| 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, 2013 |
ITEM 1. SCHEDULE OF INVESTMENTS
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Corporate Bonds 96.2% (65.6% of Total Investments) | $171,891,433 | |||
|
| ||||
| (Cost $160,806,992) | ||||
| Consumer Discretionary 17.1% | 30,548,630 | |||
|
| ||||
| Auto Components 0.3% | ||||
| Allison Transmission, Inc. (S)(Z) | 7.125 | 05/15/19 | $550,000 | 596,750 |
| Automobiles 0.8% | ||||
| Automotores Gildemeister SA (S) | 6.750 | 01/15/23 | 150,000 | 155,250 |
| Chrysler Group LLC (Z) | 8.250 | 06/15/21 | 240,000 | 266,400 |
| Jaguar Land Rover Automotive PLC (S) | 5.625 | 02/01/23 | 1,000,000 | 1,020,000 |
| Hotels, Restaurants & Leisure 5.0% | ||||
| Codere Finance Luxembourg SA (S) | 9.250 | 02/15/19 | 1,000,000 | 755,000 |
| Downstream Development Authority of the Quapaw Tribe of | ||||
| Oklahoma (S)(Z) | 10.500 | 07/01/19 | 1,000,000 | 1,107,483 |
| Greektown Superholdings, Inc. | 13.000 | 07/01/15 | 2,179,000 | 2,339,701 |
| Grupo Posadas SAB de CV (S) | 7.875 | 11/30/17 | 600,000 | 636,000 |
| Little Traverse Bay Bands of Odawa Indians (S) | 9.000 | 08/31/20 | 328,000 | 314,880 |
| Mashantucket Western Pequot Tribe, Series A (H)(S) | 8.500 | 11/15/15 | 1,625,000 | 130,000 |
| MCE Finance, Ltd. (S) | 5.000 | 02/15/21 | 2,000,000 | 2,000,000 |
| Mohegan Tribal Gaming Authority (S)(Z) | 11.000 | 09/15/18 | 1,000,000 | 865,000 |
| Waterford Gaming LLC (S) | 8.625 | 09/15/14 | 695,903 | 392,537 |
| Yonkers Racing Corp. (S)(Z) | 11.375 | 07/15/16 | 351,000 | 379,080 |
| Household Durables 1.9% | ||||
| Corporacion GEO SAB de CV (S) | 9.250 | 06/30/20 | 1,000,000 | 1,020,000 |
| Desarrolladora Homex SAB de CV (S) | 9.750 | 03/25/20 | 1,000,000 | 1,040,000 |
| Standard Pacific Corp. (Z) | 8.375 | 05/15/18 | 140,000 | 165,200 |
| Urbi Desarrollos Urbanos SAB de CV (S) | 9.750 | 02/03/22 | 1,500,000 | 1,248,750 |
| Leisure Equipment & Products 0.3% | ||||
| Easton-Bell Sports, Inc. (Z) | 9.750 | 12/01/16 | 465,000 | 501,623 |
| Media 4.8% | ||||
| Cinemark USA, Inc. (Z) | 7.375 | 06/15/21 | 365,000 | 404,238 |
| Cinemark USA, Inc. (Z) | 8.625 | 06/15/19 | 245,000 | 271,338 |
| Clear Channel Communications, Inc. | 10.750 | 08/01/16 | 1,385,000 | 1,073,375 |
| Clear Channel Communications, Inc., PIK | 11.000 | 08/01/16 | 1,806,617 | 1,413,678 |
| DIRECTV Holdings LLC (Z) | 5.875 | 10/01/19 | 355,000 | 420,591 |
| News America, Inc. (Z) | 7.750 | 01/20/24 | 980,000 | 1,252,832 |
| Time Warner Cable, Inc. (Z) | 8.250 | 04/01/19 | 375,000 | 495,760 |
| Videotron, Ltd. (Z) | 6.375 | 12/15/15 | 300,000 | 303,750 |
| WMG Acquisition Corp. (Z) | 11.500 | 10/01/18 | 685,000 | 796,313 |
| XM Satellite Radio, Inc. (S)(Z) | 7.625 | 11/01/18 | 2,000,000 | 2,220,000 |
| Multiline Retail 2.1% | ||||
| Lotte Shopping Company, Ltd. (S) | 3.375 | 05/09/17 | 1,400,000 | 1,453,990 |
| Macy's Retail Holdings, Inc. (Z) | 7.875 | 08/15/36 | 215,000 | 234,608 |
| Michaels Stores, Inc. (Z) | 11.375 | 11/01/16 | 1,975,000 | 2,061,426 |
| Specialty Retail 1.5% | ||||
| Automotores Gildemeister SA (S)(Z) | 8.250 | 05/24/21 | 720,000 | 799,200 |
| Hillman Group, Inc. | 10.875 | 06/01/18 | 290,000 | 315,738 |
| Party City Holdings, Inc. (S)(Z) | 8.875 | 08/01/20 | 1,000,000 | 1,080,000 |
| Sonic Automotive, Inc. (Z) | 9.000 | 03/15/18 | 145,000 | 159,138 |
| Toys R Us Property Company II LLC (Z) | 8.500 | 12/01/17 | 225,000 | 236,813 |
| 1 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Consumer Discretionary (continued) | ||||
|
| ||||
| Textiles, Apparel & Luxury Goods 0.4% | ||||
| PVH Corp. | 7.375 | 05/15/20 | $550,000 | $622,188 |
| Consumer Staples 4.9% | 8,749,800 | |||
|
| ||||
| Beverages 1.2% | ||||
| Ajecorp BV (S)(Z) | 6.500 | 05/14/22 | 1,000,000 | 1,100,000 |
| Corporacion Lindley SA (S) | 6.750 | 11/23/21 | 245,000 | 283,588 |
| SABMiller Holdings, Inc. (S)(Z) | 3.750 | 01/15/22 | 750,000 | 796,677 |
| Food Products 2.7% | ||||
| Bunge Ltd. Finance Corp. (Z) | 5.350 | 04/15/14 | 1,015,000 | 1,065,932 |
| Corporacion Pesquera Inca SAC (S)(Z) | 9.000 | 02/10/17 | 350,000 | 369,250 |
| ESAL GmbH (S) | 6.250 | 02/05/23 | 1,100,000 | 1,061,413 |
| Marfrig Holding Europe BV (S)(Z) | 8.375 | 05/09/18 | 600,000 | 546,000 |
| Marfrig Holding Europe BV (S) | 9.875 | 07/24/17 | 600,000 | 591,000 |
| Minerva Luxembourg SA (S) | 7.750 | 01/31/23 | 900,000 | 922,500 |
| TreeHouse Foods, Inc. (Z) | 7.750 | 03/01/18 | 175,000 | 189,438 |
| Household Products 0.4% | ||||
| Reynolds Group Issuer, Inc. (Z) | 8.500 | 05/15/18 | 390,000 | 409,500 |
| Yankee Candle Company, Inc. | 8.500 | 02/15/15 | 20,000 | 20,050 |
| Yankee Candle Company, Inc., Series B (Z) | 9.750 | 02/15/17 | 315,000 | 326,816 |
| Personal Products 0.1% | ||||
| Revlon Consumer Products Corp. | 9.750 | 11/15/15 | 185,000 | 195,175 |
| Tobacco 0.5% | ||||
| Lorillard Tobacco Company (Z) | 6.875 | 05/01/20 | 720,000 | 872,461 |
| Energy 15.5% | 27,701,962 | |||
|
| ||||
| Energy Equipment & Services 3.7% | ||||
| Astoria Depositor Corp., Series B (S) | 8.144 | 05/01/21 | 750,000 | 750,000 |
| Forbes Energy Services, Ltd. (Z) | 9.000 | 06/15/19 | 295,000 | 262,550 |
| Gazprom OAO Via RBS AG (S)(Z) | 9.625 | 03/01/13 | 1,000,000 | 1,005,280 |
| Inkia Energy, Ltd. (S) | 8.375 | 04/04/21 | 1,400,000 | 1,568,000 |
| Offshore Group Investments, Ltd. (Z) | 11.500 | 08/01/15 | 2,475,000 | 2,685,375 |
| Trinidad Drilling, Ltd. (S)(Z) | 7.875 | 01/15/19 | 265,000 | 282,225 |
| Oil, Gas & Consumable Fuels 11.8% | ||||
| Afren PLC (S)(Z) | 10.250 | 04/08/19 | 2,000,000 | 2,360,000 |
| Afren PLC (S) | 11.500 | 02/01/16 | 2,000,000 | 2,330,000 |
| Alpha Natural Resources, Inc. (Z) | 6.250 | 06/01/21 | 740,000 | 662,300 |
| CNOOC Finance 2012, Ltd. (S)(Z) | 5.000 | 05/02/42 | 1,000,000 | 1,110,453 |
| Devon Energy Corp. (Z) | 5.625 | 01/15/14 | 1,035,000 | 1,083,318 |
| DTEK Finance BV (S) | 9.500 | 04/28/15 | 1,000,000 | 1,030,000 |
| EV Energy Partners LP (Z) | 8.000 | 04/15/19 | 405,000 | 432,338 |
| Georgian Oil and Gas Corp. (S) | 6.875 | 05/16/17 | 1,500,000 | 1,567,500 |
| Indo Energy Finance II BV (S) | 6.375 | 01/24/23 | 300,000 | 306,000 |
| Linn Energy LLC (Z) | 8.625 | 04/15/20 | 390,000 | 429,975 |
| McMoRan Exploration Company (Z) | 11.875 | 11/15/14 | 1,700,000 | 1,802,000 |
| Niska Gas Storage US LLC (Z) | 8.875 | 03/15/18 | 565,000 | 589,013 |
| Pan American Energy LLC (S)(Z) | 7.875 | 05/07/21 | 1,100,000 | 1,025,750 |
| Petrobras International Finance Company (Z) | 5.375 | 01/27/21 | 500,000 | 547,881 |
| Plains All American Pipeline LP (Z) | 6.500 | 05/01/18 | 1,000,000 | 1,226,019 |
| RDS Ultra-Deepwater, Ltd. (S) | 11.875 | 03/15/17 | 1,250,000 | 1,406,250 |
| Regency Energy Partners LP | 9.375 | 06/01/16 | 741,000 | 791,018 |
| 2 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Energy (continued) | ||||
|
| ||||
| Thermon Industries, Inc. (Z) | 9.500 | 05/01/17 | $1,131,000 | $1,261,065 |
| Valero Energy Corp. (Z) | 4.500 | 02/01/15 | 205,000 | 218,893 |
| Valero Energy Corp. (Z) | 6.125 | 02/01/20 | 205,000 | 246,509 |
| W&T Offshore, Inc. (S) | 8.500 | 06/15/19 | 150,000 | 160,500 |
| W&T Offshore, Inc. (Z) | 8.500 | 06/15/19 | 525,000 | 561,750 |
| Financials 19.6% | 35,100,212 | |||
|
| ||||
| Capital Markets 2.5% | ||||
| Morgan Stanley (Z) | 3.800 | 04/29/16 | 1,000,000 | 1,055,935 |
| Morgan Stanley (Z) | 6.000 | 04/28/15 | 1,000,000 | 1,088,909 |
| The Goldman Sachs Group, Inc. (Z) | 6.150 | 04/01/18 | 1,000,000 | 1,174,907 |
| The Goldman Sachs Group, Inc. | 6.250 | 09/01/17 | 1,000,000 | 1,170,433 |
| Commercial Banks 6.0% | ||||
| Banco Bradesco SA (S)(Z) | 5.750 | 03/01/22 | 500,000 | 541,250 |
| Banco de Galicia y Buenos Aires (S)(Z) | 8.750 | 05/04/18 | 410,000 | 339,275 |
| Bancolombia SA (Z) | 5.950 | 06/03/21 | 860,000 | 993,300 |
| Barclays Bank PLC (S)(Z) | 6.050 | 12/04/17 | 1,595,000 | 1,780,913 |
| BBVA Bancomer SA (S)(Z) | 6.500 | 03/10/21 | 1,000,000 | 1,145,000 |
| GTB Finance B.V. (S)(Z) | 7.500 | 05/19/16 | 285,000 | 317,063 |
| National City Bank of Indiana (Z) | 4.250 | 07/01/18 | 2,000,000 | 2,201,318 |
| Sberbank of Russia (S)(Z) | 6.125 | 02/07/22 | 1,000,000 | 1,141,290 |
| State Bank of India/London (S)(Z) | 4.500 | 07/27/15 | 500,000 | 525,628 |
| Turkiye Halk Bankasi AS (S) | 3.875 | 02/05/20 | 600,000 | 589,529 |
| VTB Bank OJSC (9.500% to 12/06/2022, then 10 Year U.S. | ||||
| Treasury + 8.067%) (Q)(S) | 9.500 | 12/06/22 | 1,000,000 | 1,077,500 |
| Consumer Finance 0.9% | ||||
| American Express Credit Corp. (Z) | 5.125 | 08/25/14 | 1,000,000 | 1,067,723 |
| SLM Corp. (Z) | 8.450 | 06/15/18 | 485,000 | 577,834 |
| Diversified Financial Services 3.6% | ||||
| Alfa Bank OJSC (S)(Z) | 7.750 | 04/28/21 | 300,000 | 345,900 |
| Bank of Ceylon (S) | 6.875 | 05/03/17 | 1,000,000 | 1,065,000 |
| CorpGroup Banking SA (S) | 6.750 | 03/15/23 | 1,000,000 | 999,850 |
| Corporacion Andina de Fomento (Z) | 3.750 | 01/15/16 | 690,000 | 727,842 |
| Gruposura Finance (S)(Z) | 5.700 | 05/18/21 | 440,000 | 498,300 |
| Intercorp Retail Trust (S)(Z) | 8.875 | 11/14/18 | 305,000 | 352,275 |
| JPMorgan Chase & Company (Z) | 3.450 | 03/01/16 | 2,000,000 | 2,131,948 |
| Nationstar Mortgage LLC (Z) | 10.875 | 04/01/15 | 375,000 | 399,375 |
| Insurance 2.0% | ||||
| CNA Financial Corp. (Z) | 7.350 | 11/15/19 | 655,000 | 827,110 |
| Liberty Mutual Group, Inc. (S)(Z) | 6.500 | 05/01/42 | 230,000 | 257,433 |
| Lincoln National Corp. (7.000% to 05/17/2016, then 3 month | ||||
| LIBOR + 2.358%) (Z) | 7.000 | 05/17/66 | 370,000 | 379,620 |
| MetLife, Inc. (Z) | 6.817 | 08/15/18 | 1,000,000 | 1,247,268 |
| Symetra Financial Corp. (8.300% to 10/15/2017, then 3 | ||||
| month LIBOR + 4.177%) (S) | 8.300 | 10/15/37 | 520,000 | 548,600 |
| Willis North America, Inc. (Z) | 7.000 | 09/29/19 | 215,000 | 249,700 |
| Investment Companies 0.6% | ||||
| IPIC GMTN, Ltd. (S)(Z) | 5.500 | 03/01/22 | 1,000,000 | 1,160,000 |
| Real Estate Investment Trusts 1.2% | ||||
| DuPont Fabros Technology LP (Z) | 8.500 | 12/15/17 | 350,000 | 379,750 |
| Health Care REIT, Inc. (Z) | 6.200 | 06/01/16 | 345,000 | 394,282 |
| Plum Creek Timberlands LP (Z) | 5.875 | 11/15/15 | 345,000 | 381,716 |
| 3 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Financials (continued) | ||||
|
| ||||
| Servicios Corporativos Javer SAPI de CV (S) | 9.875 | 04/06/21 | $1,000,000 | $1,022,500 |
| Real Estate Management & Development 2.8% | ||||
| Country Garden Holdings Company, Ltd. (S) | 7.500 | 01/10/23 | 200,000 | 203,240 |
| Country Garden Holdings Company, Ltd. (S) | 11.125 | 02/23/18 | 1,000,000 | 1,127,500 |
| General Shopping Investments, Ltd. (12.000% to 03/20/2017, | ||||
| then 5 Year USGG + 11.052%) (Q)(S) | 12.000 | 03/20/17 | 500,000 | 450,000 |
| Realogy Corp. | 11.500 | 04/15/17 | 1,095,000 | 1,177,125 |
| Realogy Corp. | 12.000 | 04/15/17 | 1,843,221 | 1,986,071 |
| Health Care 1.8% | 3,175,683 | |||
|
| ||||
| Health Care Providers & Services 1.6% | ||||
| AmerisourceBergen Corp. (Z) | 3.500 | 11/15/21 | 1,000,000 | 1,061,902 |
| BioScrip, Inc. (Z) | 10.250 | 10/01/15 | 510,000 | 541,238 |
| Catalent Pharma Solutions, Inc. | 9.500 | 04/15/15 | 202,939 | 204,968 |
| Emergency Medical Services Corp. (Z) | 8.125 | 06/01/19 | 100,000 | 109,500 |
| ExamWorks Group, Inc. (Z) | 9.000 | 07/15/19 | 680,000 | 730,150 |
| HCA, Inc. (Z) | 7.500 | 02/15/22 | 130,000 | 150,150 |
| Pharmaceuticals 0.2% | ||||
| Endo Health Solutions, Inc. (Z) | 7.250 | 01/15/22 | 345,000 | 377,775 |
| Industrials 8.1% | 14,533,140 | |||
|
| ||||
| Aerospace & Defense 0.7% | ||||
| Ducommun, Inc. | 9.750 | 07/15/18 | 160,000 | 175,600 |
| Kratos Defense & Security Solutions, Inc. (Z) | 10.000 | 06/01/17 | 400,000 | 439,000 |
| TransDigm, Inc. (Z) | 7.750 | 12/15/18 | 495,000 | 550,069 |
| Airlines 4.1% | ||||
| America West Airlines 2001-1 Pass Through Trust | 7.100 | 04/02/21 | 404,427 | 444,870 |
| American Airlines 2011-1 Class B Pass Through Trust (S) | 7.000 | 01/31/18 | 1,257,119 | 1,316,832 |
| Continental Airlines 1999-1 Class A Pass Through Trust (Z) | 6.545 | 02/02/19 | 205,712 | 225,768 |
| Continental Airlines 2000-2 Class B Pass Through Trust | 8.307 | 04/02/18 | 113,673 | 120,493 |
| Delta Air Lines 2007-1 Class A Pass Through Trust (Z) | 6.821 | 08/10/22 | 660,016 | 746,676 |
| Emirates Airlines (S) | 4.500 | 02/06/25 | 900,000 | 887,251 |
| Global Aviation Holdings, Inc. (H) | 14.000 | 08/15/13 | 1,263,000 | 416,790 |
| TAM Capital 3, Inc. (S)(Z) | 8.375 | 06/03/21 | 505,000 | 558,025 |
| TAM Capital, Inc. (Z) | 7.375 | 04/25/17 | 860,000 | 922,350 |
| UAL 2009-1 Pass Through Trust (Z) | 10.400 | 11/01/16 | 225,696 | 261,807 |
| UAL 2009-2A Pass Through Trust (Z) | 9.750 | 01/15/17 | 530,866 | 614,478 |
| United Air Lines, Inc. (S) | 12.000 | 11/01/13 | 820,000 | 820,000 |
| Building Products 0.3% | ||||
| Euramax International, Inc. (Z) | 9.500 | 04/01/16 | 120,000 | 116,400 |
| Nortek, Inc. (Z) | 8.500 | 04/15/21 | 235,000 | 266,138 |
| Voto-Votorantim Overseas Trading Operations NV (S)(Z) | 6.625 | 09/25/19 | 160,000 | 187,200 |
| Commercial Services & Supplies 0.9% | ||||
| Garda World Security Corp. (S) | 9.750 | 03/15/17 | 765,000 | 808,988 |
| Iron Mountain, Inc. (Z) | 8.375 | 08/15/21 | 760,000 | 837,900 |
| Construction & Engineering 0.7% | ||||
| Aeropuertos Argentina 2000 SA (S) | 10.750 | 12/01/20 | 1,380,000 | 1,297,200 |
| Electrical Equipment 0.7% | ||||
| Coleman Cable, Inc. (Z) | 9.000 | 02/15/18 | 295,000 | 320,075 |
| WPE International Cooperatief UA (S) | 10.375 | 09/30/20 | 1,000,000 | 920,000 |
| 4 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Industrials (continued) | ||||
|
| ||||
| Industrial Conglomerates 0.2% | ||||
| Hutchison Whampoa International, Ltd. (S)(Z) | 4.625 | 09/11/15 | $385,000 | $415,480 |
| Machinery 0.2% | ||||
| Thermadyne Holdings Corp. (Z) | 9.000 | 12/15/17 | 260,000 | 280,800 |
| Marine 0.1% | ||||
| Navios South American Logistics, Inc. | 9.250 | 04/15/19 | 200,000 | 200,000 |
| Road & Rail 0.2% | ||||
| Avis Budget Car Rental LLC (Z) | 9.625 | 03/15/18 | 345,000 | 382,950 |
| Information Technology 1.8% | 3,245,338 | |||
|
| ||||
| Computers & Peripherals 0.3% | ||||
| Seagate HDD Cayman (Z) | 7.000 | 11/01/21 | 565,000 | 620,088 |
| Electronic Equipment, Instruments & Components 1.1% | ||||
| CDW LLC (Z) | 8.000 | 12/15/18 | 500,000 | 556,250 |
| Freescale Semiconductor, Inc. (S)(Z) | 9.250 | 04/15/18 | 290,000 | 319,000 |
| Viasystems, Inc. (S)(Z) | 7.875 | 05/01/19 | 1,000,000 | 997,500 |
| IT Services 0.4% | ||||
| Brightstar Corp. (S) | 9.500 | 12/01/16 | 700,000 | 752,500 |
| Materials 12.3% | 21,885,896 | |||
|
| ||||
| Chemicals 1.8% | ||||
| Braskem Finance, Ltd. (S)(Z) | 5.750 | 04/15/21 | 200,000 | 210,000 |
| EuroChem Mineral & Chemical Company OJSC (S) | 5.125 | 12/12/17 | 210,000 | 215,775 |
| Fufeng Group, Ltd. (S)(Z) | 7.625 | 04/13/16 | 985,000 | 975,150 |
| Mexichem SAB de CV (S) | 4.875 | 09/19/22 | 750,000 | 790,313 |
| Unifrax I LLC (S) | 7.500 | 02/15/19 | 1,000,000 | 1,000,000 |
| Construction Materials 3.4% | ||||
| Cemex Finance LLC (S) | 9.375 | 10/12/22 | 1,000,000 | 1,130,000 |
| Cemex Finance LLC (S)(Z) | 9.500 | 12/14/16 | 1,000,000 | 1,067,500 |
| Cemex SAB de CV (S) | 9.000 | 01/11/18 | 1,000,000 | 1,080,000 |
| China Shanshui Cement Group, Ltd. (S)(Z) | 8.500 | 05/25/16 | 350,000 | 367,500 |
| Magnesita Finance, Ltd. (Q)(S) | 8.625 | 04/05/17 | 1,000,000 | 1,065,010 |
| Votorantim Cimentos SA (S) | 7.250 | 04/05/41 | 1,000,000 | 1,140,000 |
| Vulcan Materials Company (Z) | 7.500 | 06/15/21 | 120,000 | 139,200 |
| Containers & Packaging 2.6% | ||||
| AEP Industries, Inc. (Z) | 8.250 | 04/15/19 | 355,000 | 383,400 |
| Berry Plastics Corp. (Z) | 8.250 | 11/15/15 | 770,000 | 804,650 |
| Berry Plastics Corp. | 9.750 | 01/15/21 | 500,000 | 586,250 |
| Cascades, Inc. (Z) | 7.875 | 01/15/20 | 240,000 | 255,600 |
| Graphic Packaging International, Inc. (Z) | 7.875 | 10/01/18 | 236,000 | 259,010 |
| Graphic Packaging International, Inc. (Z) | 9.500 | 06/15/17 | 185,000 | 197,950 |
| Pretium Packaging LLC | 11.500 | 04/01/16 | 160,000 | 168,000 |
| Sealed Air Corp. (S)(Z) | 8.375 | 09/15/21 | 1,500,000 | 1,721,250 |
| Tekni-Plex, Inc. (S) | 9.750 | 06/01/19 | 275,000 | 302,500 |
| Metals & Mining 3.8% | ||||
| AngloGold Ashanti Holdings PLC (Z) | 5.125 | 08/01/22 | 1,000,000 | 1,014,403 |
| APERAM (S)(Z) | 7.750 | 04/01/18 | 300,000 | 288,000 |
| CSN Islands XI Corp. (S)(Z) | 6.875 | 09/21/19 | 250,000 | 281,250 |
| Essar Steel Algoma, Inc. (S) | 9.375 | 03/15/15 | 500,000 | 483,750 |
| Ferrexpo Finance PLC (S) | 7.875 | 04/07/16 | 600,000 | 604,500 |
| 5 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Materials (continued) | ||||
|
| ||||
| Gerdau Holdings, Inc. (S)(Z) | 7.000 | 01/20/20 | $360,000 | $423,000 |
| Metinvest BV (S)(Z) | 8.750 | 02/14/18 | 555,000 | 563,075 |
| Rain CII Carbon LLC (S) | 8.000 | 12/01/18 | 945,000 | 987,525 |
| Rio Tinto Finance USA, Ltd. (Z) | 7.125 | 07/15/28 | 710,000 | 941,041 |
| SunCoke Energy, Inc. (Z) | 7.625 | 08/01/19 | 105,000 | 111,038 |
| Winsway Coking Coal Holding, Ltd. (S)(Z) | 8.500 | 04/08/16 | 1,425,000 | 1,140,000 |
| Paper & Forest Products 0.7% | ||||
| Boise Paper Holdings LLC (Z) | 8.000 | 04/01/20 | 515,000 | 570,363 |
| Resolute Forest Products (Z) | 10.250 | 10/15/18 | 537,000 | 618,893 |
| Telecommunication Services 12.8% | 22,793,835 | |||
|
| ||||
| Diversified Telecommunication Services 6.8% | ||||
| Axtel SAB de CV (S) | 7.625 | 02/01/17 | 810,000 | 607,500 |
| Axtel SAB de CV (S) | 9.000 | 09/22/19 | 260,000 | 183,300 |
| Cincinnati Bell, Inc. (Z) | 8.750 | 03/15/18 | 540,000 | 570,375 |
| Frontier Communications Corp. (Z) | 7.125 | 03/15/19 | 530,000 | 580,350 |
| Frontier Communications Corp. (Z) | 8.750 | 04/15/22 | 435,000 | 503,513 |
| GTP Acquisition Partners I LLC (S) | 7.628 | 06/15/16 | 620,000 | 651,839 |
| GXS Worldwide, Inc. (Z) | 9.750 | 06/15/15 | 430,000 | 448,275 |
| Intelsat Luxembourg SA | 11.250 | 02/04/17 | 1,470,000 | 1,558,200 |
| Intelsat Luxembourg SA, PIK (Z) | 11.500 | 02/04/17 | 390,000 | 413,400 |
| Qtel International Finance, Ltd. (S) | 3.875 | 01/31/28 | 1,000,000 | 996,719 |
| Sable International Finance, Ltd. (S)(Z) | 7.750 | 02/15/17 | 250,000 | 265,625 |
| Satmex Escrow SA de CV | 9.500 | 05/15/17 | 1,404,000 | 1,460,160 |
| Wind Acquisition Finance SA (S) | 7.250 | 02/15/18 | 1,000,000 | 1,052,500 |
| Wind Acquisition Finance SA (S)(Z) | 11.750 | 07/15/17 | 1,000,000 | 1,075,000 |
| Wind Acquisition Holdings Finance SA, PIK (S) | 12.250 | 07/15/17 | 1,624,375 | 1,713,716 |
| Wireless Telecommunication Services 6.0% | ||||
| Clearwire Communications LLC (S)(Z) | 12.000 | 12/01/17 | 2,000,000 | 2,355,000 |
| Colombia Telecomunicaciones SA ESP (S)(Z) | 5.375 | 09/27/22 | 1,000,000 | 1,005,000 |
| Crown Castle Towers LLC (S)(Z) | 4.883 | 08/15/20 | 750,000 | 851,394 |
| Digicel Group, Ltd. (S)(Z) | 8.250 | 09/30/20 | 265,000 | 295,475 |
| SBA Tower Trust (S) | 2.933 | 12/15/17 | 380,000 | 392,190 |
| SBA Tower Trust (S) | 5.101 | 04/17/17 | 580,000 | 649,179 |
| Sprint Nextel Corp. (Z) | 11.500 | 11/15/21 | 2,150,000 | 2,940,125 |
| Telefonica Celular del Paraguay SA (S) | 6.750 | 12/13/22 | 1,000,000 | 1,085,000 |
| VimpelCom Holdings BV (S) | 7.504 | 03/01/22 | 1,000,000 | 1,140,000 |
| Utilities 2.3% | 4,156,937 | |||
|
| ||||
| Electric Utilities 2.3% | ||||
| Beaver Valley II Funding (Z) | 9.000 | 06/01/17 | 298,000 | 302,337 |
| BVPS II Funding Corp. | 8.890 | 06/01/17 | 397,000 | 432,665 |
| CE Generation LLC | 7.416 | 12/15/18 | 422,800 | 432,842 |
| Exelon Corp. (Z) | 4.900 | 06/15/15 | 1,015,000 | 1,103,445 |
| FPL Energy National Wind LLC (S) | 5.608 | 03/10/24 | 198,791 | 189,690 |
| Israel Electric Corp., Ltd. (S) | 6.700 | 02/10/17 | 1,000,000 | 1,105,039 |
| PNPP II Funding Corp. | 9.120 | 05/30/16 | 186,000 | 193,638 |
| Texas Competitive Electric Holdings Company LLC (S) | 11.500 | 10/01/20 | 155,000 | 122,450 |
| W3A Funding Corp. (Z) | 8.090 | 01/02/17 | 267,417 | 274,831 |
| 6 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Convertible Bonds 1.2% (0.8% of Total Investments) | $2,123,656 | |||
|
| ||||
| (Cost $1,869,514) | ||||
| Industrials 0.3% | 539,281 | |||
|
| ||||
| Airlines 0.3% | ||||
| United Continental Holdings, Inc. (Z) | 4.500 | 06/30/21 | $550,000 | 539,281 |
| Materials 0.3% | 499,375 | |||
|
| ||||
| Containers & Packaging 0.3% | ||||
| Owens-Brockway Glass Container, Inc. (S)(Z) | 3.000 | 06/01/15 | 500,000 | 499,375 |
| Telecommunication Services 0.6% | 1,085,000 | |||
|
| ||||
| Wireless Telecommunication Services 0.6% | ||||
| Clearwire Communications LLC (S)(Z) | 8.250 | 12/01/40 | 1,000,000 | 1,085,000 |
| Term Loans (M) 1.2% (0.8% of Total Investments) | $2,183,179 | |||
|
| ||||
| (Cost $2,172,111) | ||||
| Consumer Discretionary 0.5% | 897,150 | |||
|
| ||||
| Media 0.5% | ||||
| PRIMEDIA, Inc. | 7.500 | 01/12/18 | 935,750 | 897,150 |
| Consumer Staples 0.1% | 243,044 | |||
|
| ||||
| Personal Products 0.1% | ||||
| Revlon Consumer Products Corp. | 4.750 | 11/17/17 | 241,325 | 243,044 |
| Health Care 0.2% | 347,314 | |||
|
| ||||
| Health Care Providers & Services 0.2% | ||||
| National Mentor Holdings, Inc. | 6.500 | 02/09/17 | 343,875 | 347,314 |
| Industrials 0.4% | 695,671 | |||
|
| ||||
| Airlines 0.4% | ||||
| Delta Air Lines, Inc. | 5.500 | 04/20/17 | 689,500 | 695,671 |
| Capital Preferred Securities (a) 0.4% (0.3% of Total Investments) | $710,500 | |||
|
| ||||
| (Cost $700,000) | ||||
| Financials 0.4% | 710,500 | |||
|
| ||||
| Commercial Banks 0.4% | ||||
| 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 | 710,500 |
| U.S. Government & Agency Obligations 28.6% (19.5% of Total Investments) | $51,151,346 | |||
|
| ||||
| (Cost $50,607,905) | ||||
| U.S. Government 10.2% | 18,278,752 | |||
|
| ||||
| U.S. Treasury Bonds | ||||
| Bond | 2.750 | 11/15/42 | 4,000,000 | 3,679,376 |
| Bond (Z) | 3.125 | 02/15/42 | 410,000 | 409,615 |
| U.S. Treasury Notes | ||||
| Note | 0.625 | 09/30/17 | 6,000,000 | 5,950,782 |
| Note (Z) | 1.625 | 11/15/22 | 3,000,000 | 2,904,843 |
| 7 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| U.S. Government (continued) | ||||
|
| ||||
| Note (Z) | 1.750 | 05/15/22 | $1,120,000 | 1,107,313 |
| Note (Z) | 2.000 | 04/30/16 | 3,460,000 | 3,630,838 |
| U.S. Treasury Strips, PO (Z) | 2.907 | 11/15/30 | 1,025,000 | 595,985 |
| U.S. Government Agency 18.4% | 32,872,594 | |||
|
| ||||
| Federal Home Loan Mortgage Corp. | ||||
| 30 Yr Pass Thru (Z) | 5.000 | 03/01/41 | 3,002,155 | 3,366,192 |
| 30 Yr Pass Thru (Z) | 6.500 | 06/01/37 | 27,110 | 29,986 |
| 30 Yr Pass Thru (Z) | 6.500 | 10/01/37 | 58,269 | 64,414 |
| 30 Yr Pass Thru (Z) | 6.500 | 11/01/37 | 135,111 | 149,360 |
| 30 Yr Pass Thru (Z) | 6.500 | 12/01/37 | 60,417 | 66,789 |
| 30 Yr Pass Thru (Z) | 6.500 | 03/01/38 | 241,271 | 267,018 |
| Federal National Mortgage Association | ||||
| 30 Yr Pass Thru | 3.000 | 10/29/27 | 670,000 | 662,216 |
| 30 Yr Pass Thru (Z) | 3.500 | 06/01/42 | 2,419,814 | 2,559,615 |
| 30 Yr Pass Thru (Z) | 4.000 | 12/01/40 | 6,001,233 | 6,538,766 |
| 30 Yr Pass Thru (Z) | 4.000 | 09/01/41 | 4,650,835 | 4,997,650 |
| 30 Yr Pass Thru (Z) | 4.000 | 10/01/41 | 2,257,057 | 2,445,116 |
| 30 Yr Pass Thru (Z) | 4.500 | 10/01/40 | 3,422,551 | 3,742,322 |
| 30 Yr Pass Thru (Z) | 5.000 | 02/01/41 | 463,056 | 520,526 |
| 30 Yr Pass Thru (Z) | 5.000 | 04/01/41 | 808,803 | 901,980 |
| 30 Yr Pass Thru (Z) | 5.500 | 06/01/38 | 1,776,333 | 1,925,066 |
| 30 Yr Pass Thru (Z) | 5.500 | 08/01/40 | 309,830 | 336,644 |
| 30 Yr Pass Thru (Z) | 6.000 | 05/01/37 | 1,208,172 | 1,324,302 |
| 30 Yr Pass Thru (Z) | 6.500 | 07/01/36 | 489,475 | 544,978 |
| 30 Yr Pass Thru (Z) | 6.500 | 10/01/37 | 305,719 | 339,352 |
| 30 Yr Pass Thru (Z) | 6.500 | 01/01/39 | 1,884,095 | 2,090,302 |
| Foreign Government Obligations 2.8% (1.9% of Total Investments) | $5,009,997 | |||
|
| ||||
| (Cost $5,157,151) | ||||
| Argentina 1.7% | 2,993,900 | |||
|
| ||||
| City of Buenos Aires (S) | 12.500 | 04/06/15 | 2,500,000 | 2,412,500 |
| Provincia de Neuquen (S) | 7.875 | 04/26/21 | 680,000 | 581,400 |
| Morocco 0.3% | 612,000 | |||
|
| ||||
| Kingdom of Morocco (S) | 4.250 | 12/11/22 | 600,000 | 612,000 |
| South Korea 0.1% | 221,134 | |||
|
| ||||
| Korea Development Bank (Z) | 4.375 | 08/10/15 | 205,000 | 221,134 |
| Ukraine 0.7% | 1,182,963 | |||
|
| ||||
| City of Kyiv (S) | 9.375 | 07/11/16 | 1,285,000 | 1,182,963 |
| Collateralized Mortgage Obligations 10.5% (7.2% of Total Investments) | $18,810,402 | |||
|
| ||||
| (Cost $15,587,543) | ||||
| Commercial & Residential 6.5% | 11,592,503 | |||
|
| ||||
| American Home Mortgage Assets LLC | ||||
| Series 2006-6, Class XP IO | 2.050 | 12/25/46 | 6,385,804 | 550,263 |
| American Tower Trust | ||||
| Series 2007-1A, Class C (S) | 5.615 | 04/15/37 | 195,000 | 198,788 |
| Bear Stearns Asset Backed Securities Trust | ||||
| Series 2004-AC5, Class A1 | 5.250 | 10/25/34 | 432,931 | 450,247 |
| 8 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Commercial & Residential (continued) | ||||
|
| ||||
| Commercial Mortgage Pass Through Certificates | ||||
| Series 2012-LC4, Class B (P) | 4.934 | 12/10/44 | $365,000 | $410,382 |
| Series 2012-LC4, Class C (P) | 5.649 | 12/10/44 | 290,000 | 332,074 |
| Countrywide Alternative Loan Trust | ||||
| Series 2006-OA12, Class X IO | 2.623 | 09/20/46 | 28,502,482 | 2,410,845 |
| GSR Mortgage Loan Trust | ||||
| Series 2006-4F, Class 6A1 | 6.500 | 05/25/36 | 2,391,769 | 1,846,752 |
| Series 2004-9, Class B1 (P) | 3.199 | 08/25/34 | 757,603 | 320,405 |
| Harborview Mortgage Loan Trust | ||||
| Series 2005-8, Class 1X IO | 2.141 | 09/19/35 | 3,615,604 | 276,268 |
| Series 2007-3, Class ES IO | 0.350 | 05/19/47 | 6,908,355 | 49,049 |
| Series 2007-4, Class ES IO | 0.350 | 07/19/47 | 8,041,950 | 57,098 |
| Series 2007-6, Class ES IO (S) | 0.342 | 08/19/37 | 5,708,126 | 40,528 |
| IndyMac Index Mortgage Loan Trust | ||||
| Series 2005-AR18, Class 1X IO | 2.039 | 10/25/36 | 8,520,805 | 631,988 |
| Series 2005-AR18, Class 2X IO | 1.690 | 10/25/36 | 7,775,008 | 420,939 |
| JPMorgan Chase Commercial Mortgage Securities Corp. | ||||
| Series 2012-HSBC Class XA IO (S) | 1.431 | 07/05/32 | 3,495,000 | 403,337 |
| Morgan Stanley Capital I Trust | ||||
| Series 2006-HQ10, Class AM | 5.360 | 11/12/41 | 665,000 | 725,986 |
| Series 2006-HQ8, Class AM | 5.469 | 03/12/44 | 995,000 | 1,103,680 |
| WaMu Mortgage Pass Through Certificates | ||||
| Series 2005-AR1, Class X IO | 1.470 | 01/25/45 | 11,258,241 | 582,409 |
| Series 2005-AR6, Class X IO | 1.610 | 04/25/45 | 6,964,266 | 407,846 |
| Series 2005-AR8, Class X IO | 1.595 | 07/25/45 | 6,308,473 | 373,619 |
| U.S. Government Agency 4.0% | 7,217,899 | |||
|
| ||||
| Federal Home Loan Mortgage Corp. | ||||
| Series 290, Class IO | 3.500 | 11/15/32 | 3,459,069 | 722,932 |
| Series 3830, Class NI IO | 4.500 | 01/15/36 | 3,716,866 | 451,541 |
| Series 4065, Class QA | 3.000 | 08/15/41 | 848,040 | 888,682 |
| Series 4068, Class AP | 3.500 | 06/15/40 | 1,268,406 | 1,339,798 |
| Series 4068, Class BH | 3.000 | 06/15/40 | 1,061,706 | 1,105,045 |
| Series K017, Class X1 IO | 1.455 | 12/25/21 | 2,719,637 | 268,855 |
| Series K709, Class X1 IO | 1.546 | 03/25/19 | 3,279,602 | 263,126 |
| Series K710, Class X1 IO | 1.784 | 05/25/19 | 2,485,612 | 234,527 |
| Federal National Mortgage Association | ||||
| Series 2012-118, Class IB IO | 3.500 | 11/25/42 | 1,442,174 | 376,899 |
| Series 2012-67, Class KG | 3.500 | 02/25/41 | 389,840 | 422,681 |
| Series 398, Class C3 IO | 4.500 | 05/25/39 | 579,785 | 59,819 |
| Series 402, Class 3 IO | 4.000 | 11/25/39 | 672,136 | 75,788 |
| Series 402, Class 4 IO | 4.000 | 10/25/39 | 1,096,063 | 110,043 |
| Series 407, Class 15 IO | 5.000 | 01/25/40 | 1,069,655 | 154,905 |
| Series 407, Class 21 IO | 5.000 | 01/25/39 | 735,622 | 73,194 |
| Series 407, Class 7 IO | 5.000 | 03/25/41 | 824,349 | 151,129 |
| Series 407, Class 8 IO | 5.000 | 03/25/41 | 213,461 | 31,532 |
| Series 407, Class C6 IO | 5.500 | 01/25/40 | 1,727,539 | 291,530 |
| Government National Mortgage Association | ||||
| Series 2012-114, Class IO | 1.026 | 01/16/53 | 1,988,231 | 195,873 |
| 9 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Asset Backed Securities 3.0% (2.1% of Total Investments) | $5,405,859 | |||
|
| ||||
| (Cost $4,733,635) | ||||
| Asset Backed Securities 3.0% | 5,405,859 | |||
|
| ||||
| ACE Securities Corp. | ||||
| Series 2006-ASP5, Class A2B (P) | 0.334 | 10/25/36 | $149,645 | 72,013 |
| Series 2006-ASP5, Class A2C (P) | 0.384 | 10/25/36 | 294,507 | 142,805 |
| Series 2006-ASP5, Class A2D (P) | 0.464 | 10/25/36 | 562,960 | 276,223 |
| Argent Securities, Inc. | ||||
| Series 2006-M2, Class A2C (P) | 0.354 | 09/25/36 | 1,537,550 | 590,536 |
| Asset Backed Securities Corp. Home Equity | ||||
| Series 2006-HE1, Class A3 (P) | 0.404 | 01/25/36 | 566,779 | 537,074 |
| Contimortgage Home Equity Loan Trust | ||||
| Series 1995-2, Class A5 | 8.100 | 08/15/25 | 33,209 | 32,978 |
| Countrywide Asset-Backed Certificates | ||||
| Series 2006-3, Class 2A2 (P) | 0.384 | 06/25/36 | 627,203 | 622,507 |
| Dominos Pizza Master Issuer LLC | ||||
| Series 2012-1A, Class A2 (S) | 5.216 | 01/25/42 | 1,103,200 | 1,245,172 |
| MASTR Asset Backed Securities Trust | ||||
| Series 2006-HE4, Class A2 (P) | 0.314 | 11/25/36 | 1,729,982 | 798,944 |
| Morgan Stanley ABS Capital I | ||||
| Series 2006-HE4, Class A3 (P) | 0.354 | 06/25/36 | 508,992 | 353,513 |
| Sonic Capital LLC | ||||
| Series 2011-1A, Class A2 (S) | 5.438 | 05/20/41 | 655,200 | 734,094 |
| Shares | Value | |||
| Common Stocks 0.9% (0.6% of Total Investments) | $1,641,267 | |||
|
| ||||
| (Cost $2,390,336) | ||||
| Consumer Discretionary 0.2% | 450,780 | |||
|
| ||||
| Hotels, Restaurants & Leisure 0.0% | ||||
| Greektown Superholdings, Inc. (I) | 977 | 79,137 | ||
| Media 0.2% | ||||
| Charter Communications, Inc., Class A (I)(Z) | 4,301 | 335,349 | ||
| Dex One Corp. (I) | 20,979 | 36,294 | ||
| Vertis Holdings, Inc. (I) | 34,015 | 0 | ||
| Materials 0.7% | 1,190,487 | |||
|
| ||||
| Containers & Packaging 0.7% | ||||
| Rock-Tenn Company, Class A (Z) | 15,079 | 1,190,487 | ||
| Shares | Value | |||
| Preferred Securities (b) 1.3% (0.9% of Total Investments) | $2,314,757 | |||
|
| ||||
| (Cost $2,700,727) | ||||
| Consumer Discretionary 1.0% | 1,774,157 | |||
|
| ||||
| Automobiles 0.1% | ||||
| General Motors Company, Series B, 4.750% (Z) | 5,290 | 229,163 | ||
| Hotels, Restaurants & Leisure 0.9% | ||||
| Greektown Superholdings, Inc., Series A (I) | 19,074 | 1,544,994 | ||
| 10 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
| Shares | Value | |||
| Utilities 0.3% | 540,600 | |||
|
| ||||
| Electric Utilities 0.3% | ||||
| PPL Corp., 9.500% | 10,000 | 540,600 | ||
| Maturity | ||||
| Rate (%) | date | Par value | Value | |
| Escrow Certificates 0.0% (0.0% of Total Investments) | $4,100 | |||
|
| ||||
| (Cost $0) | ||||
| Materials 0.0% | 4,100 | |||
|
| ||||
| Smurfit-Stone Container Corp. (I) | 8.000 | 03/15/17 | $1,640,000 | 4,100 |
| Short-Term Investments 0.4% (0.3% of Total Investments) | $762,000 | |||
|
| ||||
| (Cost $762,000) | ||||
| Par value | Value | |||
| Repurchase Agreement 0.4% | 762,000 | |||
|
| ||||
| Repurchase Agreement with State Street Corp. dated 1-31-13 at | ||||
| 0.010% to be repurchased at $762,000, on 2-1-13, collateralized by | ||||
| $765,000 U.S. Treasury Notes, 1.000% due 3-31-17 (valued at | ||||
| $777,626) | 762,000 | 762,000 | ||
| Total investments (Cost $247,487,914)† 146.5% | $262,008,496 | |||
|
| ||||
| Other assets and liabilities, net (46.5%) | ($83,195,315) | |||
|
| ||||
| Total net assets 100.0% | $178,813,181 | |||
|
| ||||
The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the Fund.
IO Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR London Interbank Offered Rate
PIK Paid 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
USGG U.S. Generic Government Yield Index
(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.
(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.
(Q) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
| 11 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
(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 $103,122,199 or 57.7% of the Fund's net assets as of 1-31-13.
(Z) All or a portion of this security is segregated as collateral pursuant to the Credit Facility Agreement. Total collateral value at 1-31-13 was $145,343,523.
† At 1-31-13, the aggregate cost of investment securities for federal income tax purposes was $248,063,507. Net unrealized appreciation aggregated $13,944,989, of which $21,764,146 related to appreciated investment securities and $7,819,157 related to depreciated investment securities.
| 12 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
Notes to Portfolio 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. In order to value the securities, the Fund uses the following valuation techniques: Equity securities 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 the 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. Swaps are marked-to-market daily based upon values from third party vendors, which may include a registered commodities exchange, or broker quotations. 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 reliable market quotations are not 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, which include price verification procedures. The frequency with which these fair valuation procedures are used cannot be predicted.
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 other 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 or trends, 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. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the Fund’s investments as of January 31, 2013, by major security category or type:
| Total Market | Level 3 Significant | |||
| Value at | Level 1 Quoted | Level 2 Significant | Unobservable | |
| 1-31-13 | Price | Observable Inputs | Inputs | |
| Corporate Bonds | $171,891,433 | — | $170,734,016 | $1,157,417 |
| Convertible Bonds | 2,123,656 | — | 2,123,656 | — |
| Term Loans | 2,183,179 | — | 2,183,179 | — |
| Capital Preferred Securities | 710,500 | — | 710,500 | — |
| U.S. Government & Agency Obligations | 51,151,346 | — | 51,151,346 | — |
| Foreign Government Obligations | 5,009,997 | — | 5,009,997 | — |
| Collateralized Mortgage Obligations | 18,810,402 | — | 18,663,727 | 146,675 |
| Asset Backed Securities | 5,405,859 | — | 5,405,859 | — |
| Common Stocks | 1,641,267 | $1,562,130 | — | 79,137 |
| Preferred Securities | 2,314,757 | 769,763 | — | 1,544,994 |
| Escrow Certificates | 4,100 | — | 4,100 | — |
| Short-Term Investments | 762,000 | — | 762,000 | — |
|
| ||||
| Total Investments in Securities | $262,008,496 | $2,331,893 | $256,748,380 | $2,928,223 |
| Other Financial Instruments | ||||
| Interest Rate Swaps | ($995,123) | — | ($995,123) | — |
| 13 |
John Hancock Investors Trust
As of 1-31-13 (Unaudited)
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.
| Corporate | Collateralized | Common | Preferred | ||
| Bonds | Mortgage Obligations | Stocks | Securities | Total | |
| Balance as of 10-31-12 | $1,123,959 | $153,502 | $54,907 | $1,498,072 | $2,830,440 |
| Realized gain (loss) | — | — | — | — | — |
| Change in unrealized appreciation (depreciation) | 33,458 | (6,770) | 24,230 | 46,922 | $97,840 |
| Purchases | — | — | — | — | — |
| Sales | — | (57) | — | — | ($57) |
| Transfers into Level 3 | — | — | — | — | — |
| Transfers out of Level 3 | — | — | — | — | — |
| Balance as of 1-31-13 | $1,157,417 | $146,675 | $79,137 | $1,544,994 | $2,928,223 |
| Change in unrealized at period end* | $33,458 | ($6,770) | $24,230 | $46,922 | $97,840 |
*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.
Repurchase agreements. The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral that 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 securities are financial instruments structured to separate principal and interest cash flows so that one class receives only principal payments 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 security. If the underlying 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. 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 the Fund.
During the period ended January 31, 2013, 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, 2013.
| USD Notional | Payments Made | Payments | |||
| Counterparty | Amount | by Fund | Received by Fund | Maturity Date | Market Value |
|
| |||||
| Morgan Stanley | |||||
| Capital Services | $22,000,000 | Fixed 1.442500% | 3 Month LIBOR (a) | Aug 2016 | ($725,212) |
| Morgan Stanley | |||||
| Capital Services | $22,000,000 | Fixed 1.093750% | 3 Month LIBOR (a) | May 2017 | (269,911) |
| Total | ($995,123) | ||||
(a) At 1-31-13, the 3-month LIBOR rate was 0.29800%
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
| 14 |
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/ Hugh McHaffie |
| ------------------------------- | |
| Hugh McHaffie | |
| President | |
| Date: | March 14, 2013 |
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/ Hugh McHaffie |
| ------------------------------- | |
| Hugh McHaffie | |
| President | |
| Date: | March 14, 2013 |
| By: | /s/ Charles A. Rizzo |
| -------------------------------- | |
| Charles A. Rizzo | |
| Chief Financial Officer | |
| Date: | March 14, 2013 |