage of total investments on 7-31-17:
| United States | 70.7% |
| Mexico | 5.1% |
| Brazil | 4.1% |
| Canada | 3.1% |
| Luxembourg | 2.9% |
| France | 2.0% |
| Netherlands | 1.6% |
| Ireland | 1.3% |
| United Kingdom | 1.2% |
| Argentina | 1.0% |
| Other countries | 7.0% |
| TOTAL | 100.0% |
| SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK INVESTORS TRUST 10 |
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. 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 July 31, 2017, all investments are categorized as Level 2 under the hierarchy described above, except for common stocks and preferred securities, 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.
For additional information on the fund's significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.
More information
| How to contact us | ||
| Internet | www.jhinvestments.com | |
| 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 |
| P5Q3 | 07/17 | |
| This report is for the information of the shareholders of John Hancock Investors Trust. | 9/17 |
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 3. EXHIBITS.
Separate certifications for the registrant’s principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock Investors Trust
| By: | /s/ Andrew G. Arnott | |
| Andrew G. Arnott | ||
| President |
| Date: | September 13, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Andrew G. Arnott | |
| Andrew G. Arnott | ||
| President |
| Date: | September 13, 2017 |
| By: | /s/ Charles A. Rizzo | |
| Charles A. Rizzo | ||
| Chief Financial Officer | ||
| Date: | September 13, 2017 |