<SEC-DOCUMENT>0000928816-11-000877.txt : 20110706
<SEC-HEADER>0000928816-11-000877.hdr.sgml : 20110706
<ACCEPTANCE-DATETIME>20110706151123
ACCESSION NUMBER:		0000928816-11-000877
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20110430
FILED AS OF DATE:		20110706
DATE AS OF CHANGE:		20110706
EFFECTIVENESS DATE:		20110706

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04173
		FILM NUMBER:		11953004

	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-CSRS
<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=serif>UNITED STATES</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>FORM N-CSR</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>&nbsp;</FONT></B></TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>&nbsp;</FONT></B></TD></TR>
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     <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>Investment Company Act file number </FONT><U><FONT size=3 face=serif>811-4173</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=center><U><FONT size=3 face=serif>John Hancock Investors Trust</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=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=serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=center><U><FONT size=3 face=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=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=serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 align=center><FONT size=3 face=serif>Salvatore Schiavone</FONT></TD></TR>
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     <TD colSpan=2 align=center><FONT size=3 face=serif>Treasurer</FONT></TD></TR>
<TR height=20>
     <TD colSpan=2 align=center><FONT size=3 face=serif></FONT></TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>601 Congress Street</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><U><FONT size=3 face=serif>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>Registrant's telephone number, including area code: </FONT><U><FONT size=3 face=serif>617-663-4497</FONT></U>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=3 face=serif>&nbsp;</FONT></TD>
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     <TD noWrap align=left><FONT size=3 face=serif>Date of fiscal year end:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>October 31</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=3 face=serif>Date of reporting period:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>April 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>ITEM 1. REPORTS TO STOCKHOLDERS.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Portfolio summary</FONT></P>
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     <TD width="23%"></TD>
     <TD width="23%"></TD>
     <TD width="8%"></TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Portfolio Composition</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Corporate Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>59%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Common Stocks</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2%</FONT>&nbsp;</TD></TR>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.S. Government &amp;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Foreign Government Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Agency Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>26%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
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     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>Convertible Bonds</FONT></FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>2%</FONT></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Collateralized Mortgage Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
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</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>Asset-Backed Securities</FONT></FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>1%</FONT></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred Securities</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>Capital Preferred Securities</FONT></FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>1%</FONT></FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=Arial>&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>
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</TD></TR>
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     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Sector Composition</FONT></B><SUP><FONT size=1 face=sans-serif>1,2</FONT></SUP>&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></TR>
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     <TD colSpan=5 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.S. Government &amp;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Collateralized Mortgage Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Agency Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>26%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD colSpan=2 noWrap align=left>
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</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>Consumer Staples</FONT></FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>3%</FONT></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Consumer Discretionary</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>16%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
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</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>Utilities</FONT></FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>3%</FONT></FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Financials</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
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</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>Foreign Government Obligations</FONT></FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>2%</FONT></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Materials</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>Health Care</FONT></FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>1%</FONT></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Industrials</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>Information Technology</FONT></FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>1%</FONT></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Energy</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>Asset-Backed Securities</FONT></FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>1%</FONT></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Telecommunication Services</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD colSpan=2 noWrap align=left>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=Arial>&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=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Quality Distribution</FONT></B><SUP><FONT size=1 face=sans-serif>1,3</FONT></SUP>&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></TR>
<TR vAlign=bottom>
     <TD colSpan=5 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>28%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CCC &amp; Below</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>14%</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>14%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Not Rated</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
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     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Equity</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4%</FONT>&nbsp;</TD></TR>
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<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif></FONT></SUP>&nbsp;</P>
<P style="MARGIN: 0px"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>As a percentage of the Fund&#146;s total investments on 4-30-11.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.</FONT></P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>Ratings are from Moody&#146;s Investor Services, Inc. If not available, we have used S&amp;P ratings. In the absence of ratings from these agencies, we have used Fitch, Inc. ratings. &#147;Not Rated&#148; securities are those with no ratings available. They may have internal ratings similar to those shown. All are as of 4-30-11 and do not reflect subsequent downgrades, if any.</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>6</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Fund&#146;s investments</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>As of 4-30-11 </FONT><FONT size=2 face=sans-serif>(unaudited)</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></TD>
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     <TD width="10%"></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></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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 colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Corporate Bonds 83.80% (58.70% of Total Investments)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$147,531,600</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $137,219,346)</FONT>&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 height=20>
     <TD noWrap align=left><FONT size=1 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>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Discretionary 18.98%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>33,406,147</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Auto Components 1.07%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Allison Transmission, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,087,480</FONT>&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>Allison Transmission, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>497,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>504,455</FONT>&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>Exide Technologies (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-01-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>270,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>289,575</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=left><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><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 6.38%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Downstream Development Authority of the</FONT>&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><FONT size=1 face=sans-serif>Quapaw Tribe of Oklahoma (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,160,000</FONT>&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>Greektown Superholdings, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>13.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,179,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,459,546</FONT>&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>Jacobs Entertainment, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,027,500</FONT>&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>Landry&#146;s Restaurants, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>389,700</FONT>&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>Little Traverse Bay Bands of Odawa Indians (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-31-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>328,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>295,200</FONT>&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>Mashantucket Western Pequot Tribe (H)(S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.912</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-01-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>275,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>126,822</FONT>&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>Mashantucket Western Pequot Tribe,</FONT>&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><FONT size=1 face=sans-serif>Series A (H)(S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&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>Midwest Gaming Borrower LLC/Midwest</FONT>&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><FONT size=1 face=sans-serif>Finance Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>80,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>85,600</FONT>&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>Mohegan Tribal Gaming Authority (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>732,500</FONT>&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>MTR Gaming Group, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,055,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,118,300</FONT>&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>MTR Gaming Group, Inc., Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>590,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>561,238</FONT>&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>Pokagon Gaming Authority (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>694,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>715,688</FONT>&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>Turning Stone Resort Casino Enterprises (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>485,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,763</FONT>&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>Waterford Gaming LLC (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>904,742</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>427,278</FONT>&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>Yonkers Racing Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-15-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>351,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>386,100</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=left><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><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></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>Standard Pacific Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>140,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>144,900</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=left><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><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></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>Reynolds Group Issuer, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>401,700</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=left><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><B><FONT size=1 face=sans-serif>Leisure Equipment &amp; Products 0.30%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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<TR>
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<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Easton-Bell Sports, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>465,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>520,800</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=left><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><B><FONT size=1 face=sans-serif>Media 8.48%</FONT></B>&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>
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<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AMC Entertainment, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>379,750</FONT>&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>Canadian Satellite Radio Holdings, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,055,000</FONT>&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>CCH II LLC/CCH II Capital Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>13.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-30-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>841,501</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,015,061</FONT>&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>Cinemark USA, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>245,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>268,275</FONT>&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>Clear Channel Communications, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,385,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,346,913</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="45%"></TD>
     <TD width="49%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<TR>
     <TD width="40%"></TD>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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=1 face=sans-serif>Media (continued)</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=1 face=sans-serif>Clear Channel Communications, Inc., PIK</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,806,617</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,711,770</FONT>&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>Clear Channel Worldwide Holdings, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>111,125</FONT>&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>Clear Channel Worldwide Holdings, Inc.,</FONT>&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><FONT size=1 face=sans-serif>Series B</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>395,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>439,438</FONT>&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>CSC Holdings LLC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>755,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>823,894</FONT>&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>DIRECTV Holdings LLC/DIRECTV Financing</FONT>&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><FONT size=1 face=sans-serif>Company, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-01-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>355,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>390,459</FONT>&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>News America, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-20-24</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>980,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,172,998</FONT>&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>Quebecor Media, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>95,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>98,919</FONT>&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>Regal Cinemas Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>130,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>140,075</FONT>&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>Sirius XM Radio, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,240,000</FONT>&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>SuperMedia, Inc., Escrow Certificates (I)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-15-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&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>Time Warner Cable, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>375,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>465,481</FONT>&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>Videotron Ltee (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>309,750</FONT>&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>XM Satellite Radio, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>13.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-01-13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,650,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,959,375</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=left><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><B><FONT size=1 face=sans-serif>Multiline Retail 1.35%</FONT></B>&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>
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<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Macy&#146;s Retail Holdings, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-15-36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>215,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>223,600</FONT>&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>Michaels Stores, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,975,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,152,750</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=left><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><B><FONT size=1 face=sans-serif>Specialty Retail 0.75%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Hillman Group, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>290,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>321,900</FONT>&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>Sonic Automotive, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>145,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>155,875</FONT>&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>Staples, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>601,344</FONT>&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>Toys R Us Property Company LLC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>225,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>241,875</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=left><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><B><FONT size=1 face=sans-serif>Textiles, Apparel &amp; Luxury Goods 0.34%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Phillips-Van Heusen Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-15-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>595,375</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=left><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><B><FONT size=1 face=sans-serif>Consumer Staples 4.16%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>7,321,149</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Beverages 0.65%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Anheuser-Busch InBev Worldwide, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.200</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,143,162</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=left><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><B><FONT size=1 face=sans-serif>Food Products 2.02%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BFF International, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-28-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,103,750</FONT>&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>Bunge Ltd. Finance Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.350</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,015,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,094,337</FONT>&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>Corp. Pesquera Inca SAC (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-10-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>367,500</FONT>&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>JBS Finance II, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-29-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>775,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>804,063</FONT>&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>TreeHouse Foods, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-01-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>175,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>188,344</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=left><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><B><FONT size=1 face=sans-serif>Household Products 0.58%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Yankee Candle Company, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>655,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>682,838</FONT>&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>Yankee Candle Company, Inc., Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>315,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>336,263</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=left><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><B><FONT size=1 face=sans-serif>Personal Products 0.46%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Hypermarcas SA (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-20-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>606,000</FONT>&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>Revlon Consumer Products Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>185,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>201,650</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=left><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><B><FONT size=1 face=sans-serif>Tobacco 0.45%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Lorillard Tobacco Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-01-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>720,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>793,242</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=left><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><B><FONT size=1 face=sans-serif>Energy 11.18%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>19,689,817</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Energy Equipment &amp; Services 2.24%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Delek &amp; Avner-Yam Tethys, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.226</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-01-13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>99,873</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>103,269</FONT>&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>Gazprom OAO Via RBS AG (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-01-13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,135,000</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="4%"></TD>
     <TD width="49%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</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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<TR>
     <TD width="40%"></TD>
     <TD width="12%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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=1 face=sans-serif>Energy Equipment &amp; Services (continued)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
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<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Offshore Group Investments, Ltd.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,180,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,433,425</FONT>&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>Trinidad Drilling, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>265,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>280,900</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 8.94%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Anadarko Petroleum Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>355,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>401,171</FONT>&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>Devon Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,035,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,149,103</FONT>&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>Drummond Company, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,760,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,821,600</FONT>&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>EV Energy Partners LP/EV Energy Finance</FONT>&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><FONT size=1 face=sans-serif>Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>405,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>418,163</FONT>&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>Gibson Energy ULC/GEP Midstream</FONT>&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><FONT size=1 face=sans-serif>Finance Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>412,425</FONT>&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>Linn Energy LLC/Linn Energy Finance Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>430,950</FONT>&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>McMoRan Exploration Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,203,125</FONT>&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>Niska Gas Storage U.S. LLC/Niska Gas Storage</FONT>&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><FONT size=1 face=sans-serif>Canada ULC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>565,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>612,319</FONT>&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>Overseas Shipholding Group, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.125</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-30-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>487,500</FONT>&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>Pan American Energy LLC (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-07-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>375,375</FONT>&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>Petro-Canada (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-15-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,358,450</FONT>&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>Petroleos Mexicanos</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-05-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>385,020</FONT>&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>Petroleos Mexicanos</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,071,000</FONT>&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>Plains All American Pipeline LP/PAA Finance</FONT>&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><FONT size=1 face=sans-serif>Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-01-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,139,808</FONT>&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>RDS Ultra-Deepwater, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>841,875</FONT>&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>Regency Energy Partners LP/Regency Energy</FONT>&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><FONT size=1 face=sans-serif>Finance Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,140,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,296,750</FONT>&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>Thermon Industries, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,755,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,886,625</FONT>&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>Valero Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.125</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-01-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>205,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>227,344</FONT>&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>Valero Energy Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>205,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>218,620</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Financials 13.00%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>22,888,673</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Capital Markets 1.40%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Knight Capital Group, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>247,838</FONT>&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>Morgan Stanley (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-28-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,103,242</FONT>&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>The Goldman Sachs Group, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,113,722</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Commercial Banks 2.08%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Banco de Galicia y Buenos Aires (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-04-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>303,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>303,000</FONT>&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>Bank of Moscow via BOM Capital PL (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.699</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-11-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>355,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>378,963</FONT>&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>Barclays Bank PLC (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.140</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-14-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,595,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,552,169</FONT>&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>Chuo Mitsui Trust &amp; Banking Company, Ltd.</FONT>&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><FONT size=1 face=sans-serif>(5.506% to 4-15-15, then 3 month</FONT>&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><FONT size=1 face=sans-serif>LIBOR + 2.490%) (Q)(S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.506</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>905,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>918,575</FONT>&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>State Bank of India/London (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-27-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>515,309</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Consumer Finance 0.93%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>American Express Credit Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.125</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-25-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,092,154</FONT>&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>SLM Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.450</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>485,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>550,475</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Diversified Financial Services 3.79%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Alfa Bank OJSC Via Alfa Bond Issuance PLC (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-28-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>303,127</FONT>&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>Astoria Depositor Corp., Series B (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.144</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-01-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>731,250</FONT>&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>Beaver Valley Funding (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>607,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>665,885</FONT>&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>Bosphorus Financial Services, Ltd. (P)(S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.113</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>125,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>123,727</FONT>&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>CCM Merger, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-01-13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,145,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,139,638</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="45%"></TD>
     <TD width="49%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<TR>
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     <TD width="10%"></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><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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=1 face=sans-serif>Diversified Financial Services (continued)</FONT></B>&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>
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<TR>
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<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Corporacion Andina de Fomento (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$690,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$699,478</FONT>&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>Crown Castle Towers LLC (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.883</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-15-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>746,933</FONT>&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>Nationstar Mortgage/Nationstar Capital</FONT>&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><FONT size=1 face=sans-serif>Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>375,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>387,188</FONT>&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>TAM Capital, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-25-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>860,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>880,425</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Insurance 1.55%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CNA Financial Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.350</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>655,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>758,883</FONT>&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>Liberty Mutual Group, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.300</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>816,659</FONT>&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>Lincoln National Corp. (7.000% to 5-17-16,</FONT>&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><FONT size=1 face=sans-serif>then 3 month LIBOR + 2.358%) (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-17-66</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>370,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>382,506</FONT>&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>Symetra Financial Corp. (8.300% to 10-15-17,</FONT>&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><FONT size=1 face=sans-serif>then 3 month LIBOR + 4.177%) (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.300</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-15-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>520,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>529,100</FONT>&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>Willis North America, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-29-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>215,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>235,092</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 1.29%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Dexus Property Group (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.125</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,128,865</FONT>&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>DuPont Fabros Technology LP</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>386,750</FONT>&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>Health Care REIT, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.200</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>345,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>382,030</FONT>&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>Plum Creek Timberlands LP (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>345,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>370,523</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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 colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Management &amp; Development 1.96%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Realogy Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,843,221</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,919,254</FONT>&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>Realogy Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,095,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,141,538</FONT>&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>Yanlord Land Group, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-29-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>375,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>384,375</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Health Care 1.46%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>$2,577,580</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Health Care Equipment &amp; Supplies 0.57%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Covidien International Finance SA (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.450</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-15-12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>945,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,006,496</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Health Care Providers &amp; Services 0.39%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BioScrip, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>510,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>510,000</FONT>&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>Community Health Systems, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>180,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>184,050</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Pharmaceuticals 0.50%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Catalent Pharma Solutions, Inc., PIK (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>436,268</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>446,084</FONT>&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>PharmaNet Development Group, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>430,950</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Industrials 11.29%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>19,872,733</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Aerospace &amp; Defense 1.70%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Colt Defense LLC/Colt Finance Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>175,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>146,125</FONT>&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>Embraer Overseas, Ltd. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>885,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>949,163</FONT>&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>Hawker Beechcraft Acquisition Company</FONT>&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><FONT size=1 face=sans-serif>LLC (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>855,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>724,613</FONT>&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>Kratos Defense &amp; Security Solutions, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>439,000</FONT>&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>L-3 Communications Corp., Series B (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>206,500</FONT>&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>TransDigm, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>495,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>533,363</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Airlines 4.27%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Continental Airlines 1999-1 Class A Pass</FONT>&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><FONT size=1 face=sans-serif>Through Trust (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.545</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-02-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>222,633</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>233,765</FONT>&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>Continental Airlines 2000-2 Class B Pass</FONT>&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><FONT size=1 face=sans-serif>Through Trust (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.307</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-02-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>153,601</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>156,673</FONT>&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>Continental Airlines 2001-1 Class C Pass</FONT>&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><FONT size=1 face=sans-serif>Through Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.033</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-11</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>88,650</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>88,872</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="4%"></TD>
     <TD width="50%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</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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<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></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><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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=1 face=sans-serif>Airlines (continued)</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Delta Air Lines 2007-1 Class A Pass Through</FONT>&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><FONT size=1 face=sans-serif>Trust (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.821</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-10-22</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$729,954</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$759,152</FONT>&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>Delta Air Lines, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>410,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>460,225</FONT>&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>Delta Air Lines, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,343,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,440,368</FONT>&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>Global Aviation Holdings, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>14.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-15-13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,385,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,623,913</FONT>&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>UAL 2009-1 Pass Through Trust (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.400</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>335,229</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>383,837</FONT>&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>UAL 2009-2A Pass Through Trust (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>659,839</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,567</FONT>&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>United Air Lines, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-15-12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>672,725</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>743,361</FONT>&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>United Air Lines, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-01-13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>820,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>887,650</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Building Products 0.30%</FONT></B>&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>
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<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Euramax International, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>120,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>124,800</FONT>&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>Nortek, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>235,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>234,413</FONT>&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>Voto-Votorantim Overseas Trading Operations</FONT>&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><FONT size=1 face=sans-serif>NV (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-25-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>160,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>168,800</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>
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     <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><B><FONT size=1 face=sans-serif>Commercial Services &amp; Supplies 2.44%</FONT></B>&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>
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<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>ACCO Brands Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>615,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>693,413</FONT>&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>Avis Budget Car Rental LLC/Avis Budget</FONT>&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><FONT size=1 face=sans-serif>Finance, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>345,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>382,950</FONT>&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>Garda World Security Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>765,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>820,463</FONT>&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>Iron Mountain, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-15-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>760,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>809,400</FONT>&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>MSX International, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,850,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,591,000</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>
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     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
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     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electrical Equipment 0.18%</FONT></B>&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>
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<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Coleman Cable, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>295,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>311,963</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Industrial Conglomerates 0.46%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Hutchison Whampoa International, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-13-13</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>365,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>396,817</FONT>&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>Hutchison Whampoa International, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-11-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>385,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>410,662</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=left><FONT size=1 face=sans-serif></FONT></TD>
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     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Machinery 0.16%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Thermadyne Holdings Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>260,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>275,925</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Marine 0.12%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Navios South American Logistics, Inc./Navios</FONT>&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><FONT size=1 face=sans-serif>Logistics Finance (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>204,750</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Road &amp; Rail 1.66%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CSX Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.300</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,047,755</FONT>&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>RailAmerica, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>448,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>498,400</FONT>&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>Western Express, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,395,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,374,075</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Information Technology 1.38%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>2,425,488</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Electronic Equipment, Instruments &amp; Components 0.57%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Freescale Semiconductor, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>290,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>321,900</FONT>&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>STATS ChipPAC, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-12-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>630,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>680,400</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>IT Services 0.43%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Brightstar Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>749,000</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Software 0.38%</FONT></B>&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>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Vangent, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>670,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>674,188</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>
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     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Materials 10.34%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>18,201,558</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Chemicals 2.81%</FONT></B>&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>
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<TR>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>American Pacific Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>565,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>549,463</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="45%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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=1 face=sans-serif>Chemicals (continued)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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<TR>
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<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Braskem Finance, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$197,363</FONT>&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>Fufeng Group, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-13-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>640,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>620,679</FONT>&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>Inkia Energy, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-04-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,400,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,421,000</FONT>&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>Sterling Chemicals, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,031,250</FONT>&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>The Dow Chemical Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.900</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,124,721</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 1.45%</FONT></B>&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>
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<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>AEP Industries, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>355,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>359,438</FONT>&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>Ball Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-15-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>235,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>247,338</FONT>&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>Berry Plastics Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>770,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>820,050</FONT>&nbsp;</TD></TR>
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     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cascades, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>256,200</FONT>&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>Graphic Packaging International, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>185,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>207,200</FONT>&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>Graphic Packaging International, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-01-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>236,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>256,945</FONT>&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>Packaging Dynamics Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>248,700</FONT>&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>Pretium Packaging LLC/Pretium Finance, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>160,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>164,400</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Metals &amp; Mining 3.40%</FONT></B>&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>
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<TR>
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<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>APERAM (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>310,875</FONT>&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>CSN Islands XI Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-21-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>276,250</FONT>&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>Essar Steel Algoma, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&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>Freeport-McMoRan Copper &amp; Gold, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>220,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>242,550</FONT>&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>Gerdau Holdings, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-20-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>396,000</FONT>&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>Metinvest BV (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-14-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>555,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>595,238</FONT>&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>Rain CII Carbon LLC/CII Carbon Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-01-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>945,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>992,250</FONT>&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>Rio Tinto Finance USA, Ltd. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.125</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-15-28</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>710,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>863,498</FONT>&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>Ryerson, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,080,000</FONT>&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>Teck Resources, Ltd. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>306,912</FONT>&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>Winsway Coking Coal Holding, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-08-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>425,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>421,813</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Paper &amp; Forest Products 2.68%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>ABI Escrow Corp. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>910,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,005,550</FONT>&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>Boise Paper Holdings LLC/Boise</FONT>&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><FONT size=1 face=sans-serif>Co-Issuer Company</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-01-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>515,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>558,775</FONT>&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>Grupo Papelero Scribe SA (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-07-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,800,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,710,000</FONT>&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>NewPage Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-31-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,085,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,079,575</FONT>&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>PE Paper Escrow GmbH (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-01-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>95,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>109,725</FONT>&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>Verso Paper Holdings LLC/Verso Paper, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-01-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>240,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>247,800</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Telecommunication Services 8.52%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>15,000,153</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></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=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>Sable International Finance, Ltd. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>261,250</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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 colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 3.91%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Axtel SAB de CV (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-22-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>260,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>256,750</FONT>&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>Axtel SAB de CV (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>810,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>771,525</FONT>&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>BellSouth Telecommunications, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.300</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>598,380</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>641,709</FONT>&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>Cincinnati Bell, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>540,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>518,400</FONT>&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>Frontier Communications Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-22</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>435,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>470,888</FONT>&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>Frontier Communications Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.125</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>530,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>541,925</FONT>&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>GXS Worldwide, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>430,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>439,675</FONT>&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>Intelsat Bermuda, Ltd. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-04-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,470,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,604,138</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="4%"></TD>
     <TD width="50%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</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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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></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><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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 colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services (continued)</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Intelsat Luxembourg SA, PIK (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-04-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$428,025</FONT>&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>Telecom Italia Capital SA (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.175</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-18-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,105,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,205,330</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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 colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Wireless Telecommunication Services 4.46%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bakrie Telecom Pte, Ltd. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-07-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>798,750</FONT>&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>CC Holdings GS V LLC/Crown Castle GS III</FONT>&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><FONT size=1 face=sans-serif>Corp. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>410,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>453,050</FONT>&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>Nextel Communications, Inc., Series D (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,340,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,350,050</FONT>&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>NII Capital Corp.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-15-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>320,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>367,200</FONT>&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>SBA Tower Trust (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.101</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>580,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>594,500</FONT>&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>Sprint Capital Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-32</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,065,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,166,175</FONT>&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>Sprint Capital Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-15-12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,970,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,080,813</FONT>&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>Sprint Capital Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.900</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-01-19</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,050,000</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Utilities 3.49%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>6,148,302</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 2.15%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>BVPS II Funding Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.890</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>617,192</FONT>&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>CE Generation LLC (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.416</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-15-18</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>512,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>529,850</FONT>&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>Exelon Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.900</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,015,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,087,863</FONT>&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>FPL Energy National Wind LLC (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.608</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-10-24</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>244,741</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>247,597</FONT>&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>PNPP II Funding Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.120</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-30-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>289,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>307,233</FONT>&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>Texas Competitive Electric Holdings Company</FONT>&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><FONT size=1 face=sans-serif>LLC/TCEH Finance, Inc. (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-01-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>155,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>158,875</FONT>&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>United Maritime Group LLC</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.750</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-15-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>475,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>496,375</FONT>&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>W3A Funding Corp. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.090</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-02-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>343,380</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>345,100</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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 colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Independent Power Producers &amp; Energy Traders 0.66%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Ipalco Enterprises, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-14-11</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>315,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>325,238</FONT>&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>NRG Energy, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>795,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>831,769</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Multi-Utilities 0.68%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>DTE Energy Company (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.625</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-15-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,040,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,201,210</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Convertible Bonds 2.28% (1.60% of Total Investments)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$4,011,188</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $2,976,396)</FONT>&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 height=20>
     <TD noWrap align=left><FONT size=1 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>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Discretionary 1.47%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>2,579,775</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Media 1.47%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>XM Satellite Radio, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-01-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,770,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,579,775</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Financials 0.21%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>374,163</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 0.21%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Corporate Office Properties LP (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-30</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>370,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>374,163</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Industrials 0.31%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>554,125</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Airlines 0.31%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>United Continental Holdings, Inc. (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-30-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>554,125</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=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Materials 0.29%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>503,125</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 0.29%</FONT></B>&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>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Owens-Brockway Glass Container, Inc. (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>503,125</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="45%"></TD>
     <TD width="50%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>


<A name="page_10"></A><BR>
<a name="_bclPageBorder10"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></TD>
     <TD width="12%" align=left></TD>
     <TD width="10%"></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></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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 colSpan=5 noWrap align=left><B><FONT size=1 face=sans-serif>Capital Preferred Securities 1.05% (0.73% of Total Investments)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$1,844,113</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $1,957,604)</FONT>&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 height=20>
     <TD noWrap align=left><FONT size=1 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>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Financials 1.05%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>1,844,113</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></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></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>HSBC Finance Capital Trust IX (5.911% to</FONT>&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><FONT size=1 face=sans-serif>11-30-15, then 3 month LIBOR + 1.926%) (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.911</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-30-35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>681,625</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=left><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><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></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&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>NB Capital Trust IV (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-27</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,130,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,162,488</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>U.S. Government &amp; Agency Obligations 38.22%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></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><B><FONT size=1 face=sans-serif>(26.77% of Total Investments)</FONT></B>&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=right><B><FONT size=1 face=sans-serif>$67,286,150</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $66,893,641)</FONT>&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 height=20>
     <TD noWrap align=left><FONT size=1 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>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>U.S. Government 21.77%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>38,321,039</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-15-40</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>380,006</FONT>&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 Notes</FONT>&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><FONT size=1 face=sans-serif>Note</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.625</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-15-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,065,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,094,787</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Note</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.125</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-29-16</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,530,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,556,881</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-31-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>18,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>19,234,265</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-30-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,430,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,524,352</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.375</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-28-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,295,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,340,830</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-31-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,905,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,818,397</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-30-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,500,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,371,521</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=left><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><B><FONT size=1 face=sans-serif>U.S. Government Agency 16.45%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>28,965,111</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>Federal Home Loan Mortgage Corp.</FONT>&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><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>55,025</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>61,718</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-01-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>103,803</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>116,428</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-01-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>208,249</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>233,806</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-01-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>97,644</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>109,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-01-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>65,163</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>73,088</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-01-38</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>418,756</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>470,734</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-01-38</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>191,835</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>215,167</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-01-39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>165,576</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>185,714</FONT>&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>Federal National Mortgage Association</FONT>&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><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-01-36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>895,690</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,007,672</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-01-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>595,759</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>669,871</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-01-39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,547,219</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,984,054</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-01-38</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,413,090</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,149,476</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>TBA</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>390,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>411,686</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-01-40</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,107,209</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,238,683</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>30 Yr Pass Thru Ctf (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-01-40</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,059,115</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,037,494</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Foreign Government Obligations 2.49%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></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><B><FONT size=1 face=sans-serif>(1.74% of Total Investments)</FONT></B>&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=right><B><FONT size=1 face=sans-serif>$4,383,526</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $4,118,056)</FONT>&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 height=20>
     <TD noWrap align=left><FONT size=1 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>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Argentina 1.36%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>2,396,100</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>City of Buenos Aires (S)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>12.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-06-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,912,500</FONT>&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>Provincia de Neuquen Argentina (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-26-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>480,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>483,600</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=left><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><B><FONT size=1 face=sans-serif>Canada 0.42%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>742,876</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Province of Ontario</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.150</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-15-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>735,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>742,876</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=left><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><B><FONT size=1 face=sans-serif>Georgia 0.12%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>199,542</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Republic of Georgia (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.875</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-12-21</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>199,542</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="4%"></TD>
     <TD width="50%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>


<A name="page_11"></A><BR>
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<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></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><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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=1 face=sans-serif>Mexico 0.47%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>$829,980</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>Government of Mexico</FONT>&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><FONT size=1 face=sans-serif>Bond (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.125</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-15-20</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$315,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>332,955</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Bond (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.875</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>02-17-14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>497,025</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>South Korea 0.12%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>215,028</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Korea Development Bank (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.375</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-10-15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>205,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>215,028</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Term Loans (M) 0.39% (0.28% of Total Investments)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$690,813</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $689,500)</FONT>&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>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Industrials 0.39%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>690,813</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Delta Air Lines, Inc.</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151; (T)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-14-17</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$700,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>690,813</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Collateralized Mortgage Obligations 7.08%</FONT></B>&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 noWrap align=left><B><FONT size=1 face=sans-serif>(4.96% of Total Investments)</FONT></B>&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=right><B><FONT size=1 face=sans-serif>$12,471,830</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $10,807,353)</FONT>&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>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Commercial &amp; Residential 6.30%</FONT></B>&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=right><B><FONT size=1 face=sans-serif>11,094,327</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>American Home Mortgage Assets</FONT>&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><FONT size=1 face=sans-serif>Series 2006-6, Class XP IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.361</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-25-46</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$8,644,711</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>579,116</FONT>&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>American Tower Trust</FONT>&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><FONT size=1 face=sans-serif>Series 2007-1A, Class C (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.615</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-15-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>195,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>207,574</FONT>&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>Bear Stearns Alt-A Trust</FONT>&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><FONT size=1 face=sans-serif>Series 2005-3, Class B2 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.572</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-25-35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>395,723</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>26,185</FONT>&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>Countrywide Alternative Loan Trust</FONT>&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><FONT size=1 face=sans-serif>Series 2006-OA12, Class X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.660</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-20-46</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>49,413,732</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,319,985</FONT>&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>First Horizon Alternative Mortgage Securities</FONT>&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><FONT size=1 face=sans-serif>Series 2004-AA5, Class B1 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.353</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>12-25-34</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>254,547</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>34,753</FONT>&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>Global Tower Partners Acquisition Partners LLC</FONT>&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><FONT size=1 face=sans-serif>Series 2007-1A, Class G (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.874</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-15-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>360,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>370,854</FONT>&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>GSR Mortgage Loan Trust</FONT>&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><FONT size=1 face=sans-serif>Series 2006-4F, Class 6A1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-25-36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,758,076</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,172,655</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2004-9, Class B1 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.599</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-25-34</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>770,910</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>295,519</FONT>&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>Harborview Mortgage Loan Trust</FONT>&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><FONT size=1 face=sans-serif>Series 2005-8, Class 1X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.400</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-19-35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,195,958</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>279,428</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2007-3, Class ES IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.350</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-19-47</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,999,532</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>59,397</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2007-4, Class ES IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.350</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-19-47</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,906,741</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>59,878</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2007-6, Class ES IO (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.342</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-19-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,495,569</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>47,822</FONT>&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>IndyMac Index Mortgage Loan Trust</FONT>&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><FONT size=1 face=sans-serif>Series 2004-AR13, Class B1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.296</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-25-35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>305,908</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>32,546</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2005-AR18, Class 1X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.225</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-25-36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,542,809</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>527,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2005-AR18, Class 2X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.225</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-25-36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9,857,995</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>492,900</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2005-AR5, Class B1 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.642</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-25-35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>408,338</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,285</FONT>&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>Merrill Lynch Mortgage Investors Trust</FONT>&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><FONT size=1 face=sans-serif>Series 2006-AF1, Class MF1 (H)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6.862</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-25-36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>267,205</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&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>Morgan Stanley Capital I</FONT>&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><FONT size=1 face=sans-serif>Series 2008-HQ8, Class AM (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.642</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-12-44</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>995,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,062,022</FONT>&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>Provident Funding Mortgage Loan Trust</FONT>&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><FONT size=1 face=sans-serif>Series 2005-1, Class B1 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.671</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-25-35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>361,423</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>78,472</FONT>&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>WaMu Mortgage Pass Through Certificates</FONT>&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><FONT size=1 face=sans-serif>Series 2005-AR1, Class X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.623</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>01-25-45</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>14,037,288</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>647,933</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2005-AR4, Class B1 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.583</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-25-35</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,406,901</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>378,888</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2005-AR8, Class X IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.755</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>07-25-45</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,890,379</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>417,972</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="45%"></TD>
     <TD width="50%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>15</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>


<A name="page_12"></A><BR>
<a name="_bclPageBorder12"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="12%"></TD>
     <TD width="10%"></TD>
     <TD width="12%" align=left></TD>
     <TD width="10%" align=right></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></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&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></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>date</FONT></B>&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 colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>U.S. Government Agency 0.78%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$1,377,503</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Federal National Mortgage Association</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 398, Class C3 IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>05-25-39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,508,623</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>355,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 402, Class 3 IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>11-25-39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,136,091</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>253,045</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 402, Class 4 IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10-25-39</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,992,235</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>436,828</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 407, Class 7 IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-25-41</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,090,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>267,813</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 407, Class 8 IO</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>03-25-41</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>265,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>64,117</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Asset Backed Securities 1.16% (0.81% of Total Investments)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$2,038,310</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $1,946,086)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Asset Backed Securities 1.16%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,038,310</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Aircraft Certificate Owner Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2003-1A, Class E (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.001</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>09-20-22</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$170,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>158,100</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>ContiMortgage Home Equity Loan Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 1995-2, Class A&#150;5</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>08-15-25</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>36,338</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>35,960</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Countrywide Asset-Backed Certificates</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2006-3, Class 2A2 (P)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.392</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>06-25-36</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>951,186</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>824,250</FONT>&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>Dominos Pizza Master Issuer LLC</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Series 2007-1, Class M1 (S)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7.629</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>04-25-37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,020,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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 colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Common Stocks 2.90% (2.03% of Total Investments)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$5,101,034</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $5,579,387)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Discretionary 0.85%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1,500,153</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 0.05%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Greektown Superholdings, Inc. (I)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>977</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>96,547</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left></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><B><FONT size=1 face=sans-serif>Media 0.80%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Charter Communications, Inc., Class A (I)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11,505</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>678,105</FONT>&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>Dex One Corp. (I)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>20,979</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>88,112</FONT>&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>SuperMedia, Inc. (I)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,578</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8,111</FONT>&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>Vertis Holdings, Inc. (I)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>34,015</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>629,278</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></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><B><FONT size=1 face=sans-serif>Materials 2.05%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>3,600,881</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 2.05%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Smurfit-Stone Container Corp. (I)(Z)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>93,578</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,600,881</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Preferred Securities 3.34% (2.34% of Total Investments)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$5,885,821</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=6 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $5,526,753)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Discretionary 1.54%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,720,169</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Automobiles 0.15%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>General Motors Company, Series B, 4.750%</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>5,290</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>263,495</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left></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 colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 1.07%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Greektown Superholdings, Inc., Series A (I)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>19,074</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,884,893</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left></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><B><FONT size=1 face=sans-serif>Media 0.32%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&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>Nielsen Holdings NV, 6.250%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>950,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>571,781</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></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><B><FONT size=1 face=sans-serif>Energy 0.28%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>491,252</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 0.28%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&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>Apache Corp., Series D, 6.000%</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>6,980</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>491,252</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="4%"></TD>
     <TD width="50%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>16</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</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="_bclPageBorder13"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <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=1 face=sans-serif>Financials 1.20%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$2,107,600</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></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></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Zions Bancorporation, Series E, 11.000%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>40,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,106,000</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></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></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Public Storage, Inc., Depositary Shares,</FONT>&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=1 face=sans-serif>Series W, 6.500% (Z)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>40,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,001,600</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Utilities 0.32%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>566,800</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 0.32%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>PPL Corp., 9.500%</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>566,800</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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=1 face=sans-serif>Short-Term Investments 0.06% (0.04% of Total Investments)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$110,000</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(Cost $110,000)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Repurchase Agreement 0.06%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>110,000</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Repurchase Agreement with State Street Corp. dated 4-29-11</FONT>&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=1 face=sans-serif>at 0.010% to be repurchased at $110,000 on 5-2-11,</FONT>&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=1 face=sans-serif>collateralized by $105,000 Federal Home Loan Mortgage Corp.,</FONT>&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=1 face=sans-serif>4.500% due 1-15-14 (valued at $116,025, including interest)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$110,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>110,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (Cost $237,824,122)</FONT></B><FONT size=1 face=sans-serif>&#134; </FONT><B><FONT size=1 face=sans-serif>142.77%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$251,354,385</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Other assets and liabilities, net (42.77%)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>($75,303,487)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total net assets 100.00%</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$176,050,898</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=1 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=1 face=sans-serif>IO Interest Only Security &#151; Interest Tranche of Stripped Mortgage Pool</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>LIBOR London Interbank Offered Rate</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>PIK Payment-in-kind</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>TBA To Be Announced</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(H) Non-income producing &#151; Issuer is in default.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(I) Non-income producing security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end unless the investment is unsettled.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 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=1 face=sans-serif>(Q) Perpetual bonds have no stated maturity date. Date shown is next call date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 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 $62,589,576 or 35.55% of the Fund&#146;s net assets as of 4-30-11.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(T) All or a portion of this position represents unsettled loan commitment. The coupon rate will be determined at time of settlement.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(Z) All or a portion of this security is pledged as collateral pursuant to the Committed Facility Agreement. Total collateral value at 4-30-11 was $178,683,319 (see Note 8).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#134; At 4-30-11, the aggregate cost of investment securities for federal income tax purposes was $238,424,755. Net unrealized appreciation aggregated $12,929,630, of which $22,789,160 related to appreciated investment securities and $9,859,530 related to depreciated investment securities.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="45%"></TD>
     <TD width="50%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>17</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"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Financial statements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of assets and liabilities </FONT><FONT size=2 face=sans-serif>4-30-11 (unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of Assets and Liabilities is the Fund&#146;s balance sheet. It shows the value of what the Fund owns, is due and owes. You&#146;ll also find the net asset value for each common share.</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="78%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investments, at value (Cost $237,824,122)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$251,354,385</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,123,051</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Cash held at broker for futures&nbsp;contracts</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>68,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments&nbsp;sold</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>414,684</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Dividends and interest&nbsp;receivable</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,510,015</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Other receivables and prepaid&nbsp;expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>68,823</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>258,539,433</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Liabilities</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for investments&nbsp;purchased</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,954,762</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for delayed delivery securities purchased</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>410,536</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Committed facility agreement payable (Note&nbsp;8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>80,000,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for futures variation margin (Note&nbsp;3)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,789</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interest payable (Note&nbsp;8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>15,326</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Payable to&nbsp;affiliates</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Accounting and legal services&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>4,857</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Trustees&#146;&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>17,309</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Other liabilities and accrued&nbsp;expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>80,956</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;liabilities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>82,488,535</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Capital paid-in</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$175,246,492</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Undistributed net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,310,482</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized loss on investments and futures&nbsp;contracts</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(13,958,930)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation (depreciation) on investments and</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>futures&nbsp;contracts</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>13,452,854</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$176,050,898</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value per&nbsp;share</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Based on 8,527,835 shares of beneficial interest outstanding &#151; unlimited</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>number of shares authorized with no par&nbsp;value</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$20.64</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="4%"></TD>
     <TD width="50%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>18</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of operations </FONT><FONT size=2 face=sans-serif>For the six-month period ended 4-30-11</FONT><BR>
<FONT size=2 face=sans-serif>(unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of Operations summarizes the Fund&#146;s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="27%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Investment&nbsp;income</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interest</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$9,346,654</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Dividends</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>125,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Less foreign taxes&nbsp;withheld</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(179)</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total investment&nbsp;income</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>9,471,615</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investment management fees (Note&nbsp;5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>666,328</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Accounting and legal services fees (Note&nbsp;5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,397</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Transfer agent fees (Note&nbsp;5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>49,882</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Trustees&#146; fees (Note&nbsp;5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>27,309</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Printing and postage (Note&nbsp;5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>37,169</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Professional&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>53,326</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Custodian&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>13,939</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Interest expense (Note&nbsp;8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>583,390</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Stock exchange listing&nbsp;fees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11,805</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11,567</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1,465,112</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>8,006,503</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Realized and unrealized gain&nbsp;(loss)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net realized gain (loss)&nbsp;on</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(2,944,968)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Futures contracts (Note&nbsp;3)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>28,092</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(2,916,876)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Change in net unrealized appreciation (depreciation)&nbsp;of</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,644,895</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Futures contracts (Note&nbsp;3)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>19,476</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>7,664,371</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net realized and unrealized&nbsp;gain</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4,747,495</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Increase in net assets from&nbsp;operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$12,753,998</FONT></B>&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="45%"></TD>
     <TD width="50%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>19</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statements of changes in net assets</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>These Statements of Changes in Net Assets show how the value of the Fund&#146;s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Six&nbsp;months</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Year</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4-30-11</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(unaudited)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-10</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Increase (decrease) in net&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=5 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
&nbsp;</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>From&nbsp;operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></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>Net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$8,006,503</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$18,170,832</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized gain&nbsp;(loss)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(2,916,876)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>880,369</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Change in net unrealized appreciation&nbsp;(depreciation)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>7,664,371</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>16,096,569</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>Increase in net assets resulting from&nbsp;operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>12,753,998</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>35,147,770</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><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=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Distributions to&nbsp;shareholders</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></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>From net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(8,248,152)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(17,506,522)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>From Fund share transactions (Note&nbsp;6)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>599,663</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1,326,215</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><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=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total&nbsp;increase</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>5,105,509</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>18,967,463</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net&nbsp;assets</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=5 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Beginning of&nbsp;period</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>170,945,389</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>151,977,926</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><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><B><FONT size=1 face=sans-serif>End of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$176,050,898</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$170,945,389</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><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=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Undistributed net investment&nbsp;income</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$1,310,482</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$1,552,131</FONT></B>&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="4%"></TD>
     <TD width="50%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>20</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>F I N A N C I A L&nbsp;&nbsp; S T A T E M E N T S</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Statement of cash flows</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>This Statement of Cash Flows shows cash flow from operating and financing activities for the period stated.</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="82%"></TD>
     <TD width="17%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>For the</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>six-month</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>period ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4-30-11</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(unaudited)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from operating activities</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net increase in net assets from operations</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$12,753,998</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Adjustments to reconcile net increase in net assets from operations to net</FONT></B>&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>cash provided by operating activities:</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Long-term investments purchased</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(34,695,613)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Long-term investments sold</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>32,059,392</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in short-term investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,781,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net amortization of premium (discount)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>16,111</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in dividends and interest receivable</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>599,980</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in payable for investments purchased</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(8,961,446)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in receivable for investments sold</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>10,977,937</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in cash held at broker for futures contracts</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(16,125)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in prepaid assets</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(37,226)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in payable for futures variation margin</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(4,688)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Increase in payable to affiliates</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>18,089</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in interest payable</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(10,145)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Decrease in other liabilities and accrued expenses</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(10,468)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net change in unrealized (appreciation) depreciation on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(7,644,895)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized loss on investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,944,968</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net cash provided by operating activities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$10,770,869</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash flows from financing activities</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions to common shareholders net of reinvestments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(7,648,489)</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net cash used by financing activities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>($7,648,489)</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in cash</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$3,122,380</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash at beginning of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$671</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash at end of period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$3,123,051</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Supplemental disclosure of cash flow information</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><STRONG><FONT size=1 face=Arial>
<HR SIZE=1 noShade>
&nbsp;</FONT></STRONG></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Cash paid for interest</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$593,535</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Noncash financing activities not included herein consist of</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>599,663</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>reinvestment of distributions</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&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="45%"></TD>
     <TD width="50%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>21</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>


<A name="page_18"></A><BR>
<a name="_bclPageBorder18"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Financial highlights</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>The Financial Highlights show how the Fund&#146;s net asset value for a share has changed since the end of the previous period.</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="12%"></TD>
     <TD width="12%"></TD>
     <TD width="12%" align=right></TD>
     <TD width="12%" align=right></TD>
     <TD width="12%" align=right></TD>
     <TD width="12%" align=right></TD>
     <TD width="12%" align=right></TD>
     <TD width="12%" align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>COMMON SHARES</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Period&nbsp;ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4-30-11</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-10</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-08</FONT></B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>12-31-07</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>12-31-06</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>12-31-05</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8 align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Per share operating&nbsp;performance</FONT></B>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=8 noWrap align=right><B><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$20.11</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$18.03</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$14.51</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$19.21</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$19.90</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$20.04</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$21.22</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.94</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.15</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.70</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.49</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.89</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.74</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.70</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>gain (loss) on&nbsp;investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.56</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.00</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3.51</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(4.80)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.72)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.07)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(1.07)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions to Auction</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Preferred Shares&nbsp;(APS)*</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>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.19)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.55)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.50)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.34)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total from</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>investment&nbsp;operations</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1.50</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4.15</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>5.21</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(3.50)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>0.62</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1.17</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>0.29</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Less distributions to</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>common&nbsp;shareholders</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>From net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(0.97)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(2.07)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(1.69)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(1.20)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(1.31)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(1.31)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(1.47)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$20.64</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$20.11</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$18.03</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$14.51</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$19.21</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$19.90</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$20.04</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Per share market value,</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>end of&nbsp;period</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$21.64</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$21.13</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$17.73</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$13.46</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$17.01</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$19.04</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$17.70</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total return at net asset</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>7.55</FONT></B><SUP><FONT size=1 face=sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>23.81</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>39.26</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(18.78)</FONT></B><SUP><FONT size=1 face=sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>3.73</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>6.54</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1.78</FONT></B><SUP><FONT size=1 face=sans-serif>6</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>value (%)</FONT></B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>7.31</FONT></B><SUP><FONT size=1 face=sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>32.29</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>47.62</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(14.91)</FONT></B><SUP><FONT size=1 face=sans-serif>5</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(4.00)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>15.41</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>(15.06)</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Ratios and supplemental&nbsp;data</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Net assets applicable to</FONT>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>common shares, end of</FONT>&nbsp;</TD>
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     <TD noWrap align=right>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>period (in&nbsp;millions)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$176</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$171</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$152</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$121</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$160</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$164</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$165</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Ratios (as a percentage of</FONT>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>average net assets):</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Expenses before reductions</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=right>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 12px" noWrap align=left><FONT size=1 face=sans-serif>(excluding</FONT>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 12px" noWrap align=left><FONT size=1 face=sans-serif>interest&nbsp;expense)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.04</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.12</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.43</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.42</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.16</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.17</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.17</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Interest expense (Note&nbsp;8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.68</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.81</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.00</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.83</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&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>&#151;</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Expenses before reductions</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 12px" noWrap align=left><FONT size=1 face=sans-serif>(including interest&nbsp;expense)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.72</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.93</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.43</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2.25</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.16</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.17</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1.17</FONT><SUP><FONT size=1 face=sans-serif>8</FONT></SUP>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>Net investment&nbsp;income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.40</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.33</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>11.34</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.93</FONT><SUP><FONT size=1 face=sans-serif>7</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>9.55</FONT><SUP><FONT size=1 face=sans-serif>9</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.80</FONT><SUP><FONT size=1 face=sans-serif>9</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>8.25</FONT><SUP><FONT size=1 face=sans-serif>9</FONT></SUP>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>71</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>72</FONT><SUP><FONT size=1 face=sans-serif>10</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>37</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>63</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>144</FONT>&nbsp;</TD></TR></TABLE></DIV>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD></TR></TABLE></DIV>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>COMMON SHARES</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Period&nbsp;ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4-30-11</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><SUP><FONT size=1 face=sans-serif></FONT></SUP><B><FONT size=1 face=sans-serif>10-31-10</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-09</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>10-31-08</FONT></B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>12-31-07</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>12-31-06</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>12-31-05</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Senior&nbsp;securities</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Total value of APS outstanding</FONT>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>(in&nbsp;millions)</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>&#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>$86</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$86</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$86</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Involuntary liquidation</FONT>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>preference per unit</FONT>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>(in&nbsp;thousands)</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>&#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>25</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Average market value per unit</FONT>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>(in&nbsp;thousands)</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>&#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>25</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per&nbsp;unit</FONT><SUP><FONT size=1 face=sans-serif>11</FONT></SUP>&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>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT><SUP><FONT size=1 face=sans-serif>12</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$71,364</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$72,917</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$72,072</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Total debt outstanding end of</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>period (in millions) (Note&nbsp;8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$80</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$80</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$67</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$58</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>&#151;</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per $1,000</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>of&nbsp;APS</FONT><SUP><FONT size=1 face=sans-serif>13</FONT></SUP>&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>&#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>$2,856</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,910</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,913</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Asset coverage per $1,000</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>
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     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=1 face=sans-serif>of&nbsp;debt</FONT><SUP><FONT size=1 face=sans-serif>14</FONT></SUP>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,201</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,136</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,268</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$3,090</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>&#151;</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* </FONT><FONT size=1 face=sans-serif>Auction Preferred Shares&nbsp;(APS).</FONT><BR>
<SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>Semiannual period from 11-1-10 to 4-30-11.&nbsp;Unaudited.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>2 </FONT></SUP><FONT size=1 face=sans-serif>For the ten-month period ended 10-31-08. The Fund changed its fiscal year end from December 31 to October&nbsp;31.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>3 </FONT></SUP><FONT size=1 face=sans-serif>Based on the average daily shares&nbsp;outstanding.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>4 </FONT></SUP><FONT size=1 face=sans-serif>Total return based on net asset value reflects changes in the Fund&#146;s net asset value during each period. Total </FONT><FONT size=1 face=sans-serif>return based on market value reflects changes in market value. Each figure assumes that dividend and capital gain </FONT><FONT size=1 face=sans-serif>distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or </FONT><FONT size=1 face=sans-serif>premium to net asset value at which the Fund&#146;s shares traded during the&nbsp;period.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>5 </FONT></SUP><FONT size=1 face=sans-serif>Not&nbsp;annualized.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>6 </FONT></SUP><FONT size=1 face=sans-serif>Unaudited.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>7 </FONT></SUP><FONT size=1 face=sans-serif>Annualized.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>8 </FONT></SUP><FONT size=1 face=sans-serif>Ratios calculated on the basis of expenses relative to the average net assets of common shares. Without the </FONT><FONT size=1 face=sans-serif>exclusion of preferred shares, the ratios of expenses would have been 0.76%, 0.77% and 0.77% for the years </FONT><FONT size=1 face=sans-serif>ended 12-31-07, 12-31-06 and 12-31-05,&nbsp;respectively.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>9 </FONT></SUP><FONT size=1 face=sans-serif>Ratios calculated on the basis of net investment income relative to the average net assets of common shares. </FONT><FONT size=1 face=sans-serif>Without the exclusion of preferred shares, the ratios of net investment income would have been 6.26%, 5.77% and </FONT><FONT size=1 face=sans-serif>5.47% for the years ended 12-31-07, 12-31-06 and 12-31-05,&nbsp;respectively.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>10 </FONT></SUP><FONT size=1 face=sans-serif>The Portfolio turnover rate, including the effect of &#147;TBA&#148; (to be announced) securities for the year ended 10-31-09 </FONT><FONT size=1 face=sans-serif>was 100%.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>11 </FONT></SUP><FONT size=1 face=sans-serif>Calculated by subtracting the Fund&#146;s total liabilities from the Fund&#146;s total assets and dividing that amount by the </FONT><FONT size=1 face=sans-serif>number of APS outstanding, as of the applicable 1940 Act Evaluation Date, which may differ from the financial </FONT><FONT size=1 face=sans-serif>reporting&nbsp;date.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>12 </FONT></SUP><FONT size=1 face=sans-serif>In May 2008, the Fund entered into a Committed Facility Agreement with a third-party commercial bank in order to </FONT><FONT size=1 face=sans-serif>redeem the APS. The redemption of all APS was completed on 6-12-08 (Note&nbsp;8).</FONT><BR>
<SUP><FONT size=1 face=sans-serif>13 </FONT></SUP><FONT size=1 face=sans-serif>Asset coverage equals the total net assets plus APS divided by the APS of the Fund outstanding at period&nbsp;end.</FONT><BR>
<SUP><FONT size=1 face=sans-serif>14 </FONT></SUP><FONT size=1 face=sans-serif>Asset coverage equals the total net assets plus borrowings divided by the borrowings of the Fund outstanding at </FONT><FONT size=1 face=sans-serif>period end (Note&nbsp;8).</FONT></P>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>See notes to financial statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>23</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>Notes to financial statements</FONT><BR>
<B><FONT size=2 face=sans-serif>(unaudited)</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 1 &#151; Organization</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>John Hancock Investors Trust (the Fund) is a closed-end diversified management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 2 &#151; Significant accounting policies</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security valuation. </FONT></B><FONT size=2 face=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=serif>P</FONT><FONT size=2 face=serif>.</FONT><FONT size=1 face=serif>M</FONT><FONT size=2 face=serif>.</FONT><FONT size=2 face=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>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>24</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The following is a summary of the values by input classification of the Fund&#146;s investments as of April 30, 2011, by major security category or type:</FONT></P>
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<TR>
     <TD width="20%"></TD>
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     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>LEVEL 3</FONT>&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><FONT size=1 face=sans-serif>LEVEL 2</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>SIGNIFICANT</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>TOTAL MARKET</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>LEVEL 1</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>SIGNIFICANT</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>UNOBSERVABLE</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>INVESTMENTS IN SECURITIES</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>VALUE AT 4-30-11</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>QUOTED PRICE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>OBSERVABLE INPUTS</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>INPUTS</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<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>$147,531,600</FONT></B>&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>$145,388,122</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$2,143,478</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Convertible Bonds</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4,011,188</FONT></B>&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>4,011,188</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Capital Preferred Securities</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>1,844,113</FONT></B>&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>1,844,113</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>U.S. Government &amp; Agency</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=1 face=sans-serif>Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>67,286,150</FONT></B>&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>67,286,150</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Foreign Government</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=1 face=sans-serif>Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>4,383,526</FONT></B>&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>4,383,526</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Term Loans</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>690,813</FONT></B>&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>690,813</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Collateralized Mortgage</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=1 face=sans-serif>Obligations</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>12,471,830</FONT></B>&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>11,392,393</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,079,437</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Asset Backed Securities</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,038,310</FONT></B>&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>1,880,210</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>158,100</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Common Stocks</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>5,101,034</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$4,375,209</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>725,825</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred Securities</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>5,885,821</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>3,429,147</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>571,781</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,884,893</FONT>&nbsp;</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=right><B><FONT size=1 face=sans-serif>110,000</FONT></B>&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>110,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>&#151;</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD colSpan=4>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total Investments</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 style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>in Securities</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$251,354,385</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$7,804,356</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$237,558,296</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$5,991,733</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Other Financial</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 style="TEXT-INDENT: 6px" noWrap align=left><B><FONT size=1 face=sans-serif>Instruments:</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=1 face=sans-serif>Futures</FONT>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>($77,409)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>($77,409)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>&#151;</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>&#151;</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=2 face=serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=2 face=serif>Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the six-month period ended April 30, 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=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="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>COLLATERALIZED</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 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>CORPORATE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>MORTGAGE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>ASSET BACKED</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>COMMON</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>PREFERRED</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>BONDS</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>OBLIGATIONS</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>SECURITIES</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>STOCKS</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>SECURITIES</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>TOTAL</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<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>&#151;</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>Realized gain (loss)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(1,740,960)</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>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(2,049,267)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized 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>
     <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>1,601,459</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>613,338</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>($4,463)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>216,668</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(224,286)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>2,202,716</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Purchases</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>1,709,788</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>422</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>162,563</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>2,273,895</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Sales</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(64,729)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(5,474)</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>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(70,203)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Transfers into 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>&#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>&#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>&#151;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Transfers out 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>&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(214,828)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Balance as of 4-30-11</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$2,143,478</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$1,079,437</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$158,100</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$725,825</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$1,884,893</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>$5,991,733</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized at period end*</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>($152,087)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$305,031</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>($4,463)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$216,667</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>($224,286)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$140,862</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=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</FONT></P>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>25</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>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=1 face=sans-serif>Repurchase agreements. </FONT></B><FONT size=2 face=serif>The Fund may enter into repurchase agreements. When the 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=1 face=sans-serif>Security transactions and related investment income. </FONT></B><FONT size=2 face=serif>Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Payment-in-kind bonds. </FONT></B><FONT size=2 face=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></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Real estate investment trusts. </FONT></B><FONT size=2 face=serif>From time to time, the Fund may invest in real estate investment trusts (REITs) and, as a result, will estimate the components of distributions from these securities. Distributions from REITs received in excess of income are recorded as a reduction of cost of investments and/or as a realized gain.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Stripped securities. </FONT></B><FONT size=2 face=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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     <TD noWrap align=left><FONT size=2 face=sans-serif>26</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Overdrafts. </FONT></B><FONT size=2 face=serif>Pursuant to the custodian agreement, the Fund&#146;s custodian may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian has a lien, security interest or security entitlement in any Fund property, that is not segregated, to the maximum extent permitted by law to the extent of any overdraft.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Expenses. </FONT></B><FONT size=2 face=serif>The majority of expenses are directly attributable to an individual fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund&#146;s relative assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Federal income taxes. </FONT></B><FONT size=2 face=serif>The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>For federal income tax purposes, the Fund has a capital loss carryforward of $10,225,436 available to offset future net realized capital gains as of October 31, 2010. The following table details the capital loss carryforward available as of October 31, 2010.</FONT></P>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>CAPITAL LOSS CARRYFORWARD EXPIRING AT OCTOBER 31</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=1 face=sans-serif>2013</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>2014</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>2015</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>2016</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>2017</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=5 noWrap align=center><FONT size=1 face=sans-serif>
<HR SIZE=1 noShade>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$2,727,115</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$2,605,424</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$1,304,634</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$912,660</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=sans-serif>$2,675,603</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=2 face=serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=2 face=serif>Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>As of October 31, 2010, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund&#146;s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Distribution of income and gains. </FONT></B><FONT size=2 face=serif>Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends quarterly and capital gain distributions, if any, annually.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sales loss deferrals, defaulted bonds, derivative transactions, and amortization and accretion on debt securities.</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>27</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Statement of cash flows. </FONT></B><FONT size=2 face=serif>Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows is the amount included in the Fund&#146;s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 3 &#151; Derivative instruments</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivatives expose the Fund to the risk that the counterparty to an over-the-counter (OTC) derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that the Fund will succeed in enforcing them.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Futures. </FONT></B><FONT size=2 face=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 amounts recognized on the Statement of Assets and Liabilities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is generally based on a percentage of the contract value; this amount is the initial margin for the trade. The margin deposit must then be maintained at the established level over the life of the contract. Futures contracts are marked-to-market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six months ended April 30, 2011, the Fund used futures contracts to manage duration of the portfolio. The following table summarizes the contracts held at April 30, 2011. During the six months ended April 30, 2011, the Fund held futures contracts with absolute notional values ranging from $7.1 million to $7.4 million, as measured at each quarter end.</FONT></P>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="20%"></TD>
     <TD width="17%"></TD>
     <TD width="17%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="17%"></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><FONT size=1 face=sans-serif>UNREALIZED</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>OPEN</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>NUMBER 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=right><FONT size=1 face=sans-serif>APPRECIATION</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CONTRACTS</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>CONTRACTS</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>POSITION</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>EXPIRATION DATE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>NOTIONAL VALUE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(DEPRECIATION)</FONT>&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</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>10</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Long</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Jun 2011</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,223,750</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$31,222</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Bond Futures</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>U.S. Treasury 10-Year</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>22</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Short</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Jun 2011</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(2,665,094)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(57,297)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Note Futures</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>U.S. Treasury 5-Year</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Short</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Jun 2011</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(3,198,656)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>(51,334)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Note Futures</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><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>($77,409)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<TR>
     <TD width="4%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>28</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Fair value of derivative instruments by risk category</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The table below summarizes the fair value of derivatives held by the Fund at April 30, 2011 by risk category:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="23%"></TD>
     <TD width="26%"></TD>
     <TD width="16%"></TD>
     <TD width="14%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FINANCIAL</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>ASSET</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>LIABILITY</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF ASSETS AND</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>INSTRUMENTS</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>DERIVATIVES</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>DERIVATIVES</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>RISK</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>LIABILITIES LOCATION</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>LOCATION</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>FAIR VALUE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>FAIR VALUE</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<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>Payables for futures</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Futures&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$31,222</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>($108,631)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>variation margin</FONT>&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=1 face=sans-serif>Total</FONT></B>&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>$31,222</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>($108,631)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>&#134; Reflects cumulative appreciation/depreciation of futures as disclosed in Note 3. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Effect of derivative instruments on the Statement of Operations</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six-month period ended April 30, 2011:</FONT></P>
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<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>FUTURES</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>RISK</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF OPERATIONS LOCATION</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>CONTRACTS</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<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>Net realized gain</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$28,092</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=right><B><FONT size=1 face=sans-serif>$28,092</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=2 face=serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=2 face=serif>The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six-month period ended April 30, 2011:</FONT></P>
<P style="MARGIN: 0px"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</P>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>FUTURES</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>RISK</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>STATEMENT OF OPERATIONS LOCATION</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>CONTRACTS</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<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>Change in unrealized appreciation</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$19,476</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>(depreciation)</FONT>&nbsp;</TD>
     <TD noWrap align=left>&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=right><B><FONT size=1 face=sans-serif>$19,476</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Note 4 &#151; Guarantees and indemnifications</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Under the Fund&#146;s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund&#146;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 5 &#151; Fees and transactions with affiliates</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>John Hancock Advisers, LLC (the Adviser) serves as investment adviser for the Fund. The Adviser is an indirect wholly owned subsidiary of Manulife Financial Corporation (MFC).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Management fee. </FONT></B><FONT size=2 face=serif>The Fund has an investment management agreement with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of (a) 0.650% of the first $150,000,000 of the Fund&#146;s average daily net assets and the value attributed to the committed facility agreement (collectively, managed assets), (b) 0.375% of the next $50,000,000, (c) 0.350% of the next $100,000,000 and (d) 0.300% of the Fund&#146;s average daily managed assets in excess of $300,000,000. The Adviser has a subadvisory agreement with John</FONT></P>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>29</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Hancock Asset Management a division of Manulife Asset Management (US) LLC (formerly MFC Global Investment Management (U.S.), LLC), an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The investment management fees incurred for the six months ended April 30, 2011 were equivalent to an annual effective rate of 0.53% of the Fund&#146;s average daily managed assets.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Accounting and legal services. </FONT></B><FONT size=2 face=serif>Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services of the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred for the six months ended April 30, 2011 amounted to an annual rate of 0.01% of the Fund&#146;s average daily net assets.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Trustee expenses. </FONT></B><FONT size=2 face=serif>The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates &#151; Trustees&#146; fees, respectively, in the accompanying Statement of Assets and Liabilities.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 6 &#151; Fund share transactions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Transactions in Fund shares for the six months ended April 30, 2011 and the year ended October 31, 2010 were as follows:</FONT></P>
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<TR>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Six months ended 4-30-11</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Year ended 10-31-10</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>Amount</FONT></B>&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>Amount</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions reinvested</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>29,228</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$599,663</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>67,824</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$1,326,215</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Note 7 &#151; Leverage risk</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund utilizes a Committed Facility Agreement (CFA) to increase its assets available for investment. When the Fund leverages its assets, common shareholders bear the fees associated with the facility and have the potential to benefit or be disadvantaged from the use of leverage.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Adviser&#146;s fee is also increased in dollar terms from the use of leverage. Consequently, the Fund and the Adviser may have differing interests in determining whether to leverage the Fund&#146;s assets. Leverage creates risks that may adversely affect the return for the holders of common shares, including:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; the likelihood of greater volatility of net asset value and market price of common shares</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; fluctuations in the interest rate paid for the use of the credit facility</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; increased operating costs, which may reduce the Fund&#146;s total return</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; the potential for a decline in the value of an investment acquired through leverage, while the </FONT><FONT size=2 face=serif>Fund&#146;s obligations under such leverage remains fixed</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>&#149; the Fund is more likely to have to sell securities in a volatile market in order to meet asset </FONT><FONT size=2 face=serif>coverage or other debt compliance requirements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund&#146;s return will be greater than if leverage had not been used, conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived.</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>30</FONT>&nbsp;</TD>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 8 &#151; Committed Facility Agreement</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund has entered into a Committed Facility Agreement (CFA) with a subsidiary of BNP Paribas (BNP) that allows it to borrow up to $91 million and to invest the borrowings in accordance with its investment practices. Prior to April 29, 2011, the Fund could borrow up to $80 million under the CFA.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Borrowings under the CFA are secured by the assets of the Fund as disclosed in the Fund&#146;s investments. Interest charged is at the rate of one-month LIBOR (reset daily) plus 0.70% and is payable monthly. Under the terms of the CFA, the Fund also paid a one time arrangement fee of 0.25% of the maximum commitment financing, which was accrued and paid over the first year of the CFA. The Fund also pays a commitment fee of 0.60% per annum on the unused portion of the commitment. Prior to April 29, 2011, the interest rate was one-month LIBOR plus 0.95% and the commitment fee was 0.70% per annum on the unused portion of the commitment. The arrangement fee and commitment fee for the six months ended April 30, 2011, totaled $92,221 and $367, respectively, and are included in the interest expense in the Statement of operations. As of April 30, 2011, the Fund had borrowings of $80,000,000 at an interest rate of 0.91%, which are reflected on the Statement of assets and liabilities. During the six months ended April 30, 2011, the average borrowing under the CFA and the effective average interest rate were $80,000,000 and 1.20%, respectively.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund may terminate the CFA with 90 days&#146; notice and, if the Board of Trustees determines that the elimination of all indebtedness leveraging the Fund&#146;s investments is in the best interest of the Fund&#146;s shareholders, the Fund may terminate the agreement with 30 days&#146; notice. In addition, if certain asset coverage and collateral requirements, minimum net assets or other covenants are not met, the CFA could be deemed in default and result in termination. Absent a default or a facility termination event, BNP is required to provide the Fund with 270 days&#146; notice prior to terminating or amending the CFA.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund has entered into an agreement with BNP that allows BNP to borrow a portion of the pledged collateral (Lent Securities) in an amount not to exceed the lesser of: (i) outstanding borrowings owed by the Fund to BNP and (ii) thirty-three and one-third percent of the Fund&#146;s total assets. The Fund can designate any security within the pledged collateral as ineligible to be a Lent Security and can recall any of the Lent Securities. The Fund also has the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the current borrowings under the CFA. During the six months ended April 30, 2011, the Fund had no income from Lent Securities.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Note 9 &#151; Purchase and sale of securities</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Purchases and sales of securities, other than short-term securities, aggregated $29,673,453 and $29,915,247, respectively, for the six months ended April 30, 2011. Purchases and sales of U.S. Treasury obligations aggregated $5,022,160 and $2,144,145, respectively, for the six months ended April 30, 2011.</FONT></P>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>31</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Additional information</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Unaudited</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment objective and policy</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund is a closed-end diversified management investment company, common shares of which were initially offered to the public on January 29, 1971 and are publicly traded on the NYSE. The Fund&#146;s primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective. The preponderance of the Fund&#146;s assets are invested in a diversified portfolio of debt securities, some of which may carry equity features. Up to 50% of the value of the Fund&#146;s assets may be invested in restricted securities acquired through direct placement. The Fund may also invest in repurchase agreements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>On March 9, 2011, the Board of Trustees amended the Fund&#146;s investment policy regarding the use of reverse repurchase agreement transactions. The new policy provides the following:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Reverse repurchase agreements. </FONT></B><FONT size=2 face=serif>The Fund may engage in reverse repurchase agreement transactions to the extent permitted under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;), and related guidance of the Securities and Exchange Commission and its staff. The Fund intends to use reverse repurchase agreements to obtain investment leverage either alone and/or in combination with other forms of investment leverage. The Fund may also use reverse repurchase agreement transactions for temporary or emergency purposes. In a reverse repurchase agreement transaction, the Fund temporarily transfers possession of a portfolio instrument to another party in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. The value of the portfolio securities transferred may substantially exceed the purchase price received by the Fund under the reverse repurchase agreement transaction and, during the life of the reverse repurchase agreement transaction, the Fund may be required to transfer additional securities if the market value of those securities initially transferred declines. In engaging in a reverse repurchase transaction, the Fund may transfer (&#147;sell&#148;) any of its portfolio securities to a broker-dealer, bank or another financial institution counterparty as determined by the Adviser to be appropriate. In accordance with guidance from the SEC and its staff from time to time in effect, the Fund will earmark or segregate liquid assets equal to repayment obligations under the reverse repurchase agreements. When the Fund enters into a reverse repurchase agreement transaction, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund&#146;s assets. As a result, such transactions may increase fluctuations in the market value of the Fund&#146;s assets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>On March 9, 2011, the Board of Trustees also approved certain other investment policy changes, as summarized below:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>(i) investment policy stating that &#147;The Fund may also purchase preferred stock and may acquire common stock through the exercise of conversion or exchange rights acquired in connection with other securities owned by the Fund.&#148; was replaced with the following: &#147;The Fund may also purchase preferred securities and may acquire common stock through the exercise of conversion or exchange rights acquired in connection with other securities owned by the Fund.&#148;;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>(ii) investment policy stating that &#147;The Fund will not acquire any additional preferred or common stock if as a result of that acquisition the value of all preferred and common stocks in the Fund&#146;s portfolio would exceed 20% of its total assets.&#148; was replaced with the following: &#147;The Fund will not acquire any additional preferred securities or common stock if as a result of that acquisition the value of all preferred securities and common stocks in the Fund&#146;s portfolio would exceed 20% of its total assets.&#148;; and</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>32</FONT>&nbsp;</TD>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>(iii) investment policy stating that &#147;The Fund may also purchase income producing securities which are convertible into or come with rights to purchase preferred and common stocks.&#148; was replaced with the following: &#147;The Fund may also purchase income producing securities which are convertible into or come with rights to purchase preferred securities and common stocks.&#148;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Bylaws and Declaration of Trust</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In November 2002, the Board of Trustees adopted several amendments to the Fund&#146;s bylaws, including provisions relating to the calling of a special meeting and requiring advance notice of shareholder proposals or nominees for Trustee. The advance notice provisions in the bylaws require shareholders to notify the Fund in writing of any proposal that they intend to present at an annual meeting of shareholders, including any nominations for Trustee, between 90 and 120 days prior to the first anniversary of the mailing date of the notice from the prior year&#146;s annual meeting of shareholders. The notification must be in the form prescribed by the bylaws. The advance notice provisions provide the Fund and its Trustees with the opportunity to thoughtfully consider and address the matters proposed before the Fund prepares and mails its proxy statement to shareholders. Other amendments set forth the procedures that must be followed in order for a shareholder to call a special meeting of shareholders. In October 2008, the Fund&#146;s bylaws were amended with respect to notice requirements for Trustee nominations and other proposals by the Fund&#146;s shareholders. These provisions require the disclosure of the nominating shareholder and the nominee&#146;s investment interests as they relate to the Fund, as well as the name of any other shareholder supporting the nominee for election as a Trustee or the proposal of other business. In order for notice to be proper, such notice must disclose the economic interests of the nominating shareholder and nominee, including his or her holdings of shares in the Fund, the intent upon which those shares were acquired, and any hedging arrangements (including leveraged or short positions) made with respect to the shares of the Fund. Additionally, any material interest that the shareholder has in the business to be brought before the meeting must be disclosed. Please contact the Secretary of the Fund for additional information about the advance notice requirements or the other amendments to the bylaws. On August 21, 2003, shareholders approved the amendment of the Fund&#146;s bylaws, effective August 26, 2003, to provide for the issuance of preferred shares.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>On March 31, 2008, the shareholders approved an amendment to the Fund&#146;s Declaration of Trust to permit the Fund&#146;s Board of Trustees to delegate the authority to declare dividends to a Dividend Committee consisting of officers, employees or agents of the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Dividends and distributions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>During the six-month period ended April 30, 2011, distributions totaling $0.9696 per share were paid to common shareholders. The dates of payments and the amounts per share are as follows:</FONT></P>
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     <TD noWrap align=right><FONT size=1 face=sans-serif>INCOME</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></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>PAYMENT DATE</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>DIVIDEND</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>December 31, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>$0.5054</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></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>March 31, 2011</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif>0.4642</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></FONT></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>
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     <TD noWrap align=left><FONT size=1 face=sans-serif><B>Total</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=1 face=sans-serif><B>$0.9696</B></FONT><B>&nbsp;</B></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></TABLE></DIV>
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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Dividend reinvestment plan</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Board of Trustees approved certain amendments to the Fund&#146;s Dividend Reinvestment Plan. The Dividend Reinvestment Plan that is in effect as of July 1, 2011 is described below.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Pursuant to the Fund&#146;s Dividend Reinvestment Plan (the Plan), distributions of dividends and capital gains are automatically reinvested in common shares of the Fund by The Bank of New York Mellon (the Plan Agent). Every shareholder holding at least one full share of the Fund is entitled to participate in the Plan. In addition, every shareholder who became a shareholder of the Fund after June 30, 2011</FONT></P>
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     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>33</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>and holds at least one full share of the Fund will be automatically enrolled in the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If the Fund declares a dividend or distribution payable either in cash or in common shares of the Fund and the market price of shares on the payment date for the distribution or dividend equals or exceeds the Fund&#146;s net asset value per share (NAV), the Fund will issue common shares to participants at a value equal to the higher of NAV or 95% of the market price. The number of additional shares to be credited to each participant&#146;s account will be determined by dividing the dollar amount of the distribution or dividend by the higher of NAV or 95% of the market price. If the market price is lower than NAV, or if dividends or distributions are payable only in cash, then participants will receive shares purchased by the Plan Agent on participants&#146; behalf on the New York Stock Exchange (the NYSE) or otherwise on the open market. If the market price exceeds NAV before the Plan Agent has completed its purchases, the average per share purchase price may exceed NAV, resulting in fewer shares being acquired than if the Fund had issued new shares.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>There are no brokerage charges with respect to common shares issued directly by the Fund. However, whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The reinvestment of dividends and net capital gains distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders participating in the Plan may buy additional shares of the Fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the Fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the Fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell Fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#146;s Web site at www.bnymellon.com/shareowner/equityaccess. The Plan Agent will mail a check to you (less applicable brokerage trading fees) on settlement date, which is three business days after your shares have been sold. If you choose to sell your shares through your stockbroker, you will need to request that the Plan Agent electronically transfer your shares to your stockbroker through the Direct Registration System.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent&#146;s Web site at www.bnymellon.com/shareowner/equityaccess. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If you withdraw, your shares will be credited to your account; or, if you wish, the Plan Agent will sell your full and fractional shares and send you the proceeds, less a transaction fee of $5.00 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder&#146;s participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Shareholders who hold at least one full share of the Fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent&#146;s Web site at www.bnymellon.com/shareowner/equityaccess. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If you wish to participate in the Plan and your shares are held in the</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>34</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>name of a brokerage firm, bank or other nominee, please contact your nominee to see if it will participate in the Plan for you. If you wish to participate in the Plan, but your brokerage firm, bank or other nominee is unable to participate on your behalf, you will need to request that your shares be re-registered in your own name, or you will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by you as representing the total amount registered in your name and held for your account by your nominee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 90 days before the record date for the payment of any dividend or distribution by the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>All correspondence or additional information about the Plan should be directed to The Bank of New York Mellon, c/o BNY Mellon Shareowner Services, c/o Mellon Investor Services, P.O. Box 358035, Pittsburgh, PA 15252-8035 (Telephone: 1-800-852-0218 (within the U.S. and Canada), 1-201-680-6578 (International Telephone Inquiries), and 1-800-231-5469 (For the Hearing Impaired (TDD)).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder communication and assistance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If you have any questions concerning the Fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the Fund to the transfer agent at:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Mellon Investor Services</FONT><BR>
<FONT size=1 face=sans-serif>Newport Office Center VII</FONT><BR>
<FONT size=1 face=sans-serif>480 Washington Boulevard</FONT><BR>
<FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT><BR>
<FONT size=1 face=sans-serif>Telephone: 1-800-852-0218</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholder meeting</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>The Fund held its Annual Meeting of Shareholders on January 21, 2011. The following proposal was considered by the shareholders:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>Proposal: </FONT></B><FONT size=2 face=serif>Election of eleven (11) Trustees to serve until their respective successors have been duly elected and qualified. The votes cast with respect to each Trustee are set forth below.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>THE PROPOSAL </FONT></B><B><U><FONT size=2 face=serif>PASSED </FONT></U></B><B><FONT size=2 face=serif>ON JANUARY 21, 2011.</FONT></B></P>
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     <TD width="33%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>TOTAL VOTES WITHHELD</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FOR THE NOMINEE</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FROM THE NOMINEE</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>James F. Carlin</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,867,873</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>122,795</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>William H. Cunningham</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,858,359</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>132,309</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Deborah C. Jackson</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,832,067</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>158,601</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Charles L. Ladner</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,852,119</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>138,549</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Stanley Martin</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,869,691</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>120,977</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Hugh McHaffie</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,864,651</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>126,017</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>John A. Moore</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,847,763</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>142,905</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Patti McGill Peterson</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,840,251</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>150,417</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Steven R. Pruchansky</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,867,236</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>123,432</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Gregory A. Russo</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,872,927</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>117,741</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>John G. Vrysen</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>6,863,520</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>127,148</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="95%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B><FONT size=1 face=sans-serif>Semiannual report | </FONT></B><FONT size=1 face=sans-serif>Investors Trust</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>35</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<P style="TEXT-ALIGN: left"><FONT size=7 face=serif>More information</FONT></P>
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     <TD width="33%"></TD>
     <TD width="33%"></TD>
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     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Trustees</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Officers</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Investment adviser</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Steven R. Pruchansky,</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Keith F. Hartstein</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>John Hancock Advisers, LLC</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><I><FONT size=2 face=serif>Chairperson</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>President and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>James F. Carlin</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><I><FONT size=2 face=serif>Chief Executive Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Subadviser</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>William H. Cunningham</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>John Hancock Asset Management</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Deborah C. Jackson</FONT><FONT size=1 face=sans-serif>*</FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif>Andrew G. Arnott</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=serif>(formerly MFC Global</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Charles L. Ladner,</FONT><FONT size=1 face=sans-serif>*</FONT></TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Senior Vice President</FONT></I>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=serif>Investment Management</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><I><FONT size=2 face=serif>Vice&nbsp;Chairperson</FONT></I></TD>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><I><FONT size=2 face=serif>and Chief Operating Officer</FONT></I>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=serif>(U.S.), LLC)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Stanley Martin</FONT><FONT size=1 face=sans-serif>*</FONT></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Hugh McHaffie</FONT><FONT size=1 face=sans-serif>&#134;</FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif>Thomas M. Kinzler</FONT></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Custodian</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Dr. John A. Moore</FONT></TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Secretary and Chief Legal Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>State Street Bank and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Patti McGill Peterson</FONT><FONT size=1 face=sans-serif>*</FONT></TD>
     <TD noWrap align=left></TD>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=serif>Trust Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Gregory A. Russo</FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif>Francis V. Knox, Jr.</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>John G. Vrysen</FONT><FONT size=1 face=sans-serif>&#134;</FONT></TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Chief Compliance Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Transfer agent</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT size=2 face=serif></FONT></I></TD>
     <TD noWrap align=left><FONT size=2 face=serif>Mellon Investor Services</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>*Member of the</FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif>Charles A. Rizzo</FONT>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Audit Committee</FONT></TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Chief Financial Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Legal counsel</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif><FONT size=1 face=sans-serif>&#134;Non-Independent Trustee</FONT></FONT></TD>
     <TD noWrap align=left><I><FONT size=2 face=serif></FONT></I></TD>
     <TD noWrap align=left><FONT size=2 face=serif><FONT size=2 face=serif>K&amp;L Gates LLP</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=serif>Salvatore Schiavone</FONT>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" noWrap align=left></TD>
     <TD noWrap align=left><I><FONT size=2 face=serif>Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Stock symbol</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Listed New York Stock</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" noWrap align=left><FONT size=2 face=serif>Exchange: JHI</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" noWrap align=left></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>For shareholder assistance refer to page 35</FONT></B></P>
<P style="MARGIN: 0px"><STRONG><FONT size=1 face=Arial></FONT></STRONG>&nbsp;</P>
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     <TD noWrap align=left><FONT size=1 face=sans-serif>You can also contact us:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>1-800-852-0218</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>Regular mail:</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>jhfunds.com</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Mellon Investor Services</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Newport Office Center VII</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>480 Washington Boulevard</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The Fund&#146;s proxy voting policies and procedures, as well as the Fund&#146;s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The Fund&#146;s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form&nbsp;N-Q. The Fund&#146;s Form N-Q is available on our Web site and the SEC&#146;s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC&#146;s Public Reference Room in Washington, DC. Call 1-800-SEC-0330 to&nbsp;receive information on the operation of the SEC&#146;s Public Reference Room.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>We make this information on your fund, as well as </FONT><B><FONT size=1 face=sans-serif>monthly portfolio holdings</FONT></B><FONT size=1 face=sans-serif>, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-852-0218.</FONT></P>
<P style="TEXT-ALIGN: left"><I><FONT size=2 face=serif>The report is certified under the Sarbanes-Oxley Act, which requires mutual funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.</FONT></I></P>
<P style="TEXT-ALIGN: left"><I><FONT size=2 face=serif>The Fund is listed for trading on the NYSE and has filed with the NYSE its chief executive officer certification regarding compliance with the NYSE&#146;s listing standards. The Fund also files with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.</FONT></I></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>36</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Investors Trust </FONT><B><FONT size=1 face=sans-serif>| Semiannual report</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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     <TD noWrap align=center><FONT size=2 face=sans-serif>PRESORTED</FONT>&nbsp;</TD></TR>
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     <TD align=center><FONT size=2 face=sans-serif>STANDARD</FONT></TD></TR>
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     <TD noWrap align=center><FONT size=2 face=sans-serif>U.S. POSTAGE</FONT>&nbsp;</TD></TR>
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     <TD align=center><FONT size=2 face=sans-serif>PAID</FONT></TD></TR>
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     <TD align=center><FONT size=2 face=sans-serif>MIS</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>1-800-852-0218</FONT><BR>
<FONT size=1 face=sans-serif>1-800-231-5469 TDD</FONT><BR>
<FONT size=1 face=sans-serif>1-800-843-0090 EASI-Line</FONT><BR>
<FONT size=1 face=sans-serif>www.</FONT><FONT size=1 face=sans-serif>jhfunds.</FONT><FONT size=1 face=sans-serif>com</FONT></FONT><FONT size=1 face=sans-serif></FONT></P>
<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>
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     <TD noWrap align=right><FONT size=1 face=sans-serif>P50SA 4/11</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=right><FONT size=1 face=sans-serif>6/11</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 2. CODE OF ETHICS.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable at this time.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 6. SCHEDULE OF INVESTMENTS.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Not applicable.</FONT><BR>
<FONT size=2 face=sans-serif>(b) Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT </FONT><FONT size=2 face=sans-serif>COMPANIES.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT </FONT><FONT size=2 face=sans-serif>INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>There were no material changes to previously disclosed John Hancock Funds &#150; Governance Committee Charter.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 11. 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-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</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 most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</FONT></P>
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<FONT size=2 face="sans-serif">ITEM 12. EXHIBITS.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(a) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(b) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached &#147;John Hancock Funds &#150; Governance Committee Charter&#148;.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(c)(2) Contact person at the registrant.</FONT></P>
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     <TD noWrap align=center><FONT size=2 face=sans-serif>SIGNATURES</FONT>&nbsp;</TD></TR></TABLE></DIV>
<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><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</FONT><BR>
<FONT size=2 face=sans-serif>Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>Date: June 20, 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><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</FONT><BR>
<FONT size=2 face=sans-serif>Chief Executive Officer</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>Date: June 20, 2011</FONT><BR>
<BR>
<FONT size=2 face=sans-serif>By:</FONT><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><BR>
<BR>
<FONT size=2 face=sans-serif>Date: June 20, 2011</FONT></P>
</DIV>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_investorscert.htm
<DESCRIPTION>CERTIFICATION
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<P style="text-align: left;">
<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-CSR of the 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P 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'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's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P 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'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'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">June 20, 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</FONT><BR>
<FONT size=2 face="sans-serif">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-CSR of the 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P 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'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's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P 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'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'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">June 20, 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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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_investorscertnos.htm
<DESCRIPTION>CERTIFICATION 906
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><B><FONT size=2 face=sans-serif>the Sarbanes-Oxley Act of 2002</FONT></B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>In connection with the attached Report of John Hancock Investors Trust (the &#147;registrant&#148;) on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.</FONT></P>
<P style="TEXT-ALIGN: left"><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>Dated: June 20, 2011</FONT><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><BR>
<BR>
<FONT size=2 face=sans-serif>Dated: June 20, 2011</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.</FONT></P>
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<TYPE>EX-99
<SEQUENCE>4
<FILENAME>d_governancecommcharter.htm
<DESCRIPTION>GOVERNANCE COMMITTEE CHARTER
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     <TD align=center><B><FONT face=sans-serif size=2>JOHN HANCOCK FUNDS</FONT></B> </TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif size=2>NOMINATING, GOVERNANCE AND ADMINISTRATION COMMITTEE CHARTER</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>A. </FONT><U><FONT face=sans-serif size=2>Composition</FONT></U><FONT face=sans-serif size=2>. The Nominating, Governance and Administration Committee (the &#147;Committee&#148;) shall be composed entirely of Trustees who are &#147;independent&#148; as defined in the rules of the New York Stock Exchange (&#147;NYSE&#148;) or any other exchange, as applicable, and are not &#147;interested persons&#148; as defined in the Investment Company Act of 1940 of any of the funds, or of any fund&#146;s investment adviser or principal underwriter (the &#147;Independent Trustees&#148;) who are designated for membership from time to time by the Board of Trustees. The Chairman of the Board shall be a member of the Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B. </FONT><U><FONT face=sans-serif size=2>Overview</FONT></U><FONT face=sans-serif size=2>. The overall charter of the Committee is to make determinations and recommendations to the Board on issues related to the composition and operation of the Board and corporate governance matters applicable to the Independent Trustees, as well as issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Board's oversight of the funds, and to discharge such additional duties, responsibilities and functions as are delegated to it from time to time.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C. </FONT><U><FONT face=sans-serif size=2>Specific Responsibilities</FONT></U><FONT face=sans-serif size=2>. The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall deem necessary or appropriate:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1. To consider and determine nominations of individuals to serve as Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3. To consider and determine the amount of compensation to be paid by the funds to the Independent Trustees, including incremental amounts, if any, payable to Committee Chairmen, and to address compensation-related matters. The Chairman of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the funds required of them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4. To consider and determine the duties and compensation of the Chairman of the Board.</FONT></P>
<P align=left><FONT face=sans-serif size=2>5. To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>6. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>7. To develop and recommend to the Board, if deemed desirable, guidelines for corporate governance (&#147;Corporate Governance Guidelines&#148;) for the funds that take into account the rules of the NYSE and any applicable law or regulation, and to periodically review and assess the Corporate Governance Guidelines and recommend any proposed changes to the Board for approval.</FONT></P>
<P align=left><FONT face=sans-serif size=2>8. To monitor all expenditures and practices of the Board or the Committees or the Independent Trustees not otherwise incurred and/or monitored by a particular Committee, including, but not limited to: D&amp;O insurance and fidelity bond coverage and costs; association dues, including Investment Company Institute membership dues; meeting expenditures and policies relating to reimbursement of travel expenses and expenses associated with offsite meetings; expenses and policies associated with Trustee attendance at educational or informational conferences; and publication expenses.</FONT></P>
<P align=left><FONT face=sans-serif size=2>9. To consider, evaluate and make recommendations and necessary findings regarding independent legal counsel and any other advisers, experts or consultants, that may be engaged by the Board of Trustees, by the Trustees who are not &#147;interested persons&#148; as defined in the Investment Company Act of 1940 of any of the funds or any fund&#146;s investment adviser or principal underwriter, or by the Committee, from time to time, other than as may be engaged directly by another Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>10. To periodically review the Board&#146;s committee structure and the charters of the Board&#146;s committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>11. To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of funds in the fund complex and the effectiveness of its committee structure.</FONT></P>
<P align=left><FONT face=sans-serif size=2>12. To report its activities to Board of Trustees and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D. </FONT><U><FONT face=sans-serif size=2>Additional Responsibilities</FONT></U><FONT face=sans-serif size=2>. The Committee will also perform other tasks assigned to it from time to time by the Chairman of the Board or by the Board of Trustees, and will report findings and recommendations to the Board of Trustees, as appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>E. </FONT><U><FONT face=sans-serif size=2>Governance</FONT></U><FONT face=sans-serif size=2>. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or</FONT></P>
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<P align=left><FONT face=sans-serif size=2>reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, and making reports to the Board of Trustees, as appropriate.</FONT></P>
<P align=left><FONT face=sans-serif size=2>F. </FONT><U><FONT face=sans-serif size=2>Miscellaneous</FONT></U><FONT face=sans-serif size=2>. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the funds&#146; expense, as it determines necessary to carry out its duties. The Committee shall have direct access to such officers of and service providers to the funds as it deems desirable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>G. </FONT><U><FONT face=sans-serif size=2>Evaluation</FONT></U><FONT face=sans-serif size=2>. At least annually, the Committee shall evaluate its own performance, including whether the Committee is meeting frequently enough to discharge its responsibilities appropriately.</FONT></P>
<P align=left><FONT face=sans-serif size=2>H. </FONT><U><FONT face=sans-serif size=2>Review</FONT></U><FONT face=sans-serif size=2>. The Committee shall review this Charter periodically and recommend such changes to the Board of Trustees as it deems desirable.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Last revised: December 9, 2008</FONT></P>
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<P align=left><FONT face=sans-serif size=2>ANNEX A</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>General Criteria</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2. Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the funds and should be willing and able to contribute positively to the decision-making process of the funds.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3. Nominees should have a commitment to understand the funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the funds, including shareholders and the management company, and to act in the interests of all shareholders.</FONT></P>
<P align=left><FONT face=sans-serif size=2>5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a director/trustee.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Application of Criteria to Existing Trustees</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The renomination of existing Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above. In addition, the Nominating, Governance and Administration Committee (the &#147;Committee&#148;) shall consider the existing Trustee&#146;s performance on the Board and any committee.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Review of Shareholder Nominations</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder&#146;s candidate among the slate of its designated nominees, the candidate&#146;s name will be placed on the funds&#146; proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder&#146;s candidate will be</FONT></P>
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<P align=left><FONT face=sans-serif size=2>treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the funds&#146; proxy statement.</FONT></P>
<P align=left><FONT face=sans-serif size=2>As long as an existing Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of an existing Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the fund. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Committee. The Committee may retain a consultant to assist the Committee in a search for a qualified candidate.</FONT></P>
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