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) | |
Salvatore Schiavone | |
Treasurer | |
601 Congress Street | |
Boston, Massachusetts 02210 | |
(Name and address of agent for service) | |
Registrant's telephone number, including area code: 617-663-4497 | |
Date of fiscal year end: | October 31 |
Date of reporting period: | July 31, 2009 |
ITEM 1. SCHEDULE OF INVESTMENTS
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
Bonds 86.79% | $119,116,438 | |||
(Cost $133,836,659) | ||||
Aerospace & Defense 0.14% | 192,000 | |||
L-3 Communications Corp., | ||||
Gtd Sr Sub Note Ser B | 6.375 | 10/15/15 | 200,000 | 192,000 |
Agricultural Products 0.73% | 1,005,673 | |||
Bunge Ltd. Finance Corp., | ||||
Gtd Sr Note | 5.350 | 04/15/14 | 1,015,000 | 1,005,673 |
Airlines 1.38% | 1,888,089 | |||
Continental Airlines, Inc., | ||||
Ser 1991-1 Class A | 6.545 | 02/02/19 | 354,667 | 326,293 |
Ser 2000-2 Class B | 8.307 | 04/02/18 | 362,815 | 268,483 |
Ser 2001-1 Class C | 7.033 | 06/15/11 | 140,323 | 110,855 |
Delta Airlines, Inc., | ||||
Ser 2007-1 Class A | 6.821 | 08/10/22 | 844,031 | 717,427 |
US Airways Group, Inc., | ||||
Conv Sr Note | 7.250 | 05/15/14 | 575,000 | 465,031 |
Aluminum 1.12% | 1,544,000 | |||
CII Carbon, LLC, | ||||
Gtd Sr Sub Note (S) | 11.125 | 11/15/15 | 1,930,000 | 1,544,000 |
Auto Parts & Equipment 2.53% | 3,467,350 | |||
Allison Transmission, Inc., | ||||
Gtd Sr Note (S) | 11.000 | 11/01/15 | 1,000,000 | 910,000 |
Exide Technologies, | ||||
Sr Sec Note Ser B | 10.500 | 03/15/13 | 920,000 | 777,400 |
Tenneco, Inc., | ||||
Gtd Sr Sub Note | 8.625 | 11/15/14 | 1,485,000 | 1,277,100 |
TRW Automotive, Inc., | ||||
Gtd Sr Note (S) | 7.000 | 03/15/14 | 565,000 | 502,850 |
Brewers 0.81% | 1,111,457 | |||
Anheuser-Busch InBev Worldwide, Inc., | ||||
Gtd Sr Note (S) | 7.200 | 01/15/14 | 1,000,000 | 1,111,457 |
Broadcasting & Cable TV 0.95% | 1,310,325 | |||
CCO Holdings, LLC, | ||||
Sr Note (H) | 8.750 | 11/15/13 | 575,000 | 573,563 |
Intelsat Jackson Holdings, Ltd., | ||||
Gtd Sr Note | 11.500 | 06/15/16 | 375,000 | 385,312 |
Gtd Sr Note | 11.250 | 06/15/16 | 330,000 | 351,450 |
Cable & Satellite 6.29% | 8,627,860 | |||
Canadian Satellite Radio Holdings, Inc., | ||||
Gtd Sr Note | 12.750 | 02/15/14 | 2,000,000 | 445,000 |
Charter Communications Holdings I, LLC, | ||||
Gtd Sr Sec Note (H) | 11.000 | 10/01/15 | 410,000 | 50,738 |
Charter Communications Holdings II, LLC, | ||||
Gtd Sr Note (H) | 10.250 | 09/15/10 | 410,000 | 438,700 |
Gtd Sr Note (H)(S) | 10.250 | 10/01/13 | 790,000 | 797,900 |
CSC Holdings, Inc., | ||||
Sr Note (S) | 8.500 | 06/15/15 | 755,000 | 777,650 |
Page 1 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
Cable & Satellite (continued) | ||||
Shaw Communications, Inc., | ||||
Sr Note | 8.250 | 04/11/10 | 1,000,000 | 1,027,500 |
Sirius XM Radio, Inc., | ||||
Gtd Sr Note (S) | 13.000 | 08/01/13 | 1,650,000 | 1,480,875 |
Sr Note | 9.625 | 08/01/13 | 2,530,000 | 2,118,875 |
Sr Sec Note (S) | 11.250 | 06/15/13 | 1,005,000 | 1,035,150 |
Time Warner Cable, Inc., | ||||
Gtd Note | 8.250 | 04/01/19 | 375,000 | 455,472 |
Casinos & Gaming 7.35% | 10,090,357 | |||
Chukchansi Economic Development Authority, | ||||
Sr Note (S) | 8.000 | 11/15/13 | 795,000 | 596,250 |
Downstream Development Authority of the Quapaw | ||||
Tribe of Oklahoma, | ||||
Sr Sec Note (S) | 12.000 | 10/15/15 | 2,000,000 | 1,140,000 |
Great Canadian Gaming Corp., | ||||
Gtd Sr Sub Note (S) | 7.250 | 02/15/15 | 1,000,000 | 920,000 |
Greektown Holdings, LLC, | ||||
Sr Note (H)(S) | 10.750 | 12/01/13 | 1,000,000 | 150,000 |
Jacobs Entertainment, Inc., | ||||
Gtd Sr Note | 9.750 | 06/15/14 | 1,000,000 | 857,500 |
Little Traverse Bay Bands of Odawa Indians, | ||||
Sr Note (S) | 10.250 | 02/15/14 | 1,000,000 | 425,000 |
Mashantucket Western Pequot Tribe, | ||||
Bond (S) | 5.912 | 09/01/21 | 275,000 | 131,992 |
Bond Ser A (S) | 8.500 | 11/15/15 | 2,000,000 | 980,000 |
Mohegan Tribal Gaming Authority, | ||||
Sr Sub Note | 7.125 | 08/15/14 | 1,000,000 | 700,000 |
MTR Gaming Group, Inc., | ||||
Gtd Sr Note (S) | 12.625 | 07/15/14 | 1,055,000 | 1,028,625 |
Gtd Sr Note Ser B | 9.750 | 04/01/10 | 800,000 | 800,000 |
Gtd Sr Sub Note Ser B | 9.000 | 06/01/12 | 675,000 | 496,125 |
Pokagon Gaming Authority, | ||||
Sr Note (S) | 10.375 | 06/15/14 | 694,000 | 690,530 |
Waterford Gaming, LLC, | ||||
Sr Note (S) | 8.625 | 09/15/14 | 1,152,000 | 783,360 |
Yonkers Racing Corp., | ||||
Sr Sec Note (S) | 11.375 | 07/15/16 | 390,000 | 390,975 |
Coal & Consumable Fuels 1.38% | 1,888,313 | |||
Arch Coal, Inc., | ||||
Sr Note (S) | 8.750 | 08/01/16 | 665,000 | 673,313 |
Drummond Co., Inc., | ||||
Sr Note (S) | 7.375 | 02/15/16 | 1,500,000 | 1,215,000 |
Commodity Chemicals 0.67% | 920,000 | |||
Sterling Chemicals, Inc., | ||||
Gtd Sr Sec Note | 10.250 | 04/01/15 | 1,000,000 | 920,000 |
Construction & Farm Machinery & Heavy Trucks 0.28% | 377,500 | |||
Manitowoc Co., Inc., | ||||
Gtd Sr Note | 7.125 | 11/01/13 | 500,000 | 377,500 |
Page 2 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
Consumer Finance 2.24% | 3,074,274 | |||
Capital One Financial Corp., | ||||
Sr Note | 7.375 | 05/23/14 | 1,000,000 | 1,084,105 |
Discover Financial Services, | ||||
Sr Note | 10.250 | 07/15/19 | 495,000 | 521,169 |
HSBC Finance Capital Trust IX, | ||||
Note (5.911% to 11-30-15 then variable) | 5.911 | 11/30/35 | 700,000 | 385,000 |
SLM Corp., | ||||
Sr Note Ser MTN | 8.450 | 06/15/18 | 1,355,000 | 1,084,000 |
Diversified Banks 1.85% | 2,539,381 | |||
Barclays Bank PLC, | ||||
Bond (6.860% to 6-15-32 then variable) (S) | 6.860 | 06/15/32 | 1,595,000 | 1,068,650 |
Chuo Mitsui Trust & Banking Co. Ltd., | ||||
Jr Sub Note (5.506% to 4-15-15 then variable) (S) | 5.506 | 04/15/15 | 905,000 | 743,231 |
Mizuho Financial Group, Ltd., | ||||
Gtd Sub Bond | 8.375 | 12/29/49 | 750,000 | 727,500 |
Diversified Commercial & Professional Services 1.19% | 1,636,500 | |||
ARAMARK Corp., | ||||
Gtd Note | 8.500 | 02/01/15 | 1,000,000 | 1,007,500 |
MSX International, Inc., | ||||
Gtd Sr Sec Note (S) | 12.500 | 04/01/12 | 1,850,000 | 629,000 |
Diversified Financial Services 2.43% | 3,338,122 | |||
Beaver Valley Funding, | ||||
Sec Lease Obligation Bond | 9.000 | 06/01/17 | 729,000 | 719,691 |
NB Capital Trust IV, | ||||
Gtd Cap Security | 8.250 | 04/15/27 | 1,130,000 | 977,450 |
Odebrecht Finance Ltd., | ||||
Gtd Sr Note (S) | 7.500 | 10/18/17 | 725,000 | 740,406 |
Orascom Telecom Finance SCA, | ||||
Gtd Note (S) | 7.875 | 02/08/14 | 280,000 | 237,300 |
TAM Capital, Inc., | ||||
Gtd Sr Note | 7.375 | 04/25/17 | 860,000 | 663,275 |
Diversified Metals & Mining 1.64% | 2,246,145 | |||
Freeport-McMoRan Copper & Gold, Inc., | ||||
Sr Note | 8.375 | 04/01/17 | 220,000 | 233,200 |
Sr Note | 6.875 | 02/01/14 | 500,000 | 517,190 |
Rio Tinto Finance (USA) Ltd., | ||||
Gtd Sr Note | 7.125 | 07/15/28 | 710,000 | 735,255 |
Teck Resources, Ltd., | ||||
Sr Sec Note (S) | 10.750 | 05/15/19 | 240,000 | 279,300 |
Vedanta Resources PLC, | ||||
Sr Note (S) | 6.625 | 02/22/10 | 480,000 | 481,200 |
Electric Utilities 2.52% | 3,465,288 | |||
BVPS II Funding Corp., | ||||
Collateralized Lease Bond | 8.890 | 06/01/17 | 659,000 | 670,688 |
CE Generation LLC, | ||||
Sr Sec Note | 7.416 | 12/15/18 | 578,250 | 557,416 |
Exelon Corp., | ||||
Sr Note | 4.900 | 06/15/15 | 1,015,000 | 1,014,482 |
FPL Energy National Wind LLC, | ||||
Sr Sec Note (S) | 5.608 | 03/10/24 | 297,790 | 262,055 |
Page 3 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
Electric Utilities (continued) | ||||
Indiantown Cogeneration LP, | ||||
1st Mtg Note Ser A-9 | 9.260 | 12/15/10 | 155,115 | 151,473 |
PNPP II Funding Corp., | ||||
Debenture | 9.120 | 05/30/16 | 356,000 | 361,835 |
Waterford 3 Funding Corp., | ||||
Sec Lease Obligation Bond | 8.090 | 01/02/17 | 464,826 | 447,339 |
Electrical Components & Equipment 1.52% | 2,088,988 | |||
Freescale Semiconductor, Inc., | ||||
Gtd Sr Note | 8.875 | 12/15/14 | 2,000,000 | 1,340,000 |
Thomas & Betts Corp., | ||||
Sr Note | 7.250 | 06/01/13 | 745,000 | 748,988 |
Environmental & Facilities Services 0.43% | 589,500 | |||
Waste Services, Inc., | ||||
Sr Sub Note | 9.500 | 04/15/14 | 600,000 | 589,500 |
Health Care Equipment 0.74% | 1,010,575 | |||
Covidien International Finance SA, | ||||
Gtd Sr Note | 5.450 | 10/15/12 | 945,000 | 1,010,575 |
Health Care Facilities 1.38% | 1,890,750 | |||
Hanger Orthopedic Group, Inc., | ||||
Gtd Sr Note | 10.250 | 06/01/14 | 1,000,000 | 1,040,000 |
HCA, Inc., | ||||
Sr Sec Note (S) | 8.500 | 04/15/19 | 830,000 | 850,750 |
Household Appliances 1.15% | 1,580,397 | |||
Whirlpool Corp., | ||||
Sr Note | 8.000 | 05/01/12 | 1,500,000 | 1,580,397 |
Household Products 0.43% | 586,225 | |||
Yankee Acquisition Corp., | ||||
Gtd Sr Sub Note | 8.500 | 02/15/15 | 655,000 | 586,225 |
Independent Power Producers & Energy Traders 0.93% | 1,282,909 | |||
AES Eastern Energy LP, | ||||
Sr Pass Thru Ctf Ser 1999-A | 9.000 | 01/02/17 | 1,020,475 | 959,247 |
IPALCO Enterprises, Inc., | ||||
Sr Sec Note | 8.625 | 11/14/11 | 315,000 | 323,662 |
Industrial Conglomerates 0.29% | 391,611 | |||
Hutchison Whampoa International Ltd., | ||||
Gtd Sr Note (S) | 6.500 | 02/13/13 | 365,000 | 391,611 |
Industrial Machinery 1.07% | 1,464,788 | |||
Ingersoll-Rand Global Holding Co., Ltd., | ||||
Gtd Note | 6.000 | 08/15/13 | 545,000 | 556,488 |
Mueller Water Products, Inc., | ||||
Gtd Sr Sub Note | 7.375 | 06/01/17 | 1,240,000 | 908,300 |
Integrated Oil & Gas 1.65% | 2,268,712 | |||
ConocoPhillips, | ||||
Gtd Note | 4.400 | 05/15/13 | 1,000,000 | 1,039,842 |
Petro-Canada, | ||||
Debenture | 9.250 | 10/15/21 | 1,000,000 | 1,228,870 |
Page 4 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
Integrated Telecommunication Services 5.45% | 7,475,589 | |||
Axtel SAB de CV, | ||||
Sr Note (S) | 7.625 | 02/01/17 | 810,000 | 688,500 |
Bellsouth Corp., | ||||
Debenture | 6.300 | 12/15/15 | 744,594 | 775,950 |
Cincinnati Bell, Inc., | ||||
Gtd Sr Sub Note | 8.375 | 01/15/14 | 1,500,000 | 1,485,000 |
Citizens Communications Co., | ||||
Sr Note | 7.125 | 03/15/19 | 530,000 | 488,925 |
Qwest Capital Funding, Inc., | ||||
Gtd Note | 7.000 | 08/03/09 | 1,700,000 | 1,700,000 |
Telecom Italia Capital SA, | ||||
Gtd Sr Note | 6.175 | 06/18/14 | 1,105,000 | 1,187,107 |
Verizon Wireless Capital LLC, | ||||
Sr Note (S) | 7.375 | 11/15/13 | 1,000,000 | 1,150,107 |
Investment Banking & Brokerage 1.70% | 2,336,760 | |||
Macquarie Group, Ltd., | ||||
Sr Note (S) | 7.300 | 08/01/14 | 275,000 | 274,370 |
Merrill Lynch & Co., Inc., | ||||
Sr Note Ser MTN | 6.150 | 04/25/13 | 1,000,000 | 1,027,138 |
Morgan Stanley, | ||||
Sr Note | 6.000 | 04/28/15 | 1,000,000 | 1,035,252 |
Leisure Facilities 0.25% | 344,750 | |||
AMC Entertainment, Inc., | ||||
Sr Note (S) | 8.750 | 06/01/19 | 350,000 | 344,750 |
Leisure Products 0.79% | 1,088,514 | |||
Hasbro, Inc., | ||||
Sr Note | 6.125 | 05/15/14 | 1,055,000 | 1,088,514 |
Life & Health Insurance 0.18% | 244,400 | |||
Symetra Financial Corp., | ||||
Jr Sub Bond (8.300% to 10-1-17 then variable) (S) | 8.300 | 10/15/37 | 520,000 | 244,400 |
Managed Health Care 0.48% | 654,538 | |||
Cigna Corp., | ||||
Sr Note | 6.375 | 10/15/11 | 635,000 | 654,538 |
Marine 1.55% | 2,125,000 | |||
Navios Maritime Holdings, Inc., | ||||
Sr Note | 9.500 | 12/15/14 | 2,500,000 | 2,125,000 |
Metal & Glass Containers 0.37% | 511,250 | |||
Owens-Brockway Glass Container, Inc., | ||||
Gtd Sr Note | 8.250 | 05/15/13 | 500,000 | 511,250 |
Movies & Entertainment 1.83% | 2,518,206 | |||
Cinemark USA, Inc., | ||||
Gtd Sr Note (S) | 8.625 | 06/15/19 | 245,000 | 253,575 |
News America Holdings, Inc., | ||||
Gtd Note | 7.750 | 01/20/24 | 980,000 | 1,032,482 |
Gtd Note | 7.600 | 10/11/15 | 1,000,000 | 1,098,249 |
Regal Cinemas Corp., | ||||
Gtd Sr Note (S) | 8.625 | 07/15/19 | 130,000 | 133,900 |
Page 5 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
Multi-Line Insurance 1.38% | 1,890,326 | |||
Liberty Mutual Group, Inc., | ||||
Bond (S) | 7.300 | 06/15/14 | 750,000 | 671,791 |
Gtd Bond (S) | 7.500 | 08/15/36 | 515,000 | 376,035 |
Sr Note (10.75% to 6-15-38 then variable) (S) | 10.750 | 06/15/58 | 1,000,000 | 842,500 |
Multi-Utilities 1.29% | 1,772,326 | |||
CalEnergy Co., Inc., | ||||
Sr Bond | 8.480 | 09/15/28 | 525,000 | 663,561 |
DTE Energy Co., | ||||
Sr Note | 7.625 | 05/15/14 | 1,040,000 | 1,108,765 |
Oil & Gas Drilling 0.91% | 1,245,531 | |||
Delek & Avner Yam Tethys Ltd., | ||||
Sr Sec Note (S) | 5.326 | 08/01/13 | 184,113 | 173,031 |
Gazprom, | ||||
Loan Part Note (S) | 9.625 | 03/01/13 | 1,000,000 | 1,072,500 |
Oil & Gas Equipment & Services 1.28% | 1,753,776 | |||
Smith International, Inc., | ||||
Sr Note | 9.750 | 03/15/19 | 1,450,000 | 1,753,776 |
Oil & Gas Exploration & Production 1.44% | 1,980,666 | |||
Atlas Pipeline Partners LP, | ||||
Gtd Sr Note | 8.125 | 12/15/15 | 140,000 | 114,800 |
Devon Energy Corp., | ||||
Sr Note | 5.625 | 01/15/14 | 1,035,000 | 1,108,928 |
McMoRan Exploration Co., | ||||
Gtd Sr Note | 11.875 | 11/15/14 | 825,000 | 756,938 |
Oil & Gas Storage & Transportation 4.39% | 6,027,896 | |||
Copano Energy LLC, | ||||
Gtd Sr Note | 8.125 | 03/01/16 | 250,000 | 243,750 |
Gulf South Pipeline Co. LP, | ||||
Sr Note (S) | 5.750 | 08/15/12 | 1,000,000 | 1,005,137 |
Kinder Morgan Energy Partners LP, | ||||
Sr Note | 5.125 | 11/15/14 | 1,000,000 | 1,031,343 |
Markwest Energy Partners LP, | ||||
Gtd Sr Note Ser B | 8.500 | 07/15/16 | 500,000 | 462,500 |
Sr Note | 8.750 | 04/15/18 | 500,000 | 465,000 |
NGPL PipeCo LLC, | ||||
Sr Note (S) | 7.119 | 12/15/17 | 525,000 | 581,642 |
Plains All American Pipeline LP, | ||||
Gtd Sr Note | 6.500 | 05/01/18 | 1,000,000 | 1,075,724 |
Regency Energy Partners LP, | ||||
Sr Note (S) | 9.375 | 06/01/16 | 1,140,000 | 1,162,800 |
Packaged Foods & Meats 1.04% | 1,429,337 | |||
ASG Consolidated LLC/ASG Finance, Inc., | ||||
Sr Disc Note | 11.500 | 11/01/11 | 1,180,000 | 1,085,600 |
Dole Food Company, Inc., | ||||
Gtd Note | 8.875 | 03/15/11 | 110,000 | 109,175 |
Smithfield Foods, Inc., | ||||
Sr Sec Note (S) | 10.000 | 07/15/14 | 225,000 | 234,562 |
Page 6 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
Paper Packaging 3.60% | 4,940,375 | |||
Graphic Packaging International, Inc., | ||||
Gtd Sr Note | 8.500 | 08/15/11 | 1,000,000 | 1,002,500 |
Gtd Sr Sub Note | 9.500 | 08/15/13 | 2,500,000 | 2,490,625 |
Smurfit-Stone Container Corp., | ||||
Sr Note (H) | 8.375 | 07/01/12 | 1,210,000 | 623,150 |
Sr Note (H) | 8.000 | 03/15/17 | 1,640,000 | 824,100 |
Paper Products 0.23% | 318,477 | |||
PE Paper Escrow GmbH, | ||||
Sr Sec Note (S) | 12.000 | 08/01/14 | 95,000 | 90,627 |
Verso Paper Holdings LLC, | ||||
Sr Sec Note (S) | 11.500 | 07/01/14 | 245,000 | 227,850 |
Pharmaceuticals 0.77% | 1,052,864 | |||
Express Scripts, Inc., | ||||
Sr Note | 6.250 | 06/15/14 | 965,000 | 1,052,864 |
Publishing 0.59% | 806,585 | |||
Dex Media West LLC, | ||||
Sr Sub Note (H) | 9.875 | 08/15/13 | 1,891,000 | 349,835 |
Idearc, Inc., | ||||
Gtd Sr Note (H) | 8.000 | 11/15/16 | 2,000,000 | 87,500 |
Quebecor Media, Inc., | ||||
Sr Note | 7.750 | 03/15/16 | 95,000 | 90,250 |
Videotron Ltd., | ||||
Sr Note | 6.375 | 12/15/15 | 300,000 | 279,000 |
Railroads 1.18% | 1,614,965 | |||
CSX Corp., | ||||
Sr Note | 6.300 | 03/15/12 | 1,000,000 | 1,038,165 |
RailAmerica, Inc., | ||||
Sr Sec Note (S) | 9.250 | 07/01/17 | 560,000 | 576,800 |
Retail 0.59% | 815,450 | |||
Michaels Stores, Inc., | ||||
Gtd Sr Note | 10.000 | 11/01/14 | 260,000 | 244,400 |
Gtd Sr Sub Bond | 11.375 | 11/01/16 | 705,000 | 571,050 |
Specialized Finance 2.39% | 3,286,665 | |||
Astoria Depositor Corp., | ||||
Ser B (S) | 8.144 | 05/01/21 | 750,000 | 562,500 |
Bosphorous Financial Services, | ||||
Sec Floating Rate Note (P)(S) | 2.683 | 02/15/12 | 343,750 | 300,430 |
CCM Merger, Inc., | ||||
Note (S) | 8.000 | 08/01/13 | 2,420,000 | 1,863,400 |
ESI Tractebel Acquisition Corp., | ||||
Gtd Sec Bond Ser B | 7.990 | 12/30/11 | 576,000 | 560,160 |
HRP Myrtle Beach Operations, LLC, | ||||
Sr Note (H)(P)(S) | 7.383 | 04/01/12 | 1,745,000 | 175 |
Page 7 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
Specialized REIT's 0.57% | 781,886 | |||
Health Care REIT, Inc., | ||||
Sr Note | 6.200 | 06/01/16 | 345,000 | 303,285 |
Healthcare Realty Trust, Inc., | ||||
Sr Note | 8.125 | 05/01/11 | 165,000 | 170,095 |
Plum Creek Timberlands LP, | ||||
Gtd Sr Note | 5.875 | 11/15/15 | 345,000 | 308,506 |
Specialty Chemicals 0.64% | 881,925 | |||
American Pacific Corp., | ||||
Gtd Sr Note | 9.000 | 02/01/15 | 565,000 | 505,675 |
Berry Plastics Corp., | ||||
Gtd Sec Note | 8.875 | 09/15/14 | 430,000 | 376,250 |
Specialty Stores 0.43% | 585,760 | |||
Staples, Inc., | ||||
Sr Note | 9.750 | 01/15/14 | 500,000 | 585,760 |
Steel 1.76% | 2,415,500 | |||
Allegheny Technologies, Inc., | ||||
Sr Note | 9.375 | 06/01/19 | 580,000 | 635,500 |
Ryerson, Inc., | ||||
Sr Sec Note | 12.000 | 11/01/15 | 2,000,000 | 1,780,000 |
Tires & Rubber 0.29% | 403,576 | |||
Goodyear Tire & Rubber Co., | ||||
Sr Note | 10.500 | 05/15/16 | 145,000 | 155,513 |
Sr Sec Note | 8.625 | 12/01/11 | 245,000 | 248,063 |
Wireless Telecommunication Services 4.33% | 5,936,456 | |||
Centennial Communications Corp., | ||||
Sr Note | 10.000 | 01/01/13 | 500,000 | 515,000 |
Crown Castle Holdings GS V LLC, | ||||
Sr Sec Note (S) | 7.750 | 05/01/17 | 410,000 | 418,200 |
Nextel Communications, Inc., | ||||
Gtd Note | 7.375 | 08/01/15 | 1,340,000 | 1,202,650 |
Sprint Capital Corp., | ||||
Gtd Sr Note | 8.750 | 03/15/32 | 1,065,000 | 917,231 |
Gtd Sr Note | 8.375 | 03/15/12 | 1,970,000 | 1,994,625 |
Gtd Sr Note | 6.900 | 05/01/19 | 1,000,000 | 888,750 |
Convertible Bonds 0.33% | $450,300 | |||
(Cost $120,691) | ||||
Cable & Satellite 0.33% | 450,300 | |||
Charter Communications, Inc., | ||||
Bond (H) | 6.500 | 10/01/27 | 1,140,000 | 450,300 |
Shares | Value | |||
Preferred Stocks 0.60% | $825,200 | |||
(Cost $1,002,026) | ||||
Real Estate Investment Trusts 0.60% | 825,200 | |||
Public Storage, Inc. , 6.500%, Depositary Shares, Ser W | 40,000 | 825,200 |
Page 8 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
U.S. Government & agency securities 44.52% | $61,102,599 | |||
(Cost $61,024,328) | ||||
U.S. Government Agency 44.52% | 61,102,599 | |||
Federal Home Loan Mortgage Corp., | ||||
30 Yr Pass Thru Ctf | 11.250 | 01/01/16 | 9,000 | 10,661 |
30 Yr Pass Thru Ctf | 4.500 | 03/01/39 | 20,810,000 | 20,912,779 |
Federal National Mortgage Assn., | ||||
15 Yr Pass Thru Ctf | 7.000 | 09/01/10 | 4,000 | 3,718 |
15 Yr Pass Thru Ctf | 7.000 | 10/01/12 | 6,000 | 5,998 |
15 Yr Pass Thru Ctf | 7.000 | 04/01/17 | 21,000 | 22,983 |
15 Yr Pass Thru Ctf | 4.000 | 06/01/24 | 5,796,000 | 5,858,027 |
15 Yr Pass Thru Ctf | 4.000 | 07/01/24 | 8,328,000 | 8,417,709 |
30 Yr Pass Thru Ctf | 5.500 | 01/01/37 | 11,207,000 | 11,636,895 |
30 Yr Pass Thru Ctf | 4.500 | 03/01/38 | 1,883,000 | 1,895,704 |
30 Yr Pass Thru Ctf | 4.500 | 09/01/38 | 2,984,000 | 3,003,999 |
30 Yr Pass Thru Ctf | 4.500 | 04/01/39 | 3,951,000 | 3,977,535 |
Government National Mortgage Assn., | ||||
30 Yr Pass Thru Ctf | 10.000 | 11/15/20 | 6,000 | 6,999 |
30 Yr Pass Thru Ctf | 9.500 | 01/15/21 | 4,000 | 4,373 |
30 Yr Pass Thru Ctf | 9.500 | 02/15/25 | 12,000 | 13,757 |
30 Yr Pass Thru Ctf | 4.500 | 04/15/39 | 4,874,000 | 4,919,212 |
SBA CMBS Trust, | ||||
Sub Bond Ser 2005-1A Class D (S) | 6.219 | 11/15/35 | 225,000 | 218,250 |
Sub Bond Ser 2005-1A Class E (S) | 6.706 | 11/15/35 | 200,000 | 194,000 |
Collateralized Mortgage Obligations 9.17% | $12,591,358 | |||
(Cost $19,957,361) | ||||
Collateralized Mortgage Obligations 9.17% | 12,591,358 | |||
American Home Mortgage Assets, | ||||
Ser 2006-6 Class XP. IO | 2.750 | 12/25/46 | 12,384,990 | 317,365 |
American Home Mortgage Investment Trust, | ||||
Ser 2007-1 Class GIOP. IO | 2.078 | 05/25/47 | 7,634,667 | 308,966 |
Banc of America Funding Corp., | ||||
Ser 2006-B Class 6A1 (P) | 5.838 | 03/20/36 | 750,897 | 503,845 |
Ser 2006-D Class 6B2 (P) | 5.869 | 05/20/36 | 1,757,620 | 27,191 |
Bear Stearns Alt-A Trust, | ||||
Ser 2005-3 Class B2 (P) | 5.204 | 04/25/35 | 404,449 | 65,402 |
Ser 2006-4 Class 3B1 (P) | 6.150 | 07/25/36 | 2,459,908 | 138,829 |
Citigroup Mortgage Loan Trust, Inc., | ||||
Ser 2005-5 Class 2A3 | 5.000 | 08/25/35 | 364,747 | 305,818 |
ContiMortgage Home Equity Loan Trust, | ||||
Ser 1995-2 Class A-5 | 8.100 | 08/15/25 | 49,911 | 42,974 |
Countrywide Alternative Loan Trust, | ||||
Ser 2005-59 Class 2X. IO | 3.629 | 11/20/35 | 6,976,736 | 132,977 |
Ser 2006-0A12 Class X. IO | 4.122 | 09/20/46 | 55,588,864 | 1,719,780 |
Ser 2006-11CB Class 3A1 | 6.500 | 05/25/36 | 2,564,854 | 1,375,396 |
Crown Castle Towers LLC, | ||||
Ser 2006-1A Class G (S) | 6.795 | 11/15/36 | 1,000,000 | 980,000 |
DSLA Mortgage Loan Trust, | ||||
Ser 2005-AR5 Class X2. IO | 0.151 | 08/19/45 | 18,749,014 | 410,135 |
First Horizon Alternative Mortgage Securities, | ||||
Ser 2004-AA5 Class B1 (P) | 5.213 | 12/25/34 | 256,075 | 35,292 |
Ser 2006-AA2 Class B1 (P) | 5.840 | 05/25/36 | 65,858 | 1,310 |
Page 9 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Maturity | ||||
Rate | date | Par value | Value | |
Collateralized Mortgage Obligations (continued) | ||||
Global Signal Trust, | ||||
Ser 2004-2A Class D (S) | 5.093 | 12/15/14 | 385,000 | 381,150 |
Global Tower Partners Acquisition Partners LLC, | ||||
Sub Bond Ser 2007-1A-G (S) | 7.874 | 05/15/37 | 360,000 | 318,347 |
GSR Mortgage Loan Trust, | ||||
Ser 2004-9 Class B1 | 4.109 | 08/25/34 | 783,678 | 237,904 |
Ser 2006-4F Class 6A1 | 6.500 | 05/25/36 | 3,235,511 | 2,489,322 |
Harborview Mortgage Loan Trust, | ||||
Ser 2005-8 Class 1X. IO | 3.116 | 09/19/35 | 6,452,782 | 112,924 |
Ser 2007-3 Class ES. IO | 0.350 | 05/19/47 | 13,554,746 | 55,066 |
Ser 2007-4 Class ES. IO | 0.350 | 07/19/47 | 14,054,858 | 61,490 |
Ser 2007-6 Class ES. IO (S) | 0.342 | 08/19/37 | 10,161,740 | 41,282 |
Harborview NIM Corp., | ||||
Ser 2006-9A Class N2 (S) | 8.350 | 11/19/36 | 311,205 | |
Indymac Index Mortgage Loan Trust, | ||||
Ser 2004-AR13 Class B1 | 5.296 | 01/25/35 | 320,012 | 58,170 |
Ser 2005-AR18 Class 1X. IO | 3.053 | 10/25/36 | 13,117,805 | 163,973 |
Ser 2005-AR18 Class 2X. IO | 2.826 | 10/25/36 | 12,949,364 | 121,724 |
Ser 2005-AR5 Class B1 (P) | 4.491 | 05/25/35 | 425,181 | 21,983 |
Luminent Mortgage Trust, | ||||
Ser 2006-1 Class X. IO | 3.346 | 04/25/36 | 19,976,009 | 399,520 |
Merrill Lynch Mortgage Investors Trust, | ||||
Ser 2006-AF1 Class MF1 (P) | 6.205 | 08/25/36 | 1,208,068 | 197,647 |
Provident Funding Mortgage Loan Trust, | ||||
Ser 2005-1 Class B1 (P) | 4.415 | 05/25/35 | 375,759 | 82,288 |
Washington Mutual, Inc., | ||||
Ser 2005-6 Class 1CB | 6.500 | 08/25/35 | 376,938 | 244,774 |
Ser 2005-AR4 Class B1 (P) | 4.663 | 04/25/35 | 1,451,967 | 331,899 |
Ser 2007-0A4 Class XPPP. IO | 1.039 | 04/25/47 | 16,668,240 | 114,594 |
Ser 2007-0A5 Class 1XPP. IO | 1.116 | 06/25/47 | 40,107,821 | 313,342 |
Ser 2007-0A5 Class 2XPP. IO | 1.421 | 06/25/47 | 48,058,752 | 315,386 |
Ser 2007-0A6 Class 1XPP. IO | 1.059 | 07/25/47 | 23,223,705 | 163,293 |
Asset Backed Securities 1.23% | $1,685,745 | |||
(Cost $2,414,245) | ||||
Asset Backed Securities 1.23% | 1,685,745 | |||
DB Master Finance LLC, | ||||
Ser 2006-1 Class M1 (S) | 8.285 | 06/20/31 | 1,000,000 | 862,700 |
Dominos Pizza Master Issuer LLC, | ||||
Ser 2007-1 Class M1 (S) | 7.629 | 04/25/37 | 1,000,000 | 600,000 |
TXU Corp., | ||||
Sec Bond | 7.460 | 01/01/15 | 370,211 | 223,045 |
Maturity | ||||
Rate | date | Par value | Value | |
Short-term investments 3.13% | $4,299,979 | |||
(Cost $4,299,979) | ||||
U.S. Government Agency 3.13% | 4,299,979 | |||
Federal Home Loan Bank, | ||||
Discount Note | 0.090 | 08/03/09 | 4,300,000 | 4,299,979 |
Page 10 |
John Hancock Investors Trust
Securities owned by the Fund on
July 31, 2009 (Unaudited)
Total investments (Cost $222,655,289) 145.77% | $200,071,619 |
Other assets and liabilities, net (45.77%) | ($62,819,205) |
Total net assets 100.00% | $137,252,414 |
The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common shareholders.
IO Interest Only
MTN Medium-Term Note
NIM Net Interest Margin
REIT Real Estate Investment Trust
(H) Issuer filed for protection under the Federal Bankruptcy Code and/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 $39,813,741 or 29.01% of the net assets of the Fund as of July 31, 2009.
(Z) The assets of the Fund are pledged as collateral for the borrowings by the Fund under the Revolving Credit Agreement.
At July 31, 2009, the aggregate cost of investment securities for federal income tax purposes was $222,667,739. Net unrealized depreciation aggregated $22,596,120, of which $9,491,049 related to appreciated investment securities and $32,087,169 related to depreciated investment securities.
Page 11 |
Notes to Portfolio of Investments (Unaudited)
Security valuation
Investments are stated at value as of the close of the regular trading on the 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 as well as broker quotes. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. 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 valued based on broker quotes or fair valued as described below. Certain short-term debt instruments are valued at amortized cost.
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 Funds 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 Funds 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.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic and market conditions, interest rates, investor perceptions and market liquidity.
Fair Value Measurements
The Fund uses 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 and the valuation techniques used are summarized below:
Level 1 Exchange traded prices in active markets for identical securities. This technique is used for exchange-traded domestic common and preferred equities, certain foreign equities, warrants, rights, options and futures. In addition, investment companies, including mutual funds, are valued using this technique.
Level 2 Prices determined using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and are based on an evaluation of the inputs described. These techniques are used for certain domestic preferred equities, certain foreign equities, unlisted rights and warrants, and fixed income securities. Also, over-the-counter derivative contracts, including swaps, foreign forward currency contracts, and certain options use these techniques.
12 |
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 Funds Pricing Committees own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available. Securities using this technique are generally thinly traded or privately placed, and may be valued using broker quotes, which may not only use observable or unobservable inputs but may also include the use of the brokers own judgments about the assumptions that market participants would use.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of July 31, 2009, by major security category or security type.
Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
Asset Backed Securities | - | $1,085,745 | $600,000 | $1,685,745 |
Corporate Bonds | - | 118,553,938 | 562,500 | 119,116,438 |
Collateralized Mortgage | ||||
Obligations | - | 7,839,541 | 4,751,817 | 12,591,358 |
Convertible Bonds | - | 450,300 | - | 450,300 |
Preferred Stocks | $825,200 | - | - | 825,200 |
Term Loans | - | - | - | - |
U.S. Government & Agency | - | 61,102,599 | - | 61,102,599 |
Short-term Investments | - | 4,299,979 | - | 4,299,979 |
Total Investments in Securities | $825,200 | $193,332,102 | $5,914,317 | $200,071,619 |
Other Financial Instruments | - | (674,672) | - | (674,672) |
Total | $825,200 | $192,657,430 | $5,914,317 | $199,396,947 |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Asset | Collateralized | |||
Backed | Mortgage | |||
Securities | Corporate Bonds | Obligations | Totals | |
Balance as of 10/31/08 | $615,000 | $608,203 | $7,420,363 | $8,643,566 |
Accrued | ||||
discounts/premiums | - | 193 | (314,405) | (314,212) |
Realized gain (loss) | - | - | (28,500) | (28,500) |
Change in Unrealized | ||||
appreciation | ||||
(depreciation) | (15,000) | (45,896) | 1,346,112 | 1,285,216 |
Net purchases (sales) | - | - | (3,662,451) | (3,662,451) |
Transfers in and/or out | ||||
of Level 3 | - | - | (9,302) | (9,302) |
Balance as of 7/31/09 | $600,000 | $562,500 | $4,751,817 | $5,914,317 |
13 |
The Fund has adopted the provisions of Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (FAS 161). This new standard requires the Fund to disclose information to assist investors in understanding how the Fund uses derivative instruments, how derivative instruments are accounted for under Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities (FAS 133) and how derivative instruments affect the Funds financial position, results of operations and cash flows. This disclosure for the period ended July 31, 2009 is presented in accordance with FAS 161 and is included as part of the Notes to the Financial Statements.
Swap contracts
The Fund may enter interest rate, credit default, cross-currency, and other forms of swaps to manage its exposure to credit, currency and interest rate risks, to gain exposure in lieu of buying in the physical market, or to enhance income. Swaps are privately negotiated agreements between counterparties to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. In connection with these agreements, the Fund will hold cash and/or liquid securities equal to the net amount of the Funds exposure, in order to satisfy the Funds obligations in the event of default or bankruptcy/insolvency.
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. For more information of swap contracts, please refer to the Funds prospectus, semi-annual and annual reports.
During the year the Fund held interest rate swaps to hedge against anticipated interest rate changes. The Fund had the following interest rate swap contracts open on July 31, 2009:
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 | Sep 2010 | Bank of America | ($674,672) |
Notional amounts of interest rate swaps at July 31, 2009 are representative of the interest rate swap activity during the period ended July 31, 2009.
Fair value of derivative instruments by risk category
The table below summarizes the fair values of derivatives held by the Fund at July 31, 2009 by risk category:
Derivatives not accounted | Financial | Liability | |
for as hedging instruments | instruments | Asset Derivatives | Derivatives |
under FAS 133 | location | Fair Value | Fair Value |
Interest rate swap | |||
Interest rate contracts | contracts | - | ($674,672) |
14 |
Derivatives and counterparty risk
The use of derivative instruments may involve risks 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 or 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.
Leverage utilization risk
The Fund utilizes leverage to increase assets available for investment. The Fund has a Revolving Credit Agreement (RCA) with a third party commercial bank that allows it to borrow up to $67 million and to invest the borrowings in accordance with its investment practices. Borrowings under the RCA are secured by the assets of the Fund.
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 markets 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.
15 |
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: September 15, 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: September 15, 2009
By: /s/ Charles A. Rizzo
-------------------------------------
Charles A. Rizzo
Chief Financial Officer
Date: September 15, 2009