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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811- 04173
John Hancock Investors Trust
(Exact name of registrant as specified in charter)
200 Berkeley Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip code)
Salvatore Schiavone
Treasurer
200 Berkeley Street
Boston, Massachusetts 02116
(Name and address of agent for service) Registrant's telephone number, including area code:
617-543-9634
Date of fiscal year end: | October 31 |
Date of reporting period: | |
ITEM 1. REPORTS TO STOCKHOLDERS.
Semiannual report
John Hancock
Investors Trust
Closed-end fixed income
Ticker: JHI
April 30, 2023
Dear shareholders,
The bond markets advanced during the six months ended April 30, 2023, in an environment of heightened volatility. Fluctuating economic and inflation expectations buffeted global fixed-income markets for much of the period. However, bonds rallied worldwide in March as a series of liquidity crises hit several U.S. banks and one in Europe. Governments responded quickly to take the banks into receivership and implement other measures to prevent further liquidity issues. Nonetheless, concerns about the turmoil spreading across the global banking system led to a flight to quality in the financial markets, which boosted demand for bonds.
Bond yields declined around the world, with intermediate-term bond yields falling the most. Short-term bond yields were buffeted by continued interest-rate increases from some of the world’s central banks. Bond market performance was similar across most regions of the globe, while sector performance was led by sovereign government bonds and other higher-quality securities, which benefited the most from the flight to quality.
In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.
On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.
Sincerely,
Global Head of Retail,
Manulife Investment Management
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the CEO’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.
John Hancock
Investors Trust
Table of contents
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| SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 1 |
The fund seeks to generate income for distribution to its shareholders, with capital appreciation as a secondary objective.
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2023 (%)
The Bloomberg U.S. Government/Credit Index tracks the performance of U.S. government bonds, U.S. corporate bonds, and Yankee bonds.
It is not possible to invest directly in an index. Index figures do not reflect expenses, which would result in lower returns.
The performance data contained within this material represents past performance, which does not guarantee future results.
Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may increase when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.
2 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | |
PORTFOLIO COMPOSITION AS OF 4/30/2023 (% of total investments)
QUALITY COMPOSITION AS OF 4/30/2023 (% of total investments)
Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 4-30-23 and do not reflect subsequent downgrades or upgrades, if any.
| SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 3 |
COUNTRY COMPOSITION AS OF 4/30/2023 (% of total investments) |
United States | 77.4 |
Canada | 5.6 |
France | 3.4 |
Cayman Islands | 2.7 |
Mexico | 2.4 |
Luxembourg | 2.0 |
United Kingdom | 1.6 |
Bermuda | 1.3 |
Other countries | 3.6 |
TOTAL | 100.0 |
4 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | |
AS OF 4-30-23 (unaudited)
| Rate (%) | Maturity date | | Par value^ | Value |
U.S. Government and Agency obligations 15.6% (9.1% of Total investments) | | $19,012,167 |
(Cost $19,325,542) | | | | | |
U.S. Government 15.6% | | | | | 19,012,167 |
U.S. Treasury | | | | | |
Note (A)(B) | 0.250 | 05-15-24 | | 9,500,000 | 9,065,449 |
Note (B) | 0.375 | 04-15-24 | | 5,500,000 | 5,272,695 |
|
Note (A)(B) | 0.500 | 03-31-25 | | 5,000,000 | 4,674,023 |
Foreign government obligations 0.3% (0.2% of Total investments) | | $373,833 |
(Cost $598,391) | | | | | |
Argentina 0.3% | | | | | 373,833 |
|
Republic of Argentina Bond (3.500% to 7-9-29, then 4.875% thereafter) | 3.500 | 07-09-41 | | 1,500,000 | 373,833 |
|
Corporate bonds 139.2% (81.6% of Total investments) | | $169,507,790 |
(Cost $182,010,227) | | | | | |
Communication services 22.1% | | | | 26,941,767 |
Diversified telecommunication services 3.7% | | | |
Connect Finco SARL (B)(C) | 6.750 | 10-01-26 | | 1,110,000 | 1,057,889 |
GCI LLC (B)(C) | 4.750 | 10-15-28 | | 820,000 | 701,100 |
Iliad Holding SASU (C) | 6.500 | 10-15-26 | | 800,000 | 769,768 |
Level 3 Financing, Inc. (B)(C) | 4.625 | 09-15-27 | | 1,245,000 | 768,949 |
Total Play Telecomunicaciones SA de CV (C) | 7.500 | 11-12-25 | | 1,210,000 | 845,800 |
Zayo Group Holdings, Inc. (A)(B)(C) | 6.125 | 03-01-28 | | 551,000 | 352,238 |
Entertainment 2.3% | | | |
AMC Entertainment Holdings, Inc. (A)(B)(C) | 7.500 | 02-15-29 | | 975,000 | 706,875 |
Cinemark USA, Inc. (C) | 8.750 | 05-01-25 | | 950,000 | 969,000 |
Netflix, Inc. (B) | 5.875 | 11-15-28 | | 1,035,000 | 1,087,364 |
Interactive media and services 1.4% | | | |
Arches Buyer, Inc. (A)(B)(C) | 6.125 | 12-01-28 | | 777,000 | 674,048 |
Cars.com, Inc. (B)(C) | 6.375 | 11-01-28 | | 644,000 | 606,855 |
Match Group Holdings II LLC (A)(B)(C) | 5.625 | 02-15-29 | | 500,000 | 470,111 |
Media 9.5% | | | |
Altice Financing SA (C) | 5.000 | 01-15-28 | | 510,000 | 412,948 |
Altice Financing SA (C) | 5.750 | 08-15-29 | | 400,000 | 319,061 |
Altice France Holding SA (C) | 10.500 | 05-15-27 | | 600,000 | 443,087 |
Altice France SA (B)(C) | 5.500 | 10-15-29 | | 625,000 | 467,863 |
Altice France SA (B)(C) | 8.125 | 02-01-27 | | 535,000 | 477,709 |
CCO Holdings LLC (B)(C) | 4.250 | 01-15-34 | | 726,000 | 553,023 |
CCO Holdings LLC (B)(C) | 5.125 | 05-01-27 | | 645,000 | 608,602 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 5 |
| Rate (%) | Maturity date | | Par value^ | Value |
Communication services (continued) | | | | |
Media (continued) | | | |
CCO Holdings LLC (B)(C) | 6.375 | 09-01-29 | | 1,295,000 | $1,230,716 |
Comcast Corp. (B) | 5.250 | 11-07-25 | | 1,000,000 | 1,020,644 |
CSC Holdings LLC (C) | 5.500 | 04-15-27 | | 575,000 | 491,629 |
DISH Network Corp. (C) | 11.750 | 11-15-27 | | 820,000 | 774,608 |
Grupo Televisa SAB | 8.490 | 05-11-37 | MXN | 26,200,000 | 1,162,448 |
iHeartCommunications, Inc. (A)(B) | 8.375 | 05-01-27 | | 1,200,000 | 791,864 |
LCPR Senior Secured Financing DAC (B)(C) | 6.750 | 10-15-27 | | 945,000 | 897,644 |
News Corp. (C) | 5.125 | 02-15-32 | | 625,000 | 575,499 |
Stagwell Global LLC (B)(C) | 5.625 | 08-15-29 | | 1,000,000 | 869,400 |
Townsquare Media, Inc. (B)(C) | 6.875 | 02-01-26 | | 470,000 | 438,167 |
Wireless telecommunication services 5.2% | | | |
SoftBank Group Corp. | 5.125 | 09-19-27 | | 1,000,000 | 870,000 |
Sprint Capital Corp. | 6.875 | 11-15-28 | | 565,000 | 609,116 |
Sprint LLC | 7.125 | 06-15-24 | | 2,150,000 | 2,185,197 |
Sprint LLC | 7.875 | 09-15-23 | | 1,000,000 | 1,008,095 |
U.S. Cellular Corp. | 6.700 | 12-15-33 | | 1,895,000 | 1,724,450 |
Consumer discretionary 24.5% | | | | 29,864,038 |
Automobile components 1.7% | | | |
Clarios Global LP (C) | 6.750 | 05-15-28 | | 511,000 | 512,978 |
The Goodyear Tire & Rubber Company (A)(B) | 5.000 | 07-15-29 | | 434,000 | 383,638 |
The Goodyear Tire & Rubber Company (A)(B) | 5.250 | 04-30-31 | | 650,000 | 563,852 |
ZF North America Capital, Inc. (C) | 6.875 | 04-14-28 | | 586,000 | 603,102 |
Automobiles 4.6% | | | |
Ford Motor Company | 3.250 | 02-12-32 | | 204,000 | 158,205 |
Ford Motor Company | 4.750 | 01-15-43 | | 683,000 | 513,137 |
Ford Motor Credit Company LLC | 6.950 | 03-06-26 | | 1,000,000 | 1,009,177 |
General Motors Company (B) | 6.750 | 04-01-46 | | 1,500,000 | 1,512,214 |
General Motors Company (B) | 6.800 | 10-01-27 | | 1,434,000 | 1,515,657 |
Nissan Motor Company, Ltd. (C) | 4.345 | 09-17-27 | | 1,000,000 | 916,405 |
Broadline retail 1.7% | | | |
Liberty Interactive LLC | 8.250 | 02-01-30 | | 914,000 | 275,637 |
Macy’s Retail Holdings LLC (A)(B)(C) | 5.875 | 04-01-29 | | 475,000 | 435,114 |
Nordstrom, Inc. | 4.250 | 08-01-31 | | 500,000 | 371,300 |
Nordstrom, Inc. | 5.000 | 01-15-44 | | 900,000 | 562,793 |
QVC, Inc. (B) | 5.950 | 03-15-43 | | 1,000,000 | 415,000 |
Diversified consumer services 2.3% | | | |
Garda World Security Corp. (B)(C) | 4.625 | 02-15-27 | | 750,000 | 688,937 |
Sotheby’s (B)(C) | 7.375 | 10-15-27 | | 1,450,000 | 1,359,422 |
Stena International SA (C) | 6.125 | 02-01-25 | | 800,000 | 775,200 |
6 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | | Par value^ | Value |
Consumer discretionary (continued) | | | | |
Hotels, restaurants and leisure 11.7% | | | |
Affinity Interactive (B)(C) | 6.875 | 12-15-27 | | 703,000 | $632,340 |
Allwyn Entertainment Financing UK PLC (A)(B)(C) | 7.875 | 04-30-29 | | 467,000 | 470,549 |
Caesars Entertainment, Inc. (C) | 7.000 | 02-15-30 | | 1,059,000 | 1,068,452 |
Carnival Corp. (C) | 6.000 | 05-01-29 | | 673,000 | 528,237 |
Carnival Corp. (A)(B)(C) | 7.625 | 03-01-26 | | 750,000 | 685,789 |
Carnival Holdings Bermuda, Ltd. (B)(C) | 10.375 | 05-01-28 | | 615,000 | 661,177 |
CEC Entertainment LLC (B)(C) | 6.750 | 05-01-26 | | 830,000 | 788,996 |
Choice Hotels International, Inc. (B) | 3.700 | 12-01-29 | | 760,000 | 689,474 |
Expedia Group, Inc. (B) | 4.625 | 08-01-27 | | 1,115,000 | 1,096,631 |
Expedia Group, Inc. (B) | 5.000 | 02-15-26 | | 1,000,000 | 999,761 |
Full House Resorts, Inc. (A)(B)(C) | 8.250 | 02-15-28 | | 670,000 | 617,006 |
International Game Technology PLC (C) | 6.250 | 01-15-27 | | 2,119,000 | 2,148,136 |
Jacobs Entertainment, Inc. (B)(C) | 6.750 | 02-15-29 | | 255,000 | 221,850 |
Mohegan Tribal Gaming Authority (B)(C) | 8.000 | 02-01-26 | | 640,000 | 572,800 |
New Red Finance, Inc. (B)(C) | 4.375 | 01-15-28 | | 935,000 | 874,070 |
Royal Caribbean Cruises, Ltd. (B)(C) | 9.250 | 01-15-29 | | 820,000 | 874,756 |
Travel + Leisure Company (C) | 6.625 | 07-31-26 | | 465,000 | 464,061 |
Wyndham Hotels & Resorts, Inc. (A)(B)(C) | 4.375 | 08-15-28 | | 180,000 | 167,362 |
Yum! Brands, Inc. | 5.375 | 04-01-32 | | 700,000 | 682,807 |
Household durables 1.0% | | | |
KB Home | 7.250 | 07-15-30 | | 225,000 | 231,265 |
Newell Brands, Inc. | 6.375 | 09-15-27 | | 1,042,000 | 1,026,370 |
Specialty retail 1.0% | | | |
Asbury Automotive Group, Inc. (C) | 4.625 | 11-15-29 | | 160,000 | 142,402 |
Asbury Automotive Group, Inc. (C) | 5.000 | 02-15-32 | | 650,000 | 560,062 |
Lithia Motors, Inc. (C) | 3.875 | 06-01-29 | | 550,000 | 476,089 |
Textiles, apparel and luxury goods 0.5% | | | |
Kontoor Brands, Inc. (C) | 4.125 | 11-15-29 | | 720,000 | 611,828 |
Consumer staples 2.4% | | | | 2,864,235 |
Food products 1.6% | | | |
Darling Ingredients, Inc. (C) | 6.000 | 06-15-30 | | 60,000 | 59,356 |
JBS USA LUX SA (B)(C) | 5.750 | 04-01-33 | | 840,000 | 804,846 |
Lamb Weston Holdings, Inc. (C) | 4.125 | 01-31-30 | | 647,000 | 592,543 |
Post Holdings, Inc. (B)(C) | 5.625 | 01-15-28 | | 510,000 | 498,319 |
Household products 0.8% | | | |
Edgewell Personal Care Company (C) | 5.500 | 06-01-28 | | 950,000 | 909,171 |
Energy 18.3% | | | | 22,317,729 |
Energy equipment and services 1.5% | | | |
CSI Compressco LP (A)(B)(C) | 7.500 | 04-01-25 | | 500,000 | 481,250 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 7 |
| Rate (%) | Maturity date | | Par value^ | Value |
Energy (continued) | | | | |
Energy equipment and services (continued) | | | |
CSI Compressco LP (C) | 7.500 | 04-01-25 | | 380,000 | $365,750 |
CSI Compressco LP (10.000% Cash or 7.250% Cash and 3.500% PIK) (C) | 10.000 | 04-01-26 | | 1,236,699 | 1,051,194 |
Oil, gas and consumable fuels 16.8% | | | |
Antero Midstream Partners LP (C) | 5.375 | 06-15-29 | | 425,000 | 397,963 |
Antero Resources Corp. (C) | 7.625 | 02-01-29 | | 310,000 | 317,352 |
Cenovus Energy, Inc. (B) | 6.750 | 11-15-39 | | 398,000 | 432,162 |
Cheniere Energy Partners LP | 3.250 | 01-31-32 | | 325,000 | 270,752 |
Cheniere Energy Partners LP | 4.500 | 10-01-29 | | 1,620,000 | 1,524,156 |
Crestwood Midstream Partners LP (A)(B)(C) | 8.000 | 04-01-29 | | 720,000 | 732,600 |
DCP Midstream Operating LP (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (C) | 5.850 | 05-21-43 | | 560,000 | 559,665 |
Delek Logistics Partners LP (C) | 7.125 | 06-01-28 | | 535,000 | 487,297 |
Enbridge, Inc. (7.625% to 1-15-33, then 5 Year CMT + 4.418% to 1-15-53, then 5 Year CMT + 5.168%) (B) | 7.625 | 01-15-83 | | 1,055,000 | 1,074,603 |
Energy Transfer LP (B) | 4.200 | 04-15-27 | | 1,000,000 | 966,165 |
Energy Transfer LP (7.125% to 5-15-30, then 5 Year CMT + 5.306%) (D) | 7.125 | 05-15-30 | | 1,285,000 | 1,082,613 |
EQM Midstream Partners LP (C) | 7.500 | 06-01-30 | | 531,000 | 515,424 |
MEG Energy Corp. (B)(C) | 5.875 | 02-01-29 | | 237,000 | 227,547 |
New Fortress Energy, Inc. (B)(C) | 6.500 | 09-30-26 | | 1,000,000 | 920,830 |
Occidental Petroleum Corp. | 5.500 | 12-01-25 | | 450,000 | 451,418 |
Occidental Petroleum Corp. | 6.375 | 09-01-28 | | 840,000 | 876,089 |
Occidental Petroleum Corp. | 6.625 | 09-01-30 | | 340,000 | 362,950 |
Odebrecht Oil & Gas Finance, Ltd., Zero Coupon (C)(D) | 0.000 | 05-29-23 | | 100,959 | 38 |
Parkland Corp. (C) | 5.875 | 07-15-27 | | 1,150,000 | 1,119,833 |
Petroleos Mexicanos | 6.700 | 02-16-32 | | 632,000 | 486,496 |
Petroleos Mexicanos | 7.470 | 11-12-26 | MXN | 31,356,000 | 1,478,894 |
Sabine Pass Liquefaction LLC (B) | 5.000 | 03-15-27 | | 1,000,000 | 1,000,090 |
Southwestern Energy Company | 8.375 | 09-15-28 | | 1,570,000 | 1,643,828 |
Sunoco LP | 4.500 | 04-30-30 | | 374,000 | 333,783 |
Talos Production, Inc. (B) | 12.000 | 01-15-26 | | 660,000 | 697,950 |
Targa Resources Partners LP (B) | 5.500 | 03-01-30 | | 770,000 | 750,119 |
The Oil and Gas Holding Company BSCC (C) | 7.500 | 10-25-27 | | 1,155,000 | 1,181,634 |
Venture Global Calcasieu Pass LLC (C) | 6.250 | 01-15-30 | | 520,000 | 527,284 |
8 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | | Par value^ | Value |
Financials 28.5% | | | | $34,769,007 |
Banks 19.0% | | | |
Bank of America Corp. (6.100% to 3-17-25, then 3 month LIBOR + 3.898%) (B)(D) | 6.100 | 03-17-25 | | 2,760,000 | 2,708,250 |
Barclays PLC (8.000% to 3-15-29, then 5 Year CMT + 5.431%) (B)(D) | 8.000 | 03-15-29 | | 2,200,000 | 1,926,980 |
BNP Paribas SA (6.625% to 3-25-24, then 5 Year U.S. Swap Rate + 4.149%) (C)(D) | 6.625 | 03-25-24 | | 1,063,000 | 1,012,933 |
BNP Paribas SA (9.250% to 11-17-27, then 5 Year CMT + 4.969%) (A)(B)(C)(D) | 9.250 | 11-17-27 | | 400,000 | 411,360 |
Citizens Financial Group, Inc. (5.650% to 10-6-25, then 5 Year CMT + 5.313%) (A)(B)(D) | 5.650 | 10-06-25 | | 1,000,000 | 905,201 |
Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (B)(C)(D) | 7.875 | 01-23-24 | | 865,000 | 848,781 |
Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (B)(C)(D) | 8.125 | 12-23-25 | | 1,495,000 | 1,481,034 |
Fifth Third Bancorp (6.361% to 10-27-27, then SOFR + 2.192%) (B) | 6.361 | 10-27-28 | | 405,000 | 417,971 |
Freedom Mortgage Corp. (B)(C) | 8.250 | 04-15-25 | | 1,398,000 | 1,299,679 |
ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (D) | 6.500 | 04-16-25 | | 1,135,000 | 1,048,983 |
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)(D) | 6.750 | 02-01-24 | | 3,500,000 | 3,495,804 |
NatWest Group PLC (6.000% to 12-29-25, then 5 Year CMT + 5.625%) (D) | 6.000 | 12-29-25 | | 675,000 | 632,745 |
Popular, Inc. | 7.250 | 03-13-28 | | 429,000 | 424,706 |
Societe Generale SA (7.875% to 12-18-23, then 5 Year U.S. Swap Rate + 4.979%) (C)(D) | 7.875 | 12-18-23 | | 1,656,000 | 1,582,142 |
The PNC Financial Services Group, Inc. (6.000% to 5-15-27, then 5 Year CMT + 3.000%) (B)(D) | 6.000 | 05-15-27 | | 1,365,000 | 1,266,038 |
The PNC Financial Services Group, Inc. (6.250% to 3-15-30, then 7 Year CMT + 2.808%) (B)(D) | 6.250 | 03-15-30 | | 537,000 | 492,161 |
The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%) (B) | 8.125 | 10-31-82 | | 1,600,000 | 1,629,648 |
Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (A)(B)(D) | 5.875 | 06-15-25 | | 1,565,000 | 1,530,914 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 9 |
| Rate (%) | Maturity date | | Par value^ | Value |
Financials (continued) | | | | |
Consumer finance 4.4% | | | |
Ally Financial, Inc. (A)(B) | 5.800 | 05-01-25 | | 2,000,000 | $1,982,660 |
Ally Financial, Inc. (B) | 7.100 | 11-15-27 | | 910,000 | 939,801 |
Avation Capital SA (8.250% Cash or 9.000% PIK) (C) | 8.250 | 10-31-26 | | 750,961 | 651,459 |
Enova International, Inc. (A)(B)(C) | 8.500 | 09-15-25 | | 1,200,000 | 1,151,125 |
World Acceptance Corp. (A)(B)(C) | 7.000 | 11-01-26 | | 737,000 | 599,734 |
Financial services 0.5% | | | |
Block, Inc. (A)(B) | 3.500 | 06-01-31 | | 325,000 | 264,776 |
Macquarie Airfinance Holdings, Ltd. (C) | 8.375 | 05-01-28 | | 379,000 | 379,250 |
Insurance 4.2% | | | |
Alliant Holdings Intermediate LLC (C) | 6.750 | 04-15-28 | | 766,000 | 765,032 |
Athene Holding, Ltd. (B) | 6.150 | 04-03-30 | | 1,500,000 | 1,503,563 |
Athene Holding, Ltd. (B) | 6.650 | 02-01-33 | | 620,000 | 631,905 |
Prudential Financial, Inc. (3.700% to 7-1-30, then 5 Year CMT + 3.035%) (B) | 3.700 | 10-01-50 | | 2,100,000 | 1,799,620 |
SBL Holdings, Inc. (B)(C) | 5.000 | 02-18-31 | | 587,000 | 488,497 |
Mortgage real estate investment trusts 0.4% | | | |
Starwood Property Trust, Inc. (C) | 5.500 | 11-01-23 | | 500,000 | 496,255 |
Health care 4.8% | | | | 5,821,056 |
Health care equipment and supplies 0.5% | | | |
Varex Imaging Corp. (B)(C) | 7.875 | 10-15-27 | | 615,000 | 608,850 |
Health care providers and services 3.5% | | | |
Centene Corp. | 4.625 | 12-15-29 | | 400,000 | 377,000 |
DaVita, Inc. (C) | 3.750 | 02-15-31 | | 440,000 | 354,321 |
Encompass Health Corp. (B) | 4.750 | 02-01-30 | | 600,000 | 553,306 |
HCA, Inc. (B) | 3.500 | 09-01-30 | | 700,000 | 630,064 |
HCA, Inc. (B) | 5.500 | 06-15-47 | | 1,760,000 | 1,655,514 |
HealthEquity, Inc. (B)(C) | 4.500 | 10-01-29 | | 810,000 | 724,302 |
Pharmaceuticals 0.8% | | | |
Bausch Health Companies, Inc. (A)(B)(C) | 9.000 | 01-30-28 | | 86,000 | 85,140 |
Bausch Health Companies, Inc. (A)(B)(C) | 11.000 | 09-30-28 | | 153,000 | 123,356 |
Bausch Health Companies, Inc. (C) | 14.000 | 10-15-30 | | 30,000 | 19,200 |
Organon & Company (C) | 4.125 | 04-30-28 | | 750,000 | 690,003 |
Industrials 16.8% | | | | 20,485,188 |
Aerospace and defense 2.3% | | | |
Bombardier, Inc. (B)(C) | 7.125 | 06-15-26 | | 570,000 | 568,209 |
Bombardier, Inc. (B)(C) | 7.875 | 04-15-27 | | 1,380,000 | 1,375,944 |
TransDigm, Inc. (B)(C) | 6.750 | 08-15-28 | | 817,000 | 829,697 |
Commercial services and supplies 1.9% | | | |
Allied Universal Holdco LLC (C) | 6.625 | 07-15-26 | | 1,100,000 | 1,060,347 |
10 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | | Par value^ | Value |
Industrials (continued) | | | | |
Commercial services and supplies (continued) | | | |
Cimpress PLC | 7.000 | 06-15-26 | | 1,020,000 | $853,964 |
Clean Harbors, Inc. (C) | 6.375 | 02-01-31 | | 459,000 | 468,290 |
Construction and engineering 1.9% | | | |
AECOM | 5.125 | 03-15-27 | | 900,000 | 881,613 |
Global Infrastructure Solutions, Inc. (B)(C) | 5.625 | 06-01-29 | | 650,000 | 541,590 |
MasTec, Inc. (B)(C) | 4.500 | 08-15-28 | | 450,000 | 416,501 |
Williams Scotsman International, Inc. (B)(C) | 6.125 | 06-15-25 | | 425,000 | 422,893 |
Electrical equipment 0.7% | | | |
Atkore, Inc. (C) | 4.250 | 06-01-31 | | 345,000 | 303,753 |
Vertiv Group Corp. (C) | 4.125 | 11-15-28 | | 564,000 | 509,114 |
Ground transportation 2.7% | | | |
The Hertz Corp. (C) | 4.625 | 12-01-26 | | 80,000 | 72,053 |
Uber Technologies, Inc. (A)(B)(C) | 6.250 | 01-15-28 | | 1,165,000 | 1,175,602 |
Uber Technologies, Inc. (B)(C) | 7.500 | 09-15-27 | | 600,000 | 618,890 |
Uber Technologies, Inc. (B)(C) | 8.000 | 11-01-26 | | 1,350,000 | 1,384,142 |
Machinery 0.9% | | | |
JB Poindexter & Company, Inc. (B)(C) | 7.125 | 04-15-26 | | 625,000 | 603,119 |
TK Elevator U.S. Newco, Inc. (B)(C) | 5.250 | 07-15-27 | | 600,000 | 560,920 |
Passenger airlines 3.2% | | | |
American Airlines 2013-1 Class A Pass Through Trust | 4.000 | 07-15-25 | | 351,222 | 309,075 |
American Airlines, Inc. (C) | 11.750 | 07-15-25 | | 1,100,000 | 1,210,065 |
Delta Air Lines, Inc. (A)(B) | 7.375 | 01-15-26 | | 700,000 | 737,778 |
United Airlines 2020-1 Class A Pass Through Trust (B) | 5.875 | 10-15-27 | | 352,155 | 349,514 |
United Airlines 2020-1 Class B Pass Through Trust (B) | 4.875 | 01-15-26 | | 1,370,685 | 1,317,571 |
Trading companies and distributors 3.2% | | | |
Ashland LLC | 6.875 | 05-15-43 | | 845,000 | 843,360 |
Ashtead Capital, Inc. (B)(C) | 5.500 | 08-11-32 | | 480,000 | 474,109 |
Beacon Roofing Supply, Inc. (A)(B)(C) | 4.125 | 05-15-29 | | 980,000 | 857,310 |
Boise Cascade Company (C) | 4.875 | 07-01-30 | | 625,000 | 564,121 |
United Rentals North America, Inc. | 4.000 | 07-15-30 | | 700,000 | 626,483 |
WESCO Distribution, Inc. (C) | 7.250 | 06-15-28 | | 535,000 | 549,161 |
Information technology 8.5% | | | | 10,294,839 |
IT services 1.9% | | | |
Sabre GLBL, Inc. (B)(C) | 9.250 | 04-15-25 | | 1,000,000 | 922,500 |
Sixsigma Networks Mexico SA de CV (C) | 7.500 | 05-02-25 | | 725,000 | 615,712 |
Virtusa Corp. (A)(B)(C) | 7.125 | 12-15-28 | | 1,000,000 | 804,987 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 11 |
| Rate (%) | Maturity date | | Par value^ | Value |
Information technology (continued) | | | | |
Semiconductors and semiconductor equipment 1.2% | | | |
Entegris Escrow Corp. (C) | 4.750 | 04-15-29 | | 930,000 | $865,014 |
Qorvo, Inc. (C) | 3.375 | 04-01-31 | | 700,000 | 568,414 |
Software 2.0% | | | |
Consensus Cloud Solutions, Inc. (A)(B)(C) | 6.000 | 10-15-26 | | 405,000 | 372,379 |
Consensus Cloud Solutions, Inc. (A)(B)(C) | 6.500 | 10-15-28 | | 960,000 | 840,000 |
NCR Corp. (B)(C) | 5.125 | 04-15-29 | | 150,000 | 129,750 |
NCR Corp. (B)(C) | 5.250 | 10-01-30 | | 535,000 | 449,823 |
Open Text Corp. (C) | 6.900 | 12-01-27 | | 616,000 | 636,237 |
Technology hardware, storage and peripherals 3.4% | | | |
CDW LLC | 3.250 | 02-15-29 | | 500,000 | 432,312 |
Dell International LLC (B) | 8.350 | 07-15-46 | | 746,000 | 918,986 |
Seagate HDD Cayman | 5.750 | 12-01-34 | | 1,389,000 | 1,232,835 |
Xerox Corp. | 6.750 | 12-15-39 | | 450,000 | 342,218 |
Xerox Holdings Corp. (C) | 5.500 | 08-15-28 | | 1,350,000 | 1,163,672 |
Materials 5.4% | | | | 6,513,316 |
Chemicals 0.9% | | | |
Braskem Idesa SAPI (A)(B)(C) | 6.990 | 02-20-32 | | 440,000 | 314,820 |
SCIL IV LLC (B)(C) | 5.375 | 11-01-26 | | 310,000 | 285,401 |
Trinseo Materials Operating SCA (A)(B)(C) | 5.125 | 04-01-29 | | 806,000 | 499,720 |
Containers and packaging 1.9% | | | |
Owens-Brockway Glass Container, Inc. (C) | 6.625 | 05-13-27 | | 581,000 | 583,034 |
Sealed Air Corp. (C) | 6.125 | 02-01-28 | | 260,000 | 263,822 |
Sealed Air Corp. (C) | 6.875 | 07-15-33 | | 500,000 | 531,145 |
Trivium Packaging Finance BV (B)(C) | 5.500 | 08-15-26 | | 900,000 | 873,768 |
Metals and mining 2.6% | | | |
First Quantum Minerals, Ltd. (C) | 6.875 | 10-15-27 | | 1,400,000 | 1,359,189 |
Freeport-McMoRan, Inc. | 4.250 | 03-01-30 | | 1,150,000 | 1,069,469 |
Novelis Corp. (C) | 4.750 | 01-30-30 | | 810,000 | 732,948 |
Real estate 3.8% | | | | 4,611,226 |
Health care REITs 0.5% | | | |
Diversified Healthcare Trust | 9.750 | 06-15-25 | | 620,000 | 593,452 |
Hotel and resort REITs 0.5% | | | |
XHR LP (B)(C) | 4.875 | 06-01-29 | | 730,000 | 633,574 |
Specialized REITs 2.8% | | | |
American Tower Corp. (B) | 3.800 | 08-15-29 | | 690,000 | 648,254 |
GLP Capital LP | 5.375 | 04-15-26 | | 815,000 | 806,724 |
Uniti Group LP (B)(C) | 10.500 | 02-15-28 | | 581,000 | 555,957 |
12 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | | Par value^ | Value |
Real estate (continued) | | | | |
Specialized REITs (continued) | | | |
VICI Properties LP (C) | 4.250 | 12-01-26 | | 1,100,000 | $1,048,182 |
VICI Properties LP (C) | 4.625 | 12-01-29 | | 350,000 | 325,083 |
Utilities 4.1% | | | | 5,025,389 |
Electric utilities 2.4% | | | |
NRG Energy, Inc. (C) | 3.625 | 02-15-31 | | 430,000 | 348,078 |
NRG Energy, Inc. | 6.625 | 01-15-27 | | 336,000 | 336,948 |
NRG Energy, Inc. (10.250% to 3-15-28, then 5 Year CMT + 5.920%) (B)(C)(D) | 10.250 | 03-15-28 | | 421,000 | 413,033 |
Vistra Operations Company LLC (C) | 5.500 | 09-01-26 | | 900,000 | 881,858 |
Vistra Operations Company LLC (C) | 5.625 | 02-15-27 | | 1,000,000 | 975,298 |
Gas utilities 0.8% | | | |
AmeriGas Partners LP | 5.750 | 05-20-27 | | 1,000,000 | 944,186 |
Independent power and renewable electricity producers 0.9% | | | |
Clearway Energy Operating LLC (C) | 4.750 | 03-15-28 | | 650,000 | 615,988 |
|
Talen Energy Supply LLC (C) | 8.625 | 06-01-30 | | 510,000 | 510,000 |
Term loans (E) 3.7% (2.2% of Total investments) | | $4,557,797 |
(Cost $5,095,692) | | | | | |
Communication services 0.8% | | | | | 970,830 |
Media 0.8% | | | | | |
AP Core Holdings II LLC, High-Yield Term Loan B2 (1 month LIBOR + 5.500%) | 10.525 | 09-01-27 | | 1,000,000 | 970,830 |
Consumer discretionary 0.8% | | | | | 990,264 |
Hotels, restaurants and leisure 0.8% | | | | | |
Carnival Corp., USD Term Loan B (1 month LIBOR + 3.000%) | 8.025 | 06-30-25 | | 997,436 | 990,264 |
Energy 0.3% | | | | | 428,794 |
Oil, gas and consumable fuels 0.3% | | | | | |
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan (3 month LIBOR + 9.000%) | 14.211 | 11-01-25 | | 405,000 | 428,794 |
Health care 1.0% | | | | | 1,162,219 |
Pharmaceuticals 1.0% | | | | | |
Bausch Health Companies, Inc., 2022 Term Loan B (1 month SOFR + 5.250%) | 10.240 | 02-01-27 | | 1,443,750 | 1,162,219 |
Industrials 0.8% | | | | | 1,005,690 |
Passenger airlines 0.8% | | | | | |
AAdvantage Loyalty IP, Ltd., 2021 Term Loan (3 month LIBOR + 4.750%) | 10.000 | 04-20-28 | | 1,000,000 | 1,005,690 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 13 |
| Rate (%) | Maturity date | | Par value^ | Value |
Industrials (continued) | | | | | |
Passenger airlines (continued) | | | | | |
Global Aviation Holdings, Inc., PIK, 2nd Lien Term Loan (F)(G) | 0.000 | 07-13-21 | | 51,038 | $0 |
|
Global Aviation Holdings, Inc., PIK, 3rd Lien Term Loan (F)(G) | 0.000 | 03-13-22 | | 514,063 | 0 |
Collateralized mortgage obligations 0.4% (0.3% of Total investments) | | $490,652 |
(Cost $526,727) | | | | | |
Commercial and residential 0.4% | | | | | 483,861 |
BBCMS Mortgage Trust | | | | | |
Series 2017-DELC, Class E (1 month LIBOR + 2.625%) (C)(H) | 7.573 | 08-15-36 | | 427,000 | 422,684 |
HarborView Mortgage Loan Trust | | | | | |
Series 2007-3, Class ES IO (C) | 0.350 | 05-19-47 | | 1,646,246 | 17,214 |
Series 2007-4, Class ES IO | 0.350 | 07-19-47 | | 1,701,808 | 22,389 |
Series 2007-6, Class ES IO (C) | 0.343 | 08-19-37 | | 1,735,618 | 21,574 |
U.S. Government Agency 0.0% | | | | | 6,791 |
Government National Mortgage Association | | | | | |
Series 2012-114, Class IO | 0.608 | 01-16-53 | | 444,750 | 6,791 |
Asset backed securities 6.9% (4.0% of Total investments) | | $8,357,486 |
(Cost $8,385,975) | | | | | |
Asset backed securities 6.9% | | | | | 8,357,486 |
AMMC CLO 16, Ltd. | | | | | |
Series 2015-16A, Class AR2 (3 month LIBOR + 0.980%) (C)(H) | 6.231 | 04-14-29 | | 449,587 | 448,051 |
AMMC CLO XIII, Ltd. | | | | | |
Series 2013-13A, Class A1R2 (3 month LIBOR + 1.050%) (C)(H) | 6.323 | 07-24-29 | | 1,213,999 | 1,207,928 |
Concord Music Royalties LLC | | | | | |
Series 2022-1A, Class A2 (C) | 6.500 | 01-20-73 | | 850,000 | 831,622 |
ContiMortgage Home Equity Loan Trust | | | | | |
Series 1995-2, Class A5 | 8.100 | 08-15-25 | | 14,561 | 14,410 |
Cutwater, Ltd. | | | | | |
Series 2015-1A, Class AR (3 month LIBOR + 1.220%) (C)(H) | 6.480 | 01-15-29 | | 383,363 | 380,917 |
Gallatin CLO IX, Ltd. | | | | | |
Series 2018-1A, Class A (3 month LIBOR + 1.050%) (C)(H) | 6.311 | 01-21-28 | | 1,070,492 | 1,061,104 |
MVW LLC | | | | | |
Series 2022-1A, Class D (C) | 7.350 | 11-21-39 | | 836,357 | 800,882 |
Series 2023-1A, Class D (C) | 8.830 | 10-20-40 | | 825,000 | 821,582 |
Neighborly Issuer LLC | | | | | |
Series 2023-1A, Class A2 (C) | 7.308 | 01-30-53 | | 1,022,438 | 1,009,627 |
OFSI BSL VIII, Ltd. | | | | | |
Series 2017-1A, Class AR (3 month LIBOR + 1.000%) (C)(H) | 6.260 | 08-16-29 | | 352,787 | 349,776 |
Sound Point CLO, Ltd. | | | | | |
14 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
| Rate (%) | Maturity date | | Par value^ | Value |
Asset backed securities (continued) | | | | | |
Series 2013-2RA, Class A1 (3 month LIBOR + 0.950%) (C)(H) | 6.210 | 04-15-29 | | 632,661 | $626,367 |
Vantage Data Centers LLC | | | | | |
Series 2019-1A, Class A2 (C) | 3.188 | 07-15-44 | | 274,550 | 265,385 |
Westgate Resorts LLC | | | | | |
Series 2020-1A, Class C (C) | 6.213 | 03-20-34 | | 309,334 | 305,430 |
Zais CLO 8, Ltd. | | | | | |
Series 2018-1A, Class A (3 month LIBOR + 0.950%) (C)(H) | 6.210 | 04-15-29 | | 236,148 | 234,405 |
|
| | | | Shares | Value |
Common stocks 0.3% (0.1% of Total investments) | | $302,700 |
(Cost $692,563) | | | | | |
Industrials 0.0% | | | | | 0 |
Passenger airlines 0.0% | | |
Global Aviation Holdings, Inc., Class A (G)(I) | | | | 82,159 | 0 |
Utilities 0.3% | | | | | 302,700 |
Multi-utilities 0.3% | | |
|
Algonquin Power & Utilities Corp. | | | | 10,000 | 302,700 |
Preferred securities 0.8% (0.5% of Total investments) | | $996,072 |
(Cost $1,020,944) | | | | | |
Energy 0.4% | | | | | 457,776 |
Oil, gas and consumable fuels 0.4% | |
Energy Transfer LP, 7.600% (7.600% to 5-15-24, then 3 month LIBOR + 5.161%) (A)(B) | | 19,800 | 457,776 |
Utilities 0.4% | | | | | 538,296 |
Multi-utilities 0.4% | |
NiSource, Inc., 6.500% (6.500% to 3-15-24, then 5 Year CMT + 3.632%) (B) | | 21,575 | 538,296 |
Warrants 0.0% (0.0% of Total investments) | | $19,427 |
(Cost $0) | | | | | |
Avation Capital SA (Expiration Date: 10-31-26; Strike Price: GBP 114.50) (I) | | | | 12,775 | 9,714 |
Avation PLC (Expiration Date: 10-31-26; Strike Price: GBP 114.50) (I) | | | | 12,775 | 9,713 |
|
| | | | Par value^ | Value |
Escrow certificates 0.0% (0.0% of Total investments) | | $4,095 |
(Cost $0) | | | | | |
LSC Communications, Inc. (C)(G)(I) | | | | 2,100,000 | 4,095 |
|
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 15 |
| | Yield (%) | | Shares | Value |
Short-term investments 3.3% (2.0% of Total investments) | $4,094,660 |
(Cost $4,094,867) | | | | | |
Short-term funds 3.3% | | | | | 4,094,660 |
John Hancock Collateral Trust (J) | | 4.9058(K) | | 409,585 | 4,094,660 |
|
Total investments (Cost $221,750,928) 170.5% | | | $207,716,679 |
Other assets and liabilities, net (70.5%) | | | (85,895,680) |
Total net assets 100.0% | | | $121,820,999 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated. |
^All par values are denominated in U.S. dollars unless otherwise indicated. |
Currency Abbreviations |
GBP | Pound Sterling |
MXN | Mexican Peso |
Security Abbreviations and Legend |
CMT | Constant Maturity Treasury |
IO | Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period. |
LIBOR | London Interbank Offered Rate |
PIK | Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate. |
SOFR | Secured Overnight Financing Rate |
(A) | All or a portion of this security is on loan as of 4-30-23, and is a component of the fund’s leverage under the Liquidity Agreement. |
(B) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 4-30-23 was $107,577,978. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $29,985,578. |
(C) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $102,355,917 or 84.0% of the fund’s net assets as of 4-30-23. |
(D) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date. |
(E) | Term loans are variable rate obligations. The coupon rate shown represents the rate at period end. |
(F) | Non-income producing - Issuer is in default. |
(G) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements. |
(H) | Variable rate obligation. The coupon rate shown represents the rate at period end. |
(I) | Non-income producing security. |
(J) | Investment is an affiliate of the fund, the advisor and/or subadvisor. |
(K) | The rate shown is the annualized seven-day yield as of 4-30-23. |
16 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
FORWARD FOREIGN CURRENCY CONTRACTS
Contract to buy | Contract to sell | Counterparty (OTC) | Contractual settlement date | Unrealized appreciation | Unrealized depreciation |
USD | 2,712,206 | MXN | 49,480,487 | CITI | 5/17/2023 | — | $(31,703) |
| | | | | | — | $(31,703) |
Interest rate swaps |
Counterparty (OTC)/ Centrally cleared | Notional amount | Currency | Payments made | Payments received | Fixed payment frequency | Floating payment frequency | Maturity date | Unamortized upfront payment paid (received) | Unrealized appreciation (depreciation) | Value |
Centrally cleared | 43,000,000 | USD | Fixed 3.662% | USD Federal Funds Rate Compounded OIS | Semi-Annual | Quarterly | May 2026 | — | — | — |
| | | | | | | | — | — | — |
Derivatives Currency Abbreviations |
MXN | Mexican Peso |
USD | U.S. Dollar |
Derivatives Abbreviations |
CITI | Citibank, N.A. |
OIS | Overnight Index Swap |
OTC | Over-the-counter |
At 4-30-23, the aggregate cost of investments for federal income tax purposes was $223,695,809. Net unrealized depreciation aggregated to $16,010,833, of which $1,215,453 related to gross unrealized appreciation and $17,226,286 related to gross unrealized depreciation.
See Notes to financial statements regarding investment transactions and other derivatives information.
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 17 |
STATEMENT OF ASSETS AND LIABILITIES
4-30-23 (unaudited)
Assets | |
Unaffiliated investments, at value (Cost $217,656,061) | $203,622,019 |
Affiliated investments, at value (Cost $4,094,867) | 4,094,660 |
Total investments, at value (Cost $221,750,928) | 207,716,679 |
Cash | 7,069 |
Dividends and interest receivable | 3,114,862 |
Other assets | 231,556 |
Total assets | 211,070,166 |
Liabilities | |
Unrealized depreciation on forward foreign currency contracts | 31,703 |
Liquidity agreement | 86,900,000 |
Payable for investments purchased | 1,780,681 |
Interest payable | 399,643 |
Payable to affiliates | |
Accounting and legal services fees | 7,285 |
Other liabilities and accrued expenses | 129,855 |
Total liabilities | 89,249,167 |
Net assets | $121,820,999 |
Net assets consist of | |
Paid-in capital | $170,752,753 |
Total distributable earnings (loss) | (48,931,754) |
Net assets | $121,820,999 |
|
Net asset value per share | |
Based on 8,744,547 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $13.93 |
18 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENT OF OPERATIONS
For the six months ended
4-30-23 (unaudited)
Investment income | |
Interest | $6,457,388 |
Dividends from affiliated investments | 113,237 |
Dividends | 66,107 |
Less foreign taxes withheld | (1,711) |
Total investment income | 6,635,021 |
Expenses | |
Investment management fees | 589,448 |
Interest expense | 2,229,474 |
Accounting and legal services fees | 11,537 |
Transfer agent fees | 22,903 |
Trustees’ fees | 26,654 |
Custodian fees | 13,654 |
Printing and postage | 20,744 |
Professional fees | 99,411 |
Stock exchange listing fees | 11,776 |
Other | 7,300 |
Total expenses | 3,032,901 |
Less expense reductions | (8,455) |
Net expenses | 3,024,446 |
Net investment income | 3,610,575 |
Realized and unrealized gain (loss) | |
Net realized gain (loss) on | |
Unaffiliated investments and foreign currency transactions | (7,836,035) |
Affiliated investments | 2,561 |
Forward foreign currency contracts | (399,610) |
| (8,233,084) |
Change in net unrealized appreciation (depreciation) of | |
Unaffiliated investments and translation of assets and liabilities in foreign currencies | 13,692,426 |
Affiliated investments | 372 |
Forward foreign currency contracts | 51,724 |
| 13,744,522 |
Net realized and unrealized gain | 5,511,438 |
Increase in net assets from operations | $9,122,013 |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 19 |
STATEMENTS OF CHANGES IN NET ASSETS
| Six months ended 4-30-23 (unaudited) | Year ended 10-31-22 |
Increase (decrease) in net assets | | |
From operations | | |
Net investment income | $3,610,575 | $10,330,564 |
Net realized loss | (8,233,084) | (6,746,986) |
Change in net unrealized appreciation (depreciation) | 13,744,522 | (38,324,075) |
Increase (decrease) in net assets resulting from operations | 9,122,013 | (34,740,497) |
Distributions to shareholders | | |
From earnings | (3,947,289) | (11,497,721) |
Total distributions | (3,947,289) | (11,497,721) |
Fund share transactions | | |
Issued pursuant to Dividend Reinvestment Plan | — | 481,881 |
Total increase (decrease) | 5,174,724 | (45,756,337) |
Net assets | | |
Beginning of period | 116,646,275 | 162,402,612 |
End of period | $121,820,999 | $116,646,275 |
Share activity | | |
Shares outstanding | | |
Beginning of period | 8,744,547 | 8,718,679 |
Issued pursuant to Dividend Reinvestment Plan | — | 25,868 |
End of period | 8,744,547 | 8,744,547 |
20 | JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
STATEMENT OF CASH FLOWS
For the six months ended
4-30-23 (unaudited)
| |
Cash flows from operating activities | |
Net increase in net assets from operations | $9,122,013 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
Long-term investments purchased | (44,974,128) |
Long-term investments sold | 40,922,788 |
Net purchases and sales of short-term investments | 4,108,977 |
Net amortization of premium (discount) | 1,873 |
(Increase) Decrease in assets: | |
Unrealized appreciation on forward foreign currency contracts | 23,555 |
Dividends and interest receivable | (39,412) |
Receivable for investments sold | 601,920 |
Other assets | (6,599) |
Increase (Decrease) in liabilities: | |
Unrealized depreciation on forward foreign currency contracts | (75,279) |
Payable for investments purchased | 297,854 |
Payable for delayed delivery securities purchased | (999,730) |
Interest payable | 95,752 |
Payable to affiliates | 268 |
Other liabilities and accrued expenses | (539) |
Net change in unrealized (appreciation) depreciation on: | |
Investments | (13,691,542) |
Net realized (gain) loss on: | |
Investments | 7,839,131 |
Net cash provided by operating activities | $3,226,902 |
Cash flows provided by (used in) financing activities | |
Distributions to shareholders | $(3,947,289) |
Net cash used in financing activities | $(3,947,289) |
Net decrease in cash | $(720,387) |
Cash at beginning of period | $727,456 |
Cash at end of period | $7,069 |
Supplemental disclosure of cash flow information: | |
Cash paid for interest | $(2,133,722) |
SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST | 21 |
Period ended | | 10-31-22 | 10-31-21 | 10-31-20 | 10-31-19 | 10-31-18 |
Per share operating performance | | | | | | |
Net asset value, beginning of period | $13.34 | $18.63 | $17.11 | $18.38 | $16.99 | $18.81 |
Net investment income 2 | 0.41 | 1.18 | 1.36 | 1.27 | 1.19 | 1.21 |
Net realized and unrealized gain (loss) on investments | 0.63 | (5.15) | 1.59 | (1.19) | 1.40 | (1.79) |
Total from investment operations | 1.04 | (3.97) | 2.95 | 0.08 | 2.59 | (0.58) |
Less distributions | | | | | | |
From net investment income | (0.45) | (1.32) | (1.43) | (1.35) | (1.20) | (1.24) |
Net asset value, end of period | $13.93 | $13.34 | $18.63 | $17.11 | $18.38 | $16.99 |
Per share market value, end of period | $12.76 | $12.37 | $18.62 | $15.47 | $17.14 | $15.51 |
Total return at net asset value (%) 3,4 | | (22.00) | 17.65 | 1.56 | 16.56 | (2.74) |
Total return at market value (%) 3 | | (27.68) | 30.05 | (1.53) | 19.07 | (6.54) |
Ratios and supplemental data | | | | | | |
Net assets, end of period (in millions) | $122 | $117 | $162 | $149 | $160 | $148 |
Ratios (as a percentage of average net assets): | | | | | | |
Expenses before reductions | 5.07 6 | 2.37 | 1.46 | 1.91 | 2.74 | 2.52 |
Expenses including reductions 7 | 5.06 6 | 2.35 | 1.45 | 1.90 | 2.73 | 2.51 |
Net investment income | 6.04 6 | 7.43 | 7.30 | 7.42 | 6.77 | 6.76 |
Portfolio turnover (%) | 20 | 39 | 52 | 62 | 40 | 52 |
Senior securities | | | | | | |
Total debt outstanding end of period (in millions) | $87 | $87 | $87 | $87 | $87 | $87 |
Asset coverage per $1,000 of debt 8 | $2,402 | $2,342 | $2,869 | $2,714 | $2,841 | $2,702 |
1 | Six months ended 4-30-23. Unaudited. |
2 | Based on average daily shares outstanding. |
3 | Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested. |
4 | Total returns would have been lower had certain expenses not been reduced during the applicable periods. |
5 | Not annualized. |
6 | Annualized. |
7 | Expenses including reductions excluding interest expense were 1.33% (annualized), 1.19%, 1.06%, 1.08%, 1.04% and 1.12% for the periods ended 4-30-23, 10-31-22, 10-31-21, 10-31-20, 10-31-19 and 10-31-18, respectively. |
8 | Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage. |
22 | JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS |
Notes to financial statements (unaudited)
John Hancock Investors Trust (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).
In 2012, 2015 and 2018, the fund filed registration statements with the Securities and Exchange Commission SEC), in each case registering and/or carrying forward 1,000,000 common shares, through equity shelf offering programs. Under these programs, the fund, subject to market conditions, may raise additional equity capital from time to time by offering new common shares at a price equal to or above the fund’s net asset value (NAV) per common share.
Note 2
—
Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:
Security valuation.
Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Advisor’s Valuation Policies and Procedures.
In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the fund in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Swaps are generally valued using evaluated prices obtained from an independent pricing vendor. Forward foreign currency contracts are valued at the prevailing forward rates which are based on foreign currency exchange spot rates and forward points supplied by an independent pricing vendor. Foreign securities and currencies are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.
In certain instances, the Pricing Committee of the Advisor may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
| SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust | 23 |
The fund uses a three tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of April 30, 2023, by major security category or type:
| Total value at 4-30-23 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs |
Investments in securities: | | | | |
Assets | | | | |
U.S. Government and Agency obligations | $19,012,167 | — | $19,012,167 | — |
Foreign government obligations | 373,833 | — | 373,833 | — |
Corporate bonds | 169,507,790 | — | 169,507,790 | — |
Term loans | 4,557,797 | — | 4,557,797 | — |
Collateralized mortgage obligations | 490,652 | — | 490,652 | — |
Asset backed securities | 8,357,486 | — | 8,357,486 | — |
Common stocks | 302,700 | $302,700 | — | — |
Preferred securities | 996,072 | 996,072 | — | — |
Warrants | 19,427 | 9,713 | 9,714 | — |
Escrow certificates | 4,095 | — | — | $4,095 |
Short-term investments | 4,094,660 | 4,094,660 | — | — |
Total investments in securities | $207,716,679 | $5,403,145 | $202,309,439 | $4,095 |
Derivatives: | | | | |
Assets | | | | |
Swap contracts | — | — | — | — |
Liabilities | | | | |
Forward foreign currency contracts | $(31,703) | — | $(31,703) | — |
Level 3 includes securities valued at $0. Refer to Fund’s investments. |
The fund holds liabilities for which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2023, the liability for the fund’s Liquidity agreement on the Statement of assets and liabilities is categorized as Level 2 within the disclosure hierarchy.
24 | JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT | |
Term loans (Floating rate loans).
The fund may invest in term loans, which are debt securities and are often rated below investment grade at the time of purchase. Term loans are generally subject to legal or contractual restrictions on resale and generally have longer settlement periods than conventional debt securities. Term loans involve special types of risk, including credit risk, interest-rate risk, counterparty risk, and risk associated with extended settlement. The liquidity of term loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. During periods of infrequent trading, valuing a term loan can be more difficult and buying and selling a term loan at an acceptable price can be more difficult and delayed, which could result in a loss.
The fund’s ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The fund’s failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason would adversely affect the fund’s income and would likely reduce the value of its assets. Transactions in loan investments typically take a significant amount of time (i.e., seven days or longer) to settle. This could pose a liquidity risk to the fund. Because term loans may not be rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadvisor’s credit analysis of the borrower and/or term loan agents. There is greater risk that the fund may have limited rights to enforce the terms of an underlying loan than for other types of debt instruments.
Mortgage and asset backed securities.
The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.
Security transactions and related investment income.
Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a tax return of capital and/or capital gain, if any, are recorded as a reduction of cost of investments and/or as a realized gain, if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
| SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust | 25 |
Foreign investing.
Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.
Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.
Foreign taxes.
The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.
Overdrafts.
Pursuant to the custodian agreement, the fund’s custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.
Expenses.
Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Statement of cash flows.
A Statement of cash flows is presented when a fund has a significant amount of borrowing during the period, based on the average total borrowing in relation to total assets, or when a certain percentage of the fund’s investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund’s Statement of assets and liabilities and represents the cash on hand at the fund’s custodian and does not include any short-term investments or collateral on derivative contracts, if any.
Federal income taxes.
The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.
For federal income tax purposes, as of October 31, 2022, the fund has a short-term capital loss carryforward of $4,806,316 and a long-term capital loss carryforward of $20,896,291 available to offset future net realized capital gains. These carryforwards do not expire.
As of October 31, 2022, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.
Distribution of income and gains.
Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly. Capital gain distributions, if any, are typically distributed annually.
26 | JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT | |
Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital. The final determination of tax characteristics of the distribution will occur at the end of the year and will subsequently be reported to shareholders.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to foreign currency transactions, amortization and accretion on debt securities, contingent payment debt instruments and wash sale loss deferrals.
Note 3
—
Derivative instruments
The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.
Derivatives which are typically traded through the OTC market are regulated by the Commodity Futures Trading Commission (the CFTC). Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.
As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund, if any, is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund, if any, for OTC transactions is held in a segregated account at the fund’s custodian and is noted in the accompanying Fund’s investments, or if cash is posted, on the Statement of assets and liabilities. The fund’s risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.
Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the fund and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.
Forward foreign currency contracts.
A forward foreign currency contract is an agreement between two parties to buy and sell specific currencies at a price that is set on the date of the contract. The forward contract calls for delivery of the currencies on a future date that is specified in the contract. Forwards are typically traded OTC. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the failure of the counterparties to timely post collateral if applicable, and the risk that currency movements will not favor the fund thereby reducing the fund’s total return, and the potential for losses in
| SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust | 27 |
excess of the amounts recognized on the Statement of assets and liabilities.
The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.
During the six months ended April 30, 2023, the fund used forward foreign currency contracts to manage against changes in foreign currency exchange rates. The fund held forward foreign currency contracts with USD notional values ranging from $2.6 million to $9.1 million, as measured at each quarter end.
Swaps.
Swap agreements are agreements between the fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.
Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund.
Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.
Interest rate swaps.
Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals.
During the six months ended April 30, 2023, the fund used interest rate swap contracts to manage against changes in the liquidity agreement interest rates. The fund held interest rate swaps with total USD notional amounts ranging up to $43 million, as measured at each quarter end.
Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the fund at April 30, 2023 by risk category:
Risk | Statement of assets and liabilities location | Financial instruments location | Assets derivatives fair value | Liabilities derivatives fair value |
Currency | Unrealized appreciation (depreciation) on forward foreign currency contracts | Forward foreign currency contracts | — | $(31,703) |
Interest rate | Swap contracts, at value 1 | Interest rate swaps | — | — |
| | | — | $(31,703) |
28 | JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT | |
1 | Reflects cumulative value of swap contracts. Receivable/payable for centrally cleared swaps, which includes value and margin, are shown separately on the Statement of assets and liabilities. |
Effect of derivative instruments on the Statement of operations
The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2023:
| Statement of operations location - Net realized gain (loss) on: |
Risk | Forward foreign currency contracts |
Currency | $(399,610) |
The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2023:
| Statement of operations location - Change in net unrealized appreciation (depreciation) of: |
Risk | Forward foreign currency contracts |
Currency | $51,724 |
Note 4
—
Guarantees and indemnifications
Under the fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 5
—
Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. John Hancock Investment Management Distributors LLC (the Distributor), an affiliate of the Advisor, serves as distributor for the common shares offered through the equity shelf offering of the fund. The Advisor and the Distributor are indirect, principally owned subsidiaries of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (MFC).
Management fee.
The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis, to the sum of (a) 0.650% of the first $150 million of the fund’s average daily managed assets (net assets plus borrowings under the Liquidity Agreement (see Note 8)), (b) 0.375% of the next $50 million of the fund’s average daily managed assets, (c) 0.350% of the next $100 million of the fund’s average daily managed assets and (d) 0.300% of the fund’s average daily managed assets in excess of $300 million. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.
The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each
| SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust | 29 |
fund. During the six months ended April 30, 2023, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2024, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The expense reductions described above amounted to $8,455 for the six months ended April 30, 2023.
Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.
The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended April 30, 2023, were equivalent to a net annual effective rate of 0.56% of the fund’s average daily managed net assets.
Accounting and legal services.
Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred, for the six months ended April 30, 2023, amounted to an annual rate of 0.01% of the fund’s average daily managed net assets.
Distributor.
The fund will compensate the Distributor with respect to sales of the common shares offered through the equity shelf offering at a commission rate of 1.00% of the gross proceeds of the sale of common shares, a portion of which is allocated to the selling dealers. The Distributor has an agreement with a sub-placement agent in the sale of common shares. The fund is not responsible for payment of commissions to the sub placement agent.
Trustee expenses.
The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.
Note 6
—
Fund share transactions
On December 10, 2015, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market, between January 1, 2023 and December 31, 2023, up to 10% of its outstanding common shares as of December 31, 2022. The share repurchase plan will remain in effect between January 1, 2023 and December 31, 2023.
During the six months ended April 30, 2023 and the year ended October 31, 2022, the fund had no activities under the repurchase program. Shares repurchased and corresponding dollar amounts, if any, are included on the Statements of changes in net assets. The anti-dilutive impacts of these share repurchases, if any, are included on the Financial highlights.
Transactions in common shares, if any, are presented in the Statements of changes in net assets. Proceeds received in connection with the shelf offering are net of commissions and offering costs. Total offering costs of $248,706 have been prepaid by the fund. As of April 30, 2023, $44,629 has been deducted from proceeds of shares issued and the remaining $204,077 is included in Other assets on the Statement of assets and liabilities.
The fund utilizes a Liquidity Agreement (LA) to increase its assets available for investment. When the fund leverages its assets, shareholders bear the expenses associated with the LA and have potential to benefit or be disadvantaged from the use of leverage. The Advisor’s fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund’s assets. Leverage creates risks that may adversely affect the return for the holders of shares, including:
30 | JOHN HANCOCK Investors Trust | SEMIANNUAL REPORT | |
• |
the likelihood of greater volatility of NAV and market price of shares; |
• |
fluctuations in the interest rate paid for the use of the LA; |
• |
increased operating costs, which may reduce the fund’s total return; |
• |
the potential for a decline in the value of an investment acquired through leverage, while the fund’s obligations under such leverage remains fixed; and |
• |
the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements. |
To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund’s return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived. The use of securities lending to obtain leverage in the fund’s investments may subject the fund to greater risk of loss than would reinvestment of collateral in short term highly rated investments.
In addition to the risks created by the fund’s use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the LA is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund’s ability to generate income from the use of leverage would be adversely affected.
Note 8
—
Liquidity Agreement
The fund has entered into a LA with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $86.9 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at April 30, 2023 are shown in the Statement of assets and liabilities as the Liquidity agreement.
The fund pledges its assets as collateral to secure obligations under the LA. The fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities lending and reverse repurchase transactions with SSB acting as the fund’s authorized agent for these transactions. All transactions initiated through SSB are required to be secured with cash collateral received from the securities borrower (the Borrower) or cash is received from the reverse repurchase agreement (Reverse Repo) counterparties. Securities lending transactions will be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these transactions. Cash received by SSB from securities lending or Reverse Repo transactions is credited against the amounts borrowed under the line of credit. As of April 30, 2023, the LA balance of $86,900,000 was comprised of $55,958,917 from the line of credit and $30,941,083 cash received by SSB from securities lending or Reverse Repo transactions.
Upon return of securities by the Borrower or Reverse Repo counterparty, SSB will return the cash collateral to the Borrower or proceeds from the Reverse Repo, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements is paid by SSB.
SSB has indemnified the fund for certain losses that may arise if the Borrower or a Reverse Repo Counterparty fails to return securities when due. With respect to securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the Borrower to purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement securities, SSB is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any of the fund’s losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the Borrower or proceeds from the Reverse Repo counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the Borrower or Reverse Repo counterparty fails to return the securities on a timely basis.
Effective April 1, 2023, interest charged is at the rate of overnight bank funding rate (OBFR) plus 0.700% and is
|
SEMIANNUAL REPORT | JOHN HANCOCK Investors Trust |
31 |
payable monthly on the aggregate balance of the drawdowns outstanding under the LA. Prior to April 1, 2023, interest was charged at a rate of one month London Interbank Offered Rate (LIBOR) plus 0.60%. As of April 30, 2023, the fund had an aggregate balance of $86,900,000 at an interest rate of 5.51%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the six months ended April 30, 2023, the average balance of the LA and the effective average interest rate were $86,900,000 and 5.17%, respectively.
The fund may terminate the LA with 60 days’ notice. If certain asset coverage and collateral requirements, or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination event, SSB is required to provide the fund with 360 days’ notice prior to terminating the LA.
Due to the anticipated discontinuation of LIBOR, as discussed in Note 9, the LA was amended to remove LIBOR as the reference rate for interest and has been replaced with OBFR for interest mutually agreed upon by the fund and SSB. However, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate and the potential effect of a transition away from LIBOR on the fund cannot yet be fully determined.
Note 9
—
LIBOR Discontinuation Risk
LIBOR is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR maturities, including some US LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid US LIBOR maturities on June 30, 2023. It is expected that market participants, such as the fund and SSB, have transitioned or will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. However, although regulators have encouraged the development and adoption of alternative rates, such as the Secured Overnight Financing Rate (SOFR), there is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement rate.
Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation dates, the impact on the transition away from LIBOR referenced financial instruments remains uncertain. It is expected that market participants will amend financial instruments referencing LIBOR to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. Certain proposed replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight US Treasury repo rates, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.
As market participants transition away from LIBOR, LIBOR’s usefulness may deteriorate. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate. The use of an alternative reference rate may result in increases to the interest paid by the fund pursuant to the LA and, therefore, may adversely affect the fund’s performance.
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Note 10
—
Purchase and sale of securities
Purchases and sales of securities, other than short-term investments, amounted to $44,974,128 and $40,922,788, respectively, for the six months ended April 30, 2023.
Note 11
—
Industry or sector risk
The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.
Note 12
—
Investment in affiliated underlying funds
The fund may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the fund’s fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the fund, if any, is as follows:
|
|
|
|
|
|
|
Dividends and distributions |
Affiliate |
Ending share amount |
Beginning value |
Cost of purchases |
Proceeds from shares sold |
Realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Income distributions received |
Capital gain distributions received |
Ending value |
John Hancock Collateral Trust |
409,585 |
$8,200,704 |
$30,096,828 |
$(34,205,805) |
$2,561 |
$372 |
$113,237 |
— |
$4,094,660 |
Note 13
—
New accounting pronouncement
In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management expects that the adoption of the guidance will not have a material impact to the financial statements.
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33 |
Investment objective, principal investment strategies, and principal risks
Unaudited
The Fund’s primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective.
Principal Investment Strategies
The preponderance of the Fund’s assets are invested in a diversified portfolio of debt securities issued by U.S. and non-U.S. corporations and governments, some of which may carry equity features. The Fund emphasizes corporate debt securities which pay interest on a fixed or contingent basis and which may possess certain equity features, such as conversion or exchange rights, warrants for the acquisition of the stock of the same or different issuers, or participations based on revenues, sales or profits.
The Fund may invest up to 70% of its net assets (plus borrowings for investment purposes) in debt securities rated below investment grade, commonly known as “junk bonds.” The Fund also may purchase preferred securities and may acquire common stock through the exercise of conversion or exchange rights acquired in connection with other securities owned by the Fund. The Fund will not acquire any additional preferred securities or common stock if as a result of that acquisition the value of all preferred securities and common stocks in the Fund’s portfolio would exceed 20% of its total assets. Up to 50% of the value of the Fund’s assets may be invested in restricted securities acquired through private placements. The Fund may also purchase mortgage-backed securities.
At least 30% of Fund’s net assets (plus borrowings for investment purposes) will be represented by (a) debt securities which are rated, at the time of acquisition, investment grade (i.e., at least “Baa” by Moody’s Investors Service, Inc. (Moody’s) or “BBB” by Standard & Poor’s Global Ratings Inc. (S&P)) or in unrated securities determined by the Subadvisor to be of comparable credit quality, (b) securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, and (c) cash or cash equivalents.
The Fund may also invest in derivatives such as foreign currency forward contracts, credit default swaps, futures contracts, options, foreign currency swaps, interest-rate swaps, swaps and reverse repurchase agreements. The fund utilizes a liquidity agreement to increase its assets available for investments and may also seek to obtain additional income or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets. In addition, the Fund may invest in repurchase agreements. The Fund may also invest up to 20% of its total assets in illiquid securities.
The Advisor may also take into consideration environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment selection process. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.
As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund’s net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.
The fund’s main risks are listed below in alphabetical order, not in order of importance.
Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund.
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Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.
Cybersecurity and operational risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.
Economic and market events risk.
Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.
As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia’s economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time.
A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the coronavirus disease (COVID-19) has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.
Equity securities risk. The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.
ESG integration risk. The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. In certain situations, the extent to which these ESG factors may be applied according to the manager’s integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming funds that do not utilize ESG criteria or funds that utilize different ESG criteria. Integration of ESG factors into the fund’s investment process may result in a manager making different investments for the fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and the fund’s
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investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in the fund’s investments.
Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed. Changes in a security’s credit qualify may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.
Foreign securities risk. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. If applicable, depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.
Hedging, derivatives, and other strategic transactions risk. Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, credit default swaps, futures contracts, options, foreign currency swaps, interest-rate swaps, swaps, and reverse repurchase agreements. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund’s ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund’s NAV.
Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.
Leveraging risk. Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund’s losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Liquidity Agreement to increase its assets available for investment. See “Note 7 — Leverage risk” above.
LIBOR discontinuation risk. The publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments have used or continue to use as the reference or benchmark rate for interest rate calculations, was discontinued for certain maturities as of December 31, 2021, and is expected to be discontinued on June 30, 2023 for the remaining maturities. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the fund’s performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR.
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Liquidity risk. The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities.
Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.
Mortgage-backed and asset-backed securities risk. Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.
Preferred and convertible securities risk. Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.
U.S. Government agency obligations risk. U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.
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Unaudited
The fund is a diversified, closed-end, management investment company, common shares of which were initially offered to the public in January 1971.
Dividends and distributions
During the six months ended April 30, 2023, distributions from net investment income totaling $0.4514 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:
Payment Date |
Income Distributions |
December 30, 2022 |
$0.2589 |
March 31, 2023 |
0.1925 |
Total |
$0.4514 |
Shareholder communication and assistance
If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:
Regular Mail:
Computershare
P.O. Box 43006
Providence, RI 02940-3078
Registered or Overnight Mail:
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.
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JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT |
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The fund held its Annual Meeting of Shareholders on Tuesday, February 21, 2023. The following proposal was considered by the shareholders:
THE PROPOSAL PASSED ON FEBRUARY 21, 2023
Proposal:
To elect fourteen (14) Trustees to serve until their respective successors have been duly elected and qualified.
|
Total votes for the nominee |
Total votes withheld from the nominee |
Independent Trustees |
|
|
James R. Boyle |
5,626,860.113 |
189,327.451 |
William H. Cunningham |
5,490,997.496 |
325,190.068 |
Noni L. Ellison |
5,600,765.113 |
215,422.451 |
Grace K. Fey |
5,594,711.344 |
221,476.220 |
Dean C. Garfield |
5,599,425.265 |
216,762.299 |
Deborah C. Jackson |
5,609,649.113 |
206,538.451 |
Patricia Lizarraga |
5,603,700.113 |
212,487.451 |
Hassell H. McClellan |
5,479,607.146 |
336,580.418 |
Steven R. Pruchansky |
5,484,563.113 |
331,624.151 |
Frances G. Rathke |
5,628,805.265 |
187,382.299 |
Gregory A. Russo |
5,500,469.146 |
315,718.418 |
Non-Independent Trustees |
|
|
Andrew G. Arnott |
5,592,853.152 |
223,334.412 |
Marianne Harrison |
5,592,593.152 |
223,594.412 |
Paul Lorentz |
5,602,608.152 |
213,579.412 |
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SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST |
39 |
Hassell H. McClellan,
Steven R. Pruchansky,
Andrew G. Arnott
†
James R. Boyle
William H. Cunningham
*
Grace K. Fey
Noni L. Ellison
^
Dean C. Garfield
^
Marianne Harrison
†,#
Deborah C. Jackson
Patricia Lizarraga
*,^
Paul Lorentz
‡
Frances G. Rathke
*
Gregory A. Russo
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
John Hancock Investment Management LLC
Manulife Investment Management (US) LLC
James Gearhart, CFA
Jonas Grazulis, CFA
Caryn E. Rothman, CFA
John Hancock Investment Management Distributors LLC
State Street Bank and Trust Company
Computershare Shareowner Services, LLC
K&L Gates LLP
Listed New York Stock Exchange: JHI
†
Non-Independent Trustee
* Member of the Audit Committee
^
Appointed to serve as Independent Trustee effective as of September 20, 2022.
#
Ms. Harrison is retiring effective May 1, 2023.
‡
Appointed to serve as Non-Independent Trustee effective as of September 20, 2022.
The fund’s proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.
We make this information on your fund, as well as
monthly portfolio holdings
, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.
The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.
You can also contact us: |
|
|
800-852-0218 |
Regular mail: |
Express mail: |
jhinvestments.com |
Computershare P.O. Box 43006 Providence, RI 02940-3078 |
Computershare 150 Royall St., Suite 101 Canton, MA 02021 |
40 |
JOHN HANCOCK INVESTORS TRUST | SEMIANNUAL REPORT |
|
John Hancock family of funds
Disciplined Value Mid Cap
Fundamental Large Cap Core
U.S. Global Leaders Growth
INTERNATIONAL EQUITY FUNDS
Disciplined Value International
Fundamental Global Franchise
Global Environmental Opportunities
Global Thematic Opportunities
International Dynamic Growth
International Small Company
California Municipal Bond
High Yield Municipal Bond
Opportunistic Fixed Income
Short Duration Municipal Opportunities
Strategic Income Opportunities
Alternative Asset Allocation
Multi-Asset Absolute Return
A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending
money.
John Hancock Corporate Bond ETF
John Hancock International High Dividend ETF
John Hancock Mortgage-Backed Securities ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Preferred Income ETF
John Hancock U.S. High Dividend ETF
ASSET ALLOCATION/TARGET DATE FUNDS
Balanced
Multi-Asset High Income
Lifestyle Blend Portfolios
Lifetime Blend Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
Preservation Blend Portfolios
ENVIRONMENTAL, SOCIAL, AND
GOVERNANCE FUNDS
ESG Core Bond
ESG International Equity
ESG Large Cap Core
Asset-Based Lending
Financial Opportunities
Hedged Equity & Income
Income Securities Trust
Investors Trust
Preferred Income
Preferred Income II
Preferred Income III
Premium Dividend
Tax-Advantaged Dividend Income
Tax-Advantaged Global Shareholder Yield
John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.
John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.
Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.
John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.
We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.
Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.
“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.
John Hancock Investment Management LLC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
06/2023
ITEM 2. CODE OF ETHICS.
Not Applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not Applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a)Not applicable.
(b)Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED- END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a)Not applicable.
|
|
|
Total number of
|
Maximum number of
|
|
Total number of
|
Average price per
|
shares purchased
|
shares that may yet
|
|
as part of publicly
|
be purchased under
|
Period
|
shares purchased
|
share
|
announced plans*
|
the plans
|
Nov-22
|
-
|
-
|
-
|
873,182
|
Dec-22
|
-
|
-
|
-
|
873,182
|
Jan-23
|
-
|
-
|
-
|
874,455
|
Feb-23
|
-
|
-
|
-
|
874,455
|
Mar-23
|
-
|
-
|
-
|
874,455
|
Apr-23
|
-
|
-
|
-
|
874,455
|
Total
|
-
|
-
|
|
|
|
|
|
|
|
* On December 10, 2015, the Board of Trustees approved a share repurchase plan, which has been subsequently reviewed and approved by the Board of Trustees. Under the current share repurchase plan, the Fund may purchase in the open market, up to 10% of its outstanding common shares as of December 31, 2022. The current share plan will remain in effect between January 1, 2023 and December 31, 2023.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating, Governance and Administration Committee Charter."
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the registrant's disclosure controls and procedures as
conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the registrant's internal control over financial reporting that
occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Fund did not participate directly in securities lending activities. See Note 8 to financial statements in Item 1.
ITEM 13. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(b)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.
(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached "John Hancock Funds – Nominating, Governance and Administration Committee Charter."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock Investors Trust
By:
|
/s/ Andrew Arnott
|
|
------------------------------
|
|
Andrew Arnott
|
|
President
|
Date:
|
June 27, 2023
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:
|
/s/ Andrew Arnott
|
|
-------------------------------
|
|
Andrew Arnott
|
|
President
|
Date:
|
June 27, 2023
|
By:
|
/s/ Charles A. Rizzo
|
|
-------------------------------
|
|
Charles A. Rizzo
|
|
Chief Financial Officer
|
Date:
|
June 27, 2023
|
CERTIFICATION
I, Andrew Arnott, certify that:
1.I have reviewed this report on Form N-CSR of the John Hancock Investors Trust (the "registrant");
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: June 27, 2023
|
/s/ Andrew Arnott
|
|
Andrew Arnott
|
|
President
|
CERTIFICATION
I, Charles A. Rizzo, certify that:
1.I have reviewed this report on Form N-CSR of the John Hancock Investors Trust (the "registrant");
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: June 27, 2023 |
/s/ Charles A. Rizzo |
|
Charles A. Rizzo |
|
Chief Financial Officer |
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002*
In connection with the attached Report of John Hancock Investors Trust (the "registrant") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.
/s/ Andrew Arnott
--------------------------------
Andrew Arnott President
Dated: June 27, 2023
/s/ Charles A. Rizzo
-------------------------------
Charles A. Rizzo Chief Financial Officer
Dated: June 27, 2023
A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.
*These certifications are being furnished solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of this Form N-CSR or as a separate disclosure document.
JOHN HANCOCK FUNDS1
NOMINATING AND GOVERNANCE COMMITTEE CHARTER
Overall Role and Responsibility
The Nominating and Governance Committee (the "Committee") of each of the Trusts shall (1) make determinations and recommendations to the Board of Trustees (the "Board") regarding issues related to (a) the composition of the Board and (b) corporate governance matters applicable to the Trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of any of the Trusts, or of any Fund's investment adviser, subadviser or principal underwriter and who are "independent" as defined in the rules of the New York Stock Exchange ("NYSE") (the "Independent Trustees") and (2) discharge such additional duties, responsibilities and functions as are delegated to it from time to time.
Membership
The Nominating and Governance Committee (the "Committee") shall be composed of all of the Independent Trustees of the Board. One member of the Committee shall be appointed by the Board as Chair of the Committee. The chair shall be responsible for leadership of the Committee, including scheduling meetings or reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, presiding over meetings of the Committee and making reports to the full Board, as appropriate.
Structure, Operations and Governance
Meetings and Actions by Written Consent. The Committee shall meet as often as required or as the Committee deems appropriate, with or without management present. Meetings may be called and notice given by the Committee chair or a majority of the members of the Committee. Members may attend meetings in person or by telephone. The Committee may act by written consent to the extent permitted by law and the Funds' governing documents. The Committee shall report to the Board on any significant action it takes not later than the next following Board meeting.
Required Vote and Quorum. The affirmative vote of a majority of the members of the Committee participating in any meeting of the Committee at which a quorum is present is necessary for the adoption of any resolution. At least a majority of the Committee members present at the meeting in person or by telephone shall constitute a quorum for the transaction of business.
1"John Hancock Funds" includes each trust and series as may be amended from time to time (each individually, a "Trust," and collectively, the "Trusts," and each series thereof, a "Portfolio" or "Fund," and collectively, the "Portfolios" or "Funds").
Delegation to Subcommittees. The Committee may delegate any portion of its authority to a subcommittee of one or more members.
Appropriate Resources and Authority. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds' expense, as it determines necessary or appropriate to carry out its duties and responsibilities. In addition, the Committee shall have direct access to such officers of and service providers to the Funds as it deems desirable.
Review of Charter. The Committee Charter shall be approved by at least a majority of the Independent Trustees of the Trust. The Committee shall review and assess the adequacy of this Charter periodically and, where necessary or as it deems desirable, will recommend changes to the Board for its approval. The Board may amend this Charter at any time in response to recommendations from the Committee or on its own motion.
Executive Sessions. The Committee may meet privately and may invite non-members to attend such meetings. The Committee may meet with representatives of the Investment Management Services department of the Funds' advisers, internal legal counsel of the Funds' advisers, members of the John Hancock Funds Risk & Investment Operations Committee (the "RIO Committee") and with representatives of the Funds' service providers, including the subadvisers, to discuss matters that relate to the areas for which the Committee has responsibility.
Specific Duties and Responsibilities
The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine:
1.Except where a Trust is legally required to nominate individuals recommended by another, to identify individuals qualified to serve as Independent Trustees of the Trusts, and to consider and recommend to the full Board nominations of individuals to serve as Trustees.
2.To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.
3.To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.
4.To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.
5.To periodically review the Board's committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board's committees, and
recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.
6.To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Board's sole authority to approve the firm's fees and other retention terms.
7.To consider and determine the amount of compensation to be paid by the Trusts to the Independent Trustees, including the compensation of the Chair of the Board or any Vice-Chair of the Board and of Committee Chairs, and to address compensation-related matters. The Chair of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the Trusts provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.
8.To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure.
9.To review the Board Governance Procedures and recommend to the Board of Trustees changes to the Procedures as the Committee deems appropriate.
10.To report its activities to the full Board and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.
Additional Responsibilities
The Committee will also perform other tasks assigned to it from time to time by the Chair of the Board or by the Board, and will report findings and recommendations to the Board, as appropriate.
Last revised: December 12, 2018
ANNEX A
The Committee may take into account a wide variety of factors in considering Trustee candidates, including (but not limited to) the criteria set forth below. The Committee may determine that a candidate who does not satisfy these criteria in one or more respects should nevertheless be considered as a nominee if the Committee finds that the criteria satisfied by the candidate and the candidate's other qualifications demonstrate the appropriate level of fitness to serve.
General Criteria
1.Nominees should have a reputation for integrity, honesty and adherence to high ethical standards, and such other personal characteristics as a capacity for leadership and the ability to work well with others.
2.Nominees should have business, professional, academic, financial, accounting or other experience and qualifications which demonstrate that they will make a valuable contribution as Trustees.
3.Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.
4.Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the investment adviser, and to act in the interests of all shareholders.
5.Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a trustee.
6.Nominees should have experience on corporate or other institutional bodies having oversight responsibilities.
It is the intent of the Committee that at least one Independent Trustee be an "audit committee financial expert" as that term is defined in Item 3 of Form N-CSR.
Application of Criteria to Current Trustees
The re-nomination of current Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above based on, among other things, the current Trustee's contribution to the Board and any committee on which he or she serves.
Review of Nominations
1.The Committee believes that it is in the best interests of each Trust and its shareholders to obtain highly-qualified candidates to serve as members of the Board.
2.In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate; however, the appropriate mix of skills, expertise and attributes needed to maintain an effective board are sought in the applicant pool as part of every search the Board undertakes for new trustees, including but not limited to the diversity of thought, as well as of gender, race, ethnic background and geographic origin. These factors may also include (but are not limited to) the person's character, integrity, judgment, skill and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate's experience with the experience of other Board members; and the extent to which the candidate would be a desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person's availability and commitment to attend meetings and perform his or her responsibilities; whether or not the person has or had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or any subadviser of the Funds, as applicable, Fund service providers, or their affiliates or with Fund shareholders. The Committee will strive to achieve a group that reflects a diversity of experiences in respect of industries, professions and other experiences, and that is diversified as to thought, gender, race, ethnic background and geographic origin.
3.While the Committee is solely responsible for the selection and recommendation to the Board of Independent Trustee candidates, the Committee may consider nominees recommended by any source, including shareholders, management, legal counsel and Board members, as it deems appropriate. The Committee may retain a professional search firm or a consultant to assist the Committee in a search for a qualified candidate. Any recommendations from shareholders shall be directed to the Secretary of the relevant Trust at such address as is set forth in the Trust's disclosure documents. Recommendations from management may be submitted to the Committee Chair. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified
in the relevant Trust's By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders.
4.Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder's candidate among the slate of its designated nominees, the candidate's name will be placed on the Trust's proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder's candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the Trust's proxy statement.
5.As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the relevant Trust. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means as discussed in this Annex A.
6.With respect to candidates for Independent Trustee, a biography of each candidate shall be acquired and shall be reviewed by counsel to the Independent Trustees and counsel to the Trust to determine the candidate's eligibility to serve as an Independent Trustee.
7.The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Trustee candidates as it deems necessary or appropriate.
8.After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.
v3.23.2
N-2 - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended |
12 Months Ended |
Apr. 30, 2023 |
Oct. 31, 2022 |
Oct. 31, 2021 |
Oct. 31, 2020 |
Oct. 31, 2019 |
Oct. 31, 2018 |
Cover [Abstract] |
|
|
|
|
|
|
|
|
Entity Central Index Key |
|
0000759828
|
|
|
|
|
|
|
Amendment Flag |
|
false
|
|
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|
|
Entity Inv Company Type |
|
N-2
|
|
|
|
|
|
|
Document Type |
|
N-CSRS
|
|
|
|
|
|
|
Entity Registrant Name |
|
John Hancock Investors Trust
|
|
|
|
|
|
|
Financial Highlights [Abstract] |
|
|
|
|
|
|
|
|
Senior Securities Amount |
|
$ 87
|
[1] |
$ 87
|
$ 87
|
$ 87
|
$ 87
|
$ 87
|
Senior Securities Coverage per Unit |
[2] |
$ 2,402
|
[1] |
$ 2,342
|
$ 2,869
|
$ 2,714
|
$ 2,841
|
$ 2,702
|
General Description of Registrant [Abstract] |
|
|
|
|
|
|
|
|
Investment Objectives and Practices [Text Block] |
|
The Fund’s primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective.
Principal Investment Strategies
The preponderance of the Fund’s assets are invested in a diversified portfolio of debt securities issued by U.S. and non-U.S. corporations and governments, some of which may carry equity features. The Fund emphasizes corporate debt securities which pay interest on a fixed or contingent basis and which may possess certain equity features, such as conversion or exchange rights, warrants for the acquisition of the stock of the same or different issuers, or participations based on revenues, sales or profits.
The Fund may invest up to 70% of its net assets (plus borrowings for investment purposes) in debt securities rated below investment grade, commonly known as “junk bonds.” The Fund also may purchase preferred securities and may acquire common stock through the exercise of conversion or exchange rights acquired in connection with other securities owned by the Fund. The Fund will not acquire any additional preferred securities or common stock if as a result of that acquisition the value of all preferred securities and common stocks in the Fund’s portfolio would exceed 20% of its total assets. Up to 50% of the value of the Fund’s assets may be invested in restricted securities acquired through private placements. The Fund may also purchase mortgage-backed securities.
At least 30% of Fund’s net assets (plus borrowings for investment purposes) will be represented by (a) debt securities which are rated, at the time of acquisition, investment grade (i.e., at least “Baa” by Moody’s Investors Service, Inc. (Moody’s) or “BBB” by Standard & Poor’s Global Ratings Inc. (S&P)) or in unrated securities determined by the Subadvisor to be of comparable credit quality, (b) securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, and (c) cash or cash equivalents.
The Fund may also invest in derivatives such as foreign currency forward contracts, credit default swaps, futures contracts, options, foreign currency swaps, interest-rate swaps, swaps and reverse repurchase agreements. The fund utilizes a liquidity agreement to increase its assets available for investments and may also seek to obtain additional income or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets. In addition, the Fund may invest in repurchase agreements. The Fund may also invest up to 20% of its total assets in illiquid securities.
The Advisor may also take into consideration environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment selection process. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.
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Risk Factors [Table Text Block] |
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As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund’s net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.
The fund’s main risks are listed below in alphabetical order, not in order of importance.
Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund.
Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.
Cybersecurity and operational risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.
Economic and market events risk. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.
As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia’s economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time.
A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the coronavirus disease (COVID-19) has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.
Equity securities risk. The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.
ESG integration risk. The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. In certain situations, the extent to which these ESG factors may be applied according to the manager’s integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming funds that do not utilize ESG criteria or funds that utilize different ESG criteria. Integration of ESG factors into the fund’s investment process may result in a manager making different investments for the fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and the fund’s
investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in the fund’s investments.
Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed. Changes in a security’s credit qualify may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.
Foreign securities risk. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. If applicable, depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.
Hedging, derivatives, and other strategic transactions risk. Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, credit default swaps, futures contracts, options, foreign currency swaps, interest-rate swaps, swaps, and reverse repurchase agreements. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund’s ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund’s NAV.
Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.
Leveraging risk. Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund’s losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Liquidity Agreement to increase its assets available for investment. See “Note 7 — Leverage risk” above.
LIBOR discontinuation risk. The publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments have used or continue to use as the reference or benchmark rate for interest rate calculations, was discontinued for certain maturities as of December 31, 2021, and is expected to be discontinued on June 30, 2023 for the remaining maturities. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the fund’s performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR.
Liquidity risk. The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities.
Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.
Mortgage-backed and asset-backed securities risk. Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.
Preferred and convertible securities risk. Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.
U.S. Government agency obligations risk. U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.
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Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
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Outstanding Security, Held [Shares] |
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8,744,547
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Changing Distribution Level Return of Capital Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund.
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Credit and Counterparty Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.
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Cybersecurity and Operational Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Cybersecurity and operational risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.
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Economic and Market Events Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Economic and market events risk. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Financial institutions could suffer losses as interest rates rise or economic conditions deteriorate.
As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent and ultimate result of which are unknown at this time, the United States and the European Union, along with the regulatory bodies of a number of countries, have imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia’s economy, which may result in, among other things, the continued devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a decline in the value and liquidity of Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on companies with operations in the conflict region, the extent to which is unknown at this time.
A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the coronavirus disease (COVID-19) has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.
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Equity Securities Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Equity securities risk. The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.
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ESG Integration Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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ESG integration risk. The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. In certain situations, the extent to which these ESG factors may be applied according to the manager’s integrated investment process may not include U.S. Treasuries, government securities, or other asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager, carries the risk that the fund may perform differently, including underperforming funds that do not utilize ESG criteria or funds that utilize different ESG criteria. Integration of ESG factors into the fund’s investment process may result in a manager making different investments for the fund than for a fund with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and the fund’s investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless include companies with low ESG characteristics or exclude companies with high ESG characteristics in the fund’s investments.
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Fixed Income Securities Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed. Changes in a security’s credit qualify may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.
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Foreign Securities Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Foreign securities risk. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of foreign securities. If applicable, depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.
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Hedging Derivatives and Other Strategic Transactions Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Hedging, derivatives, and other strategic transactions risk. Hedging, derivatives, and other strategic transactions may increase a fund’s volatility and could produce disproportionate losses, potentially more than the fund’s principal investment. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: foreign currency forward contracts, credit default swaps, futures contracts, options, foreign currency swaps, interest-rate swaps, swaps, and reverse repurchase agreements. Foreign currency forward contracts, futures contracts, options, and swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. Derivatives associated with foreign currency transactions are subject to currency risk. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund’s ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund’s NAV.
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Illiquid and Restricted Securities Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.
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Leveraging Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Leveraging risk. Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund’s losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Liquidity Agreement to increase its assets available for investment. See “Note 7 — Leverage risk” above.
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LIBOR Discontinuation Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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LIBOR discontinuation risk. The publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments have used or continue to use as the reference or benchmark rate for interest rate calculations, was discontinued for certain maturities as of December 31, 2021, and is expected to be discontinued on June 30, 2023 for the remaining maturities. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the fund’s performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR.
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Liquidity Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Liquidity risk. The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities.
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Lower Rated and High Yield Fixed Income Securities Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.
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Mortgage Backed and Asset Backed Securities Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Mortgage-backed and asset-backed securities risk. Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.
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Preferred and Convertible Securities Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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Preferred and convertible securities risk. Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.
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U.S. Government Agency Obligations Risk [Member] |
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General Description of Registrant [Abstract] |
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Risk [Text Block] |
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U.S. Government agency obligations risk. U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.
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