a_investortrust.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) 
 
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:  January 31, 2012 

 

ITEM 1. SCHEDULE OF INVESTMENTS





John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
  Rate (%)  date    Value 
 
Corporate Bonds 93.49% (62.88% of Total Investments)        $155,953,082 

(Cost $152,367,735)         
 
Consumer Discretionary 17.87%        29,811,435 

 
Auto Components 1.52%         
Allison Transmission, Inc. (S)  7.125  05/15/19  $550,000  553,438 
Allison Transmission, Inc. (S)  11.000  11/01/15  886,000  935,824 
Exide Technologies  8.625  02/01/18  1,270,000  1,047,750 
 
Automobiles 0.14%         
Chrysler Group LLC (S)  8.250  06/15/21  240,000  229,200 
 
Hotels, Restaurants & Leisure 5.80%         
CCM Merger, Inc. (S)(Z)  8.000  08/01/13  2,145,000  2,080,650 
Downstream Development Authority of the Quapaw Tribe of         
Oklahoma (S)(Z)  10.500  07/01/19  2,000,000  1,950,000 
Greektown Superholdings, Inc.  13.000  07/01/15  2,179,000  2,331,530 
Jacobs Entertainment, Inc.  9.750  06/15/14  1,000,000  940,000 
Landry's Acquisition Company (S)  11.625  12/01/15  65,000  69,713 
Landry's, Inc. (Z)  11.625  12/01/15  360,000  386,100 
Little Traverse Bay Bands of Odawa Indians (S)(Z)  9.000  08/31/20  328,000  278,800 
Mashantucket Western Pequot Tribe (H)(S)  5.912  09/01/21  275,000  112,761 
Mashantucket Western Pequot Tribe, Series A (H)(S)  8.500  11/15/15  2,000,000  85,000 
Mohegan Tribal Gaming Authority (Z)  7.125  08/15/14  1,000,000  670,000 
Waterford Gaming LLC (S)(Z)  8.625  09/15/14  836,576  395,394 
Yonkers Racing Corp. (S)(Z)  11.375  07/15/16  351,000  374,693 
 
Household Durables 0.40%         
Standard Pacific Corp.  8.375  05/15/18  140,000  142,100 
Urbi Desarrollos Urbanos SAB de CV (S)  9.750  02/03/22  510,000  521,879 
 
Leisure Equipment & Products 0.31%         
Easton-Bell Sports, Inc. (Z)  9.750  12/01/16  465,000  513,825 
 
Media 6.74%         
AMC Entertainment, Inc. (Z)  8.750  06/01/19  350,000  369,250 
CCH II LLC  13.500  11/30/16  482,243  555,785 
Cinemark USA, Inc.  7.375  06/15/21  365,000  384,163 
Cinemark USA, Inc. (Z)  8.625  06/15/19  245,000  269,500 
Clear Channel Communications, Inc.  10.750  08/01/16  1,385,000  1,031,825 
Clear Channel Communications, Inc., PIK  11.000  08/01/16  1,806,617  1,300,764 
DIRECTV Holdings LLC (Z)  5.875  10/01/19  355,000  405,470 
News America, Inc. (Z)  7.750  01/20/24  980,000  1,224,069 
Quebecor Media, Inc. (Z)  7.750  03/15/16  95,000  97,850 
Sirius XM Radio, Inc. (S)(Z)  8.750  04/01/15  2,000,000  2,235,000 
Time Warner Cable, Inc. (Z)  8.250  04/01/19  375,000  483,527 
Videotron Ltee (Z)  6.375  12/15/15  300,000  306,375 
WMG Acquisition Corp. (S)(Z)  11.500  10/01/18  685,000  698,700 
XM Satellite Radio, Inc. (S)(Z)  13.000  08/01/13  1,650,000  1,881,000 
 
Multiline Retail 1.40%         
Macy's Retail Holdings, Inc. (Z)  7.875  08/15/36  215,000  242,547 
Michaels Stores, Inc. (Z)  11.375  11/01/16  1,975,000  2,093,303 
 
Specialty Retail 1.20%         
Automotores Gildemeister SA (S)(Z)  8.250  05/24/21  720,000  738,000 
Hillman Group, Inc.  10.875  06/01/18  290,000  297,975 
Sonic Automotive, Inc. (Z)  9.000  03/15/18  145,000  155,875 
Staples, Inc. (Z)  9.750  01/15/14  500,000  573,019 

 

1 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
  Rate (%)  date    Value 
 
Consumer Discretionary (continued)         

Toys R Us Property Company II LLC  8.500  12/01/17  $225,000  $241,031 
 
Textiles, Apparel & Luxury Goods 0.36%         
PVH Corp. (Z)  7.375  05/15/20  550,000  607,750 
 
Consumer Staples 4.89%        8,154,932 

 
Beverages 1.09%         
Corp. Lindley SA (S)  6.750  11/23/21  245,000  259,700 
SABMiller Holdings, Inc. (S)  3.750  01/15/22  1,500,000  1,562,792 
 
Food Products 2.02%         
BFF International, Ltd. (S)(Z)  7.250  01/28/20  1,000,000  1,105,000 
Bunge Ltd. Finance Corp. (Z)  5.350  04/15/14  1,015,000  1,072,280 
Corp. Pesquera Inca SAC (S)(Z)  9.000  02/10/17  350,000  363,125 
Marfrig Holding Europe BV (S)(Z)  8.375  05/09/18  600,000  504,000 
Post Holdings, Inc. (S)  7.375  02/15/22  130,000  135,200 
TreeHouse Foods, Inc. (Z)  7.750  03/01/18  175,000  188,563 
 
Household Products 0.82%         
Reynolds Group Issuer, Inc. (S)  9.250  05/15/18  390,000  389,025 
Yankee Candle Company, Inc. (Z)  8.500  02/15/15  655,000  668,919 
Yankee Candle Company, Inc., Series B (Z)  9.750  02/15/17  315,000  315,788 
 
Personal Products 0.46%         
Hypermarcas SA (S)(Z)  6.500  04/20/21  600,000  561,000 
Revlon Consumer Products Corp. (Z)  9.750  11/15/15  185,000  197,950 
 
Tobacco 0.50%         
Lorillard Tobacco Company (Z)  6.875  05/01/20  720,000  831,590 
 
Energy 12.95%        21,607,798 

 
Energy Equipment & Services 3.67%         
Astoria Depositor Corp., Series B (S)  8.144  05/01/21  750,000  637,500 
Gazprom OAO Via RBS AG (S)(Z)  9.625  03/01/13  1,000,000  1,072,500 
Inkia Energy, Ltd. (S)(Z)  8.375  04/04/21  1,400,000  1,400,000 
Offshore Group Investments, Ltd. (Z)  11.500  08/01/15  2,475,000  2,741,063 
Trinidad Drilling, Ltd. (S)(Z)  7.875  01/15/19  265,000  280,900 
 
Oil, Gas & Consumable Fuels 9.28%         
Afren PLC (S)  11.500  02/01/16  1,600,000  1,688,000 
Alpha Natural Resources, Inc. (Z)  6.250  06/01/21  740,000  732,600 
Arch Coal, Inc. (S)  7.000  06/15/19  260,000  260,650 
Arch Coal, Inc. (S)  7.250  06/15/21  470,000  472,350 
Devon Energy Corp. (Z)  5.625  01/15/14  1,035,000  1,132,085 
EV Energy Partners LP  8.000  04/15/19  405,000  418,163 
Forbes Energy Services, Ltd.  9.000  06/15/19  295,000  281,725 
Linn Energy LLC (Z)  8.625  04/15/20  390,000  432,900 
McMoRan Exploration Company (Z)  11.875  11/15/14  1,100,000  1,166,000 
Niska Gas Storage US LLC (Z)  8.875  03/15/18  565,000  543,106 
Pan American Energy LLC (S)(Z)  7.875  05/07/21  350,000  369,250 
Pertamina Persero PT (S)(Z)  6.500  05/27/41  260,000  280,800 
Petroleos Mexicanos (Z)  4.875  03/15/15  1,000,000  1,065,000 
Petroleos Mexicanos (Z)  6.000  03/05/20  360,000  403,200 
Plains All American Pipeline LP (Z)  6.500  05/01/18  1,000,000  1,175,914 
RDS Ultra-Deepwater, Ltd. (S)(Z)  11.875  03/15/17  1,250,000  1,340,625 
Regency Energy Partners LP (Z)  9.375  06/01/16  1,140,000  1,265,400 
Thermon Industries, Inc. (Z)  9.500  05/01/17  1,332,000  1,435,230 

 

2 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
  Rate (%)  date    Value 
 
Energy (continued)         

Valero Energy Corp. (Z)  4.500  02/01/15  $205,000  $220,474 
Valero Energy Corp. (Z)  6.125  02/01/20  205,000  233,894 
W&T Offshore, Inc.  8.500  06/15/19  525,000  558,469 
 
Financials 22.23%        37,091,544 

 
Capital Markets 3.87%         
Credit Suisse AG (Z)  6.000  02/15/18  2,000,000  2,097,400 
Knight Capital Group, Inc. (Z)  3.500  03/15/15  250,000  238,750 
Morgan Stanley (Z)  3.800  04/29/16  1,000,000  971,965 
Morgan Stanley (Z)  6.000  04/28/15  1,000,000  1,053,705 
The Goldman Sachs Group, Inc. (Z)  3.625  02/07/16  1,000,000  996,376 
The Goldman Sachs Group, Inc. (Z)  6.250  09/01/17  1,000,000  1,098,196 
 
Commercial Banks 5.16%         
Banco de Galicia y Buenos Aires (S)(Z)  8.750  05/04/18  410,000  391,960 
BanColombia SA (Z)  5.950  06/03/21  560,000  567,000 
Barclays Bank PLC (Z)  5.140  10/14/20  1,595,000  1,529,632 
GTB Finance B.V. (S)(Z)  7.500  05/19/16  285,000  294,263 
National City Bank of Indiana (Z)  4.250  07/01/18  2,000,000  2,018,510 
Sberbank of Russia Via SB Capital SA (S)  6.125  02/07/22  1,000,000  1,000,000 
State Bank of India/London (S)(Z)  4.500  07/27/15  500,000  507,320 
Wachovia Corp. (Z)  5.750  02/01/18  2,000,000  2,304,080 
 
Consumer Finance 0.97%         
American Express Credit Corp. (Z)  5.125  08/25/14  1,000,000  1,087,598 
SLM Corp. (Z)  8.450  06/15/18  485,000  525,013 
 
Diversified Financial Services 4.30%         
Alfa Bank OJSC (S)(Z)  7.750  04/28/21  300,000  283,500 
Bank of America Corp. (Z)  3.750  07/12/16  2,000,000  1,969,964 
Bosphorus Financial Services, Ltd. (P)(S)(Z)  2.257  02/15/12  31,250  31,244 
Corp Andina de Fomento (Z)  3.750  01/15/16  690,000  702,094 
DTEK Finance BV (S)  9.500  04/28/15  1,000,000  973,750 
Gruposura Finance (S)(Z)  5.700  05/18/21  440,000  451,000 
Intercorp Retail Trust (S)  8.875  11/14/18  305,000  322,538 
JPMorgan Chase & Company (Z)  3.450  03/01/16  2,000,000  2,060,412 
Nationstar Mortgage  10.875  04/01/15  375,000  372,188 
 
Insurance 3.03%         
CNA Financial Corp. (Z)  7.350  11/15/19  655,000  745,296 
Liberty Mutual Group, Inc. (S)(Z)  7.300  06/15/14  750,000  801,845 
Lincoln National Corp. (7.000% to 5-17-16, then 3 month         
LIBOR + 2.358%) (Z)  7.000  05/17/66  370,000  349,650 
MetLife, Inc. (Z)  6.817  08/15/18  2,000,000  2,426,962 
Symetra Financial Corp. (8.300% to 10/15/2017, then 3         
month LIBOR + 4.177%) (S)(Z)  8.300  10/15/37  520,000  488,800 
Willis North America, Inc. (Z)  7.000  09/29/19  215,000  246,566 
 
Investment Companies 0.91%         
IPIC GMTN Ltd. (S)(Z)  5.500  03/01/22  1,500,000  1,518,750 
 
Real Estate Investment Trusts 1.87%         
Dexus Property Group (S)(Z)  7.125  10/15/14  1,000,000  1,094,738 
DuPont Fabros Technology LP (Z)  8.500  12/15/17  350,000  384,125 
Health Care REIT, Inc. (Z)  6.200  06/01/16  345,000  377,691 
Plum Creek Timberlands LP (Z)  5.875  11/15/15  345,000  382,096 
Servicios Corporativos Javer SAPI de CV (S)  9.875  04/06/21  1,000,000  885,000 

 

3 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
  Rate (%)  date    Value 
 
Financials (continued)         

 
Real Estate Management & Development 2.12%         
Country Garden Holdings Company, Ltd. (S)  11.125  02/23/18  $1,000,000  $937,500 
Realogy Corp.  11.500  04/15/17  1,095,000  963,600 
Realogy Corp.  12.000  04/15/17  1,843,221  1,640,467 
 
Health Care 2.00%        3,334,422 

 
Health Care Providers & Services 1.50%         
AmerisourceBergen Corp. (Z)  3.500  11/15/21  1,000,000  1,060,444 
BioScrip, Inc.  10.250  10/01/15  510,000  525,300 
Community Health Systems, Inc.  8.875  07/15/15  30,000  31,200 
Emergency Medical Services Corp.  8.125  06/01/19  100,000  102,000 
ExamWorks Group, Inc. (S)  9.000  07/15/19  680,000  646,000 
HCA, Inc.  7.500  02/15/22  130,000  139,100 
 
Pharmaceuticals 0.50%         
Catalent Pharma Solutions, Inc., PIK  9.500  04/15/15  436,268  450,447 
Endo Pharmaceuticals Holdings, Inc.  7.250  01/15/22  345,000  379,931 
 
Industrials 10.27%        17,125,947 

 
Aerospace & Defense 1.26%         
Ducommun, Inc. (S)  9.750  07/15/18  160,000  163,600 
Embraer Overseas, Ltd. (Z)  6.375  01/15/20  885,000  975,713 
Kratos Defense & Security Solutions, Inc. (Z)  10.000  06/01/17  400,000  423,000 
TransDigm, Inc.  7.750  12/15/18  495,000  542,025 
 
Airlines 5.65%         
America West Airlines 2001-1 Pass Through Trust (Z)  7.100  04/02/21  433,594  411,914 
American Airlines 2011-1 Class B Pass Through Trust (S)(Z)  7.000  01/31/18  1,303,922  1,225,686 
Continental Airlines 1999-1 Class A Pass Through Trust (Z)  6.545  02/02/19  222,631  237,102 
Continental Airlines 2000-2 Class B Pass Through Trust (Z)  8.307  04/02/18  150,489  148,232 
Delta Air Lines 2007-1 Class A Pass Through Trust (Z)  6.821  08/10/22  703,397  759,668 
Delta Air Lines, Inc. (S)(Z)  9.500  09/15/14  1,186,000  1,263,090 
Delta Air Lines, Inc. (S)(Z)  12.250  03/15/15  410,000  436,650 
Global Aviation Holdings, Inc. (H)  14.000  08/15/13  1,263,000  985,140 
TAM Capital 3, Inc. (S)(Z)  8.375  06/03/21  505,000  522,675 
TAM Capital, Inc. (Z)  7.375  04/25/17  860,000  885,800 
United Air Lines, Inc. (S)(Z)  12.000  11/01/13  820,000  865,100 
United Air Lines, Inc. (Z)  12.750  07/15/12  672,725  702,997 
United Airlines 2009-1 Pass Through Trust (Z)  10.400  11/01/16  272,589  307,344 
United Airlines 2009-2A Pass Through Trust (Z)  9.750  01/15/17  596,944  671,562 
 
Building Products 0.30%         
Euramax International, Inc.  9.500  04/01/16  120,000  98,700 
Nortek, Inc. (S)  8.500  04/15/21  235,000  223,250 
Voto-Votorantim Overseas Trading Operations NV (S)(Z)  6.625  09/25/19  160,000  172,320 
 
Commercial Services & Supplies 1.61%         
ACCO Brands Corp. (Z)  10.625  03/15/15  615,000  682,712 
Avis Budget Car Rental LLC (Z)  9.625  03/15/18  345,000  376,913 
Garda World Security Corp. (S)(Z)  9.750  03/15/17  765,000  797,513 
Iron Mountain, Inc. (Z)  8.375  08/15/21  760,000  830,300 
 
Electrical Equipment 0.18%         
Coleman Cable, Inc. (Z)  9.000  02/15/18  295,000  300,900 
 
Industrial Conglomerates 0.24%         
Hutchison Whampoa International, Ltd. (S)(Z)  4.625  09/11/15  385,000  407,991 

 

4 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
  Rate (%)  date    Value 
 
Industrials (continued)         

 
Machinery 0.44%         
Lonking Holdings, Ltd. (S)(Z)  8.500  06/03/16  $505,000  $459,550 
Thermadyne Holdings Corp.  9.000  12/15/17  260,000  273,000 
 
Marine 0.10%         
Navios South American Logistics, Inc. (S)(Z)  9.250  04/15/19  200,000  164,000 
 
Road & Rail 0.43%         
Western Express, Inc. (S)(Z)  12.500  04/15/15  1,395,000  718,425 
 
Trading Companies & Distributors 0.06%         
Aircastle, Ltd. (S)  9.750  08/01/18  85,000  93,075 
 
Information Technology 1.71%        2,853,975 

 
Computers & Peripherals 0.36%         
Seagate HDD Cayman (S)(Z)  7.000  11/01/21  565,000  604,550 
 
Electronic Equipment, Instruments & Components 0.92%         
CDW LLC  8.000  12/15/18  500,000  537,500 
Freescale Semiconductor, Inc. (S)(Z)  9.250  04/15/18  290,000  316,825 
STATS ChipPAC, Ltd. (S)(Z)  7.500  08/12/15  630,000  674,100 
 
IT Services 0.43%         
Brightstar Corp. (S)(Z)  9.500  12/01/16  700,000  721,000 
 
Materials 9.90%        16,514,591 

 
Chemicals 1.63%         
American Pacific Corp. (Z)  9.000  02/01/15  565,000  548,050 
Braskem Finance, Ltd. (S)(Z)  5.750  04/15/21  200,000  199,500 
Fufeng Group, Ltd. (S)(Z)  7.625  04/13/16  985,000  839,713 
The Dow Chemical Company (Z)  5.900  02/15/15  1,000,000  1,126,976 
 
Construction Materials 0.80%         
Cemex SAB de CV (S)  9.000  01/11/18  1,000,000  870,000 
China Shanshui Cement Group, Ltd. (S)(Z)  8.500  05/25/16  350,000  336,000 
Vulcan Materials Company  7.500  06/15/21  120,000  131,100 
 
Containers & Packaging 2.56%         
AEP Industries, Inc.  8.250  04/15/19  355,000  372,750 
Berry Plastics Corp. (Z)  8.250  11/15/15  770,000  825,825 
Berry Plastics Corp.  9.750  01/15/21  500,000  522,500 
Cascades, Inc. (Z)  7.875  01/15/20  240,000  246,600 
Graphic Packaging International, Inc. (Z)  7.875  10/01/18  236,000  257,240 
Graphic Packaging International, Inc. (Z)  9.500  06/15/17  185,000  203,963 
Pretium Packaging LLC  11.500  04/01/16  160,000  158,400 
Sealed Air Corp. (S)(Z)  8.375  09/15/21  1,500,000  1,687,500 
 
Metals & Mining 4.15%         
APERAM (S)(Z)  7.750  04/01/18  300,000  256,500 
CSN Islands XI Corp. (S)(Z)  6.875  09/21/19  250,000  270,000 
Essar Steel Algoma, Inc. (S)(Z)  9.375  03/15/15  500,000  497,500 
Gerdau Holdings, Inc. (S)(Z)  7.000  01/20/20  360,000  392,400 
Metinvest BV (S)(Z)  8.750  02/14/18  555,000  482,850 
Midwest Vanadium Pty, Ltd. (S)  11.500  02/15/18  1,000,000  703,750 
Rain CII Carbon LLC (S)  8.000  12/01/18  945,000  980,438 
Rio Tinto Finance USA, Ltd. (Z)  7.125  07/15/28  710,000  967,403 
Ryerson, Inc. (Z)  12.000  11/01/15  1,000,000  1,010,000 
SunCoke Energy, Inc.  7.625  08/01/19  105,000  106,050 

 

5 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
  Rate (%)  date    Value 
 
Materials (continued)         

Teck Resources, Ltd. (Z)  10.750  05/15/19  $240,000  $293,388 
Vedanta Resources PLC (S)(Z)  8.250  06/07/21  795,000  643,950 
Winsway Coking Coal Holding, Ltd. (S)(Z)  8.500  04/08/16  425,000  325,125 
 
Paper & Forest Products 0.76%         
AbitibiBowater, Inc. (S)(Z)  10.250  10/15/18  628,000  708,070 
Boise Paper Holdings LLC (Z)  8.000  04/01/20  515,000  551,050 
 
Telecommunication Services 8.52%        14,206,015 

 
Communications Equipment 0.15%         
Sable International Finance, Ltd. (S)(Z)  7.750  02/15/17  250,000  256,250 
 
Diversified Telecommunication Services 3.88%         
Axtel SAB de CV (S)(Z)  7.625  02/01/17  810,000  615,600 
Axtel SAB de CV (S)(Z)  9.000  09/22/19  260,000  205,400 
Cincinnati Bell, Inc.  8.750  03/15/18  540,000  519,750 
Frontier Communications Corp. (Z)  7.125  03/15/19  530,000  504,825 
Frontier Communications Corp. (Z)  8.750  04/15/22  435,000  430,650 
GTP Acquisition Partners I LLC (S)  7.628  06/15/16  370,000  363,484 
GXS Worldwide, Inc. (Z)  9.750  06/15/15  430,000  421,400 
Intelsat Luxembourg SA (Z)  11.250  02/04/17  1,470,000  1,484,700 
Intelsat Luxembourg SA, PIK (S)  11.500  02/04/17  390,000  391,950 
Satmex Escrow SA de CV  9.500  05/15/17  404,000  420,160 
Telecom Italia Capital SA (Z)  6.175  06/18/14  1,105,000  1,110,525 
 
Wireless Telecommunication Services 4.49%         
CC Holdings GS V LLC (S)(Z)  7.750  05/01/17  410,000  445,363 
Crown Castle Towers LLC (S)(Z)  4.883  08/15/20  750,000  781,514 
Nextel Communications, Inc. (Z)  7.375  08/01/15  1,340,000  1,296,450 
NII Capital Corp. (Z)  10.000  08/15/16  320,000  364,000 
SBA Tower Trust (S)(Z)  5.101  04/15/17  580,000  621,644 
Sprint Capital Corp. (Z)  6.900  05/01/19  1,000,000  852,500 
Sprint Capital Corp. (Z)  8.750  03/15/32  1,065,000  894,600 
Sprint Nextel Corp. (S)  11.500  11/15/21  2,150,000  2,225,250 
 
Utilities 3.15%        5,252,423 

 
Electric Utilities 2.66%         
Beaver Valley II Funding (Z)  9.000  06/01/17  468,000  489,579 
BVPS II Funding Corp. (Z)  8.890  06/01/17  475,000  528,746 
CE Generation LLC (Z)  7.416  12/15/18  474,000  496,515 
Centrais Eletricas do Para SA (S)(Z)  10.500  06/03/16  415,000  415,283 
Exelon Corp. (Z)  4.900  06/15/15  1,015,000  1,108,790 
FPL Energy National Wind LLC (S)(Z)  5.608  03/10/24  230,815  239,194 
PNPP II Funding Corp. (Z)  9.120  05/30/16  239,000  257,224 
Texas Competitive Electric Holdings Company LLC (S)  11.500  10/01/20  155,000  117,025 
United Maritime Group LLC (Z)  11.750  06/15/15  475,000  482,125 
W3A Funding Corp. (Z)  8.090  01/02/17  299,538  296,111 
 
Independent Power Producers & Energy Traders 0.49%         
NRG Energy, Inc. (Z)  7.375  01/15/17  795,000  821,831 

 

6 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
  Rate (%)  date    Value 
 
Convertible Bonds 1.59% (1.07% of Total Investments)        $2,656,570 

(Cost $2,498,791)         
 
Consumer Discretionary 0.50%        827,320 

 
Media 0.50%         
XM Satellite Radio, Inc. (S)  7.000  12/01/14  $592,000  827,320 
 
Health Care 0.50%        838,750 

 
Health Care Equipment & Supplies 0.50%         
NuVasive, Inc. (Z)  2.750  07/01/17  1,000,000  838,750 
 
Industrials 0.30%        500,500 

 
Airlines 0.30%         
United Continental Holdings, Inc. (Z)  4.500  06/30/21  550,000  500,500 
 
Materials 0.29%        490,000 

 
Containers & Packaging 0.29%         
Owens-Brockway Glass Container, Inc. (S)  3.000  06/01/15  500,000  490,000 
 
 
Capital Preferred Securities (a) 0.36% (0.24% of Total Investments)      $605,500 

(Cost $700,000)         
 
Financials 0.36%        605,500 

 
Commercial Banks 0.36%         
HSBC Finance Capital Trust IX (5.911% to 11/30/2015, then         
3 month LIBOR + 1.926%) (Z)  5.911  11/30/35  700,000  605,500 
 
 
U.S. Government & Agency Obligations 34.20% (23.00% of Total Investments)    $57,040,237 

(Cost $55,908,351)         
 
U.S. Government 7.30%        12,173,427 

U.S. Treasury Bonds         
Bond  3.750  08/15/41  390,000  454,777 
U.S. Treasury Notes         
Note  0.875  12/31/16  2,530,000  2,553,521 
Note (Z)  2.000  04/30/16  7,000,000  7,432,579 
Note  2.000  11/15/21  1,120,000  1,140,651 
U.S. Treasury Strips, PO (Z)  2.907  11/15/30  1,025,000  591,899 
 
U.S. Government Agency 26.90%        44,866,810 

Federal Home Loan Mortgage Corp.         
30 Yr Pass Thru CTF (Z)  5.000  03/01/41  3,262,222  3,578,977 
30 Yr Pass Thru CTF  6.500  06/01/37  40,499  45,018 
30 Yr Pass Thru CTF (Z)  6.500  10/01/37  85,730  95,188 
30 Yr Pass Thru CTF  6.500  11/01/37  182,564  202,703 
30 Yr Pass Thru CTF  6.500  12/01/37  79,300  88,048 
30 Yr Pass Thru CTF  6.500  03/01/38  332,687  370,114 
Federal National Mortgage Association         
30 Yr Pass Thru CTF  4.000  12/01/40  6,690,995  7,143,671 
30 Yr Pass Thru CTF  4.000  09/01/41  5,443,225  5,774,913 
30 Yr Pass Thru CTF  4.000  10/01/41  2,575,463  2,740,449 
30 Yr Pass Thru CTF  4.000  11/01/41  2,601,962  2,753,197 
30 Yr Pass Thru CTF (Z)  4.500  10/01/40  3,949,171  4,258,643 

 

7 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
  Rate (%)  date    Value 
 
U.S. Government Agency (continued)         

30 Yr Pass Thru CTF  5.000  02/01/41  $528,014  $570,084 
30 Yr Pass Thru CTF  5.000  04/01/41  959,568  1,054,314 
30 Yr Pass Thru CTF (Z)  5.500  06/01/38  8,265,321  9,007,823 
30 Yr Pass Thru CTF  5.500  08/01/40  368,097  400,819 
30 Yr Pass Thru CTF  6.000  05/01/37  2,012,072  2,218,953 
30 Yr Pass Thru CTF (Z)  6.500  07/01/36  732,223  819,031 
30 Yr Pass Thru CTF (Z)  6.500  10/01/37  481,303  538,213 
30 Yr Pass Thru CTF (Z)  6.500  01/01/39  2,867,583  3,206,652 
 
 
Foreign Government Obligations 4.05% (2.72% of Total Investments)      $6,750,776 

(Cost $6,492,180)         
 
Argentina 1.41%        2,345,000 

City of Buenos Aires (S)(Z)  12.500  04/06/15  1,700,000  1,853,000 
Provincia de Neuquen Argentina (S)  7.875  04/26/21  480,000  492,000 
 
Canada 0.47%        789,872 

Province of Ontario  3.150  12/15/17  735,000  789,872 
 
Georgia 0.12%        206,250 

Republic of Georgia (S)(Z)  6.875  04/12/21  200,000  206,250 
 
Mexico 0.51%        843,840 

Government of Mexico         
Bond (Z)  5.125  01/15/20  315,000  357,840 
Bond (Z)  5.875  02/17/14  450,000  486,000 
 
Peru 0.14%        232,750 

Republic of Peru (Z)  7.350  07/21/25  175,000  232,750 
 
Poland 0.61%        1,014,000 

Republic of Poland         
Bond (Z)  5.000  03/23/22  1,000,000  1,014,000 
 
South Korea 0.13%        213,171 

Republic of Korea (Z)  4.375  08/10/15  205,000  213,171 
 
Ukraine 0.66%        1,105,893 

City of Kyiv (S)  9.375  07/11/16  1,285,000  1,105,893 
 
 
Term Loans (M) 1.54% (1.04% of Total Investments)        $2,574,827 

(Cost $2,790,528)         
 
Consumer Discretionary 0.50%        841,273 

PRIMEDIA, Inc.  7.500  01/13/18  945,250  841,273 
 
Consumer Staples 0.14%        242,629 

Revlon Consumer Products Corp.  4.750  11/17/17  243,775  242,629 
 
Health Care 0.20%        334,783 

National Mentor Holdings, Inc.  7.000  02/09/17  347,375  334,783 
 
Industrials 0.41%        676,476 

Delta Air Lines, Inc.  5.500  04/20/17  696,500  676,476 

 

8 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
  Rate (%)  date    Value 
 
Telecommunication Services 0.29%        $479,666 

LightSquared LP  12.000  10/01/14  $1,015,167  479,666 
 
 
Collateralized Mortgage Obligations 6.38% (4.29% of Total Investments)    $10,637,495 

(Cost $10,608,266)         
 
Commercial & Residential 5.77%        9,630,766 

American Home Mortgage Assets         
Series 2006-6, Class XP IO  2.136  12/25/46  7,532,522  477,379 
American Tower Trust         
Series 2007-1A, Class C (S)  5.615  04/15/37  195,000  206,079 
Bear Stearns Alt-A Trust         
Series 2005-3, Class B2 (P)  2.534  04/25/35  393,093  9,114 
Countrywide Alternative Loan Trust         
Series 2006-OA12, Class X IO  2.706  09/20/46  39,453,282  2,563,737 
First Horizon Alternative Mortgage Securities         
Series 2004-AA5, Class B1 (P)  2.326  12/25/34  253,800  28,384 
GSR Mortgage Loan Trust         
Series 2006-4F, Class 6A1  6.500  05/25/36  2,698,957  1,850,346 
Series 2004-9, Class B1 (P)  3.099  08/25/34  765,448  282,266 
Harborview Mortgage Loan Trust         
Series 2005-8, Class 1X IO  2.172  09/19/35  4,625,780  227,355 
Series 2007-3, Class ES IO  0.350  05/19/47  8,019,514  50,122 
Series 2007-4, Class ES IO  0.350  07/19/47  9,864,621  61,259 
Series 2007-6, Class ES IO (S)  0.342  08/19/37  6,701,481  42,286 
IndyMac Index Mortgage Loan Trust         
Series 2004-AR13, Class B1  5.296  01/25/35  299,475  25,413 
Series 2005-AR18, Class 1X IO  2.056  10/25/36  9,322,063  618,892 
Series 2005-AR18, Class 2X IO  1.722  10/25/36  8,789,473  426,729 
Series 2005-AR5, Class B1 (P)  2.601  05/25/35  214,649  1,682 
Morgan Stanley Capital I         
Series 2008-HQ8, Class AM (P)  5.647  03/12/44  995,000  1,041,409 
Provident Funding Mortgage Loan Trust         
Series 2005-1, Class B1 (P)  2.659  05/25/35  353,476  52,406 
WaMu Mortgage Pass Through Certificates         
Series 2005-AR1, Class X IO  1.500  01/25/45  12,952,652  609,661 
Series 2005-AR4, Class B1 (P)  2.565  04/25/35  1,376,687  258,404 
Series 2005-AR6, Class X IO  1.456  04/25/45  7,967,653  418,410 
Series 2005-AR8, Class X IO  1.634  07/25/45  7,286,269  379,433 
 
U.S. Government Agency 0.61%        1,006,729 

Federal National Mortgage Association         
Series 398, Class C3 IO (Z)  4.500  05/25/39  1,209,542  144,897 
Series 402, Class 3 IO (Z)  4.000  11/25/39  1,003,425  111,150 
Series 402, Class 4 IO (Z)  4.000  10/25/39  1,731,032  194,505 
Series 407, Class 15 IO (Z)  5.000  01/25/40  1,407,507  214,275 
Series 407, Class 21 IO (Z)  5.000  01/25/39  1,213,338  142,961 
Series 407, Class 7 IO (Z)  5.000  03/25/41  1,005,465  161,754 
Series 407, Class 8 IO (Z)  5.000  03/25/41  248,830  37,187 

 

9 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

    Maturity  Par value   
Rate (%)  date    Value 
 
Asset Backed Securities 1.54% (1.04% of Total Investments)        $2,574,079 

(Cost $2,532,580)         
 
Asset Backed Securities 1.54%        2,574,079 

Aircraft Certificate Owner Trust         
Series 2003-1A, Class E (S)  7.001  09/20/22  $170,000  156,400 
ContiMortgage Home Equity Loan Trust         
Series 1995-2, Class A-5  8.100  08/15/25  35,736  35,560 
Countrywide Asset-Backed Certificates         
Series 2006-3, Class 2A2 (P)  0.456  06/25/36  793,021  626,962 
Dominos Pizza Master Issuer LLC         
Series 2007-1, Class M1 (S) (Z)  7.629  04/25/37  1,000,000  1,011,360 
Sonic Capital LLC         
Series 2011-1A, Class A2 (S)  5.438  05/20/41  705,600  743,797 
 
      Shares  Value 
 
 
Common Stocks 1.92% (1.29% of Total Investments)        $3,196,827 

(Cost $4,633,547)         
 
Consumer Discretionary 0.23%        375,218 

 
Hotels, Restaurants & Leisure 0.05%         
Greektown Superholdings, Inc. (I)      977  73,695 
 
Media 0.18%         
Charter Communications, Inc., Class A (I)(Z)      4,301  247,910 
Dex One Corp. (I)      20,979  35,245 
Vertis Holdings, Inc.      34,015  18,368 
 
Energy 0.63%        1,050,000 

 
Oil, Gas & Consumable Fuels 0.63%         
YPF SA, ADR      30,000  1,050,000 
 
Materials 1.06%        1,771,609 

 
Containers & Packaging 1.06%         
Rock-Tenn Company, Class A (Z)      28,639  1,771,609 
 
 
 
      Shares  Value 
 
Preferred Securities (b) 2.88% (1.94% of Total Investments)        $4,809,250 

(Cost $5,177,753)         
 
Consumer Discretionary 1.31%        2,184,450 

 
Automobiles 0.13%         
General Motors Company, Series B, 4.750% (Z)      5,290  211,917 
 
Hotels, Restaurants & Leisure 0.86%         
Greektown Superholdings, Inc., Series A (I)      19,074  1,438,752 
 
Media 0.32%         
Nielsen Holdings NV, 6.250%      950,000  533,781 

 

10 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

      Shares  Value 
 
Financials 1.25%        $2,082,800 

 
Commercial Banks 0.64%         
Zions Bancorporation, Series E, 11.000% (Z)      40,000  1,064,400 
 
Real Estate Investment Trusts 0.61%         
Public Storage, Inc., Depositary Shares, Series W, 6.500% (Z)      40,000  1,018,400 
 
Utilities 0.32%        542,000 

 
Electric Utilities 0.32%         
PPL Corp., 9.500%      10,000  542,000 
 
    Maturity  Par value   
Rate (%)  date    Value 
 
Escrow Certificates 0.02% (0.01% of Total Investments)        $34,850 

(Cost $0)         
 
Consumer Discretionary 0.00%        0 

SuperMedia, Inc. (I)  8.000  11/15/16  $2,000,000  0 
 
Materials 0.02%        34,850 

Smurfit-Stone Container Corp. (I)  8.000  03/15/17  1,640,000  34,850 
 
      Par value  Value 
 
Short-Term Investments 0.72% (0.48% of Total Investments)        $1,200,000 

(Cost $1,200,000)         
 
Repurchase Agreement 0.72%        1,200,000 

Repurchase Agreement with State Street Corp. dated 1-31-12 at         
0.010% to be repurchased at $1,200,000, on 2-1-12, collateralized       
by $1,230,000 Federal Home Loan Mortgage Corp., 1.000% due 3-       
8-17 (valued at $1,226,925, including interest)      1,200,000  1,200,000 
 
Total investments (Cost $244,909,731)† 148.69%        $248,033,493 

 
Other assets and liabilities, net (48.69%)        ($81,219,565) 

 
Total net assets 100.00%        $166,813,928 

 

 

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

ADR American Depositary Receipts

IO Interest Only Security – (Interest Tranche of Stripped Security). Rate shown is the annualized yield at the end of the period.

LIBOR London Interbank Offered Rate

PIK Payment-in-kind

PO Principal-Only Security – (Principal Tranche of Stripped Security). Rate shown is the annualized yield on date of purchase.

REIT Real Estate Investment Trust

(a) Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.

(b) Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.

11 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

(H) Non-income producing - Issuer is in default.

(I) Non-income producing security.

(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

(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 $69,285,715 or 41.53% of the Fund's net assets as of 1-31-12.

(Z) A portion of this security is segregated as collateral pursuant to the Committed Facility Agreement. Total collateral value at 1-31-12 was $174,290,466.

The Fund had the following country concentration as a percentage of investments on 1-31-12:

United States  77.5% 
Cayman Islands  4.8% 
Mexico  2.4% 
United Kingdom  2.2% 
Luxembourg  1.7% 
Argentina  1.7% 
Canada  1.7% 
Australia  1.1% 
Peru  0.9% 
Netherlands  0.9% 
Other Countries  4.6% 
Short-Term Investments  0.5% 

 

12 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

Notes to the Schedule of Investments

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The following is a summary of the values by input classification of the Fund’s investments as of January 31, 2012, by major security category or type:

      Level 2  Level 3 
  Total Market    Significant  Significant 
  Value at  Level 1 Quoted  Observable  Unobservable 
  1-31-12  Price  Inputs  Inputs 

Corporate Bonds  $155,987,932    $155,313,738  $674,194 
Convertible Bonds  2,656,570    2,656,570   
Capital Preferred Securities  605,500    605,500   
U.S. Government & Agency Obligations  57,040,237    57,040,237   
Foreign Government Obligations  6,750,776    6,750,776   
Term Loans  2,574,827    2,574,827   
Collateralized Mortgage Obligations  10,637,495    10,587,373  50,122 
Asset Backed Securities  2,574,079    2,417,679  156,400 
Common Stocks  3,196,827  $3,104,764    92,063 
Preferred Securities  4,809,250  2,836,717  533,781  1,438,752 
Short-Term Investments  1,200,000    1,200,000   
 
Total Investments in Securities  $248,033,493  $5,941,481  $239,680,481  $2,411,531 
Other Financial Instruments         
Interest Rate Swaps  ($684,970)    ($684,970)   

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the period ended January 31, 2012, there were no significant transfers into or out of Level 1, Level 2 or Level 3 assets.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.

    COLLATERALIZED  ASSET       
  CORPORATE  MORTGAGE  BACKED  COMMON  PREFEREED   
  BONDS  OBLIGATIONS  SECURITIES  STOCKS  SECURITIES  TOTAL 

Balance as of 10-31-11  $580,943  $54,485  $148,750  $221,001  $1,392,673  $2,397,852 
Realized gain (loss)             
Change in unrealized appreciation (depreciation)  93,251  (2,296)  7,650  (128,938)  46,079  15,746 
Purchases             
Sales    (2,067)        (2,067) 
Transfers into Level 3             
Transfers out of Level 3             
Balance as of 1-31-12  $674,194  $50,122  $156,400  $92,063  $1,438,752  $2,411,531 
Change in unrealized at period end*  $93,251  ($2,296)  $7,650  ($128,938)  $46,079  $15,746 

 

* Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.

 

13 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

In order to value the securities, the Fund uses the following valuation techniques. Equity securities, including exchange-traded funds, held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Repurchase agreements. The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.

Stripped securities. Stripped mortgage-backed securities are financial instruments structured to separate principal and interest cash flows so that one class receives the entire principal from the underlying mortgage assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped mortgage-backed security. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates. In addition, these securities present additional credit risk such that the Fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.

Interest rate swaps. Interest rate swaps represent an agreement between a Fund and counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The Fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Upfront payments made/received by the Fund are amortized/accreted for financial reporting purposes. Swaps are marked-to-market daily based upon values from third party vendors or broker quotations, and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the Fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by a Fund.

During the period ended January 31, 2012, the Fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of January 31, 2012.

      Payments     
  USD Notional  Payments  Received by  Maturity   
Counterparty  Amount  Made by Fund  Fund  Date  Market Value 

Morgan Stanley Capital      3 Month     
Services  $22,000,000  1.442500%  LIBOR (a)  Aug 2016  ($684,970) 

 

(a) At 1-31-12, the 3-month LIBOR rate was 0.54235%.

Interest rate swap positions at January 31, 2012 were entered into on August 5, 2011. No interest rate swap position activity occurred during the period ended January 31, 2012.

14 

 



John Hancock Investors Trust
As of 1-31-12 (Unaudited)

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the Fund at January 31, 2012 by risk category:

      LIABILITY 
      DERIVATIVES 
RISK  FINANCIAL INSTRUMENTS LOCATION  ASSET DERIVATIVES FAIR VALUE  FAIR VALUE 

Interest rate  Interest Rate Swaps  -   
contracts      ($684,970) 

 

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

 

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:  March 26, 2012 

 

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 26, 2012 
 
 
By:  /s/ Charles A. Rizzo 
  ------------------------------- 
  Charles A. Rizzo 
  Chief Financial Officer 
 
 
Date:  March 26, 2012