<SEC-DOCUMENT>0000928816-13-000536.txt : 20130328
<SEC-HEADER>0000928816-13-000536.hdr.sgml : 20130328
<ACCEPTANCE-DATETIME>20130328133957
ACCESSION NUMBER:		0000928816-13-000536
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20130131
FILED AS OF DATE:		20130328
DATE AS OF CHANGE:		20130328
EFFECTIVENESS DATE:		20130328

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:		13722985

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN INVESTORS TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_investorstrust.htm
<DESCRIPTION>JOHN HANCOCK INVESTORS TRUST
<TEXT>
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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>UNITED STATES</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>&nbsp; </FONT></TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=serif size=3>FORM N-Q</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=serif size=3>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=serif size=3>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>Investment Company Act file number </FONT><U><FONT face=serif size=3>811-4173</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><U><FONT face=serif size=3>John Hancock Investors Trust</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>(Exact name of registrant as specified in charter)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>&nbsp; </FONT></TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><U><FONT face=serif size=3>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>Salvatore Schiavone, Treasurer</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>601 Congress Street</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><U><FONT face=serif size=3>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=serif size=3>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=3>Registrant's telephone number, including area code: </FONT><U><FONT face=serif size=3>617-663-4497</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=serif size=3>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Date of fiscal year end:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>October 31</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp; </TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=serif size=3>Date of reporting period:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=serif size=3>January 31, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

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









































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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-13 (Unaudited)</FONT></B></P>

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

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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=left>&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=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>

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

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   <TD width="69%" colSpan=3 noWrap align=left><B><FONT size=2 face=sans-serif>Corporate Bonds 96.2% (65.6% 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>$171,891,433</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 $160,806,992)</FONT>&nbsp;</TD>

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

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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=2 face=sans-serif>Consumer Discretionary 17.1%</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>30,548,630</FONT></B>&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>596,750</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>

   <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 0.8%</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>Automotores Gildemeister 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>01/15/23</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>155,250</FONT>&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>266,400</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Jaguar Land Rover Automotive PLC (S)</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>02/01/23</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>1,020,000</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>Hotels, Restaurants &amp; Leisure 5.0%</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>Codere Finance Luxembourg SA (S)</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>02/15/19</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>755,000</FONT>&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>1,107,483</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>2,339,701</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Grupo Posadas SAB de CV (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>11/30/17</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>636,000</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>314,880</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>130,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>MCE Finance, 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>02/15/21</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>2,000,000</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)(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>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>865,000</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>695,903</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>392,537</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>379,080</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>Household Durables 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>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corporacion GEO SAB de CV (S)</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>06/30/20</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>1,020,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Desarrolladora Homex SAB de CV (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>03/25/20</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>1,040,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Standard Pacific Corp. (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>05/15/18</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>165,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Urbi Desarrollos Urbanos SAB de CV (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>02/03/22</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>1,248,750</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>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>501,623</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 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>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>404,238</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>271,338</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Clear Channel Communications, Inc.</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>1,073,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Clear Channel Communications, Inc., PIK</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>1,413,678</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>420,591</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>1,252,832</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>495,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Videotron, Ltd. (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>303,750</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>796,313</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>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>2,220,000</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>Multiline Retail 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>Lotte Shopping Company, 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>1,453,990</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>234,608</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Michaels Stores, Inc. (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>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>2,061,426</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 1.5%</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>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>799,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hillman Group, Inc.</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>315,738</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Party City Holdings, Inc. (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>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>1,080,000</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>159,138</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>236,813</FONT>&nbsp;</TD></TR></TABLE></DIV>

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



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

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   <TD noWrap align=center><FONT size=2 face=serif>1</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 1-31-13 (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=left>&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=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>Consumer Discretionary (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>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.</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>$622,188</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 4.9%</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>8,749,800</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 1.2%</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>Ajecorp BV (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>05/14/22</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>1,100,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corporacion 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>283,588</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>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>796,677</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 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>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>1,065,932</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corporacion 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>369,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ESAL GmbH (S)</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>02/05/23</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>1,061,413</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>546,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Marfrig Holding Europe BV (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>07/24/17</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>591,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Minerva Luxembourg SA (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>01/31/23</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>922,500</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>189,438</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. (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>05/15/18</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>409,500</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>20,050</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>326,816</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.</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>195,175</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>872,461</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 15.5%</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>27,701,962</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 3.7%</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>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>750,000</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>262,550</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>1,005,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Inkia Energy, Ltd. (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>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>1,568,000</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>2,685,375</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>282,225</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 11.8%</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>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>2,000,000</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Afren PLC (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>02/01/16</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>2,330,000</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>662,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CNOOC Finance 2012, Ltd. (S)(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>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>1,110,453</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>1,083,318</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>1,030,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>EV Energy Partners LP (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>04/15/19</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>432,338</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>1,567,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Indo Energy Finance II BV (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>01/24/23</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>306,000</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>429,975</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>1,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,802,000</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>589,013</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>1,025,750</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>547,881</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>1,226,019</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>RDS Ultra-Deepwater, Ltd. (S)</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>1,406,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Regency Energy Partners LP</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>791,018</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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

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   <TD noWrap align=center><FONT size=2 face=serif>2</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 1-31-13 (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>

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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=left>&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=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>Energy (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>Thermon Industries, 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>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>$1,261,065</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>218,893</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>246,509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>W&amp;T Offshore, Inc. (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>06/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>160,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>561,750</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>Financials 19.6%</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>35,100,212</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>Capital Markets 2.5%</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>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>1,055,935</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>1,088,909</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>6.150</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>1,174,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>6.250</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>1,170,433</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 Banks 6.0%</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>Banco Bradesco SA (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>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>541,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>339,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>993,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.050</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/04/17</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>1,780,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>1,145,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>317,063</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>2,201,318</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>1,141,290</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>525,628</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>3.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/05/20</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>589,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>

   <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>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>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,077,500</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>Consumer Finance 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>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>1,067,723</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>577,834</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>Diversified Financial Services 3.6%</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>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>345,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>1,065,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CorpGroup Banking 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>03/15/23</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>999,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corporacion 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>727,842</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>498,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>352,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>2,131,948</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nationstar Mortgage LLC (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>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>399,375</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>Insurance 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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>827,110</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>257,433</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 05/17/2016, 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>379,620</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>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,247,268</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 10/15/2017, 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 + 4.177%) (S)</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>548,600</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>249,700</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>Investment Companies 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>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>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,160,000</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 1.2%</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>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>379,750</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>394,282</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>381,716</FONT>&nbsp;</TD></TR></TABLE></DIV>

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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>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 1-31-13 (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=left>&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=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>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 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>$1,022,500</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>Real Estate Management &amp; Development 2.8%</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>Country Garden Holdings Company, Ltd. (S)</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>01/10/23</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>203,240</FONT>&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>1,127,500</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>450,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Realogy Corp.</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>1,177,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Realogy Corp.</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>1,986,071</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 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=right><B><FONT size=2 face=sans-serif>3,175,683</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 1.6%</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>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>1,061,902</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>541,238</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Catalent Pharma Solutions, 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>04/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>202,939</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>204,968</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Emergency Medical Services Corp. (Z)</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>109,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ExamWorks Group, 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>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>730,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>HCA, Inc. (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>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>150,150</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 0.2%</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>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>377,775</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 8.1%</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>14,533,140</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>175,600</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>439,000</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>550,069</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 4.1%</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>America West Airlines 2001-1 Pass Through Trust</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>404,427</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>444,870</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>1,257,119</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,316,832</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>205,712</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>225,768</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</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>113,673</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>120,493</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>660,016</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>746,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Emirates Airlines (S)</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>02/06/25</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>887,251</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>416,790</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>558,025</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>922,350</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>225,696</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>261,807</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>530,866</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>614,478</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>United Air Lines, Inc. (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>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>820,000</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>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. (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>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>116,400</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>266,138</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>187,200</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 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>Garda World Security Corp. (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>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>808,988</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>837,900</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 0.7%</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>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>1,380,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,297,200</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>320,075</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>920,000</FONT>&nbsp;</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>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 1-31-13 (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=left>&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=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>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>$415,480</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 0.2%</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>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>280,800</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>200,000</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 0.2%</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>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>382,950</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 1.8%</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>3,245,338</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 0.3%</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>Seagate HDD Cayman (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>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>620,088</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>556,250</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>319,000</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>997,500</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>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)</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>752,500</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 12.3%</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>21,885,896</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>Chemicals 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>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>210,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>EuroChem Mineral &amp; Chemical Company OJSC (S)</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>12/12/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>210,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>215,775</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>975,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Mexichem SAB de CV (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>09/19/22</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>790,313</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Unifrax I LLC (S)</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>02/15/19</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>1,000,000</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>Construction Materials 3.4%</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>Cemex Finance LLC (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>10/12/22</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>1,130,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cemex Finance LLC (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>12/14/16</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>1,067,500</FONT>&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>1,080,000</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>367,500</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>1,065,010</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>1,140,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Vulcan Materials Company (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>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>139,200</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 2.6%</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>AEP Industries, 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>04/15/19</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>383,400</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>804,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Berry Plastics Corp.</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>586,250</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>255,600</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>259,010</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>197,950</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>168,000</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>1,721,250</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>302,500</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>Metals &amp; Mining 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>AngloGold Ashanti Holdings PLC (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>08/01/22</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>1,014,403</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>288,000</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>281,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Essar Steel Algoma, Inc. (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>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>483,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ferrexpo Finance PLC (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>04/07/16</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>604,500</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

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



<TR>

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

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Investors Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-13 (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=left>&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=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>Materials (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>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>$423,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>563,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Rain CII Carbon LLC (S)</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>987,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>941,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>SunCoke Energy, Inc. (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>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>111,038</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>1,425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,140,000</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>Paper &amp; Forest Products 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>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>570,363</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>537,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>618,893</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>Telecommunication Services 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>22,793,835</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>Diversified Telecommunication Services 6.8%</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>Axtel SAB de CV (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>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>607,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Axtel 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>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>183,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>570,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>580,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>503,513</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>620,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>651,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>448,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>1,558,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Intelsat Luxembourg SA, PIK (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>02/04/17</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>413,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/31/28</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>996,719</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>265,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>1,404,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,460,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>7.250</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>1,052,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Wind Acquisition Finance SA (S)(Z)</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>1,075,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>1,624,375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,713,716</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>Wireless Telecommunication Services 6.0%</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>Clearwire Communications LLC (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>12/01/17</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>2,355,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Colombia Telecomunicaciones SA ESP (S)(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>09/27/22</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>1,005,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>851,394</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Digicel Group, Ltd. (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>09/30/20</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>295,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>392,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>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>649,179</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sprint Nextel 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>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>2,940,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Telefonica Celular del Paraguay 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>12/13/22</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>1,085,000</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>1,140,000</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 2.3%</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>4,156,937</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 2.3%</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>Beaver Valley II Funding (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>06/01/17</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>302,337</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>397,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>432,665</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CE Generation LLC</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>422,800</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>432,842</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>1,103,445</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)</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>198,791</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>189,690</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Israel Electric Corp., Ltd. (S)</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>1,105,039</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>186,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>193,638</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>122,450</FONT>&nbsp;</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>267,417</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>274,831</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

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



<TR>

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

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>6</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



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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 1-31-13 (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=left>&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=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>Convertible Bonds 1.2% (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>$2,123,656</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 $1,869,514)</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>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>539,281</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>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>539,281</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 0.3%</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>499,375</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><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 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>499,375</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>Telecommunication Services 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>1,085,000</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><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>Wireless Telecommunication Services 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>Clearwire Communications LLC (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>12/01/40</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>1,085,000</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>Term Loans (M) 1.2% (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>$2,183,179</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 $2,172,111)</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 0.5%</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>897,150</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>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>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>935,750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>897,150</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>Consumer Staples 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>243,044</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>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.</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>241,325</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>243,044</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>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>347,314</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>Health Care Providers &amp; Services 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>National Mentor Holdings, Inc.</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>02/09/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>343,875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>347,314</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>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>695,671</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>Airlines 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>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>689,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>695,671</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>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>$710,500</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 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 0.4%</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>710,500</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>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 11/30/2015, then</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>3 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>710,500</FONT>&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 28.6% (19.5% 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>$51,151,346</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 $50,607,905)</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>U.S. Government 10.2%</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>18,278,752</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</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>11/15/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,679,376</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>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>409,615</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</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/30/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5,950,782</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>1.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,904,843</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 1-31-13 (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=left>&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=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>U.S. Government (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>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>1,107,313</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>3,630,838</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>595,985</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 18.4%</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>32,872,594</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>3,002,155</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,366,192</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>06/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>27,110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>29,986</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>58,269</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>64,414</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>11/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>135,111</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>149,360</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>12/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>60,417</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>66,789</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>03/01/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>241,271</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>267,018</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>30 Yr Pass Thru</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>10/29/27</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>670,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>662,216</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>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>2,419,814</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,559,615</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>6,001,233</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,538,766</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>09/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,650,835</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,997,650</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>10/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,257,057</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,445,116</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>3,422,551</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,742,322</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>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>463,056</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>520,526</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>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>808,803</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>901,980</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>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>1,776,333</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,925,066</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>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>309,830</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>336,644</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>1,208,172</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,324,302</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>489,475</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>544,978</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>305,719</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>339,352</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>1,884,095</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,090,302</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5></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>Foreign Government Obligations 2.8% (1.9% 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=right><B><FONT size=2 face=sans-serif>$5,009,997</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 $5,157,151)</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 1.7%</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>2,993,900</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)</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>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,412,500</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>581,400</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>Morocco 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>612,000</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>Kingdom of Morocco (S)</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>12/11/22</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>612,000</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>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>221,134</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>221,134</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>Ukraine 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>1,182,963</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>1,182,963</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5></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 10.5% (7.2% 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>$18,810,402</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 $15,587,543)</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 6.5%</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>11,592,503</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 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 2006-6, Class XP IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.050</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>6,385,804</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>550,263</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>198,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bear Stearns 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 2004-AC5, Class A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/25/34</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>432,931</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>450,247</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 1-31-13 (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=left>&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=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>Commercial &amp; Residential (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>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>$410,382</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>332,074</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>2.623</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>28,502,482</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,410,845</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>2,391,769</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,846,752</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>3.199</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>757,603</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>320,405</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>2.141</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>3,615,604</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>276,268</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>6,908,355</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>49,049</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>8,041,950</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>57,098</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>5,708,126</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>40,528</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>2.039</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>8,520,805</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>631,988</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>1.690</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>7,775,008</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>420,939</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>1.431</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>403,337</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley Capital I 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-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>725,986</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-HQ8, Class AM</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.469</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>1,103,680</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>1.470</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>11,258,241</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>582,409</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>1.610</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>6,964,266</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>407,846</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>1.595</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>6,308,473</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>373,619</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 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>7,217,899</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 290, Class IO</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>11/15/32</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,459,069</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>722,932</FONT>&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>3,716,866</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>451,541</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>848,040</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>888,682</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>1,268,406</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,339,798</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>1,061,706</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,105,045</FONT>&nbsp;</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>1.455</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>2,719,637</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>268,855</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>1.546</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>3,279,602</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>263,126</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>1.784</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>2,485,612</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>234,527</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 2012-118, Class IB IO</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>11/25/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,442,174</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>376,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2012-67, 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>389,840</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>422,681</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>579,785</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>59,819</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>672,136</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>75,788</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>1,096,063</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>110,043</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>1,069,655</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>154,905</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>735,622</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>73,194</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>824,349</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>151,129</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>213,461</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>31,532</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>1,727,539</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>291,530</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Government 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 2012-114, Class IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.026</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/16/53</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,988,231</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>195,873</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 1-31-13 (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=left>&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=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></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% (2.1% 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>$5,405,859</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 $4,733,635)</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>5,405,859</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>ACE 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 2006-ASP5, Class A2B (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.334</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>$149,645</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>72,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-ASP5, Class A2C (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.384</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>294,507</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>142,805</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-ASP5, Class A2D (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.464</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>562,960</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>276,223</FONT>&nbsp;</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>0.354</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>1,537,550</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>590,536</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>0.404</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>566,779</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>537,074</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 A5</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>33,209</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>32,978</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>0.384</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>627,203</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>622,507</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>1,103,200</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,245,172</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>0.314</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>1,729,982</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>798,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley ABS 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-HE4, Class A3 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.354</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>508,992</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>353,513</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>655,200</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>734,094</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;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Common Stocks 0.9% (0.6% 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=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$1,641,267</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 $2,390,336)</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>450,780</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>79,137</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 (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>335,349</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>36,294</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 0.7%</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>1,190,487</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 0.7%</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>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>15,079</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,190,487</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&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>&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) 1.3% (0.9% 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>$2,314,757</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 $2,700,727)</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 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=right><B><FONT size=2 face=sans-serif>1,774,157</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>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>229,163</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 0.9%</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>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>1,544,994</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>



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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 1-31-13 (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>

<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 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>

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   <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>540,600</FONT></B>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</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>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>

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   <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>540,600</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=left>&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=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>

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   <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>$4,100</FONT></B>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

</FONT></TD></TR>

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   <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>

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   <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>4,100</FONT></B>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

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   <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>4,100</FONT>&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=2 face=sans-serif>Short-Term Investments 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=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$762,000</FONT></B>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

</FONT></TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $762,000)</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>&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 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>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Repurchase Agreement 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>762,000</FONT></B>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

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   <TD width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Repurchase Agreement with State Street Corp. dated 1-31-13 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>

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   <TD style="TEXT-INDENT: 12px" width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>0.010% to be repurchased at $762,000, on 2-1-13, collateralized by</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>

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   <TD style="TEXT-INDENT: 12px" width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>$765,000 U.S. Treasury Notes, 1.000% due 3-31-17 (valued 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>

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   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>$777,626)</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>762,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>762,000</FONT>&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=2 face=sans-serif>Total investments (Cost $247,487,914)&#8224; 146.5%</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>$262,008,496</FONT></B>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Other assets and liabilities, net (46.5%)</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>($83,195,315)</FONT></B>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

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   <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>$178,813,181</FONT></B>&nbsp;</TD></TR>

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   <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>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PIK Paid 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 as maturity date is next call date.</FONT></P>

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

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   <TD noWrap align=center><FONT size=2 face=serif>11</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 1-31-13 (Unaudited)</FONT></B></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 $103,122,199 or 57.7% of the Fund's net assets as of 1-31-13.</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 Credit Facility Agreement. Total collateral value at 1-31-13 was $145,343,523.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8224; At 1-31-13, the aggregate cost of investment securities for federal income tax purposes was $248,063,507. Net unrealized appreciation aggregated $13,944,989, of which $21,764,146 related to appreciated investment securities and $7,819,157 related to depreciated investment securities.</FONT></P>

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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 1-31-13 (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to Portfolio 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 the 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. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where reliable market quotations are not 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, which include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.</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 other 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 or trends, 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>

<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 January 31, 2013, by major security category or type:</FONT></P>

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<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

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   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Total Market</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 3 Significant</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Value at</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 1 Quoted</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 2 Significant</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Unobservable</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>1-31-13</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Price</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Observable Inputs</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Inputs</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Corporate Bonds</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$171,891,433</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$170,734,016</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1,157,417</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Convertible Bonds</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>2,123,656</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,123,656</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Term Loans</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>2,183,179</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,183,179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Capital Preferred Securities</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>710,500</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>710,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Government &amp; Agency Obligations</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>51,151,346</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>51,151,346</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Foreign Government Obligations</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>5,009,997</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,009,997</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Collateralized Mortgage Obligations</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>18,810,402</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18,663,727</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>146,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Asset Backed Securities</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>5,405,859</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,405,859</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Common Stocks</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>1,641,267</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1,562,130</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>79,137</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Preferred Securities</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>2,314,757</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>769,763</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,544,994</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Escrow Certificates</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>4,100</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>762,000</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>762,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="80%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Total Investments in Securities</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$262,008,496</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,331,893</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$256,748,380</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,928,223</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Other Financial Instruments</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Interest Rate Swaps</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($995,123)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($995,123)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</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>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 1-31-13 (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers 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.</FONT></P>

<DIV align=left>

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



<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Corporate</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Collateralized</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Common</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Preferred</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Bonds</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Mortgage Obligations</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Stocks</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Securities</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Balance as of 10-31-12</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$1,123,959</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$153,502</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$54,907</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$1,498,072</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$2,830,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Realized gain (loss)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized appreciation (depreciation)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>33,458</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>(6,770)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>24,230</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>46,922</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$97,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Purchases</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Sales</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>(57)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>($57)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" 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="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Transfers out of Level 3</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Balance as of 1-31-13</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,157,417</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$146,675</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$79,137</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,544,994</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,928,223</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized at period end*</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$33,458</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>($6,770)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$24,230</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$46,922</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$97,840</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 that 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 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 security. If the underlying assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates. In addition, these securities present additional credit risk such that the Fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.</FONT></P>

<P style="TEXT-ALIGN: left"><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. 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 January 31, 2013, the Fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of January 31, 2013.</FONT></P>

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



<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>USD Notional</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Payments Made</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Payments</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Counterparty</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Amount</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>by Fund</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Received by Fund</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity Date</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Market Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>$22,000,000</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Fixed 1.442500%</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>3 Month LIBOR (a)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>Aug 2016</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>($725,212)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Capital Services</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>$22,000,000</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Fixed 1.093750%</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>3 Month LIBOR (a)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>May 2017</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>(269,911)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>($995,123)</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 1-31-13, the 3-month LIBOR rate was 0.29800%</FONT></P>

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

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<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>

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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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<TR vAlign=bottom>

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

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

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

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

<DIV align=left>

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



<TR>

   <TD width="3%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>By:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>-------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Hugh McHaffie</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>President</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Date:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>March 14, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

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



<TR>

   <TD width="3%">

   <P>&nbsp;</P></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>By:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>/s/ Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>-------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Hugh McHaffie</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>President</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Date:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>March 14, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>By:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>/s/ Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>--------------------------------</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"></TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Charles A. Rizzo</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%">&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>Chief Financial Officer</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Date:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="97%"><FONT face=sans-serif size=2>March 14, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

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




























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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_investorstrustcert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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   <TITLE>b_investorstrustcert.htm</TITLE>
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<!--$$/page=--><A name="page_1"></A><BR>

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

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=2>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Hugh McHaffie, certify that:</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>

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

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</FONT></P>

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

<DIV align=left>

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



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Date: </FONT><U><FONT face=sans-serif size=2>March 14, 2013</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><U><FONT face=sans-serif size=2>/s/ Hugh McHaffie</FONT>&nbsp;</U></TD></TR>

<TR>

   <TD width="99%" colSpan=3></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Hugh McHaffie</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>President</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_2"></A><BR>

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

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=2>CERTIFICATION</FONT></U></B></P>

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

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>

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

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</FONT></P>

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

<DIV align=left>

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



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Date: </FONT><U><FONT face=sans-serif size=2>March 14, 2013</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><U><FONT face=sans-serif size=2>/s/ Charles A. Rizzo</FONT>&nbsp;</U></TD></TR>

<TR>

   <TD width="99%" colSpan=3></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="33%"><FONT face=sans-serif size=2>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>
