<SEC-DOCUMENT>0000928816-11-001321.txt : 20110928
<SEC-HEADER>0000928816-11-001321.hdr.sgml : 20110928
<ACCEPTANCE-DATETIME>20110928143941
ACCESSION NUMBER:		0000928816-11-001321
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20110731
FILED AS OF DATE:		20110928
DATE AS OF CHANGE:		20110928
EFFECTIVENESS DATE:		20110928

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04173
		FILM NUMBER:		111111690

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

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN INVESTORS TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_investorstrust.htm
<DESCRIPTION>JOHN HANCOCK INVESTORS TRUST
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>UNITED STATES</font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>SECURITIES AND EXCHANGE COMMISSION</font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>Washington, D.C. 20549</font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3><b>FORM N-Q</b></font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3><b>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</b></font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3><b>MANAGEMENT INVESTMENT COMPANIES</b></font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>Investment Company Act file number </font><font face=serif size=3><u>81-4173</u></font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3><u>John Hancock Investors Trust</u></font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>(Exact name of registrant as specified in charter)</font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3><u>601 Congress Street, Boston, Massachusetts 02210</u></font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>(Address of principal executive offices) (Zip code)</font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>Salvatore Schiavone</font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>Treasurer</font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>601 Congress Street</font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3><u>Boston, Massachusetts 02210</u></font>&nbsp;</td>
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  <td align=middle colspan=2 nowrap width=100%><font face=serif size=3>(Name and address of agent for service)</font>&nbsp;</td>
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  <td align=left colspan=2 nowrap width=100%><font face=serif size=3>Registrant's telephone number, including area code: </font><font face=serif size=3><u>617-663-4497</u></font>&nbsp;</td>
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  <td align=left colspan=2 nowrap width=100%><font face=serif size=3>&nbsp;</font></td>
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  <td align=left nowrap width=50%><font face=serif size=3>Date of fiscal year end:</font>&nbsp;</td>
 <td align=left nowrap width=50% style="TEXT-INDENT:0px;"><font face=serif size=3>October 31</font>&nbsp;</td>
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  <td align=left colspan=2 width=100%>&nbsp; </td>
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  <td align=left nowrap width=50%><font face=serif size=3>Date of reporting period:</font>&nbsp;</td>
 <td align=left nowrap width=50%><font face=serif size=3>July 31, 2011</font>&nbsp;</td>
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<p style="MARGIN:0px;">&nbsp;</p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>ITEM 1. SCHEDULE OF INVESTMENTS</font></p></div>

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<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

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 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
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  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
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 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Corporate Bonds 86.59% (59.45% of Total Investments)</b></font>&nbsp;</td>
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 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$151,477,462</b></font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $142,970,293)</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Consumer Discretionary 18.72%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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 <td align=right nowrap width=15%><font face=sans-serif size=2><b>32,746,750</b></font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Auto Components 1.08%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Allison Transmission, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,066,250</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Allison Transmission, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>550,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>539,000</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Exide Technologies (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/01/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>270,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>275,400</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Automobiles 0.13%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Chrysler Group LLC/CG Company-Issuer, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>240,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>235,200</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Hotels, Restaurants &amp; Leisure 6.33%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>CCM Merger, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/13</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,145,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,134,274</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Downstream Development Authority of the Quapaw Tribe of</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Oklahoma (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,985,000</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Greektown Superholdings, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>13.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,179,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,437,756</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Jacobs Entertainment, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,015,000</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Landry's Restaurants, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>360,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>393,300</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Little Traverse Bay Bands of Odawa Indians (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/31/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>328,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>289,460</font>&nbsp;</td>
 </tr>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Mashantucket Western Pequot Tribe (H)(S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.912</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/01/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>275,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>127,188</font>&nbsp;</td>
 </tr>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Mashantucket Western Pequot Tribe, Series A (H)(S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>110,000</font>&nbsp;</td>
 </tr>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Mohegan Tribal Gaming Authority (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>677,500</font>&nbsp;</td>
 </tr>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>MTR Gaming Group, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,055,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,105,113</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Waterford Gaming LLC (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>904,742</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>409,167</font>&nbsp;</td>
 </tr>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Yonkers Racing Corp. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/15/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>351,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>380,835</font>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
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  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Household Durables 0.08%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2>Standard Pacific Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>140,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>141,050</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Household Products 0.21%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>390,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>374,400</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Leisure Equipment &amp; Products 0.29%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Easton-Bell Sports, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>465,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>513,244</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Media 7.74%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>AMC Entertainment, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>350,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>371,875</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>CCH II LLC/CCH II Capital Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>13.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/30/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>841,501</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>992,971</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Cinemark USA, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>245,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>267,663</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Cinemark USA, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>365,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>365,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Clear Channel Communications, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,385,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,225,725</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Clear Channel Communications, Inc., PIK</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,806,617</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,562,724</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Clear Channel Worldwide Holdings, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>100,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>108,750</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Clear Channel Worldwide Holdings, Inc., Series B</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>395,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>431,538</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>CSC Holdings LLC</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>755,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>815,400</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>DIRECTV Holdings LLC/DIRECTV Financing Company, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>355,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>404,969</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>News America, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/20/24</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>980,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,182,151</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Quebecor Media, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>95,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>98,325</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Regal Cinemas Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>130,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>139,750</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sirius XM Radio, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,230,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>SuperMedia, Inc., Escrow Certificates (I)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/15/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>0</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Time Warner Cable, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>375,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>480,728</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Videotron Ltee (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>300,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>308,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>WMG Acquisition Corp. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/01/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>617,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>618,543</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>XM Satellite Radio, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>13.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/13</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,650,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,934,625</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Multiline Retail 1.34%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Macy's Retail Holdings, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/15/36</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>215,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>232,982</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=34%>&nbsp;</td>
 <td width=66%>&nbsp;</td>
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<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>1</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_3"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=40%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Consumer Discretionary (continued)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Michaels Stores, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$1,975,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$2,110,781</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Specialty Retail 1.18%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Automotores Gildemeister SA (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/24/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>720,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>758,160</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Hillman Group, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>290,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>315,375</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sonic Automotive, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>145,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>152,975</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Staples, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>500,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>594,978</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Toys R Us Property Company LLC</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>225,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>240,750</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Textiles, Apparel &amp; Luxury Goods 0.34%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Phillips-Van Heusen Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/15/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>550,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>592,625</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Consumer Staples 3.87%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>6,768,491</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Food Products 2.37%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>BFF International, Ltd. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/28/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,112,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Bunge Ltd. Finance Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.350</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,015,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,101,952</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Corp. Pesquera Inca SAC (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/10/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>350,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>366,188</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>JBS Finance II, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/29/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>775,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>796,313</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Marfrig Holding Europe BV (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/09/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>600,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>582,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>TreeHouse Foods, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/01/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>175,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>187,031</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Household Products 0.58%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Yankee Candle Company, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>655,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>677,924</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Yankee Candle Company, Inc., Series B (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>315,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>334,688</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Personal Products 0.46%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Hypermarcas SA (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/20/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>600,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>604,800</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Revlon Consumer Products Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>185,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>201,188</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Tobacco 0.46%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Lorillard Tobacco Company (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/01/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>720,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>803,907</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Energy 14.18%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>24,802,126</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Energy Equipment &amp; Services 3.17%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Forbes Energy Services, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>295,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>295,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Gazprom OAO Via RBS AG (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/01/13</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,112,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Inkia Energy, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/04/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,400,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,435,140</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Offshore Group Investments, Ltd.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,180,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,414,350</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Trinidad Drilling, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>265,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>278,250</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Oil, Gas &amp; Consumable Fuels 11.01%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Alpha Natural Resources, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>740,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>765,900</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Alpha Natural Resources, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>95,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>97,969</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Arch Coal, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>470,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>493,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Arch Coal, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>260,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>272,350</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Devon Energy Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,035,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,155,324</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Drummond Company, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,760,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,812,800</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>EV Energy Partners LP/EV Energy Finance Corp. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>405,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>418,163</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Linn Energy LLC/Linn Energy Finance Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>390,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>431,925</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>McMoRan Exploration Company (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,100,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,185,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Niska Gas Storage US LLC/Niska Gas Storage Canada ULC</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>565,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>602,431</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>OGX Petroleo e Gas Participacoes SA (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,090,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,148,860</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Overseas Shipholding Group, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/30/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>500,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>467,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Pan American Energy LLC (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/07/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>350,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>376,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Pertamina Persero PT (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/27/41</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>260,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>273,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Pertamina Persero PT (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/23/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>375,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>387,656</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Petro-Canada (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/15/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,380,228</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=34%>&nbsp;</td>
 <td width=66%>&nbsp;</td>
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  <td align=middle colspan=2 width=100%><font face=serif size=2>2</font></td>
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<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

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<table cellspacing=0 border=0 style="WIDTH:80%;">
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 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
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  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
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 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
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  <td colspan=5 width=100%>&nbsp;</td>
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  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Energy (continued)</b></font>&nbsp;</td>
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  <td colspan=5 width=100%>

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&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Petroleos Mexicanos</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/05/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$360,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$400,680</font>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Petroleos Mexicanos</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,085,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Plains All American Pipeline LP/PAA Finance Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/01/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,160,656</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>RDS Ultra-Deepwater, Ltd. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,250,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,381,250</font>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Regency Energy Partners LP/Regency Energy Finance Corp.</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,140,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,275,375</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Thermon Industries, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,560,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,692,600</font>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Valero Energy Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/01/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>205,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>234,082</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Valero Energy Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>205,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>222,793</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>W&amp;T Offshore, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>525,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>545,344</font>&nbsp;</td>
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<tr>
  <td colspan=5 width=100%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Financials 12.19%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>21,328,564</b></font>&nbsp;</td>
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</td>
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<tr>
  <td colspan=5 width=100%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Capital Markets 1.40%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Knight Capital Group, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>250,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>234,688</font>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Morgan Stanley (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/28/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,100,025</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>The Goldman Sachs Group, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,114,590</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Commercial Banks 2.43%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Banco de Galicia y Buenos Aires (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/04/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>410,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>414,100</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>BanColombia SA (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.950</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/03/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>560,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>579,600</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Barclays Bank PLC (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.140</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/14/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,595,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,524,137</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>GTB Finance B.V. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/19/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>285,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>297,113</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>State Bank of India/London (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/27/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>500,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>520,894</font>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>The Chuo Mitsui Trust &amp; Banking Company, Ltd. (5.506% to</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>4-15-15, then 3 month LIBOR + 2.490%) (Q)(S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.506</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>905,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>914,050</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Consumer Finance 0.94%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>American Express Credit Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/25/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,097,958</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>SLM Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.450</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>485,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>542,402</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Diversified Financial Services 2.65%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Alfa Bank OJSC Via Alfa Bond Issuance PLC (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/28/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>300,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>303,750</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Astoria Depositor Corp., Series B (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.144</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/01/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>750,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>712,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Beaver Valley II Funding (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>468,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>509,465</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Bosphorus Financial Services, Ltd. (P)(S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.061</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/12</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>93,750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>93,408</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Corp Andina de Fomento (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>690,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>706,479</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Crown Castle Towers LLC (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.883</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/15/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>750,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>774,235</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Gruposura Finance (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.700</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/18/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>440,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>441,100</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>GTP Acquisition Partners I LLC (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.628</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>370,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>379,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Nationstar Mortgage/Nationstar Capital Corp. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>375,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>391,875</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Offshore Group Investments, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>295,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>326,713</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Insurance 1.56%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>CNA Financial Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.350</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>655,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>765,645</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Liberty Mutual Group, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.300</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>750,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>820,158</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Lincoln National Corp. (7.000% to 5-17-16, then 3 month</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>LIBOR + 2.358%) (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/17/66</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>370,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>373,700</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Symetra Financial Corp. (8.300% to 10-15-17, then 3 month</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>LIBOR + 4.177%) (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.300</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/15/37</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>520,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>533,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Willis North America, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/29/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>215,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>243,530</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Real Estate Investment Trusts 1.31%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Dexus Property Group (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,130,133</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

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<table cellspacing=0 border=0 style="WIDTH:80%;">
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  <td align=middle colspan=2 width=100%><font face=serif size=2>3</font></td>
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<a name="page_5"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=40%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Financials (continued)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>DuPont Fabros Technology LP</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$350,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$383,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Health Care REIT, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.200</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>345,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>390,941</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Plum Creek Timberlands LP (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>345,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>389,296</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Real Estate Management &amp; Development 1.90%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Realogy Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,843,221</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,834,005</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Realogy Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,095,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,105,950</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Yanlord Land Group, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/29/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>375,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>380,624</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Health Care 1.27%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>2,214,031</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Health Care Providers &amp; Services 0.81%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>BioScrip, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>510,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>532,950</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Community Health Systems, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>50,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>51,688</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>ExamWorks Group, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>680,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>690,200</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>HCA, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/22</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>130,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>131,950</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Pharmaceuticals 0.46%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Catalent Pharma Solutions, Inc., PIK (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>436,268</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>444,993</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Endo Pharmaceuticals Holdings, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/22</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>345,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>362,250</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Industrials 11.18%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>19,564,441</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Aerospace &amp; Defense 1.60%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Colt Defense LLC/Colt Finance Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>175,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>153,125</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Ducommun, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>160,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>164,400</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Embraer Overseas, Ltd. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>885,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>969,074</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Hawker Beechcraft Acquisition Company LLC (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>466,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>349,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Kratos Defense &amp; Security Solutions, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>400,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>427,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>L-3 Communications Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>200,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>205,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>TransDigm, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>495,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>527,175</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Airlines 5.35%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>America West Airlines 2001-1 Pass Through Trust</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.100</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/02/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>454,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>449,460</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>American Airlines 2011-1 Class B Pass Through Trust (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/31/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>405,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>382,725</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Continental Airlines 1999-1 Class A Pass Through Trust (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.545</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/02/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>222,633</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>234,054</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Continental Airlines 2000-2 Class B Pass Through Trust (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.307</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/02/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>153,601</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>153,800</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Delta Air Lines 2007-1 Class A Pass Through Trust (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.821</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/10/22</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>729,954</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>756,452</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Delta Air Lines, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>410,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>456,638</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Delta Air Lines, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,343,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,428,616</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Global Aviation Holdings, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>14.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/15/13</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,385,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,385,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>TAM Capital 3, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/03/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>505,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>534,543</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>TAM Capital, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/25/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>860,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>894,400</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>United Air Lines 2009-1 Pass Through Trust (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.400</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>322,738</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>363,467</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>United Air Lines 2009-2A Pass Through Trust (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>635,880</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>721,723</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>United Air Lines, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/15/12</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>672,725</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>723,178</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>United Air Lines, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/01/13</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>820,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>871,250</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Building Products 0.29%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Euramax International, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>120,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>111,600</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Nortek, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>235,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>219,138</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Voto-Votorantim Overseas Trading Operations NV (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/25/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>160,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>171,200</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Commercial Services &amp; Supplies 1.53%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>ACCO Brands Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>615,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>686,494</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Avis Budget Car Rental LLC/Avis Budget Finance, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>345,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>373,894</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Garda World Security Corp. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>765,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>807,074</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Iron Mountain, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/15/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>760,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>813,200</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

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  <td align=middle colspan=2 width=100%><font face=serif size=2>4</font></td>
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<hr align=center noshade size=2 width="100%">



<a name="page_6"></a><br>

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<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=40%>&nbsp;</td>
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 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Industrials (continued)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
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<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Electrical Equipment 0.17%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Coleman Cable, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$295,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$306,063</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Industrial Conglomerates 0.45%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Hutchison Whampoa International, Ltd. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/11/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>385,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>414,852</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Mega Advance Investments, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/12/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>375,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>379,952</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Machinery 0.45%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Lonking Holdings, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/03/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>505,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>506,894</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Thermadyne Holdings Corp. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>260,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>276,250</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Marine 0.11%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Navios South American Logistics, Inc./Navios Logistics</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Finance (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>200,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>200,500</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Professional Services 0.06%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
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 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>CDRT Merger Sub, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>100,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>100,000</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Road &amp; Rail 1.17%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>B-Corp Merger Sub, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>240,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>242,400</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>RailAmerica, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>448,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>492,800</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Western Express, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,395,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,311,300</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Information Technology 1.72%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>3,000,925</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Computers &amp; Peripherals 0.33%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Seagate HDD Cayman (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/01/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>565,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>570,650</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Electronic Equipment, Instruments &amp; Components 0.57%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Freescale Semiconductor, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>290,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>316,100</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>STATS ChipPAC, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/12/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>630,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>685,125</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>IT Services 0.43%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Brightstar Corp. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>700,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>749,000</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Software 0.39%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Vangent, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>670,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>680,050</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Materials 11.24%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>19,662,099</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Chemicals 2.22%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>American Pacific Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>565,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>557,231</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Braskem Finance, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>200,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>204,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Fufeng Group, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/13/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>985,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>928,363</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sterling Chemicals, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,060,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>The Dow Chemical Company (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.900</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,140,107</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Construction Materials 0.27%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>China Shanshui Cement Group, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/25/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>350,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>356,124</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Vulcan Materials Company</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>120,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>120,414</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Containers &amp; Packaging 1.46%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>AEP Industries, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>355,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>357,663</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Ball Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/15/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>235,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>251,450</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Berry Plastics Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>770,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>816,200</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Cascades, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>240,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>247,200</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Graphic Packaging International, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>185,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>204,888</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Graphic Packaging International, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/01/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>236,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>256,060</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Packaging Dynamics Corp. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>240,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>247,200</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Pretium Packaging LLC/Pretium Finance, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>160,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>163,200</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=34%>&nbsp;</td>
 <td width=66%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>5</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_7"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=40%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Materials (continued)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Metals &amp; Mining 3.93%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>APERAM (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$300,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$301,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>CSN Islands XI Corp. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/21/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>250,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>275,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Essar Steel Algoma, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>500,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>502,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Freeport-McMoRan Copper &amp; Gold, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>220,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>240,350</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Gerdau Holdings, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/20/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>360,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>402,300</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Metinvest BV (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/14/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>555,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>575,147</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Rain CII Carbon LLC/CII Carbon Corp. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/01/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>945,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>982,800</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Rio Tinto Finance USA, Ltd. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/15/28</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>710,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>896,336</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Ryerson, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,062,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>SunCoke Energy, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>105,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>107,625</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Teck Resources, Ltd. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>240,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>305,400</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Vedanta Resources PLC (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/07/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>795,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>821,871</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Winsway Coking Coal Holding, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/08/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>425,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>399,500</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Paper &amp; Forest Products 3.36%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>AbitibiBowater, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>719,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>785,507</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Boise Paper Holdings LLC/Boise Co-Issuer Company</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>515,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>542,038</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Grupo Papelero Scribe SA (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/07/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,800,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,694,700</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>NewPage Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/31/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,085,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>976,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>PE Paper Escrow GmbH (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>95,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>107,825</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sino-Forest Corp. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/21/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,500,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,550,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Verso Paper Holdings LLC/Verso Paper, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>240,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>222,600</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Telecommunication Services 8.66%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>15,153,470</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Communications Equipment 0.14%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sable International Finance, Ltd. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>250,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>250,000</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Diversified Telecommunication Services 4.09%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Axtel SAB de CV (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/22/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>260,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>253,500</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Axtel SAB de CV (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>810,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>779,625</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>BellSouth Telecommunications, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.300</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>546,543</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>588,092</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Cincinnati Bell, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>540,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>517,050</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Frontier Communications Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/22</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>435,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>477,413</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Frontier Communications Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>530,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>550,538</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>GXS Worldwide, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>430,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>434,300</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Intelsat Luxembourg SA (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/04/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,470,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,572,900</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Intelsat Luxembourg SA, PIK (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/04/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>390,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>419,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Satmex Escrow SA de CV (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>404,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>414,100</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Telecom Italia Capital SA (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.175</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/18/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,105,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,151,601</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Wireless Telecommunication Services 4.43%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Bakrie Telecom Pte, Ltd. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/07/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>750,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>766,875</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>CC Holdings GS V LLC/Crown Castle GS III Corp. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>410,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>448,438</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Nextel Communications, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,340,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,340,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>NII Capital Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/15/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>320,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>368,800</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>SBA Tower Trust (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.101</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>580,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>601,750</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sprint Capital Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/32</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,065,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,152,863</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sprint Capital Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/15/12</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,970,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,043,875</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sprint Capital Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.900</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/01/19</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,022,500</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Utilities 3.56%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>6,236,565</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Electric Utilities 2.39%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>BVPS II Funding Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.890</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>517,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>593,278</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>CE Generation LLC (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.416</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>493,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>515,381</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

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<table cellspacing=0 border=0 style="WIDTH:80%;">
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  <td width=34%>&nbsp;</td>
 <td width=66%>&nbsp;</td>
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<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>6</font></td>
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<hr align=center noshade size=2 width="100%">



<a name="page_8"></a><br>

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<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=40%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Utilities (continued)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Centrais Eletricas do Para SA (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/03/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$415,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$440,380</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Exelon Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.900</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,015,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,107,355</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>FPL Energy National Wind LLC (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.608</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/10/24</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>244,741</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>257,448</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>PNPP II Funding Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.120</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/30/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>265,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>294,219</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Texas Competitive Electric Holdings Company LLC/TECH</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Finance, Inc (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/01/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>155,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>143,375</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>United Maritime Group LLC</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/15/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>475,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>496,375</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>W3A Funding Corp. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.090</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/02/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>343,380</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>343,263</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Independent Power Producers &amp; Energy Traders 0.48%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>NRG Energy, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>795,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>833,756</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Multi-Utilities 0.69%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>DTE Energy Company (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.625</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/15/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,040,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,211,735</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Convertible Bonds 2.16% (1.48% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$3,774,793</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $3,453,071)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Consumer Discretionary 0.48%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>845,080</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Media 0.48%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>XM Satellite Radio, Inc. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/01/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>592,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>845,080</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Financials 0.21%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>365,838</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Real Estate Investment Trusts 0.21%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Corporate Office Properties LP (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/30</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>370,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>365,838</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Health Care 0.56%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>970,000</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Health Care Equipment &amp; Supplies 0.56%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>NuVasive, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/01/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>970,000</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Industrials 0.28%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>495,000</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Airlines 0.28%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>United Continental Holdings, Inc. (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/30/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>550,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>495,000</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Materials 0.63%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>1,098,875</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Containers &amp; Packaging 0.27%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Owens-Brockway Glass Container, Inc. (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>500,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>479,375</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Paper &amp; Forest Products 0.36%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sino-Forest Corp. (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,050,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>619,500</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left colspan=2 nowrap width=55%><font face=sans-serif size=2><b>Capital Preferred Securities 1.03% (0.71% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$1,804,338</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $1,957,604)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Financials 1.03%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>1,804,338</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Commercial Banks 0.37%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>HSBC Finance Capital Trust IX (5.911% to 11-30-15, then 3</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>month LIBOR + 1.926%) (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.911</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/30/35</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>700,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>647,500</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Diversified Financial Services 0.66%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>NB Capital Trust IV (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/27</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,130,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,156,838</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=34%>&nbsp;</td>
 <td width=66%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>7</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_9"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=40%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>U.S. Government &amp; Agency Obligations 36.27%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>(24.91% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$63,453,209</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $62,625,206)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>U.S. Government 17.52%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>30,656,742</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>U.S. Treasury Bonds</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:2px;"><font face=sans-serif size=2>Bond</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/15/41</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$390,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>431,194</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>U.S. Treasury Notes</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Note (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/15/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,120,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,151,146</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Note (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/31/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4,450,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4,728,124</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Note (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/30/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,430,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,582,065</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Note (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/29/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,530,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,638,116</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Note (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/30/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7,245,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Note (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/31/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4,805,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4,862,059</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Note (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1.250</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/30/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6,500,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6,567,028</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>U.S. Treasury Strips, PO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.907*</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/15/30</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,025,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>452,010</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>U.S. Government Agency 18.75%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>32,796,467</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Federal Home Loan Mortgage Corp.</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/37</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>47,934</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>53,339</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/01/37</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>96,980</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>107,917</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/01/37</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>201,518</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>224,244</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/01/37</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>92,277</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>102,684</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/01/38</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>384,474</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>428,793</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/01/41</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3,369,196</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3,602,220</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Federal National Mortgage Association</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/01/36</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>830,254</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>925,247</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/01/37</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>550,991</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>613,516</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/01/39</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3,286,730</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3,659,698</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/01/38</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9,043,099</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9,825,497</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/40</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>402,908</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>436,382</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/01/41</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>552,122</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>590,697</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/01/41</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>999,601</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,078,185</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/01/40</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4,057,177</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4,248,870</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>30 Yr Pass Thru Ctf (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/01/40</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6,778,604</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6,899,178</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left colspan=2 nowrap width=55%><font face=sans-serif size=2><b>Foreign Government Obligations 3.13% (2.15% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$5,477,403</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $5,110,673)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Argentina 1.38%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>2,418,570</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>City of Buenos Aires (S)(Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/06/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,700,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,925,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Provincia de Neuquen Argentina (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/26/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>480,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>493,320</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Canada 0.44%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>766,637</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Province of Ontario</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3.150</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/15/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>735,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>766,637</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Georgia 0.12%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>206,000</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Republic of Georgia (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/12/21</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>200,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>206,000</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Mexico 0.48%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>847,035</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Government of Mexico(Z)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Bond</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/17/14</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>450,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>499,275</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:6px;"><font face=sans-serif size=2>Bond</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.125</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/15/20</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>315,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>347,760</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Peru 0.13%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>222,250</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Republic of Peru</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.350</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/21/25</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>175,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>222,250</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=34%>&nbsp;</td>
 <td width=66%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>8</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_10"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=40%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>South Korea 0.12%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$217,936</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Korea Development Bank (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/10/15</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$205,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>217,936</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>United Kingdom 0.46%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>798,975</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>City of Kyiv Via Kyiv Finance PLC (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/11/16</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>785,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>798,975</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Term Loans (M) 1.26% (0.86% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$2,199,507</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $2,196,311)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Consumer Staples 0.14%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>244,913</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Revlon Consumer Products Corp.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.750</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/19/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>245,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>244,913</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Health Care 0.20%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>348,250</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>National Mentor Holdings, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>-(T)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>02/09/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>350,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>348,250</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Industrials 0.40%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>696,719</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Delta Air Lines, Inc.</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/20/17</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>700,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>696,719</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Telecommunication Services 0.52%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>909,625</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>PRIMEDIA, Inc</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/12/18</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>950,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>909,625</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left colspan=3 nowrap width=70%><font face=sans-serif size=2><b>Collateralized Mortgage Obligations 6.89% (4.73% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$12,044,004</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $10,616,460)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Commercial &amp; Residential 5.82%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>10,184,675</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>American Home Mortgage Assets</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2006-6, Class XP IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.321</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/25/46</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8,268,437</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>514,789</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>American Tower Trust</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2007-1A, Class C (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.615</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/15/37</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>195,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>208,985</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Bear Stearns Alt-A Trust</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2005-3, Class B2 (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.541</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/25/35</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>394,138</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>14,701</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Countrywide Alternative Loan Trust</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2006-OA12, Class X IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.656</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/20/46</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>47,444,811</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3,179,633</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>First Horizon Alternative Mortgage Securities</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2004-AA5, Class B1 (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.353</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>12/25/34</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>254,306</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>32,053</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>GSR Mortgage Loan Trust</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2006-4F, Class 6A1</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/25/36</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,728,366</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2,096,629</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2004-9, Class B1 (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3.107</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/25/34</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>768,860</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>295,793</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Harborview Mortgage Loan Trust</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2005-8, Class 1X IO (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.375</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/19/35</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5,056,698</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>255,517</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2007-3, Class ES IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>0.350</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/19/47</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8,451,089</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>55,777</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2007-4, Class ES IO (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>0.350</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/19/47</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10,611,459</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>58,151</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2007-6, Class ES IO (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>0.342</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/19/37</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7,123,975</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>45,878</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>IndyMac Index Mortgage Loan Trust</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2004-AR13, Class B1</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.296</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/25/35</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>303,826</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>28,337</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2005-AR18, Class 1X IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.147</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/25/36</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10,132,517</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>508,348</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2005-AR18, Class 2X IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1.836</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/25/36</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>9,383,823</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>465,813</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2005-AR5, Class B1 (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.627</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/25/35</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>306,973</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4,592</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Morgan Stanley Capital I</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2008-HQ8, Class AM (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.466</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/12/44</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>995,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,023,053</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Provident Funding Mortgage Loan Trust</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2005-1, Class B1 (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.670</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/25/35</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>358,741</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>59,910</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>WaMu Mortgage Pass Through Certificates</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2005-AR1, Class X IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1.624</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/25/45</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>13,671,118</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>644,640</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2005-AR4, Class B1 (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>2.580</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/25/35</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,396,875</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>309,468</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2005-AR8, Class X IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1.755</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>07/25/45</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7,694,104</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>382,608</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=34%>&nbsp;</td>
 <td width=66%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>9</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_11"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=40%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Maturity</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Rate (%)</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>date</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>U.S. Government Agency 1.07%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>1,859,329</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Federal National Mortgage Association</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 398, Class C3 IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.500</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/25/39</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$1,466,467</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$300,418</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 402, Class 3 IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11/25/39</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,116,637</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>259,361</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 402, Class 4 IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>4.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10/25/39</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,944,086</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>397,177</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 407, Class 15 IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/25/40</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,557,004</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>350,993</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 407, Class 21 IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>01/25/39</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,444,133</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>253,554</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 407, Class 7 IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/25/41</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,073,676</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>232,049</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 407, Class 8 IO</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>03/25/41</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>261,954</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>65,777</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left colspan=2 nowrap width=55%><font face=sans-serif size=2><b>Asset Backed Securities 1.54% (1.06% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$2,694,541</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $2,633,234)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Asset Backed Securities 1.54%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>2,694,541</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Aircraft Certificate Owner Trust</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2003-1A, Class E (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.001</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>09/20/22</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>170,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>157,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>ContiMortgage Home Equity Loan Trust</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 1995-2, Class A-5</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>8.100</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>08/15/25</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>36,226</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>35,887</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Countrywide Asset-Backed Certificates</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2006-3, Class 2A2 (P)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>0.367</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>06/25/36</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>911,338</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>755,153</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Dominos Pizza Master Issuer LLC</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2007-1, Class M1 (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>7.629</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>04/25/37</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,000,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,020,000</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Sonic Capital LLC</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40% style="TEXT-INDENT:12px;"><font face=sans-serif size=2>Series 2011-1A, Class A2 (S)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5.438</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>05/20/41</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>716,400</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>726,251</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Shares</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left colspan=2 nowrap width=55%><font face=sans-serif size=2><b>Common Stocks 1.79% (1.23% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$3,136,999</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $5,061,780)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Consumer Discretionary 0.79%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>1,376,846</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Hotels, Restaurants &amp; Leisure 0.05%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Greektown Superholdings, Inc. (I)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>977</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>78,160</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=40%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Media 0.74%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Charter Communications, Inc., Class A</font>&nbsp;<font face=Arial size=2>(I)</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>11,505</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>621,270</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Dex One Corp. (I)(Z)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>20,979</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>42,378</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>SuperMedia, Inc. (I)(Z)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,578</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5,760</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Vertis Holdings, Inc. (I)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>34,015</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>629,278</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Materials 1.00%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>1,760,153</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Containers &amp; Packaging 1.00%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>Rock-Tenn Company, Class A (Z)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>28,639</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,760,153</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Shares</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left colspan=2 nowrap width=55%><font face=sans-serif size=2><b>Preferred Securities 3.10% (2.12% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$5,412,229</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2>(Cost $5,526,753)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=2><b>Consumer Discretionary 1.34%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>2,332,652</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr>
  <td colspan=5 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Automobiles 0.14%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left colspan=2 nowrap width=55%><font face=sans-serif size=2>General Motors Company, Series B, 4.750%</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>5,290</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>244,451</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=20%>&nbsp;</td>
 <td width=80%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>10</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_12"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=70%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2><b>Consumer Discretionary (continued)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>

   <hr noshade size=1>

&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=1><b>Hotels, Restaurants &amp; Leisure 0.88%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2>Greektown Superholdings, Inc., Series A (I)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>19,074</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,525,920</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=70%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=1><b>Media 0.32%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2>Nielsen Holdings NV, 6.250%</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>950,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>562,281</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=70%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2><b>Energy 0.26%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>454,677</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>

   <hr noshade size=1>

&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=1><b>Oil, Gas &amp; Consumable Fuels 0.26%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2>Apache Corp., Series D, 6.000%</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>6,980</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>454,677</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=70%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2><b>Financials 1.18%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>2,064,000</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>

   <hr noshade size=1>

&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=1><b>Commercial Banks 0.61%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2>Zions Bancorporation, Series E, 11.000%</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>40,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>1,069,600</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=70%><font face=sans-serif size=2>&nbsp; </font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=1><b>Real Estate Investment Trusts 0.57%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2>Public Storage, Inc., Depositary Shares, Series W, 6.500% (Z)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>40,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>994,400</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=70%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2><b>Utilities 0.32%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>560,900</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=1><b>Electric Utilities 0.32%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2>PPL Corp., 9.500%</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>10,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>560,900</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%>&nbsp; </td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Par value</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Value</b></font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=70%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2><b>Short-Term Investments 1.89% (1.30% of Total Investments)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$3,304,000</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2>(Cost $3,304,000)</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=70%><font face=sans-serif size=2>&nbsp;</font></td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2><b>Repurchase Agreement 1.89%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>3,304,000</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2>Repurchase Agreement with State Street Corp. dated 7-29-11 at</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70% style="TEXT-INDENT:2px;"><font face=sans-serif size=2>0.010% to be repurchased at $3,304,003 on 8-1-11, collateralized</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70% style="TEXT-INDENT:2px;"><font face=sans-serif size=2>by $3,375,000 Federal Home Loan Mortgage Corp., 0.010% due</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70% style="TEXT-INDENT:2px;"><font face=sans-serif size=2>12-29-11 (valued at $3,375,000, including interest)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>$3,304,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2>3,304,000</font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2><b>Total investments (Cost $245,455,385)&#8224; 145.65%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$254,778,485</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2><b>Other assets and liabilities, net (45.65%)</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>($79,848,866)</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=70%><font face=sans-serif size=2><b>Total net assets 100.00%</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=2><b>$174,929,619</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=3 width=100%>

   <hr noshade size=1>

</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>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 face=sans-serif size=2>IO Interest Only Security - Interest Tranche of Stripped Mortgage Pool </font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>PO Principal Only Security - Principal Tranche of Stripped Mortgage Pool </font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>LIBOR London Interbank Offered Rate </font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>PIK Payment-in-kind </font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(H) Non-income producing - Issuer is in default.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(I) Non-income producing security.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(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 face=sans-serif size=2>(P) Variable rate obligation. The coupon rate shown represents the rate at period end. </font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(Q) Perpetual bonds have no stated maturity date. Date shown is next call date.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(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 $70,855,769 or 40.51% of the Fund's net assets as of 7-31-11.</font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=20%>&nbsp;</td>
 <td width=80%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>11</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_13"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(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 face=sans-serif size=2>(Z) All or a portion of this security is pledged as collateral pursuant to the Committed Facility Agreement. Total collateral value at 7-31-11 was $169,898,593.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>* Yield represents the annualized yield at the date of purchase.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>&#8224; At 7-31-11, the aggregate cost of investment securities for federal income tax purposes was $246,031,051. Net unrealized appreciation aggregated $8,747,434, of which $19,399,608 related to appreciated investment securities and $10,652,174 related to depreciated investment securities.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>The Fund had the following country concentration as a percentage of investments on 07-31-11.</font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=25%>&nbsp;</td>
 <td width=25%>&nbsp;</td>
 <td width=25%>&nbsp;</td>
 <td width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>United States</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>78%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Cayman Islands</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>3%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Mexico</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>2%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Canada</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>2%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Brazil</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>2%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Hong Kong</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>2%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Argentina</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>1%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>United Kingdom</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>1%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Luxembourg</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>1%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Australia</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>1%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Peru</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>1%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Netherlands</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>1%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Singapore</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>1%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Other Countries</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>3%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=2>Short-Term Investments</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=2>1%</font>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 <td align=right nowrap width=25%>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=20%>&nbsp;</td>
 <td width=80%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>12</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_14"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2><b>Notes to the Schedule of Investments</b></font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2><b>Security valuation. </b></font><font face=sans-serif size=2>Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., 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&#8217;s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>The following is a summary of the values by input classification of the Fund&#8217;s investments as of July 31, 2011, by major security category or type:</font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=40%>&nbsp;</td>
 <td align=middle width=15%>&nbsp;</td>
 <td align=middle width=15%>&nbsp;</td>
 <td align=middle width=15%>&nbsp;</td>
 <td align=middle width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=middle nowrap width=15%>&nbsp;</td>
 <td align=middle nowrap width=15%>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Level 2</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Level 3</b></font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Total Market</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Significant</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Significant</b></font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Value at</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Level 1 Quoted</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Observable</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Unobservable</b></font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>07-31-11</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Price</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Inputs</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>Inputs</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=5 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Corporate Bonds</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>$151,477,462</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>$150,399,585</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>$1,077,877</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Convertible Bonds</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>3,774,793</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>3,774,793</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Capital Preferred Securities</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>1,804,338</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>1,804,338</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>U.S. Government &amp; Agency</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Obligations</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>63,453,209</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>63,453,209</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Foreign Government</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Obligations</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>5,477,403</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>5,477,403</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Term Loans</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>2,199,507</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>2,199,507</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Collateralized Mortgage</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Obligations</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>12,044,004</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>11,922,450</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>121,554</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Asset Backed Securities</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>2,694,541</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>2,537,291</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>157,250</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Common Stocks</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>3,136,999</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>$2,429,561</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>78,160</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>629,278</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Preferred Securities</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>5,412,229</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>3,324,028</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>2,088,201</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Short-Term Investments</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>3,304,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>3,304,000</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Total Investments in Securities</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>$254,778,485</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>$5,753,589</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>$247,038,937</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>$1,985,959</b></font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1><b>Other Financial Instruments:</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=40%><font face=sans-serif size=1>Futures</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>($169,855)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>($169,855)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>&#8212;</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the period ended July 31, 2011, there were no significant transfers in or out of Level 1 or Level 2 assets.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>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 cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=20%>&nbsp;</td>
 <td width=80%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>13</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_15"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=26%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=13%>&nbsp;</td>
 <td width=11%>&nbsp;</td>
 <td width=13%>&nbsp;</td>
 <td width=12%>&nbsp;</td>
 <td width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=7 width=100%>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=26%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1><b>Collateral&nbsp; </b></font></td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Asset Backed</b></font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1><b>Mortgage&nbsp; </b></font></td>
 <td align=right nowrap width=11%><font face=sans-serif size=1><b>Common</b></font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1><b>Corporate</b></font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1><b>Preferred</b></font>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>Securities</b></font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1><b>Obligations&nbsp; </b></font></td>
 <td align=right nowrap width=11%><font face=sans-serif size=1><b>Stock</b></font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1><b>Bonds</b></font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1><b>Securities</b></font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1><b>Total</b></font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=26%>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1>Balance as of 10-31-10</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>$994,286</font>&nbsp;</td>
 <td align=right nowrap width=11%><font face=sans-serif size=1>$108,035</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>$637,920</font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1>$2,109,179</font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1>$3,849,420</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1>Realized gain (loss)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>(308,307)</font>&nbsp;</td>
 <td align=right nowrap width=11%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>(1,740,960)</font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1>(2,049,267)</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=26%><font face=sans-serif size=1>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1>Change in unrealized appreciation</font>&nbsp;</td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1>(depreciation)</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>($5,313)</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>309,573</font>&nbsp;</td>
 <td align=right nowrap width=11%><font face=sans-serif size=1>228,156</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>1,580,446</font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1>2,112,862</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=26%><font face=sans-serif size=1>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1>Purchases</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>162,563</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>64,736</font>&nbsp;</td>
 <td align=right nowrap width=11%><font face=sans-serif size=1>401,122</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>665,200</font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1>1,293,621</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=26%><font face=sans-serif size=1>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1>Sales</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>(9,233)</font>&nbsp;</td>
 <td align=right nowrap width=11%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>(64,729)</font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1>(73,962)</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=26%><font face=sans-serif size=1>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1>Transfers into Level 3</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=11%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1>-</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=26%><font face=sans-serif size=1>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1>Transfers out of Level 3</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>(929,501)</font>&nbsp;</td>
 <td align=right nowrap width=11%><font face=sans-serif size=1>(108,035)</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1>(2,109,179)</font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1>(3,146,715)</font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=26%><font face=sans-serif size=1>&nbsp;</font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1><b>Balance as of 7-31-11</b></font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1><b>$157,250</b></font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1><b>$121,554</b></font>&nbsp;</td>
 <td align=right nowrap width=11%><font face=sans-serif size=1><b>$629,278</b></font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1><b>$1,077,877</b></font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1><b>-</b></font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1><b>$1,985,959</b></font>&nbsp;</td>
 </tr>
<tr height=20>
  <td align=left nowrap width=26%><font face=sans-serif size=1><b>&nbsp;</b></font></td>
 <td align=right nowrap width=15%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=11%>&nbsp;</td>
 <td align=right nowrap width=13%>&nbsp;</td>
 <td align=right nowrap width=12%>&nbsp;</td>
 <td align=right nowrap width=10%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=26%><font face=sans-serif size=1>Change in unrealized at period end*</font>&nbsp;</td>
 <td align=right nowrap width=15%><font face=sans-serif size=1>($5,313)</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>$1,266</font>&nbsp;</td>
 <td align=right nowrap width=11%><font face=sans-serif size=1>$228,156</font>&nbsp;</td>
 <td align=right nowrap width=13%><font face=sans-serif size=1>($161,984)</font>&nbsp;</td>
 <td align=right nowrap width=12%><font face=sans-serif size=1>-</font>&nbsp;</td>
 <td align=right nowrap width=10%><font face=sans-serif size=1>$62,125</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=1>*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund&#8217;s Pricing Committee, following procedures established by the Board of Trustees.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2><b>Repurchase agreements. </b></font><font face=sans-serif size=2>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&#8217;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;"><font face=sans-serif size=2><b>Term loans (Floating rate loans). </b></font><font face=sans-serif size=2>The Fund may invest in term loans, which often include debt securities that are rated below investment grade at the time of purchase. Term loans are generally subject to legal or contractual restrictions on resale. The liquidity of term loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. During periods of infrequent trading, valuing a term loan can be more difficult and buying and selling a term loan at an acceptable price can be more difficult and delayed, which could result in a loss.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>A Fund&#8217;s ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. A Fund&#8217;s failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason, would adversely affect the Fund&#8217;s income and would likely reduce the value of its assets. Because many term loans are not rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadviser&#8217;s credit analysis of the borrower and/or term loan agents. A Fund may have limited rights to enforce the terms of an underlying loan.</font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=20%>&nbsp;</td>
 <td width=80%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=middle colspan=2 width=100%><font face=serif size=2>14</font></td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

<hr align=center noshade size=2 width="100%">



<a name="page_16"></a><br>

<div style="PADDING-LEFT:0%;PADDING-RIGHT:0%;">

<p style="TEXT-ALIGN:left;"><font face=serif size=5><b>John Hancock Investors Trust</b></font><br><font face=serif size=3><b>As of 7-31-11 (Unaudited)</b></font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2><b>Stripped securities. </b></font><font face=sans-serif size=2>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>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2><b>Futures. </b></font><font face=sans-serif size=2>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. Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>During the period ended July 31, 2011, the Fund used futures contracts to manage the duration of the portfolio. The following table summarizes the contracts held at July 31, 2011. During the period ended July 31, 2011, the Fund held futures contracts with absolute notional values ranging from 7.1 million to 12.4 million, as measured at each quarter end.</font></p>

<div align=left>

<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=25%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=13%>&nbsp;</td>
 <td width=15%>&nbsp;</td>
 <td width=16%>&nbsp;</td>
 <td width=16%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%>&nbsp;</td>
 <td align=middle nowrap width=15%>&nbsp;</td>
 <td align=middle nowrap width=13%>&nbsp;</td>
 <td align=middle nowrap width=15%>&nbsp;</td>
 <td align=middle nowrap width=16%>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1><b>UNREALIZED</b></font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>NUMBER OF</b></font>&nbsp;</td>
 <td align=middle nowrap width=13%>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>EXPIRATION</b></font>&nbsp;</td>
 <td align=middle nowrap width=16%><font face=sans-serif size=1><b>NOTIONAL</b></font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1><b>APPRECIATION</b></font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1><b>OPEN CONTRACTS</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>CONTRACTS</b></font>&nbsp;</td>
 <td align=middle nowrap width=13%><font face=sans-serif size=1><b>POSITION</b></font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1><b>DATE</b></font>&nbsp;</td>
 <td align=middle nowrap width=16%><font face=sans-serif size=1><b>VALUE (USD)</b></font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1><b>(DEPRECIATION)</b></font>&nbsp;</td>
 </tr>
<tr>
  <td colspan=6 width=100%>

   <hr noshade size=1>

</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1>U.S. Treasury 30-Year Bond</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=13%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=16%>&nbsp;</td>
 <td align=left nowrap width=16%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1>Futures</font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1>10</font>&nbsp;</td>
 <td align=middle nowrap width=13%><font face=sans-serif size=1>Long</font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1>Sept 2011</font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1>$1,281,250</font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1>$41,378</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1>U.S. Treasury Ultra Long Bond</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=13%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=16%>&nbsp;</td>
 <td align=left nowrap width=16%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1>Futures</font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1>11</font>&nbsp;</td>
 <td align=middle nowrap width=13%><font face=sans-serif size=1>Long</font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1>Sept 2011</font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1>1,451,313</font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1>36,990</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1>U.S. Treasury 5-Year Note</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=13%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=16%>&nbsp;</td>
 <td align=left nowrap width=16%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1>Futures</font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1>27</font>&nbsp;</td>
 <td align=middle nowrap width=13%><font face=sans-serif size=1>Short</font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1>Sept 2011</font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1>(3,279,023)</font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1>(81,709)</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1>U.S. Treasury 10-Year Note</font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=13%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=16%>&nbsp;</td>
 <td align=left nowrap width=16%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1>Futures</font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1>51</font>&nbsp;</td>
 <td align=middle nowrap width=13%><font face=sans-serif size=1>Short</font>&nbsp;</td>
 <td align=middle nowrap width=15%><font face=sans-serif size=1>Sept 2011</font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1>(6,410,063)</font>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1>(166,514)</font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1><b>Total</b></font>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=13%>&nbsp;</td>
 <td align=left nowrap width=15%>&nbsp;</td>
 <td align=left nowrap width=16%>&nbsp;</td>
 <td align=right nowrap width=16%><font face=sans-serif size=1><b>($169,855)</b></font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2><b>Fair value of derivative instruments by risk category<br></b></font><font face=sans-serif size=2>The table below summarizes the fair value of derivatives held by the Fund at July 31, 2011 by risk category:</font></p>

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<table cellspacing=0 border=0 style="WIDTH:80%;">
 <tr>
  <td width=25%>&nbsp;</td>
 <td width=25%>&nbsp;</td>
 <td width=25%>&nbsp;</td>
 <td width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1><b>RISK</b></font>&nbsp;</td>
 <td align=left nowrap width=25%><font face=sans-serif size=1><b>FINANCIAL</b></font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=1><b>ASSET DERIVATIVES FAIR</b></font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=1><b>LIABILITY DERIVATIVES</b></font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%>&nbsp;</td>
 <td align=left nowrap width=25%><font face=sans-serif size=1><b>INSTRUMENTS</b></font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=1><b>VALUE</b></font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=1><b>FAIR VALUE</b></font>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%>&nbsp;</td>
 <td align=left nowrap width=25%><font face=sans-serif size=1><b>LOCATION</b></font>&nbsp;</td>
 <td align=left nowrap width=25%>&nbsp;</td>
 <td align=left nowrap width=25%>&nbsp;</td>
 </tr>
<tr valign=bottom>
  <td align=left nowrap width=25%><font face=sans-serif size=1>Interest rate contracts</font>&nbsp;</td>
 <td align=left nowrap width=25%><font face=sans-serif size=1>Futures</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=1>$78,368</font>&nbsp;</td>
 <td align=right nowrap width=25%><font face=sans-serif size=1>($248,223)</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.</font></p>

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  <td align=middle colspan=2 width=100%><font face=serif size=2>15</font></td>
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<p style="MARGIN:0px;">&nbsp;</p></div>

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<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>ITEM 2. CONTROLS AND PROCEDURES.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>ITEM 3. EXHIBITS.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.</font></p></div>

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  <td align=middle nowrap width=100%><font face=sans-serif size=2>SIGNATURES</font>&nbsp;</td>
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<p style="MARGIN:0px;">&nbsp;</p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>John Hancock Investors Trust</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>By: /s/ Keith F. Hartstein</font><br><font face=sans-serif size=2>------------------------------</font><br><font face=sans-serif size=2>Keith F. Hartstein</font><br><font face=sans-serif size=2>President and Chief Executive Officer</font><br><br><font face=sans-serif size=2>Date: September 20, 2011</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>By: /s/ Keith F. Hartstein</font><br><font face=sans-serif size=2>------------------------------</font><br><font face=sans-serif size=2>Keith F. Hartstein</font><br><font face=sans-serif size=2>President and Chief Executive Officer</font><br><br><font face=sans-serif size=2>Date: September 20, 2011</font><br><br><font face=sans-serif size=2>By: /s/ Charles A. Rizzo</font><br><font face=sans-serif size=2>-------------------------------</font><br><font face=sans-serif size=2>Charles A. Rizzo</font><br><font face=sans-serif size=2>Chief Financial Officer</font><br><br><font face=sans-serif size=2>Date: September 20, 2011</font></p></div>

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<FILENAME>b_investorstrustcert.htm
<DESCRIPTION>CERTIFICATION
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<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2><b><u>CERTIFICATION</u></b></font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>I, Keith F. Hartstein, certify that:</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>1. I have reviewed this report on Form N-Q of John Hancock Investors Trust (the &#8220;registrant&#8221;);</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>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 face=sans-serif size=2>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>4. The registrant&#8217;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 face=sans-serif size=2>(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 face=sans-serif size=2>(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 face=sans-serif size=2>(c) Evaluated the effectiveness of the registrant&#8217;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 face=sans-serif size=2>(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>5. The registrant&#8217;s other certifying officer and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(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&#8217;s ability to record, process, summarize, and report financial information; and</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</font></p>

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  <td align=left nowrap width=85%><font face=sans-serif size=2>Date: </font><font face=sans-serif size=2><u>September 20, 2011</u></font>&nbsp;</td>
 <td align=left nowrap width=15%><font face=sans-serif size=2>/s/ Keith F. Hartstein</font>&nbsp;</td>
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  <td align=left nowrap width=85%>&nbsp;</td>
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</font></td>
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  <td align=left nowrap width=85%>&nbsp;</td>
 <td align=left nowrap width=15%><font face=sans-serif size=2>Keith F. Hartstein</font>&nbsp;</td>
 </tr>
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  <td align=left nowrap width=85%>&nbsp;</td>
 <td align=left nowrap width=15%><font face=sans-serif size=2>President and Chief Executive Officer</font>&nbsp;</td>
 </tr>
</table></div>

<p style="MARGIN:0px;">&nbsp;</p></div>

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<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2><b><u>CERTIFICATION</u></b></font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>I, Charles A. Rizzo, certify that:</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>1. I have reviewed this report on Form N-Q of John Hancock Investors Trust (the &#8220;registrant&#8221;);</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>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 face=sans-serif size=2>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>4. The registrant&#8217;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 face=sans-serif size=2>(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 face=sans-serif size=2>(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 face=sans-serif size=2>(c) Evaluated the effectiveness of the registrant&#8217;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 face=sans-serif size=2>(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>5. The registrant&#8217;s other certifying officer and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(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&#8217;s ability to record, process, summarize, and report financial information; and</font></p>

<p style="TEXT-ALIGN:left;"><font face=sans-serif size=2>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</font></p>

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  <td align=left nowrap width=85%><font face=sans-serif size=2>Date: </font><font face=sans-serif size=2><u>September 20, 2011</u></font>&nbsp;</td>
 <td align=left nowrap width=15%><font face=sans-serif size=2>/s/ Charles A. Rizzo</font>&nbsp;</td>
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</u></font>&nbsp;</td>
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 <td align=left nowrap width=15%><font face=sans-serif size=2>Charles A. Rizzo</font>&nbsp;</td>
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  <td align=left nowrap width=85%>&nbsp;</td>
 <td align=left nowrap width=15%><font face=sans-serif size=2>Chief Financial Officer</font>&nbsp;</td>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
