a_investorstrust.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 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:  October 31 
 
 
Date of reporting period:  January 31, 2009 

 

ITEM 1. SCHEDULE OF INVESTMENTS




John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Bonds 70.31%               $81,136,743 
(Cost $119,520,241)           
 
Aerospace & Defense 0.16%          187,500 
L-3 Communications Corp.,           
   Gtd Sr Sub Note Ser B (Z)  6.375%  10/15/15  BB+  $200  187,500 
 
Airlines 1.55%          1,784,877 
Continental Airlines, Inc.,           
   Pass Thru Ctf Ser 1999-1 Class A (Z)  6.545  02/02/19  A-  365  310,301 
   Pass Thru Ctf Ser 2000-2 Class B (Z)  8.307  04/02/18  B+  372  260,510 
   Pass Thru Ctf Ser 2001-1 Class C (Z)  7.033  06/15/11  B+  150  108,093 
Delta Air Lines, Inc.,           
   Sec Pass Thru Ctf Ser A (Z)  6.821  08/10/22  A-  869  599,948 
Northwest Airlines, Inc.,           
   Gtd Collateralized Note Ser 2007-1 (Z)  7.027  11/01/19  BBB+  865  506,025 
 
Aluminum 1.15%          1,331,700 
CII Carbon, LLC,           
   Gtd Sr Sub Note (S)(Z)  11.125  11/15/15  CCC+  1,930  1,331,700 
 
Auto Parts & Equipment 0.87%          1,007,925 
Allison Transmission, Inc.,           
   Gtd Sr Note (S)(Z)  11.000  11/01/15  B-  1,000  555,000 
Tenneco, Inc.,           
   Gtd Sr Sub Note (Z)  8.625  11/15/14  B-  1,485  452,925 
 
Broadcasting & Cable TV 2.36%          2,728,587 
Canadian Satellite Radio Holdings, Inc.,           
   Sr Note (G)(Z)  12.750  02/15/14  CCC+  2,000  470,000 
CSC Holdings, Inc.,           
   Sr Note (S)(Z)  8.500  06/15/15  BB  755  726,687 
Shaw Communications, Inc.,           
   Sr Note (Z)  8.250  04/11/10  BBB-  1,000  1,005,000 
Sirius Satellite Radio, Inc.,           
   Sr Note (Z)  9.625  08/01/13  CCC-  520  114,400 
XM Satellite Radio Holdings, Inc.,           
   Gtd Sr Note (S)  13.000  08/01/13  CCC-  1,650  412,500 
 
Casinos & Gaming 6.93%          8,001,385 
Chukchansi Economic Development Authority,           
   Sr Note (S)(Z)  8.000  11/15/13  B+  440  154,000 
Downstream Development Authority of the Quapaw           
   Tribe of Oklahoma,           
   Sr Sec Note (S)(Z)  12.000  10/15/15  B-  2,000  1,060,000 
Great Canadian Gaming Corp.,           
   Gtd Sr Sub Note (S)(Z)  7.250  02/15/15  BB  1,000  690,000 
Greektown Holdings, LLC,           
   Sr Note (G)(H)(S)(Z)  10.750  12/01/13  D  1,000  190,000 
Indianapolis Downs LLC & Capital Corp.,           
   Sr Sec Note (S)(Z)  11.000  11/01/12  CCC  1,395  746,325 
Isle of Capris Casinos, Inc.,           
   Gtd Sr Sub Note (Z)  7.000  03/01/14  CCC+  505  249,975 
Jacobs Entertainment, Inc.,           
   Gtd Sr Note (Z)  9.750  06/15/14  B-  1,000  535,000 
Little Traverse Bay Bands of Odawa Indians,           
   Sr Note (S)(Z)  10.250  02/15/14  B-  1,000  520,000 

Page 1 


John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Casinos & Gaming (continued)           
Mashantucket Western Pequot Tribe,           
   Bond (S)(Z)  5.912%  09/01/21  BB-  $275  $88,085 
   Bond Ser A (S)(Z)  8.500  11/15/15  BB-  2,000  690,000 
Mohegan Tribal Gaming Authority,           
   Sr Sub Note (Z)  7.125  08/15/14  CCC+  1,000  555,000 
MTR Gaming Group, Inc.,           
   Gtd Sr Note Ser B (Z)  9.750  04/01/10  B  800  608,000 
   Gtd Sr Sub Note Ser B (Z)  9.000  06/01/12  CCC  350  176,750 
Pinnacle Entertainment, Inc.,           
   Sr Sub Note (Z)  7.500  06/15/15  B+  1,000  725,000 
Pokagon Gaming Authority,           
   Sr Note (S)(Z)  10.375  06/15/14  B+  474  414,750 
Waterford Gaming, LLC,           
   Sr Note (S)(Z)  8.625  09/15/14  BB-  855  598,500 
 
Coal & Consumable Fuels 0.73%          840,000 
Drummond Co., Inc.,           
   Sr Note (S)(Z)  7.375  02/15/16  BB-  1,500  840,000 
 
Commodity Chemicals 1.78%          2,052,100 
NOVA Chemicals Corp.,           
   Sr Note Ser MTN (Z)  7.400  04/01/09  B+  1,955  1,212,100 
Sterling Chemicals, Inc.,           
   Gtd Sr Sec Note (Z)  10.250  04/01/15  B-  1,000  840,000 
 
Computer Hardware 0.33%          376,200 
NCR Corp.,           
   Sr Note (Z)  7.125  06/15/09  BBB-  375  376,200 
 
Construction & Farm Machinery & Heavy Trucks 0.66%        756,544 
Manitowoc Co., Inc.,           
   Gtd Sr Note (Z)  7.125  11/01/13  BB  500  400,000 
Trinity Industries, Inc.,           
   Pass Thru Ctf (S)(Z)  7.755  02/15/09  Baa1  356  356,544 
 
Consumer Finance 3.85%          4,444,768 
CIT Group, Inc.,           
   Sr Note (Z)  5.000  02/13/14  BBB+  360  243,282 
Ford Motor Credit Co.,           
   Sr Note (Z)  7.375  10/28/09  CCC+  2,425  2,173,542 
Ford Motor Credit Co., LLC,           
   Sr Note (Z)  9.750  09/15/10  CCC+  2,000  1,650,706 
HSBC Finance Capital Trust IX,           
   Note (5.911% to 11-30-15 then variable) (Z)  5.911  11/30/35  A  700  377,238 
 
Diversified Banks 1.04%          1,205,749 
Barclays Bank PLC,           
   Bond (6.860% to 6-15-32 then variable) (S)(Z)  6.860  06/15/32  A  1,595  507,105 
Chuo Mitsui Trust & Banking Co. Ltd.,           
   Jr Sub Note (5.506% to 4-15-15 then variable) (S)(Z)  5.506  04/15/15  A2  905  516,032 
Royal Bank of Scotland Group PLC,           
   Jr Sub Bond (7.648% to 9-30-31 then variable) (Z)  7.648  09/30/31  BB  630  182,612 
 
Diversified Commercial & Professional Services 1.48%        1,712,500 
Aramark Corp.,           
   Sr Note (Z)  8.500  02/01/15  B  1,000  972,500 

Page 2 


John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Diversified Commercial & Professional Services (continued)         
MSX International, Inc.,           
   Gtd Sr Sec Note (S)(Z)  12.500%  04/01/12  B3  $1,850  $740,000 
 
Diversified Financial Services 1.95%          2,250,135 
NB Capital Trust IV,           
   Gtd Cap Security (Z)  8.250  04/15/27  A-  1,130  879,185 
Odebrecht Finance Ltd.,           
   Gtd Sr Note (S)(Z)  7.500  10/18/17  BB  725  659,750 
Orascom Telecom Finance,           
   Gtd Note (S)(Z)  7.875  02/08/14  CCC+  360  212,400 
TAM Capital, Inc.,           
   Gtd Sr Note (Z)  7.375  04/25/17  B+  860  498,800 
 
Diversified Metals & Mining 0.94%          1,081,900 
Freeport-McMoRan Copper & Gold, Inc.,           
   Sr Note (Z)  8.375  04/01/17  BBB-  220  182,600 
   Sr Note (Z)  6.875  02/01/14  BBB-  500  462,500 
Vedanta Resources PLC,           
   Sr Note (S)(Z)  6.625  02/22/10  BB  480  436,800 
 
Electric Utilities 4.90%          5,650,533 
AES Eastern Energy LP,           
   Sr Pass Thru Ctf Ser 1999-A (Z)  9.000  01/02/17  BB+  1,057  978,886 
Beaver Valley Funding,           
   Sec Lease Obligation Bond (Z)  9.000  06/01/17  BBB  828  789,721 
BVPS II Funding Corp.,           
   Collateralized Lease Bond (Z)  8.890  06/01/17  BBB  680  691,817 
CE Generation LLC,           
   Sr Sec Note (Z)  7.416  12/15/18  BB+  609  547,814 
Duke Energy Carolinas LLC (Z)  5.750  11/15/13  A  1,000  1,070,360 
FPL Energy National Wind,           
   Sr Sec Note (S)(Z)  5.608  03/10/24  BBB-  311  243,147 
Indiantown Cogeneration LP,           
   1st Mtg Note Ser A-9 (Z)  9.260  12/15/10  BB+  204  186,624 
PNPP II Funding Corp.,           
   Debenture (Z)  9.120  05/30/16  BBB  376  390,587 
Texas Competitive Electric Holdings Co. LLC,           
   Sec Bond (Z)  7.460  01/01/15  CCC  370  294,955 
Waterford 3 Funding Corp.,           
   Sec Lease Obligation Bond (Z)  8.090  01/02/17  BBB  465  456,622 
 
Electrical Components & Equipment 0.67%          768,714 
Thomas & Betts Corp.,           
   Sr Note (Z)  7.250  06/01/13  BBB  745  768,714 
 
Environmental & Facilities Services 0.40%          462,000 
Waste Services, Inc.,           
   Sr Sub Note (Z)  9.500  04/15/14  B-  600  462,000 
 
Food Distributors 0.90%          1,036,350 
Independencia International Ltd.,           
   Gtd Sr Bond (S)(Z)  9.875  01/31/17  B  1,280  806,400 
   Gtd Sr Note (S)(Z)  9.875  05/15/15  B  365  229,950 

Page 3 


John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Health Care Distributors 0.82%          $952,397 
Covidien International Finance SA,           
   Gtd Sr Note (Z)  5.450%  10/15/12  A-  $945  952,397 
 
Health Care Facilities 0.84%          975,000 
Hanger Orthopedic Group, Inc.,           
   Gtd Sr Note (Z)  10.250  06/01/14  CCC+  1,000  975,000 
 
Household Products 0.19%          220,800 
Yankee Acquisition Corp.,           
   Gtd Sr Sub Note (Z)  8.500  02/15/15  B-  460  220,800 
 
Independent Power Producers & Energy Traders 0.27%        313,425 
IPALCO Enterprises, Inc.,           
   Sr Sec Note (Z)  8.625  11/14/11  BB  315  313,425 
 
Industrial Conglomerates 0.66%          760,229 
Hutchison Whampoa International Ltd.,           
   Gtd Sr Note (S)(Z)  6.500  02/13/13  A-  750  760,229 
 
Industrial Machinery 0.46%          530,080 
Ingersoll-Rand Global Holding Co., Ltd.,           
   Gtd Note (Z)  6.000  08/15/13  BBB+  545  530,080 
 
Integrated Oil & Gas 1.76%          2,029,517 
ConocoPhillips Co.,           
   Gtd Note (Z)  4.400  05/15/13  A  1,000  1,015,147 
Petro-Canada,           
   Debenture (Z)  9.250  10/15/21  BBB  1,000  1,014,370 
 
Integrated Telecommunication Services 4.19%          4,834,950 
Axtel SAB de CV,           
   Sr Note (S)(Z)  7.625  02/01/17  BB-  810  526,500 
Bellsouth Corp.,           
   Debenture (Z)  6.300  12/15/15  A  790  819,838 
Cincinnati Bell, Inc.,           
   Gtd Sr Sub Note (Z)  8.375  01/15/14  B-  1,500  1,342,500 
Citizens Communications Co.,           
   Sr Note (Z)  7.125  03/15/19  BB  530  452,487 
Qwest Capital Funding, Inc.,           
   Gtd Note (Z)  7.000  08/03/09  B+  1,700  1,693,625 
 
Investment Banking & Brokerage 1.47%          1,692,449 
Merrill Lynch & Co., Inc.,           
   MTN (Z)  6.150  04/25/13  A+  1,000  965,032 
Mizuho Financial Group, Ltd.,           
   Gtd Sub Bond (Z)  8.375  12/29/49  Aa3  750  727,417 
 
IT Consulting & Other Services 0.55%          630,000 
Unisys Corp.,           
   Sr Note (Z)  6.875  03/15/10  B+  1,000  630,000 
 
Life & Health Insurance 0.22%          256,308 
Symetra Financial Corp.,           
   Jr Sub Bond (8.300% to 10-15-17 then variable)           
   (S)(Z)  8.300  10/15/37  BB+  520  256,308 

Page 4 


John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Marine 1.27%          $1,462,500 
Navios Maritime Holdings, Inc.,           
   Sr Note (Z)  9.500%  12/15/14  B+  $2,500  1,462,500 
 
Metal & Glass Containers 1.28%          1,473,575 
BWAY Corp.,           
   Gtd Sr Sub Note (Z)  10.000  10/15/10  B-  1,085  971,075 
Owens-Brockway Glass Container, Inc.,           
   Gtd Sr Note (Z)  8.250  05/15/13  BB+  500  502,500 
 
Multi-Line Insurance 1.35%          1,556,534 
Liberty Mutual Group,           
   Bond (S)(Z)  7.500  08/15/36  BBB-  515  339,343 
   Gtd Bond (S)(Z)  7.300  06/15/14  BBB-  750  617,191 
   Sr Note (10.75% to 6-15-38, then variable) (S)(Z)  10.750  06/15/58  BB  1,000  600,000 
 
Multi-Media 1.67%          1,927,176 
News America Holdings, Inc.,           
   Gtd Note (Z)  7.750  01/20/24  BBB+  980  929,084 
   Gtd Note (Z)  7.600  10/11/15  BBB+  1,000  998,092 
 
Multi-Utilities 0.48%          556,229 
CalEnergy Co., Inc.,           
   Sr Bond (Z)  8.480  09/15/28  BBB+  525  556,229 
 
Oil & Gas Drilling 0.98%          1,129,800 
Delek & Avner Yam Tethys Ltd.,           
   Sr Sec Note (S)(Z)  5.326  08/01/13  BBB-  209  189,800 
Gazprom,           
   Loan Part Note (S)(Z)  9.625  03/01/13  BBB  1,000  940,000 
 
Oil & Gas Exploration & Production 0.91%          1,053,464 
Devon Energy Corp.,           
   Sr Note (Z)  5.625  01/15/14  BBB+  1,035  1,053,464 
 
Oil & Gas Storage & Transportation 1.31%          1,514,115 
Atlas Pipeline Partners LP,           
   Gtd Sr Note (Z)  8.125  12/15/15  B-  140  95,200 
Copano Energy LLC,           
   Gtd Sr Note (Z)  8.125  03/01/16  B+  250  205,000 
Markwest Energy Partners LP,           
   Gtd Sr Note Ser B (Z)  8.500  07/15/16  B+  500  366,250 
   Sr Note (Z)  8.750  04/15/18  B+  500  358,750 
NGPL PipeCo LLC,           
   Sr Note (S)(Z)  7.119  12/15/17  BBB-  525  488,915 
 
Packaged Foods & Meats 0.88%          1,014,800 
ASG Consolidated LLC/ASG Finance, Inc.,           
   Sr Disc Note (Z)  11.500  11/01/11  B+  1,180  1,014,800 
 
Paper Packaging 2.77%          3,192,125 
Graphic Packaging International, Inc.,           
   Gtd Sr Note (Z)  8.500  08/15/11  B-  1,000  880,000 
   Sr Sub Note (Z)  9.500  08/15/13  B-  2,500  1,900,000 
Smurfit-Stone Container Corp.,           
   Sr Note (H)(Z)  8.375  07/01/12  D  2,000  210,000 

Page 5 


John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Paper Packaging (continued)           
   Sr Note (H)(Z)  8.000%  03/15/17  D  $1,925  $202,125 
 
Publishing 0.82%          949,465 
Dex Media West LLC,           
   Sr Sub Note (Z)  9.875  08/15/13  B+  1,891  548,390 
Idearc, Inc.,           
   Gtd Sr Note (Z)  8.000  11/15/16  CCC  2,000  62,500 
Quebecor Media, Inc.,           
   Sr Note (Z)  7.750  03/15/16  B  95  74,575 
Videotron Ltd.,           
   Sr Note (Z)  6.375  12/15/15  BB-  300  264,000 
 
Railroads 0.87%          998,833 
CSX Corp.,           
   Sr Note (Z)  6.300  03/15/12  BBB-  1,000  998,833 
 
Real Estate Management & Development 0.54%          625,338 
Health Care Realty Trust, Inc.,           
   Sr Note (Z)  8.125  05/01/11  BBB-  165  152,255 
Health Care REIT, Inc.,           
   Sr Note (Z)  6.200  06/01/16  BBB-  345  259,333 
Ventas Realty LP/Capital Corp.,           
   Sr Note (Z)  6.625  10/15/14  BBB-  250  213,750 
 
Restaurants 1.38%          1,590,775 
Landry's Restaurants, Inc.,           
   Gtd Sr Note Ser B (Z)  9.500  12/15/14  CCC+  1,615  1,590,775 
 
Semiconductors 0.38%          440,000 
Freescale Semiconductor, Inc.,           
   Gtd Sr Note (Z)  8.875  12/15/14  CCC  2,000  440,000 
 
Specialized Finance 2.29%          2,643,497 
Astoria Depositor Corp.,           
   Pass Thru Ctf Ser B (G)(S)(Z)  8.144  05/01/21  BB  750  601,172 
Bosphorous Financial Services,           
   Sec Floating Rate Note (P)(S)(Z)  3.949  02/15/12  Baa2  406  346,964 
CCM Merger, Inc.,           
   Note (S)(Z)  8.000  08/01/13  CCC  2,500  1,050,000 
ESI Tractebel Acquisition Corp.,           
   Gtd Sec Bond Ser B (Z)  7.990  12/30/11  BB  646  627,911 
HRP Myrtle Beach Operations, LLC,           
   Sr Note (G)(H)(P)(S)(Z)  Zero  04/01/12  D  1,745  17,450 
 
Specialized REIT’s 0.24%          274,364 
Plum Creek Timberlands LP,           
   Gtd Note (Z)  5.875  11/15/15  BBB-  345  274,364 
 
Specialty Chemicals 1.08%          1,244,600 
American Pacific Corp.,           
   Gtd Sr Note (Z)  9.000  02/01/15  B+  565  474,600 
Momentive Performance,           
   Gtd Sr Note (Z)  9.750  12/01/14  B-  1,750  770,000 

Page 6 


John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Specialty Stores 0.46%          $531,791 
Staples, Inc.,           
   Sr Note (Z)  9.750%  01/15/14  BBB  $500  531,791 
 
Steel 1.53%          1,769,540 
Allegheny Technologies, Inc.,           
   Sr Note (Z)  8.375  12/15/11  BBB-  545  519,540 
Ryerson, Inc.,           
   Sr Sec Note (S)(Z)  12.250  11/01/15  B  2,000  1,250,000 
 
Wireless Telecommunication Services 3.74%          4,313,600 
Centennial Communications Corp.,           
   Sr Note (Z)  10.000  01/01/13  CCC+  500  527,500 
Crown Castle Towers LLC,           
   Sub Bond Ser 2005-1A Class D (S)(Z)  5.612  06/15/35  Baa2  655  458,500 
Sprint Capital Corp.,           
   Gtd Sr Note (Z)  8.375  03/15/12  BB  1,970  1,576,000 
   Gtd Sr Note (Z)  6.900  05/01/19  BB  1,000  670,000 
Verizon Wireless,           
   Sr Note (S)(Z)  7.375  11/15/13  A  1,000  1,081,600 

  Credit     
Issuer, description  rating (A)  Shares  Value 
 
Preferred Stocks 0.64%             $741,200 
(Cost $1,002,026)       
 
Real Estate Investment Trusts 0.64%          741,200 
Public Storage REIT, Inc., 6.50%,       
   Depositary Shares, Ser W (Z)  BBB  40,000  741,200 

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Tranche loans 0.13%               $143,850 
(Cost $210,000)           
 
Health Care Supplies 0.13%          143,850 
IM US Holdings LLC,           
   Tranche (Second Lien Facility) (P)  6.140%  06/26/15  B-  $210  143,850 

  Interest  Maturity  Credit  Par value   
State, issuer, description  rate  date  rating (A)  (000)  Value 
 
U.S. Government & agency securities 61.40%               $70,852,301 
(Cost $69,032,187)           
 
U.S. Government Agency 61.40%          70,852,301 
Federal Home Loan Mortgage Corp.,           
   30 Yr Pass Thru Ctf (Z)  11.250%  01/01/16  AAA  $11  12,093 
   30 Yr Pass Thru Ctf (Z)  6.000  08/01/37  AAA  1,591  1,647,764 
Federal National Mortgage Assn.,           
   15 Yr Pass Thru Ctf (Z)  7.000  09/01/10  AAA  6  6,546 
   15 Yr Pass Thru Ctf (Z)  7.000  10/01/12  AAA  6  6,675 
   15 Yr Pass Thru Ctf (Z)  7.000  04/01/17  AAA  24  25,248 
   15 Yr Pass Thru Ctf (Z)  6.000  05/01/21  AAA  2,095  2,183,269 
   30 Yr Pass Thru Ctf (Z)  6.500  09/01/36  AAA  2,000  2,085,547 
   30 Yr Pass Thru Ctf (Z)  6.000  05/01/35  AAA  2,802  2,900,492 

Page 7 


John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
State, issuer, description  rate  date  rating (A)  (000)  Value 
 
U.S. Government Agency (continued)           
   30 Yr Pass Thru Ctf (Z)  6.000%  08/01/36  AAA  $3,456  $3,565,931 
   30 Yr Pass Thru Ctf (Z)  6.000  09/01/36  AAA  8,347  8,612,966 
   30 Yr Pass Thru Ctf (Z)  6.000  11/01/36  AAA  5,085  5,246,700 
   30 Yr Pass Thru Ctf (Z)  5.500  01/01/37  AAA  18,740  19,197,455 
   30 Yr Pass Thru Ctf (Z)  5.500  12/01/37  AAA  1,585  1,624,130 
   30 Yr Pass Thru Ctf (Z)  5.500  07/01/38  AAA  8,275  8,477,112 
   30 Yr Pass Thru Ctf  5.500  10/01/38  AAA  10,962  11,229,657 
   30 Yr Pass Thru Ctf (Z)  4.500  02/15/39  AAA  2,000  2,012,500 
   Note (Z)  6.000  05/30/25  AAA  1,652  1,641,905 
Government National Mortgage Assn.,           
   30 Yr Pass Thru Ctf (Z)  10.000  11/15/20  AAA  6  7,055 
   30 Yr Pass Thru Ctf (Z)  9.500  01/15/21  AAA  4  4,415 
   30 Yr Pass Thru Ctf (Z)  9.500  02/15/25  AAA  12  13,716 
Small Business Administration CMBS Trust,           
   Sub Bond Ser 2005-1A Class D (S)(Z)  6.219  11/15/35  Baa2  225  190,125 
   Sub Bond Ser 2005-1A Class E (S)(Z)  6.706  11/15/35  Baa3  200  161,000 

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Collateralized mortgage obligations 12.88%               $14,866,564 
(Cost $25,450,381)           
 
Collateralized Mortgage Obligations 12.88%          14,866,564 
American Home Mortgage Assets,           
   Mtg Pass Thru Ctf Ser 2006-6 Class XP IO (Z)  2.488%  12/25/46  BBB  $12,790  391,679 
American Home Mortgage Investment Trust,           
   Mtg Pass Thru Ctf Ser 2007-1 Class GIOP IO (Z)  2.078  05/25/47  AAA  7,733  403,544 
Banc of America Funding Corp.,           
   Mtg Pass Thru Ctf Ser 2006-B Class 6A1 (P)(Z)  5.886  03/20/36  A  914  535,864 
   Mtg Pass Thru Ctf Ser 2006-D Class 6B2 (P)(Z)  5.928  05/20/36  CCC  1,759  607,126 
Bear Stearns Alt-A Trust,           
   Mtg Pass Thru Ctf Ser 2005-3 Class B2 (P)(Z)  5.395  04/25/35  AA+  405  68,312 
   Mtg Pass Thru Ctf Ser 2006-4 Class 3B1 (P)(Z)  6.250  07/25/36  CCC  2,462  110,667 
Citigroup Mortgage Loan Trust, Inc.,           
   Mtg Pass Thru Ctf Ser 2005-5 Class 2A3 (Z)  5.000  08/25/35  AAA  409  337,025 
ContiMortgage Home Equity Loan Trust,           
   Mtg Pass Thru Ctf Ser 1995-2 Class A-5 (Z)  8.100  08/15/25  CCC  58  49,487 
Countrywide Alternative Loan Trust,           
   Mtg Pass Thru Ctf Ser 2005-59 Class 2X IO (Z)  3.188  11/20/35  AAA  7,290  214,155 
   Mtg Pass Thru Ctf Ser 2006-0A12 Class X IO (Z)  4.821  09/20/46  AAA  58,333  2,178,389 
   Mtg Pass Thru Ctf Ser 2006-11CB Class 3A1 (Z)  6.500  05/25/36  A3  2,708  1,490,962 
Crown Castle Towers LLC,           
   Mtg Pass Thru Ctf Ser 2006-1A Class G (S)(Z)  6.795  11/15/36  Ba2  1,000  790,623 
DB Master Finance LLC,           
   Mtg Pass Thru Ctf Ser 2006-1-M1 (S)(Z)  8.285  06/20/31  BB  1,000  603,830 
Dominos Pizza Master Issuer LLC,           
   Mtg Pass Thru Ctf Ser 2007-1-M1 (S)(Z)  7.629  04/25/37  BB  1,000  400,000 
DSLA Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2005-AR5 Class X2 IO (Z)  3.484  08/19/45  AAA  23,365  554,914 
First Horizon Alternative Mortgage Securities,           
   Mtg Pass Thru Ctf Ser 2004-AA5 Class B1 (P)(Z)  5.217  12/25/34  AA  261  25,347 
   Mtg Pass Thru Ctf Ser 2006-AA2 Class B1 (G)(P)           
   (Z)  6.128  05/25/36  C  249  13,774 

Page 8 


John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Collateralized Mortgage Obligations (continued)           
Global Tower Partners Acquisition Partners, LLC,           
   Mtg Pass Thru Ctf Sub Bond Ser 2007-1A-G (S)(Z)  7.874%  05/15/37  B2  $360  $260,072 
GSR Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2004-9 Class B1 (G)(P)(Z)  4.581  08/25/34  AA  805  294,770 
   Mtg Pass Thru Ctf Ser 2006-4F Class 6A1 (Z)  6.500  05/25/36  BB  3,472  2,053,715 
HarborView Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2005-8 Class 1X IO (Z)  3.684  09/19/35  AAA  6,758  114,037 
   Mtg Pass Thru Ctf Ser 2007-3 Class ES IO (G)(Z)  0.350  05/19/47  AAA  14,929  83,977 
   Mtg Pass Thru Ctf Ser 2007-4 Class ES IO (G)(Z)  0.350  07/19/47  AAA  14,930  88,650 
   Mtg Pass Thru Ctf Ser 2007-6 Class ES IO           
   (G)(S)(Z)  0.343  08/19/37  BB  10,687  60,116 
Harborview NIM Corp.,           
   Mtg Pass Thru Ctf Ser 2006-9A Class N2 (G)(S)(Z)  8.350  11/19/36  AAA  311  778 
Indymac Index Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2004-AR13 Class B1 (Z)  5.296  01/25/35  AA  321  65,517 
   Mtg Pass Thru Ctf Ser 2005-AR18 Class 1X IO (Z)  3.914  10/25/36  AAA  13,847  207,712 
   Mtg Pass Thru Ctf Ser 2005-AR18 Class 2X IO (Z)  3.594  10/25/36  AAA  13,730  171,630 
   Mtg Pass Thru Ctf Ser 2005-AR5 Class B1 (P)(Z)  5.368  05/25/35  AA  427  40,858 
Luminent Mortgage Trust,           
   Mtg Pass Thru Ctf Ser 2006-1 Class X IO (Z)  4.098  04/25/36  AAA  21,054  342,122 
Merrill Lynch Mortgage Investors Trust,           
   Mtg Pass Thru Ctf Ser 2006-AF1 Class MF1 (P)(Z)  6.158  08/25/36  CCC  1,222  213,622 
Provident Funding Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2005-1 Class B1 (P)(Z)  4.775  05/25/35  AA  379  86,741 
Washington Mutual, Inc.,           
   Mtg Pass Thru Ctf Ser 2005-6 Class 1CB (Z)  6.500  08/25/35  AAA  415  286,839 
   Mtg Pass Thru Ctf Ser 2005-AR4 Class B1 (Z)  4.668  04/25/35  AA  1,452  636,341 
   Mtg Pass Thru Ctf Ser 2007-0A4 Class XPPP IO (Z)1.154  04/25/47  Aaa  18,194  139,296 
   Mtg Pass Thru Ctf Ser 2007-0A5 Class 1XPP IO (Z) 1.221  06/25/47  Aaa  41,829  366,002 
   Mtg Pass Thru Ctf Ser 2007-0A5 Class 2XPP IO (Z) 1.538  06/25/47  AAA  49,608  372,061 
   Mtg Pass Thru Ctf Ser 2007-0A6 Class 1XPP IO (Z) 1.166  07/25/47  Aaa  24,416  206,010 
 
Asset backed securities 0.61%               $696,894 
(Cost $755,000)           
 
Asset Backed Securities 0.61%          696,894 
Global Signal Trust,           
   Sub Bond Ser 2004-2A Class D (P)(S)(Z)  5.093%  12/15/14  Baa2  $385  371,525 
   Sub Bond Ser 2006-1 Class E (P)(S)(Z)  6.495  02/15/36  Baa3  370  325,369 

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Short-term investments 2.25%             $2,597,119 
(Cost $2,597,567)           
 
U.S. Government Agency 2.25%          2,597,119 
U.S. Treasury Bill,           
   Discount Note (Z)  Zero  06/25/09  AAA  $2,600  2,597,119 

Page 9 


John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

Total investments (Cost $218,567,419)† 148.22%  $171,034,671 
 
Other assets and liabilities, net (48.22%)  ($55,639,840) 
 
Total net assets 100.00%   $115,394,831 

The percentage shown for each investment category is
the total value of the category as a percentage of the net
assets of the Fund.

IO Interest only (carries notional principal amount)

MTN Medium-Term Note

REIT Real Estate Investment Trust

(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.

(H) Non-income-producing issuer filed for protection under the Federal Bankruptcy Code or is in default of interest payment.

(P) Variable rate obligation. The coupon rate shown represents the rate at period end.

(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 $26,413,085 or 22.89% of the net assets of the Fund as of January 31, 2009.

(Z) All or a portion of this security is segregated as collateral for the Revolving Credit Agreement. Total collateral value at January 31, 2009 was $288,677,223.

† At January 31, 2009, the aggregate cost of investment securities for federal income tax purposes was $219,084,178. Net unrealized depreciation aggregated $48,049,507, of which $4,196,722 related to appreciated investment securities and $52,246,229 related to depreciated investment securities.

The Fund had the following interest rate swap contract open on January 31, 2009:

                         RATE TYPE       
  FIXED  VARIABLE       
  PAYMENTS  PAYMENTS       
NOTIONAL  MADE BY  RECEIVED BY  TERMINATION    UNREALIZED 
AMOUNT  FUND  FUND  DATE  COUNTERPARTY  DEPRECIATION 
$28,000,000  4.6875%  3-month LIBOR (a)  Sep 2010  Bank of America  ($1,818,407) 

(a) At January 31, 2009, the 3-month LIBOR rate was 1.184%.

Page 10 


Notes to portfolio of investments

Security valuation
Investments are stated at value as of the close of the regular trading on New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. Equity securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated price if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade. 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, which take 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. 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. Equity and debt obligations, for which there are no prices available from an independent pricing service, are value based on broker quotes or fair valued as described below. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value.

Other portfolio securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Trust’s Pricing Committee in accordance with procedures adopted by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are generally determined as of such times. Occasionally, significant events that affect the values of such securities may occur between the times at which such values are generally determined and the close of the NYSE. Upon such an occurrence, these securities will be valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. Debt securities whose prices cannot be provided by an independent pricing service are valued at prices provided by broker-dealers.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157 (FAS 157). FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

11 


The following is a summary of the inputs used to value the Fund’s net assets as of January 31, 2009:

  Investments in  Other Financial 
Valuation Inputs  Securities  Instruments* 
 
Level 1 – Quoted Prices  $741,200  - 
Level 2 – Other Significant Observable Inputs  162,893,157  ($1,818,407) 
Level 3 – Significant Unobservable Inputs  7,400,314  - 
Total  $171,034,671  ($1,818,407) 

* Other financial instruments are derivative instruments not reflected in the Fund of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

  Investments in  Other Financial 
  Securities  Instruments 
Balance as of October 31, 2008  $8,643,566  - 
Accrued discounts/premiums  -  - 
Realized gain (loss)  5  - 
Change in unrealized appreciation  (1,056,317)  - 
(depreciation)     
Net purchases (sales)  (667,050)  - 
Transfers in and/or out of Level 3  480,110  - 
Balance as of January 31, 2009  $7,400,314  - 

Swap contracts
The Fund may enter into interest rate, credit default, cross- currency, and other forms of swap transactions to manage its exposure to credit, currency and interest rate risks or to enhance the Fund’s income. Swap agreements are privately negotiated agreements between a Fund and a counterparty to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized appreciation/depreciation of swap contracts on the Statements of Assets and Liabilities. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued at fair value as determined in good faith by the Trust’s Pricing Committee in accordance with procedures adopted by the Board of Trustees.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates. The Fund may also suffer losses if it is unable to terminate outstanding swap contracts or reduce its exposure through offsetting transactions.

Certain Portfolios are parties to International Swap Dealers Association, Inc. Master Agreements (ISDA Master Agreements) with select counterparties that govern over the counter derivative transactions, which may include foreign exchange derivative transactions, entered into by the Portfolios and those counterparties. The ISDA Master Agreements typically include standard representations and warranties as well as provisions outlining the general obligations of the

12 


Portfolios and counterparties relating to collateral, events of default, termination events and other standard provisions. Termination events may include a decline in a Portfolio’s net asset value below a certain point over a certain period of time that is specified in the Schedule to the ISDA Master Agreement; such an event may entitle counterparties to elect to terminate early and calculate damages based on that termination with respect to some or all outstanding transactions under the applicable damage calculation provisions of the ISDA Master Agreement. An election by one or more counterparties to terminate ISDA Master Agreements could have a material impact on the financial statements of the Portfolios. Due to declines in net assets of certain Portfolios during the year ended January 31, 2009, one or more counterparties currently may be entitled to terminate early but none has elected to take such action. The Schedule to the ISDA Master Agreements may give counterparties the right to require that the Portfolios post additional collateral as opposed to giving the counterparties the right to terminate the ISDA Master Agreement.

Interest Rate Swap Agreements
Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the two interest rates, applied to the notional principal amount for a specified period. 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 receivable or payable under the swap contracts on a periodic basis.

Risks and uncertainties

Concentration risk
The Funds may concentrate investments in a particular industry, sector of the economy or invest in a limited number of companies. Accordingly, the concentration may make the Fund’s value more volatile and investment values may rise and fall more rapidly. In addition, a fund with a concentration is particularly susceptible to the impact of market, economic, regulatory and other factors affecting the specific concentration.

Derivatives and counterparty risk
The use of derivative instruments may involve risk different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivative instruments expose a fund to the risk that the counterparty to an over-the-counter (OTC) derivatives contract will be unable or unwilling to make timely settlement payments or otherwise to honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty defaults, the fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations of that, in the event of default, the fund will succeed in enforcing them.

Fixed income risk
Fixed income securities are subject to credit and interest rate risk and involve some risk of default in connection with principal and interest payments.

Mortgage security risk
The Fund may invest a portion of its assets in issuers and/or securities of issuers that hold mortgage securities, including subprime mortgage securities. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Decreases in interest rates may cause prepayments on underlying mortgages to an IO security to accelerate resulting in a lower than anticipated yield and increases the risk of loss on the IO investment.

Leverage utilization risk
The Fund utilizes leverage to increase assets available for investment.

13 




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: March 20, 2009

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: March 20, 2009

By: /s/ Charles A. Rizzo
-------------------------------------
Charles A. Rizzo
Chief Financial Officer

Date: March 20, 2009