<SEC-DOCUMENT>0000928816-11-000453.txt : 20110401
<SEC-HEADER>0000928816-11-000453.hdr.sgml : 20110401
<ACCEPTANCE-DATETIME>20110401091339
ACCESSION NUMBER:		0000928816-11-000453
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110131
FILED AS OF DATE:		20110401
DATE AS OF CHANGE:		20110401
EFFECTIVENESS DATE:		20110401

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04173
		FILM NUMBER:		11728804

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN INVESTORS TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_investorstrust.htm
<DESCRIPTION>JOHN HANCOCK INVESTORS TRUST
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>UNITED STATES</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=3 face=sans-serif>&nbsp;</FONT></B></TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=3 face=sans-serif>FORM N-Q</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=3 face=sans-serif>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=3 face=sans-serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>Investment Company Act file number </FONT><U><FONT size=3 face=sans-serif>811-4173</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><U><FONT size=3 face=sans-serif>John Hancock Investors Trust</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>(Exact name of registrant as specified in charter)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=center><U><FONT size=3 face=sans-serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>Salvatore Schiavone, Treasurer</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>601 Congress Street</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=center><U><FONT size=3 face=sans-serif>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><FONT size=3 face=sans-serif>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=3 face=sans-serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=3 face=sans-serif>Registrant's telephone number, including area code: </FONT><U><FONT size=3 face=sans-serif>617-663-4497</FONT></U>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=3 face=sans-serif>Date of fiscal year end:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=sans-serif>October 31</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=3 face=sans-serif>Date of reporting period:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=sans-serif>January 31, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 1. SCHEDULE OF INVESTMENTS</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Corporate Bonds 82.87%</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=right><B><FONT size=2 face=sans-serif>$143,966,177</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $135,864,320)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 19.27%</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=right><B><FONT size=2 face=sans-serif>33,473,069</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Auto Components 0.80%</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></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Allison Transmission, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,095,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Exide Technologies (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/01/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>270,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>284,513</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Auto Manufacturers 0.25%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Volvo Treasury AB (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.950</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>426,917</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 6.48%</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></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Downstream Development Authority of the Quapaw Tribe of</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></TR>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Oklahoma (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,017,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Greektown Superholdings, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,179,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,467,718</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>HRP Myrtle Beach Operations LLC (H)(S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>-</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,745,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Jacobs Entertainment, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Landry's Restaurants, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>389,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Little Traverse Bay Bands of Odawa Indians (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/31/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>328,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>295,200</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Mashantucket Western Pequot Tribe (H)(S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.912</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/01/21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>124,451</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Mashantucket Western Pequot Tribe, Series A (H)(S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>237,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Midwest Gaming Borrower LLC/Midwest Finance Corp.</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>(S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>80,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>82,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Mohegan Tribal Gaming Authority (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>715,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MTR Gaming Group, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,055,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,109,069</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MTR Gaming Group, Inc., Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>590,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>542,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Pokagon Gaming Authority (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>694,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>718,290</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Turning Stone Resort Casino Enterprises (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>485,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>494,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Waterford Gaming LLC (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>968,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>665,737</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Yonkers Racing Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/15/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>351,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>387,855</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
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     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Household Durables 0.08%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Standard Pacific Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>140,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>145,600</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Household Products 0.23%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Reynolds Group Issuer, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>406,575</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Leisure Equipment &amp; Products 0.30%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Easton-Bell Sports, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>465,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>517,313</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Media 8.46%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AMC Entertainment, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>375,375</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Canadian Satellite Radio Holdings, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,020,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CCH II LLC/CCH II Capital Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/30/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>841,501</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,018,216</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cinemark USA, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>245,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>265,213</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Clear Channel Communications, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,385,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,298,438</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Clear Channel Communications, Inc., PIK</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,806,617</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,662,088</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Clear Channel Worldwide Holdings, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>110,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Clear Channel Worldwide Holdings, Inc., Series B</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>395,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>437,463</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CSC Holdings LLC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>755,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>826,725</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>DIRECTV Holdings LLC//DIRECTV Financing Company, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/01/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>355,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>385,794</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>News America Holdings, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/20/24</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>980,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,144,749</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Quebecor Media, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>95,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>98,563</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Regal Cinemas Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/15/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>130,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>138,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sirius XM Radio, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,185,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>SuperMedia, Inc., Escrow Certificates (I)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/15/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Time Warner Cable, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>375,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>465,028</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Videotron Ltee (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>307,500</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary (continued)</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></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>XM Satellite Radio, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$1,650,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$1,963,500</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Multiline Retail 1.25%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Michaels Stores, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,975,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,162,625</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Personal Products 0.11%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Revlon Consumer Products Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>185,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>196,563</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Specialty Retail 0.76%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Hillman Group, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>290,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>316,463</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sonic Automotive, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>145,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>153,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Staples, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>609,315</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Toys R Us Property Company LLC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>225,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>245,250</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Textiles, Apparel &amp; Luxury Goods 0.55%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Burlington Coat Factory Warehouse Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>374,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Phillips-Van Heusen Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/15/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>587,813</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Staples 3.66%</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=right><B><FONT size=2 face=sans-serif>6,354,223</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Beverages 0.66%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Anheuser-Busch InBev Worldwide, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.200</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,152,862</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Food Products 2.00%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BFF International, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/28/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,062,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bunge Ltd. Finance Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.350</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,015,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,068,814</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Corp. Pesquera Inca SAC (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/10/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>371,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>JBS Finance II, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/29/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>775,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>775,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>TreeHouse Foods, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/01/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>175,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>188,781</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Household Products 0.59%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Yankee Candle Company, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>655,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>684,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Yankee Candle Company, Inc., Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>315,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>330,750</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Tobacco 0.41%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Lorillard Tobacco Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/01/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>720,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>719,166</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Energy 10.96%</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=right><B><FONT size=2 face=sans-serif>19,044,442</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Energy Equipment &amp; Services 0.87%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Delek &amp; Avner-Yam Tethys, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.326</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>113,481</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>113,912</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Gazprom (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/01/13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,128,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trinidad Drilling, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>265,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>274,275</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 10.09%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Anadarko Petroleum Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>552,288</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Arch Coal, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>665,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>736,488</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Atlas Pipeline Partners LP (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>405,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>419,175</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Copano Energy LLC/Copano Energy Finance Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>259,375</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Devon Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,035,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,154,529</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Drummond Company, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/15/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,760,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,826,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Gibson Energy ULC/GEP Midstream Finance Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>402,675</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Linn Energy LLC/Linn Energy Finance Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>427,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>MarkWest Energy Partners LP, Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/15/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>526,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>McMoRan Exploration Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,207,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Niska Gas Storage US LLC/Niska Gas Storage Canada ULC</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>(S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>565,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>615,850</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Overseas Shipholding Group, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/30/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Pan American Energy LLC (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/07/21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>374,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Petro-Canada (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/15/21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,345,179</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>2</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Energy (continued)</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></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Petroleos Mexicanos</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/05/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$380,952</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Petroleos Mexicanos</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,063,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Plains All American Pipeline LP (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/01/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,126,788</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>RDS Ultra-Deepwater, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>813,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Regency Energy Partners LP/Regency Energy Finance Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,140,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,259,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Thermon Industries, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,950,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,096,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Valero Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/01/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>205,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>222,778</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Valero Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>205,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>216,653</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Financials 14.94%</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=right><B><FONT size=2 face=sans-serif>25,959,154</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Capital Markets 1.26%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/28/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,082,997</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>The Goldman Sachs Group, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,103,448</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 1.87%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Barclays Bank PLC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.140</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/14/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,595,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,453,881</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BOM Capital PLC (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.699</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/11/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>355,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>363,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Chuo Mitsui Trust &amp; Banking Company, Ltd. (5.506% to</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>04/15/2015, then 3 month LIBOR + 2.490%) (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.506</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>(Q)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>905,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>915,853</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>State Bank of India/London (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/27/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>510,268</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Finance 0.92%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>American Express Credit Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/25/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,083,267</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>SLM Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.450</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>485,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>523,835</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 3.83%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Astoria Depositor Corp., Series B (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.144</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/01/21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Beaver Valley Funding (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>607,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>685,722</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bosphorus Financial Services, Ltd. (P)(S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.086</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/15/12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>156,250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>154,147</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CCM Merger, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,145,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,134,275</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Corp Andina de Fomento (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>690,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>684,911</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Crown Castle Towers LLC (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.883</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/15/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>732,935</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Nationstar Mortgage/Nationstar Capital Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>375,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>376,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Orascom Telecom Finance SCA (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/08/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>280,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>266,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>TAM Capital, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/25/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>860,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>875,050</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Insurance 2.56%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CNA Financial Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.350</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/15/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>655,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>719,719</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Liberty Mutual Group, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/15/36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>515,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>514,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Liberty Mutual Group, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.300</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>820,856</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Liberty Mutual Group, Inc. (10.750% to 6/15/2038, then 3</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>month LIBOR + 7.120%) (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/58</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,285,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Lincoln National Corp. (7.000% to 5/17/2016, then 3 month</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 2.358%) (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/17/66</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>370,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>366,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Symetra Financial Corp. (8.300% to 10/15/2017, then 3</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>month LIBOR + 4.177%) (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.300</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/15/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>520,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>509,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Willis North America, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/29/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>215,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>233,568</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Investment Companies 1.40%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Offshore Group Investments, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,180,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,425,250</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 1.30%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Dexus Property Group (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,120,467</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Dupont Fabros Technology LP</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>378,875</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Health Care, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.200</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>345,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>382,702</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Plum Creek Timberlands LP (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>345,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>371,330</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>3</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Financials (continued)</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Management &amp; Development 1.80%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Realogy Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$1,843,221</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$1,965,334</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Realogy Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,095,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,167,544</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Health Care 1.02%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>1,763,667</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Health Care Equipment &amp; Supplies 0.59%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Covidien International Finance SA (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.450</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/15/12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>945,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,016,028</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Health Care Providers &amp; Services 0.17%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>BioScrip, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>285,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>302,100</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Pharmaceuticals 0.26%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Catalent Pharma Solutions, Inc., PIK (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>436,268</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>445,539</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Industrials 11.27%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>19,572,769</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Aerospace &amp; Defense 1.90%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Colt Defense LLC/Colt Finance Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>175,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>144,375</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Embraer Overseas, Ltd. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>885,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>932,569</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Hawker Beechcraft Acquisition Company LLC (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>855,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>626,288</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Kratos Defense &amp; Security Solutions, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>446,500</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>L-3 Communications Corp., Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>206,250</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>PharmaNet Development Group, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>413,400</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>TransDigm, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>495,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>530,888</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Airlines 4.35%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.307</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/02/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>156,689</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>160,998</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.033</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/11</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>88,650</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>88,872</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.545</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/02/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>232,647</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>247,769</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>410,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>464,325</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,343,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,467,228</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.821</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/10/22</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>755,679</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>806,688</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Global Aviation Holdings, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/15/13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,385,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,509,650</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>United Air Lines, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/15/12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>678,455</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>763,262</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>United Air Lines, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/01/13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>820,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>906,100</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>United Air Lines, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.400</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>335,229</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>388,027</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>United Air Lines, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>659,839</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>760,464</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Building Materials 0.10%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Voto-Votorantim Overseas Trading Operations NV (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/25/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>160,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>167,800</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Services &amp; Supplies 2.48%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>ACCO Brands Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>615,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>694,950</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Avis Budget Car Rental LLC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>345,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>379,500</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Garda World Security Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>765,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>820,463</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Iron Mountain, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/15/21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>760,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>826,500</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>MSX International, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,591,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electrical Equipment 0.18%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Coleman Cable, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>295,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>305,325</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Industrial Conglomerates 0.46%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Hutchison Whampoa International, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/13/13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>365,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>398,471</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Hutchison Whampoa International, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/11/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>385,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>409,412</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Machinery 0.16%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Thermadyne Holdings Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>260,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>274,300</FONT>&nbsp;</TD></TR></TABLE></DIV>
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     <TD noWrap align=center><FONT size=2 face=serif>4</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Industrials (continued)</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Road &amp; Rail 1.64%</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>CSX Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.300</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$1,056,540</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>RailAmerica, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>448,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>494,480</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Western Express, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,395,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,290,375</FONT>&nbsp;</TD></TR>
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     <TD colSpan=5>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Information Technology 1.25%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>2,171,800</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electronic Equipment, Instruments &amp; Components 0.58%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Freescale Semiconductor, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>290,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>321,175</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>STATS ChipPAC, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/12/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>630,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>683,550</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
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     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>IT Services 0.31%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Brightstar Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>515,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>535,600</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Software 0.36%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Vangent, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>670,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>631,475</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Materials 8.17%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>14,202,280</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Chemicals 2.03%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>American Pacific Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>565,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>553,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Berry Plastics Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>770,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>831,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sterling Chemicals, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,032,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>The Dow Chemical Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.900</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,109,384</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 0.69%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ball Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/15/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>235,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>247,925</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cascades, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>249,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Graphic Packaging International, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>185,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>204,888</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Graphic Packaging International, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/01/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>236,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>250,160</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Packaging Dynamics Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/01/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>244,500</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
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     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Metals &amp; Mining 2.67%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CSN Islands XI Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/21/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>272,813</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Essar Steel Algoma, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Freeport-McMoRan Copper &amp; Gold, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>220,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>245,300</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Gerdau Holdings, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/20/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>394,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Rain CII Carbon LLC (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/01/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>945,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,001,700</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Rio Tinto Finance USA, Ltd. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/15/28</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>710,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>848,980</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ryerson, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,060,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Teck Resources, Ltd. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/15/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>312,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Paper &amp; Forest Products 2.78%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>ABI Escrow Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>910,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,026,025</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Boise Paper Holdings LLC/Boise Finance Company</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/01/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>515,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>557,488</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Grupo Papelero Scribe SA (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/07/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,791,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NewPage Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/31/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,085,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,087,713</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>PE Paper Escrow GmbH (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>95,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>110,691</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Verso Paper Holdings LLC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/01/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>245,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>270,113</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Telecommunication Services 8.37%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=2 face=sans-serif>14,546,932</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Communications Equipment 0.15%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sable International Finance, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>266,875</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 3.74%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Axtel SAB de CV (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/22/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>260,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>255,450</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Axtel SAB de CV (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>810,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>774,563</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>5</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Telecommunication Services (continued)</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></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BellSouth Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.300</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$598,380</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$647,982</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cincinnati Bell, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>540,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>517,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Frontier Communications Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/22</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>435,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>490,463</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Frontier Communications Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>530,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>556,500</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>GXS Worldwide, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>430,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>428,925</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Intelsat Bermuda, Ltd. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/04/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,470,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,650,075</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Telecom Italia Capital SA (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.175</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/18/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,105,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,177,778</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Wireless Telecommunication Services 4.48%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bakrie Telecom Pte, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/07/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>808,125</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CC Holdings GS V LLC/Crown Castle GS III Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>410,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>451,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Nextel Communications, Inc., Series D (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,340,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,350,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NII Capital Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/15/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>320,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>358,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>SBA Tower Trust (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.101</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>580,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>609,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sprint Capital Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/32</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,065,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,108,931</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sprint Capital Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,970,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,093,125</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Sprint Capital Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.900</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/01/19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,002,500</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Utilities 3.96%</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=right><B><FONT size=2 face=sans-serif>6,877,841</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 2.08%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>BVPS II Funding Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.890</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>618,306</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CE Generation LLC (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.416</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>512,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>525,462</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Exelon Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.900</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,015,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,082,416</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>FPL Energy National Wind LLC (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.608</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/10/24</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>260,121</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>261,799</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>PNPP II Funding Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.120</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/30/16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>289,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>309,502</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>United Maritime Group LLC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>475,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>475,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Waterford 3 Funding Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.090</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/02/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>343,380</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>347,174</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Independent Power Producers &amp; Energy Traders 1.19%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>AES Eastern Energy LP (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/02/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>902,900</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>902,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Ipalco Enterprises, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/14/11</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>315,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>329,175</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NRG Energy, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>795,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>826,800</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Multi-Utilities 0.69%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>DTE Energy Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/15/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,040,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,199,307</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Convertible Bonds 2.29%</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=right><B><FONT size=2 face=sans-serif>$3,968,099</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $3,217,259)</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></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 1.30%</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=right><B><FONT size=2 face=sans-serif>2,259,299</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Media 1.30%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>XM Satellite Radio, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/01/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,770,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,259,299</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Financials 0.36%</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=right><B><FONT size=2 face=sans-serif>625,150</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Capital Markets 0.14%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Knight Capital Group, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/15/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>243,125</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 0.22%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Corporate Office Properties LP (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/30</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>370,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>382,025</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Industrials 0.63%</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=right><B><FONT size=2 face=sans-serif>1,083,650</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Airlines 0.33%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>UAL Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/30/21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>573,650</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 0.30%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Owens-Brockway Glass Container, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>510,000</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>6</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

<!--$$/page=-->
<A name=page_8></A><BR>
<a name="_bclPageBorder8"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Capital Preferred Securities 1.05%</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=right><B><FONT size=2 face=sans-serif>$1,827,963</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $1,957,604)</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></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Financials 1.05%</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=right><B><FONT size=2 face=sans-serif>1,827,963</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 0.39%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>HSBC Finance Capital Trust IX (5.911% to 11/302015, then</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>3 month LIBOR + 1.926%) (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.911</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/30/35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>671,125</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 0.66%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>NB Capital Trust IV (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/27</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,130,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,156,838</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government &amp; Agency Obligations 37.28%</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=right><B><FONT size=2 face=sans-serif>$64,762,570</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $64,789,396)</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></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government 20.27%</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=right><B><FONT size=2 face=sans-serif>35,215,253</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>U.S. Treasury Notes</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Note</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/15/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,065,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>997,938</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/31/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>18,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>19,222,596</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/30/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,430,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,521,883</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/28/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,295,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,340,325</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/31/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,905,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,793,490</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/30/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,339,021</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government Agency 17.01%</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=right><B><FONT size=2 face=sans-serif>29,547,317</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Federal Home Loan Mortgage Corp.</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>61,737</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>68,490</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/01/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>112,798</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>125,136</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/01/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>214,128</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>238,018</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/01/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>105,050</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>116,541</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/01/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>71,799</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>79,653</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/01/38</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>439,532</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>490,355</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/01/38</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>211,488</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>234,621</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/01/39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>186,852</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>207,290</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Federal National Mortgage Association</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/01/36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>963,648</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,074,962</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/01/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>645,898</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>717,682</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/01/39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,859,595</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,288,547</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/01/38</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9,830,616</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10,519,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/01/40</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,125,091</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4,232,543</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru Ctf (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/01/40</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,210,228</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,153,644</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Foreign Government Obligations 2.11%</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=right><B><FONT size=2 face=sans-serif>$3,668,011</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $3,441,249)</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></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Argentina 1.09%</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=right><B><FONT size=2 face=sans-serif>1,899,750</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>City of Buenos Aires (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/06/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,899,750</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Canada 0.42%</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=right><B><FONT size=2 face=sans-serif>730,267</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Province of Ontario</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3.150</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/15/17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>735,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>730,267</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Mexico 0.48%</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=right><B><FONT size=2 face=sans-serif>826,898</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Government of Mexico</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Bond (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/17/14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>497,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Bond (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/15/20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>315,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>329,648</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>7</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

<!--$$/page=-->
<A name="page_9"></A><BR>
<a name="_bclPageBorder9"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>South Korea 0.12%</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=right><B><FONT size=2 face=sans-serif>$211,096</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Korea Development Bank (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/10/15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$205,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>211,096</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Collateralized Mortgage Obligations 6.87%</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=right><B><FONT size=2 face=sans-serif>$11,938,487</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $11,009,201)</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></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Commercial &amp; Residential 6.29%</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=right><B><FONT size=2 face=sans-serif>10,925,026</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>American Home Mortgage Assets</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-6, Class XP IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.373</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/25/46</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9,060,279</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>533,884</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>American Tower Trust</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-1A, Class C (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.615</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/15/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>195,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>206,014</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Bear Stearns Alt-A Trust</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-3, Class B2 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.713</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/25/35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>397,554</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>23,592</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Countrywide Alternative Loan Trust</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-OA12, Class X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.828</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/20/46</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>46,402,384</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,132,161</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>First Horizon Alternative Mortgage Securities</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-AA5, Class B1 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.383</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12/25/34</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>254,781</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>24,453</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Global Tower Partners Acquisition Partners LLC</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-1A, Class G (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.874</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/15/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>372,670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>GSR Mortgage Loan Trust</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-4F, Class 6A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/25/36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,841,060</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,421,975</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-9, Class B1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3.571</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/25/34</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>772,862</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>305,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Harborview Mortgage Loan Trust</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-8, Class 1X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.345</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>09/19/35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,362,535</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>285,827</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-3, Class ES IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0.349</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/19/47</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9,415,572</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>61,672</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-4, Class ES IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0.350</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/19/47</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11,286,885</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>62,529</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-6, Class ES IO (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0.342</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/19/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7,899,461</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>50,478</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>IndyMac Index Mortgage Loan Trust</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-AR13, Class B1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.296</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/25/35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>307,944</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>25,788</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR18, Class 1X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.217</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/25/36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10,904,185</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>490,688</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR18, Class 2X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1.917</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/25/36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10,222,854</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>460,028</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR5, Class B1 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.773</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/25/35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>410,947</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9,194</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Merrill Lynch Mortgage Investors Trust</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-AF1, Class MF1 (H) (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6.476</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/25/36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>553,713</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley Capital I</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2008-HQ8, Class AM (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5.438</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>03/12/44</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>995,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,033,966</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Provident Funding Mortgage Loan Trust</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-1, Class B1 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.850</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/25/35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>363,976</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>87,499</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Washington Mutual, Inc.</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR1, Class X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1.618</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>01/25/45</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14,594,226</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>596,812</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR4, Class B1 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2.719</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/25/35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,416,874</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>321,449</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR8, Class X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1.710</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>07/25/45</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8,083,665</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>419,141</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government Agency 0.58%</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=right><B><FONT size=2 face=sans-serif>1,013,461</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Federal National Mortgage Association</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 398, Class C3 IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>05/25/39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,559,566</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>350,192</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 402, Class 3 IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11/25/39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,156,309</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>238,871</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 402, Class 4 IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10/25/39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,035,517</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>424,398</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Asset Backed Securities 1.11%</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=right><B><FONT size=2 face=sans-serif>$1,930,855</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $1,814,759)</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></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Asset Backed Securities 1.11%</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=right><B><FONT size=2 face=sans-serif>1,930,855</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>ContiMortgage Home Equity Loan Trust</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 1995-2, Class A-5</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8.100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>08/15/25</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>36,871</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>35,983</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>8</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

<!--$$/page=-->
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<a name="_bclPageBorder10"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Asset Backed Securities (continued)</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></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Countrywide Asset-Backed Certificates</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-3, Class 2A2 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0.440</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>06/25/36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$992,946</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>$869,872</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Dominos Pizza Master Issuer LLC</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-1, Class M1 (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7.629</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>04/25/37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,025,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Common Stocks 2.73%</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=right><B><FONT size=2 face=sans-serif>$4,740,415</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $5,579,390)</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></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 0.80%</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=right><B><FONT size=2 face=sans-serif>1,388,626</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 0.06%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Greektown Superholdings, Inc. (I)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>977</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>108,035</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Media 0.74%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Charter Communications, Inc., Class A (I)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11,505</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>483,210</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Dex One Corp. (I)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>20,979</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>115,385</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>SuperMedia, Inc. (I)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,578</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11,220</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Vertis Holdings, Inc. (I)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>34,015</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>670,776</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Materials 1.93%</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=right><B><FONT size=2 face=sans-serif>3,351,789</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 1.93%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Smurfit-Stone Container Corp. (I)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>89,740</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3,351,789</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Preferred Securities 3.45%</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=right><B><FONT size=2 face=sans-serif>$5,986,125</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $5,526,753)</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></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 1.68%</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=right><B><FONT size=2 face=sans-serif>2,909,954</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Automobiles 0.17%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>General Motors Company, Series B, 4.750%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5,290</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>287,300</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 1.21%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Greektown Superholdings, Inc., Series A , 7.500% (I)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>19,074</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2,109,179</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Media 0.30%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Nielsen Holdings NV, 6.250%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>513,475</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Energy 0.26%</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=right><B><FONT size=2 face=sans-serif>456,771</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 0.26%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Apache Corp., Series D, 6.000%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,980</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>456,771</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Financials 1.20%</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=right><B><FONT size=2 face=sans-serif>2,076,400</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 0.63%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Zions Bancorporation, Series E, 11.000%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>40,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1,096,400</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 0.57%</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></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Public Storage, Inc., Depositary Shares, Series W, 6.500% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>40,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>980,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Utilities 0.31%</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=right><B><FONT size=2 face=sans-serif>543,000</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 0.31%</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>PPL Corp., 9.500%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>543,000</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>9</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<A name="page_11"></A><BR>
<a name="_bclPageBorder11"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Short-Term Investments 3.80%</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=right><B><FONT size=2 face=sans-serif>$6,601,000</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(Cost $6,601,000)</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></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Repurchase Agreement 0.06%</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=right><B><FONT size=2 face=sans-serif>101,000</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Repurchase Agreement with State Street Corp. dated 01-31-11 at</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></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>0.010% to be repurchased at $101,000 on 02-01-11, collateralized</FONT>&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 style="TEXT-INDENT: 6px" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>by $95,000 Federal National Mortgage Association, 4.375% due 10-</FONT>&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 style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=sans-serif>15-15 (valued at $105,806, including interest)</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>101,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>101,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Yield* (%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Short-Term Securities 3.74%</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=right><B><FONT size=2 face=sans-serif>6,500,000</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Federal Home Loan Bank Discount Notes</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>0.100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>02/01/11</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6,500,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Total investments (Cost $239,800,931)&#134; 143.56%</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=right><B><FONT size=2 face=sans-serif>$249,389,702</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Other assets and liabilities, net (43.56%)</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=right><B><FONT size=2 face=sans-serif>($75,666,216)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Total net assets 100.00%</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=right><B><FONT size=2 face=sans-serif>$173,723,486</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IO Interest Only Security - Interest Tranche of Stripped Mortgage Pool </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>LIBOR London Interbank Offered Rate </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PIK Payment-in-kind </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(H) Non-income producing - Issuer is in default.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(I) Non-income producing security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(P) Variable rate obligation. The coupon rate shown represents the rate at period end. </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(Q) Perpetual bonds have no stated maturity date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $63,111,583 or 36.33% of the Fund's net assets as of 01-31-11.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(Z) All or a portion of this security is segregated as collateral pursuant to the Committed Facility Agreement. Total collateral value at 01-31-11 was $182,083,506.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>* Yield represents the annualized yield at the date of purchase.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#134; At 01-31-11, the aggregate cost of investment securities for federal income tax purposes was $240,401,739. Net unrealized appreciation aggregated $8,987,963, of which $21,166,265 related to appreciated investment securities and $12,178,302 related to depreciated investment securities.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>10</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<A name="page_12"></A><BR>
<a name="_bclPageBorder12"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund had the following country concentration as a percentage of investments on 01-31-11.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="24%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>United States</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>82%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Canada</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Cayman Islands</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Mexico</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>2%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Luxembourg</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Argentina</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Brazil</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Australia</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>1%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Other Countries</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>4%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Short-Term Investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>3%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>11</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>


<A name="page_13"></A><BR>
<a name="_bclPageBorder13"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to the Schedule of Investments</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Security valuation. </FONT></B><FONT size=2 face=sans-serif>Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT size=1 face=sans-serif>P</FONT><FONT size=2 face=sans-serif>.</FONT><FONT size=1 face=sans-serif>M</FONT><FONT size=2 face=sans-serif>., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund&#146;s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following is a summary of the values by input classification of the Fund&#146;s investments as of January 31, 2011, by major security category or type:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Level 2</FONT></B>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Level 3</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Total Market</FONT></B>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Significant</FONT></B>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Significant</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Value at</FONT></B>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Level 1 Quoted</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Observable</FONT></B>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Unobservable</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>01-31-11</FONT></B>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Price</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Inputs</FONT></B>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>Inputs</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Corporate Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$&nbsp;</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<STRONG><FONT size=1 face=sans-serif>143,966,177</FONT></STRONG>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&nbsp;143,005,240</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>960,937</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Convertible Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>3,968,099</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,968,099</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Capital Preferred Securities</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1,827,963</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,827,963</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.S. Government &amp; Agency Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>64,762,570</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>64,762,570</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Foreign Government Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>3,668,011</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,668,011</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Collateralized Mortgage Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>11,938,487</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,926,099</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,012,388</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Asset Backed Securities</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1,930,855</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,930,855</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Common Stocks</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4,740,415</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,961,604</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>778,811</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred Securities</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>5,986,125</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,363,471</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>513,475</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,109,179</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>6,601,000</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,601,000</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total investments in Securities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$ </FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;<STRONG><FONT size=1 face=sans-serif>249,389,702</FONT></STRONG>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>7,325,075</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>&nbsp;237,203,312</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4,861,315</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Other Financial Instruments:</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>Futures</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>42,966</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>42,966</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=9>
<HR SIZE=1 noShade>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the three-month period ended January 31, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers in or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>12</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

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<A name="page_14"></A><BR>
<a name="_bclPageBorder14"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust<BR>
</FONT></B><B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=6 align=center><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>COLLATERAL&nbsp; </FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>CORPORATE</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>MORTGAGE</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>COMMON</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>PREFERRED</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>BONDS</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>OBLIGATIONS</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>STOCK</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>STOCK</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>TOTAL</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Balance as of 10-31-10</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$637,920</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$994,286</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$108,035</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,109,179</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,849,420</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Accrued</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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>discounts/premiums</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,446</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,464</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Realized gain (loss)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(308,307)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(308,307)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized</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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>appreciation</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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(depreciation)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>22,371</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>543,659</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>269,654</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>835,684</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net purchases (sales)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>295,200</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(2,440)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>401,122</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>693,882</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Transfers in and/or out</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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>of Level 3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(214,828)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(214,828)</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Balance as of 01-31-11</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$960,937</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$1,012,388</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$778,811</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$2,109,179</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$4,861,315</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking 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. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund&#146;s Pricing Committee, following procedures established by the Board of Trustees.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Repurchase agreements. </FONT></B><FONT size=2 face=sans-serif>The Fund may enter into repurchase agreements. When a Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund&#146;s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Payment-in-kind bonds. </FONT></B><FONT size=2 face=sans-serif>The Fund may invest in payment-in-kind bonds (PIK Bonds). PIK Bonds allow the issuer, at its option, to make current interest payments on the bonds either in cash or in additional bonds. The market prices of PIK Bonds are affected to a greater extent by interest rate changes and thereby tend to be more volatile than securities which pay cash interest periodically. The Fund accrues income on these securities and this income is required to be distributed to shareholders. Because no cash is received at the time income accrues on these securities, the Fund may need to sell other investments to make distributions</FONT><FONT size=3 face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Stripped securities. </FONT></B><FONT size=2 face=sans-serif>Stripped mortgage backed securities are financial instruments structured to separate principal and interest cash flows so that one class receives the entire principal from the underlying mortgage assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped mortgage backed security. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully receive its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates. In addition, these securities present additional credit risk such that the Fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.</FONT></P>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>13</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR>
<B><FONT size=3 face=serif>As of 01-31-11 (Unaudited)</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Futures. </FONT></B><FONT size=2 face=sans-serif>A futures contract is a contractual agreement to buy or sell a particular commodity, currency, or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates and potential losses in excess of the Fund&#146;s initial investment.Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>During the three months ended January 31, 2011, the Fund used futures contracts to manage the duration of the portfolio. The following table summarizes the contracts held at January 31, 2011. During the three months ended January 31, 2011, the Fund held futures contracts with notional absolute values ranging from 7.1 million to 7.4 million, as measured at each quarter end.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <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>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>UNREALIZED</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>NUMBER OF</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>EXPIRATION</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>NOTIONAL</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>APPRECIATION</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>OPEN CONTRACTS</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>CONTRACTS</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>POSITION</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>DATE</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=1 face=sans-serif>VALUE (USD)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(DEPRECIATION)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury 30-Year Bond</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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Futures</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>10</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>Long</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>Mar 2011</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$1,206,250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>($60,888)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury 5-Year Note</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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Futures</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>Short</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>Mar 2011</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>(3,197,180)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>34,307</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury 10-Year Note</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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Futures</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>22</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>Short</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>Mar 2011</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>(2,657,531)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>69,547</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total</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=right><B><FONT size=1 face=sans-serif>$42,966</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fair value of derivative instruments by risk category</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below summarizes the fair value of derivatives held by the Fund at January 31, 2011 by risk category:</FONT></P>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>ASSET</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>LIABILITY</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>DERIVATIVES FAIR</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>DERIVATIVES FAIR</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>RISK</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>FINANCIAL INSTRUMENTS LOCATION</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>VALUE</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>VALUE</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interest rate contracts</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Futures</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$103,854</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>($60,888)</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.</FONT></P>
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<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face=serif>14</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<FONT size=2 face="sans-serif">ITEM 2. CONTROLS AND PROCEDURES.</FONT></P>
<P style="text-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-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</FONT></P>
<P style="text-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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 3. EXHIBITS.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.</FONT></P>
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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>John Hancock Investors Trust</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>By: </FONT><U><FONT size=2 face=sans-serif>/s/ Keith F. Hartstein</FONT></U><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: March 18, 2011</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>By: </FONT><U><FONT size=2 face=sans-serif>/s/ Keith F. Hartstein</FONT></U><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: March 18, 2011</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>By: </FONT><U><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT></U><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: March 18, 2011</FONT></P>
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<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">I, Keith F. Hartstein, certify that:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">1. I have reviewed this report on Form N-Q of John Hancock Investors Trust (the &#147;registrant&#148;);</FONT></P>
<P style="text-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 style="text-align: left;">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">4. The registrant&#146;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 style="text-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 style="text-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 style="text-align: left;">
<FONT size=2 face="sans-serif">(c) Evaluated the effectiveness of the registrant&#146;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 style="text-align: left;">
<FONT size=2 face="sans-serif">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></P>
<P style="text-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&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P style="text-align: left;">
<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&#146;s internal control over financial reporting.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Date: </FONT><U><FONT size=2 face="sans-serif">March 18, 2011</FONT></U><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/ Keith F. Hartstein</FONT></U><BR>
<FONT size=2 face="sans-serif">Keith F. Hartstein</FONT><BR>
<FONT size=2 face="sans-serif">President and Chief Executive Officer</FONT></P>
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<B><U><FONT size=2 face="sans-serif">CERTIFICATION</FONT></U></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">I, Charles A. Rizzo, certify that:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">1. I have reviewed this report on Form N-Q of John Hancock Investors Trust (the &#147;registrant&#148;);</FONT></P>
<P style="text-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 style="text-align: left;">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">4. The registrant&#146;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 style="text-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 style="text-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 style="text-align: left;">
<FONT size=2 face="sans-serif">(c) Evaluated the effectiveness of the registrant&#146;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 style="text-align: left;">
<FONT size=2 face="sans-serif">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">5. The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></P>
<P style="text-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&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P style="text-align: left;">
<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&#146;s internal control over financial reporting.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Date: </FONT><U><FONT size=2 face="sans-serif">March 18, 2011</FONT></U><BR>
<BR>
<U><FONT size=2 face="sans-serif">/s/ Charles A. Rizzo</FONT></U><BR>
<FONT size=2 face="sans-serif">Charles A. Rizzo</FONT><BR>
<FONT size=2 face="sans-serif">Chief Financial Officer</FONT></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
