JH Investors Trust.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 4173

John Hancock Investors Trust
(Exact name of registrant as specified in charter)
601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Alfred E. Ouellette, Senior Attorney and Assistant Secretary
601 Congress Street
Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4324

Date of fiscal year end:                       December 31

Date of reporting period:                    September 30, 2005

ITEM 1. SCHEDULE OF INVESTMENTS


John Hancock               
Investors Trust             
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
      Interest  Maturity  Credit  Par value   
Issuer, description      rate (%)  date  rating (A)  ($000)  Value 
Bonds 67.78%              $168,848,684 
(Cost $167,563,817)               
 
Aerospace & Defense  0.45%            1,134,603 
Raytheon Co.,               
Note      8.300  03-01-10  BBB-  1,000  1,134,603 

 

Agricultural Products  0.36% 

          886,532 
Corn Products International, Inc.,             
Sr Note      8.450  08-15-09  BBB-  795  886,532 

 

Airlines 0.75% 

            1,878,273 
Continental Airlines, Inc.,               
Pass Thru Ctf Ser 1999-1 Class A    6.545  02-02-19  A-  658  645,621 
Pass Thru Ctf Ser 2000-2 Class A-1    7.707  04-02-21  BBB  424  421,325 
Pass Thru Ctf Ser 2000-2 Class B (L)    8.307  10-02-19  BB-  424  374,579 
Pass Thru Ctf Ser 2001-1 Class C    7.033  06-15-11  B+  484  433,998 
Jet Equipment Trust,               
Equip Trust Ctf Ser 1995-B2 (B)(H)(S)    10.910  08-15-14  D  550  2,750 

 

Apparel Retail 0.22% 

            545,767 
Gap, Inc. (The),               
Note (P)      9.550  12-15-08  BBB-  485  545,767 

 

Asset Management & Custody Banks  0.83% 

        2,060,744 
Rabobank Capital Fund II,             
Perpetual Bond (5.260% to 12-31-13 then           
variable) (S)      5.260  12-29-49  AA  2,055  2,060,744 

 

Auto Parts & Equipment 0.63% 

          1,567,045 
American Axle & Manufacturing, Inc.,             
Sr Note (L)      5.250  02-11-14  BBB  500  425,625 
TRW Automotive, Inc.,               
Sr Note      9.375  02-15-13  BB-  1,052  1,141,420 

 

Brewers 0.08% 

            198,432 
Molson Coors Capital Finance Corp.,             
Note (Canada) (S)      4.850  09-22-10  BBB  200  198,432 

 

Broadcasting & Cable TV 3.90% 

          9,705,743 
AT&T Broadband Corp.,               
Gtd Note      8.375  03-15-13  BBB  980  1,159,505 
British Sky Broadcasting Group Plc,             
Gtd Sr Note (United Kingdom)    8.200  07-15-09  BBB-  905  1,004,318 

Page 1

John Hancock             
Investors Trust           
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
Charter Communications Holdings LLC/Charter           
Communications Holdings Capital Corp.,           
Sr Note    10.250  09-15-10  CCC-  2,000  2,050,000 
Innova S. de R.L.,             
Note (Mexico)    9.375  09-19-13  BB-  1,500  1,702,500 
Shaw Communications, Inc.,           
Sr Note (Canada)    8.250  04-11-10  BB+  1,000  1,086,250 
TCI Communications, Inc.,           
Sr Deb    9.800  02-01-12  BBB+  840  1,033,073 
Videotron Ltee             
Sr Note (Canada) (S)  6.375  12-15-15  B+  300  297,750 
XM Satellite Radio, Inc.,           
Sr Sec Note    12.000  06-15-10  CCC+  533  607,620 
Sr Sec Note, Step Coupon (Zero to 12-31-05,           
then 14.000%) (O)  Zero  12-31-09  CCC+  728  764,727 
 

 

Building Products  0.85% 

        2,105,384 
Pulte Homes, Inc.,             
Sr Note (L)    6.250  02-15-13  BBB-  1,000  1,031,294 
Toll Brothers, Inc.,             
Gtd Sr Note (L)    6.875  11-15-12  BBB-  1,000  1,074,090 
 

 

Casinos & Gaming  3.11% 

        7,759,670 
Chukchansi Economic Development Auth.,           
Sr Note (G)(S)    14.500  06-15-09  CCC+  1,000  1,205,000 
Harrah's Operating Co., Inc.,           
Gtd Sr Note    8.000  02-01-11  BBB-  735  821,806 
Gtd Sr Note    5.500  07-01-10  BBB-  720  726,801 
Jacob's Entertainment, Inc.,           
Sr Sec Note (B)    11.875  02-01-09  B  700  762,713 
Mashantucket West Pequot,           
Note (S)    5.912  09-01-21  BBB-  275  274,395 
Mohegan Tribal Gaming Auth.,           
Sr Sub Note    7.125  08-15-14  B+  250  258,750 
MTR Gaming Group, Inc.,           
Gtd Sr Note Ser B    9.750  04-01-10  B+  800  864,000 
Seneca Gaming Corp.,           
Sr Note (S)    7.250  05-01-12  BB-  1,000  1,025,000 
Trump Entertainment Resorts, Inc.,           
Gtd Sec Note    8.500  06-01-15  B-  500  482,500 
Waterford Gaming LLC,           
Sr Note (S)    8.625  09-15-12  B+  1,257  1,338,705 
 

 

Commodity Chemicals 1.05% 

        2,606,499 
Lyondell Chemical Co.,           
Gtd Sr Sub Note    10.875  05-01-09  B  500  515,000 
Gtd Sec Note    9.500  12-15-08  BB-  1,010  1,057,975 
RPM International, Inc.,           
Sr Note    6.250  12-15-13  BBB  1,000  1,033,524 
 

 

Communications Equipment 0.43% 

        1,076,060 
Motorola, Inc.,             
Deb    6.500  11-15-28  BBB+  980  1,076,060 

Page 2

John Hancock           
Investors Trust           
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
Construction Materials 0.15%          370,000 
Votorantim Overseas IV,           
Gtd Note (Cayman Islands) (S)  7.750  06-24-20  BBB-  370  370,000 
 

 

Consumer Finance 1.85% 

        4,617,889 
Ford Motor Credit Co.,           
Note  7.375  10-28-09  BBB-  1,925  1,859,448 
General Motors Acceptance Corp.,           
Note  7.250  03-02-11  BBB-  680  632,322 
Household Finance Corp.,           
Note  6.375  10-15-11  A  615  657,832 
HSBC Finance Corp.,           
Sr Note  6.750  05-15-11  A  1,350  1,468,287 
 

 

Diversified Banks 2.29% 

        5,698,126 
Bank of New York,           
Cap Security (S)  7.780  12-01-26  A-  620  661,969 
Barclays Bank Plc,           
Perpetual Bond (6.278% to 12-15-34 then           
variable) (United Kingdom)  6.278  12-29-49  A+  1,600  1,573,296 
Chuo Mitsui Trust & Banking Co.,           
Perpetual Sub Note (5.506% to 04-15-15 then           
variable) (Japan) (S)  5.506  12-01-49  Baa2  905  871,093 
Mizuho Financial Group Cayman Ltd.,           
Gtd Note (Cayman Islands)  8.375  12-29-49  A2  750  811,875 
Royal Bank of Scotland Group Plc,           
Perpetual Bond (7.648% to 09-30-31 then           
variable) (United Kingdom)  7.648  08-29-49  A  630  765,871 
Wachovia Corp.,           
Sub Note  5.250  08-01-14  A-  1,000  1,014,022 
 

 

Diversified Chemicals 1.26% 

        3,126,877 
NOVA Chemicals Corp.,           
Med Term Note (Canada)  7.400  04-01-09  BB+  1,955  1,989,213 
Potash Corp. of Saskatchewan, Inc.,           
Note (Canada)  7.750  05-31-11  BBB+  1,000  1,137,664 
 

 

Diversified Commercial Services 0.99% 

        2,474,595 
Hutchison Whampoa International Ltd.,           
Gtd Note (Cayman Islands) (S)  6.500  02-13-13  A-  750  801,441 
Noble Group Ltd.,           
Sr Note (Bermuda) (S)  6.625  03-17-15  BB+  1,000  923,154 
Sotheby's Holdings, Inc.,           
Note  6.875  02-01-09  BB-  750  750,000 
 

 

Diversified Financial Services 1.14% 

        2,836,114 
Beaver Valley Funding Corp.,           
Sec Lease Obligation Bond  9.000  06-01-17  BB+  915  1,086,874 
Glencore Funding LLC,           
Gtd Note (S)  6.000  04-15-14  BBB-  875  828,900 
St. George Funding Co.,           
Perpetual Bond (8.485% to 06-30-17 then           
variable) (Australia) (S)  8.485  12-31-49  Baa1  840  920,340 

Page 3

John Hancock             
 
Investors Trust             
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
 
Diversified Metals & Mining 0.28%            695,000 
Freeport-McMoRan Copper & Gold, Inc.,             
Sr Note (L)    6.875  02-01-14  B+  500  495,000 
Metallurg Holdings, Inc.,             
Sr Sec Note (G)(S)    10.500  10-01-10  B-  200  200,000 
 

 

Electric Utilities 5.52% 

          13,749,612 
AES Eastern Energy L.P.,             
Pass Thru Ctf Ser 1999-A    9.000  01-02-17  BB+  1,222  1,423,967 
BVPS II Funding Corp.,             
Collateralized Lease Bond    8.890  06-01-17  BB+  700  826,021 
CE Generation LLC,             
Sr Sec Note    7.416  12-15-18  BB-  791  841,373 
Empresa Electrica Guacolda S.A.,             
Sr Sec Note (Chile) (S)    8.625  04-30-13  BBB-  830  914,902 
FPL Energy National Wind,             
Sr Sec Note (S)    5.608  03-10-24  BBB-  376  373,996 
HQI Transelect Chile S.A.,             
Sr Note (Chile)    7.875  04-15-11  A-  1,175  1,322,625 
Indiantown Cogeneration, L.P.,             
1st Mtg Note Ser A-9    9.260  12-15-10  BB+  461  502,075 
IPALCO Enterprises, Inc.,             
Sr Sec Note    8.625  11-14-11  BB-  315  349,650 
Kansas Gas and Electric Co.,             
Bond (S)    5.647  03-29-21  BB-  425  420,597 
Midland Funding Corp. II,             
Deb Ser B    13.250  07-23-06  BB-  1,639  1,729,078 
MSW Energy Holdings II LLC/MSW Energy Finance Co.,           
II, Inc.,             
Sr Sec Note Ser B    7.375  09-01-10  BB-  750  778,125 
PNPP II Funding Corp.,             
Deb    9.120  05-30-16  BB+  470  547,724 
System Energy Resources, Inc.,             
Sec Bond (S)    5.129  01-15-14  BBB  449  439,785 
TransAlta Corp.,             
Note (Canada)    5.750  12-15-13  BBB-  2,000  2,045,946 
TXU Corp.,             
Sec Bond    7.460  01-01-15  BBB  615  655,595 
Waterford 3 Funding Corp.,             
Sec Lease Obligation Bond    8.090  01-02-17  BBB-  534  578,153 
 

 

Electrical Components & Equipment  0.71% 

        1,780,607 
AMETEK, Inc.,             
Sr Note    7.200  07-15-08  BBB  1,500  1,579,107 
L-3 Communications Corp.,             
Sr Sub Note (S)    6.375  10-15-15  BB+  200  201,500 
 

 

Electronic Equipment Manufacturers  0.32% 

        796,205 
Thomas & Betts Corp.,             
Sr Note    7.250  06-01-13  BBB-  745  796,205 

Page 4

John Hancock           
Investors Trust           
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
Food Retail 1.51%          3,763,686 
Ahold Lease USA, Inc.,           
Gtd Pass Thru Ctf Ser 2001A-1 (L)  7.820  01-02-20  BB  1,304  1,415,413 
Albertson's, Inc.,           
Deb  7.450  08-01-29  BBB-  715  616,761 
Delhaize America, Inc.,           
Gtd Note  9.000  04-15-31  BB+  1,500  1,731,512 
 

 

Foreign Government 0.48% 

        1,205,000 
Colombia, Republic of,           
Note (Colombia)  10.000  01-23-12  BB  1,000  1,205,000 
 

 

Gas Utilities 0.73% 

        1,810,671 
Energy Transfer Partners,           
Gtd Sr Note (G)  5.950  02-01-15  BBB-  500  497,480 
Sr Note (G)(S)  5.650  08-01-12  BBB-  835  822,258 
NorAm Energy Corp.,           
Deb  6.500  02-01-08  BBB  475  490,933 
 

 

Health Care Facilities 0.81% 

        2,012,471 
HCA, Inc.,           
Note  8.750  09-01-10  BB+  1,012  1,117,653 
Manor Care, Inc.,           
Gtd Note  6.250  05-01-13  BBB  855  894,818 
 

 

Hotels, Resorts & Cruise Lines 0.43% 

        1,070,390 
Hyatt Equities LLC,           
Note (S)  6.875  06-15-07  BBB  1,050  1,070,390 
 

 

Industrial Conglomerates 0.43% 

        1,071,784 
Vedanta Resources Plc,           
Sr Note (United Kingdom) (S)  6.625  02-22-10  BB+  480  474,784 
Waste Services, Inc.,           
Sr Sub Note (S)  9.500  04-15-14  CCC  600  597,000 
 

 

Industrial Machinery 1.13% 

        2,812,881 
Kennametal, Inc.,           
Sr Note  7.200  06-15-12  BBB  1,385  1,514,549 
Manitowoc Co., Inc., (The)           
Sr Note  7.125  11-01-13  B+  500  517,500 
Trinity Industries Leasing Co.,           
Pass Thru Ctf (S)  7.755  02-15-09  Ba1  749  780,832 
 

 

Insurance Brokers 0.74% 

        1,841,887 
Marsh & McLennan Cos., Inc.,           
Sr Note  5.375  03-15-07  BBB  1,470  1,473,213 
Willis Group North America,           
Gtd Note  5.625  07-15-15  BBB-  185  183,810 
Gtd Note  5.125  07-15-10  BBB-  185  184,864 

Page 5

John Hancock           
Investors Trust           
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
Integrated Oil & Gas 1.04%          2,590,350 
Pemex Project Funding Master Trust,           
Gtd Note  9.125  10-13-10  BBB  1,065  1,246,050 
Petro-Canada,           
Deb (Canada)  9.250  10-15-21  BBB  1,000  1,344,300 
 

 

Integrated Telecommunication Services 4.00% 

        9,974,984 
AT&T Corp.,           
Med Term Note  8.350  05-15-25  BB+  500  511,250 
Sr Note (P)  9.750  11-15-31  BB+  490  620,463 
Bellsouth Corp.,           
Deb  6.300  12-15-15  A  1,074  1,120,267 
France Telecom S.A.,           
Note (France) (P)  7.750  03-01-11  A-  915  1,038,954 
Qwest Capital Funding, Inc.,           
Gtd Note (L)  7.000  08-03-09  B  1,700  1,661,750 
SBC Communications, Inc.,           
Note  5.100  09-15-14  A  830  822,459 
Sprint Capital Corp.,           
Gtd Sr Note  6.900  05-01-19  A-  1,000  1,119,544 
Gtd Sr Note  6.875  11-15-28  A-  820  905,834 
Telecom Italia Capital,           
Gtd Note (Luxembourg) (S)  4.950  09-30-14  BBB+  1,500  1,451,598 
Telefonos de Mexico, S.A. de C.V.,           
Note (Mexico)  5.500  01-27-15  BBB  735  722,865 
 

 

It Consulting & Other Services 0.55% 

        1,362,574 
NCR Corp.,           
Note  7.125  06-15-09  BBB-  375  397,574 
Unisys Corp.,           
Sr Note (L)  6.875  03-15-10  BB+  1,000  965,000 
 

 

Leisure Facilities 0.29% 

        722,750 
Cinemark USA, Inc.,           
Sr Sub Note (L)  9.000  02-01-13  B-  700  722,750 
 

 

Leisure Products 0.12% 

        300,000 
K2, Inc.,           
Sr Note  7.375  07-01-14  BB  300  300,000 
 

 

Metal & Glass Containers 1.10% 

        2,750,100 
BWAY Corp.,           
Gtd Sr Sub Note  10.000  10-15-10  B-  1,085  1,150,100 
Owens-Brockway Glass Container, Inc.,           
Gtd Sr Sec Note  8.750  11-15-12  BB-  1,000  1,080,000 
Gtd Sr Note  8.250  05-15-13  B  500  520,000 
 

 

Multi-Line Insurance 0.83% 

        2,057,274 
American International Group,           
Note (S)  5.050  10-01-15  AA  700  695,656 
Assurant, Inc.,           
Sr Note  6.750  02-15-34  BBB+  490  527,101 

Page 6

John Hancock             
Investors Trust             
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
Massachusetts Mutual Life Insurance Co.,           
Surplus Note (S)    7.625  11-15-23  AA  470  581,716 
Phoenix Life Insurance,             
Surplus Note (S)    7.150  12-15-34  BBB+  255  252,801 
 

 

Multi-Media 0.66% 

          1,643,134 
News America Holdings,             
Gtd Sr Deb      7.750  01-20-24  BBB  980  1,124,189 
Time Warner, Inc.,             
Deb      9.125  01-15-13  BBB+  425  518,945 
 

 

Multi-Utilities & Unregulated Power  1.21% 

        3,002,753 
CalEnergy Co., Inc.,             
Sr Bond      8.480  09-15-28  BBB-  525  676,723 
Dynegy-Roseton Danskamme,             
Gtd Pass Thru Ctf Ser B    7.670  11-08-16  B  500  497,500 
Salton Sea Funding Corp.,             
Sr Sec Note Ser C    7.840  05-30-10  BB+  1,744  1,828,530 
 

 

Office Services & Supplies 0.40% 

          984,964 
Steelcase, Inc.,               
Sr Note      6.375  11-15-06  BBB-  980  984,964 
 

 

Oil & Gas Drilling 1.12% 

          2,784,256 
Alberta Energy Co., Ltd.,             
Note (Canada)      8.125  09-15-30  A-  685  903,657 
Delek & Avner-Yam Tethys,             
Sr Sec Note (Israel) (S)    5.326  08-01-13  BBB-  393  386,849 
Gazprom,               
Loan Part Note (Russia) (S)    9.625  03-01-13  BB  1,000  1,241,250 
Grant Prideco, Inc.,             
Sr Note (S)      6.125  08-15-15  BB  250  252,500 
 

 

Oil & Gas Exploration & Production  0.21% 

        526,250 
Plains Exploration & Production Co.,             
Sr Note      7.125  06-15-14  BB-  500  526,250 
 

 

Oil & Gas Refining, Marketing & Transportation 0.79% 

        1,978,981 
Enterprise Products Operating, L.P.,             
Gtd Sr Note Ser B    5.600  10-15-14  BB+  1,000  996,481 
Reliant Energy Inc.,             
Sr Sec Note      6.750  12-15-14  B+  1,000  982,500 
 

 

Paper Packaging  1.00% 

          2,485,375 
MDP Acquisitions Plc,             
Sr Note (Ireland)    9.625  10-01-12  B-  1,250  1,256,250 
Stone Container Corp.,             
Sr Note      9.750  02-01-11  B  275  279,125 
Sr Note      8.375  07-01-12  B  1,000  950,000 

Page 7

John Hancock             
Investors Trust             
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
Paper Products 0.51%            1,268,750 
Abitibi-Consolidated Co.,             
Gtd Sr Note (Canada)    6.950  12-15-06  BB-  1,250  1,268,750 
 

 

Pharmaceuticals 1.30% 

          3,246,580 
Medco Health Solutions, Inc.,             
Sr Note    7.250  08-15-13  BBB  1,550  1,708,240 
Wyeth,             
Note    5.500  03-15-13  A  1,500  1,538,340 
 

 

Property & Casualty Insurance 0.63% 

        1,569,832 
Markel Corp.,             
Sr Note    7.350  08-15-34  BBB-  515  552,668 
Ohio Casualty Corp.,             
Note    7.300  06-15-14  BB  750  808,367 
URC Holdings Corp.,             
Sr Note (S)    7.875  06-30-06  AA-  205  208,797 
 

 

Publishing 0.17% 

          431,566 
Dex Media West,             
Gtd Sr Sub Note    9.875  08-15-13  B  391  431,566 
 

 

Real Estate Investment Trusts 1.30% 

        3,235,745 
Healthcare Realty Trust, Inc.,             
Sr Note    8.125  05-01-11  BBB-  165  184,586 
iStar Financial, Inc.,             
Sr Note    7.000  03-15-08  BBB-  785  818,926 
ProLogis,             
Note    5.500  03-01-13  BBB+  980  1,000,794 
Simon Property Group, L.P.,             
Note    5.100  06-15-15  BBB+  1,000  980,189 
Ventas Realty, L.P./Capital Corp.,             
Sr Note    6.625  10-15-14  BB  250  251,250 
 

 

Real Estate Management & Development 0.54% 

        1,352,153 
Post Apartment Homes,             
Sr Note    5.125  10-12-11  BBB  830  831,105 
Socgen Real Estate Co., LLC,             
Perpetual Bond Ser A (7.640% to 09-30-07 then           
variable) (S)    7.640  12-29-49  A  495  521,048 
 

 

Regional Banks 1.74% 

          4,327,253 
Colonial Capital II,             
Gtd Cap Sec Ser A    8.920  01-15-27  BB  1,029  1,089,986 
Crestar Capital Trust I,             
Gtd Capital Security    8.160  12-15-26  A-  880  943,913 
First Chicago NDB Institutional Capital,           
Gtd Cap Bond Ser A (S)    7.950  12-01-26  A1  500  533,423 
Greater Bay Bancorp,             
Sr Note (S)    5.125  04-15-10  BBB-  540  538,291 
NB Capital Trust IV,             
Gtd Cap Security    8.250  04-15-27  A  1,130  1,221,640 

Page 8

John Hancock           
Investors Trust           
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
Specialized Finance 1.35%          3,369,078 
ASG Consolidated LLC,           
Sr Disc Note (Zero to 11-1-08, then 11.500%)           
(O)  Zero  11-01-11  B-  1,180  902,700 
Astoria Depositor Corp.,           
Pass Thru Ctf Ser B (G)(S)  8.144  05-01-21  BB  750  750,000 
Bosphorous Financial Services,           
Sec Floating Rate Note (P)(S)  5.590  02-15-12  Baa3  500  485,058 
ESI Tractebel Acquistion Corp.,           
Gtd Sec Bond Ser B  7.990  12-30-11  BB  999  1,047,755 
Humpuss Funding Corp.,           
Gtd Note (S)  7.720  12-15-09  B2  187  183,565 
 

 

Telecommunication Services 0.80% 

        2,002,333 
Intelsat Ltd,           
Sr Note (Bermuda) (L)(P)(S)  8.695  01-15-12  B+  450  457,875 
Telus Corp.,           
Note (Canada)  8.000  06-01-11  BBB  1,350  1,544,458 
 

 

Telecommunications Equipment 0.77% 

        1,929,498 
Corning, Inc.,           
Med Term Note  8.300  04-04-25  Ba2  1,150  1,193,779 
Note  6.050  06-15-15  BBB-  740  735,719 
 

 

Thrifts & Mortgage Finance 8.65% 

        21,554,270 
Bear Stearns Alt-A Trust,           
Collateralized Mtg Obligation Ser 2005-3 Class           
B2 (P)  5.407  04-25-35  AA+  439  437,529 
Bear Stearns Commercial Mortgage Securities, Inc.,           
Commercial Sub Bond Ser 2004-ESA Class C (S)  4.937  05-14-16  AA  1,000  1,003,799 
Chaseflex Trust,           
Pass Thru Ctf Ser 2005-2 Class 4A1  5.000  05-25-20  AAA  1,220  1,213,156 
ContiMortgage Home Equity Loan Trust,           
Pass Thru Ctf Ser 1995-2 Class A-5  8.100  08-15-25  AAA  156  163,068 
Countrywide Alternative Loan Trust,           
Mtg Asset Backed Pass Thru Ctf Ser 2004-24CB           
Class 1A1  6.000  11-25-34  AAA  1,004  1,014,281 
Mtg Asset Backed Pass Thru Ctf Ser 2005-J1           
Class 3A1  6.500  08-25-32  AAA  584  593,435 
Countrywide Home Loans Servicing, L.P.,           
Mtg Asset Backed Pass Thru Ctf Ser 2005-21           
Class A1  5.500  10-25-35  Aaa  4,259  4,257,117 
Mtg Asset Backed Pass Thru Ctf Ser 2005-6           
Class 2A1  5.500  04-25-35  Aaa  694  691,922 
Crown Castle Towers LLC,           
Commercial Mtg Pass Thru Ctf Ser 2005-1A Class           
D (S)  5.612  06-15-35  Baa2  655  650,292 
DLJ Mortgage Acceptance Corp.,           
Commercial Mtg Pass Thru Ctf Ser 1996-CFI           
Class B (S)  8.356  03-13-28  AAA  1,441  1,454,954 
First Horizon Alternative Mortgage Securities,           
Mtg Pass Thru Ctf Ser 2004-AA5 Class B1 (P)  5.261  12-25-34  AA  314  312,068 

Page 9

John Hancock             
Investors Trust           
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
Global Signal Trust,             
Sub Bond Ser 2004-1A Class D (S)  5.098  01-15-34  BBB  2,000  1,975,138 
Sub Bond Ser 2004-2A Class D (S)  5.093  12-15-14  Baa2  385  374,593 
GSR Mortgage Loan Trust,           
Mtg Pass Thru Ctf Ser 2004-9 Class B1 (G)(P)  4.445  08-25-34  AA  704  696,881 
Indymac Index Mortgage Loan Trust,           
Asset Backed Ctf Ser 2004-AR13 Class B1  5.296  01-25-35  AA  469  467,090 
Asset Backed Ctf Ser 2005-AR5 Class B1 (P)  5.448  05-25-35  AA  508  508,230 
JP Morgan Chase Commercial Mortgage Security Corp.,           
Mtg Pass Thru Ctf Ser 2005-LDP4 Class B  5.129  10-15-42  Aa2  1,965  1,954,075 
Provident Funding Mortgage Loan Trust,           
Mtg Pass Thru Ctf Ser 2005-1 Class B1 (P)  4.381  05-25-35  AAA  319  314,523 
Sovereign Capital Trust I,           
Gtd Cap Security    9.000  04-01-27  BB  1,000  1,076,777 
Washington Mutual, Inc.,             
Mtg Ln Pass Thru Ctf Ser 2005-AR4 Class B1  4.684  04-25-35  AA  1,456  1,423,298 
Mtg Ln Pass Thru Ctf Ser 2005-6 Class 1CB  6.500  08-25-35  AAA  946  972,044 
 

 

Tobacco 0.42% 

          1,050,000 
Commonwealth Brands, Inc.,           
Sr Sec Sub Note (G)(S)  10.625  09-01-08  B  1,000  1,050,000 
 

 

Utilities Other 0.25% 

          624,804 
Magellan Midstream Partners, L.P.,           
Note    6.450  06-01-14  BBB  590  624,804 
 

 

Wireless Telecommunication Service 2.60% 

        6,464,530 
America Movil S.A. de C.V.,           
Sr Note (Mexico)    5.750  01-15-15  BBB  1,225  1,229,245 
AT&T Wireless Services, Inc.,           
Sr Note    8.750  03-01-31  A  1,475  1,990,952 
Dobson Communications Corp.,           
Sr Note (L)    8.875  10-01-13  CCC  1,000  1,000,000 
Mobile Telesystems Finance S.A.,           
Gtd Sr Note (Luxembourg) (L)(S)  9.750  01-30-08  BB-  350  378,000 
Nextel Communications, Inc.,           
Sr Note Ser D    7.375  08-01-15  A-  1,250  1,338,208 
Rogers Wireless, Inc.,             
Sr Sub Note (Canada) (L)  8.000  12-15-12  B+  500  528,125 
 

 

 

      Credit     
Issuer, description        rating (A)  Shares  Value 
Preferred stocks  1.52%          $3,786,005 
(Cost $3,749,171)             
 
Agricultural Products  0.42%          1,044,141 
Ocean Spray Cranberries, Inc., 6.25%, Ser A (S)      BB+  12,500  1,044,141 
 

 

Diversified Banks 0.40% 

        1,008,522 
Abbey National Plc, 7.375% (United Kingdom)      A-  38,700  1,008,522 

Page 10

John Hancock             
Investors Trust             
Securities owned by the Fund on           
September 30, 2005 (unaudited)           
 
Diversified Financial Services  0.40%          997,200 
ABN AMRO Capital Funding Trust VII, 6.08%      A  40,000  997,200 
 

 

Multi-Utilities & Unregulated Power 0.22% 

        547,967 
Dominion CNG Capital Trust I, 7.80%      BBB-  21,100  547,967 
 

 

Real Estate Investment Trusts 0.08% 

        188,175 
Public Storage, Inc., 6.50%, Depositary Shares, Ser W      BBB+  7,500  188,175 
 

 

 

  Interest  Maturity  Credit  Par value   
Issuer, description    rate (%)  date  rating (A)  ($000)  Value 
 
U.S. government and agencies securities          $74,140,792 
29.76%             
(Cost $74,557,237)             
 
Government U.S. 8.14%            20,291,781 
United States Treasury,             
Bond (L)    10.625  08-15-15  AAA  5,000  7,482,225 
Bond (L)    9.125  05-15-18  AAA  555  800,566 
Bond    6.875  08-15-25  AAA  500  644,571 
Bond (L)    5.375  02-15-31  AAA  6,210  6,957,138 
Note (L)    4.250  08-15-15  AAA  4,435  4,407,281 
 

 

Government U.S. Agency 21.62% 

        53,849,011 
Federal Home Loan Bank,             
Bond    4.600  04-11-08  AAA  2,470  2,461,916 
Federal Home Loan Mortgage Corp.,           
20 Yr Pass Thru Ctf    11.250  01-01-16  AAA  33  35,337 
30 Yr Pass Thru Ctf    6.000  08-01-34  AAA  8,819  8,974,334 
30 Yr Pass Thru Ctf    6.000  02-01-35  AAA  430  437,822 
CMO REMIC 2901-UB    5.000  03-15-33  AAA  4,270  4,205,641 
CMO REMIC 2978    5.500  01-15-31  AAA  2,590  2,602,479 
CMO REMIC 2979-JD    5.500  08-15-31  AAA  2,535  2,548,311 
Federal National Mortgage Assn.,             
15 Yr Pass Thru Ctf    7.500  02-01-08  AAA  12  12,038 
15 Yr Pass Thru Ctf    7.000  09-01-10  AAA  35  37,095 
15 Yr Pass Thru Ctf    7.000  10-01-12  AAA  20  20,554 
15 Yr Pass Thru Ctf    7.000  04-01-17  AAA  58  60,867 
30 Yr Pass Thru Ctf    6.000  11-01-34  AAA  2,153  2,189,961 
30 Yr Pass Thru Ctf (M)    6.000  10-01-35  AAA  4,510  4,586,388 
30 Yr Pass Thru Ctf    6.000  05-01-35  AAA  4,758  4,838,194 
30 Yr Pass Thru Ctf    5.500  05-01-34  AAA  1,023  1,023,316 
30 Yr Pass Thru Ctf    5.500  04-01-35  AAA  690  690,221 
30 Yr Pass Thru Ctf    5.500  06-01-35  AAA  706  705,925 
30 Yr Pass Thru Ctf    5.500  07-01-35  AAA  11,586  11,584,561 
CMO REMIC 2003-17-QT    5.000  08-25-27  AAA  1,595  1,590,786 
Note    6.000  05-30-25  AAA  1,652  1,630,980 
Note (L)    5.000  04-19-10  AAA  2,470  2,469,760 
Financing Corp.,             
Bond    9.400  02-08-18  Aaa  785  1,115,236 
Government National Mortgage Assn.,           
30 Yr Pass Thru Ctf    10.000  11-15-20  AAA  7  7,749 
30 Yr Pass Thru Ctf    9.500  01-15-21  AAA  5  5,009 

Page 11

John Hancock             
Investors Trust             
Securities owned by the Fund on           
September 30, 2005 (unaudited)           

 

30 Yr Pass Thru Ctf 

  9.500  02-15-25  AAA  13  14,531 

 

 

  Interest  Credit    Par value   
Issuer, description, maturity date    rate (%)  rating (A)    ($000)  Value 
Short-term investments 0.94%          $2,333,000 
(Cost $2,332,594)             
 
Government U.S. Agency 0.93%          2,300,000 
Federal Home Loan Bank,             
Disc Note 10-3-05    Zero  AAA    2,300  2,300,000 

 

Joint Repurchase Agreement 0.01% 

        33,000 
Investment in a joint repurchase agreement           
transaction with Morgan Stanley - Dated 9-30-05 due           
10-3-05 (Secured by U.S. Treasury Inflation Indexed           
Bond 3.875% due 4-15-32)    3.250      33  33,000 
 

 

Total investments  100.00% 

        $249,108,481 

Page 12

John Hancock
Investors Trust
Financial futures contracts
September 30, 2005 (unaudited)

  Number of      Appreciation 
Open contracts  contracts  Position  Expiration  (depreciation) 
U.S. 10-Year Treasury Note  320  Short  Dec 05  $244,121 
U.S. 10-Year Treasury Note  025  Short  Dec 05  $27,169 
        $271,290 

Financial futures contracts

John Hancock
Investors Trust
Footnotes to Schedule of Investments
September 30, 2005 (unaudited)

(A)      Credit ratings are unaudited and are rated by Moody's Investors Service where Standard & Poor's ratings are not available, unless indicated otherwise.
 
(B)      This security is fair valued in good faith under procedures established by the Board of Trustees.
 
(G)      Security rated internally by John Hancock Advisers, LLC.
 
(H)      Non-income-producing issuer filed for protection under the Federal Bankruptcy Code or is in default of interest payment.
 
(L)      All or a portion of this security is on loan as of September 30, 2005.
 
(M)      These securities having an aggregate value of $4,586,388, or 1.84% of the Fund's net assets, have been purchased as forward commitments--that is, the Fund has agreed on trade date to take delivery of and to make payment for these securities on a delayed basis subsequent to the date of this schedule. The purchase price and interest rate of these securities are fixed at trade date, although the Fund does not earn any interest on these until settlement date. The fund has segregated assets with a current value at least equal to the amount of the forward commitments.
 
  Accordingly, the market value of $4,755,123 of Federal Home Loan Bank, 6.000%, 8-1-34 and Federal National Mortgage Assn., 6.000%, 5-1-35 have been segregated to cover the forward commitments.
 
(O)      Cash interest will be paid on this obligation at the stated rate beginning on the stated date.
 
(P)      Represents rate in effect on September 30, 2005.
 
(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 $34,547,061 or 13.87% of the Fund's total investments as of September 30, 2005.
 
  Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer; however, security is U.S. dollar-denominated.
 
  The percentage shown for each investment category is the total value of that category as a percentage of the total investments of the Fund.
 
  The cost of investments owned on September 30, 2005, including short-term investments, was $248,202,819. Gross unrealized appreciation and depreciation of investments aggregated $4,749,462 and $3,843,800, respectively, resulting in net unrealized appreciation of $905,662.
 

Footnotes to Schedule of Investments - Page 1


ITEM 2. CONTROLS AND PROCEDURES.

(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.

(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.

ITEM 3. EXHIBITS.

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.

SIGNATURES

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.

John Hancock Investors Trust

By: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: November 28, 2005

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.

By: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: November 28, 2005

By: /s/ John G. Vrysen
-------------------------------------
John G. Vrysen
Executive Vice President and Chief Financial Officer

Date: November 28, 2005