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<SEC-DOCUMENT>0000928816-08-000338.txt : 20080307
<SEC-HEADER>0000928816-08-000338.hdr.sgml : 20080307
<ACCEPTANCE-DATETIME>20080307153830
ACCESSION NUMBER:		0000928816-08-000338
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080307
DATE AS OF CHANGE:		20080307
EFFECTIVENESS DATE:		20080307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN INVESTORS TRUST
		CENTRAL INDEX KEY:			0000759828
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04173
		FILM NUMBER:		08674161

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>a_investorstrust.htm
<DESCRIPTION>JOHN HANCOCK INVESTORS TRUST
<TEXT>
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<P align=center><FONT face=sans-serif>UNITED STATES </FONT><BR>
<FONT face=sans-serif>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face=sans-serif>Washington, D.C. 20549</FONT><BR>
<BR>
<B><FONT face=sans-serif>FORM N-CSR</FONT></B><BR>
<BR>
<B><FONT face=sans-serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B><BR>
<BR>
<B><FONT face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B><BR>
<BR>
<FONT face=sans-serif>Investment Company Act file number </FONT><U><FONT face=sans-serif>811- 4173</FONT></U><BR>
<BR>
<U><FONT face=sans-serif>John Hancock Investors Trust</FONT></U><FONT face=sans-serif> </FONT><BR>
<FONT face=sans-serif>(Exact name of registrant as specified in charter)</FONT><BR>
<BR>
<U><FONT face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U><FONT face=sans-serif> </FONT><BR>
<FONT face=sans-serif>(Address of principal executive offices) (Zip code)</FONT><BR>
<BR>
<FONT face=sans-serif>Alfred P. Ouellette</FONT><BR>
<FONT face=sans-serif>Senior Counsel and Assistant Secretary </FONT><BR>
<BR>
<FONT face=sans-serif>601 Congress Street</FONT><BR>
<BR>
<U><FONT face=sans-serif>Boston, Massachusetts 02210</FONT></U><FONT face=sans-serif> </FONT><BR>
<FONT face=sans-serif>(Name and address of agent for service)</FONT></P>
<P align=left><FONT face=sans-serif>Registrant's telephone number, including area code: </FONT><U><FONT face=sans-serif>617-663-4324</FONT></U><FONT face=sans-serif> </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
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     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif>Date of fiscal year end:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>December</FONT>&nbsp; <FONT face=sans-serif>31</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif>Date of reporting period:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif>December</FONT>&nbsp; <FONT face=sans-serif>31, 2007</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>ITEM 1. REPORT TO SHAREHOLDERS. </FONT></P>
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<P align=left><FONT face=serif size=7>Discussion of Fund performance</FONT></P>
<P align=left><FONT face=sans-serif size=2>By MFC Global Investment Management (U.S.), LLC</FONT></P>
<P align=left><FONT face=serif size=2>The U.S. bond market enjoyed solid gains in 2007, with most of the advance occurring in the last six months. Bonds were largely unchanged in the first half of the year, but a meltdown in the housing and mortgage markets over the last six months led to greater interest rate volatility and several interest rate cuts from the Federal Reserve. As a result, bonds rallied, with Treasury bonds delivering the best returns, while high-yield corporate bonds lagged.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>&#147;The U.S. bond market enjoyed</FONT></B><BR>
<B><FONT face=sans-serif size=2>solid gains in 2007, with most of</FONT></B><BR>
<B><FONT face=sans-serif size=2>the advance occurring in the last</FONT></B><BR>
<B><FONT face=sans-serif size=2>six months.&#148;</FONT></B></P>
<P align=left><FONT face=serif size=2>For the year ended December 31, 2007, John Hancock Investors Trust produced a total return of 3.73% at net asset value (NAV) and &#150;4.00% at market value. The Fund&#146;s NAV return and its market performance differ because the market share price is subject to the dynamics of secondary market trad</FONT><FONT face=serif size=2>ing, which could cause it to trade at a discount or premium to the Fund&#146;s NAV share price at any time. By comparison, the average closed-end intermediate-term bond fund returned 3.43%, according to Morningstar, Inc., and the Lehman Brothers Government/ Credit Bond Index returned 7.23% . The Fund&#146;s current annualized distribution rate was 6.66% at closing NAV and 7.52% at closing market price. The portfolio&#146;s sector weightings were the main reason behind the underperformance of the benchmark index and Morningstar peer group, primarily over the last six months. An underweight in Treasury bonds and an overweight in corporate bonds, i
ncluding a healthy weighting in high yield securities, detracted from results. Within the corporate sector, our financial holdings had the biggest negative impact on performance. The most significant underperformer was real estate investment trust Public Storage REIT, Inc. which owns and operates self-storage facilities. On the positive side, beverage maker Ocean Spray Cranberries, Inc. and ASG Consolidated LLC, which runs a fleet of fishing boats in Alaska, added value during the year. In the mortgage-backed sector, the portfolio benefited from its exposure to interest-only securities backed by &#147;pay-option&#148; mortgages, which generated strong returns. A steeper yield curve also boosted performance as the portfolio was positioned to benefit from this environment.</FONT></P>
<P align=left><FONT face=sans-serif size=1>This commentary reflects the views of the portfolio managers through the end of the Fund&#146;s period discussed in this report. The managers&#146; statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>6</FONT></P>
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<P align=left><FONT face=serif size=7>Portfolio summary</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="24%"></TD>
     <TD width="24%"></TD>
     <TD width="6%" background=""></TD>
     <TD width="24%"></TD>
     <TD align=right width="24%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Quality distribution</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>54%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9%</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="">&nbsp;</TD>
     <TD align=right background="">&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Sector distribution</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Government-U.S. Agency</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>44%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Materials</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mortgage bonds</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Utilities</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Consumer discretionary</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Energy</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Financials</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Consumer staples</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Telecommunication services</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Information technology</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Industrials</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background="">&nbsp;</TD>
     <TD background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<IMG src="investorstrustx3x1.jpg" border=0>
<BR>
<P align=left><SUP><FONT face=sans-serif size=1>1</FONT></SUP><FONT face=sans-serif size=1> As a percentage of the Fund&#146;s total investments on December 31, 2007.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>7</FONT></P>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<P align=left><FONT face=serif size=7>Fund&#146;s investments</FONT></P>
<P align=left><FONT face=sans-serif size=4>Securities owned by the Fund on 12-31-07 </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This schedule is divided into five main categories: bonds, preferred stocks, tranche loans, U.S. government and agencies securities, and short-term investments. Bonds, preferred stocks, tranche loans and U.S. government and agencies securities are further broken down by industry group. Short-term investments, which represent the Fund&#146;s cash position, are listed last.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="38%"></TD>
     <TD width="15%"></TD>
     <TD align=left width="6%" background=""></TD>
     <TD align=left width="10%"></TD>
     <TD align=left width="10%"></TD>
     <TD align=right width="6%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Bonds 80.08%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$127,839,397</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $131,565,969)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Aerospace &amp; Defense 0.12%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>197,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>L-3 Communications Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$200</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>197,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Agricultural Products 0.29%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>462,500</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cosan SA Industria e Comercio,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Perpetual Bond (Brazil) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-49</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>462,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Airlines 1.70%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,710,814</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Continental Airlines, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pass Thru Ctf Ser 1999-1A (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.545</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-02-19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>378</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>380,123</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pass Thru Ctf Ser 2000-2 Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.307</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-02-19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>383</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>380,393</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pass Thru Ctf Ser 2001-1 Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.033</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>154</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>149,071</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Delta Airlines, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Collateralized Bond (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.821</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-10-22</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>930</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>970,827</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Northwest Airlines, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Collateralized Note Ser 07-1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.027</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-01-19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>865</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>830,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Aluminum 0.53%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>852,025</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CII Carbon LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11.125</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>865</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>852,025</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Broadcasting &amp; Cable TV 4.21%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>6,721,625</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Canadian Satellite Radio</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Holdings, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (Canada) (F)(G)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12.750</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,980,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Charter Communications Holdings</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>II LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-15-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,960,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Shaw Communications, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (Canada) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-11-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,048,750</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Videotron Ltee,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note (Canada) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>281,625</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>XM Satellite Radio, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.750</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-01-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,451,250</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_5"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Casinos &amp; Gaming 6.76%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$10,797,103</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Chukchansi Economic Development</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Authority,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.000%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-15-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$440</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>429,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Down Stream Development Authority</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>of the Quapaw Tribe of Oklahoma,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sec Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,870,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Great Canadian Gaming Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note (Canada) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>990,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Indianapolis Downs LLC &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Capital Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sec Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-01-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>395</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>381,175</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Isle of Capri Casinos, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-01-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>505</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>414,100</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jacobs Entertainment, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.750</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>930,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Little Traverse Bay Bands of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Odawa Indians,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,005,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mashantucket West Pequot,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bond (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.912</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-01-21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>275</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>262,328</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mohegan Tribal Gaming Authority,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sub Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.125</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>967,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MTR Gaming Group, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.750</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-01-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>800,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-01-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>350</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>329,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pinnacle Entertainment, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sub Note (L)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>907,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pokagon Gaming Authority,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>537,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Waterford Gaming LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.625</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>974</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>974,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Commodity Chemicals 0.64%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,015,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sterling Chemicals, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sec Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-01-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,015,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><B><FONT face=sans-serif size=1>Construction &amp; Farm Machinery &amp; Heavy Trucks 0.48%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>771,375</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Manitowoc Co., Inc. (The),</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.125</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-01-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>495,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Odebrecht Finance Ltd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note (Cayman Islands) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-18-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>275</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>276,375</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Consumer Finance 2.50%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>3,983,402</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CIT Group, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-13-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>360</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>316,924</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ford Motor Credit Co.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-28-09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,925</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,811,899</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.800</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-01-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>310</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>271,765</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.750</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-15-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>980</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>935,118</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>HSBC Finance Capital Trust IX,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Note (5.911% to 11-30-15 then</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>variable)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.911</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-30-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>647,696</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_6"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>

<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="6%"></TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Banks 2.09%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$3,341,706</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bancolombia SA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sub Bond (Colombia) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.875%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-25-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$400</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>372,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Barclays Bank Plc,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Perpetual Bond (6.860% to 6-15-32</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>then variable) (United</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Kingdom) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.860</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-29-49</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,595</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,487,575</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Chuo Mitsui Trust &amp; Banking Co.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Perpetual Sub Note (5.506% to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>4-15-15 then variable)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Japan) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.506</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-49</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>905</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>832,138</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Royal Bank of Scotland Group Plc,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Perpetual Bond (7.648% to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>9-30-31 then variable) (United</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Kingdom) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.648</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-29-49</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>630</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>649,993</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Chemicals 1.24%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,974,550</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NOVA Chemicals Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Med Term Note (Canada) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.400</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-01-09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,955</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,974,550</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><B><FONT face=sans-serif size=1>Diversified Commercial &amp; Professional Services 1.37%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,192,868</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ARAMARK Co.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Floating Rate Note (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.411</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-01-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>585</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>570,375</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Grupo Kuo SAB de CV,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note (Mexico) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.750</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-17-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>515</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>508,562</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hutchison Whampoa</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>International Ltd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note (Cayman</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Islands) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-13-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>788,431</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MSX International, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sec Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-01-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>350</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>325,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Financial Services 2.30%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>3,666,038</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beaver Valley Funding Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sec Lease Obligation Bond</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-01-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>897</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,010,488</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cosan Finance Ltd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Bond (Brazil) (F)(L)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-01-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>820</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>768,750</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Independencia International Ltd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Bond (Brazil) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-31-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,280</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,280,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Orascom Telecom Finance SCA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Note (Egypt) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-08-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>360</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>340,200</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TAM Capital, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note (Cayman Islands) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-25-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>310</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>266,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Diversified Metals &amp; Mining 0.76%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,219,750</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Freeport-McMoRan Copper &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gold, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-01-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>220</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>235,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-01-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>505,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Vedanta Resources Plc,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (United Kingdom) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.625</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-22-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>480</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>478,800</FONT>&nbsp; </TD></TR></TABLE><BR>

<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_7"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD align=left width="6%" background="">&nbsp;</TD>
     <TD align=left width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="6%"></TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Electric Utilities 4.04%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$6,444,507</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AES Eastern Energy LP,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Pass Thru Ctf Ser 1999-A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.000%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-02-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,133</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,225,989</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>BVPS II Funding Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Collateralized Lease Bond</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.890</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-01-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>700</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>787,128</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CE Generation LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sec Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.416</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-18</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>685</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>704,291</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>FPL Energy National Wind,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sec Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.608</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-10-24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>334</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>334,439</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>HQI Transelect Chile SA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (Chile) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-15-11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,175</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,268,575</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Indiantown Cogeneration LP,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>1st Mtg Note Ser A-9</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.260</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>286</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>298,029</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IPALCO Enterprises, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sec Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.625</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-14-11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>315</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>329,175</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PNPP II Funding Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Deb</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.120</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-30-16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>425</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>501,521</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>TXU Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sec Bond</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.460</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-01-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>525</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>478,781</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Waterford 3 Funding Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sec Lease Obligation Bond</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.090</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-02-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>516</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>516,579</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Electronic Equipment Manufacturers 0.49%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>774,757</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Thomas &amp; Betts Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-01-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>745</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>774,757</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Food Distributors 0.38%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>609,600</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sadia Overseas Ltd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Note (Brazil) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-24-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>635</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>609,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Health Care Facilities 0.64%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,025,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hanger Orthopedic Group, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-01-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,025,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Health Care Services 0.13%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>204,250</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Alliance Imaging, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sub Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>215</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>204,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Health Care Supplies 0.17%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>268,975</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bausch &amp; Lomb, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-01-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>265</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>268,975</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Hotels, Resorts &amp; Cruise Lines 1.04%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,662,112</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>HRP Myrtle Beach Operations</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>LLC/HRP Myrtle Beach Operations</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Capital Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sec Floating Rate Note (P)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.894</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-01-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,745</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,662,112</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Industrial Conglomerates 0.37%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>585,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Waste Services, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>585,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Industrial Machinery 0.27%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>436,555</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trinity Industries, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pass Thru Ctf (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.755</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>439</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>436,555</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_8"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="6%"></TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Integrated Oil &amp; Gas 0.87%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$1,389,791</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pemex Project Funding</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Master Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.125%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-13-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$125</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>138,125</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Petro-Canada,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Deb (Canada) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-15-21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,251,666</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Integrated Telecommunication Services 3.45%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5,499,529</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Axtel SAB de CV,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (Mexico) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.625</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-01-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>810</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>810,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bellsouth Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Deb</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.300</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>878</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>919,779</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cincinnati Bell, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sub Note (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>975,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Citizens Communications Co.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.125</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-15-19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>530</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>503,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Qwest Capital Funding, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-03-09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,700</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,695,750</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>West Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-15-16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>595,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Investment Banking &amp; Brokerage 0.47%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>757,830</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mizuho Financial Group</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cayman Ltd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sub Bond (Cayman Islands) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-29-49</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>757,830</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>It Consulting &amp; Other Services 0.84%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,335,066</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NCR Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.125</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>375</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>387,566</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Unisys Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-15-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>947,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Life &amp; Health Insurance 0.32%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>511,927</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Symetra Financial Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jr Sub Bond (P)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.300</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-15-37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>520</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>511,927</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Marine 1.39%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,224,162</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Minerva Overseas Ltd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Note (Cayman Islands) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-01-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,255</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,201,662</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Navios Maritime Holdings, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (Marshall Islands) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,022,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Metal &amp; Glass Containers 1.00%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,592,900</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>BWAY Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-15-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,085</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,074,150</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Owens-Brockway Glass</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Container, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-15-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>518,750</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Multi-Line Insurance 0.77%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,229,584</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Liberty Mutual Group,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bond (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-15-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>515</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>502,518</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sul America Participacoes SA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bond (Brazil) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.625</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>705</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>727,066</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_9"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Multi-Media 0.75%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$1,193,418</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>News America Holdings,</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Deb</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.750%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-20-24</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$980</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,102,218</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Quebecor Media, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (Canada) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.750</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-15-16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>95</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>91,200</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Multi-Utilities 1.02%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,632,577</FONT></B>&nbsp; </TD></TR>
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     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>CalEnergy Co., Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Bond</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.480</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-15-28</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>525</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>641,459</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Salton Sea Funding Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sec Note Ser C</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.840</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-30-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>958</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>991,118</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Oil &amp; Gas Drilling 0.87%</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,388,163</FONT></B>&nbsp; </TD></TR>
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     <TD colSpan=7>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Delek &amp; Avner-Yam Tethys Ltd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sec Note (Israel) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.326</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-01-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>254</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>255,463</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>Gazprom,</FONT>&nbsp; </TD>
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     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Loan Part Note (Germany) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.625</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-01-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,132,700</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
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     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Oil &amp; Gas Storage &amp; Transportation 0.90%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,431,283</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Atlas Pipeline Partners LP,</FONT>&nbsp; </TD>
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     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.125</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>140</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>138,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Copano Energy LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.125</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-01-16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>251,875</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Markwest Energy Partners</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>LP/Markwest Energy</FONT>&nbsp; </TD>
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     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Finance Corp.,</FONT>&nbsp; </TD>
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     <TD noWrap align=left background=""></TD>
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     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>07-15-16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>502,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NGPL PipeCo LLC,</FONT>&nbsp; </TD>
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     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.119</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>525</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>538,308</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Oil &amp; Gas Exploration &amp; Production 1.33%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,122,600</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dune Energy, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sec Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-01-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,150,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Energy XXI Gulf Coast, Inc.,</FONT>&nbsp; </TD>
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     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>550,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>McMoRan Exploration Co.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>420</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>422,100</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Packaged Foods &amp; Meats 0.69%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,103,300</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ASG Consolidated LLC/ASG</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Finance, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Disc Note (Zero to 11-1-08,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>then 11.500%) (O)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>Zero</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-01-11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,180</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,103,300</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Paper Packaging 1.48%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2,369,406</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Stone Container Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>07-01-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>992,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-15-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,425</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,376,906</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Paper Products 0.21%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>340,158</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Plum Creek Timber Co., Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>345</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>340,158</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Property &amp; Casualty Insurance 0.50%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>804,460</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ohio Casualty Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.300</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>804,460</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_10"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Publishing 0.25%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$406,640</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dex Media West,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.875%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-15-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$391</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>406,640</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Real Estate Management &amp; Development 0.27%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>427,644</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Healthcare Realty Trust, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.125</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-01-11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>165</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>180,144</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ventas Realty LP/Capital Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.625</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>250</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>247,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Regional Banks 0.74%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,173,505</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NB Capital Trust IV,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Cap Security</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-15-27</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,130</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,173,505</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Restaurants 0.59%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>945,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dave &amp; Buster&#146;s, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>945,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Specialized Finance 2.75%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4,382,254</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Astoria Depositor Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pass Thru Ctf Ser B (G)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.144</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-01-21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>761,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bosphorous Financial Services,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sec Floating Rate Note (P)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.669</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>495,115</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCM Merger, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-01-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>942,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Drummond Co., Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,391,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ESI Tractebel Acquistion Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sec Bond Ser B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.990</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-30-11</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>784</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>792,139</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Specialized REITs 0.21%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>328,772</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Health Care REIT, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.200</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-01-16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>345</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>328,772</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Specialty Chemicals 0.35%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>566,412</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>American Pacific Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-01-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>565</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>566,412</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Steel 0.93%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,481,250</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ryerson, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sec Note (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-01-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,481,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Systems Software 0.14%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>222,950</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Vengent, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Sub Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.625</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>260</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>222,950</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Thrifts &amp; Mortgage Finance 20.76%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>33,133,749</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>American Home Mortgage Assets,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-6</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class XP IO</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.580</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-25-46</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,262</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>613,390</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>American Home Mortgage</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investment Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class GIOP IO (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.154</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-25-47</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,141</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>488,486</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Banc of America Funding Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-B</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 6A1 (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.880</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>03-20-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,037</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,035,323</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_11"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="6%"></TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Thrifts &amp; Mortgage Finance (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Banc of America Funding Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-D</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 6B2 (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.946%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-20-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,761</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$1,512,183</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bear Stearns Alt-A Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-3</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class B2 (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.352</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-25-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>431</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>440,943</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-4</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 3B1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.342</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>07-25-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,465</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,264,121</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Citigroup Mortgage Loan</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trust, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-5</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 2A3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-25-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>503</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>501,280</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>ContiMortgage Home Equity</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Loan Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Pass Thru Ctf Ser 1995-2</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class A-5</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.100</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-15-25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>75</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>75,238</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Countrywide Alternative</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Loan Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-59</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 2X IO (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.428</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-20-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,964</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>278,744</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-0A8</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class X IO (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.987</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>07-25-46</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10,249</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>390,737</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-0A10</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class XPP IO (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.974</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-25-46</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5,361</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>199,349</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-0A12</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class X IO (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.839</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-20-46</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>64,050</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,042,358</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-11CB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 3A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-25-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,200</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,145,082</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-0A8</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class X IO</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-25-47</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,645</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>263,741</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Crown Castle Towers LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-1A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class G (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.795</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-15-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ba2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>945,300</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DB Master Finance LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class M1 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.285</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-20-31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,003,700</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dominos Pizza Master Issuer LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class M1 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.629</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-25-37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>951,890</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>DSLA Mortgage Loan Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-AR5</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class X2 IO (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.151</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-19-45</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>28,718</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>915,375</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>First Horizon Alternative</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mortgage Securities,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2004-AA5</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class B1 (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.211</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-25-34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>285</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>279,244</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-AA2</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class B1 (G)(P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.184</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-25-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>249</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>194,702</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Global Signal Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sub Bond Ser 2004-2A Class D (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.093</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-14</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>385</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>376,834</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sub Bond Ser 2006-1 Class E (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.495</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>370</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>359,936</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_12"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="37%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Thrifts &amp; Mortgage Finance (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Global Tower Partners Acquisition</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Partners LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sub Bond Ser 2007-1A Class G (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.874%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-15-37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$360</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$345,298</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>GS Mortgage Securities Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-NIM3</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class N1 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.414</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-25-46</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>A2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>133</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>132,427</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-NIM3</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class N2 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.112</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-25-46</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>65</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>64,545</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>GSR Mortgage Loan Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2004-9</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class B1 (G)(P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.240</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-25-34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>937</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>945,817</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-4F</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 6A1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-25-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,897</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,910,837</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>HarborView Mortgage Loan Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-8</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 1X IO (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.294</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-19-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,594</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>213,595</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-3</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class ES IO (G)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.350</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-19-47</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,228</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>124,245</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-4</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class ES IO (G)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.304</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>07-19-47</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,165</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>143,971</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-6</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class ES IO (G)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.292</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-19-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,529</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>88,268</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Harborview NIM Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-9A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class N2 (G)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.350</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-19-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,565</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,557,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-2A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class N2 (P)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.870</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-25-37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>107</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>106,413</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Indymac Index Mortgage Loan Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2004-AR13</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class B1</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.296</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-25-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>333</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>326,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-AR5</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class B1 (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.440</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-25-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>481</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>490,931</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-AR18</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 1X IO</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.307</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-25-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>16,138</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>504,316</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Luminent Mortgage Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class X IO</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2.462</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-25-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>23,561</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>809,921</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Merrill Lynch Mortgage Investors Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-AF1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class MF1 (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.105</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-25-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,247</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,125,992</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Provident Funding Mortgage</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Loan Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-1</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class B1 (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.379</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-25-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>383</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>366,939</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>SBA CMBS Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sub Bond Ser 2005-1A Class D (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.219</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-15-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>225</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>220,232</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sub Bond Ser 2005-1A Class E (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.706</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-15-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>200</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>195,801</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sharps SP I LLC Net Interest</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Margin Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2006-CW4N</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class NB (S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.250</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-25-46</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa3</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>41</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>40,377</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_13"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
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     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
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     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Thrifts &amp; Mortgage Finance (continued)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Washington Mutual Alternative</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Loan Trust,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-6</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 1CB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.500%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-25-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$472</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$480,878</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Washington Mutual, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2005-AR4</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class B1 (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.672</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-25-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,454</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,390,907</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-0A5</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 1XPP IO</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.806</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-25-47</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>44,433</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>555,417</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-0A6</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class 1XPP IO</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.560</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>07-25-47</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>25,337</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>332,552</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mtg Pass Thru Ctf Ser 2007-GA4</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Class ZPPP IO</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.776</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-25-47</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Aaa</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>19,236</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>382,799</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
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     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Wireless Telecommunication Services 3.71%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5,928,555</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Centennial Communications Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (L)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-01-13</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CCC+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,040,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Crown Castle Towers LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sub Bond Ser 2005-1A Class D</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.612</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-15-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Baa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>655</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>648,836</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Digicel Group Ltd.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note (Bermuda) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-15-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Caa2</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,143,750</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mobile Telesystems Finance SA,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note (Luxembourg) (F)(S)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.750</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-30-08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>350</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>350,175</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Nextel Communications, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Note Ser D</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.375</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-01-15</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,230,774</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Rogers Wireless, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sr Sub Note (Canada) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>521,654</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sprint Capital Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Gtd Sr Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.900</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-01-19</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>993,366</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A) </FONT></B></TD>
     <TD noWrap align=right background="">&nbsp;<B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Preferred stocks 1.19%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$1,901,210</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $2,027,026)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Agricultural Products 0.72%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,149,610</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ocean Spray Cranberries, Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>6.25%, Ser A (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,500</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,149,610</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Real Estate Management &amp; Development 0.47%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>751,600</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Public Storage REIT, Inc., 6.50%,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Depositary Shares, Ser W</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BBB+</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>751,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Tranche Loans 0.13%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$204,750</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $210,000)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Health Care Services 0.13%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>204,750</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>IM US Holdings LLC,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Tranche (Second Lien</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Fac), 6-26-15</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>B&#150;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$210</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>204,750</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_14"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>

<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="37%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Credit</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>rating (A)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><B><FONT face=sans-serif size=1>U.S. government and agencies securities 68.07%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$108,666,209</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $107,479,529)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Government U.S. Agency 68.07%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>108,666,209</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Federal Home Loan Mortgage Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>20 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11.250%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-01-16</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$14</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>14,677</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-01-34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,821</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,862,646</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>08-01-37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,867</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,925,010</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-15-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,920,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CMO REMIC 2978-CL</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-15-31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,590</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,626,201</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CMO REMIC 3174-CB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-31</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>300</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>305,401</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Federal National Mortgage Assn.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>15 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-01-08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>65</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>15 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-01-10</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,305</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>15 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>10-01-12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,363</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>15 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>04-01-17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>30</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>31,693</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>15 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-01-21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,364</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,444,736</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Adj Rate Pass Thru Ctf (P)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.315</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-01-35</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,401</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,380,207</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>07-01-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,558</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,657,857</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>09-01-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,704</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,779,904</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-01-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
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     <TD noWrap align=right><FONT face=sans-serif size=1>3,150,065</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=right><FONT face=sans-serif size=1>1,527,238</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=right><FONT face=sans-serif size=1>12,617</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12,815,507</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=right><FONT face=sans-serif size=1>6,283</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6,381,883</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=right><FONT face=sans-serif size=1>1,765</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,792,967</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=right><FONT face=sans-serif size=1>600</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>608,767</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.000</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>172</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>174,421</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,913</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,908,594</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,597</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,596,207</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=sans-serif size=1>01-01-36</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,104</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2,102,265</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-01-37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,952</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,928,154</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-01-37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,800</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,795,397</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>06-01-37</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,977</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,971,727</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CMO REMIC Ser 2006-67-PD</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-25-34</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,180</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,171,596</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>CMO REMIC Ser 3294-NB</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>12-15-29</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>340</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>344,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>05-30-25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,652</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,652,710</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Government National</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mortgage Assn.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>10.000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>11-15-20</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>7,477</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-15-21</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,559</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>30 Yr Pass Thru Ctf</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.500</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>02-15-25</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AAA</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>12</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>13,724</FONT>&nbsp; </TD></TR></TABLE><BR>

<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_15"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="36%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD width="6%" background="">&nbsp;</TD>
     <TD width="10%">&nbsp;</TD>
     <TD width="10%" background="">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Interest</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Maturity</FONT></B>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Par value</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer, description</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>date</FONT></B>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Short-term investments 5.97%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$9,536,692</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(Cost $9,536,369)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Government U.S. Agency 3.07%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4,900,000</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Federal Home Loan Bank,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Disc Note</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4.15% (Y)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>01-02-08</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$4,900</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,900,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Issuer</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Cash Equivalents 2.90%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>4,636,692</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>John Hancock Cash Investment</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trust (T)(W)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>5.10% (Y)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,636,692</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,636,692</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=1>Total investments (Cost $250,818,893) 155.44%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$248,148,258</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Other assets and liabilities, net <B><FONT face=sans-serif size=1>(1.55%)</FONT></B>&nbsp;&nbsp;</FONT></B>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($2,480,905)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><B><FONT face=sans-serif size=1>Fund preferred shares, at liquidation value (53.89%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>($86,026,261)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><B><FONT face=sans-serif size=1>Total net assets applicable to common shareholders 100.00%</FONT></B>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$159,641,092</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the Fund.</FONT></P>
<P align=left><FONT face=sans-serif size=1>IO Interest only (carries notional principal amount) </FONT></P>
<P align=left><FONT face=sans-serif size=1>REIT Real Estate Investment Trust</FONT></P>
<P align=left><FONT face=sans-serif size=1>(A) Credit ratings are unaudited and are rated by Moody&#146;s Investors Service where Standard &amp; Poor&#146;s ratings are not available unless indicated otherwise.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(F) Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer. </FONT></P>
<P align=left><FONT face=sans-serif size=1>(G) Security rated internally by John Hancock Advisers, LLC.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(L) All or a portion of this security is on loan as of December 31, 2007.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(O) Cash interest will be paid on this obligation at the stated rate beginning on the stated date. </FONT></P>
<P align=left><FONT face=sans-serif size=1>(P) Variable rate obligation. The coupon rate shown represents the rate at end of period.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(S) This security is 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 $41,033,698 or 25.70% of the net assets applicable to common shareholders as of December 31, 2007.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(T) Represents investment of securities lending collateral. </FONT></P>
<P align=left><FONT face=sans-serif size=1>(W) Issuer is an affiliate of John Hancock Advisers, LLC.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(Y) Represents current yield on December 31, 2007.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_16"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<P align=left><FONT face=serif size=7>Financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of assets and liabilities</FONT><FONT face=sans-serif size=2> 12-31-07 </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This Statement of Assets and Liabilities is the Fund&#146;s balance sheet. It shows the value of what the Fund owns, is due and owes. You&#146;ll also find the net asset value or common share.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="78%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments in unaffiliated issuers, at value (cost $246,182,201) including</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>$4,615,357 of securities loaned (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$243,511,566</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments in affiliated issuers, at value (cost $4,636,692)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,636,692</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total investments, at value (cost $250,818,893)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>248,148,258</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cash</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>104,919</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Cash collateral at broker for future contracts (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>104,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable for dividends reinvested</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>212,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest receivable</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>3,103,856</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Receivable from affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>18,740</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>251,692,828</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable upon return of securities loaned (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>4,636,692</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Unrealized depreciation of swaps contracts (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>879,686</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable for futures variation margin (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>42,141</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Payable to affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Management fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>332,109</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,465</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Other payables and accrued expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>114,382</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total liabilities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>6,025,475</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Auction Preferred Shares (APS) Series A, including accrued dividends,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>unlimited number of shares of beneficial interest authorized with no par</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>value, 1,720 shares issued, liquidation preference of $25,000 per share</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>43,013,131</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>APS Series B, including accrued dividends, unlimited number of shares of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>beneficial interest authorized with no par value, 1,720 shares issued,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>liquidation preference of $25,000 per share</FONT>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>43,013,130</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Common shares capital paid-in</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>171,384,364</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accumulated net realized loss on investments, financial futures contracts</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>and swap contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(8,626,461)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net unrealized depreciation of investments, financial futures contracts</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>and swap contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(3,571,321)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Undistributed net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>454,510</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets applicable to common shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$159,641,092</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value per common share</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Based on 8,309,412 shares of beneficial interest outstanding &#151; unlimited</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>number of shares authorized with no par value</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$19.21</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_17"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of operations</FONT><FONT face=sans-serif size=2> For the year ended 12-31-07 </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This Statement of Operations summarizes the Fund&#146;s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) and distributions paid to APS shareholders for the period stated.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="72%"></TD>
     <TD width="27%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Interest</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$17,257,294</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dividends</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>198,808</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Securities lending</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>44,772</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>17,500,874</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investment management fees (Note 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,335,153</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Accounting and legal services fees (Note 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>28,574</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>APS auction fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>228,985</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Transfer agent fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>81,197</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Printing fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>63,028</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Custodian fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>55,016</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Professional fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>41,535</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Registration and filing fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>25,658</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trustees&#146; fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>11,098</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Miscellaneous</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>20,369</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total expenses</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1,890,613</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net investment income</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>15,610,261</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Realized and unrealized gain (loss)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net realized gain (loss) on</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(274,158)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Financial futures contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(478,089)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Swap contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>403,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(348,592)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Change in net unrealized appreciation (depreciation) of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(4,402,955)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Financial futures contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(171,533)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Swap contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(879,686)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(5,454,174)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net realized and unrealized loss</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(5,802,766)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to APS Series A</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(2,277,714)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to APS Series B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(2,285,686)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(4,563,400)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Increase in net assets from operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$5,244,095</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_18"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>Statement of changes in net assets</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>These Statements of Changes in Net Assets show how the value of the Fund&#146;s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="24%"></TD>
     <TD width="17%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Year</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12-31-06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12-31-07</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Increase (decrease) in net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>From operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$14,350,100</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$15,610,261</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized loss</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(2,047,325)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(348,592)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Change in net unrealized appreciation (depreciation)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1,467,393</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(5,454,174)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to APS Series A and B</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(4,108,108)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(4,563,400)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Increase in net assets resulting from operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>9,662,060</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>5,244,095</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Distributions to common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(10,742,292)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(10,845,270)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>From Fund share transactions (Note 4)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>886,409</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>868,266</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total decrease</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(193,823)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(4,732,909)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beginning of year</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>164,567,824</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>164,374,001</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>End of year</FONT></B><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$164,374,001</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$159,641,092</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1</FONT></SUP><FONT face=sans-serif size=1> Includes undistributed (distributions in excess of) net investment income of ($13,584) and $454,510, respectively.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_19"></A>
<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<P align=left><FONT face=sans-serif size=4>Financial highlights</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>The Financial Highlights show how the Fund&#146;s net asset value for a share has changed since the end of the previous period.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>COMMON SHARES</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="46%"></TD>
     <TD width="11%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Period ended</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12-31-03</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12-31-04</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12-31-05</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12-31-06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12-31-07</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Per share operating performance</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, beginning of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$21.21</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$21.55</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$21.22</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>20.04</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$19.90</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net investment income</FONT><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.37</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.71</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.70</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.74</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.89</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net realized and unrealized</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>gain (loss) on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.14</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.21)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.07)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.07)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.72)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions to APS Series A and B </FONT><SUP><FONT face=sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.02)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.16)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.34)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.50)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.55)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total from investment operations</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>2.49</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1.34</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>0.29</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1.17</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>0.62</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Less distributions to common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.42)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.67)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.47)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.31)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(1.31)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>From net realized gain</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.60)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(2.02)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.67)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.47)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.31)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(1.31)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Capital charges</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Offering costs and underwriting</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>discounts related to APS</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>(0.13)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Net asset value, end of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$21.55</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$21.22</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$20.04</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$19.90</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$19.21</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Per share market value, end of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$19.98</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$22.46</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$17.70</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>19.04</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>17.01</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at NAV</FONT></B><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><B><FONT face=sans-serif size=1>(%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>12.09</FONT></B><SUP><FONT face=sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>6.52</FONT></B><SUP><FONT face=sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>1.78</FONT></B><SUP><FONT face=sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>6.54</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>3.73</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Total return at market value</FONT></B><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><B><FONT face=sans-serif size=1>(%)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>15.29</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>21.60</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(15.06)</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>15.41</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>(4.00)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Ratios and supplemental data</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Net assets applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>to common shares, end of period</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$175</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$173</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$165</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$164</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratio of expenses to average</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>net assets</FONT><SUP><FONT face=sans-serif size=1>5 </FONT></SUP><FONT face=sans-serif size=1>(%)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.88</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.16</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.17</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.17</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>1.16</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Ratio of net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>to average net assets</FONT><SUP><FONT face=sans-serif size=1>6 </FONT></SUP><FONT face=sans-serif size=1>(%)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>6.25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.03</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8.80</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>9.55</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Portfolio turnover (%)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>245</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>128</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>144</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>63</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>46</FONT><SUP><FONT face=sans-serif size=1>7</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Senior securities</FONT></B>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total APS Series A outstanding</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total APS Series B outstanding</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(in millions)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$43</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Involuntary liquidation preference</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>APS Series A per unit</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Involuntary liquidation preference</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>APS Series B per unit</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Average market value per unit</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$25</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Asset coverage per unit </FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$74,836</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$74,713</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$72,072</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$72,917</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$71,364</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>23</FONT></P>
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<P align=left><FONT face=sans-serif size=2>F I N A N C I A L&nbsp; &nbsp;S T A T E M E N T S</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Notes to Financial Highlights</FONT></B></P>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>1</FONT></SUP><FONT face=sans-serif size=1> Based on the average of the shares outstanding. </FONT></P>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>2</FONT></SUP><FONT face=sans-serif size=1> APS Series A and B were issued on 11-4-03. </FONT></P>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>3</FONT></SUP><FONT face=sans-serif size=1> Total return based on net asset value reflects changes in the Fund&#146;s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund&#146;s shares traded during the period.</FONT></P>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>4</FONT></SUP><FONT face=sans-serif size=1> Unaudited. </FONT></P>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>5</FONT></SUP><FONT face=sans-serif size=1> Ratios calculated on the basis of expenses relative to the average net assets of common shares. Without the exclusion of preferred shares, the ratios of expenses would have been 0.82%, 0.77%, 0.77%, 0.77% and 0.76% for the years ended 12-31-03, 12-31-04, 12-31-05, 12-31-06 and 12-31-07, respectively.</FONT></P>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>6</FONT></SUP><FONT face=sans-serif size=1> Ratios calculated on the basis of net investment income relative to the average net assets of common shares. Without the exclusion of preferred shares, the ratios of net investment income would have been 5.81%, 5.36%, 5.47%, 5.77% and 6.26% for the years ended 12-31-03, 12-31-04, 12-31-05, 12-31-06 and 12-31-07, respectively. </FONT></P>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>7</FONT></SUP><FONT face=sans-serif size=1> The portfolio turnover rate including the effect of when-issued/delayed delivery securities is 63% for the year ended December 31, 2007. Prior years exclude the effect of when-issued/delayed delivery securities.</FONT></P>
<P align=left><FONT face=sans-serif size=1></FONT><SUP><FONT face=sans-serif size=1>8</FONT></SUP><FONT face=sans-serif size=1> Calculated by subtracting the Fund&#146;s total liabilities from the Fund&#146;s total assets and dividing that amount by the number of APS outstanding, as of the applicable 1940 Act Evaluation Date, which may differ from the financial reporting date.</FONT></P>
<P align=left><FONT face=sans-serif size=1>See notes to financial statements</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>24</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Notes to financial statements</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 1 </FONT></B><BR>
<B><FONT face=sans-serif size=2>Organization</FONT></B></P>
<P align=left><FONT face=serif size=2>John Hancock Investors Trust (the Fund) is a closed-end diversified investment management company registered under the Investment Company Act of 1940 as amended (the 1940 Act).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 2 </FONT></B><BR>
<B><FONT face=sans-serif size=2>Significant accounting policies</FONT></B></P>
<P align=left><FONT face=serif size=2>The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Security valuation</FONT></B></P>
<P align=left><FONT face=serif size=2>The net asset value of the common shares of the Fund is determined daily as of the close of the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT face=serif size=1>p</FONT><FONT face=serif size=2>.</FONT><FONT face=serif size=1>m</FONT><FONT face=serif size=2>., Eastern Time. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value. Investments in John Hancock Cash Investment Trust (JHCIT), an affiliate of John Hancock Advisers, LLC (the Adviser), a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation (MFC), are valued at their net asset value each business day. Debt securities are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniq
ues, which take 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. Debt securities whose prices cannot be provided by an independent </FONT><FONT face=serif size=2>pricing service are valued at prices provided by broker-dealers.</FONT></P>
<P align=left><FONT face=serif size=2>Other assets and securities for which no such quotations are readily available are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. </FONT></P>
<P align=left><FONT face=serif size=2>The Fund holds securities that are valued on the basis of a price provided by a single pricing source, including broker-dealers from whom the security was purchased. The risk associated with single sourced prices is that when markets are less liquid, the price realized upon sale may be different than the price to value the security and the difference could be material to the Fund. At December 31, 2007, securities valued on the basis of a single source price amounted to 6.50% of the Fund&#146;s net assets.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Investment risk</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may invest a portion of their assets in securities of issuers that hold mortgage securities, including subprime mortgage securities. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market&#146;s perception of the issuers and changes in interest rates.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Joint repurchase agreement</FONT></B></P>
<P align=left><FONT face=serif size=2>Pursuant to an exemptive order issued by the Securities and Exchange Commission (SEC), the Fund, along with other registered investment companies having a management contract with the Adviser, may participate in a joint repurchase agreement transaction. Aggregate cash balances are invested in one or more large repurchase agreements, whose underlying securities are obligations of the U.S. government and/or its agencies. The Fund&#146;s custodian bank receives delivery of the underlying securities for the joint account on the Fund&#146;s behalf.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>25</FONT></P>
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<P align=left><B><FONT face=sans-serif size=1>Investment transactions </FONT></B></P>
<P align=left><FONT face=serif size=2>Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment security transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Discounts/premiums are accreted/amortized for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>When-issued/delayed delivery securities</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues to the Fund until payment takes place. At the time the Fund enters into this type of transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment.</FONT></P>
<P align=left><FONT face=serif size=2>Certain risks may arise upon entering into when-issued or delayed delivery securities from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Guarantees and indemnifications</FONT></B></P>
<P align=left><FONT face=serif size=2>Under the Fund&#146;s organizational documents, its Officers and Trustees are indemnified against certain liability 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&#146;s maximum exposure under these arrangements is unknown, as this would involve future claims </FONT><FONT face=serif size=2>that may be made against the Fund that have not yet occurred. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Expenses</FONT></B></P>
<P align=left><FONT face=serif size=2>The majority of expenses are directly identifiable to an individual fund. Expenses that are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration, among other things, the nature and type of expense and the relative size of the funds.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Bank borrowings</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund is permitted to have bank borrowings for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Fund has entered into a line of credit agreement with The Bank of New York Mellon (BNYM), the Swing Line Lender and Administrative Agent. This agreement enables the Fund to participate, with other funds managed by the Adviser, in an unsecured line of credit with BNYM, which permits borrowings of up to $100 million, collectively. Interest is charged to each fund based on its borrowing. In addition, a commitment fee is charged to each fund based on the average daily unused portion of the line of credit and is allocated among the participating funds. The Fund had no borrowing activity under the line of credit during the year ended December 31, 2007. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Securities lending</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund has entered into an agreement with Morgan Stanley &amp; Co. Incorporated and MS Securities Services Inc. (collectively, Morgan Stanley) which permits the Fund to lend securities to Morgan Stanley on a principal basis. Morgan Stanley is the primary borrower of securities of the Fund. The risk of having one primary borrower of Fund securities (as opposed to several borrowers) is that should Morgan Stanley fail financially, all securities lent will be affected by the failure and by any delays in recovery of the securities (or in the rare event, loss of rights in the collateral).</FONT></P>
<P align=left><FONT face=serif size=2>The Fund may lend portfolio securities from time to time in order to earn additional income. The Fund retains beneficial ownership of the securities it has loaned and continues </FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>26</FONT></P>
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<P align=left><FONT face=serif size=2>to receive interest and dividends paid by the issuer of securities and to participate in any changes in their value. On the settlement date of the loan, the Fund receives collateral against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. Any cash collateral received is invested in the JHCIT. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. The Fund receives compensation for lending their securities either in the form of fees, guarantees, and/or by retaining a portion of interest on the investment of any cas
h received as collateral. Prior to May 8, 2007, the Fund paid the Adviser $94 for security lending services relating to an arrangement which ended on May 7, 2007.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Futures</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may purchase and sell financial futures contracts and options on those contracts. The Fund invests in contracts based on financial instruments such as U.S. Treasury </FONT><FONT face=serif size=2>Bonds or Notes or on securities indices such as the Standard &amp; Poor&#146;s 500 Index, in order to hedge against a decline in the value of securities owned by the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>Initial margin deposits required upon entering into futures contracts are satisfied by the delivery of specific securities or cash as collateral to the broker (the Fund&#146;s agent in acquiring the futures position). If the position is closed out by an opposite position prior to the settlement date of the futures contract, a final determination of variation margin is made, cash is required to be paid to or released by the broker and the Fund realizes a gain or loss. </FONT></P>
<P align=left><FONT face=serif size=2>When the Fund sells a futures contract based on a financial instrument, the Fund becomes obligated to deliver that kind of instrument at an agreed upon date for a specified price. The Fund realizes a gain or loss depending on whether the price of an offsetting purchase is less or more than the price of the initial sale or on whether the price of an offsetting sale is more or less than the price of the initial purchase. The Fund could be exposed to risks if it could not close out futures positions because of an illiquid secondary market or the inability of counterparties to meet the terms of their contracts. Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. </FONT></P>
<P align=left><FONT face=serif size=2>The Fund had the following financial futures contracts open on December 31, 2007:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>NUMBER OF</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>UNREALIZED</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>OPEN CONTRACTS</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>CONTRACTS</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>POSITION</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>EXPIRATION</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>DEPRECIATION</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>U.S. 10-year Treasury Note</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>87</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Short</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mar 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>$21,000</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Swap contracts</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may enter into swap transactions in order to hedge the value of the Fund&#146;s portfolio against interest rate fluctuations or to enhance the Fund&#146;s income. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the two interest rates, applied to the notional principal amount for a specified period. 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 receivable or payable under the swap contracts on a periodic basis. </FONT></P>
<P align=left><FONT face=serif size=2>The Fund records changes in the value of the swaps as unrealized gains or losses on swap contracts. Net periodic payments accrued, but not yet received (paid) are included in change in the unrealized appreciation/depreciation on the Statement of Operations. Accrued interest income and interest expense on the swap contracts are recorded as realized gain (loss). </FONT></P>
<P align=left><FONT face=serif size=2>Swap contracts are subject to risks related to the counterparty&#146;s ability to perform under the contract, and may decline in value if the counterparty&#146;s creditworthiness deteriorates.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>27</FONT></P>
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<P align=left><FONT face=serif size=2>The risks may arise from unanticipated movement in interest rates. The Fund may also suffer losses if it is unable to terminate </FONT><FONT face=serif size=2>outstanding swap contracts or reduce its exposure through offsetting transactions. </FONT></P>
<P align=left><FONT face=serif size=2>The Fund had the following interest rate swap contracts open on December 31, 2007:</FONT></P>

<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="16%"></TD>
     <TD width="17%"></TD>
     <TD width="16%"></TD>
     <TD width="17%"></TD>
     <TD width="17%"></TD>
     <TD width="8%"></TD>
     <TD width="8%"></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=sans-serif size=1>RATE TYPE</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD colSpan=4></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENTS</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>NOTIONAL</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENTS</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>RECEIVED</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>TERMINATION</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left background=""><FONT face=sans-serif size=1>UNREALIZED</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>AMOUNT</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>MADE BY FUND</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>BY FUND</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>DATE</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>COUNTERPARTY</FONT>&nbsp; </TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right background=""><FONT face=sans-serif size=1>DEPRECIATION</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>$28,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>4.6875% (a)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3-month LIBOR</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Sep 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Bank of America</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$868,665</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>28,000,000</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3.9960% (a)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>3-month LIBOR</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Dec 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Barclays Bank PLC</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>11,021</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Total</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=sans-serif size=1>$879,686</FONT>&nbsp; </TD></TR></TABLE><BR>

<P align=left><FONT face=sans-serif size=1>(a) Fixed rate</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Stripped securities</FONT></B></P>
<P align=left><FONT face=serif size=2>Stripped mortgage-backed securities are derivative multi-class mortgage securities structured so that one class receives most, if not all, of the principal from the underlying mortgage assets, while the other class receives most, if not all, of the interest and the remainder of the principal. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in an interest only security. The market value of these securities can be extremely volatile in response to changes in interest rates. Credit risk reflects the risk that a Fund may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Federal income taxes</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund qualifies 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, the Fund has $8,445,380 of a capital loss carryforward available, to the extent provided by regulations, to offset future net realized capital gains. To the extent that such carryforward is used by the Fund, no capital gain distributions will be made. The loss carryforwards expire as follows: December 31, 2012 &#151; $1,668,465, December 31, 2013 &#151; $2,866,857, December 31, 2014 &#151; $2,605,424 and December 31, 2015 &#151;$1,304,634.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund adopted the provisions of Financial Accounting Standards Board (FASB) Interpretation No. 48, </FONT><I><FONT face=serif size=2>Accounting for Uncertainty in Income Taxes</FONT></I><FONT face=serif size=2>, an interpretation of FASB Statement 109 (FIN 48), on January 1, 2007. FIN 48 prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund&#146;s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>New accounting pronouncement</FONT></B></P>
<P align=left><FONT face=serif size=2>In September 2006, FASB Standard No. 157, </FONT><I><FONT face=serif size=2>Fair Value Measurements </FONT></I><FONT face=serif size=2>(FAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishing a framework for measuring fair value and expands disclosure about fair value measurements. Management is currently evaluating the application of FAS 157 to the Fund and its impact, if any, resulting from the adoption of FAS 157 on the Fund&#146;s financial statement disclosures.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Distribution of income and gains</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. During the year ended December 31, 2006, the tax character of distributions paid was as follows: ordinary income $14,850,400. During the year ended December 31, 2007, the tax character </FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>28</FONT></P>
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<P align=left><FONT face=serif size=2>of distributions paid was as follows: ordinary income $15,408,670. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class.</FONT></P>
<P align=left><FONT face=serif size=2>As of December 31, 2007, the components of distributable earnings on a tax basis included $465,589 of undistributed ordinary income.</FONT></P>
<P align=left><FONT face=serif size=2>Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund&#146;s financial statements as a return of capital.</FONT></P>
<P align=left><FONT face=serif size=2>Capital accounts within 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 will reverse in a subsequent period. Permanent differences are primarily attributable to premium amortization and derivative transactions.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 3 </FONT></B><BR>
<B><FONT face=sans-serif size=2>Management fee and transactions with </FONT></B><BR>
<B><FONT face=sans-serif size=2>affiliates and others</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund has an investment management contract with the Adviser. Under the investment management contract, the Fund pays a quarterly management fee to the Adviser, equivalent on an annual basis, to the sum of (a) 0.650% of the first $150,000,000 of the Fund&#146;s average weekly net asset value and the value attributable to the Auction Preferred Shares (collectively, &#147;managed assets&#148;); (b) 0.375% of the next $50,000,000; (c) 0.350% of the next $100,000,000 and (d) 0.300% of the Fund&#146;s average weekly managed assets in excess of $300,000,000. The effective management fee rate is 0.54% of the Fund&#146;s average managed assets for the year ended December 31, 2007. The Fund has a subadvisory agreement with MFC Global Investment Management (U.S.), LLC, a subsidiary of John Hancock Financial </FONT><FONT face=serif size=2>Services, Inc. The Fund is not responsible for payment of subadvisory fees. </FONT></P>
<P align=left><FONT face=serif size=2>The Fund has an agreement with the Adviser and affiliates to perform necessary tax, accounting, compliance, legal and other administrative services for the Fund. The compensation for the year amounted to $28,574 with an effective rate of 0.01% of the Fund&#146;s average weekly managed assets.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. James R. Boyle is Chairman of the Adviser, as well as affiliated Trustee of the Fund, and is compensated by the Adviser and/or its affiliates. The compensation of unaffiliated Trustees is borne by the Fund. The unaffiliated Trustees may elect to defer, for tax purposes, their receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan. The Fund makes investments into other John Hancock funds, as applicable, to cover its liability for the deferred compensation. Investments to cover the Fund&#146;s deferred compensation liability are recorded on the Fund&#146;s books as an other asset. The deferred compensation liability and the related other asset are always equal and are marked to market on a periodic basis to reflect any income earned by the investments, as well as any unrealized gains or losses. The Deferred Compensation Plan investments had no impact on the operations of the Fund.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>29</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Note 4 </FONT></B><BR>
<B><FONT face=sans-serif size=2>Fund share transactions</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Common shares</FONT></B></P>
<P align=left><FONT face=serif size=2>This listing illustrates the reclassification of the Fund&#146;s capital accounts, dividend reinvestments and the number of common shares outstanding at the beginning and end of the years ended December 31, 2006, and December 31, 2007, along with the corresponding dollar value.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="35%"></TD>
     <TD width="14%"></TD>
     <TD width="19%"></TD>
     <TD width="14%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>Year ended 12-31-06</FONT></B>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><B><FONT face=sans-serif size=1>Year ended 12-31-07</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Amount</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Amount</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,213,076</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$168,874,698</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>8,261,284</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$170,205,838</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Distributions reinvested</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>48,208</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>886,409</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>48,128</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>868,266</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Reclassification of capital accounts</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>444,731</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>310,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>End of period</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>8,261,284</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$170,205,838</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>8,309,412</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>$171,384,364</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Auction preferred shares</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund issued a total of 3,440 Auction Preferred Shares: 1,720 shares of Series A Auction Preferred Shares and 1,720 shares of Series B Auction Preferred Shares (collectively, the Preferred Shares or APS) on November 4, 2003, in a public offering. The total offering costs of $178,036 and the total underwriting discount of $860,000 has been charged to capital paid-in of common shares during the years ended December 31, 2003 and December 31, 2004.</FONT></P>
<P align=left><FONT face=serif size=2>APS holders may be subject to auction risk. The dividend rate for the APS is normally set through an auction process, where holders may indicate the dividend rate at which they would be willing to hold or sell their APS or purchase additional APS. An auction provides liquidity for the APS; however, holders may not be able to remarket their APS at an auction. APS will not be remarketed if there are more APS offered for sale than there are buyers. If the APS are unable to be remarketed on an auction date, a maximum interest rate is applied to the APS to compensate the investor for having to hold the shares. In the case of the Fund&#146;s APS, the maximum interest rate is the higher of 125 bps over or 125% of the 30-day &#147;AA&#148; Commercial Paper Rate on the date of the auction. If sufficient clearing bids do not exist at an auction, holders wishing to sell will not be able to sell all, and may not be able to sell any, of such APS in the auction. As a result, an invest
ment in APS may be illiquid. Neither broker-dealers nor the Fund are obligated to purchase APS in an auction or otherwise, nor is the Fund required to redeem APS in the event of an unsuccessful remarketing effort at an auction.</FONT></P>
<P align=left><FONT face=serif size=2>Dividends on the APS, which accrue daily, are cumulative at a rate that was established at the offering of the APS and has been reset every seven days thereafter by an auction. Dividend rates on APS Series A ranged from 4.75% to 6.50% and Series B from 4.80% to 6.50% during the year ended December 31, 2007. Accrued dividends on APS are included in the value of APS on the Fund&#146;s Statement of Assets and Liabilities.</FONT></P>
<P align=left><FONT face=serif size=2>During the year ended December 31, 2007, APS of the Fund were successfully remarketed at each remarketing date. All remarketing efforts of APS shares occurring between February 13, 2008 and February 26, 2008 were not successful. As a result, the dividend rates for all series were reset to the maximum, which ranged from 4.17% to 4.35% .</FONT></P>
<P align=left><FONT face=serif size=2>The APS are&nbsp;subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Fund is in default on its asset coverage requirements with respect to the APS as defined in the Fund&#146;s bylaws. Under the 1940 Act, the Fund is required to maintain asset coverage of at least 200% with respect to the Preferred Shares as of the last business day of each month in which any shares are outstanding. If the dividends on the APS shall remain unpaid in an amount equal to two full years&#146; dividends, the holders of the APS, as a class, have the right to elect a majority of the Board of Trustees. In general, the holders of <FONT face=serif size=2>the APS and the common shareholders have equal voting rights of one vote per share, except that the holders of the APS, as a class, vote to elect two members of the Board of Trustees, and&nbsp;</FONT>&nbsp;</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>30</FONT></P>
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<P align=left><FONT face=serif size=2>separate class votes are required on certain matters that affect the respective interests of the APS and common shareholders.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Leverage</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund issued preferred shares to increase its assets available for investment. When the Fund leverages its assets, the fees paid to the Adviser for investment advisory and administrative services will be higher than if the Fund did not borrow because the Adviser&#146;s fees are calculated based on the Fund&#146;s total assets, including the proceeds of the issuance of preferred shares. Consequently, the Fund and the Adviser may have differing interests in determining whether to leverage the Fund&#146;s assets.</FONT></P>
<P align=left><FONT face=serif size=2>Leverage creates risks which may adversely affect the return for the holders of common shares, including:</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the likelihood of greater volatility of net asset value and market price of common shares</FONT></P>
<P align=left><FONT face=serif size=2>&#149; fluctuations in the dividend rates on any preferred shares</FONT></P>
<P align=left><FONT face=serif size=2>&#149; increased operating costs, which may reduce the Fund&#146;s total return to the holders of common shares</FONT></P>
<P align=left><FONT face=serif size=2>&#149; the potential for a decline in the value of an investment acquired through leverage, while the Fund&#146;s obligations under such leverage remains fixed</FONT></P>
<P align=left><FONT face=serif size=2>To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund&#146;s return will be greater than if leverage had not been used, conversely, return would be lower if the cost of the leverage exceeds the income or capital appreciation derived.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 5 </FONT></B><BR>
<B><FONT face=sans-serif size=2>Purchase and sales of securities</FONT></B></P>
<P align=left><FONT face=serif size=2>Purchases and proceeds from sales or maturities of securities, other than short-term securities and obligations of the U.S. government, during the year ended </FONT><FONT face=serif size=2>December 31, 2007, aggregated $111,190,560 and $93,988,158, respectively. Purchases and proceeds from sales or maturities of obligations of the U.S. government aggregated $257,775 and $17,373,570, respectively, during the year ended December 31, 2007.</FONT></P>
<P align=left><FONT face=serif size=2>The cost of investments owned on December 31, 2007, including short-term investments, for federal income tax purposes was $251,298,316. Gross unrealized appreciation and depreciation of investments aggregated $2,714,724 and $5,864,782, respectively, resulting in net unrealized depreciation of $3,150,058. The difference between book basis and tax basis net unrealized appreciation of investments is attributable primarily to amortization of premiums and accretion of discounts on debt securities.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>31</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Auditors&#146; report</FONT><BR>
<B><FONT face=sans-serif size=1>Report of Independent Registered Public Accounting Firm</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>To the Board of Trustees and Shareholders of John Hancock Investors Trust,</FONT></B></P>
<P align=left><FONT face=serif size=2>In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Investors Trust (the Fund) at December 31, 2007, and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#147;financial statements&#148;) are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards req
uire that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.</FONT></P>
<P align=left><FONT face=serif size=2>PricewaterhouseCoopers LLP </FONT><BR>
<FONT face=serif size=2>Boston, Massachusetts </FONT><BR>
<FONT face=serif size=2>February 29, 2008</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>32</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Tax information</FONT><BR>
<B><FONT face=sans-serif size=1>Unaudited</FONT></B></P>
<P align=left><FONT face=serif size=2>For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended December 31, 2007.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund hereby designates the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount will be reflected on Form 1099-DIV for the calendar year 2007.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders will be mailed a 2007 U.S. Treasury Department Form 1099-DIV in January 2008. This will reflect the total of all distributions that are taxable for calendar year 2007.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>33</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Investment objective and policy</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund is a closed-end diversified management investment company, common shares of which were initially offered to the public on January 29, 1971 and are publicly traded on the NYSE. The Fund&#146;s primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective. The preponderance of the Fund&#146;s assets are invested in a diversified portfolio of debt securities, some of which may carry equity features. Up to 50% of the value of the Fund&#146;s assets may be invested in restricted securities acquired through direct placement. The Fund may also invest in repurchase agreements. The Fund may issue a single class of senior securities not to exceed 33</FONT><FONT face=serif size=1><SUP> 1 </SUP>/<SUB> 3 </SUB></FONT><FONT face=serif size=2>% of the market or fair value of its net assets and may borrow from banks as a temporary measure for emergency purposes in amounts not to exceed 5% of its total
 assets taken at cost. The Fund may lend portfolio securities not to exceed 33</FONT><FONT face=serif size=1><SUP> 1 </SUP>/<SUB> 3 </SUB></FONT><FONT face=serif size=2>% of total assets.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Bylaws</FONT></B></P>
<P align=left><FONT face=serif size=2>In November 2002, the Board of Trustees adopted several amendments to the Fund&#146;s bylaws, including provisions relating to the calling of a special meeting and requiring advance notice of shareholder proposals or nominees for Trustee. The advance notice provisions in the bylaws require shareholders to notify the Fund in writing of any proposal that they intend to present at an annual meeting of shareholders, including any nominations for Trustee, between 90 and 120 days prior to the first anniversary of the mailing date of the notice from the prior year&#146;s annual meeting of shareholders. The notification must be in the form prescribed by the bylaws. The advance notice provisions provide the Fund and its Trustees with the opportunity to thoughtfully consider and address the matters proposed before the Fund prepares and mails its proxy statement to shareholders. Other amendments set forth the procedures that must be followed in order for a shareholder to call a spe
cial meeting of shareholders. Please contact the Secretary of the Fund for additional information about the advance notice requirements or the other amendments to the bylaws. On </FONT><FONT face=serif size=2>August 21, 2003, shareholders approved the amendment of the Fund&#146;s bylaws, effective August 26, 2003, to provide for the issuance of preferred shares. Effective March 9, 2004, the Trustees approved additional changes to conform with the Fund&#146;s maximum dividend rate on the preferred shares with the rate used by other John Hancock funds.</FONT></P>
<P align=left><FONT face=serif size=2>On September 14, 2004, the Trustees approved an amendment to the Fund&#146;s bylaws increasing the maximum applicable dividend rate ceiling on the preferred shares to conform with the modern calculation methodology used by the industry and other John Hancock funds.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Financial futures contracts and options</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund may buy and sell financial futures contracts and options on futures contracts to hedge against the effects of fluctuations in interest rates and other market conditions. The Fund&#146;s ability to hedge successfully will depend on the Adviser&#146;s ability to predict accurately the future direction of interest rate changes and other market factors. There is no assurance that a liquid market for futures and options will always exist.</FONT></P>
<P align=left><FONT face=serif size=2>In addition, the Fund could be prevented from opening, or realizing the benefits of closing out, a futures or options position because of position limits or limits on daily price fluctuations imposed by an exchange.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund will not engage in transactions in futures contracts and options on futures for speculation, but only for hedging or other permissible risk management purposes. All of the Fund&#146;s futures contracts and options on futures will be traded on a U.S. commodity exchange or board of trade. The Fund will not engage in a transaction in futures or options on futures if, immediately thereafter, the sum of initial margin deposits on existing positions and premiums paid for options on futures would exceed 5% of the Fund&#146;s total assets.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Dividend and distributions</FONT></B></P>
<P align=left><FONT face=serif size=2>During the year ended December 31, 2007, dividends from net investment income totaling $1.3100 per share were paid to shareholders.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>34</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="34%"></TD>
     <TD width="20%"></TD>
     <TD width="45%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>INCOME</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>PAYMENT DATE</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>DIVIDEND</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>March 30, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>$0.3100</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>June 29, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.3350</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>September 28, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.3450</FONT>&nbsp; </TD>
     <TD noWrap align=right background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>December 31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>0.3200</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Dividend reinvestment plan</FONT></B></P>
<P align=left><FONT face=serif size=2>The Fund offers its common shareholders a Dividend Reinvestment Plan (the Plan), which offers the opportunity to earn compounded yields. Any holder of common shares of record of the Fund may elect to participate in the Plan and receive the Fund&#146;s common shares in lieu of all or a portion of the cash dividends. The Plan is available to all common shareholders without charge. Mellon Investor Services (the Plan Agent) will act as agent for participating shareholders.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent&#146;s Web site at www.melloninvestor.com, showing an election to reinvest all or a portion of dividend payments. If received in proper form by the Plan Agent prior to the record date for a dividend, the election will be effective with respect to all dividends paid after such record date. Shareholders whose shares are held in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan.</FONT></P>
<P align=left><FONT face=serif size=2>The Board of Trustees of the Fund will declare dividends from net investment income payable in cash or, in the case of shareholders participating in the Plan, partially or entirely in the Fund&#146;s common shares. The number of shares to be issued for the benefit of each shareholder will be determined by dividing the amount of the cash dividend, otherwise payable to such shareholder on shares included under the Plan, by the per share net asset value of the common shares on the date for payment of the dividend, unless the net asset value per share on the payment date is less than 95% of the market price per share on that date, in which event the number of shares to be issued to a shareholder will be determined by dividing the amount of the cash dividend payable to such shareholder, by 95% of the market price per share of the common shares on the payment date. The market price of the common </FONT><FONT face=serif size=2>shares on a particular date shall be the mean betwe
en the highest and lowest sales price on the NYSE on that date. Net asset value will be determined in accordance with the established procedures of the Fund. However, if as of such payment date the market price of the common shares is lower than such net asset value per share, the number of shares to be issued will be determined on the basis of such market price. Fractional shares, carried out to four decimal places, will be credited to the shareholder&#146;s account. Such fractional shares will be entitled to future dividends.</FONT></P>
<P align=left><FONT face=serif size=2>The shares issued to participating shareholders, including fractional shares, will be held by the Plan Agent in the name of the participant. A confirmation will be sent to each shareholder promptly, normally within seven days, after the payment date of the dividend. The confirmation will show the total number of shares held by such shareholder before and after the dividend, the amount of the most recent cash dividend that the shareholder has elected to reinvest and the number of shares acquired with such dividend.</FONT></P>
<P align=left><FONT face=serif size=2>Participation in the Plan may be terminated at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#146;s Web site, and such termination will be effective immediately. However, notice of termination must be received prior to the record date of any distribution to be effective for that distribution. Upon termination, certificates will be issued representing the number of full shares of common shares held by the Plan Agent. A shareholder will receive a cash payment for any fractional share held.</FONT></P>
<P align=left><FONT face=serif size=2>The reinvestment of dividends will not relieve participants of any federal, state or local income tax, which may be due with respect to such dividend. Dividends reinvested in common shares will be treated on your federal income tax return as though you had received a dividend in cash in an amount equal to the fair market value of the shares received, as determined by the prices for common shares of the Fund on the NYSE as of the dividend payment date. Distributions from the Fund&#146;s long-term capital gains will be processed as noted above for those electing to reinvest in </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>35</FONT></P>
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<P align=left><FONT face=serif size=2>common shares and will be taxable to you as long-term capital gains. The confirmation referred to above will contain all the information you will require for determining the cost basis of shares acquired and should be retained for that purpose. At year end, each account will be supplied with detailed information necessary to determine total tax liability for the calendar year.</FONT></P>
<P align=left><FONT face=serif size=2>All correspondence or additional information concerning the Plan should be directed to the Plan Agent, Mellon Bank, N.A., c/o Mellon Investor Services, P.O. Box 3338, South Hackensack, New Jersey 07606-1938 (Telephone: 1-800-852-0218).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Shareholder communication and assistance</FONT></B></P>
<P align=left><FONT face=serif size=2>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:</FONT></P>
<P align=left><FONT face=sans-serif size=1>Mellon Investor Services </FONT><BR>
<FONT face=sans-serif size=1>Newport Office Center VII </FONT><BR>
<FONT face=sans-serif size=1>480 Washington Boulevard </FONT><BR>
<FONT face=sans-serif size=1>Jersey City, NJ 07310 </FONT><BR>
<FONT face=sans-serif size=1>Telephone: 1-800-852-0218</FONT></P>
<P align=left><FONT face=serif size=2>If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Shareholder meeting (unaudited)<BR>
</FONT></B><FONT face=serif size=2>On March 27, 2007, the Annual Meeting of the Fund was held to elect eight Trustees.</FONT></P>
<P align=left><FONT face=serif size=2>Proxies covering 7,162,490 shares of beneficial interest were voted at the meeting. The common shareholders elected the following Trustees to serve until their respective successors are duly elected and qualified, with the votes tabulated as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="28%"></TD>
     <TD width="28%"></TD>
     <TD width="22%"></TD>
     <TD width="22%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>WITHHELD</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>FOR</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>AUTHORITY</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>James R. Boyle</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>7,056,394</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>106,096</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>James F. Carlin</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>7,061,382</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>101,108</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>William H. Cunningham</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>7,055,408</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>107,082</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Ronald R. Dion</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>7,057,264</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>105,226</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Charles L. Ladner</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>7,060,681</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>101,809</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Steven R. Pruchansky</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>7,059,237</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>103,253</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>The preferred shareholders elected Patti McGill Peterson and John A. Moore as Trustees of the Fund until their successors are duly elected and qualified, with the votes tabulated as follows: 2,715 FOR and 17 WITHHELD.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>36</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Board Consideration of and <BR>
Continuation of Investment <BR>
Advisory Agreement and <BR>
Subadvisory Agreement: <BR>
John Hancock Investors Trust</FONT></B></P>
<P align=left><FONT face=serif size=2>The Investment Company Act of 1940 (the 1940 Act) requires the Board of Trustees (the Board) of John Hancock Investors Trust (the Fund), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and are not &#147;interested persons&#148; of the Fund, as defined in the 1940 Act (the Independent Trustees), annually to meet in person to review and consider the continuation of: (i) the investment advisory agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Adviser) and (ii) the investment subadvisory agreement (the Subadvisory Agreement) with MFC Global Investment Management (U.S.), LLC (the Subadviser). The Advisory Agreement and the Subadvisory Agreement are collectively referred to as the Advisory Agreements.</FONT></P>
<P align=left><FONT face=serif size=2>At meetings held on May 7 and June 4&#150;5, 2007, the Board considered the factors and reached the conclusions described below relating to the selection of the Adviser and Subadviser and the continuation of the Advisory Agreements. During such meetings, the Board&#146;s Contracts/Operations Committee and the Independent Trustees also met in executive sessions with their independent legal counsel.</FONT></P>
<P align=left><FONT face=serif size=2>In evaluating the Advisory Agreements, the Board, including the Contracts/Operations Committee and the Independent Trustees, reviewed a broad range of information requested for this purpose by the Independent Trustees, including: (i) the investment performance of the Fund relative to a category of relevant funds (the Category) and a peer group of comparable funds (the Peer Group) each selected by Morningstar, Inc. (Morningstar), an independent provider of investment company data, for a range of periods ended December 31, 2006, (ii) advisory and other fees incurred by, and the expense ratios of, the Fund relative to a Category and a Peer Group, (iii) the advisory fees of comparable portfolios of other clients of the Adviser and the Subadviser, (iv) the Adviser&#146;s financial results and condition, including its and certain of its </FONT><FONT face=serif size=2>affiliates&#146; profitability from services performed for the Fund, (v) breakpoints in the Fund&#146;s and the
 Peer Group&#146;s fees, and information about economies of scale, (vi) the Adviser&#146;s and Subadviser&#146;s record of compliance with applicable laws and regulations, with the Fund&#146;s investment policies and restrictions, and with the applicable Code of Ethics, and the structure and responsibilities of the Adviser&#146;s and Subadviser&#146;s compliance department, (vii) the background and experience of senior management and investment professionals, and (viii) the nature, cost and character of advisory and non-investment management services provided by the Adviser and its affiliates and by the Subadviser.</FONT></P>
<P align=left><FONT face=serif size=2>The Independent Trustees considered the legal advice of independent legal counsel and relied on their own business judgment in determining the factors to be considered in evaluating the materials that were presented to them and the weight to be given to each such factor. The Board&#146;s review and conclusions were based on a comprehensive consideration of all information presented to the Board and not the result of any single controlling factor. They principally considered performance and other information from Morningstar as of December 31, 2006. The Board also considered updated performance information provided to it by the Adviser or Subadviser at the May and June 2007 meetings. Performance and other information may be quite different as of the date of this shareholders report. The key factors considered by the Board and the conclusions reached are described below.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Nature, extent and quality of services</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board considered the ability of the Adviser and the Subadviser, based on their resources, reputation and other attributes, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board considered the investment philosophy, research and investment decision-making processes of the Adviser and Subadviser. The Board further considered the culture of compliance, resources dedicated to compliance, compliance programs and compliance records of the Adviser and Subadviser. In addition, the Board took into account the administrative and other non-advisory services provided to the Fund by the Adviser and its affiliates. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>37</FONT></P>
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<P align=left><FONT face=serif size=2>Based on the above factors, together with those referenced below, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser and Subadviser supported renewal of the Advisory Agreements.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Fund performance</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board considered the performance results for the Fund over various time periods ended December 31, 2006. The Board also considered these results in comparison to the performance of the Category, as well as the Fund&#146;s Peer Group and benchmark index. Morningstar determined the Category and Peer Group for the Fund. The Board reviewed with a representative of Morningstar the methodology used by Morningstar to select the funds in the Category and the Peer Group. The Board noted the imperfect comparability of the Peer Group.</FONT></P>
<P align=left><FONT face=serif size=2>The Board also noted that the Fund&#146;s performance for the 10-year period was higher than the median performance of its Category and Peer Group, and its benchmark index, the Lehman Brothers U.S. Aggregate Index. The Board noted the Fund&#146;s performance was lower than the performance of the Category and Peer Group medians but higher than its benchmark index over the 3- and 5-year periods. The Adviser noted that the Fund&#146;s Peer Group contained primarily unleveraged closed-end funds, which impacted the Fund&#146;s comparative performance results. The Board favorably noted the Fund&#146;s more recent performance during the 1-year period under review was higher than the performance of the Category and Peer Group medians, and its benchmark index. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Investment advisory fee and subadvisory fee rates and expenses</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board reviewed and considered the contractual investment advisory fee rate payable by the Fund to the Adviser for investment advisory services (the Advisory Agreement Rate). The Board received and considered information comparing the Advisory Agreement Rate with the advisory fees for the Category and Peer Group. The Board noted that the Advisory Agreement Rate was higher than the median rate of the Peer Group and Category.</FONT></P>
<P align=left><FONT face=serif size=2>The Board received and considered expense information regarding the Fund&#146;s various components, including advisory fees, and other non-advisory fees, including transfer agent fees, custodian fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the Peer Group median. The Board also received and considered expense information regarding the Fund&#146;s total operating expense ratio (Expense Ratio). The Board noted that, unlike the Fund, several funds in the Peer Group employed fee waivers or reimbursements. The Board received and considered information comparing the Expense Ratio of the Fund to that of the Category and Peer Group medians before the application of fee waivers and reimbursements (Gross Expense Ratio) and after the application of such waivers and reimbursement (Net Expense Ratio). The Board noted that the Fund&#146;s Expense Ratio was higher than the Gross and Net Expense Ra
tio of the Peer Group median. The Board also noted the differences in the funds included in the Peer Group, including differences in the employment of fee waivers and reimbursements and differences in the amount of assets under management. The Board also noted that the Fund&#146;s Expense Ratio was lower than the Gross Expense Ratio of the Category median and not appreciably higher than the Net Expense Ratio.</FONT></P>
<P align=left><FONT face=serif size=2>The Adviser also discussed the Morningstar data and rankings, and other relevant information, for the Fund. The Adviser noted that most of the funds in the Peer Group were unleveraged, which contributed to the results. Based on the above-referenced considerations and other factors, the Board concluded that the Fund&#146;s overall expense results and performance supported the re-approval of the Advisory Agreements.</FONT></P>
<P align=left><FONT face=serif size=2>The Board also received information about the investment subadvisory fee rate (the Subadvisory Agreement Rate) payable by the Adviser to the Subadviser for investment subadvisory services. The Board concluded that the Subadvisory Agreement Rate was fair and equitable, based on its consideration of the factors described here.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>38</FONT></P>
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<P align=left><B><FONT face=sans-serif size=1>Profitability</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received and considered a detailed profitability analysis of the Adviser based on the Advisory Agreements, as well as on other relationships between the Fund and the Adviser and its affiliates, including the Subadviser. The Board also considered a comparison of the Adviser&#146;s profitability to that of other similar investment advisers whose profitability information is publicly available. The Board concluded that, in light of the costs of providing investment management and other services to the Fund, the profits and other ancillary benefits reported by the Adviser were not unreasonable. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Economies of scale</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received and considered general information regarding economies of scale with respect to the management of the Fund, including the Fund&#146;s ability to appropriately benefit from economies of scale under the Fund&#146;s fee structure. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board&#146;s understanding that most of the Adviser&#146;s and Subadviser&#146;s costs are not specific to individual Funds, but rather are incurred across a variety of products and services.</FONT></P>
<P align=left><FONT face=serif size=2>The Board noted that the Advisory Agreements offered breakpoints. However, the Board considered the limited relevance of economies of scale in the context of a closed-end fund that, unlike an open-end fund, does not continuously offer its shares. The Board noted that the Fund, as a closed-end investment company, was not expected to increase materially in size and that its assets would grow (if at all) through the investment performance of the Fund. Therefore, the Board did not consider potential economies of scale as a principal factor in assessing the fees payable under the Advisory Agreements, but concluded that the fees were fair and equitable based on relevant factors.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other benefits to the Adviser</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board received information regarding potential &#147;fall-out&#148; or ancillary benefits received by the Adviser and its affiliates as a result of the Adviser&#146;s relationship with the Fund. Such benefits could include, among others, benefits </FONT><FONT face=serif size=2>directly attributable to the relationship of the Adviser with the Fund and benefits potentially derived from an increase in the business of the Adviser as a result of its relationship with the Fund (such as the ability to market to shareholders other financial products offered by the Adviser and its affiliates).</FONT></P>
<P align=left><FONT face=serif size=2>The Board also considered the effectiveness of the Adviser&#146;s, Subadviser&#146;s and Fund&#146;s policies and procedures for complying with the requirements of the federal securities laws, including those relating to best execution of portfolio transactions and brokerage allocation.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other factors and broader review</FONT></B></P>
<P align=left><FONT face=serif size=2>As discussed above, the Board reviewed detailed materials received from the Adviser and Subadviser as part of the annual re-approval process. The Board also regularly reviews and assesses the quality of the services that the Fund receives throughout the year. In this regard, the Board reviews reports of the Adviser and Subadviser at least quarterly, which include, among other things, fund performance reports and compliance reports. In addition, the Board meets with portfolio managers and senior investment officers at various times throughout the year.</FONT></P>
<P align=left><FONT face=serif size=2>After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board concluded that approval of the continuation of the Advisory Agreements for the Fund was in the best interest of the Fund and its shareholders. Accordingly, the Board unanimously approved the continuation of the Advisory Agreements.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>39</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Information about the portfolio managers </FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Management Biographies and Fund ownership </FONT></B></P>
<P align=left><FONT face=serif size=2>Below is an alphabetical list of the portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years and their range of beneficial share ownership in the Fund as of December 31, 2007. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Barry H. Evans, CFA </FONT></B></P>
<P align=left><FONT face=serif size=2>President, Chief Fixed Income Officer and Chief Operating Officer, MFC Global Investment Management (U.S.), LLC since 2005 <BR>
Senior Vice President, Chief Fixed Income Officer and Chief Operating Officer, John Hancock Advisers LLC (1986&#150;2005) <BR>
Began business career in 1986 <BR>
Joined Fund team in 2002 <BR>
Fund ownership &#151; $10,001&#150;$50,000</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Jeffrey N. Given, CFA </FONT></B></P>
<P align=left><FONT face=serif size=2>Vice President, MFC Global Investment Management (U.S.), LLC since 2005 <BR>
Second Vice President, John Hancock Advisers LLC (1993&#150;2005) <BR>
Began business career in 1993 <BR>
Joined Fund team in 1999 <BR>
Fund ownership &#151; $1&#150;$10,000</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>John F. Iles </FONT></B></P>
<P align=left><FONT face=serif size=2>Vice President, MFC Global Investment Management (U.S.), LLC since 2005 <BR>
Vice President, John Hancock Advisers LLC (1999&#150;2005) <BR>
Began business career in 1984 <BR>
Joined Fund team in 2005 <BR>
Fund ownership &#151; None</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other Accounts the Portfolio Managers are Managing</FONT></B></P>
<P align=left><FONT face=serif size=2>The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of December 31, 2007. For purposes of the table, &#147;Other Pooled Investment Vehicles&#148; may include investment partnerships and group trusts, and &#147;Other Accounts&#148; may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.</FONT></P>

<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="29%"></TD>
     <TD width="70%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>P O R T F O L I O&nbsp;&nbsp; M A N A G E R</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>O T H E R&nbsp; &nbsp;A C C O U N T S&nbsp; &nbsp;M A N A G E D&nbsp;&nbsp; B Y&nbsp;&nbsp; T H E&nbsp;&nbsp; P O R T F O L I O &nbsp; M A N A G E R S</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Barry H. Evans, CFA</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Investment Companies: 5 funds with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=left background=""><FONT face=serif size=2>approximately $3.3 billion.</FONT>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: 2 accounts with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>approximately $156.2 million.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: 125 accounts with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=left background=""><FONT face=serif size=2>approximately $5.3 billion.</FONT>&nbsp;&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Jeffrey N. Given, CFA</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Investment Companies: 5 funds with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=left background=""><FONT face=serif size=2>approximately $2.0 billion.</FONT>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: 19 accounts with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=left background=""><FONT face=serif size=2>approximately $4.2 billion.</FONT>&nbsp;&nbsp;</TD></TR></TABLE><BR>

<P align=left><FONT face=sans-serif size=2>40</FONT></P>
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<TR>
     <TD width="29%"></TD>
     <TD width="70%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John F. Iles</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Investment Companies: 1 fund with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>approximately $1.2 billion.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: 2 accounts with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>assets of approximately $156.2 million.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: 3 accounts with total assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>approximately $966.6 million.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Neither the Adviser or the Subadviser receives a fee based upon the investment performance of any of the accounts included under &#147;Other Accounts Managed by the Portfolio Managers&#148; in the table above.</FONT></P>
<P align=left><FONT face=serif size=2>When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#146;s responsibility for the management of the Fund as well as one or more other accounts. The Adviser and the Subadviser have adopted procedures, overseen by the Chief Compliance Officer, that are intended to monitor compliance with the policies referred to in the following paragraphs.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The Subadviser has policies that require a portfolio manager to allocate investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadviser generally require that such trades for the individual accounts are aggregated so each account receives the same price. Where not possible or may not result in the best possible price, the Subadviser will place the order in a manner intended to result in as favorable a price as possible for such client.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The investment performance on specific accounts is not a factor in determining the portfolio manager&#146;s compensation. See &#147;Compensation of Portfolio Managers&#148; below. Neither the Adviser nor the Subadviser receives a performance-based fee with respect to other accounts managed by the Fund&#146;s portfolio managers.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The Subadviser imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The Subadviser seeks to avoid portfolio manager assignments with potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Compensation of Portfolio Managers</FONT></B></P>
<P align=left><FONT face=serif size=2>The Subadviser has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied consistently among investment professionals. At the Subadviser, the structure of compensation of investment professionals is currently comprised of the following basic components: fixed base salary, and an annual investment bonus plan, as well as customary benefits that are offered generally to all full-time employees of the Subadviser. A limited number of senior investment professionals, who serve as officers of both the Subadviser and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial.</FONT></P>
<P align=left><FONT face=serif size=2>Only investment professionals are eligible to participate in the Investment Bonus Plan on an annual basis. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses: 1) The investment performance of all accounts managed by the investment </FONT></P>
<P align=left><FONT face=sans-serif size=2>41</FONT></P>
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<P align="left">
<FONT size=2 face="serif">professional over one, three- and five-year periods are considered. The pre-tax performance of each account is measured relative to an appropriate peer group benchmark. 2) The profitability of the Subadviser and its parent
company are also considered in determining bonus awards, with greater emphasis placed upon the profitability of the Adviser. 3) The more intangible contributions of an investment professional to the Subadviser&#146;s business, including the
investment professional&#146;s support of sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are evaluating in determining the amount of any bonus award.</FONT></P>
<P align="left">
<FONT size=2 face="serif">While the profitability of the Subadviser and the investment performance of the accounts that the investment professionals maintain are factors in determining an investment professional&#146;s overall compensation, the
investment professional&#146;s compensation is not linked directly to the net asset value of any fund.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">42</FONT></P>

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<P align=left><FONT face=serif size=7>Trustees and Officers</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="73%"></TD>
     <TD width="10%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Independent Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Number of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>John Hancock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>funds overseen</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>since</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>by Trustee</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>James F. Carlin, </FONT></B><FONT face=sans-serif size=1>Born: 1940</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>55</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Interim Chairman (since December 2007); Director and Treasurer, Alpha Analytical Laboratories, Inc.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(chemical analysis) (since 1985); Part Owner and Treasurer, Lawrence Carlin Insurance Agency, Inc.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(since 1995); Part Owner and Vice President, Mone Lawrence Carlin Insurance Agency, Inc. (until 2005);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chairman and Chief Executive Officer, Carlin Consolidated, Inc. (management/investments) (since 1987);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trustee, Massachusetts Health and Education Tax Exempt Trust (1993&#150;2003).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>William H. Cunningham, </FONT></B><FONT face=sans-serif size=1>Born: 1944</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>55</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Professor, University of Texas at Austin (since 1971); former Chancellor, University of Texas System and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>former President, University of Texas at Austin (until 2001); Chairman and Chief Executive Officer, IBT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Technologies (until 2001); Director of the following: Hicks Acquisition Company I, Inc. (since 2007);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Hire.com (until 2004), STC Broadcasting, Inc. and Sunrise Television Corp. (until 2001), Symtx, Inc.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(electronic manufacturing) (since 2001), Adorno/Rogers Technology, Inc. (until 2004), Pinnacle Foods</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Corporation (until 2003), rateGenius (until 2003), Lincoln National Corporation (insurance) (since 2006),</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Jefferson-Pilot Corporation (diversified life insurance company) (until 2006), New Century Equity</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Holdings (formerly Billing Concepts) (until 2001), eCertain (until 2001), ClassMap.com (until 2001),</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Agile Ventures (until 2001), AskRed.com (until 2001), Southwest Airlines (since 2000), Introgen (man-</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>ufacturer of biopharmaceuticals) (since 2000) and Viasystems Group, Inc. (electronic manufacturer)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(until 2003); Advisory Director, Interactive Bridge, Inc. (college fundraising) (until 2001); Advisory</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Director, Q Investments (until 2003); Advisory Director, JPMorgan Chase Bank (formerly Texas Commerce</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Bank&#150;Austin), LIN Television (until 2008), WilTel Communications (until 2003) and Hayes Lemmerz</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>International, Inc. (diversified automotive parts supply company) (since 2003).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Charles L. Ladner, </FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1938</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2004</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>55</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chairman and Trustee, Dunwoody Village, Inc. (retirement services) (until 2003); Senior Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>and Chief Financial Officer, UGI Corporation (public utility holding company) (retired 1998); Vice</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>President and Director, AmeriGas, Inc. (retired 1998); Director, AmeriGas Partners, L.P. (gas distribution)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(until 1997); Director, EnergyNorth, Inc. (until 1997); Director, Parks and History Association (until 2005).</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>John A. Moore,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1939</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1996</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>55</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>President and Chief Executive Officer, Institute for Evaluating Health Risks (nonprofit institution)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(until 2001); Senior Scientist, Sciences International (health research) (until 2003); Former Assistant</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Administrator and Deputy Administrator, Environmental Protection Agency; Principal, Hollyhouse</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit research)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(until 2007).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>43</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="72%"></TD>
     <TD width="10%"></TD>
     <TD width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Independent Trustees </FONT></B><FONT face=sans-serif size=1>(continued)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Number of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>John Hancock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>funds overseen</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>since</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>by Trustee</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Patti McGill Peterson,</FONT></B><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Born: 1943</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1996</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>55</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Senior Associate, Institute for Higher Education Policy (since 2007); Executive Director, Council for</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>International Exchange of Scholars and Vice President, Institute of International Education (until 2007);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Senior Fellow, Cornell Institute of Public Affairs, Cornell University, Ithaca, NY (until 1998); Former</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>President, Wells College, Aurora, NY, and St. Lawrence University, Canton, NY; Director, Niagara</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Mohawk Power Corporation (until 2003); Director, Ford Foundation, International Fellowships Program</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>(since 2002); Director, Lois Roth Endowment (since 2002); Director, Council for International Educational</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Exchange (since 2003).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Steven R. Pruchansky, </FONT></B><FONT face=sans-serif size=1>Born: 1944</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>55</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>President, Greenscapes of Southwest Florida, Inc. (until 2000); Managing Director, JonJames, LLC (real</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>estate) (since 2000); Director, First Signature Bank &amp; Trust Company (until 1991); Director, Mast Realty</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Trust (until 1994); President, Maxwell Building Corp. (until 1991).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Non-Independent Trustees</FONT></B><B><SUP><FONT face=sans-serif size=1>3</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Number of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Trustee</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>John Hancock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>funds overseen</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>since</FONT></B><B><SUP><FONT face=sans-serif size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>by Trustee</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>James R. Boyle, </FONT></B><FONT face=sans-serif size=1>Born: 1959</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>265</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Executive Vice President, Manulife Financial Corporation (since 1999); President, John Hancock Variable</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Life Insurance Company (since March 2007); Executive Vice President, John Hancock Life Insurance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Company (since 2004); Chairman and Director, John Hancock Advisers, LLC (the Adviser), John Hancock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=sans-serif size=1>Funds, LLC and The Berkeley Financial Group, LLC (The Berkeley Group) (holding company) (since 2005);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Senior Vice President, The Manufacturers Life Insurance Company (U.S.A.) (until 2004).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>44</FONT></P>
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<TR>
     <TD width="92%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal officers who are not Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Officer</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>since</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Keith F. Hartstein, </FONT></B><FONT face=sans-serif size=1>Born: 1956</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>President and Chief Executive Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Senior Vice President, Manulife Financial Corporation (since 2004); Director, President and Chief</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Executive Officer, the Adviser, The Berkeley Group and John Hancock Funds, LLC (since 2005); Director,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>MFC Global Investment Management (U.S.), LLC (MFC Global (U.S.)) (since 2005); Director, John</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Hancock Signature Services, Inc. (since 2005); President and Chief Executive Officer, John Hancock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Investment Management Services, LLC (since 2006); President and Chief Executive Officer, John Hancock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Funds, John Hancock Funds II, John Hancock Funds III and John Hancock Trust (since 2005); Director,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Chairman and President, NM Capital Management, Inc. (since 2005); Member, Investment Company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Institute Sales Force Marketing Committee (since 2003); President and Chief Executive Officer, MFC</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Global (U.S.) (2005&#150;2006); Executive Vice President, John Hancock Funds, LLC (until 2005).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Thomas M. Kinzler, </FONT></B><FONT face=sans-serif size=1>Born: 1955</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Secretary and Chief Legal Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Vice President and Counsel, John Hancock Life Insurance Company (U.S.A.) (since 2006); Secretary and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Chief Legal Officer, John Hancock Funds and John Hancock Funds II (since 2006); Chief Legal Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>and Assistant Secretary, John Hancock Trust (since 2006); Vice President and Associate General Counsel,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Massachusetts Mutual Life Insurance Company (1999&#150;2006); Secretary and Chief Legal Counsel, MML</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Series Investment Fund (2000&#150;2006); Secretary and Chief Legal Counsel, MassMutual Institutional Funds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>(2000&#150;2004); Secretary and Chief Legal Counsel, MassMutual Select Funds and MassMutual Premier</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Funds (2004&#150;2006).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Francis V. Knox, Jr., </FONT></B><FONT face=sans-serif size=1>Born: 1947</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Chief Compliance Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Vice President and Chief Compliance Officer, John Hancock Investment Management Services, LLC,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>the Adviser and MFC Global (U.S.) (since 2005); Vice President and Chief Compliance Officer, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Hancock Funds, John Hancock Funds II, John Hancock Funds III and John Hancock Trust (since 2005);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Vice President and Assistant Treasurer, Fidelity Group of Funds (until 2004); Vice President and Ethics &amp;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Compliance Officer, Fidelity Investments (until 2001).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Charles A. Rizzo, </FONT></B><FONT face=sans-serif size=1>Born: 1957</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2007</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Chief Financial Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Chief Financial Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III and John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Hancock Trust (since June 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (regis-</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>tered investment companies) (2005&#150;June 2007); Vice President, Goldman Sachs (2005&#150;June 2007);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Managing Director and Treasurer of Scudder Funds, Deutsche Asset Management (2003&#150;2005);</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Director, Tax and Financial Reporting, Deutsche Asset Management (2002&#150;2003); Vice President and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Treasurer, Deutsche Global Fund Services (Deutsche Registered Investment Companies) (1999&#150;2002).</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Gordon M. Shone, </FONT></B><FONT face=sans-serif size=1>Born: 1956</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Treasurer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Senior Vice President, John Hancock Life Insurance Company (U.S.A.) (since 2001); Treasurer, John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Hancock Funds (since 2006), John Hancock Funds II, John Hancock Funds III and John Hancock Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>(since 2005); Vice President and Chief Financial Officer, John Hancock Trust (2003&#150;2005); Vice President,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>John Hancock Investment Management Services, Inc., John Hancock Advisers, LLC (since 2006) and The</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Manufacturers Life Insurance Company (U.S.A.) (1998&#150;2000).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=1>Annual report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>45</FONT></P>
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<TR>
     <TD width="91%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal officers who are not Trustees </FONT></B><FONT face=sans-serif size=1>(continued)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Name, Year of Birth</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><I><FONT face=sans-serif size=1>Position(s) held with Fund</FONT></I></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>Officer</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Principal occupation(s) and other</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>of Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>directorships during past 5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=right><B><FONT face=sans-serif size=1>since</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>John G. Vrysen, </FONT></B><FONT face=sans-serif size=1>Born: 1955</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=sans-serif size=1>2005</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=sans-serif size=1>Chief Operating Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Senior Vice President, Manulife Financial Corporation (since 2006); Director, Executive Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>and Chief Operating Officer, the Adviser, The Berkeley Group and John Hancock Funds, LLC (since</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>June 2007); Executive Vice President and Chief Operating Officer, John Hancock Investment</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Management Services, LLC (since December 2007); Chief Operating Officer, John Hancock Funds,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>John Hancock Funds II, John Hancock Funds III and John Hancock Trust (since June 2007); Director,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Executive Vice President and Chief Financial Officer, the Adviser, The Berkeley Group and John Hancock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Funds, LLC (2005&#150;2007); Executive Vice President and Chief Financial Officer, John Hancock Investment</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Management Services, LLC (2005&#150;2007); Executive Vice President and Chief Financial Officer, MFC</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Global (U.S.) (2005 until August 2007); Director, John Hancock Signature Services, Inc. (since 2005);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Chief Financial Officer, John Hancock Funds, John Hancock Funds II, John Hancock Funds III and John</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>Hancock Trust (2005 until June 2007); Vice President and General Manager, John Hancock Fixed</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=sans-serif size=1>Annuities, U.S. Wealth Management (2004&#150;2005); Vice President, Operations, Manulife Wood Logan</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>(2000&#150;2004).</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1></FONT></SUP><FONT face=sans-serif size=1>The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1></FONT></SUP><FONT face=sans-serif size=1>The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Each Trustee serves until resignation, retirement age or until his or her successor is elected. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Member of Audit and Compliance Committee. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><FONT face=sans-serif size=1>Non-Independent Trustee holds positions with the Fund&#146;s investment adviser, underwriter and certain other affiliates.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Investors Trust | </FONT><B><FONT face=sans-serif size=1>Annual report</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>46</FONT></P>
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<P align=left><FONT face=serif size=7>For more information</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>The Fund&#146;s proxy voting policies, procedures and records are available without charge, upon request:</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="32%"></TD>
     <TD width="34%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>By phone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>On the Fund&#146;s Web site</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>On the SEC&#146;s Web site</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>1-800-225-5291</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>www.jhfunds.com/proxy</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>www.sec.gov</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Investment adviser</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Transfer agent for</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Independent registered</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John Hancock Advisers, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>common shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>public accounting firm</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>601 Congress Street</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Mellon Investor Services</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>PricewaterhouseCoopers LLP</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Boston, MA 02210-2805</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Newport Office Center VII</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>125 High Street</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif size=2>480 Washington Boulevard</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Boston, MA 02110</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Subadviser</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Jersey City, NJ 07310</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=serif size=2>MFC Global Investment</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""><B><FONT face=sans-serif size=1>Stock symbol</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Management (U.S.), LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Transfer agent for</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Listed New York Stock</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>101 Huntington Avenue</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>preferred shareholders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Exchange:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Boston, MA 02199</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Deutsche Bank Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>JHI</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=serif size=2>Company Americas</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Custodian</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>280 Park Avenue</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>For shareholder assistance</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>The Bank of New York</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>New York, NY 10017</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>refer to page 36</FONT></B>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>One Wall Street</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>New York, NY 10286</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Legal counsel</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Kirkpatrick &amp; Lockhart</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Preston Gates Ellis LLP</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>One Lincoln Street</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""><FONT face=serif size=2>Boston, MA 02111-2950</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="15%"></TD>
     <TD width="35%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><B><FONT face=sans-serif size=2>How to contact us</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Internet</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>www.jhfunds.com</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Mail</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Mellon Investor Services</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Newport Office Center VII</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>480 Washington Boulevard</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Jersey City, NJ 07310</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=sans-serif size=1>Phone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Customer service representatives</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-852-0218</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>Portfolio commentary</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-344-7054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>24-hour automated information</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-843-0090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>TDD line</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>1-800-231-5469</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>A listing of month-end portfolio holdings is available on our Web site, www.jhfunds.com. A more detailed portfolio holdings summary is available on a quarterly basis 60 days after the fiscal quarter on our Web site or upon request by calling 1-800-225-5291, or on the SEC&#146;s Web site, www.sec.gov.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Annual Report</FONT></B><FONT face=sans-serif size=1> | Investors Trust</FONT></P>
<P align=left><FONT face=sans-serif size=2>47</FONT></P>
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<BR>
<P align=left><FONT face=sans-serif size=1>1-800-852-0218</FONT><BR>
<FONT face=sans-serif size=1>1-800-231-5469 TDD</FONT><BR>
<FONT face=sans-serif size=1>1-800-843-0090 EASI-Line</FONT><BR>
<FONT face=sans-serif size=1>www.jhfunds.com</FONT></P>
<P align=left><FONT face=sans-serif size=2>PRESORTED</FONT><BR>
<FONT face=sans-serif size=2>STANDARD</FONT><BR>
<FONT face=sans-serif size=2>U.S. </FONT><FONT face=sans-serif size=2>POSTAGE</FONT><BR>
<FONT face=sans-serif size=2>PAID</FONT><BR>
<FONT face=sans-serif size=2>MIS</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=1>P500A 12/07</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=sans-serif size=1>2/08</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=sans-serif size=2>ITEM 2. CODE OF ETHICS. </FONT></P>
<P align=left><FONT face=sans-serif size=2>As of the end of the period, December 31, 2007, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the &#147;Senior Financial Officers&#148;). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Charles L. Ladner is the audit committee financial expert and is &#147;independent&#148;, pursuant to general instructions on Form N-CSR Item 3. </FONT></P>
<P align=left><FONT face=sans-serif size=2>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. </FONT></P>
<P align=left><FONT face=sans-serif size=2>(a) Audit Fees <BR>
<BR>
</FONT><FONT face=sans-serif size=2>The aggregate fees billed for professional services rendered by the principal accountant(s) for the audit of the registrant&#146;s annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $26,250 for the fiscal year ended December 31, 2007 and $26,250 for the fiscal year ended December 31, 2006. These fees were billed to the registrant and were approved by the registrant&#146;s audit committee. </FONT></P>
<P align=left><FONT face=sans-serif size=2>(b) Audit-Related Services </FONT></P>
<P align=left><FONT face=sans-serif size=2>There were no audit-related fees during the fiscal year ended December 31, 2007 and fiscal year ended December 31, 2006 billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates"). </FONT></P>
<P align=left><FONT face=sans-serif size=2>(c) Tax Fees </FONT></P>
<P align=left><FONT face=sans-serif size=2>The aggregate fees billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning (&#147;tax fees&#148;) amounted to $3,500 for the fiscal year ended December 31, 2007 and $3,500 for the fiscal year ended December 31, 2006. The nature of the services comprising the tax fees was the review of the registrant&#146;s income tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant&#146;s audit committee. There were no tax fees billed to the control affiliates. </FONT></P>
<P align=left><FONT face=sans-serif size=2>(d) All Other Fees </FONT></P>
<P align=left><FONT face=sans-serif size=2>The all other fees billed to the registrant for products and services provided by the principal accountant were $3,000 for the fiscal year ended December 31, 2007 and $3,000 for the fiscal year ended December 31, 2006. There were no other fees during the fiscal year ended December 31, 2007 and December 31, 2006 billed to control affiliates for products and services provided by the principal accountant. The nature of the services comprising the all other fees was related to the principal accountant&#146;s report on the registrant&#146;s Eligible Asset Coverage. These fees were approved by the registrant&#146;s audit committee. </FONT></P>



<P align=left><FONT face=sans-serif size=2>(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT></P>
<P align=left><FONT face=sans-serif size=2>The trust&#146;s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the &#147;Auditor&#148;) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law. </FONT></P>
<P align=left><FONT face=sans-serif size=2>The trust&#146;s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee&#146;s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $50,000 per year/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $50,000 per year/per fund are subject to specific pre-approval by the Audit Committee. Other services provided by the Auditor that are expected to exceed $10,000 per year/per fund are subject to specific pre
- -approval by the Audit Committee. </FONT></P>
<P align=left><FONT face=sans-serif size=2>All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor. </FONT></P>
<P align=left><FONT face=sans-serif size=2>(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: </FONT></P>
<P align=left><FONT face=sans-serif size=2>Audit-Related Fees, Tax Fees and All Other Fees:<BR>
</FONT><FONT face=sans-serif size=2>There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.</FONT></P>




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<P align="left">
<FONT size=2 face="sans-serif">(f) According to the registrant&#146;s principal accountant, for the fiscal year ended December 31, 2007, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal
year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(g) The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the
registrant were &#36;1,554,323 for the fiscal year ended December 31, 2007, and &#36;872,192 for he fiscal year ended December 31, 2006. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(h) The audit committee of the registrant has considered the non-audit services provided by the registrant&#146;s principal accountant(s) to the control affiliates and has determined that the services that were not
pre-approved are compatible with maintaining the principal accountant(s)' independence.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Dr. John A. Moore - Chairman </FONT><BR>
<FONT size=2 face="sans-serif">Charles L. Ladner</FONT><BR>
<FONT size=2 face="sans-serif">Patti McGill Peterson </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 6. SCHEDULE OF INVESTMENTS. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Not applicable. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">See attached Exhibit &#147;Proxy Voting Policies and Procedures&#148;. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. </FONT></P>














<P align=left><B><FONT face=sans-serif size=2>Information about the portfolio managers </FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>Management Biographies and Fund ownership </FONT></B></P>
<P align=left><FONT face=serif size=2>Below is an alphabetical list of the portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years and their range of beneficial share ownership in the Fund as of December 31, 2007. </FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Barry H. Evans, CFA </FONT></B></P>
<P align=left><FONT face=serif size=2>President, Chief Fixed Income Officer and Chief Operating Officer, MFC Global Investment Management (U.S.), LLC since 2005 <BR>
Senior Vice President, Chief Fixed Income Officer and Chief Operating Officer, John Hancock Advisers LLC (1986&#150;2005) <BR>
Began business career in 1986 <BR>
Joined Fund team in 2002 <BR>
Fund ownership &#151; $10,001&#150;$50,000</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Jeffrey N. Given, CFA </FONT></B></P>
<P align=left><FONT face=serif size=2>Vice President, MFC Global Investment Management (U.S.), LLC since 2005 <BR>
Second Vice President, John Hancock Advisers LLC (1993&#150;2005) <BR>
Began business career in 1993 <BR>
Joined Fund team in 1999 <BR>
Fund ownership &#151; $1&#150;$10,000</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>John F. Iles </FONT></B></P>
<P align=left><FONT face=serif size=2>Vice President, MFC Global Investment Management (U.S.), LLC since 2005 <BR>
Vice President, John Hancock Advisers LLC (1999&#150;2005) <BR>
Began business career in 1984 <BR>
Joined Fund team in 2005 <BR>
Fund ownership &#151; None</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Other Accounts the Portfolio Managers are Managing</FONT></B></P>
<P align=left><FONT face=serif size=2>The table below indicates for each portfolio manager information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of December 31, 2007. For purposes of the table, &#147;Other Pooled Investment Vehicles&#148; may include investment partnerships and group trusts, and &#147;Other Accounts&#148; may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="29%"></TD>
     <TD width="70%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=sans-serif size=1>P O R T F O L I O&nbsp;&nbsp; M A N A G E R</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=sans-serif size=1>O T H E R&nbsp; &nbsp;A C C O U N T S&nbsp; &nbsp;M A N A G E D&nbsp;&nbsp; B Y&nbsp;&nbsp; T H E&nbsp;&nbsp; P O R T F O L I O &nbsp; M A N A G E R S</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Barry H. Evans, CFA</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Investment Companies: 5 funds with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=left background=""><FONT face=serif size=2>approximately $3.3 billion.</FONT>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: 2 accounts with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>approximately $156.2 million.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: 125 accounts with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=left background=""><FONT face=serif size=2>approximately $5.3 billion.</FONT>&nbsp;&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>Jeffrey N. Given, CFA</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Investment Companies: 5 funds with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=left background=""><FONT face=serif size=2>approximately $2.0 billion.</FONT>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: 19 accounts with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD align=left background=""><FONT face=serif size=2>approximately $4.2 billion.</FONT>&nbsp;&nbsp;</TD></TR></TABLE>




<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="29%"></TD>
     <TD width="70%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=serif size=2>John F. Iles</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Investment Companies: 1 fund with assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>approximately $1.2 billion.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Pooled Investment Vehicles: 2 accounts with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>assets of approximately $156.2 million.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>Other Accounts: 3 accounts with total assets of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=serif size=2>approximately $966.6 million.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Neither the Adviser or the Subadviser receives a fee based upon the investment performance of any of the accounts included under &#147;Other Accounts Managed by the Portfolio Managers&#148; in the table above.</FONT></P>
<P align=left><FONT face=serif size=2>When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager&#146;s responsibility for the management of the Fund as well as one or more other accounts. The Adviser and the Subadviser have adopted procedures, overseen by the Chief Compliance Officer, that are intended to monitor compliance with the policies referred to in the following paragraphs.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The Subadviser has policies that require a portfolio manager to allocate investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadviser generally require that such trades for the individual accounts are aggregated so each account receives the same price. Where not possible or may not result in the best possible price, the Subadviser will place the order in a manner intended to result in as favorable a price as possible for such client.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The investment performance on specific accounts is not a factor in determining the portfolio manager&#146;s compensation. See &#147;Compensation of Portfolio Managers&#148; below. Neither the Adviser nor the Subadviser receives a performance-based fee with respect to other accounts managed by the Fund&#146;s portfolio managers.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The Subadviser imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.</FONT></P>
<P align=left><FONT face=serif size=2>&#149; The Subadviser seeks to avoid portfolio manager assignments with potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>Compensation of Portfolio Managers</FONT></B></P>
<P align=left><FONT face=serif size=2>The Subadviser has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied consistently among investment professionals. At the Subadviser, the structure of compensation of investment professionals is currently comprised of the following basic components: fixed base salary, and an annual investment bonus plan, as well as customary benefits that are offered generally to all full-time employees of the Subadviser. A limited number of senior investment professionals, who serve as officers of both the Subadviser and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial.</FONT></P>
<P align=left><FONT face=serif size=2>Only investment professionals are eligible to participate in the Investment Bonus Plan on an annual basis. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses: 1) The investment performance of all accounts managed by the investment professional over one, three- and five-year periods are considered. The pre-tax performance of each account is measured relative to an appropriate peer group benchmark. 2) The profitability of the Subadviser and its parent
company are also considered in determining bonus awards, with greater emphasis placed upon the profitability of the Adviser. 3) The more intangible contributions of an investment professional to the Subadviser&#146;s business, including the
investment professional&#146;s support of sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are evaluating in determining the amount of any bonus award.</FONT></P>
<P align="left">
<FONT size=2 face="serif">While the profitability of the Subadviser and the investment performance of the accounts that the investment professionals maintain are factors in determining an investment professional&#146;s overall compensation, the
investment professional&#146;s compensation is not linked directly to the net asset value of any fund.</FONT></P>





































<P align="left">
<FONT size=2 face="sans-serif">ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Not applicable. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">There were no material changes to previously disclosed John Hancock Funds &#150; Governance Committee Charter. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 11. CONTROLS AND PROCEDURES. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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 </FONT></P>

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<FONT size=2 face="sans-serif">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. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an
annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">ITEM 12. EXHIBITS. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a)(1) Code of Ethics for Senior Financial Officers is attached. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c)(1) Proxy Voting Policies and Procedures are attached. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached &#147;John Hancock &#150; Governance Committee Charter&#148;.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(c)(3) Contact person at the registrant. </FONT></P>

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<P align=center><FONT face=sans-serif size=2>SIGNATURES </FONT></P>
<P align=left><FONT face=sans-serif size=2>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. </FONT></P>
<P align=left><FONT face=sans-serif size=2>John Hancock Investors Trust </FONT><BR>
<BR>
<FONT face=sans-serif size=2>By: /s/ Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>------------------------------------- </FONT><BR>
<FONT face=sans-serif size=2>Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>President and Chief Executive Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: February 28, 2008 </FONT></P>
<P align=left><FONT face=sans-serif size=2>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. </FONT></P>
<P align=left><FONT face=sans-serif size=2>By: /s/ Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>------------------------------------- </FONT><BR>
<FONT face=sans-serif size=2>Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>President and Chief Executive Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: February 28, 2008 </FONT><BR>
<BR>
<FONT face=sans-serif size=2>By: /s/ Charles A. Rizzo </FONT><BR>
<FONT face=sans-serif size=2>------------------------------------- </FONT><BR>
<FONT face=sans-serif size=2>Charles A. Rizzo </FONT><BR>
<FONT face=sans-serif size=2>Chief Financial Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Date: February 28, 2008 </FONT></P>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_exnn.htm
<DESCRIPTION>CERTIFICATION
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<P align="left">
<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Keith F. Hartstein, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed this report on Form N-CSR of the John Hancock Investors Trust (the &#147;registrant&#148;);</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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</FONT></P>

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<FONT size=2 face="sans-serif">(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.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">By: /s/ Keith F. Hartstein </FONT><BR>
<FONT size=2 face="sans-serif">------------------------------------- </FONT><BR>
<FONT size=2 face="sans-serif">Keith F. Hartstein </FONT><BR>
<FONT size=2 face="sans-serif">President and Chief Executive Officer </FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: February 28, 2008 </FONT></P>

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<P align="left">
<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Charles A. Rizzo, certify that:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed this report on Form N-CSR of the John Hancock Investors Trust (the &#147;registrant&#148;);</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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</FONT></P>

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<FONT size=2 face="sans-serif">(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.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">By: /s/ Charles A. Rizzo </FONT><BR>
<FONT size=2 face="sans-serif">------------------------------------- </FONT><BR>
<FONT size=2 face="sans-serif">Charles A. Rizzo </FONT><BR>
<FONT size=2 face="sans-serif">Chief Financial Officer </FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Date: February 28, 2008 </FONT></P>

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<FILENAME>c_exnnos.htm
<DESCRIPTION>CERTIFICATION 906
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<P align=center><B><FONT face=sans-serif size=2>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of </FONT></B><BR>
<B><FONT face=sans-serif size=2>the Sarbanes-Oxley Act of 2002 </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>In connection with the attached Report of John Hancock Investors Trust (the &#147;registrant&#148;) 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:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P align=left><FONT face=sans-serif size=2>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.</FONT></P>
<P align=left><FONT face=sans-serif size=2>/s/ Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>------------------------------------- </FONT><BR>
<FONT face=sans-serif size=2>Keith F. Hartstein </FONT><BR>
<FONT face=sans-serif size=2>President and Chief Executive Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Dated: February 28, 2008 </FONT><BR>
<BR>
<FONT face=sans-serif size=2>/s/ Charles A. Rizzo </FONT><BR>
<FONT face=sans-serif size=2>------------------------------------- </FONT><BR>
<FONT face=sans-serif size=2>Charles A. Rizzo </FONT><BR>
<FONT face=sans-serif size=2>Chief Financial Officer </FONT><BR>
<BR>
<FONT face=sans-serif size=2>Dated: February 28, 2008 </FONT></P>
<P align=left><FONT face=sans-serif size=2>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.</FONT></P>
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<TYPE>EX-99.CODE ETH
<SEQUENCE>4
<FILENAME>d_codeth.htm
<DESCRIPTION>CODE OF ETHICS
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<P align=center><B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>T</FONT></B><B><FONT face=serif size=2>RUST</FONT></B><B><FONT face=serif></FONT></B> <BR>
<B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>F</FONT></B><B><FONT face=serif size=2>UNDS</FONT></B> <B><FONT face=serif></FONT></B><BR>
<B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>F</FONT></B><B><FONT face=serif size=2>UNDS</FONT></B> <B><FONT face=serif>II</FONT></B> <BR>
<B><FONT face=serif>J</FONT></B><B><FONT face=serif size=2>OHN</FONT></B> <B><FONT face=serif>H</FONT></B><B><FONT face=serif size=2>ANCOCK</FONT></B> <B><FONT face=serif>F</FONT></B><B><FONT face=serif size=2>UNDS</FONT></B> <B><FONT face=serif>III</FONT></B></P>
<P align=center><B><FONT face=serif><U>SARBANES-OXLEY CODE OF ETHICS</U></FONT></B><BR>
<B><FONT face=serif><U>FOR</U></FONT></B><BR>
<B><FONT face=serif><U>PRINCIPAL EXECUTIVE &amp; PRINCIPAL FINANCIAL OFFICERS</U></FONT></B></P>
<P align=left><B><FONT face=serif>I.</FONT></B><B><FONT face=sans-serif></FONT></B> <B><FONT face=serif>Covered Officers/Purpose of the Code</FONT></B></P>
<P align=left><FONT face=serif>This code of ethics (this &#147;Code&#148;) for John Hancock Trust, John Hancock Funds</FONT><SUP><FONT face=serif>1</FONT></SUP><FONT face=serif>, John Hancock Funds II and John Hancock Funds III, each a registered management investment company under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;), which may issue shares in separate and distinct series (each investment company and series thereunder to be hereinafter referred to as a &#147;Fund&#148;), applies to each Fund&#146;s Principal Executive Officer (&#147;President&#148;) and Principal Financial Officer (&#147;Chief Financial Officer&#148;) (the &#147;Registrant&#146;s Executive Officers&#148; or &#147;Executive Officers&#148; as set forth in</FONT> <U><FONT face=serif>Exhibit A</FONT></U><FONT face=serif>) for the purpose of promoting:</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (&#147;SEC&#148;) and in other public communications made by the Fund;</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>compliance with applicable laws and governmental rules and regulations;</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</FONT></P>
<P align=left><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT> <FONT face=serif>accountability for adherence to the Code.</FONT></P>
<P align=left><SUP><FONT face=serif size=2>___________________________________________<BR>
1</FONT></SUP> <FONT face=serif size=2>John Hancock Funds includes the following trusts: John Hancock Bank and Thrift Opportunity Fund; John Hancock Bond Trust; John Hancock California Tax-Free Income Fund; John Hancock Capital Series; John Hancock Current Interest; John Hancock Equity Trust; John Hancock Income Securities Trust; John Hancock Investment Trust; John Hancock Investment Trust II; John Hancock Investment Trust III; John Hancock Investors Trust; John Hancock Municipal Securities Trust; John Hancock Patriot Premium Dividend Fund II; Trust; John Hancock Preferred Income Fund; John Hancock Preferred Income Fund II; John Hancock Preferred Income Fund III; John Hancock Series Trust; John Hancock Sovereign Bond Fund; John Hancock Strategic Series; John Hancock Tax-Exempt Series Fund; John Hancock World Fund; John Hancock Tax-Advantaged Dividend Income Fund and John Hancock Tax-Advantaged Global Shareholder Yield Fund.</FONT></P>
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<P align=left><FONT face=serif>Each of the Registrant&#146;s Executive Officers should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. </FONT></P>
<P align=left><B><FONT face=serif>II.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest </FONT></B></P>
<P align=left><B><FONT face=serif>Overview </FONT></B></P>
<P align=left><FONT face=serif>A &#147;conflict of interest&#148; occurs when an Executive Officer&#146;s private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Registrant&#146;s Executive Officers, or a member of his family, receives improper personal benefits as a result of his position with the Fund. Certain conflicts of interest arise out of the relationships between the Executive Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;) and the Investment Advisers Act of 1940, as amended (the &#147;Investment Advisers Act&#148;). For example, Executive Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as &#147;affiliated persons&#148; of the Fund. Each of the Registrant&#146;s Executive Officers is an off
icer or employee of the investment adviser or a service provider (&#147;Service Provider&#148;) to the Fund. The Fund&#146;s, the investment adviser&#146;s and the Service Provider&#146;s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. </FONT></P>
<P align=left><FONT face=serif>Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser and the Service Provider of which the Executive Officers are also officers or employees. As a result, this Code recognizes that the Registrant&#146;s Executive Officers will, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Fund. The participation of the Executive Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and the Service Provider and is consistent with the performance by the Executive Officers of their duties as officers of the Fund. Thus, if such participation is performed in conformity 
with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically. In addition, it is recognized by the Fund&#146;s Board of Trustees/Directors (the &#147;Board&#148;) that the Executive Officers may also be officers or employees of one or more other investment companies covered by other Codes. </FONT></P>
<P align=left><FONT face=serif>Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Registrant&#146;s Executive Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of an Executive Officer should not be placed improperly before the interest of the Fund.</FONT></P>
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<P align=center><FONT face=serif>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </FONT></P>
<P align=left><FONT face=serif>Each Covered Officer must: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Executive Officer would benefit personally to the detriment of the Fund; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Executive Officer rather than for the benefit of the Fund; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions. </FONT></P>
<P align=left><FONT face=serif>Additionally, conflicts of interest may arise in other situations, the propriety of which may be discussed, if material, with the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;). Examples of these include: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>service as a director/trustee on the board of any public or private company; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the receipt of any non-nominal gifts; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety (or other formulation as the Fund already uses in another code of conduct); </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>any ownership interest in, or any consulting or employment relationship with, any of the Fund&#146;s service providers, other than its investment adviser, any sub-adviser, principal underwriter, administrator or any affiliated person thereof; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Executive Officer&#146;s employment, such as compensation or equity ownership. </FONT></P>
<P align=left><B><FONT face=serif>III.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Disclosure &amp; Compliance </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Each Executive Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Each Executive Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, </FONT></P>
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<P align=left><FONT face=serif>including to the Fund&#146;s directors and auditors, and to governmental regulators and self-regulatory organizations; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Each Executive Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the Fund&#146;s adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>It is the responsibility of each Executive Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. </FONT></P>
<P align=left><B><FONT face=serif>IV.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Reporting &amp; Accountability </FONT></B></P>
<P align=left><FONT face=serif>Each Executive Officer must: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>upon adoption of the Code (or thereafter as applicable, upon becoming an Executive Officer), affirm in writing to the Fund&#146;s CCO that he/she has received, read, and understands the Code; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>annually thereafter affirm to the Fund&#146;s CCO that he/she has complied with the requirements of the Code; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>not retaliate against any employee or Executive Officer or their affiliated persons for reports of potential violations that are made in good faith; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>notify the Fund&#146;s CCO promptly if he/she knows of any violation of this Code (Note: failure to do so is itself a violation of this Code); and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>report at least annually any change in his/her affiliations from the prior year. </FONT></P>
<P align=left><FONT face=serif>The Fund&#146;s CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Fund&#146;s Board or the Compliance Committee thereof (the &#147;Committee&#148;). </FONT></P>
<P align=left><FONT face=serif>The Fund will follow these procedures in investigating and enforcing this Code: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the Fund&#146;s CCO will take all appropriate action to investigate any potential violations reported to him/her;</FONT><B><FONT face=serif> </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>any matter that the CCO believes is a violation will be reported to the Board or, if applicable, Compliance Committee; </FONT></P>
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<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>if the Board or, if applicable, Compliance Committee concurs that a violation has occurred, the Board, either upon its determination of a violation or upon recommendation of the Compliance Committee, if applicable, will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a recommendation to dismiss the Registrant&#146;s Executive Officer; </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. </FONT></P>
<P align=left><B><FONT face=serif>V.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Other Policies &amp; Procedures </FONT></B></P>
<P align=left><FONT face=serif>This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund&#146;s adviser, any sub-adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Registrant&#146;s Executive Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund&#146;s and its investment adviser&#146;s codes of ethics under Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, are separate requirements applying to the Registrant&#146;s Executive Officers and others, and are not part of this Code. </FONT></P>
<P align=left><B><FONT face=serif>VI.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Amendments </FONT></B></P>
<P align=left><FONT face=serif>Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Fund&#146;s Board, including a majority of independent directors. </FONT></P>
<P align=left><B><FONT face=serif>VII.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Confidentiality </FONT></B></P>
<P align=left><FONT face=serif>All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund&#146;s Board and its counsel, the investment adviser and the relevant Service Providers. </FONT></P>
<P align=left><B><FONT face=serif>VIII.</FONT></B><B><FONT face=sans-serif> </FONT></B><B><FONT face=serif>Internal Use </FONT></B></P>
<P align=left><FONT face=serif>The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.</FONT></P>
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<P align=center><B><U><FONT face=serif>Exhibit A</FONT></U></B><FONT face=serif> </FONT><BR>
<B><FONT face=serif>Persons Covered by this Code of Ethics </FONT></B><BR>
<B><FONT face=serif>(As of June 2007) </FONT></B></P>
<P align=left><B><FONT face=serif>John Hancock Trust</FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=left><B><FONT face=serif>John Hancock Funds </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=left><B><FONT face=serif>John Hancock Funds II </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
<P align=left><B><FONT face=serif>John Hancock Funds III </FONT></B></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Executive Officer and President &#150; Keith Hartstein <BR>
</FONT><FONT face=sans-serif><FONT face=sans-serif><FONT size=1>&#9658;</FONT></FONT></FONT><FONT face=sans-serif> </FONT><FONT face=serif>Principal Financial Officer and Chief Financial Officer &#150; Charles Rizzo </FONT></P>
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<SEQUENCE>5
<FILENAME>e_govcom.htm
<DESCRIPTION>GOVERNANCE COMMITTEE CHARTER
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    <TD noWrap><B><FONT face=sans-serif size=2>JOHN HANCOCK
      FUNDS</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=sans-serif size=2>GOVERNANCE COMMITTEE
CHARTER</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>A. Composition. The Governance
Committee shall be composed entirely of Trustees who are "independent" as
defined in the rules of the New York Stock Exchange ("NYSE") and the NASDAQ
Stock Market, Inc. ("NASDAQ") or any other exchange, as applicable, and are not
"interested persons" as defined in the Investment Company Act of 1940 of any of
the funds, or of any fund's investment adviser or principal underwriter (the
"Independent Trustees") who are designated for membership from time to time by
the Board of Trustees. The Chairman of the Board shall be a member of the
Governance Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B. Overview. The overall charter of
the Governance Committee is to make recommendations to the Board on issues
related to corporate governance applicable to the Independent Trustees and to
the composition and operation of the Board, and to assume duties,
responsibilities and functions to recommend nominees to the Board, together with
such additional duties, responsibilities and functions as are delegated to it
from time to time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C. Specific Responsibilities. The
Governance Committee shall have the following duties and powers, to be exercised
at such times and in such manner as the Committee shall deem necessary or
appropriate:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. Except where the funds are legally
required to nominate individuals recommended by others, to recommend to the
Board of Trustees individuals for nomination to serve as Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. To consider, as it deems necessary
or appropriate, the criteria for persons to fill existing or newly created
Trustee vacancies. The Governance Committee shall use the criteria and
principles set forth in Annex A to guide its Trustee selection
process.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3. To consider and recommend the
amount of compensation to be paid by the funds to the Independent Trustees,
including incremental amounts, if any, payable to Committee Chairmen, and to
address compensation-related matters.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4. To consider and recommend the
duties and compensation of the Chairman of the Board.</FONT></P>
<P align=left><FONT face=sans-serif size=2>5. To consider and recommend changes
to the Board regarding the size, structure, and composition of the
Board.</FONT></P>
<P align=left><FONT face=sans-serif size=2>6. To evaluate, from time to time,
the retirement policies for the Independent Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>7. To develop and recommend to the
Board guidelines for corporate governance ("Corporate Governance Guidelines")
for the funds that take into account the rules of the NYSE and any applicable
law or regulation, and to periodically review and assess the Corporate
Governance Guidelines and recommend any proposed changes to the Board for
approval.</FONT></P>
<P align=left><FONT face=sans-serif size=2>8. To monitor all expenditures of the
Board or the Committees or the Independent Trustees not otherwise incurred
and/or monitored by a particular Committee, including, but not limited to:
legal, consulting, and D&amp;O insurance costs; association dues, including
Investment Company Institute membership dues; meeting expenditures and policies
relating to</FONT></P>
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<FONT size=2 face="sans-serif">reimbursement of travel expenses and expenses associated with offsite meetings; expenses associated with Trustee attendance at educational or informational conferences; and publication expenses.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">9. To consider, evaluate and make recommendations and necessary findings regarding independent legal counsel and any other advisers, experts or consultants, that may be engaged by the Board of Trustees, by the Trustees
who are not "interested persons" as defined in the Investment Company Act of 1940 of any of the funds or any fund's investment adviser or principal underwriter, or by the Governance Committee, from time to time, other than as may be engaged directly
by another Committee.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">10. To periodically review the Board's committee structure and 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.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">11. 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.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">12. To report its activities to Board of Trustees and to make such recommendations with respect to the matters described above and other matters as the Governance Committee may deem necessary or appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">D. Additional Responsibilities. The Committee will also perform other tasks assigned to it from time to time by the Chairman of the Board or by the Board of Trustees, and will report findings and recommendations to the
Board of Trustees, as appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">E. Governance. One member of the Committee shall be appointed as chair. 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, and making reports to the Board of Trustees, as appropriate.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">F. Miscellaneous. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. 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 to carry out its duties. The Committee shall have direct access to such officers of and
service providers to the funds as it deems desirable.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">G. Review. The Committee shall review this Charter periodically and recommend such changes to the Board of Trustees as it deems desirable.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">ANNEX A</FONT></B><BR>
<BR>
<B><FONT size=2 face="sans-serif">General Criteria</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the funds and should be willing and able to
contribute positively to the decision-making process of the funds.</FONT></P>

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<FONT size=2 face="sans-serif">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.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the funds, including shareholders and the management company, and to act in the interests of all
shareholders.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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
director/trustee.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Application of Criteria to Existing Trustees</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The renomination of existing Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above. In addition, the Governance Committee shall consider the
existing Trustee's performance on the Board and any committee.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">Review of Shareholder Nominations</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">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 Governance Committee. In
evaluating a nominee recommended by a shareholder, the Governance 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 funds' 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 funds' proxy statement.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">As long as an existing Independent Trustee continues, in the opinion of the Governance Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of an existing Trustee
rather than a new candidate. Consequently, while the Governance Committee will consider nominees recommended by shareholders to serve as trustees, the Governance Committee may only act upon such recommendations if there is a vacancy on the Board, or
the Governance Committee determines that the selection of a new or additional Trustee is in the best interests of the fund. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Governance Committee
will, in addition to any shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Governance Committee. The Governance Committee may retain a consultant to assist the Committee in a
search for a qualified candidate.</FONT></P>

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<DESCRIPTION>PROXY VOTING POLICIES
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<P align="left">
<B><FONT size=2 face="sans-serif">JOHN HANCOCK FUNDS</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">PROXY VOTING POLICIES</FONT></B></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">John Hancock Advisers, LLC</FONT><BR>
<FONT size=2 face="sans-serif">MFC Global Investment Management (U.S.), LLC</FONT><BR>
<FONT size=2 face="sans-serif">(formerly known as Sovereign Asset Management LLC)</FONT><BR>
<FONT size=2 face="sans-serif">Proxy Voting Guidelines</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">We believe in placing our clients' interests first. Before we invest in a particular stock or bond, our team of portfolio managers and research analysts look closely at the company by examining its earnings history,
its management team and its place in the market. Once we invest, we monitor all our clients' holdings, to ensure that they maintain their potential to produce results for investors.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">As part of our active investment management strategy, we keep a close eye on each company we invest in. Routinely, companies issue proxies by which they ask investors like us to vote for or against a change, such as a
new management team, a new business procedure or an acquisition. We base our decisions on how to vote these proxies with the goal of maximizing the value of our clients' investments.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Currently, John Hancock Advisers, LLC ("JHA") and MFC Global Investment Management (U.S.), LLC ("MFC") manage open-end funds, closed-end funds and portfolios for institutions and high-net-worth investors. Occasionally,
we utilize the expertise of an outside asset manager by means of a subadvisory agreement. In all cases, JHA or MFC makes the final decision as to how to vote our clients' proxies. There is one exception, however, and that pertains to our
international accounts. The investment management team for international investments votes the proxies for the accounts they manage. Unless voting is specifically retained by the named fiduciary of the client, JHA and MFC will vote proxies for
ERISA clients.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In order to ensure a consistent, balanced approach across all our investment teams, we have established a proxy oversight group comprised of associates from our investment, operations and legal teams. The group has
developed a set of policies and procedures that detail the standards for how JHA and MFC vote proxies. The guidelines of JHA have been approved and adopted by each fund client's board of trustees who have voted to delegate proxy voting
authority to their investment adviser, JHA. JHA and MFC's other clients have granted us the authority to vote proxies in our advisory contracts or comparable documents.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">JHA and MFC have hired a third party proxy voting service which has been instructed to vote all proxies in accordance with our established guidelines except as otherwise instructed.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In evaluating proxy issues, our proxy oversight group may consider information</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">from many sources, including the portfolio manager, management of a company presenting a proposal, shareholder groups, and independent proxy research services. Proxies for securities on loan through securities lending
programs will generally not be voted, however a decision may be made to recall a security for voting purposes if the issue is material.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Below are the guidelines we adhere to when voting proxies. Please keep in mind that these are purely guidelines. Our actual votes will be driven by the particular circumstances of each proxy. From time to time votes
may ultimately be cast on a case-by-case basis, taking into consideration relevant facts and circumstances at the time of the vote. Decisions on these matters (case-by-case, abstention, recall) will normally be made by a portfolio manager under the
supervision of the chief investment officer and the proxy oversight group. We may abstain from voting a proxy if we conclude that the effect on our clients' economic interests or the value of the portfolio holding is indeterminable or
insignificant.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Proxy Voting Guidelines</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Board of Directors</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">We believe good corporate governance evolves from an independent board.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">We support the election of uncontested director nominees, but will withhold our vote for any nominee attending less than 75% of the board and committee meetings during the previous fiscal year. Contested elections will
be considered on a case by case basis by the proxy oversight group, taking into account the nominee's qualifications. We will support management's ability to set the size of the board of directors and to fill vacancies without shareholder approval
but will not support a board that has fewer than 3 directors or allows for the removal of a director without cause.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">We will support declassification of a board and block efforts to adopt a classified board structure. This structure typically divides the board into classes with each class serving a staggered term.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In addition, we support proposals for board indemnification and limitation of director liability, as long as they are consistent with corporate law and shareholders' interests. We believe that this is necessary to
attract qualified board members.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Selection of Auditors</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">We believe an independent audit committee can best determine an auditor's qualifications.</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">We will vote for management proposals to ratify the board's selection of auditors, and for proposals to increase the independence of audit committees.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Capitalization</FONT></B><BR></P>
<P align="left">
<FONT size=2 face="sans-serif">We will vote for a proposal to increase or decrease authorized common or preferred stock and the issuance of common stock, but will vote against a proposal to issue or convert preferred or multiple classes of stock if
the board has unlimited rights to set the terms and conditions of the shares, or if the shares have voting rights inferior or superior to those of other shareholders.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In addition, we will support a management proposal to: create or restore preemptive rights; approve a stock repurchase program; approve a stock split or reverse stock split; and, approve the issuance or exercise of
stock warrants</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Acquisitions, mergers and corporate restructuring</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Proposals to merge with or acquire another company will be voted on a case-by-case basis, as will proposals for recapitalization, restructuring, leveraged buyout, sale of assets, bankruptcy or liquidation. We will vote
against a reincorporation proposal if it would reduce shareholder rights. We will vote against a management proposal to ratify or adopt a poison pill or to establish a supermajority voting provision to approve a merger or other business combination.
We would however support a management proposal to opt out of a state takeover statutory provision, to spin-off certain operations or divisions and to establish a fair price provision.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Corporate Structure and Shareholder Rights</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">In general, we support proposals that foster good corporate governance procedures and that provide shareholders with voting power equal to their equity interest in the company.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">To preserve shareholder rights, we will vote against a management proposal to restrict shareholders' right to: call a special meeting and to eliminate a shareholders' right to act by written consent. In addition, we
will not support a management proposal to adopt a supermajority vote requirement to change certain by-law or charter provisions or a non-technical amendment to by-laws or a charter that reduces shareholder rights.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Equity-based compensation</FONT></B></P>

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<P align=left><FONT face=sans-serif size=2>Equity-based compensation is designed
to attract, retain and motivate talented executives and independent directors,
but should not be so significant as to materially dilute shareholders'
interests.</FONT></P>
<P align=left><FONT face=sans-serif size=2>We will vote against the adoption or
amendment of a stock option plan if the: </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>plan dilution is more than 10% of outstanding common stock,</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>plan allows for non-qualified options to be priced at less than 85% of
the fair market value on the grant date,</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>company allows or has allowed the re-pricing or replacement of underwater
options in the past fiscal year (or the exchange of underwater
options).</FONT></P>
<P align=left><FONT face=sans-serif size=2>With respect to the adoption or
amendment of employee stock purchase plans or a stock award plan, we will vote
against management if: </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>the plan allows stock to be purchased at less than 85% of fair market
value; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>this plan dilutes outstanding common equity greater than 10%; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>all stock purchase plans, including the proposed plan, exceed 15% of
outstanding common equity.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Other Business</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>For routine business matters which
are the subject of many proxy related questions, we will vote with management
proposals to: </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>change the company name; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>approve other business; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>adjourn meetings; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>make technical amendments to the by-laws or charters; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>approve financial statements; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>approve an employment agreement or contract.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Shareholder
Proposals</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Shareholders are permitted per SEC
regulations to submit proposals for inclusion in a company's proxy statement. We
will generally vote against shareholder proposals and in accordance with the
recommendation of management except as</FONT></P>
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<P align=left><FONT face=sans-serif size=2>follows where we will vote for
proposals:; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>calling for shareholder ratification of auditors; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>calling for auditors to attend annual meetings; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>seeking to increase board independence; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>requiring minimum stock ownership by directors; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>seeking to create a nominating committee or to increase the independence
of the nominating committee; </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face="Times New Roman" size=3>&#149;
</FONT>seeking to increase the independence of the audit committee.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Corporate and social policy
issues</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>We believe that "ordinary business
matters" are primarily the responsibility of management and should be approved
solely by the corporation's board of directors.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Proposals in this category, initiated
primarily by shareholders, typically request that the company disclose or amend
certain business practices. We generally vote against business practice
proposals and abstain on social policy issues, though we may make exceptions in
certain instances where we believe a proposal has substantial economic
implications.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>John Hancock Advisers,
      LLC</FONT></B><BR><B><FONT face=sans-serif size=2>MFC Global Investment Management (U.S.), LLC</FONT></B><BR><B><FONT face=sans-serif size=2>(formerly known as Sovereign Asset Management LLC)</FONT></B><BR><B><FONT face=sans-serif size=2>Proxy
      Voting Procedures</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=sans-serif size=2>The role of the proxy voting
service</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>John Hancock Advisers, LLC ("JHA")
and MFC Global Investment Management (U.S.), LLC ("MFC") have hired a proxy
voting service to assist with the voting of client proxies. The proxy service
coordinates with client custodians to ensure that proxies are received for
securities held in client accounts and acted on in a timely manner. The proxy
service votes all proxies received in accordance with the proxy voting
guidelines established and adopted by JHA and MFC. When it is unclear how
to apply a particular proxy voting guideline or when a particular proposal is
not covered by the guidelines, the proxy voting service will contact the proxy
oversight group coordinator for a resolution.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>The role of the proxy oversight
group and coordinator</FONT></B></P>
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<P align="left">
<FONT size=2 face="sans-serif">The coordinator will interact directly with the proxy voting service to resolve any issues the proxy voting service brings to the attention of JHA or MFC. When a question arises regarding how a proxy should be
voted the coordinator contacts the firm's investment professionals and the proxy oversight group for a resolution. In addition the coordinator ensures that the proxy voting service receives responses in a timely manner. Also, the coordinator is
responsible for identifying whether, when a voting issue arises, there is a potential conflict of interest situation and then escalating the issue to the firm's Executive Committee. For securities out on loan as part of a securities lending program,
if a decision is made to vote a proxy, the coordinator will manage the return/recall of the securities so the proxy can be voted.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">The role of mutual fund trustees</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">The boards of trustees of our mutual fund clients have reviewed and adopted the proxy voting guidelines of the funds' investment adviser, JHA. The trustees will periodically review the proxy voting guidelines and
suggest changes they deem advisable.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="sans-serif">Conflicts of interest</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Conflicts of interest are resolved in the best interest of clients.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">With respect to potential conflicts of interest, proxies will be voted in accordance with JHA's or MFC's predetermined policies. If application of the predetermined policy is unclear or does not address a
particular proposal, a special internal review by the JHA Executive Committee or MFC Executive Committee will determine the vote. After voting, a report will be made to the client (in the case of an investment company, to the fund's board of
trustees), if requested. An example of a conflict of interest created with respect to a proxy solicitation is when JHA or MFC must vote the proxies of companies that they provide investment advice to or are currently seeking to provide
investment advice to, such as to pension plans.</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
