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- 4173

John Hancock Investors Trust
(Exact name of registrant as specified in charter)

601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Salvatore Schiavone

Treasurer

601 Congress Street

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4497

Date of fiscal year end: October 31
Date of reporting period: October 31, 2016

 

 


 

ITEM 1. SCHEDULE OF INVESTMENTS

 


 

John Hancock

Investors Trust

Ticker: JHI
Annual report 10/31/16

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A message to shareholders

Dear shareholder,

Fixed-income returns were mostly positive globally over the past 12 months, with particular strength coming from U.S. high-yield bonds and emerging-market debt. Of note, despite being low compared with historical norms, longer-term bond yields in the United States continued to offer value relative to bond markets outside the United States, as many countries are grappling with negative yields as foreign central banks look for ways to spur growth.

Additional interest-rate increases by the U.S. Federal Reserve are widely expected, but the timing has proven hard to predict. Economic growth has been somewhat choppy; jobs gains have slowed in recent months but wages have risen. Political uncertainty has been another factor, with both the tasks facing U.S. President-elect Donald J. Trump to unite a fractured electorate and the aftershocks of the U.K.'s vote to leave the European Union reverberating internationally.

While riskier market segments have performed well in recent months, it's prudent to expect the trend won't be sustained indefinitely. Should markets encounter more turbulence as we finish out 2016, remember that one of your best resources is your financial advisor, who can help ensure your portfolio is sufficiently diversified to meet your long-term objectives and to withstand the inevitable bumps along the way.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us.

Sincerely,

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Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views, which are subject to change at any time. All investments entail risks, including the possible loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. 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
4   Discussion of fund performance
8   Fund's investments
19   Financial statements
23   Financial highlights
24   Notes to financial statements
33   Auditor's report
34   Tax information
35   Additional information
38   Continuation of investment advisory and subadvisory agreements
43   Trustees and Officers
47   More information

ANNUAL 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 10/31/16 (%)


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The Bloomberg Barclays U.S. Government/Credit Bond Index is an unmanaged index 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 and sales charges, which would result in lower returns.

The fund's most recent performance and current annualized distribution rate can be found at jhinvestments.com.

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, which could cause the fund to trade at a discount or premium to its NAV at any time.

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

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       2


PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS


High-yield bond indexes outperformed

After a rocky start, higher-yielding asset classes recovered to post meaningful outperformance versus the fund's comparative index, the Bloomberg Barclays U.S. Government/Credit Bond Index.

The fund outperformed its comparative index

An emphasis on investment-grade and high-yield corporate issues was the key factor in the fund's strong showing of the past 12 months.

The decision to boost credit exposure also added value

The fund steadily increased its allocation to the credit sectors throughout the course of the year, enabling it to gain a larger benefit from the strong performance of these asset classes.

PORTFOLIO COMPOSITION AS OF 10/31/16 (%)


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A note about risks

As is the case with all 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. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial return of capital, which may increase the potential tax gain or reduce the potential tax loss of a subsequent sale of shares of the fund. Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities are subject to a higher risk of default. An issuer of securities held by the fund may default, have its credit rating downgraded, or otherwise perform poorly, which may affect fund performance. Liquidity—the extent (if at all) to which a security may be sold or a derivative position closed without negatively affecting its market value—may be impaired by reduced trading volume, heightened volatility, rising interest rates, and other market conditions. The fund's use of leverage creates additional risks, including greater volatility of the fund's NAV, market price, and returns. There is no assurance that the fund's leverage strategy will be successful. 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.

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       3


Discussion of fund performance

An interview with Portfolio Manager Jeffrey N. Given, CFA, John Hancock Asset Management a division of Manulife Asset Management (US) LLC

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Jeffrey N. Given, CFA
Portfolio Manager
John Hancock Asset Management

Can you describe the market environment of the past 12 months?

The investment backdrop proved very favorable for the bond market's credit sectors in the annual period, as higher-yielding investments benefited from robust demand and improving fundamentals. Despite the strong end result, the markets experienced rocky performance in the first three-plus months of the period. From the beginning of November through mid-February, investors avoided riskier assets due to the combination of plunging commodity prices, concerns about global growth, and uncertainty regarding the direction of U.S. Federal Reserve (Fed) policy. These developments led to an evaporation of investor risk appetites, causing credit-sensitive market segments to experience falling prices and surging yield spreads relative to U.S. Treasuries.

These adverse investment conditions began to change for the better midway through the first quarter, when the decisions by the European Central Bank and the Bank of Japan to cut interest rates into negative territory caused yields on global government bonds to plummet. In addition, the Fed allayed fears of a potential tightening by reaffirming its gradual, data-dependent interest-rate policy.

With few opportunities to earn a meaningful yield on safer assets, investors began to rotate into corporates and high-yield bonds in order to capitalize on their attractive yield spreads. The rally continued through the summer as commodity prices recovered and the markets grew increasingly comfortable with the outlook for global growth, enabling both asset classes to recover their lost ground and finish firmly in positive territory.

What aspects of the fund's positioning helped and hurt relative performance?

The environment of the past 12 months was highly advantageous due to a focus on asset categories that are not represented in the fund's comparative index, the Bloomberg Barclays U.S. Government/Credit Bond Index. Most notably, the fund gained a substantial benefit from its positions in high-yield bonds. Approximately two-thirds of the portfolio was invested in high yield as of October 31, 2016, which enabled the fund to capitalize on the strong performance of the asset class

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       4


"The environment of the past 12 months was highly advantageous due to a focus on asset categories that are not represented by the fund's comparative index, the Bloomberg Barclays U.S. Government/Credit Bond Index."
relative to the investment-grade bonds that make up the comparative index. The BofA Merrill Lynch U.S. High Yield Master II Index—which measures the performance of the high-yield bond market—returned 10.17% for the past 12 months, well ahead of the 4.84% return of the comparative index.
The fund held a modest allocation to emerging-market debt, which also produced returns well in excess of the high-grade issues that make up the comparative index. A favorable balance of supply and demand, together with investors' preference for higher-risk assets, fueled significant outperformance for the emerging markets. Believing the asset class is fertile ground for finding relative value opportunities, we sought to identify specific securities among both sovereign and corporate emerging-market issues where the yields are attractive in relation to the underlying credit risks.

QUALITY COMPOSITION AS OF 10/31/16 (%)


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ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       5


Our active approach to management, which led us to raise the fund's credit exposure steadily during the course of the year, also had a positive impact on results. We began this process in the fourth quarter of 2015 in an effort to capitalize on increasingly attractive yield spreads. Widespread selling had caused many issues to trade as though they were headed for default, but our research showed that this fear was greatly exaggerated in many cases. We further increased the position throughout 2016, as we continued to find the most compelling relative values in the corporate and high-yield categories even as yield spreads tightened. We generally emphasized the higher-quality areas of the latter group, with a focus on B- and BB-rated securities and a lower weighting in those rated CCC. Overall, our shift toward these market segments added value given their protracted rally from mid-February onward.

The fund's investment-grade portfolio—which holds both corporate bonds and securitized debt—also generated a positive return and added to relative performance. The fund's overweight in both areas was offset by an underweight in Treasuries, which made a further contribution given that U.S. government debt lagged the credit sectors for the period.

On a sector basis, the fund was helped by positions in energy-related issues, which outpaced the broader market due to the rally in oil prices. The fund's exposure to basic industries—which includes metals/mining and chemical companies that benefited from stabilization across the commodities complex—was an additional contributor. On the negative side, individual security selection in the healthcare and cable/satellite industries had an adverse influence on relative results.

The fund's duration and yield curve positioning had little effect on returns compared with sector positioning and security selection. With that said, our decision to emphasize the credit sectors—

COUNTRY COMPOSITION AS OF 10/31/16 (%)


   
United States 70.8
Mexico 5.3
Canada 3.2
Luxembourg 2.8
Brazil 2.2
Netherlands 2.1
France 2.0
United Kingdom 1.8
Ireland 1.7
Russia 1.1
Other countries 7.0
TOTAL 100.0
As a percentage of total investments.  

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       6


which tend to have shorter duration (less interest-rate sensitivity) than the government securities in the comparative index—was a slight drag on performance at a time in which yields fell.

What are some of the reasons behind the fund's positioning?

Consistent with our bottom-up strategy, we stayed focused on making shifts at the security level to capture gains or take advantage of values as they emerged. We continue to see the most compelling opportunities in high-yield bonds, as the backdrop of slow but positive economic growth, greater stability in commodity prices, and unattractive yields on lower-risk alternatives provides a firm foundation for demand. As a result, we maintained a substantial allocation to high-yield bonds at the close of the period.

We think the double-digit year-to-date return for high yield indicates that increased caution is warranted. We have therefore concentrated our efforts on identifying securities with a compelling risk/return profile within the higher-rated segments of the asset class rather than moving down the risk spectrum in an effort to boost yields. Additionally, we have maintained our long-standing emphasis on bottom-up credit research to make sure the fund owns bonds issued by companies with healthy fundamentals and constructive growth outlooks. We believe this steady approach, together with our focus on risk management, is appropriate for this stage of the credit cycle.

MANAGED BY


   
 dennisfmccafferty.jpg Dennis F. McCafferty, CFA
On the fund since 2013
Investing since 1995
 johnfaddeo.jpg John F. Addeo, CFA
On the fund since 2012
Investing since 1984
 jeffreyngiven.jpg Jeffrey N. Given, CFA
On the fund since 2002
Investing since 1993

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The views expressed in this report are exclusively those of Jeffrey N. Given, CFA, John Hancock Asset Management, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.
ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       7


Fund's investments

 



                                                           
  As of 10-31-16  
        Rate (%)     Maturity date     Par value^     Value  
  Corporate bonds 135.5% (88.7% of Total investments)     $213,644,787  
  (Cost $211,619,951)  
  Consumer discretionary 25.8%     40,596,179  
  Auto components 2.9%  
  Adient Global Holdings, Ltd. (S)     4.875     08-15-26           805,000     791,798  
  American Axle & Manufacturing, Inc. (L)(Z)     6.250     03-15-21           1,000,000     1,040,000  
  Lear Corp. (Z)     5.250     01-15-25           1,210,000     1,300,750  
  Nemak SAB de CV (S)     5.500     02-28-23           550,000     571,038  
  The Goodyear Tire & Rubber Company     5.000     05-31-26           950,000     954,750  
  Automobiles 0.5%  
  General Motors Company (Z)     4.000     04-01-25           400,000     403,673  
  General Motors Financial Company, Inc. (Z)     3.450     04-10-22           380,000     384,296  
  Hotels, restaurants and leisure 3.7%  
  Chester Downs & Marina LLC (S)     9.250     02-01-20           760,000     744,800  
  GLP Capital LP (Z)     5.375     04-15-26           450,000     477,000  
  International Game Technology PLC (S)     6.500     02-15-25           1,785,000     1,936,725  
  Mohegan Tribal Gaming Authority (S)     7.875     10-15-24           1,340,000     1,360,100  
  Mohegan Tribal Gaming Authority (L)(Z)     9.750     09-01-21           1,240,000     1,330,681  
  Waterford Gaming LLC (H)(S)     8.625     09-15-14           377,791     0  
  Household durables 1.0%  
  Lennar Corp.     4.875     12-15-23           650,000     667,875  
  Toll Brothers Finance Corp. (Z)     4.875     11-15-25           875,000     892,500  
  Internet and direct marketing retail 1.3%  
  Expedia, Inc. (S)(Z)     5.000     02-15-26           1,000,000     1,046,034  
  QVC, Inc.     5.950     03-15-43           1,000,000     939,977  
  Media 13.0%  
  AMC Entertainment Holdings, Inc. (S)     5.875     11-15-26           580,000     582,900  
  Cablevision Systems Corp.     7.750     04-15-18           450,000     474,188  
  Cablevision Systems Corp.     8.000     04-15-20           750,000     795,000  
  CCO Holdings LLC     5.125     02-15-23           1,350,000     1,397,250  
  CCO Holdings LLC (S)     5.750     02-15-26           1,500,000     1,562,813  
  Cengage Learning, Inc. (L)(S)(Z)     9.500     06-15-24           850,000     790,500  
  Grupo Televisa SAB (L)(Z)     4.625     01-30-26           725,000     773,656  
  Grupo Televisa SAB     8.490     05-11-37         MXN 11,700,000     609,445  
  LG FinanceCo Corp. (S)     5.875     11-01-24           1,095,000     1,105,266  
  McGraw-Hill Global Education Holdings LLC (L)(S)(Z)     7.875     05-15-24           885,000     962,438  
  MDC Partners, Inc. (L)(S)(Z)     6.500     05-01-24           955,000     811,750  
  Myriad International Holdings BV (S)     5.500     07-21-25           915,000     969,973  
  Nielsen Finance LLC (L)(S)(Z)     5.000     04-15-22           800,000     814,744  
  Outfront Media Capital LLC (L)(Z)     5.250     02-15-22           900,000     931,500  
  Outfront Media Capital LLC     5.875     03-15-25           485,000     506,825  
  Sirius XM Radio, Inc. (S)     6.000     07-15-24           925,000     981,656  
  Time Warner Cable LLC (Z)     4.500     09-15-42           1,515,000     1,426,020  

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


                                                           
        Rate (%)     Maturity date     Par value^     Value  
  Consumer discretionary  (continued)        
  Media  (continued)  
  Time Warner Cable LLC (Z)     8.250     04-01-19           375,000     $428,732  
  Viacom, Inc. (Z)     4.375     03-15-43           2,550,000     2,348,219  
  Viacom, Inc. (Z)     5.850     09-01-43           1,125,000     1,262,732  
  Virgin Media Secured Finance PLC (S)     5.375     04-15-21           900,000     929,250  
  Specialty retail 2.4%  
  Group 1 Automotive, Inc. (L)(S)(Z)     5.250     12-15-23           1,500,000     1,492,500  
  Jo-Ann Stores Holdings, Inc., PIK (S)     9.750     10-15-19           500,000     486,250  
  L Brands, Inc.     6.950     03-01-33           1,710,000     1,765,575  
  Textiles, apparel and luxury goods 1.0%  
  PVH Corp.     4.500     12-15-22           1,500,000     1,545,000  
  Consumer staples 4.9%     7,750,083  
  Beverages 0.6%  
  Corporacion Lindley SA (S)     4.625     04-12-23           73,000     76,285  
  SABMiller Holdings, Inc. (S)(Z)     3.750     01-15-22           750,000     805,039  
  Food and staples retailing 2.5%  
  Office Depot de Mexico SA de CV (S)     6.875     09-20-20           1,610,000     1,664,338  
  Performance Food Group, Inc. (S)     5.500     06-01-24           865,000     890,950  
  SUPERVALU, Inc. (L)(Z)     7.750     11-15-22           650,000     659,750  
  Tops Holding LLC (S)     8.000     06-15-22           860,000     756,800  
  Food products 0.3%  
  FAGE International SA (S)     5.625     08-15-26           430,000     443,975  
  Personal products 1.0%  
  Revlon Consumer Products Corp.     5.750     02-15-21           1,600,000     1,616,000  
  Tobacco 0.5%  
  Reynolds American, Inc. (Z)     6.875     05-01-20           720,000     836,946  
  Energy 20.3%     31,914,450  
  Energy equipment and services 2.1%  
  Chaparral Energy, Inc. (H)     7.625     11-15-22           785,000     608,375  
  Sabine Pass Liquefaction LLC (S)     5.000     03-15-27           1,000,000     1,017,500  
  Sabine Pass Liquefaction LLC (S)     5.875     06-30-26           610,000     657,397  
  Weatherford International, Ltd. (L)(Z)     8.250     06-15-23           905,000     936,675  
  Oil, gas and consumable fuels 18.2%  
  Antero Resources Corp. (L)(Z)     5.125     12-01-22           917,000     923,878  
  Cenovus Energy, Inc.     3.800     09-15-23           875,000     863,203  
  Cheniere Corpus Christi Holdings LLC (S)     7.000     06-30-24           800,000     848,000  
  Continental Resources, Inc.     4.500     04-15-23           500,000     476,250  
  Enbridge Energy Partners LP (Z)     5.875     10-15-25           2,005,000     2,306,155  
  Energy XXI Gulf Coast, Inc. (H)(S)     11.000     03-15-20           870,000     391,500  
  Freeport-McMoran Oil & Gas LLC     6.875     02-15-23           1,340,000     1,390,250  
  Global Partners LP (L)(Z)     6.250     07-15-22           1,225,000     1,169,875  
  Kinder Morgan Energy Partners LP (Z)     4.250     09-01-24           1,310,000     1,351,088  
  Kinder Morgan, Inc. (Z)     5.550     06-01-45           1,055,000     1,091,664  

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


                                                           
        Rate (%)     Maturity date     Par value^     Value  
  Energy  (continued)        
  Oil, gas and consumable fuels  (continued)  
  Lukoil International Finance BV (S)     4.563     04-24-23           1,000,000     $1,012,620  
  Newfield Exploration Company     5.750     01-30-22           750,000     781,875  
  Oasis Petroleum, Inc. (L)(Z)     6.875     03-15-22           705,000     697,950  
  Pacific Exploration and Production Corp. (S)     5.125     03-28-23           705,000     141,000  
  PBF Holding Company LLC (S)     7.000     11-15-23           375,000     346,875  
  Permian Resources LLC (L)(S)(Z)     7.125     11-01-20           500,000     366,250  
  Petrobras Global Finance BV     6.850     06-05-15           1,535,000     1,308,588  
  Petroleos Mexicanos     5.500     01-21-21           755,000     804,075  
  Phillips 66 Partners LP (Z)     4.900     10-01-46           1,585,000     1,574,940  
  SM Energy Company (L)(Z)     5.625     06-01-25           880,000     838,200  
  SM Energy Company (L)(Z)     6.750     09-15-26           530,000     543,250  
  Sunoco Logistics Partners Operations LP (Z)     3.900     07-15-26           425,000     430,736  
  Tallgrass Energy Partners LP (S)     5.500     09-15-24           915,000     910,425  
  Teekay Offshore Partners LP     6.000     07-30-19           1,085,000     920,894  
  Tesoro Corp.     5.125     04-01-24           650,000     669,500  
  Tesoro Logistics LP     6.125     10-15-21           635,000     664,369  
  Tesoro Logistics LP     6.250     10-15-22           650,000     689,000  
  Whiting Petroleum Corp. (L)(Z)     5.750     03-15-21           705,000     653,888  
  Whiting Petroleum Corp. (L)(Z)     6.250     04-01-23           360,000     332,100  
  Williams Partners LP (Z)     4.875     03-15-24           2,795,000     2,866,105  
  WPX Energy, Inc. (L)(Z)     5.250     09-15-24           1,400,000     1,330,000  
  Financials 19.3%     30,472,828  
  Banks 10.7%  
  Banco BTG Pactual SA (S)     5.750     09-28-22           960,000     842,774  
  Citigroup, Inc. (6.125% to 11-15-20, then 3 month LIBOR + 4.478%) (L)(Q)(Z)     6.125     11-15-20           1,000,000     1,045,400  
  Corp Group Banking SA (S)     6.750     03-15-23           1,000,000     951,950  
  Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (L)(Q)(S)(Z)     7.875     01-23-24           865,000     876,487  
  Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (Q)(S)     8.125     12-23-25           1,365,000     1,465,792  
  HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (Q)(Z)     6.875     06-01-21           760,000     799,900  
  ING Groep NV (6.000% to 4-16-20, then 5 Year U.S. Swap Rate + 4.445%) (L)(Q)(Z)     6.000     04-16-20           1,660,000     1,643,400  
  ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (Q)     6.500     04-16-25           2,360,000     2,330,500  
  JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (Q)(Z)     6.750     02-01-24           2,200,000     2,442,000  
  Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (L)(Q)(Z)     7.500     06-27-24           1,465,000     1,508,950  
  Sberbank of Russia (S)     6.125     02-07-22           1,000,000     1,086,378  
  Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (Q)(S)     7.375     09-13-21           790,000     783,285  

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


                                                           
        Rate (%)     Maturity date     Par value^     Value  
  Financials  (continued)        
  Banks  (continued)  
  Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (Q)(Z)     5.900     06-15-24           1,110,000     $1,161,338  
  Capital markets 2.4%  
  Morgan Stanley (Z)     5.750     01-25-21           1,000,000     1,133,884  
  Morgan Stanley (5.550% to 7-15-20, then 3 month LIBOR + 3.810%) (L)(Q)(Z)     5.550     07-15-20           1,160,000     1,187,550  
  The Goldman Sachs Group, Inc. (Z)     3.750     05-22-25           375,000     390,254  
  The Goldman Sachs Group, Inc. (5.375% to 5-10-20, then 3 month LIBOR + 3.922%) (Q)     5.375     05-10-20           1,000,000     1,005,000  
  Consumer finance 1.5%  
  American Express Company (4.900% to 3-15-20, then 3 month LIBOR + 3.285%) (Q)(Z)     4.900     03-15-20           800,000     785,200  
  Enova International, Inc.     9.750     06-01-21           665,000     623,438  
  Springleaf Finance Corp.     6.900     12-15-17           465,000     487,088  
  Springleaf Finance Corp.     8.250     10-01-23           500,000     517,500  
  Diversified financial services 0.7%  
  Leucadia National Corp.     5.500     10-18-23           600,000     630,274  
  Lincoln Finance, Ltd. (S)     7.375     04-15-21           385,000     413,875  
  Insurance 1.7%  
  Aquarius & Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%)     6.375     09-01-24           1,000,000     1,049,667  
  MetLife, Inc. (Z)     6.817     08-15-18           1,000,000     1,091,931  
  Symetra Financial Corp. (8.300% to 10-15-17, then 3 month LIBOR + 4.177%) (S)     8.300     10-15-37           520,000     527,800  
  Thrifts and mortgage finance 2.3%  
  Ladder Capital Finance Holdings LLLP     7.375     10-01-17           550,000     557,563  
  MGIC Investment Corp. (L)(Z)     5.750     08-15-23           585,000     617,175  
  Nationstar Mortgage LLC     7.875     10-01-20           505,000     515,100  
  Quicken Loans, Inc. (L)(S)(Z)     5.750     05-01-25           1,090,000     1,076,375  
  Stearns Holdings LLC (S)     9.375     08-15-20           925,000     925,000  
  Health care 8.8%     13,931,412  
  Health care providers and services 7.2%  
  Community Health Systems, Inc. (L)(Z)     6.875     02-01-22           1,500,000     1,117,500  
  Covenant Surgical Partners, Inc. (S)     8.750     08-01-19           250,000     243,750  
  DaVita, Inc.     5.000     05-01-25           1,145,000     1,104,925  
  DaVita, Inc. (L)(Z)     5.125     07-15-24           1,145,000     1,116,375  
  Fresenius US Finance II, Inc. (S)(Z)     4.500     01-15-23           700,000     729,750  
  HCA, Inc. (Z)     5.250     04-15-25           1,000,000     1,047,500  
  HCA, Inc.     7.500     02-15-22           530,000     602,875  
  HealthSouth Corp.     5.750     11-01-24           1,545,000     1,593,281  
  LifePoint Health, Inc. (L)(Z)     5.875     12-01-23           1,500,000     1,522,500  
  Molina Healthcare, Inc.     5.375     11-15-22           700,000     728,434  
  Select Medical Corp. (L)(Z)     6.375     06-01-21           1,515,000     1,505,059  

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


                                                           
        Rate (%)     Maturity date     Par value^     Value  
  Health care  (continued)        
  Pharmaceuticals 1.6%  
  Mallinckrodt International Finance SA (S)     5.500     04-15-25           1,350,000     $1,247,063  
  Mallinckrodt International Finance SA (L)(S)(Z)     5.750     08-01-22           1,460,000     1,372,400  
  Industrials 9.5%     14,897,342  
  Aerospace and defense 0.8%  
  Textron Financial Corp. (6.000% to 2-15-17, then 3 month LIBOR + 1.735%) (S)     6.000     02-15-67           1,745,000     1,260,763  
  Air freight and logistics 0.8%  
  Mexico City Airport Trust (L)(S)(Z)     5.500     10-31-46           725,000     707,781  
  XPO Logistics, Inc. (L)(S)(Z)     6.500     06-15-22           570,000     592,800  
  Airlines 1.8%  
  Air Canada 2013-1 Class C Pass Through Trust (S)     6.625     05-15-18           1,550,000     1,615,875  
  TAM Capital 3, Inc. (S)     8.375     06-03-21           505,000     515,858  
  Tam Capital, Inc.     7.375     04-25-17           500,000     505,050  
  UAL 2009-1 Pass Through Trust     10.400     05-01-18           59,693     59,878  
  UAL 2009-2A Pass Through Trust     9.750     07-15-18           167,207     170,019  
  Building products 0.3%  
  Masco Corp. (Z)     4.450     04-01-25           500,000     521,875  
  Commercial services and supplies 0.3%  
  LSC Communications, Inc. (S)     8.750     10-15-23           435,000     428,475  
  Industrial conglomerates 0.3%  
  Odebrecht Finance, Ltd. (S)     8.250     04-25-18         BRL 2,250,000     324,248  
  Odebrecht Offshore Drilling Finance, Ltd. (S)     6.750     10-01-23           855,500     173,239  
  Machinery 0.9%  
  Trinity Industries, Inc. (Z)     4.550     10-01-24           1,375,000     1,356,504  
  Road and rail 0.9%  
  OPE KAG Finance Sub, Inc. (S)     7.875     07-31-23           900,000     850,500  
  The Hertz Corp. (L)(Z)     6.250     10-15-22           500,000     510,000  
  Trading companies and distributors 3.4%  
  AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (L)(S)(Z)     6.500     06-15-45           800,000     824,000  
  AerCap Ireland Capital, Ltd. (Z)     4.500     05-15-21           1,735,000     1,803,533  
  Ahern Rentals, Inc. (S)     7.375     05-15-23           535,000     350,425  
  Aircastle, Ltd. (Z)     5.125     03-15-21           785,000     833,081  
  United Rentals North America, Inc. (L)(Z)     5.500     07-15-25           1,475,000     1,493,438  
  Information technology 5.0%     7,941,977  
  Internet software and services 0.6%  
  Inception Merger Sub, Inc. (S)     8.625     11-15-24           470,000     470,588  
  InterActiveCorp     4.875     11-30-18           517,000     522,170  
  IT services 0.9%  
  Sixsigma Networks Mexico SA de CV (S)     8.250     11-07-21           1,500,000     1,470,000  
  Semiconductors and semiconductor equipment 1.8%  
  Micron Technology, Inc.     5.500     02-01-25           750,000     733,620  

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


                                                           
        Rate (%)     Maturity date     Par value^     Value  
  Information technology  (continued)        
  Semiconductors and semiconductor equipment  (continued)  
  Micron Technology, Inc. (S)     5.625     01-15-26           1,400,000     $1,358,000  
  Micron Technology, Inc. (S)(Z)     7.500     09-15-23           640,000     706,400  
  Software 0.7%  
  Activision Blizzard, Inc. (S)(Z)     6.125     09-15-23           1,000,000     1,101,250  
  Technology hardware, storage and peripherals 1.0%  
  Diamond 1 Finance Corp. (S)(Z)     6.020     06-15-26           1,450,000     1,579,949  
  Materials 16.4%     25,900,296  
  Chemicals 6.6%  
  Ashland, Inc.     6.875     05-15-43           1,800,000     1,971,000  
  Axalta Coating Systems LLC (S)     4.875     08-15-24           590,000     598,850  
  Braskem Finance, Ltd. (L)(Z)     6.450     02-03-24           760,000     803,700  
  CVR Partners LP (L)(S)(Z)     9.250     06-15-23           725,000     710,935  
  Mexichem SAB de CV (S)     6.750     09-19-42           1,500,000     1,590,000  
  Platform Specialty Products Corp. (L)(S)(Z)     6.500     02-01-22           1,615,000     1,566,550  
  Rain CII Carbon LLC (S)     8.250     01-15-21           360,000     351,000  
  The Chemours Company (L)(Z)     6.625     05-15-23           1,595,000     1,547,150  
  The Scotts Miracle-Gro Company (S)     6.000     10-15-23           490,000     519,400  
  Tronox Finance LLC (L)(Z)     6.375     08-15-20           500,000     448,750  
  Tronox Finance LLC (L)(S)(Z)     7.500     03-15-22           280,000     250,600  
  Construction materials 0.8%  
  Standard Industries, Inc. (S)     5.375     11-15-24           1,220,000     1,259,650  
  Containers and packaging 2.5%  
  Ardagh Packaging Finance PLC (S)     7.250     05-15-24           320,000     337,600  
  Ball Corp. (Z)     5.250     07-01-25           1,425,000     1,517,625  
  Crown Americas LLC     4.500     01-15-23           1,000,000     1,025,000  
  Graphic Packaging International, Inc.     4.875     11-15-22           650,000     680,875  
  Reynolds Group Issuer, Inc.     5.750     10-15-20           400,000     410,512  
  Metals and mining 5.6%  
  AngloGold Ashanti Holdings PLC (L)(Z)     5.375     04-15-20           675,000     698,625  
  ArcelorMittal (L)(Z)     7.250     02-25-22           880,000     998,800  
  First Quantum Minerals, Ltd. (S)     7.250     05-15-22           875,000     827,969  
  FMG Resources August 2006 Pty, Ltd. (S)(Z)     9.750     03-01-22           670,000     779,009  
  Glencore Finance Canada, Ltd. (S)     3.600     01-15-17           730,000     731,380  
  Lundin Mining Corp. (S)     7.500     11-01-20           675,000     717,188  
  MMC Norilsk Nickel OJSC (S)     5.550     10-28-20           750,000     794,393  
  Novelis Corp. (S)     5.875     09-30-26           405,000     410,063  
  Severstal OAO (S)     4.450     03-19-18           1,000,000     1,020,996  
  Teck Resources, Ltd. (L)(Z)     6.250     07-15-41           1,110,000     1,098,900  
  Vale Overseas, Ltd. (L)(Z)     5.875     06-10-21           790,000     842,338  
  Paper and forest products 0.9%  
  Norbord, Inc. (S)     6.250     04-15-23           735,000     780,938  
  Sappi Papier Holding GmbH (S)     7.750     07-15-17           600,000     610,500  

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


                                                           
        Rate (%)     Maturity date     Par value^     Value  
  Real estate 3.3%     $5,238,537  
  Equity real estate investment trusts 2.8%  
  Crown Castle International Corp. (Z)     4.875     04-15-22           1,000,000     1,103,300  
  Crown Castle Towers LLC (S)(Z)     4.883     08-15-40           750,000     815,137  
  Trust F/1401 (S)     5.250     12-15-24           2,475,000     2,578,950  
  Real estate management and development 0.5%  
  Rialto Holdings LLC (S)     7.000     12-01-18           732,000     741,150  
  Telecommunication services 13.9%     21,888,579  
  Diversified telecommunication services 10.8%  
  CenturyLink, Inc. (L)(Z)     7.500     04-01-24           620,000     646,350  
  CSC Holdings LLC (L)(S)(Z)     5.500     04-15-27           1,045,000     1,060,022  
  Frontier Communications Corp.     7.125     03-15-19           530,000     567,100  
  Frontier Communications Corp.     11.000     09-15-25           1,205,000     1,230,221  
  GCI, Inc.     6.875     04-15-25           1,355,000     1,375,325  
  Inmarsat Finance PLC (S)     4.875     05-15-22           1,275,000     1,202,453  
  Intelsat Jackson Holdings SA (L)(Z)     7.500     04-01-21           840,000     617,400  
  Level 3 Financing, Inc.     5.625     02-01-23           825,000     847,688  
  SBA Communications Corp.     4.875     07-15-22           1,135,000     1,152,139  
  SFR Group SA (S)     6.250     05-15-24           1,675,000     1,673,945  
  T-Mobile USA, Inc.     6.250     04-01-21           900,000     937,125  
  T-Mobile USA, Inc.     6.500     01-15-26           1,560,000     1,719,900  
  T-Mobile USA, Inc.     6.625     04-01-23           895,000     951,099  
  Telecom Italia Capital SA (L)(Z)     6.000     09-30-34           720,000     716,400  
  Wind Acquisition Finance SA (S)     7.375     04-23-21           1,000,000     1,025,000  
  Windstream Services LLC (L)(Z)     7.500     06-01-22           1,375,000     1,299,375  
  Wireless telecommunication services 3.1%  
  America Movil SAB de CV     6.000     06-09-19         MXN 8,670,000     453,752  
  America Movil SAB de CV     6.450     12-05-22         MXN 10,370,000     537,675  
  Colombia Telecomunicaciones SA ESP (L)(S)(Z)     5.375     09-27-22           1,000,000     992,500  
  Digicel, Ltd. (S)     6.000     04-15-21           405,000     362,354  
  Sprint Communications, Inc.     6.000     11-15-22           935,000     869,550  
  Telefonica Celular del Paraguay SA (L)(S)(Z)     6.750     12-13-22           1,000,000     1,044,000  
  VimpelCom Holdings BV (L)(S)(Z)     7.504     03-01-22           550,000     607,206  
  Utilities 8.3%     13,113,104  
  Electric utilities 3.6%  
  Abengoa Transmision Sur SA (S)     6.875     04-30-43           2,030,000     2,182,250  
  Beaver Valley II Funding Corp.     9.000     06-01-17           5,000     5,000  
  BVPS II Funding Corp. (Z)     8.890     06-01-17           30,000     30,518  
  Empresa Electrica Angamos SA (S)     4.875     05-25-29           1,000,000     983,669  
  FPL Energy National Wind LLC (S)     5.608     03-10-24           55,278     53,896  
  Israel Electric Corp., Ltd. (S)     5.000     11-12-24           1,000,000     1,077,000  
  Israel Electric Corp., Ltd. (S)     6.700     02-10-17           1,000,000     1,012,374  
  Talen Energy Supply LLC (S)     4.625     07-15-19           175,000     166,250  
  W3A Funding Corp.     8.090     01-02-17           180,345     180,345  

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


                                                           
        Rate (%)     Maturity date     Par value^     Value  
  Utilities  (continued)        
  Gas utilities 1.3%  
  AmeriGas Finance LLC     7.000     05-20-22           1,000,000     $1,052,500  
  AmeriGas Partners LP     5.625     05-20-24           900,000     942,750  
  Independent power and renewable electricity producers 3.4%  
  Dynegy, Inc. (L)(Z)     7.625     11-01-24           585,000     559,406  
  NRG Energy, Inc. (L)(Z)     6.250     07-15-22           1,320,000     1,323,300  
  NRG Energy, Inc. (S)     6.625     01-15-27           600,000     561,936  
  NRG Energy, Inc. (L)(S)(Z)     7.250     05-15-26           450,000     442,125  
  NRG Yield Operating LLC (L)(Z)     5.375     08-15-24           2,490,000     2,539,785  
  Convertible bonds 0.3% (0.2% of Total investments)     $416,480  
  (Cost $448,263)  
  Energy 0.3%     416,480  
  Oil, gas and consumable fuels 0.3%  
  Sandridge Energy, Inc. (L)(Z)     Zero     10-03-20           339,984     416,480  
  Term loans (M) 0.4% (0.3% of Total investments)     $670,202  
  (Cost $915,849)  
  Industrials 0.4%     670,202  
  Airlines 0.0%  
  Global Aviation Holdings, Inc. (H)           07-13-17     51,038     0  
  Global Aviation Holdings, Inc. (H)           02-13-18     514,063     0  
  Machinery 0.4%  
  Gardner Denver, Inc.     4.250     07-30-20     691,094     670,202  
  Capital preferred securities (a) 0.6% (0.4% of Total investments)     $978,000  
  (Cost $1,146,938)  
  Financials 0.6%     978,000  
  Diversified financial services 0.6%  
  ILFC E-Capital Trust II (P)(S)     4.250     12-21-65     1,200,000     978,000  
  U.S. Government and Agency
obligations 7.2% (4.7% of Total investments)
    $11,264,831  
  (Cost $10,908,660)  
  U.S. Government Agency 7.2%     11,264,831  
  Federal National Mortgage Association  
        15 Yr Pass Thru (L) (Z)     4.000     12-01-24     898,317     960,322  
        30 Yr Pass Thru (L) (Z)     4.000     12-01-40     2,451,538     2,681,285  
        30 Yr Pass Thru (L) (Z)     4.000     09-01-41     2,361,264     2,547,870  
        30 Yr Pass Thru (L) (Z)     4.000     10-01-41     1,263,874     1,371,654  
        30 Yr Pass Thru     4.000     01-01-42     646,592     701,732  
        30 Yr Pass Thru (L) (Z)     4.500     10-01-40     1,717,031     1,895,777  
        30 Yr Pass Thru     5.000     04-01-41     389,241     440,572  
        30 Yr Pass Thru     5.500     08-01-40     125,861     142,676  
        30 Yr Pass Thru     6.500     01-01-39     451,123     522,943  

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


                                                           
        Rate (%)     Maturity date     Par value^     Value  
  Foreign government
obligations 2.7% (1.8% of Total investments)
    $4,229,490  
  (Cost $4,348,314)  
  Argentina 0.8%     1,311,000  
  Republic of Argentina
Bond (S)
    7.500     04-22-26           1,200,000     1,311,000  
  Mexico 0.7%     1,015,240  
  Government of Mexico
Bond
    10.000     12-05-24         MXN 15,430,000     1,015,240  
  Saudi Arabia 1.2%     1,903,250  
  Kingdom of Saudi Arabia
Bond (S)
    3.250     10-26-26           1,930,000     1,903,250  
  Collateralized mortgage
obligations 1.6% (1.0% of Total investments)
    $2,531,720  
  (Cost $1,585,987)  
  Commercial and residential 1.1%     1,773,268  
  Bear Stearns Adjustable Rate Mortgage Trust
Series 2005-2, Class A1 (P)
    3.090     03-25-35           230,739     231,882  
  Bear Stearns Asset Backed Securities Trust
Series 2004-AC5, Class A1
    5.250     10-25-34           219,264     217,479  
  Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
Series 2004-4, Class 2AR1 (P)
    1.027     06-25-34           289,588     275,404  
  HarborView Mortgage Loan Trust  
        Series 2007-3, Class ES IO (S)     0.350     05-19-47           4,718,337     74,229  
        Series 2007-4, Class ES IO     0.350     07-19-47           5,016,909     73,473  
        Series 2007-6, Class ES IO (S)     0.342     08-19-37           3,904,367     50,097  
  IndyMac Index Mortgage Loan Trust  
        Series 2005-AR18, Class 1X IO     2.043     10-25-36           6,314,722     521,116  
        Series 2005-AR18, Class 2X IO     1.775     10-25-36           5,611,141     329,588  
  U.S. Government Agency 0.5%     758,452  
  Federal Home Loan Mortgage Corp.  
        Series 290, Class IO     3.500     11-15-32           2,415,948     304,282  
        Series K017, Class X1 IO     1.521     12-25-21           2,655,719     152,116  
        Series K709, Class X1 IO     1.651     03-25-19           3,093,914     92,728  
        Series K710, Class X1 IO     1.892     05-25-19           3,139,131     113,035  
  Government National Mortgage Association
Series 2012-114, Class IO
    0.874     01-16-53           1,550,637     96,291  
  Asset backed securities 1.1% (0.7% of Total investments)     $1,760,414  
  (Cost $1,783,588)  
  ContiMortgage Home Equity Loan Trust
Series 1995-2, Class A5
    8.100     08-15-25           20,942     15,919  
  Domino's Pizza Master Issuer LLC
Series 2015-1A, Class A2I (S)
    3.484     10-25-45           990,000     993,619  
  Driven Brands Funding LLC
Series 2015-1A, Class A2 (S)
    5.216     07-20-45           772,200     750,876  

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


                                                           
        Shares     Value  
  Preferred securities (b) 2.0% (1.3% of Total investments)     $3,207,223  
  (Cost $3,078,492)  
  Financials 0.7%     1,069,962  
  Diversified financial services 0.7%  
  GMAC Capital Trust I, 6.602% (P)           41,910     1,069,962  
  Real estate 0.5%     894,720  
  Equity real estate investment trusts 0.5%  
  American Tower Corp., 5.250%           8,000     894,720  
  Utilities 0.8%     1,242,541  
  Electric utilities 0.4%  
  NextEra Energy, Inc., 6.123%           12,160     617,120  
  Multi-utilities 0.4%  
  DTE Energy Company, 6.500% (L)(Z)           11,745     625,421  
  Common stocks 0.2% (0.1% of Total investments)     $332,116  
  (Cost $950,328)  
  Consumer discretionary 0.0%     0  
  Media 0.0%  
  Vertis Holdings, Inc. (I)     34,014     0  
  Energy 0.2%     332,116  
  Oil, gas and consumable fuels 0.2%  
  Sandridge Energy, Inc. (I)(L)(Z)     14,421     332,116  
  Industrials 0.0%     0  
  Airlines 0.0%  
  Global Aviation Holdings, Inc., Class A (I)     82,159     0  
        Yield* (%)     Maturity date     Par value^     Value  
  Short-term investments 1.2% (0.8% of Total investments)     $1,885,000  
  (Cost $1,885,000)  
  U.S. Government Agency 1.0%     1,521,000  
  Federal Agricultural Mortgage Corp. Discount Note     0.200     11-01-16           1,521,000     1,521,000  
              Par value^     Value  
  Repurchase agreement 0.2%     364,000  
  Repurchase Agreement with State Street Corp. dated 10-31-16 at 0.030% to be repurchased at $364,000 on 11-1-16, collateralized by $370,000 Federal Home Loan Mortgage Corp., 1.625% due 12-27-18 (valued at $376,013, including interest)           364,000     $364,000  
  Total investments (Cost $238,671,370)† 152.8%     $240,920,263  
  Other assets and liabilities, net (52.8%)     ($83,268,440 )
  Total net assets 100.0%     $157,651,823  

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


                                                           
  The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.  
  ^All par values are denominated in U.S. dollars unless otherwise indicated.  
  Key to Currency Abbreviations  
  BRL     Brazilian Real  
  MXN     Mexican Peso  
  Key to Security Abbreviations and Legend  
  IO     Interest Only Security — (Interest Tranche of Stripped Mortgage Pool). Rate shown is the effective yield at period end.  
  ISDAFIX     International Swaps and Derivatives Association Fixed Interest Rate Swap Rate  
  LIBOR     London Interbank Offered Rate  
  PIK     Payment-in-kind  
  (a)     Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.  
  (b)     Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.  
  (H)     Non-income producing - Issuer is in default.  
  (I)     Non-income producing security.  
  (L)     A portion of this security is on loan as of 10-31-16, and is a component of the fund's leverage under the Liquidity Agreement  
  (M)     Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.  
  (P)     Variable rate obligation. The coupon rate shown represents the rate at period end.  
  (Q)     Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.  
  (S)     These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $93,642,628 or 59.4% of the fund's net assets as of 10-31-16.  
  (Z)     All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 10-31-16 was$96,183,689. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The valueof securities on loan amounted to $51,857,447.  
  *     Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.  
      At 10-31-16, the aggregate cost of investment securities for federal income tax purposes was $239,418,374. Net unrealized appreciation aggregated to $1,501,889, of which $9,099,508 related to appreciated investment securities and $7,597,619 related to depreciated investment securities.  

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


Financial statements

STATEMENT OF ASSETS AND LIABILITIES 10-31-16


                 
   
   
  Assets              
  Investments, at value (Cost $238,671,370)           $240,920,263  
  Cash           23,074  
  Cash segregated at custodian for derivative contracts           290,000  
  Receivable for investments sold           1,756,883  
  Dividends and interest receivable           3,337,313  
  Other receivables and prepaid expenses           214,889  
  Total assets           246,542,422  
  Liabilities              
  Liquidity agreement           86,900,000  
  Payable for investments purchased           1,716,963  
  Swap contracts, at value           90,044  
  Interest payable           84,663  
  Payable to affiliates              
  Accounting and legal services fees           12,788  
  Trustees' fees           295  
  Other liabilities and accrued expenses           85,846  
  Total liabilities           88,890,599  
  Net assets           $157,651,823  
  Net assets consist of              
  Paid-in capital           $174,773,699  
  Undistributed net investment income           854,594  
  Accumulated net realized gain (loss) on investments, foreign currency transactions and swap agreements           (20,134,679 )
  Net unrealized appreciation (depreciation) on investments, translation of assets and liabilities in foreign currencies and swap agreements           2,158,209  
  Net assets           $157,651,823  
                 
  Net asset value per share              
  Based on 8,707,025 shares of beneficial interest outstanding — unlimited number of shares authorized with no par value           $18.11  

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


STATEMENT OF OPERATIONS  For the year ended 10-31-16


                                   
   
   
                             
  Investment income                    
  Interest                 $13,964,856  
  Dividends                 164,794  
  Total investment income                 14,129,650  
  Expenses                    
  Investment management fees                 1,284,601  
  Accounting and legal services fees                 48,985  
  Transfer agent fees                 62,112  
  Trustees' fees                 44,093  
  Printing and postage                 76,311  
  Professional fees                 156,174  
  Custodian fees                 29,710  
  Stock exchange listing fees                 23,759  
  Interest expense                 920,693  
  Other                 6,671  
  Total expenses                 2,653,109  
  Less expense reductions                 (17,408 )
  Net expenses                 2,635,701  
  Net investment income                 11,493,949  
  Realized and unrealized gain (loss)                    
  Net realized gain (loss) on                    
  Investments and foreign currency transactions                 (3,441,256 )
  Swap contracts                 (341,461 )
                    (3,782,717 )
  Change in net unrealized appreciation (depreciation) of                    
  Investments and translation of assets and liabilities in foreign currencies                 11,702,388  
  Swap contracts                 348,547  
                    12,050,935  
  Net realized and unrealized gain                 8,268,218  
  Increase in net assets from operations                 $19,762,167  

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


STATEMENTS OF CHANGES IN NET ASSETS 

   
   
                       
                    Year ended 10-31-16                       Year ended 10-31-15        
  Increase (decrease) in net assets                                      
  From operations                                      
  Net investment income                 $11,493,949                 $12,391,321  
  Net realized loss                 (3,782,717 )               (10,241,930 )
  Change in net unrealized appreciation (depreciation)                 12,050,935                 (9,789,301 )
  Increase (decrease) in net assets resulting from operations                 19,762,167                 (7,639,910 )
  Distributions to shareholders                                      
  From net investment income                 (12,180,155 )               (13,056,148 )
  From fund share transactions                                      
  Repurchased                 (1,180,832 )                
  Total increase (decrease)                 6,401,180                 (20,696,058 )
  Net assets                                      
  Beginning of year                 151,250,643                 171,946,701  
  End of year                 $157,651,823                 $151,250,643  
  Undistributed net investment income                 $854,594                 $1,138,783  
  Share activity                                      
  Shares outstanding                                      
  Beginning of year                 8,791,425                 8,791,425  
  Shares repurchased                 (84,400 )                
  End of year                 8,707,025                 8,791,425  

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


STATEMENT OF CASH FLOWS For the year ended 10-31-16


           
           
  Cash flows from operating activities        
  Net Increase in net assets from operations     $19,762,167  
  Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:  
  Long-term investments purchased     (145,411,763)  
  Long-term investments sold     145,101,120  
  Decrease in short-term investments     4,766,000  
  Net amortization of premium (discount)     519,568  
  Decrease in dividends and interest receivable     192,157  
  Decrease in receivable for investments sold     139,108  
  Decrease in cash segregated at custodian for derivative contracts     250,000  
  Decrease in other receivables and prepaid assets     18,335  
  Decrease in payable for investments purchased     (3,589,871)  
  Decrease in unrealized appreciation (depreciation) of swap contracts     (348,547)  
  Increase in payable to affiliates     8,694  
  Increase in interest payable     17,681  
  Decrease in other liabilities and accrued expenses     (40,144)  
  Net change in unrealized (appreciation) depreciation on investments     (11,702,219)  
  Net realized loss on investments     3,436,845  
  Net cash provided by operating activities     $13,119,131  
  Cash flows from financing activities        
  Repurchase of common shares     ($1,180,832)  
  Distributions to common shareholders     (12,180,155)  
  Repayment of credit facility agreement     (86,900,000)  
  Drawdown from liquidity agreement     86,900,000  
  Net cash used in financing activities     ($13,360,987 )
  Net decrease in cash     ($241,856 )
  Cash at beginning of period     $264,930  
  Cash at end of period     $23,074  
  Supplemental disclosure of cash flow information        
  Cash paid for interest     $903,012  

SEE NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       22


Financial highlights

                                                                                                                                                                                                     
         
         
         
  COMMON SHARES Period Ended     10-31-16           10-31-15           10-31-14           10-31-13           10-31-12  
  Per share operating performance                                                                                                  
  Net asset value, beginning of period                       $17.20                 $19.56                 $19.76                 $20.44                 $19.19  
  Net investment income1                       1.32                 1.41                 1.58                 1.61                 1.88  
  Net realized and unrealized gain (loss) on investments                       0.96                 (2.28 )               (0.14 )               (0.59 )               1.30  
  Total from investment operations                       2.28                 (0.87 )               1.44                 1.02                 3.18  
  Less distributions to common shareholders                                                                                                  
  From net investment income                       (1.39 )               (1.49 )               (1.64 )               (1.71 )               (1.94 )
  Anti-dilutive impact of repurchase plan                       0.02  2                                                                
  Anti-dilutive impact of shelf offering                                                        3               0.01                 0.01  
  Net asset value, end of period                       $18.11                 $17.20                 $19.56                 $19.76                 $20.44  
  Per share market value, end of period                       $16.73                 $15.20                 $19.06                 $19.30                 $22.24  
  Total return at net asset value (%)4,5                       14.95                 (3.85 )               7.65                 5.09                 16.14  
  Total return at market value (%)5                       20.17                 (12.80 )               7.40                 (5.66 )               11.13  
  Ratios and supplemental data                                                                                                  
  Net assets applicable to common shares, end of period (in millions)                       $158                 $151                 $172                 $173                 $176  
  Ratios (as a percentage of average net assets):                                                                                                      
        Expenses before reductions                       1.79                 1.54                 1.38                 1.41                 1.57  
        Expenses including reductions6                       1.78                 1.53                 1.37                 1.41                 1.57  
        Net investment income                       7.75                 7.70                 7.94                 8.00                 9.65  
  Portfolio turnover (%)                       62                 74                 71                 61                 56  
  Senior securities                                                                                                  
  Total debt outstanding end of period (in millions)                       $87                 $87                 $87                 $86                 $86  
  Asset coverage per $1,000 of debt7                       $2,814                 $2,741                 $2,979                 $3,013                 $3,054  

                                                                                                                                                                       
  1     Based on average daily shares outstanding.              
  2     The repurchase plan was completed at an average repurchase price of $13.99 for 84,400 shares, which equals $1,180,832 in redemptions for the year ended 10-31-16.              
  3     Less than $0.005 per share.              
  4     Total returns would have been lower had certain expenses not been reduced during the applicable periods.              
  5     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. These figures will differ depending upon the level of any discount from or premium to net asset value at which the fund's shares traded during the period.              
  6     Expenses net of reductions excluding interest expense were 1.16%, 1.06%, 1.05%, 1.07 and 1.07% for the years ended 10-31-16, 10-31-15, 10-31-14, 10-31-13 and 10-31-12, respectively.              
  7     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.              

SEE NOTES TO FINANCIAL STATEMENTS
ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       23


Notes to financial statements

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 and 2015, the fund filed registration statements with the Securities and Exchange Commission (SEC), registering an additional 1,000,000 and 1,000,000 common shares, respectively, 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 NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the SEC and applicable regulations.

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

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

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

The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund's

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       24


own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the fund's investments as of October 31, 2016, by major security category or type:

                             
        Total
value at
10-31-16
    Level 1
quoted
price
    Level 2
significant
observable
inputs
    Level 3
significant
unobservable
inputs
 
  Corporate bonds     $213,644,787         $213,644,787      
  Convertible bonds     416,480         416,480      
  Term loans     670,202         670,202      
  Capital preferred securities     978,000         978,000      
  U.S. Government and Agency obligations     11,264,831         11,264,831      
  Foreign government obligations     4,229,490         4,229,490      
  Collateralized mortgage obligations     2,531,720         2,531,720      
  Asset backed securities     1,760,414         1,760,414      
  Preferred securities     3,207,223     $3,207,223          
  Common stocks     332,116     332,116          
  Short-term investments     1,885,000         1,885,000      
  Total investments in securities     $240,920,263     $3,539,339     $237,380,924      
  Other financial instruments:                          
  Interest rate swaps     ($90,044 )       ($90,044 )    

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

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

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 the ex-date, except for dividends of 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. Distributions received on securities that represent a tax return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain if amounts are

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       25


estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Foreign currency translation. 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.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors. Foreign investments are also 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.

Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.

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.

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.

Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, as of October 31, 2016, the fund has a capital loss carryforward of $19,458,095 available to offset future net realized capital gains. The following table details the capital loss carryforward available:

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Capital loss carryforward expiring October 31, No expiration date
2017 2019 Short term Long term
$2,675,603 $2,044,097 $3,544,289 $11,194,106

As of October 31, 2016, 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 and capital gain distributions, if any, annually. The tax character of distributions for the years ended October 31, 2016 and 2015 was as follows:

     
  October 31, 2016 October 31, 2015
Ordinary income $12,180,155 $13,056,148

As of October 31, 2016, the components of distributable earnings on a tax basis consisted of $854,594 of undistributed ordinary income.

Such distributions and distributable earnings, 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.

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 contingent payment debt instruments, defaulted bonds, expiration of a capital loss carryforward, derivative transactions and amortization and accretion on debt securities.

Statement of cash flows. 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 cash segregated at the custodian for derivative contracts.

Note 3 — Derivative instruments

The fund may invest in derivatives in order to meet its investment objectives. 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.

Forward foreign currency contracts and certain swaps are typically traded through the OTC market. Certain swaps are regulated by the Commodity Futures Trading Commission (the CFTC) as swaps. 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.

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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 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 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 maximum risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.

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

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may amount to values that are 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. Market risks may also accompany the swap, including interest rate risk. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

During the year ended October 31, 2016, the fund used interest rate swaps in anticipation of rising interest rates. The fund held interest rate swaps with total USD notional amounts ranging from approximately $22.0 million to $44.0 million, as measured at each quarter end. The following table summarizes the interest rate swap contracts held as of October 31, 2016:

                                   
  Counterparty     USD notional
amount
    Payments made
by fund
    Payments received
by fund
    Maturity
date
    Market
value
 
  Morgan Stanley
Capital Services
    $22,000,000     Fixed 1.093750%     3 Month LIBOR (a)     May 2017     ($90,044 )

(a) At 10-31-16, 3-month LIBOR was 0.88428%

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at October 31, 2016 by risk category:

                             
  Risk     Statement of assets and
liabilities location
    Financial
instruments location
    Asset
derivatives
fair value
    Liability
derivatives
fair value
 
  Interest rate     Swap contracts, at value     Interest rate swaps         ($90,044 )

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 year ended October 31, 2016:

           
  Statement of operations location - Net realized gain (loss) on  
  Risk     Swap contracts  
  Interest rate     ($341,461 )

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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 year ended October 31, 2016:

   
Statement of operations location - Change in unrealized appreciation (depreciation) of
Risk Swap contracts
Interest rate $348,547

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 Advisers, LLC (the Advisor) serves as investment advisor for the fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Advisor, serves as distributor for the common shares offered through the equity shelf offering. The Advisor is an indirect, wholly owned 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 John Hancock Asset Management a division of Manulife Asset 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 fund. During the year ended October 31, 2016, this waiver amounted to 0.01% of the fund's average daily managed assets. This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The expense reductions described above amounted to $17,408 for the year ended October 31, 2016.

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 year ended October 31, 2016 were equivalent to a net annual effective rate of 0.54% of the fund's average daily managed 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, 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 year ended October 31, 2016 amounted to an annual rate of 0.02% of the fund's average daily managed 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

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       29


allocated to the selling dealers. During the year ended October 31, 2016, there was no compensation paid to the Distributor. 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 program. Under the share repurchase program, the fund may purchase in the open market, up to 10% of its outstanding common shares between December 11, 2015 and December 31, 2016 (based on common shares outstanding as of November 30, 2015). During the year ended October 31, 2016, the fund repurchased 0.96% of its common shares outstanding under the repurchase program. The weighted average discount per share on these repurchases amounted to 10.58% for the year ended October 31, 2016. Shares repurchased and corresponding dollar amounts are included on the Statements of changes in net assets. The anti-dilutive impact of these share repurchases is included in the Financial highlights.

During the year ended October 31, 2016 and 2015, there was no activity under the shelf offering program. 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. These costs are deducted from proceeds as shares are issued. To date, $21,863 has been deducted from proceeds of shares issued and the remaining $226,843 is included in Other receivables and prepaid expenses 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, common shareholders bear the fees 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 common shares, including:

the likelihood of greater volatility of NAV and market price of common 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.

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.

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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 October 31, 2016 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.

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.

Under normal circumstances, interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.60%, is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of October 31, 2016, the fund had an aggregate balance of $86,900,000 at an interest rate of 1.13%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the period from December 2, 2015 to October 31, 2016, the average balance of the LA and the effective average interest rate were $86,565,672 and 1.08%, respectively.

After the six month anniversary of the effective date of the agreement, 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.

Prior to December 2, 2015, the fund had entered into a credit facility agreement (CFA) with Credit Suisse Securities (USA) LLC, that allowed the fund's borrowing not to exceed 33 1/3% of the fund's managed assets and to invest the borrowings in accordance with its investment practices. Interest was charged at the rate of one-month LIBOR plus 0.70% and was paid monthly. During the period from November 1, 2015 to December 2, 2015, the average balance of the CFA and the effective average interest rate were $85,996,774 and 0.92%, respectively. The combined interest accrued by the fund for both the LA and the CFA, for the year ended October 31, 2016, is reflected in the Interest expense on the Statement of operations. The blended effective average interest rate for the year ended October 31, 2016 was 1.06%.

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Note 9 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities and U.S. Treasury obligations, amounted to $145,276,600 and $144,964,243, respectively, for the year ended October 31, 2016. Purchases and sales of U.S. Treasury obligations aggregated $135,163 and $136,877, respectively, for the year ended October 31, 2016.

Note 10 — New rule issuance

In October 2016, the SEC issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization (the Release). The Release calls for the adoption of new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. Management is in the process of reviewing the impact to the financial statements.

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       32


AUDITOR'S REPORT


Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of John Hancock Investors Trust:

In our opinion, the accompanying statement of assets and liabilities, including the fund's investments, and the related statements of operations, of changes in net assets, and of cash flows and the financial highlights present fairly, in all material respects, the financial position of John Hancock Investors Trust (the "Fund") at October 31, 2016, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2016 by correspondence with the custodian, agent banks and brokers and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2016

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       33


TAX INFORMATION


Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2016.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Eligible shareholders will be mailed a 2016 Form 1099-DIV in early 2017. This will reflect the tax character of all distributions paid in calendar year 2016.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       34


ADDITIONAL INFORMATION


Unaudited

Investment objective and policy

The fund is a diversified, closed-end, management investment company, common shares of which were initially offered to the public in January 1971. The fund's primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective. 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. 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 invest in repurchase agreements. The fund utilizes a credit facility agreement to increase its assets available for investments.

Effective December 2, 2015, the Board of Trustees approved changes to the fund's investment policy regarding securities lending, replacing it with the following: "The fund may 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 such transactions, the borrower pays to the fund an amount equal to any dividends or interest received on loaned securities. The fund retains all or a portion of the dividends, interest, capital gains, and/or other distributions received on investment of cash collateral in short-term obligations of the U.S. government, cash equivalents (including shares of a fund managed by the fund's investment adviser or an affiliate thereof), or other investments consistent with the fund's investment objective, policies, and restrictions, or receives a fee from the borrower. As a result of investing such cash collateral in such investments, the fund will receive the benefit of any gains and bear any losses generated by such investments. All securities loans will be made pursuant to agreements requiring that the loans be continuously secured by collateral in cash or short-term debt obligations at least equal at all times to the market value of the loaned securities. The fund may pay reasonable finders', administrative and custodial fees in connection with loans of its portfolio securities. Although voting rights or rights to consent accompanying loaned securities pass to the borrower, the fund retains the right to call the loans at any time on reasonable notice, and it will do so in order that the securities may be voted by the fund with respect to matters materially affecting the fund's investment. The fund may also call a loan in order to sell the securities involved. Lending portfolio securities involves risks of delay in recovery of the loaned securities or, in some cases, loss of rights in the collateral should the borrower commence an action relating to bankruptcy, insolvency or reorganization. Accordingly, loans of portfolio securities will be made only to borrowers considered by the Adviser to be creditworthy under guidelines adopted by the Board of Trustees. Investing cash collateral received in connection with securities lending transactions in any investment that is consistent with the fund's investment objective, policies, and limitations may subject the fund to risk of loss greater than the risk of loss associated with investing collateral solely in short-term U.S. government obligations or cash equivalents."

The use of securities lending collateral to obtain leverage in the fund's investment portfolio may subject the fund to greater risk of loss than would reinvestment of collateral in short-term, highly-rated investments. Risks associated with the fund's use of leverage are discussed under Note 7 to the financial statements.

Declaration of Trust and By-laws

Effective January 22, 2016, the Board of Trustees of the fund amended and restated in its entirety the Declaration of Trust and the By-Laws for the fund. The amendments to the Declaration of Trust include, among other changes, provisions that: (i) clarify certain duties, responsibilities, and powers of the Trustees; and (ii) clarify that shareholders are not intended to be third-party beneficiaries of fund contracts. The amendments to the By-Laws include, among other changes, provisions that: (i) clarify that, other than as provided under federal securities laws, the shareholders may only bring actions involving the fund derivatively; and (ii) provide that any action brought by a shareholder related to the fund will be brought in Massachusetts state or federal court, and that, if a claim is brought in a different jurisdiction and subsequently changed to a Massachusetts venue, the shareholder will be required to reimburse the fund for such expenses. The foregoing description of the Declaration of Trust and By-Laws are qualified in their entirety by the full text of the Declaration of Trust and By-Laws, each effective as of January 22, 2016, which is available by writing to the Secretary of the fund at 601 Congress Street, 11th Floor, Boston, Massachusetts 02210, and are available on the SEC's website. The Declaration of Trust also is available on the Secretary of the Commonwealth of Massachusetts' website.

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Effective March 10, 2016, the Board of Trustees of the fund amended the By-Laws of the fund to provide that Trustees' mandatory retirement age shall be determined from time to time by a resolution of the majority of the Trustees.

Dividends and distributions

During the year ended October 31, 2016, distributions from net investment income totaling $1.3948 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

   
Payment date Income distributions
December 31, 2015 $0.3735
March 31, 2016 0.3374
June 30, 2016 0.3411
September 30, 2016 0.3428
Total $1.3948

Dividend reinvestment plan

The fund's Dividend Reinvestment Plan (the Plan) provides that distributions of dividends and capital gains are automatically reinvested in common shares of the fund by Computershare Trust Company, N.A. (the Plan Agent). Every shareholder holding at least one full share of the fund is entitled to participate in the Plan. In addition, every shareholder who became a shareholder of the fund after June 30, 2011, and holds at least one full share of the fund will be automatically enrolled in the Plan. Shareholders may withdraw from the Plan at any time and shareholders who do not participate in the Plan will receive all distributions in cash.

If the fund declares a dividend or distribution payable either in cash or in common shares of the fund and the market price of shares on the payment date for the distribution or dividend equals or exceeds the fund's net asset value per share (NAV), the fund will issue common shares to participants at a value equal to the higher of NAV or 95% of the market price. The number of additional shares to be credited to each participant's account will be determined by dividing the dollar amount of the distribution or dividend by the higher of NAV or 95% of the market price. If the market price is lower than NAV, or if dividends or distributions are payable only in cash, then participants will receive shares purchased by the Plan Agent on participants' behalf on the NYSE or otherwise on the open market. If the market price exceeds NAV before the Plan Agent has completed its purchases, the average per share purchase price may exceed NAV, resulting in fewer shares being acquired than if the fund had issued new shares.

There are no brokerage charges with respect to common shares issued directly by the fund. However, whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.

The reinvestment of dividends and net capital gains distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.

Shareholders participating in the Plan may buy additional shares of the fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date, which is three business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their stockbroker through the Direct Registration System.

Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       36


any subsequent dividend or distribution. If shareholders withdraw from the Plan, their shares will be credited to their account; or, if they wish, the Plan Agent will sell their full and fractional shares and send the shareholders the proceeds, less a transaction fee of $5 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder's participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.

Shareholders who hold at least one full share of the fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If shareholders wish to participate in the Plan and their shares are held in the name of a brokerage firm, bank or other nominee, shareholders should contact their nominee to see if it will participate in the Plan. If shareholders wish to participate in the Plan, but their brokerage firm, bank or other nominee is unable to participate on their behalf, they will need to request that their shares be re-registered in their own name, or they will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by shareholders as representing the total amount registered in their name and held for their account by their nominee.

Experience under the Plan may indicate that changes are desirable. Accordingly, the fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 90 days before the record date for the payment of any dividend or distribution by the fund.

Effective November 1, 2013, the Plan was revised to provide that Computershare Trust Company, N.A. no longer provides mail loss insurance coverage when shareholders mail their certificates to the fund's administrator.

All correspondence or requests for additional information about the Plan should be directed to Computershare Trust Company, N.A., at the address stated below, or by calling 800-852-0218, 201-680-6578 (For International Telephone Inquiries) and 800-952-9245 (For the Hearing Impaired (TDD)).

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:

Computershare
P.O. Box 30170
College Station, TX 77842-3170
Telephone: 800-852-0218

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

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       37


Continuation of Investment Advisory and Subadvisory Agreements


Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Investors Trust (the fund) of the Advisory Agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadvisor). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 20-23, 2016 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at an in-person meeting held on May 24-25, 2016.

Approval of Advisory and Subadvisory Agreements

At in-person meetings held on June 20-23, 2016, the Board, including the Trustees who are not considered to be interested persons of the fund under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), reapproved for an annual period the continuation of the Advisory Agreement between the fund and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and other pertinent information, such as the market premium and discount information, and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor's revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board notes that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor's affiliates.

Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the fund and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and does not treat any single factor as determinative, and each Trustee may attribute different weights to different factors. The Board's conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of fund performance and operations throughout the year.

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Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the fund's Chief Compliance Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the Advisor's risk management processes. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers.

The Board also considered the differences between the Advisor's services to the fund and the services it provides to other clients that are not closed-end funds, including, for example, the differences in services related to the regulatory and legal obligations of closed-end funds.

In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management and the quality of the performance of the Advisor's duties, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the fund and of the other funds in the John Hancock group of funds complex (the John Hancock Fund Complex).

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

     
  (a) the skills and competency with which the Advisor has in the past managed the fund's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor's timeliness in responding to performance issues;
  (b) the background, qualifications and skills of the Advisor's personnel;
  (c) the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
  (d) the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund;
  (e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; and
  (f) the Advisor's reputation and experience in serving as an investment advisor to the fund and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

Investment performance. In considering the fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund's performance results. In connection with the consideration of the Advisory Agreement, the Board:

                 
        (a)     reviewed information prepared by management regarding the fund's performance;  
        (b)     considered the comparative performance of an applicable benchmark index;  
        (c)     considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data;  
        (d)     took into account the Advisor's analysis of the fund's performance; and  

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        (e)     considered the fund's share performance and premium/discount information.  

The Board noted that, based on its net asset value, the fund underperformed its benchmark index for the one- and three-year periods ended December 31, 2015 and outperformed its benchmark index for the five-year period ended December 31, 2015. The Board noted that, based on its net asset value, the fund underperformed its peer group average for the one-, three- and five-year periods ended December 31, 2015. The Board took into account management's discussion of the fund's performance, including its favorable performance relative to the benchmark index for the five-year period and the 10-year period. The Board concluded that the fund's performance is being monitored and reasonably addressed.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund. The Board considered the fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund's ranking within a broader group of funds. In comparing the fund's contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs.

The Board also took into account the impact of leverage on fund expenses. The Board took into account the management fee structure, including that management fees for the fund were based on the fund's total managed assets, which are attributable to common stock and borrowings. The Board noted that net management fees and total expenses for the fund are each lower than the peer group median.

The Board also took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable.

Profitability/indirect benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor's relationship with the fund, the Board:

                 
        (a)     reviewed financial information of the Advisor;  
        (b)     reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;  
        (c)     received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole;  
        (d)     received information with respect to the Advisor's allocation methodologies used in preparing the profitability data;  
        (e)     considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;  
        (f)     noted that the fund's Subadvisor is an affiliate of the Advisor;  
        (g)     noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;  

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        (h)     noted that the subadvisory fees for the fund are paid by the Advisor; and  
        (i)     considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the entrepreneurial risk that it assumes as Advisor.  

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.

Economies of scale. In considering the extent to which the fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of the fund shareholders, the Board noted that the fund has a limited ability to increase its assets as a closed-end fund. The Board took into account management's discussions of the current advisory fee structure, and, as noted above, the services the Advisor provides in performing its functions under the Advisory Agreement and in supervising the Subadvisor.

The Board also considered potential economies of scale that may be realized by the fund as part of the John Hancock Fund Complex. Among them, the Board noted that the Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock Fund 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 fund. The Board reviewed the fund's advisory fee structure and concluded that: (i) the fund's fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management's discussion of the fund's advisory fee structure. The Board also considered the Advisor's overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the fund. The Board determined that the management fee structure for the fund was reasonable.

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

     
  (1) information relating to the Subadvisor's business, including current subadvisory services to the fund (and other funds in the John Hancock Fund Complex);
  (2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
  (3) the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data.

Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as received information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the fund's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the

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regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board considered the Subadvisor's investment process and philosophy. The Board took into account that the Subadvisor's responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund's investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.

Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also considered any potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor's relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.

Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays subadvisory fees to the Subadvisor. As noted above, the Board also considered the fund's subadvisory fee as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fee paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

Subadvisor performance. As noted above, the Board considered the fund's performance as compared to the fund's peer group and the benchmark index and noted that the Board reviews information about the fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.

The Board's decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

     
  (1) the Subadvisor has extensive experience and demonstrated skills as a manager;
  (2) the performance of the fund is being monitored and reasonably addressed;
  (3) the subadvisory fees are reasonable in relation to the level and quality of services being provided; and
  (4) that the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.
* * *

Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.

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Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.

Independent Trustees

     
Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years
Trustee
of the
Trust
since1
Number of John
Hancock funds
overseen by
Trustee
James M. Oates, Born: 1946 2012 227
Trustee and Chairperson of the Board
Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director, Virtus Funds (formerly Phoenix Mutual Funds) (since 1988). Trustee and Chairperson of the Board, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee and Chairperson of the Board, John Hancock retail funds3 (since 2012); Trustee (2005-2006 and since 2012) and Chairperson of the Board (since 2012), John Hancock Funds III; Trustee (since 2004) and Chairperson of the Board (since 2005), John Hancock Variable Insurance Trust; Trustee and Chairperson of the Board, John Hancock Funds II (since 2005).

     
Charles L. Bardelis,2 Born: 1941 2012 227
Trustee
Director, Island Commuter Corp. (marine transport). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust (since 1988); Trustee, John Hancock Funds II (since 2005).

     
Peter S. Burgess,2 Born: 1942 2012 227
Trustee
Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).

     
William H. Cunningham, Born: 1944 2005 227
Trustee
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee, John Hancock retail funds3 (since 1986); Trustee, John Hancock Variable Insurance Trust (since 2012); Trustee, John Hancock Funds II (2005-2006 and since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).

     
Grace K. Fey, Born: 1946 2012 227
Trustee
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988-2007); Director, Fiduciary Trust (since 2009). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       43


Independent Trustees (continued)

     
Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years
Trustee
of the
Trust
since1
Number of John
Hancock funds
overseen by
Trustee
Theron S. Hoffman,2 Born: 1947 2012 227
Trustee
Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003-2010); President, Westport Resources Management (investment management consulting firm) (2006-2008); Senior Managing Director, Partner, and Operating Head, Putnam Investments (2000-2003); Executive Vice President, The Thomson Corp. (financial and legal information publishing) (1997-2000). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

     
Deborah C. Jackson, Born: 1952 2008 227
Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts, (since 2014); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee, John Hancock retail funds3 (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).

     
Hassell H. McClellan, Born: 1945 2012 227
Trustee
Trustee, Virtus Variable Insurance Trust (formerly Phoenix Edge Series Funds) (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).

     
Steven R. Pruchansky, Born: 1944 2005 227
Trustee and Vice Chairperson of the Board
Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (since 2014); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992) and Chairperson of the Board (2011-2012), John Hancock retail funds3; Trustee and Vice Chairperson of the Board, John Hancock retail funds3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, and Vice Chairperson of the Board, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       44


Independent Trustees (continued)

     
Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years
Trustee
of the
Trust
since1
Number of John
Hancock funds
overseen by
Trustee
Gregory A. Russo, Born: 1949 2008 227
Trustee
Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (since 2012) and Finance Committee Chairman (since 2014), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee, John Hancock retail funds3 (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).

Non-Independent Trustees4

     
Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years
Trustee
of the
Trust
since1
Number of John
Hancock funds
overseen by
Trustee
James R. Boyle, Born: 1959 2015 227
Non-Independent Trustee
Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (since 2014); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial Corporation, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC, and John Hancock Investment Management Services, LLC (2005-2010). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (2005-2010; 2012-2014 and since 2015); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (2005-2014 and since 2015).

     
Craig Bromley, Born: 1966 2012 227
Non-Independent Trustee
President, John Hancock Financial Service (since 2012); Senior Executive Vice President and General Manager, U.S. Division, Manulife Financial Corporation (since 2012); President and Chief Executive Officer, Manulife Insurance Company (Manulife Japan) (2005-2012, including prior positions). Trustee, John Hancock retail funds,3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).

     
Warren A. Thomson, Born: 1955 2012 227
Non-Independent Trustee
Senior Executive Vice President and Chief Investment Officer, Manulife Financial Corporation and The Manufacturers Life Insurance Company (since 2009); Chairman, Manulife Asset Management (since 2001, including prior positions); Director and Chairman, Manulife Asset Management Limited (since 2006); Director and Chairman, Hancock Natural Resources Group, Inc. (since 2013). Trustee, John Hancock retail funds,3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       45


Principal officers who are not Trustees

   
Name, year of birth
Position(s) held with fund
Principal occupation(s)
during past 5 years
Officer
of the
Trust
since
Andrew G. Arnott, Born: 1971 2009
President
Senior Vice President, John Hancock Financial Services (since 2009); Director and Executive Vice President, John Hancock Advisers, LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Investment Management Services, LLC (since 2006, including prior positions); President, John Hancock Funds, LLC (since 2004, including prior positions); President, John Hancock retail funds,3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2007, including prior positions); President, John Hancock Collateral Trust (since 2015); President, John Hancock Exchange-Traded Fund Trust (since 2014).

   
John J. Danello, Born: 1955 2014
Senior Vice President, Secretary, and Chief Legal Officer
Vice President and Chief Counsel, John Hancock Wealth Management (since 2005); Senior Vice President (since 2007) and Chief Legal Counsel (2007-2010), John Hancock Funds, LLC and The Berkeley Financial Group, LLC; Senior Vice President (since 2006, including prior positions) and Chief Legal Officer and Secretary (since 2014), John Hancock retail funds,3 John Hancock Funds II and John Hancock Variable Insurance Trust; Senior Vice President, Secretary and Chief Legal Officer, John Hancock Collateral Trust (since 2015) and John Hancock Exchange-Traded Fund Trust (since 2014); Vice President, John Hancock Life & Health Insurance Company (since 2009); Vice President, John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York (since 2010); and Senior Vice President, Secretary and Chief Legal Counsel (2007-2014, including prior positions) of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC.

   
Francis V. Knox, Jr., Born: 1947 2005
Chief Compliance Officer
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock retail funds,3 John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Advisers, LLC, and John Hancock Investment Management Services, LLC (since 2005); Chief Compliance Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

   
Charles A. Rizzo, Born: 1957 2007
Chief Financial Officer
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial Officer, John Hancock retail funds,3 John Hancock Variable Insurance Trust and John Hancock Funds II (since 2007); Chief Financial Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

   
Salvatore Schiavone, Born: 1965 2010
Treasurer
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer, John Hancock retail funds3 (since 2007, including prior positions); Treasurer, John Hancock Variable Insurance Trust and John Hancock Funds II (2007-2009 and since 2010, including prior positions); Treasurer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

1 Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee's death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to date listed in the table.
2 Member of the Audit Committee.
3 "John Hancock retail funds" comprises John Hancock Funds III and 36 other John Hancock funds consisting of 26 series of other John Hancock trusts and 10 closed-end funds.
4 The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates.
ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       46


More information

   

Trustees

James M. Oates, Chairperson
Steven R. Pruchansky, Vice Chairperson
Charles L. Bardelis*
James R. Boyle†
Craig Bromley†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
Hassell H. McClellan
Gregory A. Russo
Warren A. Thomson†

Officers

Andrew G. Arnott
President

John J. Danello
Senior Vice President, Secretary,
and Chief Legal Officer

Francis V. Knox, Jr.
Chief Compliance Officer

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Investment advisor

John Hancock Advisers, LLC

Subadvisor

John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Principal distributor

John Hancock Funds, LLC

Custodian

State Street Bank and Trust Company

Transfer agent

Computershare Shareowner Services, LLC

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Stock symbol

Listed New York Stock Exchange: JHI

*Member of the Audit Committee
†Non-Independent Trustee

For shareholder assistance refer to page 37

       
  You can also contact us:
    800-852-0218
jhinvestments.com

Regular mail:

Computershare
P.O. Box 30170
College Station, TX 77842-3170

The fund's proxy voting policies and procedures, as well as the fund's 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.

The fund's complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The fund's Form N-Q is available on our website and the SEC's website, sec.gov, and can be reviewed and copied (for a fee) at the SEC's Public Reference Room in Washington, DC. Call 800-SEC-0330 to receive information on the operation of the SEC's Public Reference Room.

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.

ANNUAL REPORT   |   JOHN HANCOCK INVESTORS TRUST       47


John Hancock family of funds

 

     

DOMESTIC EQUITY FUNDS



Balanced

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Fundamental All Cap Core

Fundamental Large Cap Core

Fundamental Large Cap Value

New Opportunities

Small Cap Value

Small Company

Strategic Growth

U.S. Global Leaders Growth

U.S. Growth

Value Equity

GLOBAL AND INTERNATIONAL EQUITY FUNDS



Disciplined Value International

Emerging Markets

Emerging Markets Equity

Global Equity

Global Shareholder Yield

Greater China Opportunities

International Growth

International Small Company

International Value Equity

 

INCOME FUNDS



Bond

California Tax-Free Income

Emerging Markets Debt

Floating Rate Income

Global Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Short Duration Credit Opportunities

Spectrum Income

Strategic Income Opportunities

Tax-Free Bond

ALTERNATIVE AND SPECIALTY FUNDS



Absolute Return Currency

Alternative Asset Allocation

Enduring Assets

Financial Industries

Global Absolute Return Strategies

Global Conservative Absolute Return

Global Focused Strategies

Global Real Estate

Natural Resources

Redwood

Regional Bank

Seaport

Technical Opportunities

The fund's investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investments at 800-852-0218, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.


     

ASSET ALLOCATION



Income Allocation Fund

Lifestyle Aggressive Portfolio

Lifestyle Balanced Portfolio

Lifestyle Conservative Portfolio

Lifestyle Growth Portfolio

Lifestyle Moderate Portfolio

Retirement Choices Portfolios

Retirement Living Portfolios

Retirement Living II Portfolios

EXCHANGE-TRADED FUNDS



John Hancock Multifactor Consumer Discretionary ETF

John Hancock Multifactor Consumer Staples ETF

John Hancock Multifactor Energy ETF

John Hancock Multifactor Financials ETF

John Hancock Multifactor Healthcare ETF

John Hancock Multifactor Industrials ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Materials ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Technology ETF

John Hancock Multifactor Utilities ETF

 

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FUNDS



ESG All Cap Core

ESG Large Cap Core

CLOSED-END FUNDS



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 Multifactor 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 Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Funds, 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.


John Hancock Investments

A trusted brand

John Hancock Investments is a premier asset manager representing one of
America's most trusted brands, 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 build funds based on investor needs, then search the world to find proven
portfolio teams with specialized expertise in those strategies. As a manager of
managers, we apply vigorous oversight to ensure that 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.

jhsocialmedialogo.jpg

     
 
jhbclogo.jpg
John Hancock Advisers, LLC
601 Congress Street n Boston, MA 02210-2805
800-852-0218 n jhinvestments.com
  MF327098 P5A 10/16
12/16



ITEM 2. CODE OF ETHICS.

 

As of the end of the year, October 31, 2016, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the “Senior Financial Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Peter S. Burgess is the audit committee financial expert and is “independent”, pursuant to general instructions on Form N-CSR Item 3.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant(s) for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $50,142 for the fiscal year ended October 31, 2016 and $48,852 for the fiscal year ended October 31, 2015. These fees were billed to the registrant and were approved by the registrant’s audit committee.

 

(b) Audit-Related Services

Audit-related fees amounted to $0 for the fiscal year ended October 31, 2016 and $0 for the fiscal year ended October 31, 2015 billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates"). In addition, amounts billed to control affiliates for service provider internal controls reviews were $103,474 and $103,940 for the fiscal years ended October 31, 2016 and 2015, respectively.

 

(c) Tax Fees

The aggregate fees billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning (“tax fees”) amounted to $3,647 for the fiscal year ended October 31, 2016 and $3,500 for the fiscal year ended October 31, 2015. The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant’s audit committee.

 

(d) All Other Fees

The all other fees billed to the registrant for products and services provided by the principal accountant were $109 for the fiscal year ended October 31, 2016 and $215 for the fiscal year ended October 31, 2015 billed to control affiliates for products and services provided by the principal accountant. These fees were approved by the registrant’s audit committee.

 

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the “Auditor”) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust’s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of audit-related and non-audit services by

 


 

the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

 

Audit-Related Fees, Tax Fees and All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

 

(f) According to the registrant’s principal accountant, for the fiscal year ended October 31, 2016, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

 

(g) The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the registrant were $4,590,233 for the fiscal year ended October 31, 2016 and $7,125,367 for the fiscal year ended October 31, 2015.

 

(h) The audit committee of the registrant has considered the non-audit services provided by the registrant’s principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

 

Peter S. Burgess - Chairman

Charles L. Bardelis

Theron S. Hoffman

 

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.

 

See attached exhibit “Proxy Voting Policies and Procedures”.

 

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

 


 

Information about the portfolio managers

Management Biographies

 

Below is a list of the John Hancock Asset Management a division of Manulife Asset Management (US) LLC (“John Hancock Asset Management”) portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years. Information is provided as of December 1, 2016.

 

John F. Addeo, CFA

Managing Director and Portfolio Manager

John Hancock Asset Management since 2012

Investment Officer, Portfolio Manager/Analyst, High Yield Bond Group,

MFS Investment Management (1998–2012)

Began business career in 1984

Managed the Fund since 2013

 

Jeffrey N. Given, CFA

Senior Managing Director and Senior Portfolio Manager

John Hancock Asset Management since 2012

Managing Director, John Hancock Asset Management (US) LLC (2005–2012)

Second Vice President, John Hancock Advisers, LLC (1993–2005)

Began business career in 1993

Managed the Fund since 1999

 

Dennis F. McCafferty, CFA

Managing Director and Portfolio Manager

John Hancock Asset Management since 2009

Investment Analyst, John Hancock Asset Management (2008–2009)

Principal and Senior Analyst, Pardus Capital Management (2005–2008)

Began business career in 1995

Managed the Fund since 2013

 

Other Accounts the Portfolio Managers are Managing

 

The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2016. For purposes of the table, “Other Pooled Investment Vehicles” may include investment partnerships and group trusts, and “Other Accounts” may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.

 

 


 

    Registered Investment
Companies
  Other Pooled
Investment Vehicles
  Other Accounts
    Number
of
Accounts
  Total
Assets
$Million
  Number
of
Accounts
  Total
Assets
$Million
  Number
of
Accounts
  Total
Assets
$Million

John F. Addeo, CFA

 

  2   $1,024.63   10   $1,077.26   0   $0

Jeffrey N. Given, CFA

 

  19   $43,018.68   6   $1,162.58   12   $6,108.71

Dennis F. McCafferty, CFA

 

  3   $1,481.88   14   $3,963.89   0   $0

 

Number and value of accounts within the total accounts that are subject to a performance-based advisory fee: None.

 

Conflicts of Interest. When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager’s responsibility for the management of the Fund as well as one or more other accounts. The Advisor and Subadvisor have adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. The Advisor and Subadvisor have structured their compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See “Compensation of Portfolio Managers” below.

 

·A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. The Subadvisor has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.

 

·A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same

 


 

security for more than one account, the policies of the Subadvisor generally require that such trades be “bunched,” which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended to result in as favorable a price as possible for such client.

 

·A portfolio manager could favor an account if the portfolio manager’s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager’s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadvisor receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager’s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager’s compensation. See “Compensation of Portfolio Managers” below. Neither the Advisor nor the Subadvisor receives a performance-based fee with respect to any of the accounts managed by the portfolio managers.

 

·A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.

 

·If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.

 

Compensation of Portfolio Managers. The Subadvisor has adopted a system of compensation for portfolio managers and others involved in the investment process that is

 


 

applied systematically among investment professionals. At the Subadvisor, the structure of compensation of investment professionals is currently composed of the following basic components: base salary and an annual investment bonus plan as well as customary benefits that are offered generally to all full-time employees of the Subadvisor. A limited number of senior investment professionals, who serve as officers of both the Subadvisor and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial. The following describes each component of the compensation package for the individuals identified as a portfolio manager for the Funds.

 

·Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor seeks to set compensation at market rates, taking into account the experience and responsibilities of the investment professional.

 

·Investment Bonus Plan. Only investment professionals are eligible to participate in the Investment Bonus Plan. Under the plan, investment professionals are eligible for an annual bonus. The plan is intended to provide a competitive level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan:

 

·Investment Performance: The investment performance of all accounts managed by the investment professional over one- and three-year periods are considered. With respect to fixed income accounts, relative yields are also used to measure performance. The pre-tax performance of each account is measured relative to an appropriate benchmark and universe as identified in the table below.

 

·The Profitability of the Subadvisor: The profitability of the Subadvisor and its parent company are also considered in determining bonus awards.

 

·Non-Investment Performance: To a lesser extent, intangible contributions, including the investment professional’s support of client service and sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are also evaluated when determining bonus awards.

 

·Options and Stock Grants. A limited number of senior investment professionals may receive options to purchase shares of Manulife Financial stock. Generally, such option would permit the investment professional to purchase a set amount of stock at the market price on the date of grant. The option can be exercised for a set period (normally a number of years or until termination of employment) and the investment professional would exercise the option if the market value of Manulife Financial stock increases. Some investment professionals may receive restricted stock grants, where the investment professional is entitled to receive the stock at no or nominal cost, provided that the stock is forgone if the investment professional’s employment is terminated prior to a vesting date.

 


 

The Subadvisor also permits investment professionals to participate on a voluntary basis in a deferred compensation plan, under which the investment professional may elect on an annual basis to defer receipt of a portion of their compensation until retirement. Participation in the plan is voluntary.

 

Fund Benchmark
Investors Trust Barclays Capital U.S. Aggregate Bond Index

 

 

Share Ownership by Portfolio Managers. The following table indicates as of October 31, 2016 the value, within the indicated range, of shares beneficially owned by the portfolio managers in the Fund.

 

Portfolio Manager Range of
Beneficial
Ownership
John F. Addeo, CFA $50,001-$100,000
Jeffrey N. Given, CFA $1-$10,000
Dennis F. McCafferty, CFA $50,001-$100,000

 

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

 

(a)Not applicable.

 

(b)   REGISTRANT PURCHASES OF EQUITY SECURITIES

 

Period Total number of
shares purchased
Average
price per
share
Total number of
shares purchased
as part of publicly
announced plans*
Maximum number
of shares that may
yet be purchased
under the plans*
Nov-15           -    -    -                  879,143
Dec-15 -    - - 879,143
Jan-16 38,700 $13.661 38,700 840,443
Feb-16 39,700 $13.995 78,400 800,743
Mar-16 - - 78,400 800,743
Apr-16 - - 78,400 800,743
May-16 - - 78,400 800,743
Jun-16 6,000 $15.872 84,400 794,743
Jul-16 - - 84,400 794,743
Aug-16 - - 84,400 794,743
Sep-16 - - 84,400 794,743
Oct-16 - - 84,400 794,743
Total 84,400 $13.975    
         
         
*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 based on common shares outstanding as of November 30, 2015. The current share repurchase plan will remain in effect between December 11, 2015 and December 31, 2016.

 


 

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

 

(a) 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 and Governance 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 registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

ITEM 12. EXHIBITS.

 

(a)(1) Code of Ethics for Senior Financial Officers is attached.

 

(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) Proxy Voting Policies and Procedures are attached.

 

(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock – Governance Committee Charter”.

 

(c)(3) Contact person at the registrant.

 


 

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: December 19, 2016

 

 

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: December 19, 2016

 

 

 

By:

/s/ Charles A. Rizzo

___________________________

Charles A. Rizzo

Chief Financial Officer

 

 

Date: December 19, 2016