UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 04173

John Hancock Investors Trust

(Exact name of registrant as specified in charter)

200 Berkeley Street, Boston, Massachusetts 02116 (Address of principal executive offices) (Zip code)

Salvatore Schiavone

Treasurer

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service) Registrant's telephone number, including area code: 617-543-9634

Date of fiscal year end:	October 31
Date of reporting period:	April 30, 2023

ITEM 1. REPORTS TO STOCKHOLDERS.

Semiannual report

John Hancock

Investors Trust

Closed-end fixed income

Ticker: JHI

April 30, 2023

A message to shareholders

Dear shareholders,

The bond markets advanced during the six months ended April 30, 2023, in an environment of heightened volatility. Fluctuating economic and inflation expectations buffeted global fixed-income markets for much of the period. However, bonds rallied worldwide in March as a series of liquidity crises hit several U.S. banks and one in Europe. Governments responded quickly to take the banks into receivership and implement other measures to prevent further liquidity issues. Nonetheless, concerns about the turmoil spreading across the global banking system led to a flight to quality in the financial markets, which boosted demand for bonds.

Bond yields declined around the world, with intermediate-term bond yields falling the most. Short-term bond yields were buffeted by continued interest-rate increases from some of the world’s central banks. Bond market performance was similar across most regions of the globe, while sector performance was led by sovereign government bonds and other higher-quality securities, which benefited the most from the flight to quality.

In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.

On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.

Sincerely,

Andrew G. Arnott

Global Head of Retail,
Manulife Investment Management

President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

This commentary reflects the CEO’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.

John Hancock

Investors Trust

Table of contents

2	Your fund at a glance
3	Portfolio summary
5	Fund’s investments
18	Financial statements
22	Financial highlights
23	Notes to financial statements
34	Investment objective, principal investment strategies, and principal risks
38	Additional information
39	Shareholder meeting
40	More information

SEMIANNUAL REPORT  | JOHN HANCOCK INVESTORS TRUST 1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to generate income for distribution to its shareholders, with capital appreciation as a secondary objective.

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2023 (%)

The Bloomberg U.S. Government/Credit Index tracks the performance of U.S. government bonds, U.S. corporate bonds, and Yankee bonds.

It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.

The performance data contained within this material represents past performance, which does not guarantee future results.

Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may increase when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.

2 JOHN HANCOCK INVESTORS TRUST  | SEMIANNUAL REPORT

Portfolio summary

PORTFOLIO COMPOSITION AS OF 4/30/2023 (% of total investments)

QUALITY COMPOSITION AS OF 4/30/2023 (% of total investments)

Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 4-30-23 and do not reflect subsequent downgrades or upgrades, if any.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 3

COUNTRY COMPOSITION AS OF 4/30/2023 (% of total investments)
United States	77.4
Canada	5.6
France	3.4
Cayman Islands	2.7
Mexico	2.4
Luxembourg	2.0
United Kingdom	1.6
Bermuda	1.3
Other countries	3.6
TOTAL	100.0

4 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT

Fund’s investments

AS OF 4-30-23 (unaudited)

	Rate (%)	Maturity date	Par value^	Value
U.S. Government and Agency obligations 15.6% (9.1% of Total investments)				$19,012,167
(Cost $19,325,542)
U.S. Government 15.6%				19,012,167
U.S. Treasury
Note (A)(B)	0.250	05-15-24	9,500,000	9,065,449
Note (B)	0.375	04-15-24	5,500,000	5,272,695
Note (A)(B)	0.500	03-31-25	5,000,000	4,674,023
Foreign government obligations 0.3% (0.2% of Total investments)				$373,833
(Cost $598,391)
Argentina 0.3%				373,833
Republic of Argentina Bond (3.500% to 7-9-29, then 4.875% thereafter)	3.500	07-09-41	1,500,000	373,833
Corporate bonds 139.2% (81.6% of Total investments)				$169,507,790
(Cost $182,010,227)
Communication services 22.1%				26,941,767
Diversified telecommunication services 3.7%
Connect Finco SARL (B)(C)	6.750	10-01-26	1,110,000	1,057,889
GCI LLC (B)(C)	4.750	10-15-28	820,000	701,100
Iliad Holding SASU (C)	6.500	10-15-26	800,000	769,768
Level 3 Financing, Inc. (B)(C)	4.625	09-15-27	1,245,000	768,949
Total Play Telecomunicaciones SA de CV (C)	7.500	11-12-25	1,210,000	845,800
Zayo Group Holdings, Inc. (A)(B)(C)	6.125	03-01-28	551,000	352,238
Entertainment 2.3%
AMC Entertainment Holdings, Inc. (A)(B)(C)	7.500	02-15-29	975,000	706,875
Cinemark USA, Inc. (C)	8.750	05-01-25	950,000	969,000
Netflix, Inc. (B)	5.875	11-15-28	1,035,000	1,087,364
Interactive media and services 1.4%
Arches Buyer, Inc. (A)(B)(C)	6.125	12-01-28	777,000	674,048
Cars.com, Inc. (B)(C)	6.375	11-01-28	644,000	606,855
Match Group Holdings II LLC (A)(B)(C)	5.625	02-15-29	500,000	470,111
Media 9.5%
Altice Financing SA (C)	5.000	01-15-28	510,000	412,948
Altice Financing SA (C)	5.750	08-15-29	400,000	319,061
Altice France Holding SA (C)	10.500	05-15-27	600,000	443,087
Altice France SA (B)(C)	5.500	10-15-29	625,000	467,863
Altice France SA (B)(C)	8.125	02-01-27	535,000	477,709
CCO Holdings LLC (B)(C)	4.250	01-15-34	726,000	553,023
CCO Holdings LLC (B)(C)	5.125	05-01-27	645,000	608,602

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 5

	Rate (%)	Maturity date		Par value^	Value
Communication services (continued)
Media (continued)
CCO Holdings LLC (B)(C)	6.375	09-01-29		1,295,000	$1,230,716
Comcast Corp. (B)	5.250	11-07-25		1,000,000	1,020,644
CSC Holdings LLC (C)	5.500	04-15-27		575,000	491,629
DISH Network Corp. (C)	11.750	11-15-27		820,000	774,608
Grupo Televisa SAB	8.490	05-11-37	MXN	26,200,000	1,162,448
iHeartCommunications, Inc. (A)(B)	8.375	05-01-27		1,200,000	791,864
LCPR Senior Secured Financing DAC (B)(C)	6.750	10-15-27		945,000	897,644
News Corp. (C)	5.125	02-15-32		625,000	575,499
Stagwell Global LLC (B)(C)	5.625	08-15-29		1,000,000	869,400
Townsquare Media, Inc. (B)(C)	6.875	02-01-26		470,000	438,167
Wireless telecommunication services 5.2%
SoftBank Group Corp.	5.125	09-19-27		1,000,000	870,000
Sprint Capital Corp.	6.875	11-15-28		565,000	609,116
Sprint LLC	7.125	06-15-24		2,150,000	2,185,197
Sprint LLC	7.875	09-15-23		1,000,000	1,008,095
U.S. Cellular Corp.	6.700	12-15-33		1,895,000	1,724,450
Consumer discretionary 24.5%					29,864,038
Automobile components 1.7%
Clarios Global LP (C)	6.750	05-15-28		511,000	512,978
The Goodyear Tire & Rubber Company (A)(B)	5.000	07-15-29		434,000	383,638
The Goodyear Tire & Rubber Company (A)(B)	5.250	04-30-31		650,000	563,852
ZF North America Capital, Inc. (C)	6.875	04-14-28		586,000	603,102
Automobiles 4.6%
Ford Motor Company	3.250	02-12-32		204,000	158,205
Ford Motor Company	4.750	01-15-43		683,000	513,137
Ford Motor Credit Company LLC	6.950	03-06-26		1,000,000	1,009,177
General Motors Company (B)	6.750	04-01-46		1,500,000	1,512,214
General Motors Company (B)	6.800	10-01-27		1,434,000	1,515,657
Nissan Motor Company, Ltd. (C)	4.345	09-17-27		1,000,000	916,405
Broadline retail 1.7%
Liberty Interactive LLC	8.250	02-01-30		914,000	275,637
Macy’s Retail Holdings LLC (A)(B)(C)	5.875	04-01-29		475,000	435,114
Nordstrom, Inc.	4.250	08-01-31		500,000	371,300
Nordstrom, Inc.	5.000	01-15-44		900,000	562,793
QVC, Inc. (B)	5.950	03-15-43		1,000,000	415,000
Diversified consumer services 2.3%
Garda World Security Corp. (B)(C)	4.625	02-15-27		750,000	688,937
Sotheby’s (B)(C)	7.375	10-15-27		1,450,000	1,359,422
Stena International SA (C)	6.125	02-01-25		800,000	775,200

6 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure 11.7%
Affinity Interactive (B)(C)	6.875	12-15-27	703,000	$632,340
Allwyn Entertainment Financing UK PLC (A)(B)(C)	7.875	04-30-29	467,000	470,549
Caesars Entertainment, Inc. (C)	7.000	02-15-30	1,059,000	1,068,452
Carnival Corp. (C)	6.000	05-01-29	673,000	528,237
Carnival Corp. (A)(B)(C)	7.625	03-01-26	750,000	685,789
Carnival Holdings Bermuda, Ltd. (B)(C)	10.375	05-01-28	615,000	661,177
CEC Entertainment LLC (B)(C)	6.750	05-01-26	830,000	788,996
Choice Hotels International, Inc. (B)	3.700	12-01-29	760,000	689,474
Expedia Group, Inc. (B)	4.625	08-01-27	1,115,000	1,096,631
Expedia Group, Inc. (B)	5.000	02-15-26	1,000,000	999,761
Full House Resorts, Inc. (A)(B)(C)	8.250	02-15-28	670,000	617,006
International Game Technology PLC (C)	6.250	01-15-27	2,119,000	2,148,136
Jacobs Entertainment, Inc. (B)(C)	6.750	02-15-29	255,000	221,850
Mohegan Tribal Gaming Authority (B)(C)	8.000	02-01-26	640,000	572,800
New Red Finance, Inc. (B)(C)	4.375	01-15-28	935,000	874,070
Royal Caribbean Cruises, Ltd. (B)(C)	9.250	01-15-29	820,000	874,756
Travel + Leisure Company (C)	6.625	07-31-26	465,000	464,061
Wyndham Hotels & Resorts, Inc. (A)(B)(C)	4.375	08-15-28	180,000	167,362
Yum! Brands, Inc.	5.375	04-01-32	700,000	682,807
Household durables 1.0%
KB Home	7.250	07-15-30	225,000	231,265
Newell Brands, Inc.	6.375	09-15-27	1,042,000	1,026,370
Specialty retail 1.0%
Asbury Automotive Group, Inc. (C)	4.625	11-15-29	160,000	142,402
Asbury Automotive Group, Inc. (C)	5.000	02-15-32	650,000	560,062
Lithia Motors, Inc. (C)	3.875	06-01-29	550,000	476,089
Textiles, apparel and luxury goods 0.5%
Kontoor Brands, Inc. (C)	4.125	11-15-29	720,000	611,828
Consumer staples 2.4%				2,864,235
Food products 1.6%
Darling Ingredients, Inc. (C)	6.000	06-15-30	60,000	59,356
JBS USA LUX SA (B)(C)	5.750	04-01-33	840,000	804,846
Lamb Weston Holdings, Inc. (C)	4.125	01-31-30	647,000	592,543
Post Holdings, Inc. (B)(C)	5.625	01-15-28	510,000	498,319
Household products 0.8%
Edgewell Personal Care Company (C)	5.500	06-01-28	950,000	909,171
Energy 18.3%				22,317,729
Energy equipment and services 1.5%
CSI Compressco LP (A)(B)(C)	7.500	04-01-25	500,000	481,250

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 7

	Rate (%)	Maturity date		Par value^	Value
Energy (continued)
Energy equipment and services (continued)
CSI Compressco LP (C)	7.500	04-01-25		380,000	$365,750
CSI Compressco LP (10.000% Cash or 7.250% Cash and 3.500% PIK) (C)	10.000	04-01-26		1,236,699	1,051,194
Oil, gas and consumable fuels 16.8%
Antero Midstream Partners LP (C)	5.375	06-15-29		425,000	397,963
Antero Resources Corp. (C)	7.625	02-01-29		310,000	317,352
Cenovus Energy, Inc. (B)	6.750	11-15-39		398,000	432,162
Cheniere Energy Partners LP	3.250	01-31-32		325,000	270,752
Cheniere Energy Partners LP	4.500	10-01-29		1,620,000	1,524,156
Crestwood Midstream Partners LP (A)(B)(C)	8.000	04-01-29		720,000	732,600
DCP Midstream Operating LP (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (C)	5.850	05-21-43		560,000	559,665
Delek Logistics Partners LP (C)	7.125	06-01-28		535,000	487,297
Enbridge, Inc. (7.625% to 1-15-33, then 5 Year CMT + 4.418% to 1-15-53, then 5 Year CMT + 5.168%) (B)	7.625	01-15-83		1,055,000	1,074,603
Energy Transfer LP (B)	4.200	04-15-27		1,000,000	966,165
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (D)	7.125	05-15-30		1,285,000	1,082,613
EQM Midstream Partners LP (C)	7.500	06-01-30		531,000	515,424
MEG Energy Corp. (B)(C)	5.875	02-01-29		237,000	227,547
New Fortress Energy, Inc. (B)(C)	6.500	09-30-26		1,000,000	920,830
Occidental Petroleum Corp.	5.500	12-01-25		450,000	451,418
Occidental Petroleum Corp.	6.375	09-01-28		840,000	876,089
Occidental Petroleum Corp.	6.625	09-01-30		340,000	362,950
Odebrecht Oil & Gas Finance, Ltd., Zero Coupon (C)(D)	0.000	05-29-23		100,959	38
Parkland Corp. (C)	5.875	07-15-27		1,150,000	1,119,833
Petroleos Mexicanos	6.700	02-16-32		632,000	486,496
Petroleos Mexicanos	7.470	11-12-26	MXN	31,356,000	1,478,894
Sabine Pass Liquefaction LLC (B)	5.000	03-15-27		1,000,000	1,000,090
Southwestern Energy Company	8.375	09-15-28		1,570,000	1,643,828
Sunoco LP	4.500	04-30-30		374,000	333,783
Talos Production, Inc. (B)	12.000	01-15-26		660,000	697,950
Targa Resources Partners LP (B)	5.500	03-01-30		770,000	750,119
The Oil and Gas Holding Company BSCC (C)	7.500	10-25-27		1,155,000	1,181,634
Venture Global Calcasieu Pass LLC (C)	6.250	01-15-30		520,000	527,284

8 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Financials 28.5%				$34,769,007
Banks 19.0%
Bank of America Corp. (6.100% to 3-17-25, then 3 month LIBOR + 3.898%) (B)(D)	6.100	03-17-25	2,760,000	2,708,250
Barclays PLC (8.000% to 3-15-29, then 5 Year CMT + 5.431%) (B)(D)	8.000	03-15-29	2,200,000	1,926,980
BNP Paribas SA (6.625% to 3-25-24, then 5 Year U.S. Swap Rate + 4.149%) (C)(D)	6.625	03-25-24	1,063,000	1,012,933
BNP Paribas SA (9.250% to 11-17-27, then 5 Year CMT + 4.969%) (A)(B)(C)(D)	9.250	11-17-27	400,000	411,360
Citizens Financial Group, Inc. (5.650% to 10-6-25, then 5 Year CMT + 5.313%) (A)(B)(D)	5.650	10-06-25	1,000,000	905,201
Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (B)(C)(D)	7.875	01-23-24	865,000	848,781
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	1,481,034
Fifth Third Bancorp (6.361% to 10-27-27, then SOFR + 2.192%) (B)	6.361	10-27-28	405,000	417,971
Freedom Mortgage Corp. (B)(C)	8.250	04-15-25	1,398,000	1,299,679
ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (D)	6.500	04-16-25	1,135,000	1,048,983
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)(D)	6.750	02-01-24	3,500,000	3,495,804
NatWest Group PLC (6.000% to 12-29-25, then 5 Year CMT + 5.625%) (D)	6.000	12-29-25	675,000	632,745
Popular, Inc.	7.250	03-13-28	429,000	424,706
Societe Generale SA (7.875% to 12-18-23, then 5 Year U.S. Swap Rate + 4.979%) (C)(D)	7.875	12-18-23	1,656,000	1,582,142
The PNC Financial Services Group, Inc. (6.000% to 5-15-27, then 5 Year CMT + 3.000%) (B)(D)	6.000	05-15-27	1,365,000	1,266,038
The PNC Financial Services Group, Inc. (6.250% to 3-15-30, then 7 Year CMT + 2.808%) (B)(D)	6.250	03-15-30	537,000	492,161
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	1,629,648
Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (A)(B)(D)	5.875	06-15-25	1,565,000	1,530,914

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 9

	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Consumer finance 4.4%
Ally Financial, Inc. (A)(B)	5.800	05-01-25	2,000,000	$1,982,660
Ally Financial, Inc. (B)	7.100	11-15-27	910,000	939,801
Avation Capital SA (8.250% Cash or 9.000% PIK) (C)	8.250	10-31-26	750,961	651,459
Enova International, Inc. (A)(B)(C)	8.500	09-15-25	1,200,000	1,151,125
World Acceptance Corp. (A)(B)(C)	7.000	11-01-26	737,000	599,734
Financial services 0.5%
Block, Inc. (A)(B)	3.500	06-01-31	325,000	264,776
Macquarie Airfinance Holdings, Ltd. (C)	8.375	05-01-28	379,000	379,250
Insurance 4.2%
Alliant Holdings Intermediate LLC (C)	6.750	04-15-28	766,000	765,032
Athene Holding, Ltd. (B)	6.150	04-03-30	1,500,000	1,503,563
Athene Holding, Ltd. (B)	6.650	02-01-33	620,000	631,905
Prudential Financial, Inc. (3.700% to 7-1-30, then 5 Year CMT + 3.035%) (B)	3.700	10-01-50	2,100,000	1,799,620
SBL Holdings, Inc. (B)(C)	5.000	02-18-31	587,000	488,497
Mortgage real estate investment trusts 0.4%
Starwood Property Trust, Inc. (C)	5.500	11-01-23	500,000	496,255
Health care 4.8%				5,821,056
Health care equipment and supplies 0.5%
Varex Imaging Corp. (B)(C)	7.875	10-15-27	615,000	608,850
Health care providers and services 3.5%
Centene Corp.	4.625	12-15-29	400,000	377,000
DaVita, Inc. (C)	3.750	02-15-31	440,000	354,321
Encompass Health Corp. (B)	4.750	02-01-30	600,000	553,306
HCA, Inc. (B)	3.500	09-01-30	700,000	630,064
HCA, Inc. (B)	5.500	06-15-47	1,760,000	1,655,514
HealthEquity, Inc. (B)(C)	4.500	10-01-29	810,000	724,302
Pharmaceuticals 0.8%
Bausch Health Companies, Inc. (A)(B)(C)	9.000	01-30-28	86,000	85,140
Bausch Health Companies, Inc. (A)(B)(C)	11.000	09-30-28	153,000	123,356
Bausch Health Companies, Inc. (C)	14.000	10-15-30	30,000	19,200
Organon & Company (C)	4.125	04-30-28	750,000	690,003
Industrials 16.8%				20,485,188
Aerospace and defense 2.3%
Bombardier, Inc. (B)(C)	7.125	06-15-26	570,000	568,209
Bombardier, Inc. (B)(C)	7.875	04-15-27	1,380,000	1,375,944
TransDigm, Inc. (B)(C)	6.750	08-15-28	817,000	829,697
Commercial services and supplies 1.9%
Allied Universal Holdco LLC (C)	6.625	07-15-26	1,100,000	1,060,347

10 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Industrials (continued)
Commercial services and supplies (continued)
Cimpress PLC	7.000	06-15-26	1,020,000	$853,964
Clean Harbors, Inc. (C)	6.375	02-01-31	459,000	468,290
Construction and engineering 1.9%
AECOM	5.125	03-15-27	900,000	881,613
Global Infrastructure Solutions, Inc. (B)(C)	5.625	06-01-29	650,000	541,590
MasTec, Inc. (B)(C)	4.500	08-15-28	450,000	416,501
Williams Scotsman International, Inc. (B)(C)	6.125	06-15-25	425,000	422,893
Electrical equipment 0.7%
Atkore, Inc. (C)	4.250	06-01-31	345,000	303,753
Vertiv Group Corp. (C)	4.125	11-15-28	564,000	509,114
Ground transportation 2.7%
The Hertz Corp. (C)	4.625	12-01-26	80,000	72,053
Uber Technologies, Inc. (A)(B)(C)	6.250	01-15-28	1,165,000	1,175,602
Uber Technologies, Inc. (B)(C)	7.500	09-15-27	600,000	618,890
Uber Technologies, Inc. (B)(C)	8.000	11-01-26	1,350,000	1,384,142
Machinery 0.9%
JB Poindexter & Company, Inc. (B)(C)	7.125	04-15-26	625,000	603,119
TK Elevator U.S. Newco, Inc. (B)(C)	5.250	07-15-27	600,000	560,920
Passenger airlines 3.2%
American Airlines 2013-1 Class A Pass Through Trust	4.000	07-15-25	351,222	309,075
American Airlines, Inc. (C)	11.750	07-15-25	1,100,000	1,210,065
Delta Air Lines, Inc. (A)(B)	7.375	01-15-26	700,000	737,778
United Airlines 2020-1 Class A Pass Through Trust (B)	5.875	10-15-27	352,155	349,514
United Airlines 2020-1 Class B Pass Through Trust (B)	4.875	01-15-26	1,370,685	1,317,571
Trading companies and distributors 3.2%
Ashland LLC	6.875	05-15-43	845,000	843,360
Ashtead Capital, Inc. (B)(C)	5.500	08-11-32	480,000	474,109
Beacon Roofing Supply, Inc. (A)(B)(C)	4.125	05-15-29	980,000	857,310
Boise Cascade Company (C)	4.875	07-01-30	625,000	564,121
United Rentals North America, Inc.	4.000	07-15-30	700,000	626,483
WESCO Distribution, Inc. (C)	7.250	06-15-28	535,000	549,161
Information technology 8.5%				10,294,839
IT services 1.9%
Sabre GLBL, Inc. (B)(C)	9.250	04-15-25	1,000,000	922,500
Sixsigma Networks Mexico SA de CV (C)	7.500	05-02-25	725,000	615,712
Virtusa Corp. (A)(B)(C)	7.125	12-15-28	1,000,000	804,987

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 11

	Rate (%)	Maturity date	Par value^	Value
Information technology (continued)
Semiconductors and semiconductor equipment 1.2%
Entegris Escrow Corp. (C)	4.750	04-15-29	930,000	$865,014
Qorvo, Inc. (C)	3.375	04-01-31	700,000	568,414
Software 2.0%
Consensus Cloud Solutions, Inc. (A)(B)(C)	6.000	10-15-26	405,000	372,379
Consensus Cloud Solutions, Inc. (A)(B)(C)	6.500	10-15-28	960,000	840,000
NCR Corp. (B)(C)	5.125	04-15-29	150,000	129,750
NCR Corp. (B)(C)	5.250	10-01-30	535,000	449,823
Open Text Corp. (C)	6.900	12-01-27	616,000	636,237
Technology hardware, storage and peripherals 3.4%
CDW LLC	3.250	02-15-29	500,000	432,312
Dell International LLC (B)	8.350	07-15-46	746,000	918,986
Seagate HDD Cayman	5.750	12-01-34	1,389,000	1,232,835
Xerox Corp.	6.750	12-15-39	450,000	342,218
Xerox Holdings Corp. (C)	5.500	08-15-28	1,350,000	1,163,672
Materials 5.4%				6,513,316
Chemicals 0.9%
Braskem Idesa SAPI (A)(B)(C)	6.990	02-20-32	440,000	314,820
SCIL IV LLC (B)(C)	5.375	11-01-26	310,000	285,401
Trinseo Materials Operating SCA (A)(B)(C)	5.125	04-01-29	806,000	499,720
Containers and packaging 1.9%
Owens-Brockway Glass Container, Inc. (C)	6.625	05-13-27	581,000	583,034
Sealed Air Corp. (C)	6.125	02-01-28	260,000	263,822
Sealed Air Corp. (C)	6.875	07-15-33	500,000	531,145
Trivium Packaging Finance BV (B)(C)	5.500	08-15-26	900,000	873,768
Metals and mining 2.6%
First Quantum Minerals, Ltd. (C)	6.875	10-15-27	1,400,000	1,359,189
Freeport-McMoRan, Inc.	4.250	03-01-30	1,150,000	1,069,469
Novelis Corp. (C)	4.750	01-30-30	810,000	732,948
Real estate 3.8%				4,611,226
Health care REITs 0.5%
Diversified Healthcare Trust	9.750	06-15-25	620,000	593,452
Hotel and resort REITs 0.5%
XHR LP (B)(C)	4.875	06-01-29	730,000	633,574
Specialized REITs 2.8%
American Tower Corp. (B)	3.800	08-15-29	690,000	648,254
GLP Capital LP	5.375	04-15-26	815,000	806,724
Uniti Group LP (B)(C)	10.500	02-15-28	581,000	555,957

12 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Real estate (continued)
Specialized REITs (continued)
VICI Properties LP (C)	4.250	12-01-26	1,100,000	$1,048,182
VICI Properties LP (C)	4.625	12-01-29	350,000	325,083
Utilities 4.1%				5,025,389
Electric utilities 2.4%
NRG Energy, Inc. (C)	3.625	02-15-31	430,000	348,078
NRG Energy, Inc.	6.625	01-15-27	336,000	336,948
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (B)(C)(D)	10.250	03-15-28	421,000	413,033
Vistra Operations Company LLC (C)	5.500	09-01-26	900,000	881,858
Vistra Operations Company LLC (C)	5.625	02-15-27	1,000,000	975,298
Gas utilities 0.8%
AmeriGas Partners LP	5.750	05-20-27	1,000,000	944,186
Independent power and renewable electricity producers 0.9%
Clearway Energy Operating LLC (C)	4.750	03-15-28	650,000	615,988
Talen Energy Supply LLC (C)	8.625	06-01-30	510,000	510,000
Term loans (E) 3.7% (2.2% of Total investments)				$4,557,797
(Cost $5,095,692)
Communication services 0.8%				970,830
Media 0.8%
AP Core Holdings II LLC, High-Yield Term Loan B2 (1 month LIBOR + 5.500%)	10.525	09-01-27	1,000,000	970,830
Consumer discretionary 0.8%				990,264
Hotels, restaurants and leisure 0.8%
Carnival Corp., USD Term Loan B (1 month LIBOR + 3.000%)	8.025	06-30-25	997,436	990,264
Energy 0.3%				428,794
Oil, gas and consumable fuels 0.3%
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan (3 month LIBOR + 9.000%)	14.211	11-01-25	405,000	428,794
Health care 1.0%				1,162,219
Pharmaceuticals 1.0%
Bausch Health Companies, Inc., 2022 Term Loan B (1 month SOFR + 5.250%)	10.240	02-01-27	1,443,750	1,162,219
Industrials 0.8%				1,005,690
Passenger airlines 0.8%
AAdvantage Loyalty IP, Ltd., 2021 Term Loan (3 month LIBOR + 4.750%)	10.000	04-20-28	1,000,000	1,005,690

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 13

	Rate (%)	Maturity date	Par value^	Value
Industrials (continued)
Passenger airlines (continued)
Global Aviation Holdings, Inc., PIK, 2nd Lien Term Loan (F)(G)	0.000	07-13-21	51,038	$0
Global Aviation Holdings, Inc., PIK, 3rd Lien Term Loan (F)(G)	0.000	03-13-22	514,063	0
Collateralized mortgage obligations 0.4% (0.3% of Total investments)				$490,652
(Cost $526,727)
Commercial and residential 0.4%				483,861
BBCMS Mortgage Trust
Series 2017-DELC, Class E (1 month LIBOR + 2.625%) (C)(H)	7.573	08-15-36	427,000	422,684
HarborView Mortgage Loan Trust
Series 2007-3, Class ES IO (C)	0.350	05-19-47	1,646,246	17,214
Series 2007-4, Class ES IO	0.350	07-19-47	1,701,808	22,389
Series 2007-6, Class ES IO (C)	0.343	08-19-37	1,735,618	21,574
U.S. Government Agency 0.0%				6,791
Government National Mortgage Association
Series 2012-114, Class IO	0.608	01-16-53	444,750	6,791
Asset backed securities 6.9% (4.0% of Total investments)				$8,357,486
(Cost $8,385,975)
Asset backed securities 6.9%				8,357,486
AMMC CLO 16, Ltd.
Series 2015-16A, Class AR2 (3 month LIBOR + 0.980%) (C)(H)	6.231	04-14-29	449,587	448,051
AMMC CLO XIII, Ltd.
Series 2013-13A, Class A1R2 (3 month LIBOR + 1.050%) (C)(H)	6.323	07-24-29	1,213,999	1,207,928
Concord Music Royalties LLC
Series 2022-1A, Class A2 (C)	6.500	01-20-73	850,000	831,622
ContiMortgage Home Equity Loan Trust
Series 1995-2, Class A5	8.100	08-15-25	14,561	14,410
Cutwater, Ltd.
Series 2015-1A, Class AR (3 month LIBOR + 1.220%) (C)(H)	6.480	01-15-29	383,363	380,917
Gallatin CLO IX, Ltd.
Series 2018-1A, Class A (3 month LIBOR + 1.050%) (C)(H)	6.311	01-21-28	1,070,492	1,061,104
MVW LLC
Series 2022-1A, Class D (C)	7.350	11-21-39	836,357	800,882
Series 2023-1A, Class D (C)	8.830	10-20-40	825,000	821,582
Neighborly Issuer LLC
Series 2023-1A, Class A2 (C)	7.308	01-30-53	1,022,438	1,009,627
OFSI BSL VIII, Ltd.
Series 2017-1A, Class AR (3 month LIBOR + 1.000%) (C)(H)	6.260	08-16-29	352,787	349,776
Sound Point CLO, Ltd.

14 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

	Rate (%)	Maturity date	Par value^	Value
Asset backed securities (continued)
Series 2013-2RA, Class A1 (3 month LIBOR + 0.950%) (C)(H)	6.210	04-15-29	632,661	$626,367
Vantage Data Centers LLC
Series 2019-1A, Class A2 (C)	3.188	07-15-44	274,550	265,385
Westgate Resorts LLC
Series 2020-1A, Class C (C)	6.213	03-20-34	309,334	305,430
Zais CLO 8, Ltd.
Series 2018-1A, Class A (3 month LIBOR + 0.950%) (C)(H)	6.210	04-15-29	236,148	234,405

	Shares	Value
Common stocks 0.3% (0.1% of Total investments)		$302,700
(Cost $692,563)
Industrials 0.0%		0
Passenger airlines 0.0%
Global Aviation Holdings, Inc., Class A (G)(I)	82,159	0
Utilities 0.3%		302,700
Multi-utilities 0.3%
Algonquin Power & Utilities Corp.	10,000	302,700
Preferred securities 0.8% (0.5% of Total investments)		$996,072
(Cost $1,020,944)
Energy 0.4%		457,776
Oil, gas and consumable fuels 0.4%
Energy Transfer LP, 7.600% (7.600% to 5-15-24, then 3 month LIBOR + 5.161%) (A)(B)	19,800	457,776
Utilities 0.4%		538,296
Multi-utilities 0.4%
NiSource, Inc., 6.500% (6.500% to 3-15-24, then 5 Year CMT + 3.632%) (B)	21,575	538,296
Warrants 0.0% (0.0% of Total investments)		$19,427
(Cost $0)
Avation Capital SA (Expiration Date: 10-31-26; Strike Price: GBP 114.50) (I)	12,775	9,714
Avation PLC (Expiration Date: 10-31-26; Strike Price: GBP 114.50) (I)	12,775	9,713

	Par value^	Value
Escrow certificates 0.0% (0.0% of Total investments)		$4,095
(Cost $0)
LSC Communications, Inc. (C)(G)(I)	2,100,000	4,095

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 15

	Yield (%)	Shares	Value
Short-term investments 3.3% (2.0% of Total investments)			$4,094,660
(Cost $4,094,867)
Short-term funds 3.3%			4,094,660
John Hancock Collateral Trust (J)	4.9058(K)	409,585	4,094,660

Total investments (Cost $221,750,928) 170.5%	$207,716,679
Other assets and liabilities, net (70.5%)	(85,895,680)
Total net assets 100.0%	$121,820,999

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
GBP	Pound Sterling
MXN	Mexican Peso
Security Abbreviations and Legend
CMT	Constant Maturity Treasury
IO	Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR	London Interbank Offered Rate
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 4-30-23, and is a component of the fund’s leverage under the Liquidity Agreement.
(B)	All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 4-30-23 was $107,577,978. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $29,985,578.
(C)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $102,355,917 or 84.0% of the fund’s net assets as of 4-30-23.
(D)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(E)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(F)	Non-income producing - Issuer is in default.
(G)	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.
(H)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(I)	Non-income producing security.
(J)	Investment is an affiliate of the fund, the advisor and/or subadvisor.
(K)	The rate shown is the annualized seven-day yield as of 4-30-23.

16 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

DERIVATIVES

FORWARD FOREIGN CURRENCY CONTRACTS

Contract to buy		Contract to sell		Counterparty (OTC)	Contractual settlement date	Unrealized appreciation	Unrealized depreciation
USD	2,712,206	MXN	49,480,487	CITI	5/17/2023	—	$(31,703)
						—	$(31,703)

SWAPS

Interest rate swaps
Counterparty (OTC)/ Centrally cleared	Notional amount	Currency	Payments made	Payments received	Fixed payment frequency	Floating payment frequency	Maturity date	Unamortized upfront payment paid (received)	Unrealized appreciation (depreciation)	Value
Centrally cleared	43,000,000	USD	Fixed 3.662%	USD Federal Funds Rate Compounded OIS	Semi-Annual	Quarterly	May 2026	—	—	—
								—	—	—

Derivatives Currency Abbreviations
MXN	Mexican Peso
USD	U.S. Dollar

Derivatives Abbreviations
CITI	Citibank, N.A.
OIS	Overnight Index Swap
OTC	Over-the-counter

At 4-30-23, the aggregate cost of investments for federal income tax purposes was $223,695,809. Net unrealized depreciation aggregated to $16,010,833, of which $1,215,453 related to gross unrealized appreciation and $17,226,286 related to gross unrealized depreciation.

See Notes to financial statements regarding investment transactions and other derivatives information.

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 17

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 4-30-23 (unaudited)

Assets
Unaffiliated investments, at value (Cost $217,656,061)	$203,622,019
Affiliated investments, at value (Cost $4,094,867)	4,094,660
Total investments, at value (Cost $221,750,928)	207,716,679
Cash	7,069
Dividends and interest receivable	3,114,862
Other assets	231,556
Total assets	211,070,166
Liabilities
Unrealized depreciation on forward foreign currency contracts	31,703
Liquidity agreement	86,900,000
Payable for investments purchased	1,780,681
Interest payable	399,643
Payable to affiliates
Accounting and legal services fees	7,285
Other liabilities and accrued expenses	129,855
Total liabilities	89,249,167
Net assets	$121,820,999
Net assets consist of
Paid-in capital	$170,752,753
Total distributable earnings (loss)	(48,931,754)
Net assets	$121,820,999
Net asset value per share
Based on 8,744,547 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value	$13.93

18 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the six months ended 4-30-23 (unaudited)

Investment income
Interest	$6,457,388
Dividends from affiliated investments	113,237
Dividends	66,107
Less foreign taxes withheld	(1,711)
Total investment income	6,635,021
Expenses
Investment management fees	589,448
Interest expense	2,229,474
Accounting and legal services fees	11,537
Transfer agent fees	22,903
Trustees’ fees	26,654
Custodian fees	13,654
Printing and postage	20,744
Professional fees	99,411
Stock exchange listing fees	11,776
Other	7,300
Total expenses	3,032,901
Less expense reductions	(8,455)
Net expenses	3,024,446
Net investment income	3,610,575
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments and foreign currency transactions	(7,836,035)
Affiliated investments	2,561
Forward foreign currency contracts	(399,610)
	(8,233,084)
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments and translation of assets and liabilities in foreign currencies	13,692,426
Affiliated investments	372
Forward foreign currency contracts	51,724
	13,744,522
Net realized and unrealized gain	5,511,438
Increase in net assets from operations	$9,122,013

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 19

STATEMENTS OF CHANGES IN NET ASSETS  

	Six months ended 4-30-23 (unaudited)	Year ended 10-31-22
Increase (decrease) in net assets
From operations
Net investment income	$3,610,575	$10,330,564
Net realized loss	(8,233,084)	(6,746,986)
Change in net unrealized appreciation (depreciation)	13,744,522	(38,324,075)
Increase (decrease) in net assets resulting from operations	9,122,013	(34,740,497)
Distributions to shareholders
From earnings	(3,947,289)	(11,497,721)
Total distributions	(3,947,289)	(11,497,721)
Fund share transactions
Issued pursuant to Dividend Reinvestment Plan	—	481,881
Total increase (decrease)	5,174,724	(45,756,337)
Net assets
Beginning of period	116,646,275	162,402,612
End of period	$121,820,999	$116,646,275
Share activity
Shares outstanding
Beginning of period	8,744,547	8,718,679
Issued pursuant to Dividend Reinvestment Plan	—	25,868
End of period	8,744,547	8,744,547

20 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS For the six months ended   4-30-23 (unaudited)

Cash flows from operating activities
Net increase in net assets from operations	$9,122,013
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Long-term investments purchased	(44,974,128)
Long-term investments sold	40,922,788
Net purchases and sales of short-term investments	4,108,977
Net amortization of premium (discount)	1,873
(Increase) Decrease in assets:
Unrealized appreciation on forward foreign currency contracts	23,555
Dividends and interest receivable	(39,412)
Receivable for investments sold	601,920
Other assets	(6,599)
Increase (Decrease) in liabilities:
Unrealized depreciation on forward foreign currency contracts	(75,279)
Payable for investments purchased	297,854
Payable for delayed delivery securities purchased	(999,730)
Interest payable	95,752
Payable to affiliates	268
Other liabilities and accrued expenses	(539)
Net change in unrealized (appreciation) depreciation on:
Investments	(13,691,542)
Net realized (gain) loss on:
Investments	7,839,131
Net cash provided by operating activities	$3,226,902
Cash flows provided by (used in) financing activities
Distributions to shareholders	$(3,947,289)
Net cash used in financing activities	$(3,947,289)
Net decrease in cash	$(720,387)
Cash at beginning of period	$727,456
Cash at end of period	$7,069
Supplemental disclosure of cash flow information:
Cash paid for interest	$(2,133,722)

SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 21

Financial highlights

Period ended	4-30-231	10-31-22	10-31-21	10-31-20	10-31-19	10-31-18
Per share operating performance
Net asset value, beginning of period	$13.34	$18.63	$17.11	$18.38	$16.99	$18.81
Net investment income2	0.41	1.18	1.36	1.27	1.19	1.21
Net realized and unrealized gain (loss) on investments	0.63	(5.15)	1.59	(1.19)	1.40	(1.79)
Total from investment operations	1.04	(3.97)	2.95	0.08	2.59	(0.58)
Less distributions
From net investment income	(0.45)	(1.32)	(1.43)	(1.35)	(1.20)	(1.24)
Net asset value, end of period	$13.93	$13.34	$18.63	$17.11	$18.38	$16.99
Per share market value, end of period	$12.76	$12.37	$18.62	$15.47	$17.14	$15.51
Total return at net asset value (%)3,4	8.175	(22.00)	17.65	1.56	16.56	(2.74)
Total return at market value (%)3	6.855	(27.68)	30.05	(1.53)	19.07	(6.54)
Ratios and supplemental data
Net assets, end of period (in millions)	$122	$117	$162	$149	$160	$148
Ratios (as a percentage of average net assets):
Expenses before reductions	5.076	2.37	1.46	1.91	2.74	2.52
Expenses including reductions7	5.066	2.35	1.45	1.90	2.73	2.51
Net investment income	6.046	7.43	7.30	7.42	6.77	6.76
Portfolio turnover (%)	20	39	52	62	40	52
Senior securities
Total debt outstanding end of period (in millions)	$87	$87	$87	$87	$87	$87
Asset coverage per $1,000 of debt8	$2,402	$2,342	$2,869	$2,714	$2,841	$2,702

1	Six months ended 4-30-23. Unaudited.
2	Based on average daily shares outstanding.
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	Not annualized.
6	Annualized.
7	Expenses including reductions excluding interest expense were 1.33% (annualized), 1.19%, 1.06%, 1.08%, 1.04% and 1.12% for the periods ended 4-30-23, 10-31-22, 10-31-21, 10-31-20, 10-31-19 and 10-31-18, respectively.
8	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.

22 JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements (unaudited)

Note 1—Organization

John Hancock Investors Trust (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).

In 2012, 2015 and 2018, the fund filed registration statements with the Securities and Exchange Commission SEC), in each case registering and/or carrying forward 1,000,000 common shares, through equity shelf offering programs. Under these programs, the fund, subject to market conditions, may raise additional equity capital from time to time by offering new common shares at a price equal to or above the fund’s net asset value (NAV) per common share.

Note 2—Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:

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

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

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

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

SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust 23

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

The following is a summary of the values by input classification of the fund’s investments as of April 30, 2023, by major security category or type:

	Total value at 4-30-23	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$19,012,167	—	$19,012,167	—
Foreign government obligations	373,833	—	373,833	—
Corporate bonds	169,507,790	—	169,507,790	—
Term loans	4,557,797	—	4,557,797	—
Collateralized mortgage obligations	490,652	—	490,652	—
Asset backed securities	8,357,486	—	8,357,486	—
Common stocks	302,700	$302,700	—	—
Preferred securities	996,072	996,072	—	—
Warrants	19,427	9,713	9,714	—
Escrow certificates	4,095	—	—	$4,095
Short-term investments	4,094,660	4,094,660	—	—
Total investments in securities	$207,716,679	$5,403,145	$202,309,439	$4,095
Derivatives:
Assets
Swap contracts	—	—	—	—
Liabilities
Forward foreign currency contracts	$(31,703)	—	$(31,703)	—
Level 3 includes securities valued at $0. Refer to Fund’s investments.

The fund holds liabilities for which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2023, the liability for the fund’s Liquidity agreement on the Statement of assets and liabilities is categorized as Level 2 within the disclosure hierarchy.

24 JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT

Term loans (Floating rate loans). The fund may invest in term loans, which are debt securities and are often rated below investment grade at the time of purchase. Term loans are generally subject to legal or contractual restrictions on resale and generally have longer settlement periods than conventional debt securities. Term loans involve special types of risk, including credit risk, interest-rate risk, counterparty risk, and risk associated with extended settlement. The liquidity of term loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. During periods of infrequent trading, valuing a term loan can be more difficult and buying and selling a term loan at an acceptable price can be more difficult and delayed, which could result in a loss.

The fund’s ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The fund’s failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason would adversely affect the fund’s income and would likely reduce the value of its assets. Transactions in loan investments typically take a significant amount of time (i.e., seven days or longer) to settle. This could pose a liquidity risk to the fund. Because term loans may not be rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadvisor’s credit analysis of the borrower and/or term loan agents. There is greater risk that the fund may have limited rights to enforce the terms of an underlying loan than for other types of debt instruments.

Mortgage and asset backed securities. The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a tax return of capital and/or capital gain, if any, are recorded as a reduction of cost of investments and/or as a realized gain, if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.

Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.

Overdrafts. Pursuant to the custodian agreement, the fund’s custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Statement of cash flows. A Statement of cash flows is presented when a fund has a significant amount of borrowing during the period, based on the average total borrowing in relation to total assets, or when a certain percentage of the fund’s investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund’s Statement of assets and liabilities and represents the cash on hand at the fund’s custodian and does not include any short-term investments or collateral on derivative contracts, if any.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of October 31, 2022, the fund has a short-term capital loss carryforward of $4,806,316 and a long-term capital loss carryforward of $20,896,291 available to offset future net realized capital gains. These carryforwards do not expire.

As of October 31, 2022, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly. Capital gain distributions, if any, are typically distributed annually.

26 JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital. The final determination of tax characteristics of the distribution will occur at the end of the year and will subsequently be reported to shareholders.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to foreign currency transactions, amortization and accretion on debt securities, contingent payment debt instruments and wash sale loss deferrals.

Note 3—Derivative instruments

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

Derivatives which are typically traded through the OTC market are regulated by the Commodity Futures Trading Commission (the CFTC). Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.

As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund, if any, is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund, if any, for OTC transactions is held in a segregated account at the fund’s custodian and is noted in the accompanying Fund’s investments, or if cash is posted, on the Statement of assets and liabilities. The fund’s risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.

Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, and the risk that currency movements will not favor the fund thereby reducing the fund’s total return, and the potential for losses in

SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust 27

excess of the amounts recognized on the Statement of assets and liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

During the six months ended April 30, 2023, the fund used forward foreign currency contracts to manage against changes in foreign currency exchange rates. The fund held forward foreign currency contracts with USD notional values ranging from $2.6 million to $9.1 million, as measured at each quarter end.

Swaps. Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

Interest rate swaps. Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals.

During the six months ended April 30, 2023, the fund used interest rate swap contracts to manage against changes in the liquidity agreement interest rates. The fund held interest rate swaps with total USD notional amounts ranging up to $43 million, as measured at each quarter end. 

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at April 30, 2023 by risk category:

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	—	$(31,703)
Interest rate	Swap contracts, at value1	Interest rate swaps	—	—
			—	$(31,703)

28 JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT

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.

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2023:

	Statement of operations location - Net realized gain (loss) on:
Risk	Forward foreign currency contracts
Currency	$(399,610)

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2023:

	Statement of operations location - Change in net unrealized appreciation (depreciation) of:
Risk	Forward foreign currency contracts
Currency	$51,724

Note 4—Guarantees and indemnifications

Under the fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5—Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as distributor for the common shares offered through the equity shelf offering of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (MFC).

Management fee.  The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis, to the sum of (a) 0.650% of the first $150 million of the fund’s average daily managed assets (net assets plus borrowings under the Liquidity Agreement (see Note 8)), (b) 0.375% of the next $50 million of the fund’s average daily managed assets, (c) 0.350% of the next $100 million of the fund’s average daily managed assets and (d) 0.300% of the fund’s average daily managed assets in excess of $300 million. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

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 net 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

SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust 29

fund. During the six months ended April 30, 2023, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2024, 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.

The expense reductions described above amounted to $8,455 for the six months ended April 30, 2023.

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended April 30, 2023, were equivalent to a net annual effective rate of 0.56% of the fund’s average daily managed net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred, for the six months ended April 30, 2023, amounted to an annual rate of 0.01% of the fund’s average daily managed net assets. 

Distributor. The fund will compensate the Distributor with respect to sales of the common shares offered through the equity shelf offering at a commission rate of 1.00% of the gross proceeds of the sale of common shares, a portion of which is allocated to the selling dealers. The Distributor has an agreement with a sub-placement agent in the sale of common shares. The fund is not responsible for payment of commissions to the sub placement agent.

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.

Note 6—Fund share transactions

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, between January 1, 2023 and December 31, 2023, up to 10% of its outstanding common shares as of December 31, 2022. The share repurchase plan will remain in effect between January 1, 2023 and December 31, 2023.

During the six months ended April 30, 2023 and the year ended October 31, 2022, the fund had no activities under the repurchase program. Shares repurchased and corresponding dollar amounts, if any, are included on the Statements of changes in net assets. The anti-dilutive impacts of these share repurchases, if any, are included on the Financial highlights.

Transactions in common shares, if any, are presented in the Statements of changes in net assets. Proceeds received in connection with the shelf offering are net of commissions and offering costs. Total offering costs of $248,706 have been prepaid by the fund. As of April 30, 2023, $44,629 has been deducted from proceeds of shares issued and the remaining $204,077 is included in Other assets on the Statement of assets and liabilities.

Note 7—Leverage risk

The fund utilizes a Liquidity Agreement (LA) to increase its assets available for investment. When the fund leverages its assets, shareholders bear the expenses associated with the LA and have potential to benefit or be disadvantaged from the use of leverage. The Advisor’s fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund’s assets. Leverage creates risks that may adversely affect the return for the holders of shares, including:

30 JOHN HANCOCK Investors Trust | SEMIANNUAL 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.

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund’s return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived. The use of securities lending to obtain leverage in the fund’s investments may subject the fund to greater risk of loss than would reinvestment of collateral in short term highly rated investments.

In addition to the risks created by the fund’s use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the LA is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund’s ability to generate income from the use of leverage would be adversely affected.

Note 8—Liquidity Agreement

The fund has entered into a LA with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $86.9 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at April 30, 2023 are shown in the Statement of assets and liabilities as the Liquidity agreement.

The fund pledges its assets as collateral to secure obligations under the LA. The fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities lending and reverse repurchase transactions with SSB acting as the fund’s authorized agent for these transactions. All transactions initiated through SSB are required to be secured with cash collateral received from the securities borrower (the Borrower) or cash is received from the reverse repurchase agreement (Reverse Repo) counterparties. Securities lending transactions will be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these transactions. Cash received by SSB from securities lending or Reverse Repo transactions is credited against the amounts borrowed under the line of credit. As of April 30, 2023, the LA balance of $86,900,000 was comprised of $55,958,917 from the line of credit and $30,941,083 cash received by SSB from securities lending or Reverse Repo transactions.

Upon return of securities by the Borrower or Reverse Repo counterparty, SSB will return the cash collateral to the Borrower or proceeds from the Reverse Repo, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements is paid by SSB.

SSB has indemnified the fund for certain losses that may arise if the Borrower or a Reverse Repo Counterparty fails to return securities when due. With respect to securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the Borrower to purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement securities, SSB is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any of the fund’s losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the Borrower or proceeds from the Reverse Repo counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the Borrower or Reverse Repo counterparty fails to return the securities on a timely basis.

Effective April 1, 2023, interest charged is at the rate of overnight bank funding rate (OBFR) plus 0.700% and is

SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust 31

payable monthly on the aggregate balance of the drawdowns outstanding under the LA. Prior to April 1, 2023, interest was charged at a rate of one month London Interbank Offered Rate (LIBOR) plus 0.60%. As of April 30, 2023, the fund had an aggregate balance of $86,900,000 at an interest rate of 5.51%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the six months ended April 30, 2023, the average balance of the LA and the effective average interest rate were $86,900,000 and 5.17%, respectively.

The fund may terminate the LA with 60 days’ notice. If certain asset coverage and collateral requirements, or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination event, SSB is required to provide the fund with 360 days’ notice prior to terminating the LA.

Due to the anticipated discontinuation of LIBOR, as discussed in Note 9, the LA was amended to remove LIBOR as the reference rate for interest and has been replaced with OBFR for interest mutually agreed upon by the fund and SSB. However, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate and the potential effect of a transition away from LIBOR on the fund cannot yet be fully determined.

Note 9—LIBOR Discontinuation Risk

LIBOR is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR maturities, including some US LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid US LIBOR maturities on June 30, 2023. It is expected that market participants, such as the fund and SSB, have transitioned or will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. However, although regulators have encouraged the development and adoption of alternative rates, such as the Secured Overnight Financing Rate (SOFR), there is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement rate.

 Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation dates, the impact on the transition away from LIBOR referenced financial instruments remains uncertain. It is expected that market participants will amend financial instruments referencing LIBOR to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However,  there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. Certain proposed replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight US Treasury repo rates, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.

As market participants transition away from LIBOR, LIBOR’s usefulness may deteriorate. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate. The use of an alternative reference rate may result in increases to the interest paid by the fund pursuant to the LA and, therefore, may adversely affect the fund’s performance.

32 JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT

Note 10—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $44,974,128 and $40,922,788, respectively, for the six months ended April 30, 2023.

Note 11—Industry or sector risk

The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.

Note 12—Investment in affiliated underlying funds

The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
John Hancock Collateral Trust	409,585	$8,200,704	$30,096,828	$(34,205,805)	$2,561	$372	$113,237	—	$4,094,660

Note 13—New accounting pronouncement

In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management expects that the adoption of the guidance will not have a material impact to the financial statements.

SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust 33

Investment objective, principal investment strategies, and principal risks

Unaudited

Investment Objective

The Fund’s primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective.

Principal Investment Strategies

The preponderance of the Fund’s assets are invested in a diversified portfolio of debt securities issued by U.S. and non-U.S. corporations and governments, some of which may carry equity features. The Fund emphasizes corporate debt securities which pay interest on a fixed or contingent basis and which may possess certain equity features, such as conversion or exchange rights, warrants for the acquisition of the stock of the same or different issuers, or participations based on revenues, sales or profits.

The Fund may invest up to 70% of its net assets (plus borrowings for investment purposes) in debt securities rated below investment grade, commonly known as “junk bonds.” The Fund also may purchase preferred securities and may acquire common stock through the exercise of conversion or exchange rights acquired in connection with other securities owned by the Fund. The Fund will not acquire any additional preferred securities or common stock if as a result of that acquisition the value of all preferred securities and common stocks in the Fund’s portfolio would exceed 20% of its total assets. Up to 50% of the value of the Fund’s assets may be invested in restricted securities acquired through private placements. The Fund may also purchase mortgage-backed securities.

At least 30% of Fund’s net assets (plus borrowings for investment purposes) will be represented by (a) debt securities which are rated, at the time of acquisition, investment grade (i.e., at least “Baa” by Moody’s Investors Service, Inc. (Moody’s) or “BBB” by Standard & Poor’s Global Ratings Inc. (S&P)) or in unrated securities determined by the Subadvisor to be of comparable credit quality, (b) securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, and (c) cash or cash equivalents.

The Fund may also invest in derivatives such as foreign currency forward contracts, credit default swaps, futures contracts, options, foreign currency swaps, interest-rate swaps, swaps and reverse repurchase agreements. The fund utilizes a liquidity agreement to increase its assets available for investments and may also seek to obtain additional income or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets. In addition, the Fund may invest in repurchase agreements. The Fund may also invest up to 20% of its total assets in illiquid securities.

The Advisor may also take into consideration environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment selection process. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.

Principal Risks

As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund’s net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.

The fund’s main risks are listed below in alphabetical order, not in order of importance.

Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund.

34 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT

Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.

Cybersecurity and operational risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.

Economic and market events risk. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.

As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia’s economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the coronavirus disease (COVID-19) has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.

Equity securities risk. The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.

ESG integration risk. The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments.  In certain situations, the extent to which these ESG factors may be applied according to the manager’s integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming funds that do not utilize ESG criteria or funds that utilize different ESG criteria. Integration of ESG factors into the fund’s investment process may result in a manager making different investments for the fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and the fund’s

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 35

investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in the fund’s investments.

Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed. Changes in a security’s credit qualify may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.

Foreign securities risk. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. If applicable, depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.

Hedging, derivatives, and other strategic transactions risk. Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, credit default swaps, futures contracts, options, foreign currency swaps, interest-rate swaps, swaps, and reverse repurchase agreements. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund’s ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund’s NAV.

Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.

Leveraging risk. Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund’s losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Liquidity Agreement to increase its assets available for investment. See “Note 7 — Leverage risk” above.

LIBOR discontinuation risk. The publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments have used or continue to use as the reference or benchmark rate for interest rate calculations, was discontinued for certain maturities as of December 31, 2021, and is expected to be discontinued on June 30, 2023 for the remaining maturities. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the fund’s performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR.

36 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT

Liquidity risk. The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities.

Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.

Mortgage-backed and asset-backed securities risk. Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.

Preferred and convertible securities risk. Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.

U.S. Government agency obligations risk. U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 37

ADDITIONAL INFORMATION

Unaudited

The fund is a diversified, closed-end, management investment company, common shares of which were initially offered to the public in January 1971.

Dividends and distributions

During the six months ended April 30, 2023, distributions from net investment income totaling $0.4514 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment Date	Income Distributions
December 30, 2022	$0.2589
March 31, 2023	0.1925
Total	$0.4514

Shareholder communication and assistance

If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:

Regular Mail:
Computershare
P.O. Box 43006
Providence, RI 02940-3078

Registered or Overnight Mail:
Computershare
150 Royall Street, Suite 101
Canton, MA 02021

If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.

38 JOHN HANCOCK INVESTORS TRUST  | SEMIANNUAL REPORT

SHAREHOLDER MEETING

The fund held its Annual Meeting of Shareholders on Tuesday, February 21, 2023. The following proposal was considered by the shareholders:

THE PROPOSAL PASSED ON FEBRUARY 21, 2023

Proposal: To elect fourteen (14) Trustees to serve until their respective successors have been duly elected and qualified.

	Total votes for the nominee	Total votes withheld from the nominee
Independent Trustees
James R. Boyle	5,626,860.113	189,327.451
William H. Cunningham	5,490,997.496	325,190.068
Noni L. Ellison	5,600,765.113	215,422.451
Grace K. Fey	5,594,711.344	221,476.220
Dean C. Garfield	5,599,425.265	216,762.299
Deborah C. Jackson	5,609,649.113	206,538.451
Patricia Lizarraga	5,603,700.113	212,487.451
Hassell H. McClellan	5,479,607.146	336,580.418
Steven R. Pruchansky	5,484,563.113	331,624.151
Frances G. Rathke	5,628,805.265	187,382.299
Gregory A. Russo	5,500,469.146	315,718.418

Non-Independent Trustees
Andrew G. Arnott	5,592,853.152	223,334.412
Marianne Harrison	5,592,593.152	223,594.412
Paul Lorentz	5,602,608.152	213,579.412

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 39

More information

Trustees

Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
James R. Boyle
William H. Cunningham*
Grace K. Fey
Noni L. Ellison^
Dean C. Garfield^
Marianne Harrison†,#
Deborah C. Jackson
Patricia Lizarraga*,^
Paul Lorentz‡
Frances G. Rathke*
Gregory A. Russo

Officers

Andrew G. Arnott
President

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Christopher (Kit) Sechler
Secretary and Chief Legal Officer

Trevor Swanberg
Chief Compliance Officer

Investment advisor

John Hancock Investment Management LLC

Subadvisor

Manulife Investment Management (US) LLC

Portfolio Managers

James Gearhart, CFA
Jonas Grazulis, CFA
Caryn E. Rothman, CFA

Distributor

John Hancock Investment Management Distributors LLC

Custodian

State Street Bank and Trust Company

Transfer agent

Computershare Shareowner Services, LLC

Legal counsel

K&L Gates LLP

Stock symbol

Listed New York Stock Exchange: JHI

 

† Non-Independent Trustee

* Member of the Audit Committee

^ Appointed to serve as Independent Trustee effective as of September 20, 2022.

# Ms. Harrison is retiring effective May 1, 2023.

‡ Appointed to serve as Non-Independent Trustee effective as of September 20, 2022.

The fund’s proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.

The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.

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

40 JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT

John Hancock family of funds

U.S. EQUITY FUNDS

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

FIXED-INCOME FUNDS

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

ALTERNATIVE FUNDS

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

 

A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock International High Dividend ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Lifestyle Blend Portfolios

Lifetime Blend Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

Preservation Blend Portfolios

ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

CLOSED-END FUNDS

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.

Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.

A trusted brand

John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.

A better way to invest

We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.

Results for investors

Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.

“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.

John Hancock Investment Management LLC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com

Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.

MF2879829 P5SA 4/23

06/2023

ITEM 2. CODE OF ETHICS.

Not Applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not Applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not Applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Not applicable.

(b)Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a)Not applicable.

			Total number of	Maximum number of
	Total number of	Average price per	shares purchased	shares that may yet
			as part of publicly	be purchased under
Period	shares purchased	share	announced plans*	the plans
Nov-22	-	-	-	873,182
Dec-22	-	-	-	873,182
Jan-23	-	-	-	874,455
Feb-23	-	-	-	874,455
Mar-23	-	-	-	874,455
Apr-23	-	-	-	874,455
Total	-	-

* On December 10, 2015, the Board of Trustees approved a share repurchase plan, which has been subsequently reviewed and approved by the Board of Trustees. 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, 2022. The current share plan will remain in effect between January 1, 2023 and December 31, 2023.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating, Governance and Administration Committee Charter."

ITEM 11. 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 12. 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 13. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds – Nominating, Governance and Administration Committee Charter."

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Investors Trust

By:	/s/ Andrew Arnott
	------------------------------
	Andrew Arnott
	President
Date:	June 27, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Andrew Arnott
	-------------------------------
	Andrew Arnott
	President
Date:	June 27, 2023
By:	/s/ Charles A. Rizzo
	-------------------------------
	Charles A. Rizzo
	Chief Financial Officer
Date:	June 27, 2023