a_investors.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 4173

John Hancock Investors Trust
(Exact name of registrant as specified in charter)

601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Alfred P. Ouellette, Senior Counsel and Assistant Secretary

601 Congress Street

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4324

Date of fiscal year end:  December 31 
 
 
Date of reporting period:  September 30, 2007 

 

ITEM 1. SCHEDULE OF INVESTMENTS


John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  000)  Value 
Bonds 76.90%          $123,699,132 
(Cost $124,895,037)           
 
Aerospace & Defense 0.12%          196,500 
L-3 Communications Corp.,           
Gtd Sr Sub Note Ser B  6.375%  10-15-15  BB+  $200  196,500 
 
Agricultural Products 0.31%          495,000 
Cosan SA Industria e Comercio,           
Gtd Sr Perpetual Bond           
(Brazil) (F)(S)  8.250  02-15-49  BB  500  495,000 
 
Airlines 0.59%          946,796 
Continental Airlines, Inc.,           
Pass Thru Ctf Ser 1999-1A  6.545  02-02-19  A-  378  380,596 
Pass Thru Ctf Ser 2000-2           
Class B  8.307  10-02-19  BB-  385  384,523 
Pass Thru Ctf Ser 2001-1           
Class C  7.033  06-15-11  B+  187  181,677 
 
Broadcasting & Cable TV 4.30%          6,920,750 
Canadian Satellite Radio Holdings, Inc.,           
Sr Note (Canada) (F)(G)  12.750  02-15-14  CCC+  2,000  2,050,000 
Charter Communications Holdings II           
LLC/Charter Communications II Capital           
Corp.,           
Sr Note  10.250  09-15-10  CCC  2,000  2,045,000 
Shaw Communications, Inc.,           
Sr Note (Canada) (F)  8.250  04-11-10  BB+  1,000  1,040,000 
Videotron Ltee,           
Gtd Sr Note (Canada) (F)  6.375  12-15-15  B+  300  282,000 
XM Satellite Radio, Inc.,           
Gtd Sr Note (L)  9.750  05-01-14  CCC  1,500  1,503,750 
 
Casinos & Gaming 6.72%          10,811,982 
Chukchansi Economic Development           
Authority,           
Sr Note (S)  8.000  11-15-13  BB-  440  444,400 
Downstream Development Authority           
of the Quapaw Tribe of Oklahoma,           
Sr Note (N)(S)  12.000  10-15-15  B-  2,000  1,950,000 
Great Canadian Gaming Corp.,           
Gtd Sr Sub Note (Canada)           
(F)(S)  7.250  02-15-15  B+  1,000  1,000,000 

Page 1

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

     
Isle of Capri Casinos, Inc.,           
Gtd Sr Sub Note (L)  7.000  03-01-14  B  505  451,975 
Jacobs Entertainment, Inc.,           
Gtd Sr Note  9.750  06-15-14  B-  1,000  995,000 
Little Traverse Bay Bands of Odawa           
Indians,           
Sr Note (S)  10.250  02-15-14  B  1,000  1,020,000 
Mashantucket West Pequot,           
Bond (S)  5.912  09-01-21  BBB-  275  259,757 
Mohegan Tribal Gaming Authority,           
Sr Sub Note (L)  7.125  08-15-14  B  1,000  1,002,500 
MTR Gaming Group, Inc.,           
Gtd Sr Note Ser B  9.750  04-01-10  B  800  822,000 
Gtd Sr Sub Note Ser B  9.000  06-01-12  B-  350  346,500 
Pinnacle Entertainment, Inc.,           
Sr Sub Note (L)(S)  7.500  06-15-15  B-  1,000  946,250 
Pokagon Gaming Authority,           
Sr Note (S)  10.375  06-15-14  B  500  548,750 
Waterford Gaming LLC,           
Sr Note (S)  8.625  09-15-14  BB-  995  1,024,850 
 
Commodity Chemicals 0.64%          1,025,000 
Sterling Chemicals, Inc.,           
Sr Sec Note (S)  10.250  04-01-15  B-  1,000  1,025,000 
 
Construction & Farm Machinery & Heavy Trucks  0.31%        497,500 
Manitowoc Co., Inc. (The),           
Gtd Sr Note  7.125  11-01-13  BB-  500  497,500 
 
Consumer Finance 1.97%          3,171,959 
CIT Group, Inc.,           
Sr Note  5.000  02-13-14  A  360  325,061 
Ford Motor Credit Co.,           
Note  7.375  10-28-09  B  1,925  1,887,572 
Note  7.800  06-01-12  B  310  294,903 
HSBC Finance Capital Trust IX,           
Gtd Note (5.911% to 11-30-15           
then variable)  5.911  11-30-35  A  700  664,423 
 
Distillers & Vinters 0.47%          755,000 
Constellation Brands, Inc.,           
Sr Note (S)  7.250  05-15-17  BB-  755  755,000 
 
Diversified Banks 2.54%          4,089,607 
Bancolombia SA,           
Sub Bond (Colombia) (F)  6.875  05-25-17  Ba1  400  389,000 
Bank of New York,           
Cap Security (S)  7.780  12-01-26  A-  620  644,118 
Barclays Bank Plc,           
Perpetual Bond (6.860% to           
6-15-32 then variable)           
(United Kingdom) (F)(S)  6.860  09-29-49  A+  1,595  1,561,988 

Page 2

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

Chuo Mitsui Trust & Banking Co.,           
Perpetual Sub Note (5.506% to           
4-15-15 then variable)           
(Japan) (F)(S)  5.506  12-15-49  Baa1  905  835,349 
Royal Bank of Scotland Group Plc,           
Perpetual Bond (7.648% to           
9-30-31 then variable)           
(United Kingdom) (F)  7.648  08-29-49  A  630  659,152 
 
Diversified Chemicals 1.22%          1,964,775 
NOVA Chemicals Corp.,           
Med Term Note (Canada) (F)(L)  7.400  04-01-09  B+  1,955  1,964,775 
 
Diversified Commercial & Professional Services 1.06%          1,709,172 
ARAMARK Corp.,           
Gtd Sr Note (P)(S)  8.856  02-01-15  B-  585  590,850 
Hutchison Whampoa International Ltd.,           
Gtd Sr Note (Cayman Islands)           
(F)(S)  6.500  02-13-13  A-  750  778,822 
MSX International, Inc.,           
Gtd Sr Sec Note (S)  12.500  04-01-12  CCC+  350  339,500 
 
Diversified Financial Services 2.30%          3,698,994 
Beaver Valley Funding Corp.,           
Sec Lease Obligation Bond  9.000  06-01-17  BBB-  897  994,594 
Cosan Finance Ltd.,           
Gtd Bond (Brazil) (F)(L)(S)  7.000  02-01-17  BB  820  787,200 
Independencia International Ltd.,           
Gtd Sr Bond (Brazil) (F)(S)  9.875  01-31-17  B  1,280  1,296,000 
Orascom Telecom Finance,           
Gtd Note (Luxembourg) (F)  7.875  02-08-14  B-  360  340,650 
TAM Capital, Inc.,           
Sr Gtd Note (Brazil) (F)(S)  7.375  04-25-17  BB-  310  280,550 
 
Diversified Metals & Mining 0.76%          1,226,700 
Freeport-McMoRan Copper & Gold, Inc.,           
Sr Note  8.375  04-01-17  BB  220  240,350 
Sr Note  6.875  02-01-14  BBB  500  508,750 
Vedanta Resources Plc,           
Sr Note (United Kingdom)           
(F)(S)  6.625  02-22-10  BB  480  477,600 

Page 3

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

         
Electric Utilities 4.06%          6,527,023 
AES Eastern Energy LP,           
Pass Thru Ctf Ser 1999-A  9.000  01-02-17  BB+  1,133  1,194,844 
BVPS II Funding Corp.,           
Collateralized Lease Bond  8.890  06-01-17  BBB-  700  785,578 
CE Generation LLC,           
Sr Sec Note  7.416  12-15-18  BB+  702  733,478 
FPL Energy National Wind,           
Sr Sec Note (S)  5.608  03-10-24  BBB-  334  329,169 
HQI Transelect Chile SA,           
Sr Note (Chile) (F)  7.875  04-15-11  BBB-  1,175  1,245,821 
Indiantown Cogeneration LP,           
1st Mtg Note Ser A-9  9.260  12-15-10  BB+  325  342,947 
IPALCO Enterprises, Inc.,           
Sr Sec Note  8.625  11-14-11  BB-  315  333,113 
PNPP II Funding Corp.,           
Deb  9.120  05-30-16  BBB-  442  502,638 
TXU Corp.,           
Sec Bond  7.460  01-01-15  CCC  525  540,156 
Waterford 3 Funding Corp.,           
Sec Lease Obligation Bond  8.090  01-02-17  BBB-  516  519,279 
 
Electronic Equipment Manufacturers 0.48%          772,514 
Thomas & Betts Corp.,           
Sr Note  7.250  06-01-13  BBB-  745  772,514 
 
Food Distributors 0.39%          623,888 
Sadia Overseas Ltd.,           
Note (Brazil) (F)(S)  6.875  05-24-17  BB  635  623,888 
 
Health Care Facilities 0.64%          1,025,000 
Hanger Orthopedic Group, Inc.,           
Gtd Sr Note  10.250  06-01-14  CCC+  1,000  1,025,000 
 
Hotels, Resorts & Cruise Lines 0.80%          1,281,600 
HRP Myrtle Beach Operations LLC/HRP           
Myrtle Beach Operations Capital Corp.,           
Sr Sec Floating Rate Note           
(P)(S)  9.894  04-01-12  B+  1,335  1,281,600 
 
Industrial Conglomerates 0.37%          600,000 
Waste Services, Inc.,           
Gtd Sr Sub Note  9.500  04-15-14  CCC+  600  600,000 
 
Industrial Machinery 0.27%          432,167 
Trinity Industries, Inc.,           
Pass Thru Ctf (S)  7.755  02-15-09  Baa2  439  432,167 

Page 4

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

         
Integrated Oil & Gas 1.17%          1,888,285 
Pemex Project Funding Master Trust,           
Gtd Note  9.125  10-13-10  BBB  565  624,608 
Petro-Canada,           
Deb (Canada) (F)  9.250  10-15-21  BBB  1,000  1,263,677 
 
Integrated Telecommunication Services 3.48%          5,605,447 
Axtel SAB de CV,           
Sr Note (Mexico) (F)(S)  7.625  02-01-17  BB-  810  797,850 
Bellsouth Corp.,           
Deb  6.300  12-15-15  A  920  949,547 
Cincinnati Bell, Inc.,           
Sr Sub Note (L)  8.375  01-15-14  B-  1,000  997,500 
Citizens Communications Co.,           
Sr Note  7.125  03-15-19  BB+  530  522,050 
Qwest Capital Funding, Inc.,           
Gtd Note  7.000  08-03-09  B+  1,700  1,708,500 
West Corp.,           
Gtd Sr Sub Note  11.000  10-15-16  B-  600  630,000 
 
Investment Banking & Brokerage 0.49%          781,185 
Mizuho Financial Group Cayman Ltd.,           
Gtd Sub Bond (Cayman Islands)           
(F)  8.375  12-29-49  A2  750  781,185 
 
It Consulting & Other Services 0.85%          1,360,259 
NCR Corp.,           
Note  7.125  06-15-09  BBB-  375  387,759 
Unisys Corp.,           
Sr Note (L)  6.875  03-15-10  B+  1,000  972,500 
 
Marine 1.41%          2,270,563 
Minerva Overseas Ltd.,           
Gtd Note (Cayman Islands)           
(F)(S)  9.500  02-01-17  B  1,255  1,239,313 
Navios Maritime Holdings,           
Sr Note (Marshall Islands)           
(F)(S)  9.500  12-15-14  B  1,000  1,031,250 
 
Metal & Glass Containers 1.66%          2,670,450 
BWAY Corp.,           
Gtd Sr Sub Note  10.000  10-15-10  B-  1,085  1,106,700 
Owens-Brockway Glass Container, Inc.,           
Gtd Sr Note  8.250  05-15-13  B  500  517,500 
Gtd Sr Sec Note  8.750  11-15-12  BB-  1,000  1,046,250 
 
Multi-Line Insurance 0.78%          1,250,515 
Liberty Mutual Group,           
Bond (S)  7.500  08-15-36  BBB  515  527,890 
Sul America Participacoes SA,           
Bond (Brazil) (F)(L)(S)  8.625  02-15-12  B  705  722,625 

Page 5

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

Multi-Media 0.72%          1,163,933 
News America Holdings,           
Gtd Sr Deb  7.750  01-20-24  BBB  980  1,073,327 
Quebecor Media, Inc.,           
Sr Note (Canada) (F)  7.750  03-15-16  B  95  90,606 
 
Multi-Utilities 1.45%          2,324,811 
CalEnergy Co., Inc.,           
Sr Bond  8.480  09-15-28  BBB+  525  640,394 
Dynegy-Roseton Danskamme,           
Gtd Pass Thru Ctf Ser B  7.670  11-08-16  B  500  502,500 
Salton Sea Funding Corp.,           
Sec Note Ser C  7.840  05-30-10  BBB-  1,151  1,181,917 
 
Oil & Gas Drilling 0.89%          1,427,474 
Delek & Avner-Yam Tethys Ltd.,           
Sr Sec Note (Israel) (F)(S)  5.326  08-01-13  BBB-  275  273,574 
Gazprom,           
Loan Part Note (Germany)           
(F)(S)  9.625  03-01-13  BBB  1,000  1,153,900 
 
Oil & Gas Equipment & Services 0.15%          242,500 
Grant Prideco, Inc.,           
Sr Note Ser B  6.125  08-15-15  BB+  250  242,500 
 
Oil & Gas Exploration & Production 1.09%            1,760,750 
Dune Energy, Inc.,           
Sr Sec Note (S)  10.500  06-01-12  B-  1,250  1,193,750 
Energy XXI Gulf Coast, Inc.,           
Sr Note (S)  10.000  06-15-13  CCC  600  567,000 
 
Oil & Gas Storage & Transportation 0.55%            884,775 
Atlas Pipeline Partners LP,           
Gtd Sr Note  8.125  12-15-15  B+  140  137,900 
Copano Energy LLC,           
Gtd Sr Note  8.125  03-01-16  B  250  254,375 
Markwest Energy Partners LP/Markwest           
Energy Finance Corp.,           
Sr Note  8.500  07-15-16  B  500  492,500 
 
Packaged Foods & Meats 0.68%          1,097,400 
ASG Consolidated LLC,           
Sr Disc Note (Zero to           
11-1-08, then 11.500%) (O)  Zero  11-01-11  B-  1,180  1,097,400 
 
Paper Packaging 1.49%          2,400,063 
Stone Container Corp.,           
Sr Note  8.375  07-01-12  CCC+  1,000  1,000,000 
Sr Note  8.000  03-15-17  CCC+  1,425  1,400,063 

Page 6

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

Paper Products 0.21%          335,553 
Plum Creek Timber Co., Inc.,           
Gtd Note  5.875  11-15-15  BBB-  345  335,553 
 
Property & Casualty Insurance 0.50%          802,140 
Ohio Casualty Corp.,           
Sr Note  7.300  06-15-14  BBB-  750  802,140 
 
Publishing 0.26%          415,926 
Dex Media West,           
Gtd Sr Sub Note  9.875  08-15-13  B  391  415,926 
 
Real Estate Management & Development 0.26%            426,124 
Healthcare Realty Trust, Inc.,           
Sr Note  8.125  05-01-11  BBB-  165  176,749 
Ventas Realty LP/Capital Corp.,           
Sr Note  6.625  10-15-14  BB+  250  249,375 
 
Regional Banks 0.73%          1,176,025 
NB Capital Trust IV,           
Gtd Cap Security  8.250  04-15-27  A  1,130  1,176,025 
 
Restaurants 0.63%          1,010,000 
Dave & Buster's, Inc.,           
Gtd Sr Note  11.250  03-15-14  CCC+  1,000  1,010,000 
 
Specialized Finance 2.82%          4,541,348 
Astoria Depositor Corp.,           
Pass Thru Ctf Ser B (G)(S)  8.144  05-01-21  BB  750  810,000 
Bosphorous Financial Services,           
Sec Floating Rate Note (P)(S)  7.358  02-15-12  Baa2  500  495,025 
CCM Merger, Inc.,           
Note (S)  8.000  08-01-13  CCC+  1,000  975,000 
Drummond Co., Inc.,           
Sr Note (L)(S)  7.375  02-15-16  BB-  1,500  1,395,000 
ESI Tractebel Acquistion Corp.,           
Gtd Sec Bond Ser B  7.990  12-30-11  BB  840  866,323 
 
Specialized REITs 0.21%          334,488 
Health Care REIT, Inc.,           
Sr Note  6.200  06-01-16  BBB-  345  334,488 
 
Specialty Chemicals 0.36%          579,125 
American Pacific Corp.,           
Sr Note (S)  9.000  02-01-15  B  565  579,125 
 
Thrifts & Mortgage Finance 19.33%          31,086,486 
American Home Mortgage Assets,           
Mtg Pass Thru Ctf Ser 2006-6           
Class XP IO  Zero  12-25-46  AAA  13,643  673,629 

Page 7

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

Banc of America Funding Corp.,           
Mtg Pass Thru Ctf Ser 2006-B           
Class 6A1 (P)  5.881  03-20-36  AAA  1,051  1,060,906 
Mtg Pass Thru Ctf Ser 2006-D           
Class 6B2 (P)  5.947  05-20-36  AA  1,762  1,624,368 
Bear Stearns Alt-A Trust,           
Mtg Pass Thru Ctf Ser 2005-3           
Class B2 (P)  5.304  04-25-35  AA+  438  441,147 
Mtg Pass Thru Ctf Ser 2006-4           
Class 3B1  6.342  07-25-36  AA  2,466  2,471,998 
Citigroup Mortgage Loan Trust, Inc.,           
Mtg Pass Thru Ctf Ser 2005-5           
Class 2A3  5.000  08-25-35  AAA  525  512,347 
ContiMortgage Home Equity Loan Trust,           
Pass Thru Ctf Ser 1995-2           
Class A-5  8.100  08-15-25  AAA  81  81,178 
Countrywide Alternative Loan Trust,           
Mtg Pass Thru Ctf Ser 2005-59           
Class 2X IO (P)  1.785  11-20-35  AAA  8,149  282,654 
Mtg Pass Thru Ctf           
Ser 2006-0A8 Class X IO (P)  5.983  07-25-46  AAA  10,373  388,988 
Mtg Pass Thru Ctf           
Ser 2006-0A10 Class XPP IO (P)  1.956  08-25-46  AAA  5,425  211,907 
Mtg Pass Thru Ctf           
Ser 2006-0A12 Class X IO (P)  2.171  09-20-46  AAA  66,142  3,017,719 
Mtg Pass Thru Ctf           
Ser 2006-11CB Class 3A1  6.500  05-25-36  Aaa  3,302  3,334,693 
Mtg Pass Thru Ctf           
Ser 2007-0A8 Class X IO  2.000  06-25-47  AAA  6,957  252,197 
Crown Castle Towers LLC,           
Mtg Pass Thru Ctf Ser 2006-1A           
Class G (S)  6.795  11-15-36  Ba2  1,000  967,830 
DB Master Finance LLC,           
Mtg Pass Thru Ctf Ser 2006-1           
Class M1 (S)  8.285  06-20-31  BB  1,000  1,027,111 
Dominos Pizza Master Issuer LLC,           
Mtg Pass Thru Ctf Ser 2007-1           
Class M1 (S)  7.629  04-25-37  BB  1,000  967,650 
First Horizon Alternative Mortgage           
Securities,           
Mtg Pass Thru Ctf           
Ser 2004-AA5 Class B1 (P)  5.215  12-25-34  AA  292  287,843 
Mtg Pass Thru Ctf           
Ser 2006-AA2 Class B1 (G)(P)  6.189  05-25-36  AA  249  255,475 
Global Signal Trust,           
Sub Bond Ser 2004-2A Class D           
(S)  5.093  12-15-14  Baa2  385  377,904 
Sub Bond Ser 2006-1 Class E           
(S)  6.495  02-15-36  Baa3  370  364,457 
Global Tower Partners Acquisition           
Partners LLC,           
Sub Bond Ser 2007-1A Class G           
(S)  7.874  05-15-37  B2  360  335,758 

Page 8

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

   
GSR Mortgage Loan Trust,           
Mtg Pass Thru Ctf Ser 2004-9           
Class B1 (G)(P)  5.342  08-25-34  AA  980  976,710 
Mtg Pass Thru Ctf Ser 2006-4F           
Class 6A1  6.500  05-25-36  AAA  4,019  4,076,902 
Harborview Mortgage Loan Trust,           
Mtg Pass Thru Ctf Ser 2005-8           
Class 1X IO (P)(S)  1.579  09-19-35  AAA  7,763  223,193 
Mtg Pass Thru Ctf Ser 2007-3           
Class ES IO (G)(S)  Zero  05-19-47  AAA  16,406  125,612 
Mtg Pass Thru Ctf Ser 2007-4           
Class ES IO (G)(S)  Zero  07-19-47  AAA  16,431  146,339 
Mtg Pass Thru Ctf Ser 2007-6           
Class ES IO (G)(S)  Zero  11-19-15  AAA  11,679  89,415 
Indymac Index Mortgage Loan Trust,           
Mtg Pass Thru Ctf           
Ser 2004-AR13 Class B1  5.296  01-25-35  AA  377  380,895 
Mtg Pass Thru Ctf           
Ser 2005-AR5 Class B1 (P)  5.397  05-25-35  AA  498  501,648 
Mtg Pass Thru Ctf           
Ser 2005-AR18 Class 1X IO  Zero  10-25-36  AAA  16,890  453,924 
Merrill Lynch Mortgage Investors Trust,           
Mtg Pass Thru Ctf           
Ser 2006-AF1 Class MF1 (P)  6.104  08-25-36  AA  1,251  1,187,020 
Provident Funding Mortgage Loan Trust,           
Mtg Pass Thru Ctf Ser 2005-1           
Class B1 (P)  4.348  05-25-35  AA  384  377,330 
SBA CMBS Trust,           
Sub Bond Ser 2005-1A Class D           
(S)  6.219  11-15-35  Baa2  225  223,777 
Sub Bond Ser 2005-1A Class E           
(S)  6.706  11-15-35  Baa3  200  199,196 
Washington Mutual Alternative Loan Trust,           
Mtg Pass Thru Ctf Ser 2005-6           
Class 1CB  6.500  08-25-35  AAA  495  499,967 
Washington Mutual, Inc.,           
Mtg Pass Thru Ctf           
Ser 2005-AR4 Class B1 (P)  4.672  04-25-35  AA  1,455  1,412,229 
Mtg Pass Thru Ctf           
Ser 2007-0A5 Class 1XPP IO  Zero  06-25-47  Aaa  44,740  594,143 
Mtg Pass Thru Ctf           
Ser 2007-0A6 Class 1XPP IO  Zero  07-25-47  Aaa  25,906  326,417 
Mtg Pass Thru Ctf           
Ser 2007-GA4 Class ZPPP IO  Zero  04-25-47  Aaa  19,345  354,010 

Page 9

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

Wireless Telecommunication Services 4.41%          7,091,580 
Centennial Communications Corp.,           
Sr Note (L)    10.000  01-01-13  CCC+  1,000  1,057,500 
Crown Castle Towers LLC,           
Sub Bond Ser 2005-1A Class D  5.612  06-15-35  Baa2  655  643,393 
Digicel Group Ltd.,             
Sr Note (Bermuda) (F)(S)  8.875  01-15-15  Caa2  1,250  1,175,000 
Dobson Communications Corp.,           
Sr Note (L)    8.875  10-01-13  CCC  1,000  1,065,000 
Mobile Telesystems Finance SA,           
Gtd Sr Note (Luxembourg)           
(F)(S)    9.750  01-30-08  BB-  350  353,115 
Nextel Communications, Inc.,           
Sr Note Ser D    7.375  08-01-15  BBB  1,250  1,270,381 
Rogers Wireless, Inc.,             
Sr Sub Note (Canada) (F)  8.000  12-15-12  BB-  500  523,236 
Sprint Capital Corp.,             
Gtd Sr Note    6.900  05-01-19  BBB  1,000  1,003,955 
  
        Credit     
Issuer, description        rating (A)  Shares  Value 
Preferred stocks 1.22%            $1,970,729 
(Cost $2,027,026)             
 
Agricultural Products 0.67%            1,086,329 
Ocean Spray Cranberries, Inc., 6.25%,           
Ser A (S)        BB+  12,500  1,086,329 
 
Real Estate Management & Development 0.55%            884,400 
Public Storage, Inc., 6.50%, Depositary           
Shares, Ser W        BBB+  40,000  884,400 
 
        Credit  Par value   
Issuer, description, maturity date      rating (A)  (000)  Value 
Tranche loans 0.13%          $208,425 
(Cost $210,000)             
 
Health Care Services 0.13%            208,425 
IM US Holdings LLC,             
Tranche (Second Lien Fac),           
6-26-15        B-  $210  208,425 

Page 10

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
U.S. government and agencies securities 67.84%      $109,120,794 
(Cost $109,580,153)           
 
Government U.S. Agency 67.84%          109,120,794 
Federal Home Loan Mortgage Corp.,           
20 Yr Pass Thru Ctf  11.250%  01-01-16  AAA  $15  15,515 
30 Yr Pass Thru Ctf  6.000  08-01-34  AAA  2,982  2,985,701 
30 Yr Pass Thru Ctf  5.500  05-15-35  AAA  7,000  6,766,246 
CMO REMIC 2978-CL  5.500  01-15-31  AAA  2,590  2,573,416 
CMO REMIC 3174-CB  5.500  02-15-31  AAA  300  301,132 
Federal National Mortgage Assn.,           
15 Yr Pass Thru Ctf  7.500  02-01-08  AAA  1  418 
15 Yr Pass Thru Ctf  7.000  09-01-10  AAA  15  14,936 
15 Yr Pass Thru Ctf  7.000  10-01-12  AAA  12  11,927 
15 Yr Pass Thru Ctf  7.000  04-01-17  AAA  32  32,623 
15 Yr Pass Thru Ctf  6.000  05-01-21  AAA  3,507  3,554,240 
30 Yr Adj Rate Pass Thru Ctf           
(P)  5.315  11-01-35  AAA  3,402  3,373,072 
30 Yr Pass Thru Ctf  6.500  07-01-36  AAA  3,750  3,819,033 
30 Yr Pass Thru Ctf  6.500  09-01-36  AAA  2,815  2,866,772 
30 Yr Pass Thru Ctf  6.500  12-01-36  AAA  394  400,977 
30 Yr Pass Thru Ctf  6.000  05-01-35  AAA  3,112  3,116,869 
30 Yr Pass Thru Ctf  6.000  08-01-35  AAA  1,563  1,566,425 
30 Yr Pass Thru Ctf  6.000  10-01-35  AAA  952  953,737 
30 Yr Pass Thru Ctf  6.000  04-01-36  AAA  1,689  1,691,576 
30 Yr Pass Thru Ctf  6.000  06-01-36  AAA  2,172  2,175,476 
30 Yr Pass Thru Ctf  6.000  08-01-36  AAA  5,587  5,596,414 
30 Yr Pass Thru Ctf  6.000  09-01-36  AAA  12,965  12,986,561 
30 Yr Pass Thru Ctf  6.000  11-01-36  AAA  6,422  6,432,803 
30 Yr Pass Thru Ctf  6.000  12-01-36  AAA  1,813  1,816,243 
30 Yr Pass Thru Ctf  6.000  01-01-37  AAA  622  622,831 
30 Yr Pass Thru Ctf  6.000  05-01-37  AAA  4,024  4,029,968 
30 Yr Pass Thru Ctf  6.000  07-01-37  AAA  174  174,093 
30 Yr Pass Thru Ctf  5.500  01-25-35  AAA  4,913  4,891,597 
30 Yr Pass Thru Ctf  5.500  11-01-35  AAA  1,653  1,621,228 
30 Yr Pass Thru Ctf  5.500  01-01-36  AAA  2,172  2,129,770 
30 Yr Pass Thru Ctf  5.500  01-01-37  AAA  21,169  20,734,808 
30 Yr Pass Thru Ctf  5.500  05-01-37  AAA  3,858  3,778,419 
30 Yr Pass Thru Ctf  5.500  06-01-37  AAA  5,046  4,942,856 
CMO REMIC 2006-67-PD  5.500  12-25-34  AAA  1,180  1,151,134 
CMO-REMIC 3294-NB  5.500  12-15-29  AAA  340  338,031 
Note  6.000  05-30-25  AAA  1,652  1,628,213 
Government National Mortgage Assn.,           
30 Yr Pass Thru Ctf  10.000  11-15-20  AAA  7  7,375 
30 Yr Pass Thru Ctf  9.500  01-15-21  AAA  4  4,594 
30 Yr Pass Thru Ctf  9.500  02-15-25  AAA  13  13,765 

Page 11

John Hancock
Investors Trust
Securities owned by the Fund on
September 30, 2007 (unaudited)

       
  Interest  Maturity  Par value   
Issuer, description, maturity date  rate  date  (000)  Value 
Short-term investments 13.28%        $21,365,716 
(Cost $21,363,227)         
 
Government U.S. Agency 6.96%        11,200,000 
Federal Home Loan Bank,         
Disc Note  4.000% (Y)  10-01-07  $11,200  11,200,000 
 
Joint Repurchase Agreement 0.02%        36,000 
Joint Repurchase Agreement with Barclays         
Plc dated 9-28-2007 at 3.950% to be         
repurchased at $36,012 on 10-1-2007,         
collateralized by $23,130 U.S. Inflation         
Indexed Bond, 3.625% due, 4-15-2028         
(valued at $36,720, including interest)  3.950    36  36,000 
 
      Shares   
Cash Equivalents 6.30%        10,129,716 
John Hancock Cash Investment Trust (T)(W)      10,129,716  10,129,716 
 
Total investments (Cost $258,075,443) 159.37%    $256,364,796 
 
Other assets and liabilities, net (5.89%)      ($9,472,493) 
 
Fund preferred shares, at liquidation value (53.48%)    ($86,034,700) 
 
Total net assets applicable to common shareholders 100.00%  $160,857,603 

The percentage shown for each investment category is the total value of that category, of the fund as a percentage of the net assets applicable to common shareholders.

Page 12

John Hancock
Investors Trust
Financial futures contracts
September 30, 2007 (unaudited)

  Number of       
Open contracts  contracts  Position  Expiration  Depreciation 
U.S. 10-Year Treasury Note  87  Short  Dec 07  $8,765 

Financial futures contracts

John Hancock
Investors Trust
Interest rate swap contracts
September 30, 2007 (unaudited)

    Rate type       
Notional  Payments made    Payments received  Termination   
amount  by Fund    by Fund  date  Appreciation 
 
$28,000,000  5.70% (a)    3-month LIBOR  September 2010  $39,250 

(a) Fixed rate

Interest rate swap contracts

John Hancock
Investors Trust
Notes to Schedule of Investments
September 30, 2007 (unaudited)

IO Interest only (carries notional principal)

REIT Real Estate Investment Trust

(A) Credit ratings are unaudited and are rated by Moody's Investors Service where Standard & Poor's ratings are not available unless indicated otherwise.

(F) Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer; however, security is U.S. dollar-denominated.

(G) Security rated internally by John Hancock Advisers, LLC.

(L) All or a portion of this security is on loan as of September 30, 2007.

(N) This security having an aggregate value of $1,950,000 or 1.21% of the net assets applicable to common shareholders, has been purchased on a when-issued basis. The purchase price and the interest rate of such securities are fixed at trade date, although the Fund does not earn any interest on such securities until settlement date. The Fund has instructed its custodian bank to segregate assets with a current value at least equal to the amount of its when issued commitments. Accordingly, the market value of $2,008,338 of Federal National Mortgage Association, 6.000%, 9-1-36 has been segregated to cover the when-issued commitments.

(O) Cash interest will be paid on this obligation at the stated rate beginning on the stated date.

(P) Represents rate in effect on September 30, 2007.

(S) This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $39,151,796 or 24.34% of the net assets applicable to common shareholders as of September 30, 2007.

(T) Represents investment of securities lending collateral.

(W) Issuer is an affiliate of John Hancock Advisers, LLC.

(Y) Represents current yield on September 30, 2007.

The cost of investments owned on September 30, 2007, including short-term investments, was $258,075,443. Gross unrealized appreciation and depreciation of investments aggregated $2,023,158 and $3,733,805, respectively, resulting in net unrealized depreciation of $1,710,647.

Notes to Schedule of Investments - Page 1

Notes to Portfolio of Investments

Security valuation

The net asset value of the Fund is determined daily as of the close of the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value. Investments in John Hancock Cash Investment Trust (JHCIT), an affiliate of John Hancock Advisers, LLC (the Adviser), a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation (MFC), are valued at their net asset value each business day. All other securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) as of the close of business on a principal securities exchange (domestic or foreign) on which they trade or, lacking any sales, at the closing bid price. 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. Securities for which there are no such quotations, principally debt securities, are valued based on the valuation provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Other assets and securities for which no such quotations are readily available are valued at their fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of a Fund’s shares are generally determined as of such times. Occasionally, significant events that affect the values of such securities may occur between the times at which such values are generally determined and the close of the NYSE. Upon such an occurrence, these securities will then be valued at their fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Joint repurchase agreement

Pursuant to an exemptive order issued by the Securities and Exchange Commission (SEC), the Fund, along with other registered investment companies having a management contract with the Adviser, may participate in a joint repurchase agreement transaction. Aggregate cash balances are invested in one or more large repurchase agreements, whose underlying securities are obligations of the U.S. government and/or its agencies. The Fund’s custodian bank receives delivery of the underlying securities for the joint account on the Fund’s behalf. The Adviser is responsible for ensuring that the agreement is fully collateralized at all times.

Securities Lending

The Fund may lend securities in amounts up to 331/3% of the Fund’s total assets. Such loans are callable at any time and are at all times fully secured by cash, cash equivalents or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and marked-to-market on a daily basis. The Fund may bear the risk of delay in recovery of, or even of rights in, the securities loaned should the borrower of the securities fail financially.

The Fund receives compensation for lending its securities either in the form of fees and/or by retaining a portion of interest on the investment of any cash received as collateral. The Fund invests in cash collateral received in connection with securities lending transactions in JHCIT, a Delaware common law trust and an affiliated fund. JHCIT is exempt from registration under Section 3(c)(7) of the 1940 Act (pursuant to exemptive order issued by the SEC) and is managed by the Adviser, for which the Adviser receives an investment advisory fee of 0.04% of the average daily net assets of the JHCIT.

Notes to Schedule of Investments - Page 2

All collateral received will be in an amount equal to at least 100% of the market value of the loaned securities and is intended to be maintained at that level during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund the next business day. During the loan period, the Fund continues to retain rights of ownership, including dividends and interest of the loaned securities.

Futures

The Fund may purchase and sell financial futures contracts and options on those contracts. The Fund invests in contracts based on financial instruments such as U.S. Treasury Bonds or Notes or on securities indices such as the Standard & Poor’s 500 Index, in order to hedge against a decline in the value of securities owned by the Fund.

Initial margin deposits required upon entering into futures contracts are satisfied by the delivery of specific securities or cash as collateral to the broker (the Funds’ agent in acquiring the futures position). If the position is closed out by taking an opposite position prior to the settlement date of the futures contract, a final determination of variation margin is made, cash is required to be paid to or released by the broker and the Fund realizes a gain or loss.

If the position is closed out by taking an opposite position prior to the settlement date of the futures contract, a final determination of variation margin is made, cash is required to be paid to or released by the broker, and the Fund realizes a gain or loss.

When the Fund sells a futures contract based on a financial instrument, the Fund becomes obligated to deliver that kind of instrument at an agreed upon date for a specified price. The Fund realizes a gain or loss depending on whether the price of an offsetting purchase is less or more than the price of the initial sale or on whether the price of an offsetting sale is more or less than the price of the initial purchase. The Fund could be exposed to risks if it could not close out futures positions because of an illiquid secondary market or the inability of counterparties to meet the terms of their contracts. Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade.

Swap contracts

The Fund may enter into swap transactions in order to hedge the value of the Fund’s portfolio against interest rate fluctuations or to enhance the Fund’s income. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the two interest rates, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The Fund settles accrued net receivable or payable under the swap contracts on a periodic basis.

The Fund records changes in the value of the swaps as unrealized gains or losses on swap contracts. Net periodic payments accrued, but not yet received (paid) are included in change in the unrealized appreciation/depreciation on the Statement of Operations. Accrued interest income and interest expense on the swap contracts are recorded as realized gain (loss).

Swap contracts are subject to risks related to the counterparty’s ability to perform under the contract, and may decline in value if the counterparty’s creditworthiness deteriorates. The risks may arise from unanticipated movement in interest rates. The Fund may also suffer losses if it is unable to terminate outstanding swap contracts or reduce its exposure through offsetting transactions.

Notes to Schedule of Investments - Page 3


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: November 19, 2007

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: November 19, 2007

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

Date: November 19, 2007