| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 |
FORM N-Q
| QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES |
Investment Company Act file number 811- 4173
| John Hancock Investors
Trust (Exact name of registrant as specified in charter) |
| 601 Congress Street, Boston,
Massachusetts 02210 (Address of principal executive offices) (Zip code) |
Alfred P. Ouellette, Attorney and Assistant Secretary
601 Congress Street
| Boston, Massachusetts
02210 (Name and address of agent for service) |
Registrant's telephone number, including area code: 617-663-4324
| Date of fiscal year end: | December 31 |
| Date of reporting period: | March 31, 2006 |
ITEM 1. SCHEDULE OF INVESTMENTS
| John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| Interest | Maturity | Credit | Par value | ||
| Issuer, description | rate (%) | date | rating (A) | ($000) | Value |
| Bonds 68.39% | $167,013,616 | ||||
| (Cost $169,182,458) | |||||
| Aerospace & Defense 0.08% | 197,000 | ||||
|
| |||||
| L-3 Communications Corp., | |||||
| Gtd Sr Sub Note Ser B | 6.375 | 10-15-15 | BB+ | 200 | 197,000 |
| Agricultural Products 0.55% | 1,341,978 | ||||
|
| |||||
| Corn Products International, Inc., | |||||
| Sr Note | 8.450 | 08-15-09 | BBB- | 795 | 859,478 |
| Cosan SA Industria e Comercio, | |||||
| Gtd Sr Perpetual Bond (Brazil) (S) | 8.250 | 02-15-49 | BB | 500 | 482,500 |
| Airlines 0.47% | 1,145,461 | ||||
|
| |||||
| Continental Airlines, Inc., | |||||
| Pass Thru Ctf Ser 1999-1 Class A | 6.545 | 02-02-19 | A- | 393 | 398,613 |
| Pass Thru Ctf Ser 2000-2 Class B (L) | 8.307 | 10-02-19 | BB- | 408 | 393,240 |
| Pass Thru Ctf Ser 2001-1 Class C | 7.033 | 06-15-11 | B+ | 370 | 353,553 |
| Jet Equipment Trust, | |||||
| Equip Trust Ctf Ser 1995-B2 (B)(H)(S) | 10.910 | 08-15-14 | D | 550 | 55 |
| Aluminum 0.39% | 960,000 | ||||
|
| |||||
| Novelis, Inc., | |||||
| Sr Note (Multi-Coupon) (Canada) (P)(S) | 7.750 | 02-15-15 | B | 1,000 | 960,000 |
| Asset Management & Custody Banks 0.42% | 1,014,048 | ||||
|
| |||||
| Rabobank Capital Fund II, | |||||
| Perpetual Bond (5.260% to 12-31-13 then | |||||
| variable) (S) | 5.260 | 12-29-49 | AA | 1,055 | 1,014,048 |
| Broadcasting & Cable TV 3.46% | 8,452,240 | ||||
|
| |||||
| British Sky Broadcasting Group Plc, | |||||
| Gtd Sr Note (United Kingdom) | 8.200 | 07-15-09 | BBB- | 905 | 972,884 |
| Charter Communications Holdings LLC/Charter | |||||
| Communications Holdings Capital Corp., | |||||
| Sr Note | 10.250 | 09-15-10 | CCC- | 2,000 | 1,965,000 |
| Comcast Cable Communications Holdings, Inc., | |||||
| Gtd Note | 8.375 | 03-15-13 | BBB+ | 980 | 1,102,156 |
| Innova S. de R.L., | |||||
| Note (Mexico) | 9.375 | 09-19-13 | BB- | 1,500 | 1,680,000 |
| Shaw Communications, Inc., | |||||
| Sr Note (Canada) | 8.250 | 04-11-10 | BB+ | 1,000 | 1,062,500 |
| Videotron Ltee, | |||||
| Gtd Sr Note (Canada) | 6.375 | 12-15-15 | B+ | 300 | 293,625 |
| XM Satellite Radio, Inc., | |||||
| Sr Sec Disc Note | 14.000 | 12-31-09 | CCC+ | 728 | 781,114 |
| Sr Sec Note | 12.000 | 06-15-10 | CCC+ | 533 | 594,961 |
Page 1
| John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| Building Products 0.83% | 2,021,942 | ||||||
|
| |||||||
| Pulte Homes, Inc., | |||||||
| Sr Note (L) | 6.250 | 02-15-13 | BBB- | 1,000 | 998,713 | ||
| Toll Brothers, Inc., | |||||||
| Gtd Sr Note (S) | 6.875 | 11-15-12 | BBB- | 1,000 | 1,023,229 | ||
| Casinos & Gaming 3.71% | 9,048,977 | ||||||
|
| |||||||
| Chukchansi Economic Development Auth, | |||||||
| Sr Note (S) | 8.000 | 11-15-13 | BB- | 440 | 451,000 | ||
| Isle of Capri Casinos, Inc., | |||||||
| Gtd Sr Sub Note | 7.000 | 03-01-14 | B | 500 | 493,750 | ||
| Jacobs Entertainment, Inc., | |||||||
| Sr Sec Note (B) | 11.875 | 02-01-09 | B | 700 | 745,682 | ||
| Little Traverse Bay Bands of Odawa Indians, | |||||||
| Sr Note (S) | 10.250 | 02-15-14 | B | 1,000 | 986,250 | ||
| Majestic Star Casino LLC/Majestic Star Casino | |||||||
| Capital II LLC, | |||||||
| Sr Sec Note (S) | 9.750 | 01-15-11 | B- | 1,000 | 1,010,000 | ||
| Mashantucket West Pequot, | |||||||
| Bond (S) | 5.912 | 09-01-21 | BBB- | 275 | 263,500 | ||
| Mohegan Tribal Gaming Auth, | |||||||
| Sr Sub Note | 7.125 | 08-15-14 | B+ | 1,000 | 1,007,500 | ||
| MTR Gaming Group, Inc., | |||||||
| Gtd Sr Note Ser B | 9.750 | 04-01-10 | B+ | 800 | 851,000 | ||
| Seneca Gaming Corp., | |||||||
| Sr Note | 7.250 | 05-01-12 | BB- | 1,000 | 1,010,000 | ||
| Trump Entertainment Resorts, Inc., | |||||||
| Gtd Sec Note | 8.500 | 06-01-15 | B- | 1,000 | 972,500 | ||
| Waterford Gaming, LLC, | |||||||
| Sr Note (S) | 8.625 | 09-15-12 | B+ | 1,188 | 1,257,795 | ||
| Commercial Printing 0.52% | 1,267,872 | ||||||
|
| |||||||
| Quebecor World Capital Corp., | |||||||
| Sr Note (Canada) (S) | 8.750 | 03-15-16 | BB- | 1,300 | 1,267,872 | ||
| Commodity Chemicals 0.87% | 2,112,846 | ||||||
|
| |||||||
| Lyondell Chemical Co., | |||||||
| Gtd Sec Note | 9.500 | 12-15-08 | BB- | 591 | 614,640 | ||
| Gtd Sr Sub Note | 10.875 | 05-01-09 | B | 500 | 507,500 | ||
| RPM International, Inc., | |||||||
| Sr Note | 6.250 | 12-15-13 | BBB | 1,000 | 990,706 | ||
| Computer Hardware 0.04% | 102,000 | ||||||
|
| |||||||
| Activant Solutions, Inc., | |||||||
| Sr Floating Rate Note (P)(S) | 10.530 | 04-01-10 | B+ | 100 | 102,000 | ||
| Construction & Farm Machinery & Heavy Trucks 0.21% | 510,000 | ||||||
|
| |||||||
| Manitowoc Co., Inc., (The), | |||||||
| Gtd Sr Note | 7.125 | 11-01-13 | BB- | 500 | 510,000 | ||
Page 2
| John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| Construction Materials 0.16% | 396,825 | ||||
|
| |||||
| Votorantim Overseas IV, | |||||
| Gtd Note (Cayman Islands) (S) | 7.750 | 06-24-20 | BBB- | 370 | 396,825 |
| Consumer Finance 1.02% | 2,496,550 | ||||
|
| |||||
| Ford Motor Credit Co., | |||||
| Note | 7.375 | 10-28-09 | BBB- | 1,925 | 1,809,756 |
| HSBC Finance Capital Trust IX, | |||||
| Note (5.911% to 11-30-15 then variable) | 5.911 | 11-30-35 | BBB+ | 700 | 686,794 |
| Diversified Banks 1.61% | 3,923,510 | ||||
|
| |||||
| Bank of New York, | |||||
| Cap Security (S) | 7.780 | 12-01-26 | A- | 620 | 652,061 |
| Barclays Bank Plc, | |||||
| Perpetual Bond (6.86% to 6-15-32 then | |||||
| variable) (United Kingdom) (S) | 6.860 | 09-29-49 | A+ | 1,595 | 1,687,220 |
| Chuo Mitsui Trust & Banking Co., Ltd., | |||||
| Perpetual Sub Note (5.506% to 04-15-15 then | |||||
| variable) (Japan) (S) | 5.506 | 12-01-49 | Baa2 | 905 | 858,916 |
| Royal Bank of Scotland Group Plc, | |||||
| Perpetual Bond (7.648% to 09-30-31 then | |||||
| variable) (United Kingdom) | 7.648 | 08-29-49 | A | 630 | 725,313 |
| Diversified Chemicals 0.81% | 1,967,219 | ||||
|
| |||||
| NOVA Chemicals Corp., | |||||
| Med Term Note (Canada) (L) | 7.400 | 04-01-09 | BB+ | 1,955 | 1,967,219 |
| Diversified Commercial Services 0.98% | 2,404,198 | ||||
|
| |||||
| Hutchison Whampoa International Ltd., | |||||
| Gtd Sr Note (Cayman Islands) (S) | 6.500 | 02-13-13 | A- | 750 | 770,244 |
| Noble Group Ltd., | |||||
| Sr Note (Bermuda) (S) | 6.625 | 03-17-15 | BB+ | 1,000 | 883,954 |
| Sotheby's Holdings, Inc., | |||||
| Note | 6.875 | 02-01-09 | BB- | 750 | 750,000 |
| Diversified Financial Services 0.36% | 881,411 | ||||
|
| |||||
| St. George Funding Co., | |||||
| Perpetual Bond (8.485% to 06-30-17 then | |||||
| variable) (Australia) (S) | 8.485 | 12-31-49 | Baa1 | 840 | 881,411 |
| Diversified Metals & Mining 0.20% | 500,000 | ||||
|
| |||||
| Freeport-McMoRan Copper & Gold, Inc., | |||||
| Sr Note | 6.875 | 02-01-14 | B+ | 500 | 500,000 |
| Electric Utilities 5.55% | 13,561,925 | ||||
|
| |||||
| AES Eastern Energy L.P., | |||||
| Pass Thru Ctf Ser 1999-A | 9.000 | 01-02-17 | BB+ | 1,211 | 1,372,848 |
| Beaver Valley Funding Corp., | |||||
| Sec Lease Obligation Bond | 9.000 | 06-01-17 | BBB- | 915 | 1,033,255 |
| BVPS II Funding Corp., | |||||
| Collateralized Lease Bond | 8.890 | 06-01-17 | BB+ | 700 | 802,361 |
Page 3
|
John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| CE Generation LLC, | ||||||
| Sr Sec Note | 7.416 | 12-15-18 | BB- | 772 | 801,887 | |
| Empresa Electrica Guacolda S.A., | ||||||
| Sr Sec Note (S) | 8.625 | 04-30-13 | BBB- | 810 | 879,911 | |
| FPL Energy National Wind, | ||||||
| Sr Sec Note (S) | 5.608 | 03-10-24 | BBB- | 365 | 351,436 | |
| HQI Transelect Chile S.A., | ||||||
| Sr Note (Chile) | 7.875 | 04-15-11 | A- | 1,175 | 1,256,996 | |
| Indiantown Cogeneration, L.P., | ||||||
| 1st Mtg Note Ser A-9 | 9.260 | 12-15-10 | BB+ | 431 | 453,932 | |
| IPALCO Enterprises, Inc., | ||||||
| Sr Sec Note | 8.625 | 11-14-11 | BB- | 315 | 344,137 | |
| Kansas Gas & Electric Co., | ||||||
| Bond | 5.647 | 03-29-21 | BB- | 425 | 405,867 | |
| Midland Funding Corp. II, | ||||||
| Lease Obligation Bond Ser B | 13.250 | 07-23-06 | BB- | 2,000 | 2,037,013 | |
| MSW Energy Holdings II LLC/MSW Energy Finance Co., | ||||||
| II, Inc., | ||||||
| Sr Sec Note Ser B | 7.375 | 09-01-10 | BB- | 750 | 772,500 | |
| PNPP II Funding Corp., | ||||||
| Deb | 9.120 | 05-30-16 | BB+ | 470 | 536,420 | |
| System Energy Resources, Inc., | ||||||
| Sec Bond (S) | 5.129 | 01-15-14 | BBB | 409 | 395,955 | |
| TransAlta Corp., | ||||||
| Note (Canada) | 5.750 | 12-15-13 | BBB- | 1,000 | 988,180 | |
| TXU Corp., | ||||||
| Sec Bond | 7.460 | 01-01-15 | BBB | 571 | 587,289 | |
| Waterford 3 Funding Corp., | ||||||
| Sec Lease Obligation Bond | 8.090 | 01-02-17 | BBB- | 525 | 541,938 | |
| Electrical Components & Equipment | 1.04% | 2,545,956 | ||||
|
|
||||||
| AMETEK, Inc., | ||||||
| Sr Note | 7.200 | 07-15-08 | BBB | 1,500 | 1,543,456 | |
| Solectron Global Finance Ltd., | ||||||
| Sr Sub Note (L)(S) | 8.000 | 03-15-16 | B- | 1,000 | 1,002,500 | |
| Electronic Equipment Manufacturers | 0.32% | 784,592 | ||||
|
|
||||||
| Thomas & Betts Corp., | ||||||
| Sr Note | 7.250 | 06-01-13 | BBB- | 745 | 784,592 | |
| Food Retail 1.25% | 3,043,099 | |||||
|
|
||||||
| Ahold Finance USA, Inc., | ||||||
| Gtd Pass Thru Ctf Ser 2001A-1 | 7.820 | 01-02-20 | BB | 1,254 | 1,308,072 | |
| Delhaize America, Inc., | ||||||
| Gtd Note | 9.000 | 04-15-31 | BB+ | 1,500 | 1,735,027 | |
| Gas Utilities 0.88% | 2,138,249 | |||||
|
|
||||||
| Energy Transfer Partners, | ||||||
| Gtd Sr Note (G) | 5.950 | 02-01-15 | BBB- | 1,170 | 1,159,613 | |
| Kinder Morgan Finance Co., | ||||||
| Gtd Sr Note | 6.400 | 01-05-36 | BBB | 510 | 496,589 | |
| NorAm Energy Corp., | ||||||
| Deb | 6.500 | 02-01-08 | BBB | 475 | 482,047 | |
Page 4
|
John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| Health Care Facilities | 0.35% | 851,618 | ||||
|
|
||||||
| Manor Care, Inc., | ||||||
| Gtd Note | 6.250 | 05-01-13 | BBB | 855 | 851,618 | |
| Health Care Services | 0.76% | 1,867,500 | ||||
|
|
||||||
| Alliance Imaging, Inc., | ||||||
| Sr Sub Note | 7.250 | 12-15-12 | B- | 1,000 | 867,500 | |
| HealthSouth Corp., | ||||||
| Tranche Loan (G)(P) | 9.650 | 02-02-07 | B- | 1,000 | 1,000,000 | |
| Hotels, Resorts & Cruise Lines 0.99% | 2,407,882 | |||||
|
|
||||||
| HRP Myrtle Beach Operations LLC/HRP Myrtle Beach | ||||||
| Operations Capital Corp., | ||||||
| Sr Sec Floating Rate Note (P)(S) | 9.818 | 04-01-12 | B | 1,335 | 1,343,344 | |
| Hyatt Equities LLC, | ||||||
| Note (S) | 6.875 | 06-15-07 | BBB | 1,050 | 1,064,538 | |
| Industrial Conglomerates 0.25% | 618,750 | |||||
|
|
||||||
| Waste Services, Inc., | ||||||
| Gtd Sr Sub Note | 9.500 | 04-15-14 | CCC | 600 | 618,750 | |
| Industrial Machinery | 0.89% | 2,173,688 | ||||
|
|
||||||
| Kennametal, Inc., | ||||||
| Sr Note | 7.200 | 06-15-12 | BBB | 1,385 | 1,471,813 | |
| Trinity Industries, Inc., | ||||||
| Pass Thru Ctf (S) | 7.755 | 02-15-09 | Ba1 | 690 | 701,875 | |
| Integrated Oil & Gas | 0.79% | 1,929,580 | ||||
|
|
||||||
| Pemex Project Funding Master Trust, | ||||||
| Gtd Note | 9.125 | 10-13-10 | BBB | 565 | 635,625 | |
| Petro-Canada, | ||||||
| Deb (Canada) | 9.250 | 10-15-21 | BBB | 1,000 | 1,293,955 | |
| Integrated Telecommunication Services 2.70% | 6,601,551 | |||||
|
|
||||||
| AT&T Corp., | ||||||
| Gtd Sr Note | 9.750 | 11-15-31 | A | 490 | 585,091 | |
| Bellsouth Corp., | ||||||
| Deb | 6.300 | 12-15-15 | A | 1,037 | 1,049,260 | |
| Cincinnati Bell, Inc., | ||||||
| Sr Sub Note (L) | 8.375 | 01-15-14 | B- | 1,000 | 1,016,250 | |
| Intelsat Subsidiary Holding Co., Ltd., | ||||||
| Gtd Sr Floating Rate Note (Bermuda) (P) | 9.614 | 01-15-12 | B+ | 450 | 457,312 | |
| Qwest Capital Funding, Inc., | ||||||
| Gtd Note (L) | 7.000 | 08-03-09 | B | 1,700 | 1,725,500 | |
| Sprint Capital Corp., | ||||||
| Gtd Sr Note | 6.900 | 05-01-19 | A- | 1,000 | 1,068,313 | |
| Telefonos de Mexico, S.A. de C.V., | ||||||
| Note (Mexico) | 5.500 | 01-27-15 | BBB | 735 | 699,825 | |
Page 5
|
John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| Investment Banking & Brokerage 0.33% | 798,750 | ||||
|
|
|||||
| Mizuho Financial Group Cayman Ltd., | |||||
| Gtd Sub Bond (Cayman Islands) | 8.375 | 12-29-49 | A2 | 750 | 798,750 |
| IT Consulting & Other Services 0.56% | 1,358,950 | ||||
|
|
|||||
| NCR Corp., | |||||
| Note | 7.125 | 06-15-09 | BBB- | 375 | 386,450 |
| Unisys Corp., | |||||
| Sr Note (L) | 6.875 | 03-15-10 | BB+ | 1,000 | 972,500 |
| Leisure Facilities 0.73% | 1,779,462 | ||||
|
|
|||||
| AMC Entertainment, Inc., | |||||
| Sr Sub Note (L) | 9.500 | 02-01-11 | CCC+ | 1,065 | 1,035,712 |
| Cinemark USA, Inc., | |||||
| Sr Sub Note (L) | 9.000 | 02-01-13 | B- | 700 | 743,750 |
| Life & Health Insurance 0.60% | 1,460,833 | ||||
|
|
|||||
| Phoenix Cos., Inc. (The), | |||||
| Bond | 6.675 | 02-16-08 | BBB | 485 | 486,273 |
| Phoenix Life Insurance Co., | |||||
| Note (S) | 7.150 | 12-15-34 | BBB+ | 425 | 431,193 |
| Provident Financing Trust I, | |||||
| Gtd Cap Security (L) | 7.405 | 03-15-38 | B+ | 580 | 543,367 |
| Metal & Glass Containers 1.12% | 2,739,887 | ||||
|
|
|||||
| BWAY Corp., | |||||
| Gtd Sr Sub Note | 10.000 | 10-15-10 | B- | 1,085 | 1,147,387 |
| Owens-Brockway Glass Container, Inc., | |||||
| Gtd Sr Note | 8.250 | 05-15-13 | B | 500 | 522,500 |
| Gtd Sr Sec Note | 8.750 | 11-15-12 | BB- | 1,000 | 1,070,000 |
| Metal & Mining 0.19% | 468,130 | ||||
|
|
|||||
| Vedanta Resources Plc, | |||||
| Sr Note (United Kingdom) (S) | 6.625 | 02-22-10 | BB+ | 480 | 468,130 |
| Multi-Line Insurance 0.44% | 1,065,646 | ||||
|
|
|||||
| Assurant, Inc., | |||||
| Sr Note | 6.750 | 02-15-34 | BBB+ | 490 | 508,203 |
| Massachusetts Mutual Life Insurance Co., | |||||
| Surplus Note (S) | 7.625 | 11-15-23 | AA | 470 | 557,443 |
| Multi-Media 0.47% | 1,156,845 | ||||
|
|
|||||
| News America Holdings, | |||||
| Gtd Sr Deb | 7.750 | 01-20-24 | BBB | 980 | 1,059,232 |
| Quebecor Media, Inc., | |||||
| Sr Note (Canada) (S) | 7.750 | 03-15-16 | B | 95 | 97,613 |
| Multi-Utilities & Unregulated Power 1.20% | 2,936,182 | ||||
|
|
|||||
| CalEnergy Co., Inc., | |||||
| Sr Bond | 8.480 | 09-15-28 | BBB- | 525 | 648,855 |
Page 6
| John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| Dynegy-Roseton Danskamme, | |||||||
| Gtd Pass Thru Ctf Ser B | 7.670 | 11-08-16 | B | 500 | 510,823 | ||
| Salton Sea Funding Corp., | |||||||
| Sr Sec Note Ser C | 7.840 | 05-30-10 | BB+ | 1,728 | 1,776,504 | ||
| Office Services & Supplies 0.40% | 978,116 | ||||||
|
| |||||||
| Steelcase, Inc., | |||||||
| Sr Note | 6.375 | 11-15-06 | BBB- | 980 | 978,116 | ||
| Oil & Gas Refining, Marketing & Transportation 0.86% | 2,110,943 | ||||||
|
| |||||||
| Copano Energy LLC, | |||||||
| Sr Note (S) | 8.125 | 03-01-16 | B | 250 | 258,750 | ||
| Enterprise Products Operating L.P., | |||||||
| Sr Note Ser B | 5.600 | 10-15-14 | BB+ | 1,000 | 969,693 | ||
| Reliant Energy, Inc., | |||||||
| Sr Sec Note | 6.750 | 12-15-14 | B+ | 1,000 | 882,500 | ||
| Oil & Gas Drilling 0.63% | 1,534,001 | ||||||
|
| |||||||
| Delek & Avner-Yam Tethys Ltd. , | |||||||
| Sr Sec Note (Israel) (S) | 5.326 | 08-01-13 | BBB- | 364 | 351,501 | ||
| Gazprom, | |||||||
| Loan Part Note (Germany) (S) | 9.625 | 03-01-13 | BB+ | 1,000 | 1,182,500 | ||
| Oil & Gas Equipment & Services 0.10% | 243,750 | ||||||
|
| |||||||
| Grant Prideco, Inc., | |||||||
| Sr Note Ser B | 6.125 | 08-15-15 | BB | 250 | 243,750 | ||
| Oil & Gas Exploration & Production 0.62% | 1,514,467 | ||||||
|
| |||||||
| Pioneer Natural Resources Co., | |||||||
| Gtd Sr Note | 7.200 | 01-15-28 | BB+ | 1,000 | 1,000,717 | ||
| Plains Exploration & Production Co., | |||||||
| Sr Note | 7.125 | 06-15-14 | BB- | 500 | 513,750 | ||
| Paper Packaging 1.37% | 3,334,375 | ||||||
|
| |||||||
| MDP Acquisitions Plc, | |||||||
| Sr Note (Ireland) | 9.625 | 10-01-12 | B- | 1,250 | 1,321,875 | ||
| Stone Container Corp., | |||||||
| Sr Note | 9.750 | 02-01-11 | CCC+ | 1,000 | 1,027,500 | ||
| Sr Note | 8.375 | 07-01-12 | CCC+ | 1,000 | 985,000 | ||
| Paper Products 0.14% | 338,165 | ||||||
|
| |||||||
| Plum Creek Timber Co., Inc., | |||||||
| Gtd Note | 5.875 | 11-15-15 | BBB- | 345 | 338,165 | ||
| Pharmaceuticals 1.29% | 3,151,876 | ||||||
|
| |||||||
| Medco Health Solutions, Inc., | |||||||
| Sr Note | 7.250 | 08-15-13 | BBB | 1,550 | 1,668,904 | ||
| Wyeth, | |||||||
| Note | 5.500 | 03-15-13 | A | 1,500 | 1,482,972 | ||
Page 7
| John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| Property & Casualty Insurance 0.62% | 1,518,703 | ||||||
|
| |||||||
| Markel Corp., | |||||||
| Sr Note | 7.350 | 08-15-34 | BBB- | 515 | 531,074 | ||
| Ohio Casualty Corp., | |||||||
| Note | 7.300 | 06-15-14 | BB | 750 | 781,754 | ||
| URC Holdings Corp., | |||||||
| Sr Note (S) | 7.875 | 06-30-06 | AA- | 205 | 205,875 | ||
| Publishing 0.18% | 432,544 | ||||||
|
| |||||||
| Dex Media West, | |||||||
| Gtd Sr Sub Note | 9.875 | 08-15-13 | B | 391 | 432,544 | ||
| Real Estate Investment Trusts 1.77% | 4,323,403 | ||||||
|
| |||||||
| Chelsea Property Group, | |||||||
| Note | 6.000 | 01-15-13 | BBB+ | 1,040 | 1,048,583 | ||
| Health Care REIT, Inc., | |||||||
| Sr Note | 6.200 | 06-01-16 | BBB- | 345 | 342,821 | ||
| Healthcare Realty Trust, Inc., | |||||||
| Sr Note | 8.125 | 05-01-11 | BBB- | 165 | 180,120 | ||
| HRPT Properties Trust, | |||||||
| Sr Note | 5.750 | 11-01-15 | BBB | 750 | 732,573 | ||
| iStar Financial, Inc., | |||||||
| Sr Note | 7.000 | 03-15-08 | BBB- | 785 | 804,934 | ||
| ProLogis, | |||||||
| Note | 5.500 | 03-01-13 | BBB+ | 980 | 964,372 | ||
| Ventas Realty L.P./Capital Corp., | |||||||
| Sr Note | 6.625 | 10-15-14 | BB | 250 | 250,000 | ||
| Real Estate Management & Development 0.45% | 1,103,776 | ||||||
|
| |||||||
| K Hovnanian Enterprises, Inc., | |||||||
| Sr Note | 7.500 | 05-15-16 | BB | 300 | 295,760 | ||
| Post Apartment Homes, | |||||||
| Sr Note | 5.125 | 10-12-11 | BBB | 830 | 808,016 | ||
| Regional Banks 1.75% | 4,275,737 | ||||||
|
| |||||||
| Colonial Capital II, | |||||||
| Gtd Cap Security Ser A | 8.920 | 01-15-27 | BB | 1,029 | 1,094,391 | ||
| Crestar Capital Trust I, | |||||||
| Gtd Cap Security | 8.160 | 12-15-26 | A- | 880 | 927,949 | ||
| First Chicago NDB Institutional Capital, | |||||||
| Gtd Cap Bond Ser A (S) | 7.950 | 12-01-26 | A1 | 500 | 525,003 | ||
| Greater Bay Bancorp, | |||||||
| Sr Note Ser D | 5.125 | 04-15-10 | BBB- | 540 | 527,757 | ||
| NB Capital Trust IV, | |||||||
| Gtd Cap Security | 8.250 | 04-15-27 | A | 1,130 | 1,200,637 | ||
| Specialized Finance 2.22% | 5,427,859 | ||||||
|
| |||||||
| ASG Consolidated LLC, | |||||||
| Sr Disc Note (Zero to 11-01-08, then | |||||||
| 11.500%) (O) | Zero | 11-01-11 | B- | 1,180 | 967,600 | ||
| Astoria Depositor Corp., | |||||||
| Pass Thru Ctf Ser B (G)(S) | 8.144 | 05-01-21 | BB | 750 | 787,500 | ||
Page 8
|
John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| Bosphorous Financial Services, | |||||
| Sec Floating Rate Note (P)(S) | 6.549 | 02-15-12 | Baa3 | 500 | 503,706 |
| CCM Merger, Inc., | |||||
| Note (S) | 8.000 | 08-01-13 | B- | 1,000 | 995,000 |
| Drummond Co., Inc., | |||||
| Sr Note (S) | 7.375 | 02-15-16 | BB- | 1,000 | 997,500 |
| ESI Tractebel Acquisition Corp., | |||||
| Gtd Sec Bond Ser B | 7.990 | 12-30-11 | BB | 975 | 1,009,543 |
| Humpuss Funding Corp., | |||||
| Gtd Note (S) | 7.720 | 12-15-09 | B2 | 169 | 167,010 |
| Steel 0.48% | 1,176,000 | ||||
|
|
|||||
| Metallurg Holdings, Inc., | |||||
| Sr Sec Note (G)(S) | 10.500 | 10-01-10 | B- | 1,200 | 1,176,000 |
| Telecommunications Equipment 0.78% | 1,914,442 | ||||
|
|
|||||
| Corning, Inc., | |||||
| Med Term Note | 8.300 | 04-04-25 | Ba2 | 1,150 | 1,184,644 |
| Note | 6.050 | 06-15-15 | BBB- | 740 | 729,798 |
| Thrifts & Mortgage Finance 13.49% | 32,938,798 | ||||
|
|
|||||
| Banc of America Commercial Mortgage, Inc., | |||||
| Mtg Pass Thru Ctf Ser 2005-6 Class A4 | 5.182 | 09-10-47 | AAA | 905 | 882,807 |
| Banc of America Funding Corp., | |||||
| Mtg Pass Thru Ctf Ser 2006-B Class 6A1 | 5.904 | 02-01-36 | AAA | 430 | 431,681 |
| Bear Stearns Alt-A Trust, | |||||
| Mtg Pass Thru Ctf Ser 2005-3 Class B2 (P) | 5.355 | 04-25-35 | AA+ | 439 | 431,199 |
| Bear Stearns Commercial Mortgage Securities, Inc., | |||||
| Mtg Pass Thru Ctf Ser 2005-T20 Class A4A (P) | 5.156 | 10-12-42 | AAA | 440 | 428,934 |
| Chaseflex Trust, | |||||
| Mtg Pass Thru Ctf Ser 2005-2 Class 4A1 | 5.000 | 05-25-20 | AAA | 1,173 | 1,134,959 |
| Citigroup Mortgage Loan Trust, Inc., | |||||
| Mtg Pass Thru Ctf Ser 2005-5 Class 2A3 | 5.000 | 08-25-35 | AAA | 712 | 699,385 |
| Citigroup/Deutsche Bank Commercial Mortgage | |||||
| Securities, | |||||
| Mtg Pass Thru Ctf Ser 2005-CD1 Class A4 | 5.225 | 07-15-44 | AAA | 595 | 583,247 |
| Mtg Pass Thru Ctf Ser 2005-CD1 Class C | 5.225 | 07-15-44 | AA | 285 | 276,567 |
| ContiMortgage Home Equity Loan Trust, | |||||
| Mtg Pass Thru Ctf Ser 1995-2 Class A-5 | 8.100 | 08-15-25 | AAA | 135 | 139,112 |
| Countrywide Alternative Loan Trust, | |||||
| Mtg Pass Thru Ctf Ser 2004-24CB Class 1A1 | 6.000 | 11-25-34 | AAA | 836 | 830,485 |
| Mtg Pass Thru Ctf Ser 2005-6 Class 2A1 | 5.500 | 04-25-35 | Aaa | 631 | 613,121 |
| Mtg Pass Thru Ctf Ser 2005-J1 Class 3A1 | 6.500 | 08-25-32 | AAA | 518 | 524,240 |
| Countrywide Home Loans Servicing L.P., | |||||
| Mtg Pass Thru Ctf Ser 2005-21 Class A1 | 5.500 | 10-25-35 | Aaa | 4,128 | 4,031,463 |
| CS First Boston Mortgage Securities Corp., | |||||
| Mtg Pass Thru Ctf Ser 2003-25 Class 2A1 | 4.500 | 10-25-18 | AAA | 505 | 477,240 |
| First Horizon Alternative Mortgage Securities, | |||||
| Mtg Pass Thru Ctf Ser 2004-AA5 Class B1(P) | 5.241 | 12-25-34 | AA | 314 | 308,825 |
| Global Signal Trust, | |||||
| Sub Bond Ser 2004-2A Class D (S) | 5.093 | 12-15-14 | Baa2 | 385 | 375,224 |
| Sub Bond Ser 2006-1 Class E (S) | 6.495 | 02-15-36 | Baa3 | 370 | 368,907 |
Page 9
|
John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| GMAC Commercial Mortgage Securities, Inc., | |||||
| Mtg Pass Thru Ctf Ser 2002-C1 Class A1 | 5.785 | 11-15-39 | AAA | 1,904 | 1,917,119 |
| Greenwich Capital Commercial Funding Corp., | |||||
| Mtg Pass Thru Ctf Ser 2005-GG5 Class A2 | 5.117 | 04-10-37 | AAA | 1,220 | 1,206,800 |
| GSR Mortgage Loan Trust, | |||||
| Mtg Pass Thru Ctf Ser 2004-9 Class B1 (G)(P) | 4.521 | 08-25-34 | AA | 578 | 567,071 |
| Indymac Index Mortgage Loan Trust, | |||||
| Mtg Pass Thru Ctf Ser 2004-AR13 Class B1 | 5.296 | 01-25-35 | AA | 468 | 461,972 |
| Mtg Pass Thru Ctf Ser 2005-AR5 Class B1 (P) | 5.425 | 05-25-35 | AA | 508 | 498,802 |
| JP Morgan Alternative Loan Trust, | |||||
| Mtg Pass Thru Ctf Ser 2005-S1 Class 1A4 | 6.000 | 12-25-35 | AAA | 4,872 | 4,844,290 |
| JP Morgan Chase Commercial Mortgage Security | |||||
| Corp., | |||||
| Mtg Pass Thru Ctf Ser 2005-LDP4 Class B | 5.129 | 10-15-42 | Aa2 | 1,965 | 1,875,455 |
| Merrill Lynch Mortgage Trust, | |||||
| Mtg Pass Thru Ctf Ser 2005-CKI1 Class A6 | 5.245 | 11-12-37 | AAA | 820 | 804,971 |
| Morgan Stanley Capital I, | |||||
| Mtg Pass Thru Ctf Ser 2005-HQ7 Class A4 | 5.205 | 11-14-42 | AAA | 810 | 792,373 |
| Mtg Pass Thru Ctf Ser 2005-IQ10 Class A4A | 5.230 | 09-15-42 | AAA | 1,180 | 1,149,330 |
| Prime Mortgage Trust, | |||||
| Mtg Pass Thru Ctf Ser 2005-2 Class 1A2 | 5.000 | 07-25-20 | Aaa | 1,577 | 1,544,248 |
| Provident Funding Mortgage Loan Trust, | |||||
| Mtg Pass Thru Ctf Ser 2005-1 Class B1(P) | 4.368 | 05-25-35 | AAA | 387 | 371,501 |
| SBA CMBS Trust, | |||||
| Sub Bond Ser 2005-1A Class D (S) | 6.219 | 11-15-35 | Baa2 | 200 | 199,754 |
| Sub Bond Ser 2005-1A Class E (S) | 6.706 | 11-15-35 | Baa3 | 200 | 200,540 |
| Sovereign Capital Trust I, | |||||
| Gtd Cap Security | 9.000 | 04-01-27 | BB | 1,000 | 1,067,578 |
| Washington Mutual Alternative Loan Trust, | |||||
| Mtg Pass Thru Ctf Ser 2005-6 Class 1CB | 6.500 | 08-25-35 | AAA | 789 | 799,014 |
| Washington Mutual, Inc., | |||||
| Mtg Pass Thru Ctf Ser 2005-AR4 Class B1 (P) | 4.678 | 04-25-35 | AA | 1,456 | 1,420,966 |
| Wells Fargo Mortgage Backed Securites Trust, | |||||
| Mtg Pass Thru Ctf Ser 2004-7 Class 2A2 | 5.000 | 07-25-19 | AAA | 700 | 679,618 |
| Utilities Other 0.31% | 756,660 | ||||
|
|
|||||
| Atlas Pipeline Partners L.P., | |||||
| Gtd Sr Note (S) | 8.125 | 12-15-15 | B+ | 140 | 145,950 |
| Magellan Midstream Partners L.P., | |||||
| Note | 6.450 | 06-01-14 | BBB | 590 | 610,710 |
| Wireless Telecommunication Services 2.83% | 6,906,849 | ||||
|
|
|||||
| America Movil S.A. de C.V., | |||||
| Sr Note (Mexico) | 5.750 | 01-15-15 | BBB | 1,225 | 1,187,014 |
| Crown Castle Towers LLC, | |||||
| Sub Bond Ser 2005-1A Class D | 5.612 | 06-15-35 | Baa2 | 655 | 637,193 |
| Dobson Communications Corp., | |||||
| Sr Note (L) | 8.875 | 10-01-13 | CCC | 1,000 | 1,005,000 |
| Mobile Telesystems Finance S.A., | |||||
| Gtd Sr Note (Luxembourg) (S) | 9.750 | 01-30-08 | BB- | 350 | 367,938 |
| New Cingular Wireless Services, Inc., | |||||
| Sr Note | 8.750 | 03-01-31 | A | 1,475 | 1,868,158 |
| Nextel Communications, Inc., | |||||
| Sr Note Ser D | 7.375 | 08-01-15 | A- | 1,250 | 1,310,921 |
Page 10
| John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| Rogers Wireless, Inc., | ||||||
| Sr Sub Note (Canada) | 8.000 | 12-15-12 | B+ | 500 | 530,625 | |
| Credit | ||||||
| Issuer, description | rating (A) | Shares | Value | |||
| Preferred stocks 1.22% | $2,974,300 | |||||
| (Cost $3,066,289) | ||||||
| Agricultural Products 0.40% | 987,500 | |||||
|
| ||||||
| Ocean Spray Cranberries, Inc., 6.25%, Ser A (S) | BB+ | 12,500 | 987,500 | |||
| Multi-Utilities & Unregulated Power 0.42% | 1,018,400 | |||||
|
| ||||||
| Dominion CNG Capital Trust I, 7.80% | BB+ | 40,000 | 1,018,400 | |||
| Real Estate Investment Trusts 0.40% | 968,400 | |||||
|
| ||||||
| Public Storage, Inc., 6.50%, Depositary Shares, | ||||||
| Ser W | BBB+ | 40,000 | 968,400 | |||
| Interest | Maturity | Credit | Par value | |||
| Issuer, description | rate (%) | date | rating (A) | ($000) | Value | |
| U.S. government and agencies securities 29.29% | $71,515,304 | |||||
| (Cost $72,945,753) | ||||||
| Government U.S. 7.19% | 17,561,561 | |||||
|
| ||||||
| United States Treasury, | ||||||
| Bond (L) | 6.875 | 08-15-25 | AAA | 9,265 | 11,309,813 | |
| Bond (L) | 5.375 | 02-15-31 | AAA | 2,235 | 2,352,686 | |
| Bond (L) | 4.500 | 02-15-16 | AAA | 540 | 525,192 | |
| Note (L) | 4.500 | 11-15-10 | AAA | 620 | 611,668 | |
| Note (L) | 4.500 | 11-15-15 | AAA | 570 | 553,123 | |
| Note (L) | 4.250 | 11-15-13 | AAA | 2,300 | 2,209,079 | |
| Government U.S. Agency 22.10% | 53,953,743 | |||||
|
| ||||||
| Federal Home Loan Mortgage Corp., | ||||||
| 20 Yr Pass Thru Ctf | 11.250 | 01-01-16 | AAA | 22 | 24,226 | |
| 30 Yr Pass Thru Ctf | 6.000 | 08-01-34 | AAA | 3,375 | 3,377,233 | |
| 30 Yr Pass Thru Ctf | 6.000 | 02-01-35 | AAA | 408 | 409,273 | |
| 30 Yr Pass Thru Ctf | 5.165 | 11-01-35 | AAA | 2,196 | 2,160,988 | |
| CMO REMIC 2978 | 5.500 | 01-15-31 | AAA | 2,590 | 2,546,533 | |
| Note | 4.900 | 11-03-08 | AAA | 5,070 | 5,024,608 | |
| Federal National Mortgage Assn., | ||||||
| 15 Yr Pass Thru Ctf | 7.500 | 02-01-08 | AAA | 7 | 7,365 | |
| 15 Yr Pass Thru Ctf | 7.000 | 09-01-10 | AAA | 27 | 27,728 | |
| 15 Yr Pass Thru Ctf | 7.000 | 10-01-12 | AAA | 18 | 18,909 | |
| 15 Yr Pass Thru Ctf | 7.000 | 04-01-17 | AAA | 48 | 49,943 | |
| 30 Yr Pass Thru Ctf | 6.000 | 11-01-34 | AAA | 1,880 | 1,881,294 | |
| 30 Yr Pass Thru Ctf | 6.000 | 05-01-35 | AAA | 4,385 | 4,385,421 | |
| 30 Yr Pass Thru Ctf | 6.000 | 08-01-35 | AAA | 2,398 | 2,399,505 | |
| 30 Yr Pass Thru Ctf | 6.000 | 10-01-35 | AAA | 15,247 | 15,252,367 | |
| 30 Yr Pass Thru Ctf | 5.500 | 05-01-34 | AAA | 990 | 967,273 | |
| 30 Yr Pass Thru Ctf | 5.500 | 04-01-35 | AAA | 638 | 623,778 | |
Page 11
| John Hancock Investors Trust Securities owned by the Fund on March 31, 2006 (unaudited) |
| 30 Yr Pass Thru Ctf | 5.500 | 05-01-35 | AAA | 2,407 | 2,354,333 |
| 30 Yr Pass Thru Ctf | 5.500 | 11-01-35 | AAA | 2,192 | 2,141,004 |
| 30 Yr Pass Thru Ctf | 5.314 | 11-01-35 | AAA | 3,762 | 3,698,245 |
| Note | 6.000 | 05-30-25 | AAA | 1,652 | 1,592,241 |
| Note | 5.000 | 11-14-08 | AAA | 1,475 | 1,467,442 |
| Note (L) | 5.000 | 04-19-10 | AAA | 2,470 | 2,457,220 |
| Financing Corp., | |||||
| Bond | 9.400 | 02-08-18 | Aaa | 785 | 1,060,144 |
| Government National Mortgage Assn., | |||||
| 30 Yr Pass Thru Ctf | 10.000 | 11-15-20 | AAA | 6 | 7,509 |
| 30 Yr Pass Thru Ctf | 9.500 | 01-15-21 | AAA | 4 | 4,886 |
| 30 Yr Pass Thru Ctf | 9.500 | 02-15-25 | AAA | 12 | 14,275 |
| Interest | Par value | ||||
| Issuer, description, maturity date | rate (%) | ($000) | Value | ||
|
| |||||
| Short-term investments 1.10% | $2,689,000 | ||||
| (Cost $2,688,331) | |||||
| Government U.S. Agency 1.06% | 2,600,000 | ||||
|
| |||||
| Federal Home Loan Bank | |||||
| Disc Note 04-03-06 | Zero | 2,600 | 2,600,000 | ||
| Joint Repurchase Agreement 0.04% | 89,000 | ||||
|
| |||||
| Investment in a joint repurchase agreement | |||||
| transaction with Morgan Stanley - Dated 03-31-06 | |||||
| due 04-03-06 (Secured by U.S. Treasury Inflation | |||||
| Indexed Note 3.875% due 01-15-09) | 4.470 | 89 | 89,000 | ||
| Total investments 100.00% | $244,192,220 | ||||
Page 12
|
John Hancock Investors Trust Financial futures contracts March 31, 2006 (unaudited) |
| Number of | Appreciation | |||
| Open contracts | contracts | Position | Expiration | (depreciation) |
|
|
||||
| U.S. 10-Year Treasury Note | 330 | Short | June 06 | $417,922 |
Financial futures contracts
|
John Hancock Investors Trust Footnotes to Schedule of Investments March 31, 2006 (unaudited) |
(A) Credit ratings are unaudited and are rated by Moody's Investors Service where Standard & Poor's ratings are not available unless indicated otherwise.
(B) This security is fair valued in good faith under procedures established by the Board of Trustees.
(G) Security rated internally by John Hancock Advisers, LLC.
(H) Non-income-producing issuer filed for protection under the Federal Bankruptcy Code or is in default of interest payment.
(L) All or a portion of this security is on loan as of March 31, 2006.
(O) Cash interest will be paid on this obligation at the stated rate beginning on the stated date.
(P) Represents rate in effect on March 31, 2006.
(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 $32,038,976 or 13.12% of the Fund's total investments as of March 31, 2006.
Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer; however, security is U.S. dollar-denominated.
The percentage shown for each investment category is the total value of that category as a percentage of the total investments of the Fund.
The cost of investments owned on March 31, 2006, including short-term investments, was $247,882,831. Gross unrealized appreciation and depreciation of investments aggregated $2,690,672 and $6,381,283, respectively, resulting in net unrealized depreciation of $3,690,611.
Footnotes to Schedule of Investments - Page 1
ITEM 2. CONTROLS AND PROCEDURES. |
(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
| SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| John Hancock Investors
Trust |
| By: /s/ Keith F. Hartstein
------------------------------------- Keith F. Hartstein President and Chief Executive Officer Date: May 25, 2006 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: /s/ Keith F. Hartstein
------------------------------------- Keith F. Hartstein President and Chief Executive Officer Date: May 25, 2006 |
By: /s/ John G. Vrysen
-------------------------------------
John G. Vrysen
Executive Vice President and Chief Financial
Officer
| Date: May 25,
2006 |