John Hancock Investors Trust (the Fund)
John Hancock Tax-Advantaged Global Shareholder Yield Fund (the
Fund)
Supplement dated January 1, 2021 to the current Prospectus (the
Prospectus), as may be supplemented
Effective January 1, 2021, the following information under “Determination
of Net Asset Value” in the “Custodian and Transfer Agent” section is amended and restated as follows:
The Fund’s net asset value per Common
Share (“NAV”) is normally determined each business day at the close of regular trading on the NYSE (typically 4:00
p.m. Eastern Time, on each business day that the NYSE is open) by dividing the Fund’s net assets by the number of Common
Shares outstanding. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing
at a time other than the regularly scheduled close, the NAV may be determined as of the regularly scheduled close of the NYSE pursuant
to the Fund’s Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders
are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. On holidays
or other days when the NYSE is closed, the NAV is not calculated. Trading of securities that are primarily listed on foreign exchanges
may take place on weekends and U.S. business holidays on which the Fund’s NAV is not calculated. Consequently, the Fund’s
portfolio securities may trade and the NAV of the Fund’s Common Shares may be significantly affected on days when a shareholder
will not be able to purchase or sell the Fund’s Common Shares.
Portfolio securities are valued by various methods
that are generally described below. Portfolio securities also may be fair valued by the Fund’s Pricing Committee in certain
instances pursuant to procedures established by the Trustees. Equity securities are generally valued at the last sale price or,
for certain markets, the official closing price as of the close of the relevant exchange. Securities not traded on a particular
day are valued using last available bid prices. A security that is listed or traded on more than one exchange is typically valued
at the price on the exchange where the security was acquired or most likely will be sold. In certain instances, the Pricing Committee
may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market
on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and
trading occurred as normal on another exchange or market. Equity securities traded principally in foreign markets are typically
valued using the last sale price or official closing price in the relevant exchange or market, as adjusted by an independent pricing
vendor to reflect fair value. On any day a foreign market is closed and the NYSE is open, any foreign securities will typically
be valued using the last price or official closing price obtained from the relevant exchange on the prior business day adjusted
based on information provided by an independent pricing vendor to reflect fair value. Debt obligations are typically valued based
on evaluated prices provided by an independent pricing vendor. The value of securities denominated in foreign currencies is converted
into U.S. dollars at the exchange rate supplied by 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. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices. Futures contracts whose
settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures
contracts are typically valued at the last traded price on the exchange on which they trade. Foreign equity index futures that
trade in the electronic trading market subsequent to the close of regular trading may be valued at the last traded price in the
electronic trading market as of the close of the NYSE, or may be fair valued based on fair value adjustment factors provided by
an independent pricing vendor in order to adjust for events that may occur between the close of foreign exchanges or markets and
the close of the NYSE. Swaps and unlisted options are generally valued using evaluated prices obtained from an independent pricing
vendor. Shares of open-end investment companies that are not exchange-traded funds (“ETFs”) held by the Fund are valued
based on the NAVs of such other investment companies.
Pricing vendors may use matrix pricing or valuation
models that utilize certain inputs and assumptions to derive values, including transaction data, broker-dealer quotations, credit
quality information, general market conditions, news, and other factors and assumptions. The Fund may receive different prices
when it sells odd-lot positions than it would receive for sales of institutional round lot positions. Pricing vendors generally
value securities assuming orderly transactions of institutional round lot sizes, but the Fund may hold or transact in such securities
in smaller, odd lot sizes.
The Pricing Committee engages in oversight activities
with respect to the Fund’s pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations
above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting
periodic due diligence meetings and reviews, and
periodically reviewing the inputs, assumptions
and methodologies used by these vendors. Nevertheless, market quotations, official closing prices, or information furnished by
a pricing vendor could be inaccurate, which could lead to a security being valued incorrectly.
If market quotations, official closing prices,
or information furnished by a pricing vendor are not readily available or are otherwise deemed unreliable or not representative
of the fair value of such security because of market- or issuer-specific events, a security will be valued at its fair value as
determined in good faith by the Trustees. The Trustees are assisted in their responsibility to fair value securities by the Fund’s
Pricing Committee, and the actual calculation of a security’s fair value may be made by the Pricing Committee acting pursuant
to the procedures established by the Trustees. In certain instances, therefore, the Pricing Committee may determine that a reported
valuation does not reflect fair value, based on additional information available or other factors, and may accordingly determine
in good faith the fair value of the assets, which may differ from the reported valuation.
Fair value pricing of securities is intended
to help ensure that the Fund’s NAV reflects the fair market value of the Fund’s portfolio securities as of the close
of regular trading on the NYSE (as opposed to a value that no longer reflects market value as of such close). The use of fair value
pricing has the effect of valuing a security based upon the price the Fund might reasonably expect to receive if it sold that security
in an orderly transaction between market participants, but does not guarantee that the security can be sold at the fair value price.
Further, because of the inherent uncertainty and subjective nature of fair valuation, a fair valuation price may differ significantly
from the value that would have been used had a readily available market price for the investment existed and these differences
could be material.
Regarding the Fund’s investment in an
open-end investment company that is not an ETF, which (as noted above) is valued at such investment company’s NAV, the prospectus
for such investment company explains the circumstances and effects of fair value pricing for that investment company.
You should read this Supplement in conjunction
with the Prospectus and retain it for your future reference.
John Hancock Investors Trust (the Fund)
John Hancock Tax-Advantaged Global Shareholder Yield Fund (the
Fund)
Supplement dated January 1, 2021 to the current Statement of Additional
Information (the SAI), as may be supplemented
Effective January 1, 2021, the following information under the heading
“Determination of Net Asset Value” is amended and restated as follows:
The Fund’s net asset value per Common
Share (“NAV”) is normally determined each business day at the close of regular trading on the NYSE (typically 4:00
p.m. Eastern Time, on each business day that the NYSE is open) by dividing the Fund’s net assets by the number of Common
Shares outstanding. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing
at a time other than the regularly scheduled close, the NAV may be determined as of the regularly scheduled close of the NYSE pursuant
to the Fund’s Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders
are accepted may vary to the extent permitted by the Securities and Exchange Commission and applicable regulations. On holidays
or other days when the NYSE is closed, the NAV is not calculated. Trading of securities that are primarily listed on foreign exchanges
may take place on weekends and U.S. business holidays on which the Fund’s NAV is not calculated. Consequently, the Fund’s
portfolio securities may trade and the NAV of the Fund’s Common Shares may be significantly affected on days when a shareholder
will not be able to purchase or sell the Fund’s Common Shares.
Portfolio securities are valued by various methods
that are generally described below. Portfolio securities also may be fair valued by the Fund’s Pricing Committee in certain
instances pursuant to procedures established by the Trustees. Equity securities are generally valued at the last sale price or,
for certain markets, the official closing price as of the close of the relevant exchange. Securities not traded on a particular
day are valued using last available bid prices. A security that is listed or traded on more than one exchange is typically valued
at the price on the exchange where the security was acquired or most likely will be sold. In certain instances, the Pricing Committee
may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market
on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and
trading occurred as normal on another exchange or market. Equity securities traded principally in foreign markets are typically
valued using the last sale price or official closing price in the relevant exchange or market, as adjusted by an independent pricing
vendor to reflect fair value. On any day a foreign market is closed and the NYSE is open, any foreign securities will typically
be valued using the last price or official closing price obtained from the relevant exchange on the prior business day adjusted
based on information provided by an independent pricing vendor to reflect fair value. Debt obligations are typically valued based
on evaluated prices provided by an independent pricing vendor. The value of securities denominated in foreign currencies is converted
into U.S. dollars at the exchange rate supplied by 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. Exchange-traded options are valued at the mid-price of the last quoted bid and ask prices. Futures contracts whose
settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures
contracts are typically valued at the last traded price on the exchange on which they trade. Foreign equity index futures that
trade in the electronic trading market subsequent to the close of regular trading may be valued at the last traded price in the
electronic trading market as of the close of the NYSE, or may be fair valued based on fair value adjustment factors provided by
an independent pricing vendor in order to adjust for events that may occur between the close of foreign exchanges or markets and
the close of the NYSE. Swaps and unlisted options are generally valued using evaluated prices obtained from an independent pricing
vendor. Shares of open-end investment companies that are not exchange-traded funds (“ETFs”) held by the Fund are valued
based on the NAVs of such other investment companies.
Pricing vendors may use matrix pricing or valuation
models that utilize certain inputs and assumptions to derive values, including transaction data, broker-dealer quotations, credit
quality information, general market conditions, news, and other factors and assumptions. The Fund may receive different prices
when it sells odd-lot positions than it would receive for sales of institutional round lot positions. Pricing vendors generally
value securities assuming orderly transactions of institutional round lot sizes, but the Fund may hold or transact in such securities
in smaller, odd lot sizes.
The Pricing Committee engages in oversight activities
with respect to the Fund’s pricing vendors, which includes, among other things, monitoring significant or unusual price fluctuations
above predetermined tolerance levels from the prior day, back-testing of pricing vendor prices against actual trades, conducting
periodic due diligence meetings and reviews, and periodically reviewing the inputs, assumptions and methodologies used by these
vendors.
Nevertheless, market quotations, official closing
prices, or information furnished by a pricing vendor could be inaccurate, which could lead to a security being valued incorrectly.
If market quotations, official closing prices,
or information furnished by a pricing vendor are not readily available or are otherwise deemed unreliable or not representative
of the fair value of such security because of market- or issuer-specific events, a security will be valued at its fair value as
determined in good faith by the Trustees. The Trustees are assisted in their responsibility to fair value securities by the Fund’s
Pricing Committee, and the actual calculation of a security’s fair value may be made by the Pricing Committee acting pursuant
to the procedures established by the Trustees. In certain instances, therefore, the Pricing Committee may determine that a reported
valuation does not reflect fair value, based on additional information available or other factors, and may accordingly determine
in good faith the fair value of the assets, which may differ from the reported valuation.
Fair value pricing of securities is intended
to help ensure that the Fund’s NAV reflects the fair market value of the Fund’s portfolio securities as of the close
of regular trading on the NYSE (as opposed to a value that no longer reflects market value as of such close). The use of fair value
pricing has the effect of valuing a security based upon the price the Fund might reasonably expect to receive if it sold that security
in an orderly transaction between market participants, but does not guarantee that the security can be sold at the fair value price.
Further, because of the inherent uncertainty and subjective nature of fair valuation, a fair valuation price may differ significantly
from the value that would have been used had a readily available market price for the investment existed and these differences
could be material.
Regarding the Fund’s investment in an
open-end investment company that is not an ETF, which (as noted above) is valued at such investment company’s NAV, the prospectus
for such investment company explains the circumstances and effects of fair value pricing for that investment company.
You should read this Supplement in conjunction
with the SAI and retain it for future reference.
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