a_investorstrust.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: March 31, 2008
 
ITEM 1. SCHEDULE OF INVESTMENTS


John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

  Interest Maturity Credit Par value  
Issuer, description rate date rating (A) (000) Value
Bonds 83.42%         $126,906,536
(Cost $136,064,196)          
 
Aerospace & Defense 0.13%         195,500
L-3 Communications Corp.,          
Gtd Sr Sub Note Ser B 6.375% 10-15-15 BB+ $200 195,500
 
Airlines 1.65%         2,516,944
Continental Airlines, Inc.,          
Pass Thru Ctf Ser 1999-1 Class A (L) 6.545 02-02-19 A- 367 353,190
Pass Thru Ctf Ser 2000-2 Class B 8.307 10-02-19 BB- 383 357,904
Pass Thru Ctf Ser 2001-1 Class C 7.033 06-15-11 B+ 154 138,224
Delta Airlines, Inc.,          
Collateralized Bond (S) 6.821 08-10-22 A- 905 871,826
Northwest Airlines, Inc.,          
Gtd Collateralized Note Ser 07-1 7.027 11-01-19 A- 865 795,800
 
Aluminum 0.88%         1,335,000
CII Carbon LLC,          
Gtd Sr Sub Note (S) 11.125 11-15-15 CCC+ 1,500 1,335,000
 
Auto Parts & Equipment 1.53%         2,329,013
Allison Transmission, Inc.,          
Gtd Sr Note (L)(S) 11.000 11-01-15 B- 1,000 870,000
Tenneco, Inc.,          
Gtd Sr Sub Note 8.625 11-15-14 B 1,485 1,459,013
 
Broadcasting & Cable TV 3.34%         5,075,600
Canadian Satellite Radio Holdings, Inc.,          
Sr Note (Canada) (F)(G) 12.750 02-15-14 CCC+ 2,000 1,885,000
Shaw Communications, Inc.,          
Sr Note (Canada) (F) 8.250 04-11-10 BB+ 1,000 1,042,500
Sirius Satellite Radio, Inc.,          
Sr Note 9.625 08-01-13 CCC 520 438,100
Videotron Ltee,          
Gtd Sr Note (Canada) (F) 6.375 12-15-15 B+ 300 262,500
XM Satellite Radio, Inc.,          
Gtd Sr Note (L) 9.750 05-01-14 CCC 1,500 1,447,500
 
Casinos & Gaming 7.25%         11,027,118
Chukchansi Economic Development          
Authority,          
Sr Note (S) 8.000 11-15-13 BB- 440 396,000

Page 1

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

Downstream Development Authority          
of the Quapaw Tribe of Oklahoma,          
Sr Sec Note (S) 12.000 10-15-15 B- 2,000 1,580,000
Great Canadian Gaming Corp.,          
Gtd Sr Sub Note (Canada) (F)(S) 7.250 02-15-15 B+ 1,000 951,250
Indianapolis Downs LLC/Indianapolis Downs          
Capital Corp.,          
Sr Sec Note (S) 11.000 11-01-12 B 395 343,650
Isle of Capris Casinos, Inc.,          
Gtd Sr Sub Note 7.000 03-01-14 B 505 359,812
Jacobs Entertainment, Inc.,          
Gtd Sr Note 9.750 06-15-14 B- 1,000 750,000
Little Traverse Bay Bands of Odawa          
Indians,          
Sr Note (S) 10.250 02-15-14 B 1,000 1,007,500
Mashantucket Western Pequot Tribe,          
Bond (S) 5.912 09-01-21 BB+ 275 267,696
Bond Ser A (S) 8.500 11-15-15 BB+ 1,500 1,320,000
Mohegan Tribal Gaming Authority,          
Sr Sub Note (L) 7.125 08-15-14 B 1,000 820,000
MTR Gaming Group, Inc.,          
Gtd Sr Note Ser B 9.750 04-01-10 BB- 800 772,000
Gtd Sr Sub Note Ser B 9.000 06-01-12 B- 350 304,500
Pinnacle Entertainment, Inc.,          
Sr Sub Note (L)(S) 7.500 06-15-15 B- 1,000 787,500
Pokagon Gaming Authority,          
Sr Note (S) 10.375 06-15-14 B 474 500,070
Waterford Gaming LLC,          
Sr Note (S) 8.625 09-15-14 BB- 908 867,140
 
Coal & Consumable Fuels 0.90%         1,372,500
Drummond Co., Inc.,          
Sr Note (S) 7.375 02-15-16 BB- 1,500 1,372,500
 
Commodity Chemicals 0.66%         1,000,000
Sterling Chemicals, Inc.,          
Gtd Sr Sec Note (S) 10.250 04-01-15 B- 1,000 1,000,000
 
Construction & Farm Machinery & Heavy Trucks 0.33%       495,000
Manitowoc Co., Inc. (The),          
Gtd Sr Note 7.125 11-01-13 BB- 500 495,000
 
Consumer Finance 2.57%         3,913,463
Ford Motor Credit Co.,          
Note 7.375 10-28-09 B 1,925 1,753,931
Note 7.800 06-01-12 B 310 255,711
Sr Note 9.750 09-15-10 B 1,500 1,336,160
HSBC Finance Capital Trust IX,          
Note (5.911% to 11-30-15 then variable)          
(P) 5.911 11-30-35 A 700 567,661

Page 2

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

Diversified Banks 2.02%         3,070,245
Bancolombia SA,          
Sub Bond (Colombia) (F) 6.875 05-25-17 Ba1 400 385,000
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 1,327,898
Chuo Mitsui Trust & Banking Co.,          
Perpetual Jr Sub Note (5.506% to 4-15-15          
then variable) (Japan) (F)(S) 5.506 12-15-49 A2 905 756,061
Royal Bank of Scotland Group Plc,          
Perpetual Jr Sub Bond (7.648% to 9-30-31          
then variable) (United Kingdom) (F) 7.648 08-29-49 A 630 601,286
 
Diversified Chemicals 1.29%         1,967,219
NOVA Chemicals Corp.,          
MTN (Canada) (F)(L) 7.400 04-01-09 B+ 1,955 1,967,219
 
Diversified Commercial & Professional Services 2.47%       3,762,785
ARAMARK Corp.,          
Gtd Sr Note (L) 8.500 02-01-15 B 1,000 1,002,500
Gtd Sr Note 6.739 02-01-15 B 585 516,262
Hutchison Whampoa International Ltd.,          
Gtd Sr Note (Cayman Islands) (F)(S) 6.500 02-13-13 A- 750 764,023
MSX International, Inc.,          
Gtd Sr Sec Note (S) 12.500 04-01-12 CCC+ 1,850 1,480,000
 
Diversified Financial Services 1.42%         2,158,500
Independencia International Ltd.,          
Gtd Sr Bond (Brazil) (F)(S) 9.875 01-31-17 B 1,280 1,190,400
Orascom Telecom Finance SCA,          
Gtd Note (Egypt) (F)(S) 7.875 02-08-14 B- 360 333,900
TAM Capital, Inc.,          
Gtd Sr Note (Cayman Islands) (F) 7.375 04-25-17 BB- 755 634,200
 
Diversified Metals & Mining 0.80%         1,218,875
Freeport-McMoRan Copper & Gold, Inc.,          
Sr Note 8.375 04-01-17 BB 220 233,475
Sr Note 6.875 02-01-14 BBB 500 515,000
Vedanta Resources Plc,          
Sr Note (United Kingdom) (F)(S) 6.625 02-22-10 BB 480 470,400
 
Electric Utilities 4.78%         7,268,891
AES Eastern Energy LP,          
Sr Pass Thru Ctf Ser 1999-A 9.000 01-02-17 BB+ 1,113 1,152,056
Beaver Valley Funding Corp.,          
Sec Lease Obligation Bond 9.000 06-01-17 BBB- 897 997,401
BVPS II Funding Corp.,          
Collateralized Lease Bond 8.890 06-01-17 BBB- 700 758,467
CE Generation LLC,          
Sr Sec Note 7.416 12-15-18 BB+ 680 718,834
FPL Energy National Wind,          
Sr Sec Note (S) 5.608 03-10-24 BBB- 323 327,543

Page 3

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

HQI Transelect Chile SA,          
Sr Note (Chile) (F) 7.875 04-15-11 BBB- 1,175 1,270,056
Indiantown Cogeneration LP,          
1st Mtg Note Ser A-9 9.260 12-15-10 BB+ 286 299,420
IPALCO Enterprises, Inc.,          
Sr Sec Note 8.625 11-14-11 BB- 315 331,537
PNPP II Funding Corp.,          
Debenture 9.120 05-30-16 BBB- 425 508,028
TXU Corp.,          
Sec Bond 7.460 01-01-15 CCC 451 401,794
Waterford 3 Funding Corp.,          
Sec Lease Obligation Bond 8.090 01-02-17 BBB 500 503,755
 
Electronic Equipment Manufacturers 0.50%         763,449
Thomas & Betts Corp.,          
Sr Note 7.250 06-01-13 BBB 745 763,449
 
Health Care Facilities 0.66%         1,005,000
Hanger Orthopedic Group, Inc.,          
Gtd Sr Note 10.250 06-01-14 CCC+ 1,000 1,005,000
 
Health Care Technology 0.13%         202,100
Alliance Imaging, Inc.,          
Sr Sub Note Ser B 7.250 12-15-12 B- 215 202,100
 
Industrial Conglomerates 0.38%         574,500
Waste Services, Inc.,          
Gtd Sr Sub Note 9.500 04-15-14 B- 600 574,500
 
Industrial Machinery 0.23%         352,615
Trinity Industries, Inc.          
Pass Thru Ctf (S) 7.755 02-15-09 Baa1 356 352,615
 
Integrated Oil & Gas 0.83%         1,267,748
Petro-Canada,          
Debenture (Canada) (F) 9.250 10-15-21 BBB 1,000 1,267,748
 
Integrated Telecommunication Services 4.31%         6,550,943
Axtel SAB de CV,          
Sr Note (Mexico) (F)(S) 7.625 02-01-17 BB- 810 814,050
Bellsouth Corp.,          
Debenture 6.300 12-15-15 A 878 931,643
Cincinnati Bell, Inc.,          
Sr Sub Note 8.375 01-15-14 B- 1,000 937,500
Citizens Communications Co.,          
Sr Note 7.125 03-15-19 BB+ 530 463,750
Qwest Capital Funding, Inc.,          
Gtd Note 7.000 08-03-09 B+ 1,700 1,691,500
Sprint Capital Corp.,          
Gtd Sr Note 6.900 05-01-19 BBB- 1,000 787,500
Gtd Sr Note 8.375 03-15-12 BBB- 1,000 925,000

Page 4

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

Investment Banking & Brokerage 0.49%         745,665
Mizuho Financial Group Ltd.,          
Gtd Sub Bond (Cayman Islands) (F) 8.375 12-29-49 Aa3 750 745,665
 
IT Consulting & Other Services 0.87%         1,325,826
NCR Corp.,          
Note 7.125 06-15-09 BBB- 375 385,826
Unisys Corp.,          
Sr Note (L) 6.875 03-15-10 B+ 1,000 940,000
 
Life & Health Insurance 0.32%         489,741
Symetra Financial Corp.,          
Jr Sub Bond (P)(S) 8.300 10-15-37 BB 520 489,741
 
Marine 1.31%         1,992,500
Navios Maritime Holdings, Inc.,          
Sr Note (Marshall Islands) (F) 9.500 12-15-14 B+ 2,000 1,992,500
 
Metal & Glass Containers 1.03%         1,561,812
BWAY Corp.,          
Gtd Sr Sub Note 10.000 10-15-10 B- 1,085 1,044,312
Owens-Brockway Glass Container, Inc.,          
Gtd Sr Note 8.250 05-15-13 BB 500 517,500
 
Multi-Line Insurance 0.32%         487,865
Liberty Mutual Group,          
Bond (S) 7.500 08-15-36 BBB 515 487,865
 
Multi-Media 0.77%         1,166,817
News America Holdings,          
Gtd Sr Debenture 7.750 01-20-24 BBB+ 980 1,080,129
Quebecor Media, Inc.,          
Sr Note (Canada) (F) 7.750 03-15-16 B 95 86,688
 
Multi-Utilities 0.41%         629,331
CalEnergy Co., Inc.,          
Sr Bond 8.480 09-15-28 BBB+ 525 629,331
 
Oil & Gas Drilling 0.90%         1,371,494
Delek & Avner-Yam Tethys Ltd.,          
Sr Sec Note (Israel) (F)(S) 5.326 08-01-13 BBB- 244 250,244
Gazprom,          
Loan Part Note (Germany) (F)(S) 9.625 03-01-13 BBB 1,000 1,121,250
 
Oil & Gas Storage & Transportation 0.95%         1,448,031
Atlas Pipeline Partners LP,          
Gtd Sr Note 8.125 12-15-15 B+ 140 142,450
Copano Energy LLC,          
Gtd Sr Note 8.125 03-01-16 B+ 250 258,750

Page 5

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

Markwest Energy Partners LP/Markwest          
Energy Finance Corp.,          
Gtd Sr Note Ser B 8.500 07-15-16 B 500 503,750
NGPL PipeCo LLC,          
Sr Note (S) 7.119 12-15-17 BBB- 525 543,081
 
Packaged Foods & Meats 0.70%         1,062,000
ASG Consolidated LLC/ASG Finance, Inc.,          
Sr Disc Note, Step Coupon (Zero to          
11-1-08, then 11.500%) (O) Zero 11-01-11 B- 1,180 1,062,000
 
Paper Packaging 3.59%         5,457,000
Graphic Packaging International, Inc.,          
Gtd Sr Note 8.500 08-15-11 B- 1,000 982,500
Gtd Sr Sub Note 9.500 08-15-13 B- 2,000 1,920,000
Smurfit-Stone Container Enerprises, Inc.,          
Sr Note 8.375 07-01-12 B- 1,500 1,357,500
Sr Note 8.000 03-15-17 B- 1,425 1,197,000
 
Paper Products 0.23%         357,278
Plum Creek Timber Co., Inc.,          
Gtd Note 5.875 11-15-15 BBB- 345 357,278
 
Property & Casualty Insurance 0.51%         783,236
Ohio Casualty Corp.,          
Sr Note 7.300 06-15-14 BBB 750 783,236
 
Publishing 1.43%         2,181,420
Dex Media West,          
Gtd Sr Sub Note (L) 9.875 08-15-13 BB- 1,391 1,210,170
Idearc, Inc.,          
Gtd Sr Note 8.000 11-15-16 BB- 1,500 971,250
 
Real Estate Management & Development 0.48%         723,008
Health Care REIT, Inc.,          
Sr Note 6.200 06-01-16 BBB- 345 300,267
Healthcare Realty Trust, Inc.,          
Sr Note 8.125 05-01-11 BBB- 165 176,491
Ventas Realty LP/Capital Corp.,          
Sr Note 6.625 10-15-14 BB+ 250 246,250
 
Regional Banks 0.76%         1,161,041
NB Capital Trust IV,          
Gtd Cap Security 8.250 04-15-27 A+ 1,130 1,161,041
 
Restaurants 1.86%         2,827,500
Dave & Buster's, Inc.,          
Gtd Sr Note 11.250 03-15-14 CCC+ 1,500 1,365,000
Landry's Restaurants, Inc.,          
Gtd Sr Note 9.500 12-15-14 CCC+ 1,500 1,462,500

Page 6

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

Semiconductors 0.77%         1,173,750
Freescale Semiconductor, Inc.,          
Gtd Sr Note 8.875 12-15-14 B- 1,500 1,173,750
 
Specialized Finance 3.65%         5,547,918
Astoria Depositor Corp.,          
Pass Thru Ctf Ser B (G)(S) 8.144 05-01-21 BB 750 753,750
Bosphorous Financial Services,          
Sec Floating Rate Note (P)(S) 4.865 02-15-12 Baa2 500 481,155
CCM Merger, Inc.,          
Note (S) 8.000 08-01-13 CCC+ 2,000 1,680,000
CIT Group, Inc.,          
Sr Note 5.000 02-13-14 A 360 283,303
ESI Tractebel Acquistion Corp.,          
Gtd Sec Bond Ser B 7.990 12-30-11 BB 784 801,023
HRP Myrtle Beach Operations LLC/ HRP          
Myrtle Beach Operations Capital Corp.,          
Sr Sec Floating Rate Note (P)(S) 9.894 04-01-12 B+ 1,745 1,548,687
 
Specialty Chemicals 1.25%         1,895,712
American Pacific Corp.,          
Gtd Sr Note 9.000 02-01-15 B 565 549,462
Momentive Performance,          
Gtd Sr Note 9.750 12-01-14 B 1,500 1,346,250
 
Steel 0.93%         1,417,500
Ryerson, Inc.,          
Sr Sec Note (S) 12.000 11-01-15 B+ 1,500 1,417,500
 
Thrifts & Mortgage Finance 20.18%         30,694,583
American Home Mortgage Assets,          
Mtg Pass Thru Ctf Ser 2006-6 Class XP IO          
(P) 4.033 12-25-46 AAA 13,027 602,483
American Home Mortgage Investment Trust,          
Mtg Pass Thru Ctf Ser 2007-1 Class GIOP          
IO (P) 2.166 05-25-47 AAA 8,008 465,471
Banc of America Funding Corp.,          
Mtg Pass Thru Ctf Ser 2006-B Class 6A1 (P) 5.878 03-20-36 AAA 1,025 951,252
Mtg Pass Thru Ctf Ser 2006-D Class 6B2 (P) 5.946 05-20-36 AA 1,761 829,275
Bear Stearns Alt-A Trust,          
Mtg Pass Thru Ctf Ser 2005-3 Class B2 (P) 5.608 04-25-35 AA+ 414 341,126
Mtg Pass Thru Ctf Ser 2006-4 Class 3B1 6.342 07-25-36 AA 2,464 246,410
Citigroup Mortgage Loan Trust, Inc.,          
Mtg Pass Thru Ctf Ser 2005-5 Class 2A3 5.000 08-25-35 AAA 479 481,118
ContiMortgage Home Equity Loan Trust,          
Pass Thru Ctf Ser 1995-2 Class A-5 8.100 08-15-25 AAA 70 63,998
Countrywide Alternative Loan Trust,          
Mtg Pass Thru Ctf Ser 2005-59 Class 2X IO          
(P) 3.801 11-20-35 AAA 7,859 279,978
Mtg Pass Thru Ctf Ser 2006-0A8 Class X IO 1.961 07-25-46 AAA 10,182 394,544
Mtg Pass Thru Ctf Ser 2006-0A10 Class XPP          
IO (P) 1.948 08-25-46 AAA 5,295 196,911
Mtg Pass Thru Ctf Ser 2006-0A12 Class X          
IO (P) 4.209 09-20-46 AAA 63,377 3,089,612

Page 7

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

Mtg Pass Thru Ctf Ser 2006-11CB Class 3A1 6.500 05-25-36 Aaa 3,026 3,027,538
Mtg Pass Thru Ctf Ser 2007-0A8 Class X IO 2.000 06-25-47 AAA 6,571 261,799
Crown Castle Towers LLC,          
CMO-REMIC Sub Bond Ser 2005-1A-D 5.612 06-15-35 Baa2 655 623,363
Mtg Pass Thru Ctf Ser 2006-1A Class G (S) 6.795 11-15-36 Ba2 1,000 852,910
DB Master Finance LLC,          
Mtg Pass Thru Ctf Ser 2006-1 Class M1 (S) 8.285 06-20-31 BB 1,000 870,000
Dominos Pizza Master Issuer LLC,          
Mtg Pass Thru Ctf Ser 2007-1 Class M1 (S) 7.629 04-25-37 BB 1,000 750,000
DSLA Mortgage Loan Trust,          
Mtg Pass Thru Ctf Ser 2005-AR5 Class X2          
IO (P) 3.388 08-19-45 AAA 28,114 948,864
First Horizon Alternative Mortgage          
Securities,          
Mtg Pass Thru Ctf Ser 2004-AA5          
Class B1 (P) 5.212 12-25-34 AA 273 267,592
Mtg Pass Thru Ctf Ser 2006-AA2          
Class B1 (G)(P) 6.177 05-25-36 AA 249 168,389
Global Signal Trust,          
Sub Bond Ser 2004-2A Class D (S) 5.093 12-15-14 Baa2 385 371,383
Sub Bond Ser 2006-1 Class E (S) 6.495 02-15-36 Baa3 370 339,815
Global Tower Partners Acquisition          
Partners LLC,          
CMO-REMIC Sub Bond Ser 2007-1A Class G (S) 7.874 05-15-37 B2 360 292,846
GSR Mortgage Loan Trust,          
Mtg Pass Thru Ctf Ser 2004-9          
Class B1 (G)(P) 5.187 08-25-34 AA 888 832,581
Mtg Pass Thru Ctf Ser 2006-4F Class 6A1 6.500 05-25-36 AAA 3,763 3,553,827
HarborView Mortgage Loan Trust,          
Mtg Pass Thru Ctf Ser 2005-8 Class 1X IO          
(P) 3.625 09-19-35 AAA 7,386 242,341
Mtg Pass Thru Ctf Ser 2007-3 Class ES IO          
(G) 0.350 05-19-47 AAA 16,079 120,593
Mtg Pass Thru Ctf Ser 2007-4 Class ES IO          
(G) 0.350 07-19-47 AAA 16,145 141,266
Mtg Pass Thru Ctf Ser 2007-6 Class ES IO          
(G)(S) 0.343 11-19-15 AAA 11,256 84,418
Harborview NIM Corp.,          
Mtg Pass Thru Ctf Ser 2006-9A Class N2          
(G)(S) 8.350 11-19-36 BBB- 1,140 1,136,860
Mtg Pass Thru Ctf Ser 2007-A2 Class N2          
(P)(S) 7.870 04-25-37 BBB- 12 12,488
Indymac Index Mortgage Loan Trust,          
Mtg Pass Thru Ctf Ser 2004-AR13-B1 5.296 01-25-35 AA 332 328,159
Mtg Pass Thru Ctf Ser 2005-AR5-B1 (P) 5.637 05-25-35 AA 455 468,782
Mtg Pass Thru Ctf Ser 2005-AR18-1X IO (P) 3.739 10-25-36 AAA 15,646 425,385
Mtg Pass Thru Ctf Ser 2005-AR18-2X IO (P) 3.406 10-25-36 AAA 14,964 355,402
Luminent Mortgage Trust,          
Mtg Pass Thru Ctf Ser 2006-1 Class X IO          
(P) 3.876 04-25-36 AAA 22,823 784,542
Merrill Lynch Mortgage Investors Trust,          
Mtg Pass Thru Ctf Ser 2006-AF1 Class MF1          
(P) 6.106 08-25-36 AA 1,243 991,931

Page 8

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

Provident Funding Mortgage Loan Trust,          
Mtg Pass Thru Ctf Ser 2005-1 Class B1 (P) 4.672 05-25-35 AA 383 336,568
SBA CMBS Trust,          
Sub Bond Ser 2005-1A Class D (S) 6.219 11-15-35 Baa2 225 213,149
Sub Bond Ser 2005-1A Class E (S) 6.706 11-15-35 Baa3 200 189,553
Sharps SP I LLC Trust,          
Mtg Pass Thru Ctf Ser 2006-CW4N Class NB 9.250 04-25-46 Baa3 15 14,720
Washington Mutual Alternative Loan Trust,          
Mtg Pass Thru Ctf Ser 2005-6 Class 1CB 6.500 08-25-35 AAA 444 455,735
Washington Mutual, Inc.,          
Mtg Pass Thru Ctf Ser 2005-AR4-B1 (P) 4.670 04-25-35 AA 1,453 1,318,230
Mtg Pass Thru Ctf Ser 2007-0A5-1XPP IO 1.330 06-25-47 Aaa 44,013 522,651
Mtg Pass Thru Ctf Ser 2007-0A6-1XPP IO 1.527 07-25-47 Aaa 25,195 330,690
Mtg Pass Thru Ctf Ser 2007-0A4-XPPP IO 1.136 04-25-47 Aaa 19,118 286,765
Mtg Pass Thru Ctf Ser 2007-0A5-2XPP IO 0.934 06-25-47 Aaa 50,190 831,270
 
Wireless Telecommunication Services 0.65%         982,500
Centennial Communications Corp.,          
Sr Note (L) 10.000 01-01-13 CCC+ 500 465,000
Rogers Wireless, Inc.,          
Sr Sub Note (Canada) (F) 8.000 12-15-12 BB+ 500 517,500
 
      Credit    
Issuer, description     rating (A) Shares Value
Preferred stocks 1.33%         $2,019,548
(Cost $2,027,026)          
 
Agricultural Products 0.78%         1,185,548
Ocean Spray Cranberries, Inc., 6.25%,          
Ser A (S)     BB+ 12,500 1,185,548
 
Real Estate Management & Development 0.55%         834,000
Public Storage REIT, Inc., 6.50%, Depositary          
Shares, Ser W     BBB+ 40,000 834,000
 
      Credit Par value  
Issuer, description, maturity date     rating (A) (000) Value
Tranche loans 0.12%         $180,075
(Cost $210,000)          
 
Health Care Supplies 0.12%         180,075
IM US Holdings LLC,          
Tranche (Second Lien Fac), 6-26-15     B- $210 180,075

Page 9

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

  Interest Maturity Credit Par value  
Issuer, description rate date rating (A) (000) Value
U.S. government and agency securities 62.50%     $95,229,185
(Cost $93,480,867)          
 
Government U.S. Agency 62.60%         95,229,185
Federal Home Loan Mortgage Corp.,          
20 Yr Pass Thru Ctf 11.250% 01-01-16 AAA 13 13,869
30 Yr Pass Thru Ctf 6.000 08-01-34 AAA 2,682 2,752,457
30 Yr Pass Thru Ctf 6.000 05-01-37 AAA 584 599,409
30 Yr Pass Thru Ctf 6.000 08-01-37 AAA 3,767 3,866,655
CMO-REMIC Ser 2978-CL 5.500 01-15-31 AAA 2,590 2,649,830
CMO-REMIC Ser 3174-CB 5.500 02-15-31 AAA 300 308,810
CMO-REMIC Ser 3294-NB 5.500 12-15-29 AAA 340 349,532
Federal National Mortgage Assn.,          
15 Yr Pass Thru Ctf 7.000 09-01-10 AAA 12 11,957
15 Yr Pass Thru Ctf 7.000 10-01-12 AAA 10 10,812
15 Yr Pass Thru Ctf 7.000 04-01-17 AAA 29 30,115
15 Yr Pass Thru Ctf 6.000 05-01-21 AAA 3,102 3,196,318
30 Yr Pass Thru Ctf 6.500 07-01-36 AAA 2,472 2,562,544
30 Yr Pass Thru Ctf 6.500 09-01-36 AAA 2,545 2,638,003
30 Yr Pass Thru Ctf 6.500 12-01-36 AAA 363 375,815
30 Yr Pass Thru Ctf 6.000 05-01-35 AAA 3,091 3,169,657
30 Yr Pass Thru Ctf 6.000 08-01-35 AAA 1,382 1,418,039
30 Yr Pass Thru Ctf 6.000 10-01-35 AAA 919 942,668
30 Yr Pass Thru Ctf 6.000 04-01-36 AAA 1,611 1,651,689
30 Yr Pass Thru Ctf 6.000 06-01-36 AAA 1,987 2,037,287
30 Yr Pass Thru Ctf 6.000 08-01-36 AAA 4,009 4,111,910
30 Yr Pass Thru Ctf 6.000 09-01-36 AAA 11,880 12,183,065
30 Yr Pass Thru Ctf 6.000 11-01-36 AAA 6,023 6,176,711
30 Yr Pass Thru Ctf 6.000 12-01-36 AAA 934 957,655
30 Yr Pass Thru Ctf 5.500 01-01-37 AAA 20,133 20,342,742
30 Yr Pass Thru Ctf 6.000 07-01-37 AAA 162 165,999
30 Yr Pass Thru Ctf 6.000 01-01-38 AAA 1,960 2,009,439
30 Yr Pass Thru Ctf 5.500 01-25-35 AAA 4,913 4,873,836
30 Yr Pass Thru Ctf 5.500 11-01-35 AAA 1,514 1,531,771
30 Yr Pass Thru Ctf 5.500 06-01-37 AAA 4,867 4,917,616
30 Yr Pass Thru Ctf 5.500 12-01-37 AAA 6,451 6,518,436
CMO-REMIC Ser 2006-67-PD 5.500 12-25-34 AAA 1,180 1,174,938
Note 6.000 05-30-25 AAA 1,652 1,653,421
Government National Mortgage Assn.,          
30 Yr Pass Thru Ctf 10.000 11-15-20 AAA 6 7,681
30 Yr Pass Thru Ctf 9.500 01-15-21 AAA 4 4,596
30 Yr Pass Thru Ctf 9.500 02-15-25 AAA 12 13,903

Page 10

John Hancock
Investors Trust
Securities owned by the Fund on
March 31, 2008 (unaudited)

  Interest Maturity Credit Par value  
Issuer, description rate date rating (A) (000) Value
Short-term investments 13.48%         $20,507,123
(Cost $20,507,123)          
 
Government U.S. Agency 8.74%         13,300,000
Federal Home Loan Bank,          
Disc Note 1.53% (Y) 04-01-08 AAA $13,300 13,300,000
   
Joint Repurchase Agreement 0.01%         14,000
Joint Repurchase Agreement with Barclays          
Plc dated 3-31-08 at 1.450% to be          
repurchased at $14,001 on 4-1-08,          
collateralized by $11,757 U.S. Inflation          
Index Bond, 2.375%, due 1-15-25 (valued          
at $14,280, including interest) 1.450%     14 14,000
        Shares  
Cash Equivalents 4.73%         7,193,123
John Hancock Cash Investment Trust (T)(W) 2.96% (Y)     7,193,123 7,193,123
 
Total investments (Cost $252,289,212)† 160.95%   $244,842,467
 
Other assets and liabilities, net (4.39%)       ($6,668,636)
 
Fund preferred shares, at liquidation value (56.56%)   ($86,048,622)
 
Total net assets applicable to common shareholders 100.00% $152,125,209
The percentage shown for each investment          
category is the total value of that category as a          
percentage of the net assets applicable to          
common shareholders.          

Page 11

John Hancock
Investors Trust
Notes to Schedule of Investments
March 31, 2008 (unaudited)

Gtd Guaranteed

IO Interest only (carries notional principal amount)

MTN Medium Term Note

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.

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

(L) All or a portion of this security is on loan as of March 31, 2008.

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

(P) Variable rate obligation. The coupon rate shown represents the rate at end of period.

(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 $36,359,265 or 23.90% of the net assets applicable to common shareholders as of March 31, 2008.

(T) Represents investment of securities lending collateral.

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

 (Y) Represents current yield as of March 31, 2008.

† The cost of investments owned on March 31, 2008, including short-term investments, for Federal income tax purposes was $252,289,212. Gross unrealized appreciation and depreciation of investments aggregated $4,247,812 and $11,694,557, respectively, resulting in net unrealized depreciation of $7,446,745.

Notes to Schedule of Investments - Page 12

John Hancock
Investors Trust
Interest rate swap contracts
March 31, 2008 (unaudited)

  Rate type      
 
 
Notional Payments made Payments received Termination   Unrealized
amount by Fund by Fund date Counterparty depreciation
   $28,000,000 4.6875% (a) 3-month LIBOR Sep 2010 Bank of America ($1,392,243)
     28,000,000 3.996% (a) 3-month LIBOR Dec 2010 Barclays Bank Plc (953,257)
          ($2,345,500)

(a) Fixed rate

Interest rate swap contracts - Page 13

John Hancock
Investors Trust
Financial futures contracts
March 31, 2008 (unaudited)

  Number of     Unrealized
Open contracts contracts Position Expiration depreciation
 
U.S. 10-year Treasury Note 87 Short June 2008 ($347,250)

Financial futures contracts - Page 14

Notes to portfolio of investments

Security valuation

The net asset value of common shares 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 the 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 evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.

Other assets and securities for which no such quotations are readily available are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the 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 be valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.

The Fund adopted Statement of Financial Accounting Standards No. 157 (FAS 157), Fair Value Measurements, effective with the beginning of the Fund’s fiscal year. FAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when the market prices are not readily available or reliable. The three levels of hierarchy are described below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly through corroboration with observable market data. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2008:

Valuation Inputs Investments in   Other Financial
  Securities  

Instruments*

Level 1 – Quoted Prices $8,027,123 ($347,250)
Level 2 – Other Significant Observable Inputs 214,284,877 (2,345,500)
Level 3 – Significant Unobservable Inputs 22,530,467              –
Total $244,842,467 ($2,692,750)

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

    Investments in  Other Financial
  Securities   Instruments
Balance as of 12/31/07 $23,563,699 –
Accrued discounts/premiums (271,157) –
Realized gain (loss) 58,524 –
Change in unrealized appreciation (depreciation) (1,460,307) –
Net purchases (sales) (624,413) –
Transfers in and/or out of Level 3 1,264,121 –
Balance as of 3/31/08 $22,530,467 –

Investment risk

The Fund may invest a portion of its assets in issuers and/or securities of issuers that hold mortgage securities, including subprime mortgage securities. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Joint repurchase agreement

Pursuant to an exemptive order issued by the Securities and Exchange Commission, 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.

Notes to Schedule of Investments - Page 15

Securities lending

The Fund may lend portfolio securities from time to time in order to earn additional income. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their value. On the settlement date of the loan, the Fund receives cash collateral against the loaned securities and maintains the cash collateral in an amount not less than 100% of the market value of the loaned securities 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 cash collateral is delivered to the Fund on the next business day. Cash collateral received is invested in the JHCIT. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. The Fund receives compensation for lending their securities either in the form of fees, guarantees, and/or by retaining a portion of interest on the investment of any cash received as collateral.

The Fund has entered into an agreement with Morgan Stanley & Co. Incorporated and MS Securities Services Inc. (collectively, Morgan Stanley) which permits the Fund to lend securities to Morgan Stanley on a principal basis. Morgan Stanley is the primary borrower of securities of the Fund. The risk of having one primary borrower of Fund securities (as opposed to several borrowers) is that should Morgan Stanley fail financially, all securities lent will be affected by the failure and by any delays in recovery of the securities (or in the rare event, loss of rights in the collateral).

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 Fund’s agent in acquiring the futures position). If the position is closed out by 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 or to manage the Fund’s exposure to credit or market risk.

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.

Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying debt instrument in the event of a defined credit event (such as payment default or bankruptcy). Under the terms of the swap, one party acts as a “guarantor” receiving a periodic payment that is a fixed percentage applied to a notional principal amount. In return the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the swap. The Fund may enter into credit default swaps in which either it or its counterparty act as guarantors. By acting as the guarantor of a swap, the Fund assumes the market and credit risk of the underlying instrument including liquidity and loss of value.

The Fund records changes in the value of the swap 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. 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.

Stripped securities

Stripped mortgage-backed securities are derivative multi-class mortgage securities structured so that one class receives most, if not all, of the principal from the underlying mortgage assets, while the other class receives most, if not all, of the interest and the remainder of the principal. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in an interest only security. The market value of these securities can be extremely volatile in response to changes in interest rates. Credit risk reflects the risk that a Fund may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.

Notes to Schedule of Investments - Page 16


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 28, 2008

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 28, 2008

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

Date: May 28, 2008