N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04173

JOHN HANCOCK INVESTORS TRUST

(Exact name of registrant as specified in charter)

200 BERKELEY STREET, BOSTON, MA 02116 (Address of principal executive offices) (Zip code)

SALVATORE SCHIAVONE

TREASURER

200 BERKELEY STREET

BOSTON, MA 02116

(Name and address of agent for service)

Registrant's telephone number, including area code: (617) 543-9634

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

ITEM 1. REPORT TO STOCKHOLDERS.

Semiannual report

John Hancock

Investors Trust

Closed-end fixed income

Ticker: JHI

April 30, 2025

John Hancock

Investors Trust

Table of contents

2	Your fund at a glance
3	Portfolio summary
5	Fund’s investments
21	Financial statements
25	Financial highlights
26	Notes to financial statements
37	Investment objective, principal investment strategies, and principal risks
40	Additional information
41	Shareholder meeting
42	More information

JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT

Table of Contents

Your fund at a glance

INVESTMENT OBJECTIVE

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

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2025 (%)

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

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

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

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

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST

Table of Contents

Portfolio summary

PORTFOLIO COMPOSITION AS OF 4/30/2025 (% of total investments)

QUALITY COMPOSITION AS OF 4/30/2025 (% of total investments)

Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 4-30-25 and do not reflect subsequent downgrades or upgrades, if any.

JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT

Table of Contents

COUNTRY COMPOSITION AS OF 4/30/2025 (% of total investments)
United States	77.8
Canada	7.9
France	2.7
United Kingdom	2.3
Luxembourg	1.7
Japan	1.5
Cayman Islands	1.4
Ireland	1.1
Other countries	3.6
TOTAL	100.0

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST

Table of Contents

Fund’s investments

AS OF 4-30-25 (unaudited)

	Rate (%)	Maturity date	Par value^	Value
U.S. Government and Agency obligations 8.6% (5.1% of Total investments)				$10,792,919
(Cost $10,762,603)
U.S. Government 7.9%				9,933,843
U.S. Treasury
Note (A)(B)	0.250	06-30-25	10,000,000	9,933,843
U.S. Government Agency 0.7%				859,076
Federal Home Loan Mortgage Corp.
30 Yr Pass Thru (B)	5.500	07-01-53	304,577	306,131
30 Yr Pass Thru (B)	6.000	09-01-53	285,746	292,664
Federal National Mortgage Association
30 Yr Pass Thru (B)	5.500	07-01-53	259,142	260,281
Corporate bonds 125.5% (74.9% of Total investments)				$157,094,276
(Cost $161,873,071)
Communication services 18.5%				23,138,516
Diversified telecommunication services 3.7%
Bell Canada (6.875% to 9-15-30, then 5 Year CMT + 2.390%)	6.875	09-15-55	818,000	817,043
Connect Finco SARL (B)(C)	9.000	09-15-29	245,000	229,190
Frontier Florida LLC (B)	6.860	02-01-28	700,000	716,611
GCI LLC (B)(C)	4.750	10-15-28	820,000	775,753
Iliad Holding SAS (B)(C)	7.000	04-15-32	246,000	249,353
Level 3 Financing, Inc. (B)(C)	11.000	11-15-29	966,000	1,079,505
Sable International Finance, Ltd. (C)	7.125	10-15-32	393,000	386,162
Windstream Services LLC (B)(C)	8.250	10-01-31	413,000	422,796
Entertainment 1.6%
AMC Entertainment Holdings, Inc. (A)(B)(C)	7.500	02-15-29	245,000	168,996
Cinemark USA, Inc. (B)(C)	7.000	08-01-32	126,000	128,844
Playtika Holding Corp. (B)(C)	4.250	03-15-29	939,000	824,130
Univision Communications, Inc. (B)(C)	8.500	07-31-31	850,000	802,635
Interactive media and services 1.0%
Arches Buyer, Inc. (C)	6.125	12-01-28	310,000	277,172
Cars.com, Inc. (B)(C)	6.375	11-01-28	414,000	406,685
Snap, Inc. (B)(C)	6.875	03-01-33	600,000	599,241
Media 9.1%
Altice Financing SA (C)	5.750	08-15-29	400,000	295,009
Altice Financing SA (C)	9.625	07-15-27	940,000	807,418
Altice France Holding SA (C)	10.500	05-15-27	600,000	186,012
Altice France SA (C)	5.500	10-15-29	625,000	511,631
Altice France SA (C)	8.125	02-01-27	356,000	325,850
CCO Holdings LLC (B)(C)	6.375	09-01-29	1,728,000	1,743,481
CCO Holdings LLC (B)(C)	7.375	03-01-31	685,000	705,516

JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Communication services (continued)
Media (continued)
CSC Holdings LLC (C)	5.500	04-15-27	575,000	$534,278
CSC Holdings LLC (C)	11.750	01-31-29	708,000	669,356
Directv Financing LLC (B)(C)	10.000	02-15-31	963,000	911,957
DISH Network Corp. (C)	11.750	11-15-27	990,000	1,040,439
Gray Media, Inc. (C)	4.750	10-15-30	97,000	57,473
Gray Media, Inc. (B)(C)	10.500	07-15-29	209,000	214,535
IHeartCommunications, Inc. (C)	10.875	05-01-30	674,400	283,248
LCPR Senior Secured Financing DAC (C)	6.750	10-15-27	1,145,000	941,100
Sabre GLBL, Inc. (A)(B)(C)	8.625	06-01-27	535,000	512,263
Sabre GLBL, Inc. (B)(C)	10.750	11-15-29	389,000	370,523
Scripps Escrow II, Inc. (C)	5.375	01-15-31	393,000	223,721
Scripps Escrow, Inc. (A)(B)(C)	5.875	07-15-27	122,000	96,626
Sirius XM Radio LLC (C)	5.500	07-01-29	218,000	212,252
Stagwell Global LLC (B)(C)	5.625	08-15-29	771,000	727,530
Wireless telecommunication services 3.1%
C&W Senior Finance, Ltd. (A)(B)(C)	9.000	01-15-33	590,000	591,711
Rogers Communications, Inc. (7.000% to 4-15-30, then 5 Year CMT + 2.653%) (A)(B)	7.000	04-15-55	1,081,000	1,089,071
SoftBank Group Corp.	5.125	09-19-27	1,500,000	1,462,823
SoftBank Group Corp. (6.875% to 7-19-27, then 5 Year SOFR Spread-Adjusted ICE Swap Rate + 4.854% to 7-19-42, then 5 Year SOFR Spread-Adjusted ICE Swap Rate + 5.604%) (D)	6.875	07-19-27	783,000	740,577
Consumer discretionary 16.6%				20,854,673
Automobile components 1.8%
The Goodyear Tire & Rubber Company (B)	5.000	07-15-29	289,000	274,884
The Goodyear Tire & Rubber Company (B)	5.250	04-30-31	505,000	470,461
ZF North America Capital, Inc. (C)	6.750	04-23-30	554,000	505,563
ZF North America Capital, Inc. (B)(C)	6.875	04-14-28	586,000	559,529
ZF North America Capital, Inc. (C)	7.125	04-14-30	500,000	460,003
Automobiles 2.3%
Ford Motor Credit Company LLC (B)	6.950	03-06-26	1,000,000	1,009,740
Ford Motor Credit Company LLC	7.350	03-06-30	407,000	420,893
General Motors Company (B)	6.750	04-01-46	1,500,000	1,480,296
Broadline retail 3.7%
Kohl’s Corp. (B)	4.625	05-01-31	287,000	179,731
Liberty Interactive LLC	8.250	02-01-30	1,450,000	541,329
Macy’s Retail Holdings LLC (A)(B)(C)	5.875	03-15-30	700,000	651,904
Nordstrom, Inc. (A)(B)	4.250	08-01-31	500,000	425,402

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Consumer discretionary (continued)
Broadline retail (continued)
Nordstrom, Inc.	5.000	01-15-44	900,000	$630,441
QVC, Inc. (B)	5.950	03-15-43	1,000,000	452,266
QVC, Inc. (A)(B)(C)	6.875	04-15-29	528,000	350,373
Rakuten Group, Inc. (6.250% to 4-22-31, then 5 Year CMT + 4.956% to 4-22-51, then 5 Year CMT + 5.706%) (C)(D)	6.250	04-22-31	226,000	197,855
Rakuten Group, Inc. (8.125% to 12-15-29, then 5 Year CMT + 4.250%) (C)(D)	8.125	12-15-29	200,000	188,120
Rakuten Group, Inc. (C)	11.250	02-15-27	580,000	619,856
Wand NewCo 3, Inc. (B)(C)	7.625	01-30-32	428,000	440,919
Diversified consumer services 0.6%
Sotheby’s (B)(C)	7.375	10-15-27	750,000	703,921
Hotels, restaurants and leisure 5.4%
Affinity Interactive (C)	6.875	12-15-27	753,000	539,878
Allwyn Entertainment Financing UK PLC (C)	7.875	04-30-29	767,000	793,845
Caesars Entertainment, Inc. (C)	7.000	02-15-30	959,000	981,674
CEC Entertainment LLC (B)(C)	6.750	05-01-26	830,000	815,217
Choice Hotels International, Inc. (B)	5.850	08-01-34	1,101,000	1,080,489
Full House Resorts, Inc. (A)(B)(C)	8.250	02-15-28	666,000	623,296
Hilton Grand Vacations Borrower LLC (C)	6.625	01-15-32	755,000	739,770
Jacobs Entertainment, Inc. (B)(C)	6.750	02-15-29	255,000	232,050
Marriott Ownership Resorts, Inc. (A)(B)(C)	4.500	06-15-29	348,000	317,460
Resorts World Las Vegas LLC (A)(B)(C)	8.450	07-27-30	600,000	583,252
Household durables 1.1%
KB Home (B)	7.250	07-15-30	225,000	230,314
Newell Brands, Inc. (A)(B)	6.375	09-15-27	1,242,000	1,210,715
Specialty retail 1.7%
Amer Sports Company (C)	6.750	02-16-31	681,000	688,792
Saks Global Enterprises LLC (B)(C)	11.000	12-15-29	559,000	339,054
The Michaels Companies, Inc. (C)	7.875	05-01-29	731,000	251,223
Wayfair LLC (B)(C)	7.250	10-31-29	171,000	156,191
Wayfair LLC (A)(B)(C)	7.750	09-15-30	776,000	707,967
Consumer staples 2.3%				2,874,452
Consumer staples distribution and retail 0.5%
Walgreens Boots Alliance, Inc. (A)(B)	8.125	08-15-29	648,000	674,211
Food products 1.0%
Camposol SA	6.000	02-03-27	589,000	553,066
Darling Ingredients, Inc. (C)	6.000	06-15-30	60,000	59,831
JBS USA LUX SA (B)	5.750	04-01-33	610,000	622,635

JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Consumer staples (continued)
Personal care products 0.8%
HLF Financing Sarl LLC (B)(C)	12.250	04-15-29	205,000	$217,521
Opal Bidco SAS (B)(C)	6.500	03-31-32	747,000	747,188
Energy 15.4%				19,258,660
Energy equipment and services 1.0%
Archrock Partners LP (B)(C)	6.625	09-01-32	670,000	666,230
USA Compression Partners LP (B)	6.875	09-01-27	543,000	538,393
Oil, gas and consumable fuels 14.4%
Bapco Energies BSCC (C)	7.500	10-25-27	1,155,000	1,182,498
Buckeye Partners LP (C)	6.750	02-01-30	169,000	171,959
Buckeye Partners LP (C)	6.875	07-01-29	518,000	527,758
Cenovus Energy, Inc. (B)	6.750	11-15-39	115,000	120,990
Delek Logistics Partners LP (B)(C)	7.125	06-01-28	435,000	429,814
Enbridge, Inc. (7.625% to 1-15-33, then 5 Year CMT + 4.418% to 1-15-53, then 5 Year CMT + 5.168%)	7.625	01-15-83	801,000	817,004
Enbridge, Inc. (8.500% to 1-15-34, then 5 Year CMT + 4.431% to 1-15-54, then 5 Year CMT + 5.181%)	8.500	01-15-84	1,369,000	1,475,631
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (D)	7.125	05-15-30	1,285,000	1,266,314
Excelerate Energy LP (C)	8.000	05-15-30	574,000	583,085
Genesis Energy LP (B)	8.000	05-15-33	327,000	317,161
Genesis Energy LP (B)	8.250	01-15-29	894,000	908,581
Howard Midstream Energy Partners LLC (B)(C)	7.375	07-15-32	104,000	106,453
Howard Midstream Energy Partners LLC (B)(C)	8.875	07-15-28	511,000	531,065
Long Ridge Energy LLC (B)(C)	8.750	02-15-32	645,000	614,175
MEG Energy Corp. (B)(C)	5.875	02-01-29	411,000	396,525
Occidental Petroleum Corp.	6.625	09-01-30	340,000	351,658
ONEOK, Inc. (B)	4.150	06-01-25	500,000	498,920
Petroleos Mexicanos	6.700	02-16-32	632,000	541,726
Sitio Royalties Operating Partnership LP (B)(C)	7.875	11-01-28	258,000	265,142
Sunoco LP	4.500	04-30-30	374,000	351,958
Sunoco LP (B)	6.000	04-15-27	436,000	434,564
TransMontaigne Partners LLC (C)	8.500	06-15-30	237,000	238,537
Venture Global LNG, Inc. (B)(C)	7.000	01-15-30	612,000	576,504
Venture Global LNG, Inc. (9.000% to 9-30-29, then 5 Year CMT + 5.440%) (B)(C)(D)	9.000	09-30-29	2,321,000	1,994,981
Venture Global LNG, Inc. (B)(C)	9.500	02-01-29	1,457,000	1,509,791
Venture Global Plaquemines LNG LLC (C)	7.500	05-01-33	1,052,000	1,079,255

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Energy (continued)
Oil, gas and consumable fuels (continued)
Viper Energy, Inc. (C)	7.375	11-01-31	734,000	$761,988
Financials 32.0%				40,058,659
Banks 12.8%
Bank of Montreal (7.700% to 5-26-29, then 5 Year CMT + 3.452%) (B)	7.700	05-26-84	1,156,000	1,176,703
Barclays PLC (8.000% to 9-15-29, then 5 Year CMT + 5.431%) (D)	8.000	03-15-29	2,200,000	2,247,562
BNP Paribas SA (8.000% to 8-22-31, then 5 Year CMT + 3.727%) (A)(B)(C)(D)	8.000	08-22-31	692,000	714,496
BNP Paribas SA (9.250% to 11-17-27, then 5 Year CMT + 4.969%) (C)(D)	9.250	11-17-27	600,000	631,285
Citizens Financial Group, Inc. (5.650% to 10-6-25, then 5 Year CMT + 5.313%) (D)	5.650	10-06-25	1,000,000	992,477
Citizens Financial Group, Inc. (5.718% to 7-23-31, then Overnight SOFR + 1.910%) (B)	5.718	07-23-32	727,000	739,231
Comerica, Inc. (5.982% to 1-30-29, then Overnight SOFR + 2.155%) (B)	5.982	01-30-30	648,000	655,959
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (B)(C)(D)	8.125	12-23-25	1,495,000	1,513,451
HSBC Holdings PLC (6.875% to 3-11-30, then 5 Year CMT + 3.298%) (B)(D)	6.875	09-11-29	1,111,000	1,101,797
Popular, Inc.	7.250	03-13-28	770,000	795,428
The Bank of Nova Scotia (8.625% to 10-27-27, then 5 Year CMT + 4.389%) (B)	8.625	10-27-82	1,000,000	1,033,839
The Toronto-Dominion Bank (7.250% to 7-31-29, then 5 Year CMT + 2.977%) (B)	7.250	07-31-84	754,000	749,029
The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%) (B)	8.125	10-31-82	1,600,000	1,653,736
Truist Financial Corp. (5.711% to 1-24-34, then Overnight SOFR + 1.922%) (B)	5.711	01-24-35	413,000	420,128
Wells Fargo & Company (5.875% to 6-15-25, then 9.865% thereafter) (B)(D)	5.875	06-15-25	1,565,000	1,557,779
Capital markets 1.2%
Boost Newco Borrower LLC (C)	7.500	01-15-31	419,000	442,152
Focus Financial Partners LLC (B)(C)	6.750	09-15-31	1,086,000	1,092,498
Consumer finance 4.8%
Ally Financial, Inc.	5.800	05-01-25	2,000,000	2,000,000

JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Consumer finance (continued)
Bread Financial Holdings, Inc. (8.375% to 6-15-30, then 5 Year CMT + 4.300%) (B)(C)	8.375	06-15-35	217,000	$202,952
Credit Acceptance Corp. (C)	6.625	03-15-30	356,000	349,311
goeasy, Ltd. (C)	7.375	10-01-30	743,000	730,166
OneMain Finance Corp.	6.750	03-15-32	218,000	213,821
OneMain Finance Corp.	7.875	03-15-30	1,000,000	1,033,040
OneMain Finance Corp. (B)	9.000	01-15-29	444,000	462,279
PHH Escrow Issuer LLC (A)(B)(C)	9.875	11-01-29	241,000	233,071
Rfna LP (B)(C)	7.875	02-15-30	257,000	252,808
World Acceptance Corp. (C)	7.000	11-01-26	572,000	564,342
Financial services 3.6%
Block, Inc. (A)(B)	3.500	06-01-31	600,000	535,538
Enact Holdings, Inc. (B)	6.250	05-28-29	1,068,000	1,093,374
Freedom Mortgage Corp. (B)(C)	12.250	10-01-30	576,000	633,759
Freedom Mortgage Holdings LLC (B)(C)	8.375	04-01-32	336,000	328,618
Nationstar Mortgage Holdings, Inc. (B)(C)	6.500	08-01-29	507,000	515,312
NMI Holdings, Inc. (B)	6.000	08-15-29	649,000	656,438
PennyMac Financial Services, Inc. (B)(C)	6.875	02-15-33	382,000	381,467
Walker & Dunlop, Inc. (C)	6.625	04-01-33	306,000	311,251
Insurance 9.1%
Acrisure LLC (B)(C)	7.500	11-06-30	773,000	787,464
Acrisure LLC (C)	8.500	06-15-29	461,000	476,180
Alliant Holdings Intermediate LLC (B)(C)	6.750	04-15-28	616,000	620,435
Alliant Holdings Intermediate LLC (B)(C)	7.000	01-15-31	581,000	589,655
Alliant Holdings Intermediate LLC (A)(B)(C)	7.375	10-01-32	492,000	497,197
Athene Holding, Ltd. (6.625% to 10-15-34, then 5 Year CMT + 2.607%) (B)	6.625	10-15-54	1,000,000	960,835
Baldwin Insurance Group Holdings LLC (B)(C)	7.125	05-15-31	315,000	320,510
F&G Annuities & Life, Inc. (B)	6.250	10-04-34	1,273,000	1,227,592
Global Atlantic Financial Company (7.950% to 10-15-29, then 5 Year CMT + 3.608%) (C)	7.950	10-15-54	516,000	524,008
Howden UK Refinance PLC (B)(C)	7.250	02-15-31	706,000	725,075
HUB International, Ltd. (B)(C)	7.250	06-15-30	847,000	878,545
HUB International, Ltd. (C)	7.375	01-31-32	321,000	330,708
Panther Escrow Issuer LLC (B)(C)	7.125	06-01-31	755,000	773,494
Prudential Financial, Inc. (3.700% to 10-1-30, then 5 Year CMT + 3.035%) (B)	3.700	10-01-50

SEC Form N-CSRS filed by John Hancock Investors Trust