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1 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 2 |
3 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 4 |
COUNTRY COMPOSITION AS OF 10/31/2024 (% of total investments) | |
United States | 82.0 |
Canada | 5.0 |
United Kingdom | 3.3 |
Cayman Islands | 1.9 |
France | 1.8 |
Netherlands | 1.2 |
Luxembourg | 1.0 |
Japan | 1.0 |
Other countries | 2.8 |
TOTAL | 100.0 |
5 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 6 |
Average annual total returns (%) | Cumulative total returns (%) | ||||
1-Year | 5-Year | 10-Year | 5-year | 10-Year | |
At Net asset value | 18.60 | 3.71 | 5.34 | 19.97 | 68.18 |
At Market price | 27.74 | 4.09 | 5.07 | 22.17 | 63.90 |
Bloomberg U.S. Government/Credit Index | 10.23 | -0.13 | 1.65 | -0.64 | 17.79 |
7 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 8 |
Rate (%) | Maturity date | Par value^ | Value | ||
U.S. Government and Agency obligations 15.5% (9.3% of Total investments) | $20,197,956 | ||||
(Cost $20,153,636) | |||||
U.S. Government 7.5% | 9,731,830 | ||||
U.S. Treasury | |||||
Note (A)(B) | 0.250 | 06-30-25 | 10,000,000 | 9,731,830 | |
U.S. Government Agency 8.0% | 10,466,126 | ||||
Federal Home Loan Mortgage Corp. | |||||
30 Yr Pass Thru (B) | 5.000 | 04-01-53 | 291,442 | 284,814 | |
30 Yr Pass Thru | 5.000 | 04-01-53 | 976,616 | 953,474 | |
30 Yr Pass Thru | 5.000 | 08-01-53 | 508,855 | 498,865 | |
30 Yr Pass Thru (B) | 5.500 | 06-01-53 | 313,177 | 312,965 | |
30 Yr Pass Thru (B) | 5.500 | 06-01-53 | 328,611 | 328,388 | |
30 Yr Pass Thru (B) | 5.500 | 07-01-53 | 318,814 | 318,179 | |
30 Yr Pass Thru (B) | 6.000 | 05-01-53 | 852,206 | 867,065 | |
30 Yr Pass Thru (B) | 6.000 | 07-01-53 | 297,853 | 301,906 | |
30 Yr Pass Thru (B) | 6.000 | 07-01-53 | 848,744 | 860,360 | |
30 Yr Pass Thru (B) | 6.000 | 08-01-53 | 881,394 | 893,180 | |
30 Yr Pass Thru (B) | 6.000 | 09-01-53 | 301,327 | 306,016 | |
Federal National Mortgage Association | |||||
30 Yr Pass Thru (B) | 4.500 | 07-01-52 | 304,593 | 289,809 | |
30 Yr Pass Thru (B) | 4.500 | 10-01-52 | 542,752 | 516,917 | |
30 Yr Pass Thru | 5.000 | 09-01-52 | 1,017,689 | 996,118 | |
30 Yr Pass Thru (B) | 5.000 | 10-01-52 | 1,040,402 | 1,013,148 | |
30 Yr Pass Thru (B) | 5.500 | 04-01-53 | 304,870 | 304,664 | |
30 Yr Pass Thru (B) | 5.500 | 07-01-53 | 284,040 | 282,996 | |
30 Yr Pass Thru | 6.000 | 07-01-53 | 819,473 | 834,785 | |
30 Yr Pass Thru (B) | 6.000 | 09-01-53 | 297,349 | 302,477 | |
Corporate bonds 123.9% (74.2% of Total investments) | $161,250,196 | ||||
(Cost $161,782,751) | |||||
Communication services 15.2% | 19,749,746 | ||||
Diversified telecommunication services 2.6% | |||||
Frontier Florida LLC (B) | 6.860 | 02-01-28 | 700,000 | 726,684 | |
GCI LLC (B)(C) | 4.750 | 10-15-28 | 820,000 | 773,892 | |
Level 3 Financing, Inc. (C) | 4.625 | 09-15-27 | 428,000 | 388,410 | |
Level 3 Financing, Inc. (B)(C) | 11.000 | 11-15-29 | 866,000 | 977,205 | |
Sable International Finance, Ltd. (C) | 7.125 | 10-15-32 | 393,000 | 394,965 | |
Windstream Services LLC (B)(C) | 8.250 | 10-01-31 | 128,000 | 129,600 | |
Entertainment 1.1% | |||||
AMC Entertainment Holdings, Inc. (A)(B)(C) | 7.500 | 02-15-29 | 600,000 | 517,625 | |
Cinemark USA, Inc. (B)(C) | 7.000 | 08-01-32 | 126,000 | 129,156 | |
Playtika Holding Corp. (B)(C) | 4.250 | 03-15-29 | 830,000 | 748,770 |
9 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
Communication services (continued) | |||||
Interactive media and services 1.1% | |||||
Arches Buyer, Inc. (C) | 6.125 | 12-01-28 | 310,000 | $272,840 | |
Cars.com, Inc. (B)(C) | 6.375 | 11-01-28 | 414,000 | 412,721 | |
Match Group Holdings II LLC (A)(B)(C) | 5.625 | 02-15-29 | 750,000 | 739,994 | |
Media 9.3% | |||||
Altice Financing SA (C) | 5.750 | 08-15-29 | 400,000 | 328,050 | |
Altice Financing SA (A)(B)(C) | 9.625 | 07-15-27 | 500,000 | 486,670 | |
Altice France Holding SA (C) | 10.500 | 05-15-27 | 600,000 | 182,417 | |
Altice France SA (A)(B)(C) | 5.500 | 10-15-29 | 625,000 | 467,962 | |
Altice France SA (C) | 8.125 | 02-01-27 | 356,000 | 294,869 | |
CCO Holdings LLC (B)(C) | 5.125 | 05-01-27 | 1,000,000 | 979,163 | |
CCO Holdings LLC (B)(C) | 6.375 | 09-01-29 | 1,728,000 | 1,710,933 | |
CCO Holdings LLC (B)(C) | 7.375 | 03-01-31 | 685,000 | 696,612 | |
CSC Holdings LLC (A)(B)(C) | 5.500 | 04-15-27 | 575,000 | 511,765 | |
CSC Holdings LLC (C) | 11.750 | 01-31-29 | 308,000 | 300,466 | |
DISH Network Corp. (C) | 11.750 | 11-15-27 | 890,000 | 936,831 | |
iHeartCommunications, Inc. | 8.375 | 05-01-27 | 843,000 | 437,079 | |
LCPR Senior Secured Financing DAC (C) | 6.750 | 10-15-27 | 945,000 | 885,767 | |
Paramount Global | 2.900 | 01-15-27 | 1,210,000 | 1,150,060 | |
Paramount Global (6.375% to 3-30-27, then 5 Year CMT + 3.999% to 3-30-32, then 5 Year CMT + 4.249% to 3-30-47, then 5 Year CMT + 4.999%) | 6.375 | 03-30-62 | 258,000 | 238,858 | |
Sabre GLBL, Inc. (B)(C) | 8.625 | 06-01-27 | 772,000 | 745,181 | |
Stagwell Global LLC (B)(C) | 5.625 | 08-15-29 | 771,000 | 733,159 | |
Townsquare Media, Inc. (B)(C) | 6.875 | 02-01-26 | 970,000 | 966,362 | |
Wireless telecommunication services 1.1% | |||||
SoftBank Group Corp. | 5.125 | 09-19-27 | 1,500,000 | 1,485,680 | |
Consumer discretionary 19.6% | 25,546,705 | ||||
Automobile components 1.4% | |||||
The Goodyear Tire & Rubber Company (A)(B) | 5.000 | 07-15-29 | 289,000 | 261,660 | |
The Goodyear Tire & Rubber Company (A)(B) | 5.250 | 04-30-31 | 505,000 | 443,567 | |
ZF North America Capital, Inc. (C) | 6.750 | 04-23-30 | 554,000 | 546,097 | |
ZF North America Capital, Inc. (C) | 6.875 | 04-14-28 | 586,000 | 591,065 | |
Automobiles 2.3% | |||||
Ford Motor Credit Company LLC | 6.950 | 03-06-26 | 1,000,000 | 1,019,667 | |
Ford Motor Credit Company LLC | 7.350 | 03-06-30 | 407,000 | 431,733 | |
General Motors Company (B) | 6.750 | 04-01-46 | 1,500,000 | 1,599,727 | |
Broadline retail 3.5% | |||||
Liberty Interactive LLC | 8.250 | 02-01-30 | 1,239,000 | 634,758 | |
Macy’s Retail Holdings LLC (A)(B)(C) | 5.875 | 03-15-30 | 700,000 | 677,006 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 10 |
Rate (%) | Maturity date | Par value^ | Value | ||
Consumer discretionary (continued) | |||||
Broadline retail (continued) | |||||
Nordstrom, Inc. | 4.250 | 08-01-31 | 500,000 | $439,914 | |
Nordstrom, Inc. | 5.000 | 01-15-44 | 900,000 | 677,170 | |
QVC, Inc. (B) | 5.950 | 03-15-43 | 1,000,000 | 611,107 | |
QVC, Inc. (B)(C) | 6.875 | 04-15-29 | 528,000 | 454,838 | |
Rakuten Group, Inc. (C) | 11.250 | 02-15-27 | 580,000 | 630,750 | |
Wand NewCo 3, Inc. (B)(C) | 7.625 | 01-30-32 | 428,000 | 442,384 | |
Diversified consumer services 0.6% | |||||
Sotheby’s (B)(C) | 7.375 | 10-15-27 | 750,000 | 729,916 | |
Hotels, restaurants and leisure 9.1% | |||||
Affinity Interactive (B)(C) | 6.875 | 12-15-27 | 753,000 | 616,636 | |
Allwyn Entertainment Financing UK PLC (C) | 7.875 | 04-30-29 | 767,000 | 794,489 | |
Caesars Entertainment, Inc. (C) | 7.000 | 02-15-30 | 1,459,000 | 1,495,551 | |
Carnival Corp. (B)(C) | 6.000 | 05-01-29 | 673,000 | 674,101 | |
Carnival Corp. (A)(B)(C) | 7.000 | 08-15-29 | 161,000 | 168,378 | |
Carnival Corp. (B)(C) | 10.500 | 06-01-30 | 200,000 | 215,784 | |
Carnival Holdings Bermuda, Ltd. (B)(C) | 10.375 | 05-01-28 | 715,000 | 767,562 | |
CCM Merger, Inc. (B)(C) | 6.375 | 05-01-26 | 1,000,000 | 996,776 | |
CEC Entertainment LLC (B)(C) | 6.750 | 05-01-26 | 830,000 | 825,122 | |
Choice Hotels International, Inc. (B) | 5.850 | 08-01-34 | 1,101,000 | 1,107,306 | |
Full House Resorts, Inc. (C) | 8.250 | 02-15-28 | 546,000 | 545,010 | |
Hilton Grand Vacations Borrower Escrow LLC (C) | 6.625 | 01-15-32 | 449,000 | 449,110 | |
International Game Technology PLC (C) | 6.250 | 01-15-27 | 1,169,000 | 1,180,591 | |
Jacobs Entertainment, Inc. (B)(C) | 6.750 | 02-15-29 | 255,000 | 250,985 | |
Mohegan Tribal Gaming Authority (B)(C) | 8.000 | 02-01-26 | 725,000 | 720,123 | |
Resorts World Las Vegas LLC (C) | 8.450 | 07-27-30 | 400,000 | 412,497 | |
Royal Caribbean Cruises, Ltd. (C) | 5.625 | 09-30-31 | 290,000 | 288,815 | |
Royal Caribbean Cruises, Ltd. (A)(B)(C) | 6.250 | 03-15-32 | 133,000 | 135,596 | |
Wyndham Hotels & Resorts, Inc. (C) | 4.375 | 08-15-28 | 180,000 | 171,319 | |
Household durables 1.1% | |||||
KB Home | 7.250 | 07-15-30 | 225,000 | 233,071 | |
Newell Brands, Inc. (A)(B) | 6.375 | 09-15-27 | 1,242,000 | 1,255,211 | |
Specialty retail 1.6% | |||||
Amer Sports Company (B)(C) | 6.750 | 02-16-31 | 681,000 | 691,822 | |
Asbury Automotive Group, Inc. (B)(C) | 4.625 | 11-15-29 | 160,000 | 149,811 | |
Asbury Automotive Group, Inc. (B)(C) | 5.000 | 02-15-32 | 450,000 | 414,543 | |
Champions Financing, Inc. (B)(C) | 8.750 | 02-15-29 | 263,000 | 265,508 | |
Group 1 Automotive, Inc. (C) | 6.375 | 01-15-30 | 355,000 | 356,592 | |
Wayfair LLC (B)(C) | 7.250 | 10-31-29 | 171,000 | 173,037 |
11 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
Consumer staples 2.9% | $3,834,221 | ||||
Consumer staples distribution and retail 1.2% | |||||
Performance Food Group, Inc. (B)(C) | 6.125 | 09-15-32 | 298,000 | 299,247 | |
US Foods, Inc. (C) | 5.750 | 04-15-33 | 362,000 | 356,491 | |
Walgreens Boots Alliance, Inc. (A)(B) | 8.125 | 08-15-29 | 867,000 | 861,730 | |
Food products 1.0% | |||||
Darling Ingredients, Inc. (C) | 6.000 | 06-15-30 | 60,000 | 59,587 | |
JBS USA LUX SA (B) | 5.750 | 04-01-33 | 610,000 | 616,114 | |
Post Holdings, Inc. (B)(C) | 5.625 | 01-15-28 | 192,000 | 193,568 | |
Post Holdings, Inc. (B)(C) | 6.375 | 03-01-33 | 517,000 | 511,487 | |
Personal care products 0.7% | |||||
Edgewell Personal Care Company (C) | 5.500 | 06-01-28 | 950,000 | 935,997 | |
Energy 16.4% | 21,277,322 | ||||
Energy equipment and services 1.0% | |||||
Archrock Partners LP (B)(C) | 6.625 | 09-01-32 | 670,000 | 673,029 | |
USA Compression Partners LP (B) | 6.875 | 09-01-27 | 543,000 | 545,586 | |
Oil, gas and consumable fuels 15.4% | |||||
Antero Midstream Partners LP (C) | 5.375 | 06-15-29 | 425,000 | 413,932 | |
Antero Resources Corp. (C) | 7.625 | 02-01-29 | 310,000 | 317,916 | |
Bapco Energies BSCC (C) | 7.500 | 10-25-27 | 1,155,000 | 1,189,641 | |
Blue Racer Midstream LLC (B)(C) | 7.000 | 07-15-29 | 334,000 | 342,638 | |
Buckeye Partners LP (B)(C) | 6.875 | 07-01-29 | 518,000 | 526,517 | |
Cenovus Energy, Inc. (B) | 6.750 | 11-15-39 | 115,000 | 125,372 | |
Cheniere Energy Partners LP (B) | 3.250 | 01-31-32 | 325,000 | 282,808 | |
Delek Logistics Partners LP (B)(C) | 7.125 | 06-01-28 | 435,000 | 430,930 | |
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 | 849,024 | |
Enbridge, Inc. (8.500% to 1-15-34, then 5 Year CMT + 4.431% to 1-15-54, then 5 Year CMT + 5.181%) | 8.500 | 01-15-84 | 1,369,000 | 1,521,015 | |
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (A)(B)(D) | 7.125 | 05-15-30 | 1,285,000 | 1,306,215 | |
EnLink Midstream LLC | 5.650 | 09-01-34 | 351,000 | 352,463 | |
EnLink Midstream Partners LP | 4.150 | 06-01-25 | 500,000 | 497,037 | |
EQM Midstream Partners LP (C) | 7.500 | 06-01-30 | 700,000 | 752,789 | |
Expand Energy Corp. (B) | 8.375 | 09-15-28 | 1,570,000 | 1,615,093 | |
Genesis Energy LP (B) | 8.250 | 01-15-29 | 801,000 | 818,065 | |
Hess Midstream Operations LP (C) | 6.500 | 06-01-29 | 172,000 | 174,854 | |
Howard Midstream Energy Partners LLC (B)(C) | 7.375 | 07-15-32 | 104,000 | 106,104 | |
Howard Midstream Energy Partners LLC (B)(C) | 8.875 | 07-15-28 | 511,000 | 539,138 | |
Kinetik Holdings LP (C) | 6.625 | 12-15-28 | 214,000 | 218,569 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 12 |
Rate (%) | Maturity date | Par value^ | Value | ||
Energy (continued) | |||||
Oil, gas and consumable fuels (continued) | |||||
MEG Energy Corp. (B)(C) | 5.875 | 02-01-29 | 237,000 | $232,352 | |
NuStar Logistics LP | 6.000 | 06-01-26 | 659,000 | 659,517 | |
Occidental Petroleum Corp. | 5.500 | 12-01-25 | 450,000 | 450,887 | |
Occidental Petroleum Corp. | 6.625 | 09-01-30 | 340,000 | 357,514 | |
Petroleos Mexicanos | 6.700 | 02-16-32 | 632,000 | 562,001 | |
Sitio Royalties Operating Partnership LP (B)(C) | 7.875 | 11-01-28 | 258,000 | 267,827 | |
Sunoco LP | 4.500 | 04-30-30 | 374,000 | 350,990 | |
Sunoco LP | 6.000 | 04-15-27 | 436,000 | 436,457 | |
Venture Global Calcasieu Pass LLC (C) | 6.250 | 01-15-30 | 520,000 | 531,522 | |
Venture Global LNG, Inc. (B)(C) | 7.000 | 01-15-30 | 612,000 | 615,778 | |
Venture Global LNG, Inc. (9.000% to 9-30-29, then 5 Year CMT + 5.440%) (B)(C)(D) | 9.000 | 09-30-29 | 955,000 | 954,928 | |
Venture Global LNG, Inc. (B)(C) | 9.500 | 02-01-29 | 1,457,000 | 1,610,429 | |
Viper Energy, Inc. (C) | 7.375 | 11-01-31 | 624,000 | 648,385 | |
Financials 32.0% | 41,658,953 | ||||
Banks 15.3% | |||||
Bank of America Corp. (6.100% to 3-17-25, then 3 month CME Term SOFR + 4.160%) (B)(D) | 6.100 | 03-17-25 | 2,760,000 | 2,756,410 | |
Bank of Montreal (7.700% to 5-26-29, then 5 Year CMT + 3.452%) (B) | 7.700 | 05-26-84 | 156,000 | 163,151 | |
Barclays PLC (8.000% to 9-15-29, then 5 Year CMT + 5.431%) (D) | 8.000 | 03-15-29 | 2,200,000 | 2,273,938 | |
BNP Paribas SA (8.000% to 8-22-31, then 5 Year CMT + 3.727%) (C)(D) | 8.000 | 08-22-31 | 692,000 | 719,608 | |
BNP Paribas SA (9.250% to 11-17-27, then 5 Year CMT + 4.969%) (C)(D) | 9.250 | 11-17-27 | 600,000 | 647,108 | |
Citizens Financial Group, Inc. (5.650% to 10-6-25, then 5 Year CMT + 5.313%) (D) | 5.650 | 10-06-25 | 1,000,000 | 991,014 | |
Citizens Financial Group, Inc. (5.718% to 7-23-31, then Overnight SOFR + 1.910%) (B) | 5.718 | 07-23-32 | 727,000 | 733,884 | |
Comerica, Inc. (5.982% to 1-30-29, then Overnight SOFR + 2.155%) (B) | 5.982 | 01-30-30 | 648,000 | 656,508 | |
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (B)(C)(D) | 8.125 | 12-23-25 | 1,495,000 | 1,533,646 | |
HSBC Holdings PLC (6.875% to 3-11-30, then 5 Year CMT + 3.298%) (A)(B)(D) | 6.875 | 09-11-29 | 1,111,000 | 1,115,708 | |
ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (A)(B)(D) | 6.500 | 04-16-25 | 1,135,000 | 1,135,657 |
13 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
Financials (continued) | |||||
Banks (continued) | |||||
JPMorgan Chase & Co. (4.080% to 4-26-25, then Overnight SOFR + 1.320%) (B) | 4.080 | 04-26-26 | 1,000,000 | $995,031 | |
Manufacturers & Traders Trust Company (B) | 4.650 | 01-27-26 | 1,000,000 | 996,034 | |
Popular, Inc. | 7.250 | 03-13-28 | 770,000 | 797,707 | |
The Toronto-Dominion Bank (7.250% to 7-31-29, then 5 Year CMT + 2.977%) (B) | 7.250 | 07-31-84 | 754,000 | 771,690 | |
The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%) (B) | 8.125 | 10-31-82 | 1,600,000 | 1,685,848 | |
Truist Financial Corp. (5.711% to 1-24-34, then Overnight SOFR + 1.922%) (B) | 5.711 | 01-24-35 | 413,000 | 420,479 | |
Wells Fargo & Company (5.875% to 6-15-25, then 9.865% thereafter) (A)(B)(D) | 5.875 | 06-15-25 | 1,565,000 | 1,561,338 | |
Capital markets 0.6% | |||||
Boost Newco Borrower LLC (C) | 7.500 | 01-15-31 | 419,000 | 441,718 | |
Focus Financial Partners LLC (B)(C) | 6.750 | 09-15-31 | 369,000 | 366,581 | |
Consumer finance 3.2% | |||||
Ally Financial, Inc. (B) | 5.800 | 05-01-25 | 2,000,000 | 2,005,464 | |
OneMain Finance Corp. | 7.875 | 03-15-30 | 860,000 | 895,300 | |
OneMain Finance Corp. | 9.000 | 01-15-29 | 444,000 | 470,417 | |
PHH Escrow Issuer LLC (C) | 9.875 | 11-01-29 | 241,000 | 236,180 | |
World Acceptance Corp. (C) | 7.000 | 11-01-26 | 572,000 | 566,197 | |
Financial services 3.9% | |||||
Block, Inc. | 3.500 | 06-01-31 | 1,075,000 | 952,937 | |
Enact Holdings, Inc. (B) | 6.250 | 05-28-29 | 1,068,000 | 1,088,677 | |
Macquarie Airfinance Holdings, Ltd. (C) | 5.150 | 03-17-30 | 276,000 | 270,144 | |
Macquarie Airfinance Holdings, Ltd. (C) | 6.400 | 03-26-29 | 88,000 | 90,684 | |
Macquarie Airfinance Holdings, Ltd. (C) | 6.500 | 03-26-31 | 95,000 | 98,690 | |
Macquarie Airfinance Holdings, Ltd. (C) | 8.125 | 03-30-29 | 353,000 | 373,416 | |
Macquarie Airfinance Holdings, Ltd. (C) | 8.375 | 05-01-28 | 379,000 | 398,370 | |
Nationstar Mortgage Holdings, Inc. (B)(C) | 6.000 | 01-15-27 | 600,000 | 597,827 | |
Nationstar Mortgage Holdings, Inc. (B)(C) | 6.500 | 08-01-29 | 507,000 | 506,980 | |
NMI Holdings, Inc. (B) | 6.000 | 08-15-29 | 649,000 | 655,414 | |
Insurance 9.0% | |||||
Acrisure LLC (B)(C) | 7.500 | 11-06-30 | 773,000 | 786,015 | |
Acrisure LLC (C) | 8.500 | 06-15-29 | 361,000 | 370,952 | |
Alliant Holdings Intermediate LLC (B)(C) | 6.750 | 04-15-28 | 766,000 | 769,608 | |
Alliant Holdings Intermediate LLC (B)(C) | 7.000 | 01-15-31 | 581,000 | 584,912 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 14 |
Rate (%) | Maturity date | Par value^ | Value | ||
Financials (continued) | |||||
Insurance (continued) | |||||
Alliant Holdings Intermediate LLC (C) | 7.375 | 10-01-32 | 492,000 | $487,730 | |
American National Group, Inc. (B) | 5.750 | 10-01-29 | 538,000 | 539,359 | |
AmWINS Group, Inc. (B)(C) | 6.375 | 02-15-29 | 402,000 | 403,984 | |
Athene Holding, Ltd. (B) | 6.650 | 02-01-33 | 1,020,000 | 1,097,512 | |
Baldwin Insurance Group Holdings LLC (B)(C) | 7.125 | 05-15-31 | 315,000 | 321,272 | |
F&G Annuities & Life, Inc. (B) | 6.250 | 10-04-34 | 923,000 | 894,918 | |
Global Atlantic Financial Company (7.950% to 10-15-29, then 5 Year CMT + 3.608%) (C) | 7.950 | 10-15-54 | 235,000 | 243,834 | |
Howden UK Refinance PLC (B)(C) | 7.250 | 02-15-31 | 706,000 | 718,666 | |
HUB International, Ltd. (B)(C) | 7.250 | 06-15-30 | 734,000 | 758,532 | |
HUB International, Ltd. (C) | 7.375 | 01-31-32 | 321,000 | 327,452 | |
Panther Escrow Issuer LLC (B)(C) | 7.125 | 06-01-31 | 755,000 | 773,030 | |
Prudential Financial, Inc. (3.700% to 10-1-30, then 5 Year CMT + 3.035%) (B) | 3.700 | 10-01-50 | 2,100,000 | 1,905,081 | |
Ryan Specialty LLC (B)(C) | 5.875 | 08-01-32 | 183,000 | 182,389 | |
SBL Holdings, Inc. (B)(C) | 5.000 | 02-18-31 | 587,000 | 523,952 | |
Health care 5.0% | 6,538,574 | ||||
Health care equipment and supplies 0.6% | |||||
Varex Imaging Corp. (B)(C) | 7.875 | 10-15-27 | 715,000 | 726,686 | |
Health care providers and services 3.7% | |||||
AdaptHealth LLC (B)(C) | 4.625 | 08-01-29 | 450,000 | 409,247 | |
AMN Healthcare, Inc. (A)(B)(C) | 4.000 | 04-15-29 | 529,000 | 487,525 | |
Concentra Escrow Issuer Corp. (B)(C) | 6.875 | 07-15-32 | 169,000 | 173,424 | |
Encompass Health Corp. (B) | 4.750 | 02-01-30 | 600,000 | 577,087 | |
HCA, Inc. (B) | 5.500 | 06-15-47 | 1,760,000 | 1,666,282 | |
Raven Acquisition Holdings LLC (C) | 6.875 | 11-15-31 | 359,000 | 358,043 | |
Tenet Healthcare Corp. (B) | 5.125 | 11-01-27 | 567,000 | 562,209 | |
Tenet Healthcare Corp. (A)(B) | 6.125 | 10-01-28 | 600,000 | 599,429 | |
Pharmaceuticals 0.7% | |||||
Bausch Health Companies, Inc. (A)(B)(C) | 9.000 | 01-30-28 | 86,000 | 85,842 | |
Endo Finance Holdings, Inc. (B)(C) | 8.500 | 04-15-31 | 835,000 | 892,800 | |
Industrials 13.2% | 17,150,817 | ||||
Aerospace and defense 1.9% | |||||
Bombardier, Inc. (B)(C) | 7.875 | 04-15-27 | 673,000 | 674,327 | |
TransDigm, Inc. (C) | 6.375 | 03-01-29 | 654,000 | 663,836 | |
TransDigm, Inc. (C) | 6.750 | 08-15-28 | 713,000 | 728,302 | |
TransDigm, Inc. (C) | 7.125 | 12-01-31 | 350,000 | 362,171 | |
Building products 0.8% | |||||
JELD-WEN, Inc. (B)(C) | 7.000 | 09-01-32 | 749,000 | 742,293 |
15 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
Industrials (continued) | |||||
Building products (continued) | |||||
Miter Brands Acquisition Holdco, Inc. (B)(C) | 6.750 | 04-01-32 | 258,000 | $262,450 | |
Commercial services and supplies 2.2% | |||||
Belron UK Finance PLC (C) | 5.750 | 10-15-29 | 200,000 | 200,402 | |
Clean Harbors, Inc. (C) | 6.375 | 02-01-31 | 459,000 | 462,451 | |
Garda World Security Corp. (C) | 8.250 | 08-01-32 | 338,000 | 336,249 | |
Garda World Security Corp. (A)(B)(C) | 8.375 | 11-15-32 | 243,000 | 242,980 | |
GFL Environmental, Inc. (C) | 6.750 | 01-15-31 | 368,000 | 378,899 | |
The Brink’s Company (C) | 6.500 | 06-15-29 | 156,000 | 159,127 | |
VT Topco, Inc. (B)(C) | 8.500 | 08-15-30 | 711,000 | 748,289 | |
Wrangler Holdco Corp. (B)(C) | 6.625 | 04-01-32 | 313,000 | 319,471 | |
Construction and engineering 1.6% | |||||
AECOM | 5.125 | 03-15-27 | 900,000 | 895,184 | |
Global Infrastructure Solutions, Inc. (B)(C) | 5.625 | 06-01-29 | 550,000 | 536,286 | |
MasTec, Inc. (B) | 5.900 | 06-15-29 | 296,000 | 302,549 | |
Williams Scotsman, Inc. (B)(C) | 6.625 | 06-15-29 | 309,000 | 313,689 | |
Electrical equipment 0.9% | |||||
EMRLD Borrower LP (B)(C) | 6.625 | 12-15-30 | 520,000 | 528,852 | |
EMRLD Borrower LP (B)(C) | 6.750 | 07-15-31 | 650,000 | 664,490 | |
Ground transportation 0.2% | |||||
Watco Companies LLC (C) | 7.125 | 08-01-32 | 238,000 | 245,389 | |
Machinery 0.2% | |||||
Esab Corp. (C) | 6.250 | 04-15-29 | 192,000 | 195,381 | |
Stanley Black & Decker, Inc. (4.000% to 3-15-25, then 5 Year CMT + 2.657%) | 4.000 | 03-15-60 | 125,000 | 122,255 | |
Passenger airlines 1.8% | |||||
Air Canada 2020-1 Class C Pass Through Trust (C) | 10.500 | 07-15-26 | 625,000 | 667,188 | |
American Airlines 2013-1 Class A Pass Through Trust (B) | 4.000 | 01-15-27 | 294,913 | 290,428 | |
American Airlines 2016-3 Class B Pass Through Trust | 3.750 | 04-15-27 | 266,921 | 262,122 | |
JetBlue Airways Corp. (B)(C) | 9.875 | 09-20-31 | 149,000 | 154,836 | |
United Airlines 2020-1 Class A Pass Through Trust (B) | 5.875 | 10-15-27 | 222,917 | 227,918 | |
United Airlines 2020-1 Class B Pass Through Trust (B) | 4.875 | 07-15-27 | 800,400 | 793,307 | |
Professional services 1.5% | |||||
Amentum Holdings, Inc. (B)(C) | 7.250 | 08-01-32 | 152,000 | 157,437 | |
Concentrix Corp. (B) | 6.850 | 08-02-33 | 432,000 | 435,169 | |
SS&C Technologies, Inc. (B)(C) | 6.500 | 06-01-32 | 729,000 | 742,071 | |
TriNet Group, Inc. (C) | 7.125 | 08-15-31 | 648,000 | 663,630 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 16 |
Rate (%) | Maturity date | Par value^ | Value | ||
Industrials (continued) | |||||
Trading companies and distributors 2.1% | |||||
Beacon Roofing Supply, Inc. (C) | 6.500 | 08-01-30 | 400,000 | $406,589 | |
Herc Holdings, Inc. (C) | 6.625 | 06-15-29 | 392,000 | 401,081 | |
United Rentals North America, Inc. | 4.000 | 07-15-30 | 581,000 | 536,554 | |
WESCO Distribution, Inc. (C) | 6.375 | 03-15-29 | 764,000 | 779,576 | |
WESCO Distribution, Inc. (C) | 7.250 | 06-15-28 | 535,000 | 547,589 | |
Information technology 4.5% | 5,807,897 | ||||
Communications equipment 0.2% | |||||
CommScope LLC (C) | 6.000 | 03-01-26 | 229,000 | 223,552 | |
Electronic equipment, instruments and components 0.3% | |||||
Insight Enterprises, Inc. (C) | 6.625 | 05-15-32 | 208,000 | 212,642 | |
Zebra Technologies Corp. (C) | 6.500 | 06-01-32 | 136,000 | 139,144 | |
IT services 0.5% | |||||
Virtusa Corp. (C) | 7.125 | 12-15-28 | 639,000 | 619,637 | |
Software 2.0% | |||||
Consensus Cloud Solutions, Inc. (B)(C) | 6.000 | 10-15-26 | 405,000 | 400,581 | |
Consensus Cloud Solutions, Inc. (B)(C) | 6.500 | 10-15-28 | 600,000 | 594,257 | |
NCR Voyix Corp. (B)(C) | 5.125 | 04-15-29 | 44,000 | 42,050 | |
NCR Voyix Corp. (B)(C) | 5.250 | 10-01-30 | 535,000 | 520,412 | |
Open Text Corp. (C) | 6.900 | 12-01-27 | 616,000 | 640,429 | |
UKG, Inc. (B)(C) | 6.875 | 02-01-31 | 375,000 | 384,192 | |
Technology hardware, storage and peripherals 1.5% | |||||
Dell International LLC (B) | 8.350 | 07-15-46 | 319,000 | 417,005 | |
Seagate HDD Cayman | 5.750 | 12-01-34 | 939,000 | 925,618 | |
Seagate HDD Cayman | 8.250 | 12-15-29 | 168,000 | 180,760 | |
Xerox Holdings Corp. (B)(C) | 5.500 | 08-15-28 | 619,000 | 507,618 | |
Materials 7.7% | 10,079,220 | ||||
Chemicals 1.1% | |||||
Ashland, Inc. | 6.875 | 05-15-43 | 845,000 | 896,749 | |
Braskem Idesa SAPI (A)(B)(C) | 6.990 | 02-20-32 | 340,000 | 252,501 | |
SCIL IV LLC (B)(C) | 5.375 | 11-01-26 | 310,000 | 306,209 | |
Containers and packaging 5.2% | |||||
Ardagh Metal Packaging Finance USA LLC (B)(C) | 6.000 | 06-15-27 | 658,000 | 656,137 | |
Ardagh Packaging Finance PLC (A)(B)(C) | 4.125 | 08-15-26 | 450,000 | 391,500 | |
Ball Corp. | 6.000 | 06-15-29 | 322,000 | 327,040 | |
Ball Corp. | 6.875 | 03-15-28 | 581,000 | 597,215 | |
Clydesdale Acquisition Holdings, Inc. (B)(C) | 6.875 | 01-15-30 | 780,000 | 791,361 | |
Clydesdale Acquisition Holdings, Inc. (A)(B)(C) | 8.750 | 04-15-30 | 500,000 | 507,750 | |
OI European Group BV (C) | 6.250 | 05-15-28 | EUR | 145,000 | 162,788 |
17 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
Materials (continued) | |||||
Containers and packaging (continued) | |||||
Owens-Brockway Glass Container, Inc. (B)(C) | 7.250 | 05-15-31 | 1,200,000 | $1,180,230 | |
Sealed Air Corp. (C) | 6.125 | 02-01-28 | 430,000 | 434,570 | |
Sealed Air Corp. (C) | 6.875 | 07-15-33 | 487,000 | 515,892 | |
Trivium Packaging Finance BV (B)(C) | 5.500 | 08-15-26 | 900,000 | 892,095 | |
Trivium Packaging Finance BV (C) | 8.500 | 08-15-27 | 364,000 | 362,913 | |
Metals and mining 0.8% | |||||
First Quantum Minerals, Ltd. (C) | 9.375 | 03-01-29 | 420,000 | 446,524 | |
Novelis Corp. (C) | 4.750 | 01-30-30 | 610,000 | 571,486 | |
Paper and forest products 0.6% | |||||
Glatfelter Corp. (B)(C) | 7.250 | 11-15-31 | 793,000 | 786,260 | |
Real estate 3.7% | 4,784,969 | ||||
Health care REITs 0.9% | |||||
Diversified Healthcare Trust (C)(E) | 6.939 | 01-15-26 | 736,000 | 677,934 | |
Diversified Healthcare Trust | 9.750 | 06-15-25 | 466,000 | 465,461 | |
Real estate management and development 1.1% | |||||
Anywhere Real Estate Group LLC (A)(B)(C) | 7.000 | 04-15-30 | 609,000 | 533,663 | |
Fideicomiso Irrevocable de Emision, Administracion y Fuente de Pago Numero CIB/4323 (11.000% Cash and 2.000% PIK) (C) | 13.000 | 09-12-31 | 200,000 | 208,000 | |
Greystar Real Estate Partners LLC (C) | 7.750 | 09-01-30 | 609,000 | 638,101 | |
Specialized REITs 1.7% | |||||
GLP Capital LP | 5.375 | 04-15-26 | 1,315,000 | 1,315,727 | |
Outfront Media Capital LLC (C) | 7.375 | 02-15-31 | 209,000 | 220,703 | |
Uniti Group LP (B)(C) | 10.500 | 02-15-28 | 681,000 | 725,380 | |
Utilities 3.7% | 4,821,772 | ||||
Electric utilities 1.4% | |||||
Alexander Funding Trust II (B)(C) | 7.467 | 07-31-28 | 721,000 | 763,663 | |
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (B)(C)(D) | 10.250 | 03-15-28 | 507,000 | 559,524 | |
PG&E Corp. (7.375% to 3-15-30, then 5 Year CMT + 3.883%) (B) | 7.375 | 03-15-55 | 427,000 | 441,056 | |
Independent power and renewable electricity producers 2.3% | |||||
Alpha Generation LLC (B)(C) | 6.750 | 10-15-32 | 305,000 | 309,285 | |
Lightning Power LLC (C) | 7.250 | 08-15-32 | 523,000 | 544,098 | |
Talen Energy Supply LLC (C) | 8.625 | 06-01-30 | 710,000 | 765,898 | |
Vistra Corp. (8.875% to 1-15-29, then 5 Year CMT + 5.045%) (C)(D) | 8.875 | 01-15-29 | 413,000 | 440,828 | |
Vistra Operations Company LLC (C) | 5.625 | 02-15-27 | 1,000,000 | 997,420 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 18 |
Rate (%) | Maturity date | Par value^ | Value | ||
Term loans (F) 12.6% (7.5% of Total investments) | $16,340,638 | ||||
(Cost $16,452,544) | |||||
Communication services 1.8% | 2,366,430 | ||||
Entertainment 0.5% | |||||
UFC Holdings LLC, 2021 Term Loan B (3 month CME Term SOFR + 2.750%) | 7.637 | 04-29-26 | 659,334 | 659,677 | |
Interactive media and services 0.5% | |||||
Arches Buyer, Inc., 2021 Term Loan B (1 month CME Term SOFR + 3.250%) | 8.035 | 12-06-27 | 689,350 | 659,625 | |
Media 0.8% | |||||
Altice France SA, 2023 USD Term Loan B14 (3 month CME Term SOFR + 5.500%) | 10.147 | 08-15-28 | 354,202 | 282,728 | |
Clear Channel International BV, 2024 CCIBV Fixed Term Loan | 7.500 | 04-01-27 | 780,000 | 764,400 | |
Consumer discretionary 1.5% | 1,912,812 | ||||
Hotels, restaurants and leisure 0.5% | |||||
IRB Holding Corp., 2024 Term Loan B (1 month CME Term SOFR + 2.750%) | 7.535 | 12-15-27 | 644,760 | 644,360 | |
Leisure products 0.7% | |||||
J&J Ventures Gaming LLC, Term Loan (1 month CME Term SOFR + 4.000%) | 8.800 | 04-26-28 | 893,605 | 893,444 | |
Specialty retail 0.3% | |||||
The Michaels Companies, Inc., 2021 Term Loan B (3 month CME Term SOFR + 4.250%) | 9.115 | 04-17-28 | 496,154 | 375,008 | |
Financials 3.1% | 4,071,064 | ||||
Capital markets 1.0% | |||||
Aretec Group, Inc., 2024 Term Loan B (G) | TBD | 08-09-30 | 100,000 | 99,422 | |
Hightower Holding LLC, 2024 Term Loan B (G) | TBD | 04-21-28 | 500,000 | 500,375 | |
Mariner Wealth Advisors LLC, Term Loan B (G) | TBD | 08-18-28 | 776,000 | 776,000 | |
Financial services 1.0% | |||||
CPI Holdco B LLC, 2024 Incremental Term Loan B (G) | TBD | 05-17-31 | 442,000 | 438,963 | |
June Purchaser LLC, Term Loan (G) | TBD | 09-11-31 | 85,714 | 85,714 | |
June Purchaser LLC, Delayed Draw Term Loan (G) | TBD | 09-11-31 | 14,286 | 14,286 | |
Kestra Advisor Services Holdings A, Inc., 2024 Term Loan (G) | TBD | 03-22-31 | 100,000 | 100,250 | |
Osaic Holdings, Inc., 2024 Term Loan (G) | TBD | 08-17-28 | 200,000 | 199,916 | |
Summit Acquisition, Inc., 2024 Term Loan B (3 month CME Term SOFR + 3.750%) | 8.397 | 10-10-31 | 277,000 | 277,346 |
19 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
Financials (continued) | |||||
Financial services (continued) | |||||
The Edelman Financial Engines Center LLC, 2024 Term Loan B (G) | TBD | 04-07-28 | 200,000 | $199,958 | |
Insurance 1.1% | |||||
Acrisure LLC, 2024 Term Loan B1 (1 month CME Term SOFR + 3.000%) | 7.759 | 02-16-27 | 569,009 | 567,495 | |
AmWINS Group, Inc., 2021 Term Loan B (1 month CME Term SOFR + 2.250%) | 7.050 | 02-19-28 | 57,700 | 57,644 | |
OneDigital Borrower LLC, 2024 Term Loan (G) | TBD | 07-02-31 | 100,000 | 99,781 | |
Truist Insurance Holdings LLC, 2nd Lien Term Loan (3 month CME Term SOFR + 4.750%) | 9.354 | 05-06-32 | 646,000 | 653,914 | |
Health care 2.8% | 3,604,012 | ||||
Biotechnology 0.6% | |||||
Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B (3 month CME Term SOFR + 2.000%) | 6.735 | 11-15-27 | 821,070 | 796,824 | |
Health care equipment and supplies 1.1% | |||||
Bausch + Lomb Corp., Term Loan (1 month CME Term SOFR + 3.250%) | 8.095 | 05-10-27 | 893,147 | 892,218 | |
Medline Borrower LP, 2024 USD Add-on Term Loan B (1 month CME Term SOFR + 2.250%) | 6.935 | 10-23-28 | 451,000 | 450,896 | |
Health care providers and services 0.5% | |||||
Mamba Purchaser, Inc., 2024 Term Loan (1 month CME Term SOFR + 3.250%) | 8.036 | 10-16-28 | 665,808 | 664,769 | |
Pharmaceuticals 0.6% | |||||
Bausch Health Americas, Inc., 2022 Term Loan B (1 month CME Term SOFR + 5.250%) | 10.035 | 02-01-27 | 817,854 | 799,305 | |
Industrials 2.7% | 3,452,278 | ||||
Commercial services and supplies 2.0% | |||||
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B (1 month CME Term SOFR + 3.750%) | 8.535 | 05-12-28 | 1,290,534 | 1,287,411 | |
Anticimex Global AB, 2021 USD Term Loan B1 (G) | TBD | 11-16-28 | 500,000 | 500,040 | |
Garda World Security Corp., 2024 Term Loan B (G) | TBD | 02-01-29 | 774,000 | 775,935 | |
Passenger airlines 0.7% | |||||
AAdvantage Loyalty IP, Ltd., 2021 Term Loan (3 month CME Term SOFR + 4.750%) | 9.629 | 04-20-28 | 864,706 | 888,892 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 20 |
Rate (%) | Maturity date | Par value^ | Value | ||
Information technology 0.2% | $229,955 | ||||
Software 0.2% | |||||
Project Boost Purchaser LLC, 2024 2nd Lien Term Loan (3 month CME Term SOFR + 5.250%) | 9.897 | 07-16-32 | 229,000 | 229,955 | |
Materials 0.5% | 704,087 | ||||
Chemicals 0.4% | |||||
Trinseo Materials Operating SCA, 2021 Term Loan B2 (3 month CME Term SOFR + 2.500%) | 7.819 | 05-03-28 | 782,306 | 578,124 | |
Containers and packaging 0.1% | |||||
Graham Packaging Company, Inc., 2024 Term Loan B (1 month CME Term SOFR + 2.500%) | 7.345 | 08-04-27 | 126,026 | 125,963 | |
Collateralized mortgage obligations 0.0% (0.0% of Total investments) | $68,397 | ||||
(Cost $103,663) | |||||
Commercial and residential 0.0% | 62,236 | ||||
HarborView Mortgage Loan Trust | |||||
Series 2007-3, Class ES IO (C) | 0.350 | 05-19-37 | 1,409,981 | 23,418 | |
Series 2007-4, Class ES IO | 0.350 | 07-19-47 | 1,439,591 | 18,937 | |
Series 2007-6, Class ES IO (C) | 0.343 | 08-19-37 | 1,535,252 | 19,881 | |
U.S. Government Agency 0.0% | 6,161 | ||||
Government National Mortgage Association | |||||
Series 2012-114, Class IO | 0.627 | 01-16-53 | 398,487 | 6,161 | |
Asset backed securities 6.3% (3.8% of Total investments) | $8,173,685 | ||||
(Cost $8,012,377) | |||||
Asset backed securities 6.3% | 8,173,685 | ||||
Ares XXXVII CLO, Ltd. | |||||
Series 2015-4A, Class A1RR (3 month CME Term SOFR + 1.080%) (C)(H) | 5.736 | 10-15-30 | 927,169 | 928,499 | |
Concord Music Royalties LLC | |||||
Series 2022-1A, Class A2 (C) | 6.500 | 01-20-73 | 850,000 | 856,104 | |
ContiMortgage Home Equity Loan Trust | |||||
Series 1995-2, Class A5 | 8.100 | 08-15-25 | 14,301 | 6,338 | |
CyrusOne Data Centers Issuer I LLC | |||||
Series 2023-1A, Class B (C) | 5.450 | 04-20-48 | 769,751 | 753,621 | |
KKR Financial CLO, Ltd. | |||||
Series 2013-1A, Class A1R2 (3 month CME Term SOFR + 1.100%) (C)(H) | 5.756 | 04-15-29 | 762,371 | 762,935 | |
MVW LLC | |||||
Series 2022-1A, Class D (C) | 7.350 | 11-21-39 | 454,094 | 444,816 | |
Series 2023-1A, Class D (C) | 8.830 | 10-20-40 | 494,851 | 499,845 | |
Neighborly Issuer LLC | |||||
Series 2023-1A, Class A2 (C) | 7.308 | 01-30-53 | 1,203,563 | 1,228,195 | |
Service Experts Issuer | |||||
Series 2024-1A, Class A (C) | 6.390 | 11-20-35 | 1,081,503 | 1,099,532 |
21 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Rate (%) |
Maturity date |
Par value^ |
Value |
||
Asset backed securities (continued) |
|||||
SERVPRO Master Issuer LLC | |||||
Series 2024-1A, Class A2 (C) | 6.174 | 01-25-54 | 517,248 | $522,938 | |
Subway Funding LLC | |||||
Series 2024-1A, Class A2I (C) | 6.028 | 07-30-54 | 763,088 | 768,534 | |
Series 2024-1A, Class A2II (C) | 6.268 | 07-30-54 | 299,250 | 302,328 | |
Shares |
Value |
||||
Common stocks 0.0% (0.0% of Total investments) |
$0 |
||||
(Cost $192,563) | |||||
Industrials 0.0% |
0 |
||||
Passenger airlines 0.0% |
|||||
Global Aviation Holdings, Inc., Class A (I)(J) | 82,159 | 0 | |||
Preferred securities 1.1% (0.6% of Total investments) |
$1,379,002 |
||||
(Cost $1,073,634) | |||||
Communication services 0.6% |
813,822 |
||||
Wireless telecommunication services 0.6% |
|||||
U.S. Cellular Corp., 6.250% (B) | 34,675 | 813,822 | |||
Utilities 0.5% |
565,180 |
||||
Multi-utilities 0.5% |
|||||
Algonquin Power & Utilities Corp., 8.928% (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%) (H) | 22,000 | 565,180 | |||
Yield (%) |
Shares |
Value |
|||
Short-term investments 7.6% (4.6% of Total investments) |
$9,861,690 |
||||
(Cost $9,861,122) | |||||
Short-term funds 7.6% |
9,861,690 |
||||
John Hancock Collateral Trust (K) | 4.6622(L) | 985,863 | 9,861,690 |
Total investments (Cost $217,632,290) 167.0% |
$217,271,564 |
||||
Other assets and liabilities, net (67.0%) |
(87,142,083) |
||||
Total net assets 100.0% |
$130,129,481 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Currency Abbreviations |
|
EUR | Euro |
Security Abbreviations and Legend |
|
CME | CME Group Published Rates |
CMT | Constant Maturity Treasury |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST |
22 |
IO | Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period. |
PIK | Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate. |
SOFR | Secured Overnight Financing Rate |
(A) | All or a portion of this security is on loan as of 10-31-24, and is a component of the fund’s leverage under the Liquidity Agreement. The value of securities on loan amounted to $20,975,492. |
(B) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 10-31-24 was $111,582,673. |
(C) | This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $104,103,102 or 80.0% of the fund’s net assets as of 10-31-24. |
(D) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date. |
(E) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
(F) | Term loans are variable rate obligations. The rate shown represents the rate at period end. |
(G) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which is disclosed as TBD (To Be Determined). |
(H) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
(I) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements. |
(J) | Non-income producing security. |
(K) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
(L) | The rate shown is the annualized seven-day yield as of 10-31-24. |
23 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
SEE NOTES TO FINANCIAL STATEMENTS |
Contract to buy |
Contract to sell |
Counterparty (OTC) |
Contractual settlement date |
Unrealized appreciation |
Unrealized depreciation |
||
USD | 80,422 | EUR | 72,500 | MSCS | 1/15/2025 | $1,312 | — |
$1,312 |
— |
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 | — | $(33,533) | $(33,533) |
Centrally cleared | 22,000,000 | USD | Fixed 3.473% | USD SOFR Compounded OIS (a) |
Semi-Annual | Quarterly | May 2026 | — | 65,296 | 65,296 |
Centrally cleared | 13,000,000 | USD | Fixed 3.817% | USD SOFR Compounded OIS (a) |
Semi-Annual | Quarterly | Dec 2026 | — | (87,640) | (87,640) |
— |
$(55,877) |
$(55,877) |
(a) |
At |
Derivatives Currency Abbreviations |
|
EUR | Euro |
USD | U.S. Dollar |
Derivatives Abbreviations |
|
MSCS | Morgan Stanley Capital Services LLC |
OIS | Overnight Index Swap |
OTC | Over-the-counter |
SOFR | Secured Overnight Financing Rate |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST |
24 |
Assets |
|
Unaffiliated investments, at value (Cost $207,771,168) | $207,409,874 |
Affiliated investments, at value (Cost $9,861,122) | 9,861,690 |
Total investments, at value (Cost $217,632,290) |
217,271,564 |
Receivable for centrally cleared swaps | 938,329 |
Unrealized appreciation on forward foreign currency contracts | 1,312 |
Cash | 1,402,447 |
Foreign currency, at value (Cost $4,399) | 4,447 |
Interest receivable | 2,840,296 |
Receivable for investments sold | 368,502 |
Other assets | 221,663 |
Total assets |
223,048,560 |
Liabilities |
|
Liquidity agreement | 86,900,000 |
Payable for investments purchased | 5,452,364 |
Interest payable | 413,814 |
Payable to affiliates | |
Accounting and legal services fees | 6,160 |
Trustees’ fees | 258 |
Other liabilities and accrued expenses | 146,483 |
Total liabilities |
92,919,079 |
Net assets |
$130,129,481 |
Net assets consist of |
|
Paid-in capital | $170,748,287 |
Total distributable earnings (loss) | (40,618,806) |
Net assets |
$130,129,481 |
Net asset value per share |
|
Based on |
$14.88 |
25 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
SEE NOTES TO FINANCIAL STATEMENTS |
Investment income | |
Interest | $13,604,938 |
Dividends from affiliated investments | 377,897 |
Dividends | 153,785 |
Less foreign taxes withheld | (5,841) |
Total investment income | 14,130,779 |
Expenses | |
Investment management fees | 1,213,405 |
Interest expense | 5,267,565 |
Accounting and legal services fees | 24,170 |
Transfer agent fees | 45,413 |
Trustees’ fees | 41,149 |
Custodian fees | 28,246 |
Printing and postage | 53,787 |
Professional fees | 251,477 |
Stock exchange listing fees | 23,763 |
Other | 15,576 |
Total expenses | 6,964,551 |
Less expense reductions | (20,385) |
Net expenses | 6,944,166 |
Net investment income | 7,186,613 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments and foreign currency transactions | (1,309,446) |
Affiliated investments | 4,112 |
Forward foreign currency contracts | 71,901 |
Swap contracts | 1,497,570 |
264,137 | |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments and translation of assets and liabilities in foreign currencies | 14,895,198 |
Affiliated investments | 871 |
Forward foreign currency contracts | (74,193) |
Swap contracts | (1,534,617) |
13,287,259 | |
Net realized and unrealized gain | 13,551,396 |
Increase in net assets from operations | $20,738,009 |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 26 |
Year ended 10-31-24 | Year ended 10-31-23 | |
Increase (decrease) in net assets | ||
From operations | ||
Net investment income | $7,186,613 | $7,058,371 |
Net realized gain (loss) | 264,137 | (12,002,635) |
Change in net unrealized appreciation (depreciation) | 13,287,259 | 14,102,978 |
Increase in net assets resulting from operations | 20,738,009 | 9,158,714 |
Distributions to shareholders | ||
From earnings | (8,762,037) | (7,651,480) |
Total distributions | (8,762,037) | (7,651,480) |
Total increase | 11,975,972 | 1,507,234 |
Net assets | ||
Beginning of year | 118,153,509 | 116,646,275 |
End of year | $130,129,481 | $118,153,509 |
Share activity | ||
Shares outstanding | ||
Beginning of year | 8,744,547 | 8,744,547 |
End of year | 8,744,547 | 8,744,547 |
27 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Cash flows from operating activities | |
Net increase in net assets from operations | $20,738,009 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
Long-term investments purchased | (118,904,344) |
Long-term investments sold | 119,202,886 |
Net purchases and sales of short-term investments | 446,752 |
Net amortization of premium (discount) | (785,656) |
(Increase) Decrease in assets: | |
Unrealized appreciation on forward foreign currency contracts | 90,855 |
Receivable for centrally cleared swaps | 271,555 |
Foreign currency, at value | (4,447) |
Dividends and interest receivable | (101,775) |
Receivable for investments sold | 264,505 |
Other assets | (2,982) |
Increase (Decrease) in liabilities: | |
Unrealized depreciation on forward foreign currency contracts | (16,662) |
Payable for investments purchased | 2,521,000 |
Interest payable | (36,666) |
Payable to affiliates | (2,166) |
Other liabilities and accrued expenses | 43,292 |
Net change in unrealized (appreciation) depreciation on: | |
Investments | (14,895,742) |
Net realized (gain) loss on: | |
Investments | 1,330,306 |
Net cash provided by operating activities | $10,158,720 |
Cash flows provided by (used in) financing activities | |
Distributions to shareholders | $(8,762,037) |
Net cash used in financing activities | $(8,762,037) |
Net increase in cash | $1,396,683 |
Cash at beginning of year | $5,764 |
Cash at end of year | $1,402,447 |
Supplemental disclosure of cash flow information: | |
Cash paid for interest | $(5,304,231) |
SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 28 |
Period ended | 10-31-24 | 10-31-23 | 10-31-22 | 10-31-21 | 10-31-20 |
Per share operating performance | |||||
Net asset value, beginning of period | $13.51 | $13.34 | $18.63 | $17.11 | $18.38 |
Net investment income 1 | 0.82 | 0.81 | 1.18 | 1.36 | 1.27 |
Net realized and unrealized gain (loss) on investments | 1.55 | 0.24 | (5.15) | 1.59 | (1.19) |
Total from investment operations | 2.37 | 1.05 | (3.97) | 2.95 | 0.08 |
Less distributions | |||||
From net investment income | (1.00) | (0.88) | (1.32) | (1.43) | (1.35) |
Net asset value, end of period | $14.88 | $13.51 | $13.34 | $18.63 | $17.11 |
Per share market value, end of period | $14.14 | $11.92 | $12.37 | $18.62 | $15.47 |
Total return at net asset value (%) 2,3 | 18.60 | 8.54 | (22.00) | 17.65 | 1.56 |
Total return at market value (%) 2 | 27.74 | 3.27 | (27.68) | 30.05 | (1.53) |
Ratios and supplemental data | |||||
Net assets, end of period (in millions) | $130 | $118 | $117 | $162 | $149 |
Ratios (as a percentage of average net assets): | |||||
Expenses before reductions | 5.46 | 5.29 | 2.37 | 1.46 | 1.91 |
Expenses including reductions 4 | 5.44 | 5.28 | 2.35 | 1.45 | 1.90 |
Net investment income | 5.63 | 5.84 | 7.43 | 7.30 | 7.42 |
Portfolio turnover (%) | 58 | 45 | 39 | 52 | 62 |
Senior securities | |||||
Total debt outstanding end of period (in millions) | $87 | $87 | $87 | $87 | $87 |
Asset coverage per $1,000 of debt 5 | $2,497 | $2,360 | $2,342 | $2,869 | $2,714 |
1 | Based on average daily shares outstanding. |
2 | Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested. |
3 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
4 | Expenses including reductions excluding interest expense were 1.31%, 1.27%, 1.19%, 1.06% and 1.08% for the periods ended 10-31-24, 10-31-23, 10-31-22, 10-31-21 and 10-31-20, respectively. |
5 | Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage. |
29 | JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
ANNUAL REPORT | JOHN HANCOCK Investors Trust | 30 |
Total value at 10-31-24 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
U.S. Government and Agency obligations | $20,197,956 | — | $20,197,956 | — |
Corporate bonds | 161,250,196 | — | 161,250,196 | — |
Term loans | 16,340,638 | — | 16,340,638 | — |
Collateralized mortgage obligations | 68,397 | — | 68,397 | — |
Asset backed securities | 8,173,685 | — | 8,173,685 | — |
Common stocks | — | — | — | — |
Preferred securities | 1,379,002 | $1,379,002 | — | — |
Short-term investments | 9,861,690 | 9,861,690 | — | — |
Total investments in securities | $217,271,564 | $11,240,692 | $206,030,872 | — |
Derivatives: | ||||
Assets | ||||
Forward foreign currency contracts | $1,312 | — | $1,312 | — |
Swap contracts | 65,296 | — | 65,296 | — |
Liabilities | ||||
Swap contracts | (121,173) | — | (121,173) | — |
Level 3 includes securities valued at $0. Refer to Fund’s investments. |
31 | JOHN HANCOCK Investors Trust | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK Investors Trust | 32 |
October 31, 2024 | October 31, 2023 | |
Ordinary income | $8,762,037 | $7,651,480 |
33 | JOHN HANCOCK Investors Trust | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK Investors Trust | 34 |
35 | JOHN HANCOCK Investors Trust | ANNUAL REPORT |
Risk | Statement of assets and liabilities location | Financial instruments location | Assets derivatives fair value | Liabilities derivatives fair value |
Currency | Unrealized appreciation (depreciation) on forward foreign currency contracts | Forward foreign currency contracts | $1,312 | — |
Interest rate | Swap contracts, at value 1 | Interest rate swaps | 65,296 | $(121,173) |
$66,608 | $(121,173) |
1 | Reflects cumulative value of swap contracts. Receivable/payable for centrally cleared swaps, which includes value and margin, are shown separately on the Statement of assets and liabilities. |
Statement of operations location - Net realized gain (loss) on: | |||
Risk | Forward foreign currency contracts | Swap contracts | Total |
Interest rate | — | $1,497,570 | $1,497,570 |
Currency | $71,901 | — | 71,901 |
Total | $71,901 | $1,497,570 | $1,569,471 |
Statement of operations location - Change in net unrealized appreciation (depreciation) of: | |||
Risk | Forward foreign currency contracts | Swap contracts | Total |
Interest rate | — | $(1,534,617) | $(1,534,617) |
Currency | $(74,193) | — | (74,193) |
Total | $(74,193) | $(1,534,617) | $(1,608,810) |
ANNUAL REPORT | JOHN HANCOCK Investors Trust | 36 |
37 | JOHN HANCOCK Investors Trust | ANNUAL REPORT |
• | the likelihood of greater volatility of NAV and market price of shares; |
• | fluctuations in the interest rate paid for the use of the LA; |
• | increased operating costs, which may reduce the fund’s total return; |
• | the potential for a decline in the value of an investment acquired through leverage, while the fund’s obligations under such leverage remains fixed; and |
• | the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements. |
ANNUAL REPORT | JOHN HANCOCK Investors Trust | 38 |
39 | JOHN HANCOCK Investors Trust | ANNUAL REPORT |
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 | 985,863 | $10,303,458 | $82,448,673 | $(82,895,424) | $4,112 | $871 | $377,897 | — | $9,861,690 |
ANNUAL REPORT | JOHN HANCOCK Investors Trust | 40 |
41 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 42 |
43 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 44 |
45 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
Payment Date | Income Distributions |
December 29, 2023 | $0.2648 |
March 28, 2024 | 0.2014 |
June 28, 2024 | 0.2224 |
September 30, 2024 | 0.3134 |
Total | $1.0020 |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 46 |
Period ended | 10-31-19 | 10-31-18 | 10-31-17 | 10-31-16 | 10-31-15 |
Per share operating performance | |||||
Net asset value, beginning of period | $16.99 | $18.81 | $18.11 | $17.20 | $19.56 |
Net investment income 1 | 1.19 | 1.21 | 1.28 | 1.32 | 1.41 |
Net realized and unrealized gain (loss) on investments | 1.40 | (1.79) | 0.72 | 0.96 | (2.28) |
Total from investment operations | 2.59 | (0.58) | 2.00 | 2.28 | (0.87) |
47 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
Period ended | 10-31-19 | 10-31-18 | 10-31-17 | 10-31-16 | 10-31-15 |
Less distributions | |||||
From net investment income | (1.20) | (1.24) | (1.30) | (1.39) | (1.49) |
Anti-dilutive impact of repurchase plan | — | — | — | 0.02 2 | — |
Net asset value, end of period | $18.38 | $16.99 | $18.81 | $18.11 | $17.20 |
Per share market value, end of the period | $17.14 | $15.51 | $17.87 | $16.73 | $15.20 |
Total return at net asset value (%) 3, 4 | 16.56 | (2.74) | 11.87 | 14.95 | (3.85) |
Total return at market value (%) 3 | 19.07 | (6.54) | 15.05 | 20.17 | (12.80) |
Ratio and Supplemental data | |||||
Net assets, end of period (in millions) | $160 | $148 | $164 | $158 | $151 |
Ratios (as a percentage of average net assets): | |||||
Expenses before reductions | 2.74 | 2.52 | 1.95 | 1.79 | 1.54 |
Expenses including reductions 5 | 2.73 | 2.51 | 1.94 | 1.78 | 1.53 |
Net investment income | 6.77 | 6.76 | 6.96 | 7.75 | 7.70 |
Portfolio turnover (%) | 40 | 52 | 53 | 62 | 74 |
Senior Securities | |||||
Total debt outstanding end of period (in millions) | $ | $ | $ | $ | $ |
Asset coverage per $1,000 of debt 6 | $ | $ | $ | $ | $ |
1 | Based on average daily shares outstanding. |
2 | The repurchase plan was completed at an average repurchase price of $13.99 for 84,400 shares for the period ended 10-31-16. |
3 | Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested. |
4 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
5 | Expenses including reductions excluding interest expense were 1.04%, 1.12%, 1.06%, 1.16% and 1.06% for the periods ended 10-31-19, 10-31-18, 10-31-17, 10-31-16 and 10-31-15, respectively. |
6 | Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage. |
Shareholder Transaction Expenses | |
Sales load (1 | |
Offering expenses (1 | |
Dividend Reinvestment Plan fees 2 |
Annual Expenses ( | |
Management fees 3 | |
Interest payments on borrowed funds 4 |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 48 |
Other expenses | |
Total Annual Operating Expenses | |
Contractual Expense Reimbursement 5 |
( |
Total Annual Fund Operating Expenses After Expense Reimbursements |
1 | |
2 | Participants in the fund’s dividend reinvestment plan do not pay brokerage charges with respect to common shares issued directly by the fund. However, whenever common shares |
3 | |
4 | The fund uses leverage by borrowing under a liquidity agreement. “Interest payments on borrowed funds” includes all interest paid in connection with outstanding loans. |
5 | The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate managed assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended October 31, 2024, this waiver amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2026, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time. |
1 Year |
3 Years |
5 Years |
10 Years |
|
Total Expenses | $ |
$ |
$ |
$ |
49 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
Market Price |
NAV per Share on Data of Market Price High and Low |
Premium/(Discount) on Date of Market Price High and Low |
||||
Fiscal Quarter Ended |
High |
Low |
High |
Low |
High |
Low |
January 31, 2023 | $ |
$ |
$ |
$ |
- |
- |
April 30, 2023 | $ |
$ |
$ |
$ |
- |
- |
July 31, 2023 | $ |
$ |
$ |
$ |
- |
- |
October 31, 2023 | $ |
$ |
$ |
$ |
- |
- |
January 31, 2024 | $ |
$ |
$ |
$ |
- |
- |
April 30, 2024 | $ |
$ |
$ |
$ |
- |
- |
July 31, 2024 | $ |
$ |
$ |
$ |
- |
- |
October 31, 2024 | $ |
$ |
$ |
$ |
- |
- |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST |
50 |
51 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
(a) | the skills and competency with which the Advisor has in the past managed the fund’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues; |
(b) | the background, qualifications and skills of the Advisor’s personnel; |
(c) | the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments; |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST |
52 |
(d) | the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its |
(e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; |
(f) | the Advisor’s initiatives intended to improve various aspects of the fund’s operations and investor experience with the fund; and |
(g) | the Advisor’s reputation and experience in serving as an investment advisor to the fund and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety |
(a) | reviewed information prepared by management regarding the fund’s performance; |
(b) | considered the comparative performance of an applicable benchmark index; |
(c) | considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; |
(d) | took into account the Advisor’s analysis of the fund’s performance; and |
(e) | considered the fund’s share performance and premium/discount information. |
53 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
(a) | reviewed financial information of the Advisor; |
(b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund; |
(c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund; |
(d) | received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an |
(e) | considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement; |
(f) | noted that the fund’s Subadvisor is an affiliate of the Advisor; |
(g) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund; |
(h) | noted that the subadvisory fees for the fund are paid by the Advisor; |
(i) | considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and |
(j) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks it assumes as Advisor, including |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST |
54 |
(1) | information relating to the Subadvisor’s business, including current subadvisory services to the fund (and other funds in the John Hancock Fund Complex); |
(2) | the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and |
(3) | the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data. |
55 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
(1) | the Subadvisor has extensive experience and demonstrated skills as a manager; |
(2) | the performance of the fund has generally been in line with or outperformed the historical performance of comparable funds and the fund’s benchmark index; |
(3) | the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and |
(4) | that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows. |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST |
56 |
Independent Trustees | ||
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since 1 | Number of John Hancock funds overseen by Trustee |
Hassell H. McClellan, Born: 1945 | 2012 | 185 |
Trustee and Chairperson of the Board | ||
Trustee of Berklee College of Music (since 2022); Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex. | ||
William K. Bacic, 2,3 Born: 1956 | 2024 | 179 |
Trustee | ||
Director, Audit Committee Chairman, and Risk Committee Member, DWS USA Corp. (formerly, Deutsche Asset Management) (2018-2024); Senior Partner, Deloitte & Touche LLP (1978-retired 2017, including prior positions), specializing in the investment management industry. Trustee of various trusts within the John Hancock Fund Complex (since 2024). | ||
James R. Boyle, Born: 1959 | 2015 | 179 |
Trustee | ||
Board Member, United of Omaha Life Insurance Company (since 2022); Board Member, Mutual of Omaha Investor Services, Inc. (since 2022); Foresters Financial, Chief Executive Officer (2018–2022) and board member (2017–2022); Manulife Financial and John Hancock, more than 20 years, retiring in 2012 as Chief Executive Officer, John Hancock and Senior Executive Vice President, Manulife Financial. Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015). | ||
William H. Cunningham, 4 Born: 1944 | 2005 | 182 |
Trustee | ||
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000). Trustee of various trusts within the John Hancock Fund Complex (since 1986). |
57 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
Independent Trustees (continued) | ||
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since 1 | Number of John Hancock funds overseen by Trustee |
Noni L. Ellison, Born: 1971 | 2022 | 179 |
Trustee | ||
Senior Vice President, General Counsel & Corporate Secretary, Tractor Supply Company (rural lifestyle retailer) (since 2021); General Counsel, Chief Compliance Officer & Corporate Secretary, Carestream Dental, L.L.C. (2017–2021); Associate General Counsel & Assistant Corporate Secretary, W.W. Grainger, Inc. (global industrial supplier) (2015–2017); Board Member, Goodwill of North Georgia, 2018 (FY2019)–2020 (FY2021); Board Member, Howard University School of Law Board of Visitors (since 2021); Board Member, University of Chicago Law School Board of Visitors (since 2016); Board member, Children’s Healthcare of Atlanta Foundation Board (2021–2023), Board Member, Congressional Black Caucus Foundation (since 2024). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Grace K. Fey, Born: 1946 | 2012 | 185 |
Trustee | ||
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008). | ||
Dean C. Garfield, Born: 1968 | 2022 | 179 |
Trustee | ||
Vice President, Netflix, Inc. (2019-2024); President & Chief Executive Officer, Information Technology Industry Council (2009–2019); NYU School of Law Board of Trustees (since 2021); Member, U.S. Department of Transportation, Advisory Committee on Automation (since 2021); President of the United States Trade Advisory Council (2010–2018); Board Member, College for Every Student (2017–2021); Board Member, The Seed School of Washington, D.C. (2012–2017); Advisory Board Member of the Block Center for Technology and Society (since 2019). Trustee of various trusts within the John Hancock Fund Complex (since 2022). | ||
Deborah C. Jackson, Born: 1952 | 2008 | 182 |
Trustee | ||
President, Cambridge College, Cambridge, Massachusetts (2011-2023); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008). |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 58 |
Independent Trustees (continued) | ||
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since 1 | Number of John Hancock funds overseen by Trustee |
Steven R. Pruchansky, Born: 1944 | 2005 | 179 |
Trustee and Vice Chairperson of the Board | ||
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex. | ||
Frances G. Rathke, 4 Born: 1960 | 2020 | 179 |
Trustee | ||
Director, Audit Committee Chair, Oatly Group AB (plant-based drink company) (since 2021); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director and Audit Committee Chair, Planet Fitness (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015). Trustee of various trusts within the John Hancock Fund Complex (since 2020). | ||
Thomas R. Wright, 2 Born: 1961 | 2024 | 179 |
Trustee | ||
Chief Operating Officer, JMP Securities (2020-2023); Director of Equities, JMP Securities (2013-2023); Executive Committee Member, JMP Group (2013-2023); Global Head of Trading, Sanford C. Bernstein & Co. (2004-2012); and Head of European Equity Trading and Salestrading, Merrill, Lynch & Co. (1998-2004, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2024). |
Non-Independent Trustees 5 | ||
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since 1 | Number of John Hancock funds overseen by Trustee |
Andrew G. Arnott, Born: 1971 | 2017 | 182 |
Non-Independent Trustee | ||
Global Head of Retail for Manulife (since 2022); Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (2018-2023); Director and Chairman, John Hancock Investment Management LLC (2005-2023, including prior positions); Director and Chairman, John Hancock Variable Trust Advisers LLC (2006-2023, including prior positions); Director and Chairman, John Hancock Investment Management Distributors LLC (2004-2023, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017). |
59 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
Non-Independent Trustees 5 (continued) | ||
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since 1 | Number of John Hancock funds overseen by Trustee |
Paul Lorentz, Born: 1968 | 2022 | 179 |
Non-Independent Trustee | ||
Global Head, Manulife Wealth and Asset Management (since 2017); General Manager, Manulife, Individual Wealth Management and Insurance (2013–2017); President, Manulife Investments (2010–2016). Trustee of various trusts within the John Hancock Fund Complex (since 2022). |
Principal officers who are not Trustees | |
Name, year of birth Position(s) held with fund Principal occupation(s) during past 5 years | Current Position(s) with the Trust since |
Kristie M. Feinberg, Born: 1975 | 2023 |
President | |
Head of Wealth and Asset Management, U.S. and Europe, for John Hancock and Manulife (since 2023); Director and Chairman, John Hancock Investment Management LLC (since 2023); Director and Chairman, John Hancock Variable Trust Advisers LLC (since 2023); Director and Chairman, John Hancock Investment Management Distributors LLC (since 2023); CFO and Global Head of Strategy, Manulife Investment Management (2021-2023, including prior positions); CFO Americas & Global Head of Treasury, Invesco, Ltd., Invesco US (2019-2020, including prior positions); Senior Vice President, Corporate Treasurer and Business Controller, Oppenheimer Funds (2001-2019, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2023). | |
Fernando A. Silva, Born: 1977 | 2024 |
Chief Financial Officer | |
Director, Fund Administration and Assistant Treasurer, John Hancock Funds (2016-2020); Assistant Treasurer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Assistant Vice President, John Hancock Life & Health Insurance Company, John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York (since 2021); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2024). | |
Salvatore Schiavone, Born: 1965 | 2010 |
Treasurer | |
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). | |
Christopher (Kit) Sechler, Born: 1973 | 2018 |
Secretary and Chief Legal Officer | |
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions). |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 60 |
Principal officers who are not Trustees (continued) | |
Name, year of birth Position(s) held with fund Principal occupation(s) during past 5 years | Current Position(s) with the Trust since |
Trevor Swanberg, Born: 1979 | 2020 |
Chief Compliance Officer | |
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions). |
1 | Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table. |
2 | Appointed to serve as Trustee effective August 1, 2024. |
3 | Member of the Audit Committee as of September 24, 2024. |
4 | Member of the Audit Committee. |
5 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates. |
61 | JOHN HANCOCK INVESTORS TRUST | ANNUAL REPORT |
You can also contact us: | ||
800-852-0218 | Regular mail: | Express mail: |
jhinvestments.com | Computershare P.O. Box 43006 Providence, RI 02940-3078 | Computershare 150 Royall St., Suite 101 Canton, MA 02021 |
ANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 62 |
MF3988725 | P5A 10/24 |
ITEM 2. CODE OF ETHICS.
As of the end of the year, October 31, 2024, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the "Covered Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Frances G. Rathke is the audit committee financial expert and is "independent", pursuant to general instructions on Form N-CSR Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The aggregate fees billed for professional services rendered by the principal accountant for the audits of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to $58,248 and $55,552 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively. These fees were billed to the registrant and were approved by the registrant's audit committee.
(b) Audit-Related Services
Audit-related fees for assurance and related services by the principal accountant are billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser ("control affiliates") that provides ongoing services to the registrant. The nature of the services provided was related to a software licensing fee. Amounts billed to the registrant were $0 and $12 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively.
(c) Tax Fees
The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning ("tax fees") amounted to $4,382 and $5,253 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively. The nature
of the services comprising the tax fees was the review of the registrant's tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant's audit committee.
(d) All Other Fees
Other fees amounted to $369 and $0 for the fiscal years ended October 31, 2024 and October 31, 2023, respectively. The nature of the services comprising all other fees is advisory services provided to the investment manager. These fees were approved by the registrant's audit committee.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the "Auditor") relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The registrant's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit- related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per year/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per year/per fund are subject to specific pre-approval by the Audit Committee.
All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.
(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X
Audit-Related Fees, Tax Fees and All Other Fees
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
(f)According to the registrant's principal accountant for the fiscal year ended October 31, 2024, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.
(g)The aggregate non-audit fees billed by the registrant's principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $1,027,920 for the fiscal year ended October 31, 2024 and $1,354,703 for the fiscal year ended October 31, 2023.
(h)The audit committee of the registrant has considered the non-audit services provided by the registrant's principal accountant to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant's independence.
(i)Not applicable.
(j)Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:
Frances G. Rathke – Chairperson
William H. Cunningham
William K. Bacic - Member of the Audit Committee as of August 1, 2024.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a)Refer to information included in Item 1.
(b)Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Information included in Item 1, if applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
See attached exhibit "Proxy Voting Policies and Procedures".
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Information about the portfolio managers
Management Biographies
Below is a list of the Manulife Investment Management (US) LLC (“Manulife IM (US)”) portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years. The information provided is as of the filing date of this N-CSR.
James Gearhart, CFA
Managing Director and Portfolio Manager
Manulife Investment Management (US) LLC since 2022
Managed the Fund since 2022
Began business career in 2011
Jonas Grazulis, CFA
Managing Director and Portfolio Manager
Manulife Investment Management (US) LLC since 2022
Managed the Fund since 2022
Began business career in 2011
Caryn E. Rothman, CFA
Senior Managing Director and Portfolio Manager
Manulife Investment Management (US) LLC since 1996
Managed the Fund since 2022
Began business career in 1996
Other Accounts the Portfolio Managers are Managing
The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2024. For purposes of the table, “Other Pooled Investment Vehicles” may include investment partnerships and group trusts, and “Other Accounts” may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.
|
|
Registered Investment |
|
Other Pooled |
|
|
|
|
||||
|
|
Companies |
|
Investment Vehicles |
|
Other Accounts |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number |
|
Total |
|
Number |
|
Total |
|
Number |
|
|
|
|
of |
|
Assets |
|
of |
|
Assets |
|
of |
|
Total Assets |
|
|
Accounts |
|
$Million |
|
Accounts |
|
$Million |
|
Accounts |
|
$Million |
James Gearhart, |
|
7 |
|
5,635 |
|
14 |
|
3,257 |
|
1 |
|
37 |
CFA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jonas Grazulis, |
|
7 |
|
5,635 |
|
14 |
|
3,257 |
|
1 |
|
37 |
CFA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment |
|
Other Pooled |
|
|
|
|
||||
|
|
Companies |
|
Investment Vehicles |
|
Other Accounts |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number |
|
Total |
|
Number |
|
Total |
|
Number |
|
|
|
|
of |
|
Assets |
|
of |
|
Assets |
|
of |
|
Total Assets |
|
|
Accounts |
|
$Million |
|
Accounts |
|
$Million |
|
Accounts |
|
$Million |
Caryn E. Rothman, |
|
8 |
|
5,748 |
|
16 |
|
4,262 |
|
4 |
|
336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CFA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number and value of accounts within the total accounts that are subject to a performance-based advisory fee: 0.
Conflicts of Interest. When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager’s responsibility for the management of the Fund as well as one or more other accounts. The Advisor and Subadvisor have adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. The Advisor and Subadvisor have structured their compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See “Compensation of Portfolio Managers” below.
•
•
A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. The Subadvisor has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.
A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadvisor generally require that such trades be “bunched,” which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the
•
•
•
orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended to result in as favorable a price as possible for such client.
A portfolio manager could favor an account if the portfolio manager’s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager’s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadvisor receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager’s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager’s compensation. See “Compensation of Portfolio Managers” below. Neither the Advisor nor the Subadvisor receives a performance-based fee with respect to any of the accounts managed by the portfolio managers.
A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.
If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.
Compensation of Portfolio Managers. The Subadvisor has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. At the Subadvisor, the structure of compensation of investment professionals is currently composed of the following basic components: base salary and short-and long-term incentives. The following describes each component of the compensation package for the individuals identified as a portfolio manager for the Funds.
•Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor seeks to set compensation at market rates,
taking into account the experience and responsibilities of the investment professional.
•Incentives. Only investment professionals are eligible to participate in the short- and long-term incentive plan. Under the plan, investment professionals are eligible for an annual cash award. The plan is intended to provide a competitive level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan:
•Investment Performance: The investment performance of all accounts managed by the investment professional over one, three and five-year periods are considered. With respect to fixed income accounts, relative yields are also used to measure performance. The pre-tax performance of each account is measured relative to an appropriate benchmark.
•Financial Performance: The profitability of the Subadvisor and its parent company are also considered in determining bonus awards.
•Non-Investment Performance: To a lesser extent, intangible contributions, including the investment professional’s support of client service and sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are also evaluated when determining bonus awards.
•In addition to the above, compensation may also include a revenue component for an investment team derived from a number of factors including, but not limited to, client assets under management, investment performance, and firm metrics.
•Manulife Equity Awards. A limited number of senior investment professionals may receive options to purchase shares of Manulife Financial stock. Generally, such option would permit the investment professional to purchase a set amount of stock at the market price on the date of grant. The option can be exercised for a set period (normally a number of years or until termination of employment) and the investment professional would exercise the option if the market value of Manulife Financial stock increases. Some investment professionals may receive restricted stock grants, where the investment professional is entitled to receive the stock at no or nominal cost, provided that the stock is forgone if the investment professional’s employment is terminated prior to a vesting date.
•Deferred Incentives. Investment professionals may receive deferred incentives which are fully invested in strategies managed by the team/individuals as well as other Manulife Asset Management strategies.
The Subadvisor also permits investment professionals to participate on a voluntary basis in a deferred compensation plan, under which the investment professional may elect on an annual basis to defer receipt of a portion of their compensation until retirement. Participation in the plan is voluntary.
Share Ownership by Portfolio Managers. The following table indicates as of October 31, 2024, the value of shares beneficially owned by the portfolio managers in the Fund.
|
Range of Beneficial |
Portfolio Manager |
Ownership in the Fund |
James Gearhart, CFA |
None |
Jonas Grazulis, CFA |
$10,001-$50,000 |
Caryn E. Rothman, CFA |
None |
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a)Not applicable.
REGISTRANT PURCHASES OF EQUITY SECURITIES
|
|
Average |
Total number of |
Maximum number of |
|
Total number of |
shares purchased as |
shares that may yet |
|
|
price per |
part of publicly |
be purchased under |
|
Period |
shares purchased |
share |
announced plans* |
the plans* |
Nov-23 |
- |
- |
- |
874,455 |
Dec-23 |
- |
- |
- |
874,455 |
Jan-24 |
- |
- |
- |
874,455 |
Feb-24 |
- |
- |
- |
874,455 |
Mar-24 |
- |
- |
- |
874,455 |
Apr-24 |
- |
- |
- |
874,455 |
May-24 |
- |
- |
- |
874,455 |
Jun-24 |
- |
- |
- |
874,455 |
Jul-24 |
- |
- |
- |
874,455 |
Aug-24 |
- |
- |
- |
874,455 |
Sep-24 |
- |
- |
- |
874,455 |
Oct-24 |
- |
- |
- |
874,455 |
Total |
- |
- |
- |
|
*On December 10, 2015, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed by the Board of Trustees each year in December. Under the current share repurchase plan, the Fund may purchase in the open market, up to 10% of its outstanding common shares as of December 31, 2023. The current share repurchase plan will remain in effect between January 1, 2024 to December 31, 2024.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No material changes.
ITEM 16. 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-CSR, the registrant's principal executive officer and principal financial 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Fund did not participate directly in securities lending activities. See Note 8 to financial statements in Item 1.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
(a)(1) Code of Ethics for Covered Officers is attached.
(a)(2) Not applicable.
(c)(1) Proxy Voting Policies and Procedures are attached.
(d) Exhibit 99. CONSENT - Consent of Independent Registered Public Accounting Firm
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/ Kristie M. Feinberg
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Kristie M. Feinberg
President, Principal Executive Officer
Date: December 16, 2024
Pursuant to the requirements o f the Securities Exchange Act o f 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/ Kristie M. Feinberg |
|
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Kristie M. Feinberg |
|
President, Principal Executive Officer |
Date: |
December 16, 2024 |
By: |
/s/ Fernando A. Silva |
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|
Fernando A. Silva |
|
Chief Financial Officer, Principal Financial Officer |
Date: |
December 16, 2024 |