<SEC-DOCUMENT>0000928816-12-001511.txt : 20120928
<SEC-HEADER>0000928816-12-001511.hdr.sgml : 20120928
<ACCEPTANCE-DATETIME>20120928135418
ACCESSION NUMBER:		0000928816-12-001511
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120731
FILED AS OF DATE:		20120928
DATE AS OF CHANGE:		20120928
EFFECTIVENESS DATE:		20120928

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:		121115886

	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>INVESTORS TRUST
<TEXT>
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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>UNITED STATES</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>FORM N-Q</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><B><FONT size=3 face=serif>&nbsp;</FONT></B></TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>Investment Company Act file number </FONT><U><FONT size=3 face=serif>811-4173</FONT></U>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD colSpan=2 noWrap align=center><U><FONT size=3 face=serif>John Hancock Investors Trust</FONT></U>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>(Exact name of registrant as specified in charter)</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD colSpan=2 noWrap align=center><U><FONT size=3 face=serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>Salvatore Schiavone</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>Treasurer</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>601 Congress Street</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><U><FONT size=3 face=serif>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=center><FONT size=3 face=serif>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>Registrant's telephone number, including area code: </FONT><U><FONT size=3 face=serif>617-663-4497</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>Date of fiscal year end:</FONT>&nbsp;</TD>

   <TD noWrap align=left><FONT size=3 face=serif>October 31</FONT>&nbsp;</TD></TR>

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   <TD colSpan=2>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>Date of reporting period:</FONT>&nbsp;</TD>

   <TD noWrap align=left><FONT size=3 face=serif>July 31, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 1. SCHEDULE OF INVESTMENTS</FONT></P></DIV>









































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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

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<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

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   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Corporate Bonds 100.4% (66.9% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$169,990,362</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $163,696,710)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 15.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>26,124,825</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Auto Components 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Allison Transmission, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>578,171</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Automobiles 0.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Chrysler Group LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>240,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>249,900</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 3.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Downstream Development Authority of the Quapaw Tribe of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Oklahoma (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,042,500</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Greektown Superholdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>13.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,179,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,369,663</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Jacobs Entertainment, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>975,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Little Traverse Bay Bands of Odawa Indians (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/31/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>328,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>298,480</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Mashantucket Western Pequot Tribe (H)(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.912</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>112,032</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Mashantucket Western Pequot Tribe, Series A (H)(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,625,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>134,063</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Mohegan Tribal Gaming Authority (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>660,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Waterford Gaming LLC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>763,045</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>438,679</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Yonkers Racing Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>351,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>371,183</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Household Durables 0.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corp. GEO SAB de CV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/27/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,040,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Standard Pacific Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>156,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Leisure Equipment &amp; Products 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Easton-Bell Sports, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>465,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>508,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Media 5.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cinemark USA, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>365,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>405,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cinemark USA, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>245,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>273,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Clear Channel Communications, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>803,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Clear Channel Communications, Inc., PIK (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,806,617</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,029,772</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>DIRECTV Holdings LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>355,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>422,684</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>News America, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/20/24</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>980,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,258,107</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Time Warner Cable, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>375,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>499,302</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Videotron Ltee (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>306,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>WMG Acquisition Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>685,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>758,638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>XM Satellite Radio, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,170,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>XM Satellite Radio, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>13.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,831,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Multiline Retail 2.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Lotte Shopping Co Ltd. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/09/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,440,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Macy's Retail Holdings, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>215,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>232,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Michaels Stores, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,975,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,091,051</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Specialty Retail 1.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Automotores Gildemeister SA (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/24/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>720,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>756,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hillman Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>290,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>308,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Party City Holdings, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,035,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sonic Automotive, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>145,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>157,506</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Staples, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>557,023</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Toys R Us Property Company II LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>225,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>243,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Textiles, Apparel &amp; Luxury Goods 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PVH Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>612,563</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Staples 4.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$7,891,896</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Beverages 1.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ajecorp BV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/14/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,037,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corp. Lindley SA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/23/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>245,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>271,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>SABMiller Holdings, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,646,858</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Food Products 1.9%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bunge Ltd. Finance Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,015,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,071,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corp. Azucarera del Peru SA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/02/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,022,027</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corp. Pesquera Inca SAC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/10/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>376,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Marfrig Holding Europe BV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/09/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>459,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>TreeHouse Foods, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>175,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>189,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Household Products 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Reynolds Group Issuer, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>392,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Yankee Candle Company, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>20,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>20,325</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Yankee Candle Company, Inc., Series B (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>315,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>327,994</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Personal Products 0.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Revlon Consumer Products Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>185,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>197,488</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Tobacco 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Lorillard Tobacco Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>720,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>879,389</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Energy 17.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>29,126,437</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Energy Equipment &amp; Services 3.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Astoria Depositor Corp., Series B (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.144</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>637,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Forbes Energy Services, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>295,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>281,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Gazprom OAO Via RBS AG (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,048,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Inkia Energy, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/04/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,494,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Offshore Group Investments, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,475,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,722,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Trinidad Drilling, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>265,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>282,888</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 13.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Afren PLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/08/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,062,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Afren PLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,740,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Alpha Natural Resources, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>740,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>640,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CNOOC Finance 2012, Ltd. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/02/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,162,554</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Devon Energy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,035,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,106,549</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>DTEK Finance BV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/28/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>976,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>EV Energy Partners LP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>405,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>409,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Georgian Oil and Gas Corp. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/16/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,470,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Linn Energy LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>423,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>McMoRan Exploration Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,146,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Niska Gas Storage US LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>565,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>569,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Pan American Energy LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/07/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>970,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Pertamina Persero PT (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/03/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,073,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Petrobras International Finance Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/27/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>559,881</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Petroleos Mexicanos (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,075,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Petroleos Mexicanos (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/05/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>360,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>432,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Plains All American Pipeline LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,222,283</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>RDS Ultra-Deepwater, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,400,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Regency Energy Partners LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>741,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>816,953</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sinopec Group Overseas Development 2012, Ltd. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/17/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>570,595</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Thermon Industries, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,131,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,244,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Transportadora de Gas Internacional SA ESP (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/20/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,567,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Valero Energy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>205,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>220,316</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Valero Energy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>205,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>246,857</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

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   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

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   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Energy (continued)</FONT></B>&nbsp;</TD>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>W&amp;T Offshore, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$525,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$551,250</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials 22.9%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>38,759,020</FONT></B>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Capital Markets 2.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Knight Capital Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>230,625</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.800</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/29/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>990,641</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/28/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,059,529</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Goldman Sachs Group, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.150</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,122,362</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Goldman Sachs Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,128,821</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 7.9%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Banco Bradesco SA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>522,500</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Banco de Galicia y Buenos Aires (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/04/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>410,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>318,365</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Banco do Brasil SA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/19/23</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,050,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bancolombia SA (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.950</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/03/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>860,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>941,700</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Barclays Bank PLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.140</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/14/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,595,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,580,513</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>BBVA Bancomer SA (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/10/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,030,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>GTB Finance B.V. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/19/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>285,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>299,735</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>National City Bank of Indiana (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,180,740</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sberbank of Russia (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/07/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,087,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>State Bank of India/London (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/27/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>514,375</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Turkiye Halk Bankasi As (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/19/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>992,519</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>VTB Bank OJSC (9.500% to 12/06/2022, then 10 Year U.S.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Treasury + 8.067%) (Q)(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/06/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Wachovia Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,380,268</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Finance 1.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>American Express Credit Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/25/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,088,899</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>SLM Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.450</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>552,900</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 3.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Alfa Bank OJSC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/28/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>309,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bank of Ceylon (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/03/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,027,500</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corp Andina de Fomento (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>690,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>720,869</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Gruposura Finance (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/18/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>440,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>466,400</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Intercorp Retail Trust (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/14/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>333,213</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>JPMorgan Chase &amp; Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.450</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,115,184</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nationstar Mortgage LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>375,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>405,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Schahin II Finance Company, SPV, Ltd. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/25/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>932,625</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Insurance 2.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CNA Financial Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>655,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>798,602</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Liberty Mutual Group, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>247,383</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Lincoln National Corp. (7.000% to 5-17-16, then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 2.358%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/17/66</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>370,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>367,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>MetLife, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.817</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,475,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Symetra Financial Corp. (8.300% to 10-15-17, then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 4.177%) (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/15/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>520,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>507,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Willis North America, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/29/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>215,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>253,670</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Investment Companies 1.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>IPIC GMTN Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,677,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 1.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>DuPont Fabros Technology LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>385,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Health Care REIT, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.200</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>345,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>390,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Plum Creek Timberlands LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>345,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>381,584</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Servicios Corporativos Javer SAPI de CV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/06/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>955,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=serif>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Management &amp; Development 2.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Country Garden Holdings Company, Ltd. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/23/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$1,047,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>General Shopping Investments, Ltd. (12.000% to 03/20/2017,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>then 5 Year USGG + 11.052%) (Q)(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/20/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>465,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Realogy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,095,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,092,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Realogy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,843,221</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,834,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Health Care 2.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>3,410,286</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Health Care Providers &amp; Services 1.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>AmerisourceBergen Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,071,539</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>BioScrip, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>510,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>554,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Emergency Medical Services Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>106,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ExamWorks Group, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>680,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>707,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>HCA, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>130,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>145,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Pharmaceuticals 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Catalent Pharma Solutions, Inc. (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>432,268</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>442,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Endo Health Solutions, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>345,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>382,088</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Industrials 9.9%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>16,790,032</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Aerospace &amp; Defense 0.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ducommun, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>160,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>165,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Kratos Defense &amp; Security Solutions, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>430,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>TransDigm, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>495,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>551,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Airlines 4.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>America West Airlines 2001-1 Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/02/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>421,961</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>433,565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>American Airlines 2011-1 Class B Pass Through Trust (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/31/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,307,117</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,310,385</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines 1999-1 Class A Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.545</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/02/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>209,858</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>226,646</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines 2000-2 Class B Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.307</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/02/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>136,134</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>140,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines 2007-1 Class A Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.821</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/10/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>681,629</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>735,341</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,186,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,249,748</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>410,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>444,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Global Aviation Holdings, Inc. (H)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>14.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,263,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>361,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>TAM Capital 3, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/03/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>505,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>539,744</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>TAM Capital, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/25/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>860,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>898,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>UAL 2009-1 Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>258,455</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>294,975</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>UAL 2009-2A Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>570,093</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>652,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>United Air Lines, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>820,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>854,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Building Products 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Euramax International, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>120,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>108,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nortek, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>235,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>242,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Voto-Votorantim Overseas Trading Operations NV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/25/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>160,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>178,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Services &amp; Supplies 1.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Garda World Security Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>765,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>806,119</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Iron Mountain, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>760,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>841,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Construction &amp; Engineering 0.9%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Aeropuertos Argentina 2000 SA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>470,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>444,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Empresas ICA SAB de CV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/24/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,005,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Electrical Equipment 0.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Coleman Cable, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>295,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>311,594</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>WPE International Cooperatief UA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/30/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>819,100</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=center><FONT size=2 face=serif>4</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

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<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Industrials (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Industrial Conglomerates 0.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hutchison Whampoa International, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/11/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$415,651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Machinery 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Lonking Holdings, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/03/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>505,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>457,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Thermadyne Holdings Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>260,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>269,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Marine 0.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Navios South American Logistics, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>183,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Road &amp; Rail 0.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Avis Budget Car Rental LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>345,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>381,656</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Georgian Railway JSC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/11/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,036,563</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Information Technology 1.9%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>3,187,781</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Computers &amp; Peripherals 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Seagate HDD Cayman</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>565,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>613,731</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Electronic Equipment, Instruments &amp; Components 1.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CDW LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>543,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Freescale Semiconductor, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>290,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>310,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Viasystems, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>985,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>IT Services 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Brightstar Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>735,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Materials 12.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>21,591,327</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Chemicals 1.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>American Pacific Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>565,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>569,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Braskem Finance, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>208,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Fufeng Group, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/13/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>985,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>817,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Dow Chemical Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.900</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,118,524</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Construction Materials 2.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cemex SAB de CV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/11/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>930,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>China Shanshui Cement Group, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>346,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Magnesita Finance, Ltd. (Q)(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/05/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,005,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Votorantim Cimentos SA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/05/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,043,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Vulcan Materials Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>120,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>132,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 2.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>AEP Industries, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>355,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>369,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Berry Plastics Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>770,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>814,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Berry Plastics Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>560,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cascades, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>240,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>247,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Graphic Packaging International, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>236,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>261,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Graphic Packaging International, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>185,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>204,194</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Pretium Packaging LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>160,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>163,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sealed Air Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,710,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Tekni-Plex, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>286,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Metals &amp; Mining 5.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>AngloGold Ashanti Holdings PLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,027,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>APERAM (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>247,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CSN Islands XI Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/21/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Essar Steel Algoma, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>485,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Evraz Group SA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/27/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>481,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Gerdau Holdings, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/20/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>360,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>413,100</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

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   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

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   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

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   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Materials (continued)</FONT></B>&nbsp;</TD>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Metinvest BV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/14/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$555,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$514,763</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Midwest Vanadium Pty, Ltd. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>670,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Mongolian Mining Corp. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/29/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,007,500</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Rain CII Carbon LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>945,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>966,263</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Rio Tinto Finance USA, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/28</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>710,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,018,817</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ryerson, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,005,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>SunCoke Energy, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>105,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>104,344</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Teck Resources, Ltd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>120,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>145,200</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Vedanta Resources PLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/07/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>795,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>751,275</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Winsway Coking Coal Holding, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/08/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>403,750</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Paper &amp; Forest Products 0.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Boise Paper Holdings LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>515,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>580,663</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Resolute Forest Products (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>628,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>704,930</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Telecommunication Services 9.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>16,288,865</FONT></B>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 5.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Axtel SAB de CV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>810,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>461,700</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Axtel SAB de CV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/22/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>260,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>148,200</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cincinnati Bell, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>540,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>527,850</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Frontier Communications Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>530,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>547,225</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Frontier Communications Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>435,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>465,450</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>GTP Acquisition Partners I LLC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.628</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>370,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>386,133</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>GXS Worldwide, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>430,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>439,675</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Intelsat Luxembourg SA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/04/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,470,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,528,800</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Intelsat Luxembourg SA, PIK (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/04/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>405,600</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>OTE PLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/05/13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>973,246</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sable International Finance, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>261,250</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Satmex Escrow SA de CV</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>404,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>423,190</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Satmex Escrow SA de CV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,047,500</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Wind Acquisition Finance SA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>830,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Wind Acquisition Holdings Finance SA, PIK (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>530,625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>334,294</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Wireless Telecommunication Services 4.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CC Holdings GS V LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>410,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>444,338</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Crown Castle Towers LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.883</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>824,979</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nextel Communications, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,340,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,350,050</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>NII Capital Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>320,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>320,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>SBA Tower Trust (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.933</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>380,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>380,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>SBA Tower Trust (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.101</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/17/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>580,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>634,385</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sprint Nextel Corp. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,580,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>VimpelCom Holdings BV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.504</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>975,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Utilities 4.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>6,819,893</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 2.9%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Beaver Valley II Funding</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>298,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>307,381</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>BVPS II Funding Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.890</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>441,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>489,082</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CE Generation LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.416</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>448,400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>447,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Centrais Eletricas do Para SA (H)(S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/03/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>415,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>132,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Eskom Holdings SOC, Ltd. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/26/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>554,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Exelon Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.900</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,015,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,110,261</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>FPL Energy National Wind LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.608</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/10/24</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>214,064</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>214,462</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Israel Electric Corp., Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/10/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,055,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PNPP II Funding Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.120</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/30/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>214,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>229,096</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Texas Competitive Electric Holdings Company LLC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>155,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>114,700</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>6</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Utilities (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>W3A Funding Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.090</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/02/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$299,538</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$304,807</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Independent Power Producers &amp; Energy Traders 1.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Listrindo Capital BV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.950</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/21/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,035,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>NRG Energy, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>795,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>824,813</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Convertible Bonds 1.6% (1.1% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$2,749,895</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $2,512,773)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>835,460</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Media 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>XM Satellite Radio, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>592,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>835,460</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Health Care 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>940,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Health Care Equipment &amp; Supplies 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>NuVasive, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>940,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Industrials 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>493,185</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Airlines 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>United Continental Holdings, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/30/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>493,185</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Materials 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>481,250</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Owens-Brockway Glass Container, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>481,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Capital Preferred Securities (a) 0.4% (0.3% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$672,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $700,000)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>672,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>HSBC Finance Capital Trust IX (5.911% to 11-30-15, then 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>month LIBOR + 1.926%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.911</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/30/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>672,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=3 noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government &amp; Agency Obligations 25.0% (16.7% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$42,389,976</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $40,774,823)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government 3.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>5,925,691</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>U.S. Treasury Bonds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bond (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>410,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>458,367</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>U.S. Treasury Notes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,120,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,147,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Note (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/30/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,460,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,666,790</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>U.S. Treasury Strips, PO (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.907</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,025,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>652,709</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government Agency 21.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>36,464,285</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Federal Home Loan Mortgage Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,121,767</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,507,401</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>28,764</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>32,334</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>72,259</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>81,182</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>163,610</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>183,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>70,629</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>79,351</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>297,565</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>334,541</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_9"></A><BR>

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

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government Agency (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Federal National Mortgage Association</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$2,484,001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$2,657,121</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,368,146</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7,019,059</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5,175,496</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5,623,636</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,478,605</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,708,716</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,725,825</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,128,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>510,934</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>558,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>901,741</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,015,423</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,303,505</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,522,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>325,569</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>357,761</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,631,519</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,804,394</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>614,771</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>692,773</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>394,026</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>443,897</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/01/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,410,054</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,713,582</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Foreign Government Obligations 5.0% (3.3% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$8,440,229</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $8,252,272)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Argentina 1.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>2,151,520</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>City of Buenos Aires (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/06/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,600,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Provincia de Neuquen (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/26/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>680,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>550,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Canada 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>804,807</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Province of Ontario</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.150</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>735,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>804,807</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Georgia 0.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>218,500</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Republic of Georgia (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/12/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>218,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Mexico 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>858,375</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Government of Mexico</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bond (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>315,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>378,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bond (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/17/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>480,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Peru 0.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>255,500</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Republic of Peru (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/21/25</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>175,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>255,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Poland 0.7%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>1,145,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Republic of Poland (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/23/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,145,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Slovakia 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>618,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Government of Slovakia</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bond (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/21/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>618,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>South Korea 0.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>220,013</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Korea Development Bank (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/10/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>205,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>220,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Turkey 0.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>1,082,500</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Export Credit Bank of Turkey (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/24/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,082,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Ukraine 0.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>1,086,014</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>City of Kyiv (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/11/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,285,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,086,014</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>8</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_10"></A><BR>

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

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Term Loans (M) 1.3% (0.8% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$2,112,783</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $2,179,792)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>838,221</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PRIMEDIA, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/12/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$940,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>838,221</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Staples 0.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>241,337</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Revlon Consumer Products Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/17/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>242,550</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>241,337</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Health Care 0.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>340,441</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>National Mentor Holdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/09/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>345,625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>340,441</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Industrials 0.4%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>692,784</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/20/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>693,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>692,784</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Collateralized Mortgage Obligations 9.9% (6.6% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$16,727,727</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $14,606,720)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Commercial &amp; Residential 6.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>10,369,633</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>American Home Mortgage Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-6, Class XP IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.261</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/25/46</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,957,739</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>478,589</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>American Tower Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-1A, Class C (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.615</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>204,953</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Commercial Mortgage Pass Through Certificates</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2012-LC4, Class B (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.934</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/10/44</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>365,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>391,386</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2012-LC4, Class C (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.649</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/10/44</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>290,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>299,458</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Countrywide Alternative Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-OA12, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.693</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/20/46</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>33,579,653</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,981,448</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>GSR Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-4F, Class 6A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,530,508</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,816,946</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-9, Class B1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.272</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/25/34</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>761,946</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>321,783</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Harborview Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-8, Class 1X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.140</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/19/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,131,610</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>229,923</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-3, Class ES IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/19/47</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7,401,927</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>46,262</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-4, Class ES IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/19/47</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8,979,820</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>56,124</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-6, Class ES IO (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.342</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/19/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,201,821</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>38,761</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>IndyMac Index Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR18, Class 1X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.034</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8,832,335</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>570,216</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR18, Class 2X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.691</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8,177,613</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>381,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>JPMorgan Chase Commercial Mortgage Securities Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2012-HSBC Class XA, IO (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.582</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/05/32</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,495,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>404,728</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley Capital I</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-HQ10, Class AM</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.360</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/12/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>665,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>717,467</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2008-HQ8, Class AM (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.468</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/12/44</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>995,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,076,536</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>WaMu Mortgage Pass Through Certificates</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR1, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.458</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11,984,242</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>589,289</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR6, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/25/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7,436,940</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>422,759</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR8, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.578</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/25/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,810,525</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>341,765</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government Agency 3.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>6,358,094</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Federal Home Loan Mortgage Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 3830, Class NI IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,043,948</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>471,708</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 4065, Class QA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>876,338</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>917,812</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 4068, Class AP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,300,924</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,406,073</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 4068, Class BH</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,091,618</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,140,430</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>9</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_11"></A><BR>

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

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government Agency (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series K017, Class X1 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.459</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/25/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$2,732,269</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$277,027</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series K709, Class X1 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.547</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/25/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,290,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>278,653</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series K710, Class X1 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.916</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,490,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>247,385</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Federal National Mortgage Association</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2012-67, Class KG</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/25/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>399,113</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>433,854</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 398, Class C3 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>899,409</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>102,002</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 402, Class 3 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>857,069</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>106,836</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 402, Class 4 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,451,656</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>176,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 15 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,243,097</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>177,073</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 21 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>979,001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>94,361</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 7 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/25/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>922,122</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>177,069</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 8 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/25/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>232,889</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>38,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class C6 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,954,105</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>313,515</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Asset Backed Securities 3.0% (2.0% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$5,001,796</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $4,825,141)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Asset Backed Securities 3.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>5,001,796</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Argent Securities, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-M2, Class A2C (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.396</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,385,214</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>418,789</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Asset Backed Securities Corp. Home Equity</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-HE1, Class A3 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.446</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>626,656</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>514,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ContiMortgage Home Equity Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 1995-2, Class A-5</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/25</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>34,389</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>34,109</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Countrywide Asset-Backed Certificates</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-3, Class 2A2 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.426</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>671,493</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>617,470</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Dominos Pizza Master Issuer LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2012-1A, Class A2 (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.216</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,111,600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,181,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Home Equity Asset Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2003-1, Class M1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.746</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/25/33</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,070,895</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>864,591</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Mastr Asset Backed Securities Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-HE4, Class A2 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.356</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,794,124</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>632,109</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sonic Capital LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2011-1A, Class A2 (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.438</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/20/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>694,800</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>738,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Common Stocks 0.7% (0.5% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$1,256,831</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $2,390,374)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 0.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>404,548</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 0.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Greektown Superholdings, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>977</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>50,638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Media 0.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Charter Communications, Inc., Class A</FONT> <FONT size=2 face=sans-serif>(I)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,301</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>330,833</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Dex One Corp. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>20,979</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>23,077</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Vertis Holdings, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>34,015</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Materials 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>852,283</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 0.5%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Rock-Tenn Company, Class A (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>14,639</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>852,283</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>10</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_12"></A><BR>

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

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Preferred Securities (b) 2.1% (1.4% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$3,629,380</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $4,177,753)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 1.2%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>2,080,280</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Automobiles 0.1%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>General Motors Company, Series B, 4.750% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5,290</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>177,056</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 0.8%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Greektown Superholdings, Inc., Series A (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>19,074</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,381,911</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Media 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nielsen Holdings NV, 6.250%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>950,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>521,313</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials 0.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>1,005,600</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 0.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Public Storage, Inc., Series W, 6.500%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>40,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,005,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Utilities 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>543,500</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 0.3%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PPL Corp., 9.500%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>543,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Escrow Certificates 0.0% (0.0% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$34,850</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $0)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 0.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>0</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>SuperMedia, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Materials 0.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>34,850</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Smurfit-Stone Container Corp. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,640,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>34,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Short-Term Investments 0.6% (0.4% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$1,000,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $1,000,000)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Repurchase Agreement 0.6%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>1,000,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Repurchase Agreement with State Street Corp. dated 7-31-12 at</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>0.010% to be repurchased at $1,000,000, on 8-1-12, collateralized</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>by $1,020,000 Federal National Mortgage Association, 0.650% due</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>8-28-14 (valued at $1,022,570, including interest)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12px" width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Total investments (Cost $245,116,358)&#8224; 150.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$254,005,829</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Other assets and liabilities, net (50.0%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>($84,722,214)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Total net assets 100.0%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$169,283,615</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><B><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IO Interest Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.</FONT></P>

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

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>11</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



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

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PO Principal-Only Security - (Principal Tranche of Stripped Security). Rate shown is the annualized yield on date of purchase.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>REIT Real Estate Investment Trust</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>USGG U.S. Generic Government Yield Index</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.</FONT></P>

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

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.</FONT></P>

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

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $92,478,715 or 54.6% of the Fund's net assets as of 7-31-12.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(Z) All or a portion of this security is segregated as collateral pursuant to the Committed Facility Agreement. Total collateral value at 7-31-12 was $158,997,731.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8224; At 7-31-12, the aggregate cost of investment securities for federal income tax purposes was $245,610,227. </FONT><FONT size=2 face=sans-serif>Net unrealized appreciation aggregated $8,395,602, of which $18,927,894 related to appreciated investment securities and $10,532,292 related to depreciated investment securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund had the following country concentration as a percentage of investments on 7-31-12:</FONT></P>

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<TR>

   <TD width="20%"></TD>

   <TD width="10%"></TD>

   <TD width="69%"></TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>United States</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>68.4%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Cayman Islands</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>4.7%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>3.3%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>United Kingdom</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>3.0%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Netherlands</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>2.4%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Luxembourg</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>1.9%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>1.5%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Canada</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>1.5%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Brazil</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>1.5%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Peru</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>1.3%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=2 face=sans-serif>Other Countries</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=2 face=sans-serif>10.5%</FONT>&nbsp;</TD>

   <TD width="69%" noWrap align=right><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>

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   <TD width="100%"></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=serif>12</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to the Schedule of Investments</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Security valuation. </FONT></B><FONT size=2 face=sans-serif>Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT size=1 face=sans-serif>P</FONT><FONT size=2 face=sans-serif>.</FONT><FONT size=1 face=sans-serif>M</FONT><FONT size=2 face=sans-serif>., Eastern Time. 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. Swaps are marked-to-market daily based upon values from third party vendors, which may include a registered commodities exchange, or broker quotations. Foreign securities and currencies, including forward foreign currency contracts, are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities and forward foreign currency contracts 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur between the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.</FONT></P>

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   <TD width="100%"></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=serif>13</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following is a summary of the values by input classification of the Fund&#8217;s investments as of July 31, 2012, by major security category or type:</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 2</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 3</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Total Market</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 1</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Significant</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Significant</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Value at</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Quoted</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Observable</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Unobservable</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>7-31-12</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Price</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Inputs</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Inputs</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Corporate Bonds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$169,990,362</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$168,788,203</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,202,159</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Convertible Bonds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>2,749,895</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,749,895</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Capital Preferred Securities</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>672,000</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>672,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Government &amp; Agency Obligations</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>42,389,976</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>42,389,976</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Foreign Government Obligations</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>8,440,229</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,440,229</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Term Loans</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>2,112,783</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,112,783</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Collateralized Mortgage Obligations</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>16,727,727</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>16,586,580</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>141,147</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Asset Backed Securities</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>5,001,796</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,001,796</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Common Stocks</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>1,256,831</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,206,193</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>50,638</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Preferred Securities</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>3,629,380</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,726,156</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>521,313</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,381,911</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Escrow Certificates</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>34,850</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>34,850</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>1,000,000</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="14%">&nbsp;</TD>

   <TD width="14%"></TD>

   <TD width="56%" colSpan=4>

   <HR SIZE=1 noShade>

</TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Total Investments in Securities</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$254,005,829</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,932,349</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$248,297,625</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,775,855</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Other Financial Instruments</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Forward Foreign Currency Contracts</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$12,186</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$12,186</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Interest Rate Swaps</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>($1,229,210)</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>($1,229,210)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into 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 and in all cases were transferred out of Level 2. Securities were transferred into Level 3 because of a lack of observable market data which resulted from an absence of market activity for these securities.</FONT></P>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>COLLATERALIZED</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>ASSET</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>CORPORATE</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>MORTGAGE</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>BACKED</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>COMMON</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>PREFERRED</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>BONDS</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>OBLIGATIONS</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>SECURITIES</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>STOCKS</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>SECURITIES</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>TOTAL</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Balance as of 10-31-11</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$580,943</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$54,485</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>148,750</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$221,001</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$1,392,673</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$2,397,852</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Realized gain (loss)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1,020</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(16)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$1,004</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized appreciation</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>(depreciation)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>194,747</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>9,797</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$14,466</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(170,363)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(10,762)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$37,885</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Purchases</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>622</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$500,622</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Sales</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(74,551)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(23,872)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(163,200)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>($261,623)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>T</FONT><FONT size=1 face=sans-serif>ransfers into Level 3</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>100,115</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$100,115</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Transfers out of Level 3</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Balance as of 4-30-12</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,202,159</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$141,147</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$50,638</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,381,911</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,775,855</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized at period end*</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$194,747</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$9,797</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>($170,363)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>($10,762)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>$23.419</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Repurchase agreements. </FONT></B><FONT size=2 face=sans-serif>The Fund may enter into repurchase agreements. When 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"><B><FONT size=2 face=sans-serif>Stripped securities. </FONT></B><FONT size=2 face=sans-serif>Stripped mortgage-backed securities are financial instruments structured to separate principal and interest cash flows so that one class receives only principal payments 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 recover its initial investment in an IO security. The market</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>14</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_16"></A><BR>

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

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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"><B><FONT size=2 face=sans-serif>Forward foreign currency contracts. </FONT></B><FONT size=2 face=sans-serif>A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement and the risk that currency movements will not occur thereby reducing the Fund&#8217;s total return.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>During the period ended July 31, 2012, the Fund used forward foreign currency contracts to hedge the currency risk of certain foreign currency denominated securities. The following table summarizes the contracts held at July 31, 2012. During the period ended July 31, 2012, the Fund held forward foreign currency contracts with USD notional up to $1.0 million, as measured at each quarter end.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="5%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal Amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal Amount Covered</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Settlement</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Appreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Currency</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Covered By Contract</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>By Contract (USD)</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Counterparty</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>(Depreciation)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="95%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Sells</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="95%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank and</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>EUR</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>808,934</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,007,868</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>Sep 2012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$12,186</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="5%"></TD>

   <TD width="94%"></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Currency Abbreviation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif>EUR</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=1 face=sans-serif>Euro</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Interest rate swaps. </FONT></B><FONT size=2 face=sans-serif>Interest rate swaps represent an agreement between a Fund and counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The Fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Upfront payments made/received by the Fund are amortized/accreted for financial reporting purposes. Swaps are marked-to-market daily based upon values from third party vendors or broker quotations, and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the Fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>During the period ended July 31, 2012, the Fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of July 31, 2012. During the period ended July 31, 2012, the Fund held interest rate swaps with total USD notional amounts ranging from $22.0 million to $44.0 million, as measured at each quarter end.</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="17%" colSpan=2></TD>

   <TD width="17%"></TD>

   <TD width="17%"></TD>

   <TD width="17%"></TD>

   <TD width="17%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>USD Notional</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Payments Received</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Counterparty</FONT></B>&nbsp;</TD>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Amount</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Payments Made by Fund</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>by Fund</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Date</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Market Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="17%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$22,000,000</FONT>&nbsp;</TD>

   <TD width="7%" noWrap align=right>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>Fixed 1.442500%</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>3 Month LIBOR (a)</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>Aug 2016</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>($852,856)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="17%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>22,000,000</FONT>&nbsp;</TD>

   <TD width="7%" noWrap align=right>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>Fixed 1.09375%</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>3 Month LIBOR (a)</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 2017</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>(376,354)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>($1,229,210)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(a) At 7-31-12, the 3-month LIBOR rate was 0.44260%.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>15</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 7-31-12 (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fair value of derivative instruments by risk category</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below summarizes the fair value of derivatives held by the Fund at July 31, 2012 by risk category:</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Liability</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Asset Derivatives</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Derivatives Fair</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Risk</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Financial Instruments Location</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Fair Value</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate contracts</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate swaps</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>($1,229,210)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Foreign exchange</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Forward foreign currency contracts</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$12,186</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>contracts</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>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>

<P style="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>16</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<FONT size=2 face="sans-serif">ITEM 2. CONTROLS AND PROCEDURES.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">ITEM 3. EXHIBITS.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.</FONT></P>
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   <TD noWrap align=center><FONT size=2 face=sans-serif>SIGNATURES</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

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   <TD width="5%"></TD>

   <TD width="94%"></TD></TR>

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   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>John Hancock Investors Trust</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Hugh McHaffie</FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>President</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>September 24, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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="MARGIN: 0px"><FONT size=2 face=Arial></FONT>&nbsp;</P>

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   <TD width="94%"></TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>-------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Hugh McHaffie</FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>President</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>September 24, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>-------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=sans-serif>September 24, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DESCRIPTION>CERTIFICATION
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<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Hugh McHaffie, certify that:</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. The registrant&#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 size=2 face=sans-serif>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) Evaluated the effectiveness of the registrant&#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 size=2 face=sans-serif>(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 size=2 face=sans-serif>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 size=2 face=sans-serif>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</FONT></P>

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

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>September 24, 2012</FONT></U>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><U>/s/ Hugh McHaffie</U></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>President</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

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

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. The registrant&#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 size=2 face=sans-serif>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) Evaluated the effectiveness of the registrant&#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 size=2 face=sans-serif>(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 size=2 face=sans-serif>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 size=2 face=sans-serif>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</FONT></P>

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

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>September 24, 2012</FONT></U>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><U>/s/ Charles A. Rizzo</U></FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
