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 P. Ouellette, Senior Counsel 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: 

 March 31, 2007 

ITEM 1. SCHEDULE OF INVESTMENTS




John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
 
  Interest  Maturity  Credit  Par value   
Issuer, description  rate (%)  date  rating (A)  ($000)  Value 

Bonds 57.65%          $143,409,453 
(Cost $142,226,808)           
 
Aerospace & Defense 0.08%          198,250 

L-3 Communications Corp.,           
Gtd Sr Sub Note Ser B  6.375  10-15-15  BB+  200  198,250 
 
Agricultural Products 0.20%          501,250 

Cosan SA Industria e Comercio,           
Gtd Sr Perpetual Bond (Brazil) (S)  8.250  02-15-49  BB  500  501,250 
 
Airlines 0.41%          1,014,657 

Continental Airlines, Inc.,           
Pass Thru Ctf Ser 1999-1 Class A  6.545  02-02-19  A-  382  397,133 
Pass Thru Ctf Ser 2000-2           
Class B (L)  8.307  10-02-19  BB-  393  409,673 
Pass Thru Ctf Ser 2001-1 Class C  7.033  06-15-11  B+  206  207,851 
 
Broadcasting & Cable TV 2.83%          7,042,875 

Canadian Satellite Radio Holdings, Inc.,           
Sr Note (Canada) (G)  12.750  02-15-14  CCC+  2,000  2,055,000 
Charter Communications Holdings II, LLC/Charter           
Communications Holdings II, Capital Corp.,           
Sr Note  10.250  09-15-10  CCC-  2,000  2,110,000 
Shaw Communications, Inc.,           
Sr Note (Canada)  8.250  04-11-10  BB+  1,000  1,070,000 
Videotron Ltee,           
Gtd Sr Note (Canada)  6.375  12-15-15  B+  300  294,750 
XM Satellite Radio, Inc.,           
Gtd Sr Note  9.750  05-01-14  CCC  1,500  1,513,125 
 
Building Products 0.37%          930,000 

Masonite International Corp.,           
Sr Sub Note (Canada) (G)(S)  11.000  04-06-15  CCC+  1,000  930,000 
 
Casinos & Gaming 3.89%          9,664,425 

Chukchansi Economic Development Auth,           
Sr Note (S)  8.000  11-15-13  BB-  440  454,850 
Great Canadian Gaming Corp.,           
Gtd Sr Sub Note (Canada) (S)  7.250  02-15-15  B+  1,000  1,006,250 
Jacobs Entertainment, Inc.,           
Gtd Sr Note  9.750  06-15-14  B-  1,000  1,022,500 
Little Traverse Bay Bands of Odawa Indians,           
Sr Note (S)  10.250  02-15-14  B  1,000  1,030,000 
Mashantucket West Pequot,           
Bond (S)  5.912  09-01-21  BBB-  275  264,745 
Mohegan Tribal Gaming Authority,           
Sr Sub Note (L)  7.125  08-15-14  B  1,000  1,015,000 

Page 1


John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
MTR Gaming Group, Inc.,           
Gtd Sr Note Ser B  9.750  04-01-10  B+  800  834,000 
Gtd Sr Sub Note Ser B  9.000  06-01-12  B-  350  364,000 
Pokagon Gaming Authority,           
Sr Note (S)  10.375  06-15-14  B  500  551,250 
Seneca Gaming Corp.,           
Sr Note  7.250  05-01-12  BB  1,000  1,006,250 
Trump Entertainment Resorts, Inc.,           
Gtd Sec Note  8.500  06-01-15  B-  1,000  1,010,000 
Waterford Gaming, LLC           
Sr Note (S)  8.625  09-15-12  BB-  1,043  1,105,580 
 
Commodity Chemicals 0.61%          1,517,500 

Lyondell Chemical Co.,           
Gtd Sr Sub Note  10.875  05-01-09  B  500  502,500 
Sterling Chemicals, Inc.,           
Sr Sec Note (S)  10.250  04-01-15  B-  1,000  1,015,000 
 
Construction & Farm Machinery & Heavy Trucks  0.21%          510,000 

Manitowoc Co., Inc. (The),           
Gtd Sr Note  7.125  11-01-13  BB-  500  510,000 
 
Consumer Finance 1.19%          2,956,421 

Capital One Capital IV,           
Gtd Sub Bond (L)  6.745  02-17-37  BBB-  355  340,114 
Ford Motor Credit Co.,           
Note  7.375  10-28-09  B  1,925  1,921,462 
HSBC Finance Capital Trust IX,           
Gtd Note (5.911% to 11-30-15 then           
variable)  5.911  11-30-35  A  700  694,845 
 
Diversified Banks 1.58%          3,939,974 

Bank of New York,           
Cap Security (S)  7.780  12-01-26  A-  620  644,702 
Barclays Bank Plc,           
Perpetual Bond (6.86% to 6-15-32           
then variable) (United           
Kingdom) (S)  6.860  09-29-49  A+  1,595  1,692,234 
Chuo Mitsui Trust & Banking Co.,           
Perpetual Sub Note (5.506% to           
4-15-15 then variable) (Japan) (S)  5.506  12-15-49  Baa1  905  874,010 
Royal Bank of Scotland Group Plc,           
Perpetual Bond (7.648% to 9-30-31           
then variable) (United Kingdom)  7.648  08-29-49  A  630  729,028 
 
Diversified Chemicals 0.79%          1,974,550 

NOVA Chemicals Corp.,           
Med Term Note (Canada)  7.400  04-01-09  B+  1,955  1,974,550 

Page 2


John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
Diversified Commercial & Professional Services  0.95%          2,353,434 

ARAMARK Corp.,           
Sr Note (S)  8.500  02-01-15  B-  585  608,400 
Sr Note (P)(S)  8.860  02-01-15  B-  585  601,087 
Hutchison Whampoa International Ltd.,           
Gtd Sr Note (Cayman Islands) (S)  6.500  02-13-13  A-  750  791,322 
MSX International, Inc.,           
Sr Sec Note (S)  12.500  04-01-12  CCC+  350  352,625 
 
Diversified Financial Services 1.77%          4,390,665 

Beaver Valley Funding Corp.,           
Sec Lease Obligation Bond  9.000  06-01-17  BBB-  915  1,040,812 
Cosan Finance Ltd.,           
Gtd Bond (Brazil) (S)  7.000  02-01-17  BB  820  807,700 
Independencia International Ltd.,           
Gtd Sr Bond (S)  9.875  01-31-17  B  1,280  1,308,800 
Orascom Telecom Finance,           
Gtd Note (Luxembourg) (L)(S)  7.875  02-08-14  B-  360  354,600 
St. George Funding Co.,           
Perpetual Bond (8.485% to 6-30-17           
then variable) (Australia) (S)  8.485  12-31-49  Baa1  840  878,753 
 
Diversified Metals & Mining 0.50%          1,231,600 

Freeport McMoRan Copper & Gold, Inc.,           
Sr Note  8.375  04-01-17  BB  220  237,875 
Sr Note  6.875  02-01-14  BBB-  500  513,125 
Vedanta Resources Plc,           
Sr Note (United Kingdom) (S)  6.625  02-22-10  BB  480  480,600 
 
Electric Utilities 2.86%          7,120,122 

AES Eastern Energy LP,           
Pass Thru Ctf Ser 1999-A  9.000  01-02-17  BB+  1,164  1,295,356 
BVPS II Funding Corp.,           
Collateralized Lease Bond  8.890  06-01-17  BBB-  700  799,115 
CE Generation LLC,           
Sr Sec Note  7.416  12-15-18  BB+  725  757,431 
FPL Energy National Wind,           
Sr Sec Note (S)  5.608  03-10-24  BBB-  344  339,794 
HQI Transelect Chile SA,           
Sr Note (Chile)  7.875  04-15-11  BBB-  1,175  1,257,181 
Indiantown Cogeneration LP,           
1st Mtg Note Ser A-9  9.260  12-15-10  BB+  364  382,952 
IPALCO Enterprises, Inc.,           
Sr Sec Note  8.625  11-14-11  BB-  315  339,806 
PNPP II Funding Corp.,           
Deb  9.120  05-30-16  BBB-  459  518,821 
System Energy Resources, Inc.,           
Sec Bond (S)  5.129  01-15-14  BBB  368  360,040 
TXU Corp.,           
Sec Bond  7.460  01-01-15  BB  525  536,069 
Waterford 3 Funding Corp.,           
Sec Lease Obligation Bond  8.090  01-02-17  BBB-  516  533,557 

Page 3


John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
Electrical Components & Equipment  0.15%          375,412 

Baldor Electric Co.,           
Gtd Sr Note  8.625  02-15-17  B  355  375,412 
 
Electronic Equipment Manufacturers  0.31%          781,545 

Thomas & Betts Corp.,           
Sr Note  7.250  06-01-13  BBB-  745  781,545 
 
Health Care Facilities  0.78%          1,930,570 

Hanger Orthopedic Group, Inc.,           
Gtd Sr Note  10.250  06-01-14  CCC+  1,000  1,062,500 
Manor Care, Inc.,           
Gtd Note  6.250  05-01-13  BBB  855  868,070 
 
Hotels, Resorts & Cruise Lines 0.96%          2,393,472 

HRP Myrtle Beach Operations LLC/HRP Myrtle           
Beach Operations Capital Corp.,           
Sr Sec Floating Rate Note (P)(S)  10.120  04-01-12  B  1,335  1,341,675 
Hyatt Equities LLC,           
Note (S)  6.875  06-15-07  BBB+  1,050  1,051,797 
 
Industrial Conglomerates 0.25%          628,500 

Waste Services, Inc.,           
Gtd Sr Sub Note  9.500  04-15-14  CCC  600  628,500 
 
Industrial Machinery  0.18%          445,330 

Trinity Industries, Inc.,           
Pass Thru Ctf (S)  7.755  02-15-09  Baa2  439  445,330 
 
Integrated Oil & Gas  0.77%          1,912,724 

Pemex Project Funding Master Trust,           
Gtd Note  9.125  10-13-10  BBB  565  632,518 
Petro-Canada,           
Deb (Canada)  9.250  10-15-21  BBB  1,000  1,280,206 
 
Integrated Telecommunication Services 2.32%          5,778,133 

Axtel SAB de CV,           
Sr Note (Mexico) (S)  7.625  02-01-17  BB-  810  797,850 
Bellsouth Corp.,           
Deb  6.300  12-15-15  A  960  989,694 
Cincinnati Bell, Inc.,           
Sr Sub Note (L)  8.375  01-15-14  B-  1,000  1,022,500 
Citizens Communications Co.,           
Sr Bond (S)  7.125  03-15-19  BB+  530  524,700 
Qwest Capital Funding, Inc.,           
Gtd Note (L)  7.000  08-03-09  B+  1,700  1,721,250 
Telefonos de Mexico SA de CV,           
Sr Note (Mexico)  5.500  01-27-15  BBB+  735  722,139 

Page 4


John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
Investment Banking & Brokerage 0.32%          792,675 

Mizuho Financial Group Cayman Ltd.,           
Gtd Sub Bond (Cayman Islands)  8.375  12-29-49  A2  750  792,675 
 
It Consulting & Other Services 0.56%          1,385,822 

NCR Corp.,           
Note  7.125  06-15-09  BBB-  375  385,822 
Unisys Corp.,           
Sr Note  6.875  03-15-10  B+  1,000  1,000,000 
 
Life & Health Insurance 0.20%          488,148 

Phoenix Cos., Inc. (The),           
Bond  6.675  02-16-08  BBB  485  488,148 
 
Marine 0.93%          2,311,937 

Minerva Overseas Ltd.,           
Gtd Note (Cayman Islands) (S)  9.500  02-01-17  B  1,255  1,270,687 
Navios Maritime Holdings,           
Sr Note (Marshall Islands) (S)  9.500  12-15-14  B  1,000  1,041,250 
 
Metal & Glass Containers 1.09%          2,711,644 

BWAY Corp.,           
Gtd Sr Sub Note  10.000  10-15-10  B-  1,085  1,137,894 
Owens-Brockway Glass Container, Inc.,           
Gtd Sr Note  8.250  05-15-13  B  500  521,250 
Gtd Sr Sec Note  8.750  11-15-12  BB-  1,000  1,052,500 
 
Multi-Line Insurance 0.51%          1,278,121 

Liberty Mutual Group,           
Bond (S)  7.500  08-15-36  BBB  515  550,208 
Sul America Partecipacoes SA,           
Bond (Brazil) (L)(S)  8.625  02-15-12  B  705  727,913 
 
Multi-Media 0.48%          1,204,859 

News America Holdings,           
Gtd Sr Deb  7.750  01-20-24  BBB  980  1,107,247 
Quebecor Media, Inc.,           
Sr Note (Canada)  7.750  03-15-16  B  95  97,612 
 
Multi-Utilities 1.04%          2,580,250 

CalEnergy Co., Inc.,           
Sr Bond  8.480  09-15-28  BBB+  525  660,712 
Dynegy-Roseton Danskamme,           
Gtd Pass Thru Ctf Ser B  7.670  11-08-16  B  500  530,000 
Salton Sea Funding Corp.,           
Sec Note Ser C  7.840  05-30-10  BBB-  1,343  1,389,538 
 
Oil & Gas Drilling 0.59%          1,476,764 

Delek & Avner-Yam Tethys Ltd.,           
Sr Sec Note (Israel) (S)  5.326  08-01-13  BBB-  301  294,264 

Page 5


John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
Gazprom,           
Loan Part Note (Germany) (S)  9.625  03-01-13  BBB  1,000  1,182,500 
 
Oil & Gas Equipment & Services  0.10%          248,125 

Grant Prideco, Inc.,           
Sr Note Ser B  6.125  08-15-15  BB+  250  248,125 
 
Oil & Gas Refining & Marketing  0.40%          997,716 

Enterprise Products Operations LP,           
Gtd Sr Note Ser B  5.600  10-15-14  BBB-  1,000  997,716 
 
Oil & Gas Storage & Transportation 0.37%          924,200 

Atlas Pipeline Partners LP,           
Gtd Sr Note  8.125  12-15-15  B+  140  144,200 
Copano Energy LLC,           
Gtd Sr Note  8.125  03-01-16  B  250  258,750 
Markwest Energy Partners LP/Markwest Energy           
Finance Corp.,           
Sr Note  8.500  07-15-16  B  500  521,250 
 
Packaged Foods & Meats 0.43%          1,067,900 

ASG Consolidated, LLC,           
Sr Disc Note (Zero to 11-1-08,           
then 11.500%) (O)  Zero  11-01-11  B-  1,180  1,067,900 
 
Paper Packaging  1.51%          3,766,811 

MDP Acquisitions Plc,           
Sr Note (Ireland)  9.625  10-01-12  B-  460  488,750 
Stone Container Corp.,           
Sr Note (S)  8.000  03-15-17  CCC+  1,425  1,392,938 
Sr Note  9.750  02-01-11  CCC+  859  882,623 
Sr Note (L)  8.375  07-01-12  CCC+  1,000  1,002,500 
 
Paper Products  0.14%          342,791 

Plum Creek Timber Co., Inc.,           
Gtd Note  5.875  11-15-15  BBB-  345  342,791 
 
Property & Casualty Insurance  0.32%          803,739 

Ohio Casualty Corp.,           
Sr Note  7.300  06-15-14  BBB-  750  803,739 
 
Publishing 0.17%          426,679 

Dex Media West,           
Gtd Sr Sub Note  9.875  08-15-13  B  391  426,679 
 
Real Estate Management & Development 0.18%          434,728 

Healthcare Realty Trust, Inc.,           
Sr Note  8.125  05-01-11  BBB-  165  179,728 
Ventas Realty LP/Capital Corp.,           
Sr Note  6.625  10-15-14  BB+  250  255,000 

Page 6


John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
Regional Banks 0.47%          1,175,333 

NB Capital Trust IV,           
Gtd Cap Security  8.250  04-15-27  A  1,130  1,175,333 
 
Restaurants 0.41%          1,020,000 

Dave & Buster's, Inc.,           
Gtd Sr Note  11.250  03-15-14  CCC+  1,000  1,020,000 
 
Specialized Finance 1.89%          4,689,445 

Astoria Depositor Corp.,           
Pass Thru Ctf Ser B (G)(S)  8.144  05-01-21  BB  750  822,840 
Bosphorous Financial Services,           
Sec Floating Rate Note (P)(S)  7.160  02-15-12  Baa2  500  505,026 
CCM Merger, Inc.,           
Note (S)  8.000  08-01-13  CCC+  1,000  1,005,000 
Drummond Co., Inc.,           
Sr Note (L)(S)  7.375  02-15-16  BB-  1,500  1,440,000 
ESI Tractebel Acquistion Corp.,           
Gtd Sec Bond Ser B  7.990  12-30-11  BB  897  916,579 
 
Specialty Chemicals 0.23%          581,950 

American Pacific Corp.,           
Sr Note (S)  9.000  02-01-15  B  565  581,950 
 
Specialized REITs 0.14%          351,263 

Health Care REIT, Inc.,           
Sr Note  6.200  06-01-16  BBB-  345  351,263 
 
Steel 0.50%          1,236,000 

Metallurg Holdings, Inc.,           
Sr Sec Note (G)(S)  10.500  10-01-10  B-  1,200  1,236,000 
 
Thrifts & Mortgage Finance 17.81%          44,311,541 

Banc of America Funding Corp.,           
Mtg Pass Thru Ctf Ser 2006-B           
Class 6A1 (P)  5.882  03-20-36  AAA  1,055  1,065,554 
Mtg Pass Thru Ctf Ser 2006-D           
Class 6B2 (P)  5.959  05-20-36  AA  1,763  1,768,397 
Bank of America Commercial Mortgage, Inc.,           
Mtg Pass Thru Ctf Ser 2006-4           
Class A3A  5.600  07-10-46  AAA  1,200  1,221,264 
Bear Stearns Alt-A Trust,           
Mtg Pass Thru Ctf Ser 2005-3           
Class B2 (P)  5.308  04-25-35  AA+  438  436,413 
Mtg Pass Thru Ctf Ser 2006-4           
Class 3B1  6.342  07-25-36  AA  2,467  2,497,383 
Chaseflex Trust,           
Mtg Pass Thru Ctf Ser 2005-2           
Class 4A1  5.000  05-25-20  AAA  1,002  980,565 
Citigroup Mortgage Loan Trust, Inc.,           
Mtg Pass Thru Ctf Ser 2005-5           
Class 2A3  5.000  08-25-35  AAA  585  574,455 

Page 7


John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
Citigroup/Deutsche Bank Commercial Mortgage           
Securities,           
Mtg Pass Thru Ctf Ser 2005-CD1           
Class C (P)  5.226  07-15-44  AA  285  281,305 
ContiMortgage Home Equity Loan Trust,           
Pass Thru Ctf Ser 1995-2 Class A-5  8.100  08-15-25  AAA  99  102,059 
Countrywide Alternative Loan Trust,           
Mtg Pass Thru Ctf Ser 2004-24CB           
Class 1A1  6.000  11-25-34  AAA  646  646,754 
Mtg Pass Thru Ctf Ser 2005-6           
Class 2A1  5.500  04-25-35  Aaa  563  549,995 
Mtg Pass Thru Ctf Ser 2005-J1           
Class 3A1  6.500  08-25-32  AAA  413  418,237 
Mtg Pass Thru Ctf Ser 2006-11CB           
Class 3A1  6.500  05-25-36  Aaa  3,734  3,778,219 
Countrywide Home Loans Servicing LP,           
Mtg Pass Thru Ctf Ser 2005-21           
Class A1  5.500  10-25-35  Aaa  3,807  3,778,452 
Crown Castle Towers, LLC,           
CMO-REMIC Ser 2006-1A-G (S)  6.795  11-15-36  Ba2  1,000  1,002,942 
DB Master Finance LLC,           
Mtg Pass Thru Ctf Ser 2006-1           
Class M1 (S)  8.285  06-20-31  BB  1,000  1,022,830 
First Horizon Alternative Mortgage Securities,           
Mtg Pass Thru Ctf Ser 2004-AA5           
Class B1 (P)  5.222  12-25-34  AA  305  303,029 
Mtg Pass Thru Ctf Ser 2006-AA2           
Class B1 (G)(P)  6.200  05-25-36  AA  250  253,295 
Global Signal Trust,           
Sub Bond Ser 2004-2A Class D (S)  5.093  12-15-14  Baa2  385  378,833 
Sub Bond Ser 2006-1 Class E (S)  6.495  02-15-36  Baa3  370  369,949 
GMAC Commercial Mortgage Securities, Inc.,           
Mtg Pass Thru Ctf Ser 2002-C1           
Class A1  5.785  11-15-39  AAA  1,551  1,565,034 
GSR Mortgage Loan Trust,           
Mtg Pass Thru Ctf Ser 2004-9           
Class B1 (G)(P)  4.639  08-25-34  AA  1,188  1,178,381 
Mtg Pass Thru Ctf Ser 2006-4F           
Class 6A1  6.500  05-25-36  AAA  4,379  4,460,321 
Indymac Index Mortgage Loan Trust,           
Mtg Pass Thru Ctf Ser 2004-AR13           
Class B1  5.296  01-25-35  AA  428  428,791 
Mtg Pass Thru Ctf Ser 2005-AR5           
Class B1 (P)  5.384  05-25-35  AA  507  506,995 
JP Morgan Alternative Loan Trust,           
Mtg Pass Thru Ctf Ser 2005-S1           
Class 1A4  6.000  12-25-35  AAA  4,078  4,096,724 
JP Morgan Chase Commercial Mortgage Security           
Corp.,           
Mtg Pass Thru Ctf Ser 2005-LDP4           
Class B  5.129  10-15-42  Aa2  1,965  1,917,952 
Merrill Lynch Mortgage Investors Trust,           
Mtg Pass Thru Ctf Ser 2006-AF1           
Class MF1 (P)  6.101  08-25-36  AA  1,261  1,271,047 

Page 8


John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
Merrill Lynch Mortgage Trust,           
Mtg Pass Thru Ctf Ser 2005-CKI1           
Class A6 (P)  5.244  11-12-37  AAA  820  818,539 
Morgan Stanley Capital I,           
Mtg Pass Thru Ctf Ser 2005-IQ10           
Class A4A  5.230  09-15-42  AAA  1,180  1,170,941 
Nomura Asset Acceptance Corp.,           
Mtg Pass Thru Ctf Ser 2006-AF1           
Class CB1  6.540  06-25-36  AA  999  1,026,491 
Provident Funding Mortgage Loan Trust,           
Mtg Pass Thru Ctf Ser 2005-1           
Class B1 (P)  4.355  05-25-35  AA  386  379,237 
SBA CMBS Trust,           
Sub Bond Ser 2005-1A Class D (S)  6.219  11-15-35  Baa2  225  227,279 
Sub Bond Ser 2005-1A Class E (S)  6.706  11-15-35  Baa3  200  202,328 
Sovereign Capital Trust I,           
Gtd Cap Security  9.000  04-01-27  BB+  1,000  1,034,604 
Washington Mutual Alternative Loan Trust,           
Mtg Pass Thru Ctf Ser 2005-6           
Class 1CB  6.500  08-25-35  AAA  565  572,209 
Washington Mutual, Inc.,           
Mtg Pass Thru Ctf Ser 2005-AR4           
Class B1 (P)  4.672  04-25-35  AA  1,455  1,416,362 
Wells Fargo Mortgage Backed Securites Trust,           
Mtg Pass Thru Ctf Ser 2004-7           
Class 2A2  5.000  07-25-19  AAA  619  608,376 
 
Wireless Telecommunication Services 2.90%          7,209,603 

America Movil SA de CV,           
Sr Note (Mexico) (L)  5.750  01-15-15  BBB+  1,225  1,229,448 
Centennial Communications Corp.,           
Sr Note  10.000  01-01-13  CCC  1,000  1,078,750 
Crown Castle Towers LLC,           
Sub Bond Ser 2005-1A Class D  5.612  06-15-35  Baa2  655  652,447 
Dobson Communications Corp.,           
Sr Note (L)  8.875  10-01-13  CCC  1,000  1,030,000 
Mobile Telesystems Finance SA,           
Gtd Sr Note (Luxembourg) (S)  9.750  01-30-08  BB-  350  360,500 
Nextel Communications, Inc.,           
Sr Note Ser D  7.375  08-01-15  BBB+  1,250  1,292,874 
Rogers Wireless, Inc.,           
Sr Sub Note (Canada)  8.000  12-15-12  BB-  500  530,000 
Sprint Capital Corp.,           
Gtd Sr Note  6.900  05-01-19  BBB  1,000  1,035,584 
 
      Credit     
Issuer, description      rating (A)  Shares  Value 
Preferred stocks  1.61%          $3,996,870 
(Cost $3,916,289)           
 
Agricultural Products  0.43%          1,077,735 

Ocean Spray Cranberries, Inc., 6.25%, Ser A (S)      BB+  12,500  1,077,735 

Page 9


John Hancock           
Investors Trust   
Securities owned by the Fund on           
March 31, 2007 (unaudited)   
         
 
         
 
Diversified Metals & Mining 0.37%          908,735 

Freeport McMoRan Copper & Gold, Inc., 6.75%      B  8,500  908,735 
 
Multi-Utilities 0.41%          1,017,200 

Dominion CNG Capital Trust I, 7.80%      BB+  40,000  1,017,200 
 
Real Estate Management & Development 0.40%          993,200 

Public Storage, Inc., 6.50%, Depositary Shares,           
Ser W      BBB+  40,000  993,200 
      
  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 

U.S. government and agencies securities  39.48%        $98,216,703 
(Cost $97,807,702)           
 
Government U.S. Agency 39.48%          98,216,703 

Federal Home Loan Mortgage Corp.,           
20 Yr Pass Thru Ctf  11.250  01-01-16  AAA  17  17,944 
30 Yr Pass Thru Ctf  6.000  08-01-34  AAA  3,116  3,140,766 
30 Yr Pass Thru Ctf  6.000  02-01-35  AAA  341  344,951 
Adj Rate Mtg (P)  5.159  11-01-35  AAA  2,044  2,010,076 
CMO REMIC 2978  5.500  01-15-31  AAA  2,590  2,591,466 
CMO REMIC 3184-PD  5.500  07-15-34  AAA  1,000  991,660 
Federal National Mortgage Assn.,           
15 Yr Pass Thru Ctf  7.500  02-01-08  AAA  2  2,365 
15 Yr Pass Thru Ctf  7.000  09-01-10  AAA  18  18,877 
15 Yr Pass Thru Ctf  7.000  10-01-12  AAA  16  16,230 
15 Yr Pass Thru Ctf  7.000  04-01-17  AAA  37  37,621 
15 Yr Pass Thru Ctf  6.000  05-01-21  AAA  3,847  3,911,106 
30 Yr Pass Thru Ctf  6.500  07-01-36  AAA  4,232  4,317,663 
30 Yr Pass Thru Ctf  6.000  05-01-35  AAA  3,257  3,281,395 
30 Yr Pass Thru Ctf  6.000  08-01-35  AAA  1,841  1,855,429 
30 Yr Pass Thru Ctf  6.000  10-01-35  AAA  1,035  1,043,874 
30 Yr Pass Thru Ctf  6.000  04-01-36  AAA  1,854  1,868,207 
30 Yr Pass Thru Ctf  6.000  06-01-36  AAA  7,402  7,456,670 
30 Yr Pass Thru Ctf  6.000  08-01-36  AAA  5,918  5,962,504 
30 Yr Pass Thru Ctf  6.000  09-01-36  AAA  13,515  13,615,488 
30 Yr Pass Thru Ctf  6.000  11-01-36  AAA  6,879  6,929,803 
30 Yr Pass Thru Ctf  5.500  01-01-37  AAA  21,694  21,465,775 
30 Yr Pass Thru Ctf  5.500  04-01-35  AAA  569  563,847 
30 Yr Pass Thru Ctf  5.500  11-01-35  AAA  1,833  1,815,959 
30 Yr Pass Thru Ctf  5.500  01-01-36  AAA  2,337  2,314,526 
30 Yr Pass Thru Ctf  5.321  11-01-35  AAA  3,522  3,507,577 
CMO REMIC 2006-57-PD  5.500  01-25-35  AAA  1,445  1,429,456 
CMO Remic 2006-99-PD  5.500  01-25-35  AAA  4,913  4,887,816 
CMO REMIC 2006-67-PD  5.500  12-25-34  AAA  1,180  1,167,173 
Note  6.000  05-30-25  AAA  1,652  1,624,479 
Government National Mortgage Assn.,           
30 Yr Pass Thru Ctf  10.000  11-15-20  AAA  7  7,363 
30 Yr Pass Thru Ctf  9.500  01-15-21  AAA  4  4,691 
30 Yr Pass Thru Ctf  9.500  02-15-25  AAA  13  13,946 

Page 10


John Hancock         
Investors Trust         
Securities owned by the Fund on       
March 31, 2007 (unaudited)       
   
  Interest  Credit  Par value   
Issuer, description, maturity date  rate (%)  rating (A)  ($000)  Value 

Short-term investments  1.26%      $3,145,000 
(Cost $3,144,144)         
 
Government U.S. Agency 1.24%        3,100,000 

Federal Home Loan Bank ,         
Disc Note 4-2-07    AAA  3,100  3,100,000 
Joint Repurchase Agreement 0.02%      45,000 

Investment in a joint repurchase agreement       
transaction with Morgan Stanley — Dated       
3-30-07, due 4-2-07 (Secured by U.S. Treasury       
Inflation Indexed Note 1.625%, due 1-15-15).       
Maturity value: $45,019  5.150    45  45,000 
 
Total investments (Cost $247,094,943) 100.00%      $248,768,026 

Page 11


John Hancock
Investors Trust
Footnotes to Schedule of Investments
March 31, 2007 (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.

(G) Security rated internally by John Hancock Advisers, LLC.

(L) All or a portion of this security is on loan as of March 31, 2007.

(O) Cash interest will be paid on this obligation at the stated rate beginning on the stated date.

(P) Represents rate in effect on March 31, 2007.

(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 $37,807,918 or 15.20% of the Fund's total investments as of March 31, 2007.

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 March 31, 2007, including short-term investments, was $247,094,943. Gross unrealized appreciation and depreciation of investments aggregated $3,522,220 and $1,849,137, respectively, resulting in net unrealized appreciation of $1,673,083.

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 financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(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 financial 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: May 24, 2007

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: May 24, 2007

By: /s/ John G. Vrysen
-------------------------------------
John G. Vrysen
Chief Financial Officer

Date: May 24, 2007