UNITED STATES | |
SECURITIES AND EXCHANGE COMMISSION | |
Washington, D.C. 20549 | |
FORM N-Q | |
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED | |
MANAGEMENT INVESTMENT COMPANIES | |
Investment Company Act file number 811- 4173 | |
John Hancock Investors Trust | |
(Exact name of registrant as specified in charter) | |
601 Congress Street, Boston, Massachusetts 02210 | |
(Address of principal executive offices) (Zip code) | |
Salvatore Schiavone, Treasurer | |
601 Congress Street | |
Boston, Massachusetts 02210 | |
(Name and address of agent for service) | |
Registrant's telephone number, including area code: 617-663-4497 | |
Date of fiscal year end: | October 31 |
Date of reporting period: | January 31, 2010 |
ITEM 1. SCHEDULE OF INVESTMENTS
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Corporate Bonds 100.18% | $157,971,317 | |||
(Cost $158,449,381) | ||||
Consumer Discretionary 26.73% | 42,155,961 | |||
Auto Components 2.45 % | ||||
Allison Transmission, Inc., | ||||
Gtd Sr Note (S) | 11.000% | 11/01/15 | $1,000,000 | 1,055,000 |
Exide Technologies, | ||||
Sr Sec Note, Series B | 10.500 | 03/15/13 | 920,000 | 938,400 |
Goodyear Tire & Rubber Company, | ||||
Sr Note | 10.500 | 05/15/16 | 145,000 | 157,325 |
Sr Sec Note | 8.625 | 12/01/11 | 245,000 | 253,575 |
Tenneco, Inc., | ||||
Gtd Sr Sub Note | 8.625 | 11/15/14 | 1,485,000 | 1,462,725 |
Hotels, Restaurants & Leisure 6.61 % | ||||
Chukchansi Economic Development Authority, | ||||
Sr Note (S) | 8.000 | 11/15/13 | 795,000 | 647,925 |
Downstream Development Authority of the Quapaw Tribe | ||||
of Oklahoma, | ||||
Sr Sec Note (S) | 12.000 | 10/15/15 | 2,000,000 | 1,720,000 |
Great Canadian Gaming Corp., | ||||
Gtd Sr Sub Note (S) | 7.250 | 02/15/15 | 1,000,000 | 993,750 |
Greektown Holdings LLC, | ||||
Sr Note (H)(S) | 10.750 | 12/01/13 | 1,000,000 | 120,000 |
HRP Myrtle Beach Operations LLC, | ||||
Sr Sec Note (H)(S) | Zero | 04/01/12 | 1,745,000 | |
Jacobs Entertainment, Inc., | ||||
Gtd Sr Note | 9.750 | 06/15/14 | 1,000,000 | 935,000 |
Landry's Restaurants, Inc., | ||||
Gtd Sec Sr Note (S) | 11.625 | 12/01/15 | 360,000 | 385,200 |
Little Traverse Bay Bands of Odawa Indians, | ||||
Sr Note (H)(S) | 10.250 | 02/15/14 | 1,000,000 | 250,000 |
Marquee Holdings, Inc., | ||||
Sr Note Series B | 12.000 | 08/15/14 | 215,000 | 181,138 |
Mashantucket Western Pequot Tribe, | ||||
Bond (S) | 5.912 | 09/01/21 | 275,000 | 169,903 |
Bond Series A (H)(S) | 8.500 | 11/15/15 | 2,000,000 | 610,000 |
Mohegan Tribal Gaming Authority, | ||||
Sr Sub Note | 7.125 | 08/15/14 | 1,000,000 | 772,500 |
MTR Gaming Group, Inc., | ||||
Gtd Sr Sec Note (S) | 12.625 | 07/15/14 | 1,055,000 | 1,036,538 |
Gtd Sr Sub Note, Series B | 9.000 | 06/01/12 | 940,000 | 770,800 |
Pokagon Gaming Authority, | ||||
Sr Note (S) | 10.375 | 06/15/14 | 694,000 | 724,363 |
Turning Stone Resort Casino Enterprises, | ||||
Sr Note (S) | 9.125 | 09/15/14 | 75,000 | 73,125 |
Waterford Gaming LLC, | ||||
Sr Note (S) | 8.625 | 09/15/14 | 1,091,000 | 621,870 |
Yonkers Racing Corp., | ||||
Sr Sec Note (S) | 11.375 | 07/15/16 | 390,000 | 410,475 |
Household Durables 1.14 % | ||||
Standard Pacific Corp., | ||||
Gtd Note | 6.250 | 04/01/14 | 155,000 | 137,175 |
2 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Consumer Discretionary (continued) | ||||
Whirlpool Corp., | ||||
Sr Note | 8.000% | 05/01/12 | $1,500,000 | $1,658,408 |
Leisure Equipment & Products 1.04 % | ||||
Easton-Bell Sports, Inc., | ||||
Sr Note (S) | 9.750 | 12/01/16 | 465,000 | 484,762 |
Hasbro, Inc., | ||||
Sr Note | 6.125 | 05/15/14 | 1,055,000 | 1,157,165 |
Media 12.25 % | ||||
AMC Entertainment, Inc., | ||||
Sr Note | 8.750 | 06/01/19 | 350,000 | 362,250 |
Cablevision Systems Corp., | ||||
Sr Note (S) | 8.625 | 09/15/17 | 740,000 | 765,900 |
Canadian Satellite Radio Holdings, Inc., | ||||
Gtd Sr Note | 12.750 | 02/15/14 | 2,000,000 | 1,220,000 |
CCH II LLC, | ||||
Sr Notes (S) | 13.500 | 11/30/16 | 841,501 | 1,003,490 |
Charter Communications Holdings LLC, | ||||
Sr Note | 8.750 | 11/15/13 | 575,000 | 582,906 |
Cinemark USA, Inc., | ||||
Gtd Sr Note | 8.625 | 06/15/19 | 245,000 | 255,412 |
Clear Channel Communications, Inc., | ||||
Gtd Sr Note | 10.750 | 08/01/16 | 1,385,000 | 1,038,750 |
Sr Note, PIK | 11.000 | 08/01/16 | 1,385,000 | 879,475 |
Clear Channel Worldwide Holdings, Inc., | ||||
Sr Note (S) | 9.250 | 12/15/17 | 395,000 | 406,850 |
Sr Note (S) | 9.250 | 12/15/17 | 100,000 | 102,250 |
CSC Holdings, Inc., | ||||
Sr Note (S) | 8.500 | 06/15/15 | 755,000 | 798,412 |
Dex Media West LLC, | ||||
Sr Sub Note (H) | 9.875 | 08/15/13 | 1,891,000 | 661,850 |
DirecTV Holdings LLC, | ||||
Gtd Sr Note (S) | 5.875 | 10/01/19 | 355,000 | 371,370 |
News America Holdings, Inc., | ||||
Gtd Note | 7.750 | 01/20/24 | 980,000 | 1,161,431 |
Gtd Note | 7.600 | 10/11/15 | 1,000,000 | 1,172,126 |
Quebecor Media, Inc., | ||||
Sr Note | 7.750 | 03/15/16 | 95,000 | 95,000 |
Regal Cinemas Corp., | ||||
Gtd Sr Note | 8.625 | 07/15/19 | 130,000 | 134,225 |
Sirius XM Radio, Inc., | ||||
Sr Note | 9.625 | 08/01/13 | 2,530,000 | 2,580,600 |
Time Warner Cable, Inc., | ||||
Gtd Note | 8.250 | 04/01/19 | 375,000 | 451,729 |
Vertis, Inc., Series A, | ||||
Gtd Sr Note PIK | 18.500 | 10/01/12 | 480,000 | 432,000 |
Videotron Ltee, | ||||
Sr Note | 6.375 | 12/15/15 | 300,000 | 292,500 |
XM Satellite Radio, Inc., | ||||
Gtd Sr Note (S) | 13.000 | 08/01/13 | 1,650,000 | 1,810,875 |
Sr Sec Note (S) | 11.250 | 06/15/13 | 1,005,000 | 1,075,350 |
Sr Sub Note (S) | 7.000 | 12/01/14 | 1,770,000 | 1,653,003 |
3 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Consumer Discretionary (continued) | ||||
Multiline Retail 2.05 % | ||||
Macy's Retail Holdings, Inc., | ||||
Gtd Note | 8.875% | 07/15/15 | $1,000,000 | $1,090,000 |
Michaels Stores, Inc., | ||||
Gtd Sr Note | 10.000 | 11/01/14 | 85,000 | 85,850 |
Gtd Sr Sub Bond | 11.375 | 11/01/16 | 1,975,000 | 2,054,000 |
Personal Products 0.12 % | ||||
Revlon Consumer Products Corp., | ||||
Gtd Sr Note (S) | 9.750 | 11/15/15 | 185,000 | 190,781 |
Publishing 0.01 % | ||||
SuperMedia (H) | 8.000 | 11/15/16 | 2,000,000 | 22,500 |
Specialty Retail 0.53 % | ||||
Staples, Inc., | ||||
Sr Note | 9.750 | 01/15/14 | 500,000 | 609,929 |
Toys R Us Property Company LLC, | ||||
Sr Sec Note (S) | 8.500 | 12/01/17 | 225,000 | 231,750 |
Textiles, Apparel & Luxury Goods 0.53 % | ||||
Burlington Coat Factory Warehouse Corp., | ||||
Gtd Sr Note | 11.125 | 04/15/14 | 360,000 | 369,900 |
Hanesbrands, Inc., | ||||
Gtd Sr Note | 8.000 | 12/15/16 | 455,000 | 466,375 |
Consumer Staples 2.76% | 4,348,242 | |||
Beverages 0.72 % | ||||
Anheuser-Busch InBev Worldwide, Inc., | ||||
Gtd Sr Note (S) | 7.200 | 01/15/14 | 1,000,000 | 1,143,570 |
Food Products 1.42 % | ||||
BFF International, Ltd., | ||||
Gtd Sr Note (S) | 7.250 | 01/28/20 | 1,000,000 | 993,469 |
Bumble Bee Foods LLC, | ||||
Sr Sec Note (S) | 7.750 | 12/15/15 | 140,000 | 140,700 |
Bunge Ltd. Finance Corp., | ||||
Gtd Sr Note | 5.350 | 04/15/14 | 1,015,000 | 1,062,503 |
Dole Food Company, Inc., | ||||
Gtd Note | 8.875 | 03/15/11 | 38,000 | 38,000 |
Household Products 0.62 % | ||||
Yankee Acquisition Corp., | ||||
Gtd Sr Sub Note | 8.500 | 02/15/15 | 655,000 | 655,000 |
Gtd Sr Sub Note Series B | 9.750 | 02/15/17 | 315,000 | 315,000 |
Energy 10.99% | 17,334,123 | |||
Energy Equipment & Services 1.85 % | ||||
CalEnergy Company, Inc., | ||||
Sr Bond | 8.480 | 09/15/28 | 525,000 | 669,194 |
Delek & Avner Yam Tethys Ltd., | ||||
Sr Sec Note (S) | 5.326 | 08/01/13 | 154,751 | 158,335 |
Gazprom, | ||||
Loan Part Note (S) | 9.625 | 03/01/13 | 1,000,000 | 1,117,500 |
Gibson Energy ULC, | ||||
Gtd Sr Note (S) | 10.000 | 01/15/18 | 390,000 | 385,125 |
4 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Energy (continued) | ||||
NGPL Pipeco LLC, | ||||
Sr Note (S) | 7.119% | 12/15/17 | $525,000 | $596,252 |
Oil, Gas & Consumable Fuels 9.14 % | ||||
Arch Coal, Inc., | ||||
Sr Note (S) | 8.750 | 08/01/16 | 665,000 | 708,225 |
Atlas Pipeline Partners LP, | ||||
Gtd Sr Note | 8.125 | 12/15/15 | 140,000 | 129,500 |
ConocoPhillips, | ||||
Gtd Note | 4.400 | 05/15/13 | 1,000,000 | 1,071,739 |
Copano Energy LLC, | ||||
Gtd Sr Note | 8.125 | 03/01/16 | 250,000 | 251,875 |
Devon Energy Corp., | ||||
Sr Note | 5.625 | 01/15/14 | 1,035,000 | 1,132,112 |
Drummond Company, Inc., | ||||
Sr Note | 7.375 | 02/15/16 | 1,760,000 | 1,729,200 |
Gulf South Pipeline Company LP, | ||||
Sr Note (S) | 5.750 | 08/15/12 | 1,000,000 | 1,067,009 |
Kinder Morgan Energy Partners LP, | ||||
Sr Note | 5.125 | 11/15/14 | 1,000,000 | 1,075,967 |
MarkWest Energy Partners LP, | ||||
Gtd Sr Note, Series B | 8.750 | 04/15/18 | 500,000 | 520,000 |
Gtd Sr Note, Series B | 8.500 | 07/15/16 | 500,000 | 511,250 |
McMoRan Exploration Company, | ||||
Gtd Sr Note | 11.875 | 11/15/14 | 1,100,000 | 1,199,000 |
Petro-Canada, | ||||
Debenture | 9.250 | 10/15/21 | 1,000,000 | 1,309,160 |
Petroleos Mexicanos, | ||||
Gtd Note (S) | 4.875 | 03/15/15 | 1,000,000 | 1,007,500 |
Gtd Sr Note (S) | 6.000 | 03/05/20 | 360,000 | 356,627 |
Plains All American Pipeline LP, | ||||
Gtd Sr Note | 6.500 | 05/01/18 | 1,000,000 | 1,103,078 |
Regency Energy Partners LP, | ||||
Sr Note (S) | 9.375 | 06/01/16 | 1,140,000 | 1,235,475 |
Financials 16.60% | 26,165,522 | |||
Capital Markets 1.56 % | ||||
Goldman Sachs Group, Inc., | ||||
Sr Note | 6.250 | 09/01/17 | 1,000,000 | 1,076,501 |
Macquarie Group, Ltd., | ||||
Sr Note (S) | 7.300 | 08/01/14 | 275,000 | 304,745 |
Morgan Stanley, | ||||
Sr Note | 6.000 | 04/28/15 | 1,000,000 | 1,076,494 |
Commercial Banks 2.40 % | ||||
Allfirst Preferred Capital Trust, | ||||
Gtd Jr Sub Note (P) | 1.751 | 07/15/29 | 350,000 | 230,072 |
Barclays Bank PLC, | ||||
Jr Sub Note (6.860% to 6-15-32 then 6 month LIBOR + | ||||
173 bps) (S) | 6.860 | 09/29/49 | 1,595,000 | 1,331,825 |
Chuo Mitsui Trust & Banking Company, Ltd., | ||||
Jr Sub Note (5.506% to 4-15-15 then 3 month LIBOR + | ||||
249 bps) (S) | 5.506 | 04/15/15 | 905,000 | 884,266 |
5 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Financials (continued) | ||||
HSBC Finance Capital Trust IX, | ||||
Note (5.911% to 11-30-15 then 3 month LIBOR + 192.6 | ||||
bps) | 5.911% | 11/30/35 | $700,000 | $590,625 |
Mizuho Financial Group, Ltd., | ||||
Gtd Sub Bond | 8.375 | 01/29/49 | 750,000 | 751,875 |
Consumer Finance 2.22 % | ||||
American Express Credit Corp., | ||||
Sr Note | 5.125 | 08/25/14 | 1,000,000 | 1,064,661 |
Discover Financial Services, | ||||
Sr Note | 10.250 | 07/15/19 | 495,000 | 591,049 |
Ford Motor Credit Company LLC, | ||||
Sr Note | 8.700 | 10/01/14 | 500,000 | 517,221 |
SLM Corp., | ||||
Sr Note Series MTN | 8.450 | 06/15/18 | 1,355,000 | 1,327,900 |
Diversified Financial Services 4.94 % | ||||
Astoria Depositor Corp., | ||||
Series B (S) | 8.144 | 05/01/21 | 750,000 | 675,000 |
Beaver Valley Funding, | ||||
Sec Lease Obligation Bond | 9.000 | 06/01/17 | 729,000 | 799,101 |
Bosphorus Financial Services, Ltd., | ||||
Sec Floating Rate Note (P)(S) | 2.050 | 02/15/12 | 281,250 | 268,846 |
CCM Merger, Inc., | ||||
Note (S) | 8.000 | 08/01/13 | 2,420,000 | 1,984,400 |
ESI Tractebel Acquisition Corp., | ||||
Gtd Sec Bond Series B | 7.990 | 12/30/11 | 510,000 | 510,651 |
NB Capital Trust IV, | ||||
Gtd Cap Security | 8.250 | 04/15/27 | 1,130,000 | 1,104,575 |
Odebrecht Finance Ltd., | ||||
Gtd Sr Note (S) | 7.500 | 10/18/17 | 725,000 | 752,188 |
Orascom Telecom Finance SCA, | ||||
Gtd Note (S) | 7.875 | 02/08/14 | 280,000 | 260,400 |
TAM Capital, Inc., | ||||
Gtd Sr Note | 7.375 | 04/25/17 | 860,000 | 782,600 |
Volvo Treasury AB, | ||||
Gtd Sr Note (S) | 5.950 | 04/01/15 | 390,000 | 413,035 |
Voto-Votorantim Overseas Trading Operations NV, | ||||
Gtd Sr Note (S) | 6.625 | 09/25/19 | 235,000 | 232,650 |
Insurance 2.56 % | ||||
CNA Financial Corp., | ||||
Sr Note | 7.350 | 11/15/19 | 655,000 | 686,266 |
Liberty Mutual Group, Inc., | ||||
Bond (S) | 7.300 | 06/15/14 | 750,000 | 793,961 |
Gtd Bond (S) | 7.500 | 08/15/36 | 515,000 | 491,691 |
Gtd Note (10.750% to 6-15-30 then 3 month LIBOR + 712 | ||||
bps) (S) | 10.750 | 06/15/58 | 1,000,000 | 1,100,000 |
Lincoln National Corp., | ||||
Jr Sub Note (7.00% to 5-17-16 then 3 month LIBOR + | ||||
235.75 bps) | 7.000 | 05/17/66 | 370,000 | 309,875 |
Symetra Financial Corp., | ||||
Jr Sub Bond (8.300% to 10-1-17 then 3 month LIBOR + | ||||
417.7 bps) (S) | 8.300 | 10/15/37 | 520,000 | 426,400 |
6 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Financials (continued) | ||||
Willis North America, Inc., | ||||
Gtd Sr Note | 7.000% | 09/29/19 | $215,000 | $225,593 |
Real Estate Investment Trusts 1.47 % | ||||
Dexus Property Group, | ||||
Gtd Note (S) | 7.125 | 10/15/14 | 1,000,000 | 1,061,803 |
Dupont Fabros Technology LP, | ||||
Gtd Sr Note (S) | 8.500 | 12/15/17 | 350,000 | 358,750 |
Health Care REIT, Inc., | ||||
Sr Note | 6.200 | 06/01/16 | 345,000 | 354,518 |
Healthcare Realty Trust, Inc., | ||||
Sr Note | 8.125 | 05/01/11 | 165,000 | 175,046 |
Plum Creek Timberlands LP, | ||||
Gtd Sr Note | 5.875 | 11/15/15 | 345,000 | 363,611 |
Real Estate Management & Development 1.45 % | ||||
Realogy Corp., | ||||
Gtd Sr Note | 10.500 | 04/15/14 | 1,095,000 | 930,750 |
Gtd Sr Note, PIK | 11.000 | 04/15/14 | 1,644,337 | 1,356,578 |
Health Care 3.25% | 5,130,356 | |||
Health Care Equipment & Supplies 1.21 % | ||||
Covidien International Finance SA, | ||||
Gtd Sr Note | 5.450 | 10/15/12 | 945,000 | 1,039,687 |
HCA, Inc., | ||||
Sr Sec Note (S) | 8.500 | 04/15/19 | 830,000 | 877,725 |
Health Care Providers & Services 1.79 % | ||||
CIGNA Corp., | ||||
Sr Note | 6.375 | 10/15/11 | 635,000 | 678,412 |
Express Scripts, Inc., | ||||
Sr Note | 6.250 | 06/15/14 | 965,000 | 1,081,507 |
Hanger Orthopedic Group, Inc., | ||||
Gtd Sr Note | 10.250 | 06/01/14 | 1,000,000 | 1,065,000 |
Pharmaceuticals 0.25 % | ||||
Catalent Pharma Solutions, Inc., | ||||
Gtd Sr Note | 9.500 | 04/15/15 | 415,000 | 388,025 |
Industrials 13.87% | 21,875,892 | |||
Aerospace & Defense 1.03 % | ||||
Embraer Overseas, Ltd., | ||||
Gtd Sr Note | 6.375 | 01/15/20 | 885,000 | 880,575 |
Hawker Beechcraft Acquisition Company LLC, | ||||
Gtd Sr Note | 8.500 | 04/01/15 | 780,000 | 536,250 |
L-3 Communications Corp., | ||||
Gtd Sr Sub Note Series B | 6.375 | 10/15/15 | 200,000 | 202,500 |
Airlines 4.90 % | ||||
Continental Airlines, Inc., | ||||
Pass Thru Ctf, Series 1991-1, Class A | 6.545 | 02/02/19 | 293,155 | 293,155 |
Pass Thru Ctf, Series 2000-2, Class B | 8.307 | 04/02/18 | 354,198 | 329,404 |
Pass Thru Ctf, Series 2001-1, Class C | 7.033 | 06/15/11 | 134,755 | 127,343 |
Delta Air Lines, Inc., | ||||
Series 2007-1 Class A | 6.821 | 08/10/22 | 814,077 | 795,761 |
Sr Note (S) | 12.250 | 03/15/15 | 410,000 | 424,350 |
Sr Note (S) | 9.500 | 09/15/14 | 1,495,000 | 1,558,537 |
7 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Industrials (continued) | ||||
Global Aviation Holdings, Ltd., | ||||
Gtd Sr Note (S) | 14.000% | 08/15/13 | $1,385,000 | $1,395,388 |
United Air Lines, Inc., | ||||
Gtd Note | 10.400 | 11/01/16 | 355,000 | 382,513 |
Gtd Note | 9.750 | 01/15/17 | 715,000 | 750,750 |
Gtd Sr Note | 12.750 | 07/15/12 | 685,000 | 714,113 |
Sr Sec Note (S) | 12.000 | 11/01/13 | 820,000 | 795,400 |
Sr Sec Note (S) | 9.875 | 08/01/13 | 160,000 | 161,600 |
Commercial Services & Supplies 3.21 % | ||||
ACCO Brands Corp., | ||||
Gtd Sr Note (S) | 10.625 | 03/15/15 | 615,000 | 673,425 |
ARAMARK Services, Inc., | ||||
Gtd Note | 8.500 | 02/01/15 | 1,000,000 | 1,002,500 |
Geo Group, Inc., | ||||
Gtd Sr Note (S) | 7.750 | 10/15/17 | 450,000 | 459,000 |
Iron Mountain, Inc., | ||||
Sr Sub Bond | 8.375 | 08/15/21 | 760,000 | 788,500 |
MSX International UK, Inc., | ||||
Gtd Sr Sec Note (S) | 12.500 | 04/01/12 | 1,850,000 | 1,517,000 |
Waste Services, Inc., | ||||
Sr Sub Note | 9.500 | 04/15/14 | 600,000 | 621,000 |
Electrical Equipment 0.18 % | ||||
Coleman Cable, Inc., | ||||
Sr Notes (S) | 9.000 | 02/15/18 | 295,000 | 291,312 |
Industrial Conglomerates 0.50 % | ||||
Hutchison Whampoa International, Ltd., | ||||
Gtd Note (S) | 4.625 | 09/11/15 | 385,000 | 391,965 |
Gtd Sr Note (S) | 6.500 | 02/13/13 | 365,000 | 403,492 |
Machinery 1.19 % | ||||
Ingersoll-Rand Global Holding Company, Ltd., | ||||
Gtd Note | 6.000 | 08/15/13 | 545,000 | 602,633 |
Mueller Water Products, Inc., | ||||
Gtd Sr Sub Note | 7.375 | 06/01/17 | 1,420,000 | 1,278,000 |
Marine 1.58 % | ||||
Navios Maritime Holdings, Inc., | ||||
Sr Note | 9.500 | 12/15/14 | 2,500,000 | 2,484,375 |
Road & Rail 1.28 % | ||||
CSX Corp., | ||||
Sr Note | 6.300 | 03/15/12 | 1,000,000 | 1,086,811 |
Kansas City Southern de Mexico SA de CV, | ||||
Sr Notes (S) | 8.000 | 02/01/18 | 400,000 | 394,000 |
RailAmerica, Inc., | ||||
Sr Sec Note | 9.250 | 07/01/17 | 504,000 | 534,240 |
Information Technology 1.79% | 2,816,850 | |||
Electronic Equipment, Instruments & Components 1.13 % | ||||
Freescale Semiconductor, Inc., | ||||
Gtd Sr Note | 8.875 | 12/15/14 | 2,000,000 | 1,780,000 |
Internet & Catalog Retail 0.27 % | ||||
GXS Worldwide, Inc., | ||||
Gtd Sr Note (S) | 9.750 | 06/15/15 | 430,000 | 417,100 |
8 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Information Technology (continued) | ||||
Software 0.39 % | ||||
Vangent, Inc., | ||||
Gtd Sr Sub Note | 9.625% | 02/15/15 | $670,000 | $619,750 |
Materials 11.13% | $17,555,441 | |||
Chemicals 2.88 % | ||||
American Pacific Corp., | ||||
Gtd Sr Note | 9.000 | 02/01/15 | 565,000 | 557,937 |
Berry Plastics Corp., | ||||
Gtd Sec Note | 8.875 | 09/15/14 | 430,000 | 414,950 |
Berry Plastics Escrow LLC, | ||||
Sr Sec Note (S) | 8.250 | 11/15/15 | 770,000 | 777,700 |
Dow Chemical Company, | ||||
Sr Note | 5.900 | 02/15/15 | 1,000,000 | 1,084,294 |
Lumena Resources Corp., | ||||
Sr Note (S) | 12.000 | 10/27/14 | 850,000 | 748,259 |
Sterling Chemicals, Inc., | ||||
Gtd Sr Sec Note | 10.250 | 04/01/15 | 1,000,000 | 965,000 |
Containers & Packaging 3.74 % | ||||
Cascades, Inc., | ||||
Gtd Sr Note (S) | 7.875 | 01/15/20 | 240,000 | 244,200 |
Graphic Packaging International, Inc., | ||||
Gtd Sr Note | 9.500 | 06/15/17 | 185,000 | 197,488 |
Gtd Sr Sub Note | 9.500 | 08/15/13 | 2,500,000 | 2,568,750 |
Owens-Brockway Glass Container, Inc., | ||||
Gtd Sr Note | 8.250 | 05/15/13 | 500,000 | 510,000 |
Smurfit-Stone Container Enterprises, Inc., | ||||
Sr Note (H) | 8.375 | 07/01/12 | 1,210,000 | 1,019,425 |
Sr Note (H) | 8.000 | 03/15/17 | 1,640,000 | 1,365,300 |
Metals & Mining 3.74 % | ||||
CII Carbon LLC, | ||||
Gtd Sr Sub Note (S) | 11.125 | 11/15/15 | 1,930,000 | 1,949,300 |
CSN Islands XI Corp, | ||||
Gtd Sr Note (S) | 6.875 | 09/21/19 | 250,000 | 246,875 |
Essar Steel Algoma, Inc., | ||||
Sr Note (S) | 9.375 | 03/15/15 | 500,000 | 502,500 |
Freeport-McMoRan Copper & Gold, Inc., | ||||
Sr Note | 8.375 | 04/01/17 | 220,000 | 239,250 |
Gerdau Holdings, Inc., | ||||
Gtd Sr Note (S) | 7.000 | 01/20/20 | 360,000 | 361,800 |
Rio Tinto Finance USA, Ltd., | ||||
Gtd Sr Note | 7.125 | 07/15/28 | 710,000 | 793,438 |
Ryerson, Inc., | ||||
Sr Sec Note | 12.000 | 11/01/15 | 1,000,000 | 1,037,500 |
Teck Resources, Ltd., | ||||
Sr Sec Note | 10.750 | 05/15/19 | 240,000 | 282,600 |
Vedanta Resources PLC, | ||||
Sr Note (S) | 6.625 | 02/22/10 | 480,000 | 478,800 |
Paper & Forest Products 0.77 % | ||||
Newpage Corp., | ||||
Gtd Sr Sec Note | 11.375 | 12/31/14 | 870,000 | 841,725 |
9 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Materials (continued) | ||||
PE Paper Escrow GmbH, | ||||
Sr Sec Note (S) | 12.000% | 08/01/14 | $95,000 | $104,975 |
Verso Paper Holdings LLC, | ||||
Sr Sec Note (S) | 11.500 | 07/01/14 | 245,000 | 263,375 |
Telecommunication Services 8.79% | $13,865,167 | |||
Diversified Telecommunication Services 4.66 % | ||||
Axtel SAB de CV, | ||||
Sr Note (S) | 9.000 | 09/22/19 | 260,000 | 267,150 |
Sr Note (S) | 7.625 | 02/01/17 | 810,000 | 793,800 |
BellSouth Corp., | ||||
Debenture | 6.300 | 12/15/15 | 697,350 | 746,563 |
Cincinnati Bell, Inc., | ||||
Gtd Sr Sub Note | 8.375 | 01/15/14 | 1,500,000 | 1,511,250 |
Citizens Communications Company, | ||||
Sr Note | 7.125 | 03/15/19 | 530,000 | 500,850 |
Digicel Group, Ltd., | ||||
Sr Note (S) | 8.250 | 09/01/17 | 850,000 | 822,375 |
Intelsat Bermuda, Ltd., | ||||
Gtd Sr Note | 11.250 | 02/04/17 | 1,470,000 | 1,492,050 |
Telecom Italia Capital SA, | ||||
Gtd Sr Note | 6.175 | 06/18/14 | 1,105,000 | 1,211,767 |
Wireless Telecommunication Services 4.13 % | ||||
CC Holdings GS V LLC, | ||||
Sr Note (S) | 7.750 | 05/01/17 | 410,000 | 441,775 |
Crown Castle International Corp., | ||||
Sr Note | 7.125 | 11/01/19 | 285,000 | 282,862 |
Nextel Communications, Inc., | ||||
Gtd Note | 7.375 | 08/01/15 | 1,340,000 | 1,209,350 |
NII Capital Corp., | ||||
Gtd Sr Note (S) | 10.000 | 08/15/16 | 320,000 | 334,400 |
Gtd Sr Note (S) | 8.875 | 12/15/19 | 400,000 | 398,000 |
Sprint Capital Corp., | ||||
Gtd Sr Note | 8.750 | 03/15/32 | 1,065,000 | 958,500 |
Gtd Sr Note | 8.375 | 03/15/12 | 1,970,000 | 2,004,475 |
Gtd Sr Note | 6.900 | 05/01/19 | 1,000,000 | 890,000 |
Utilities 4.27% | 6,723,763 | |||
Electric Utilities 2.58 % | ||||
BVPS II Funding Corp., | ||||
Collateralized Lease Bond | 8.890 | 06/01/17 | 621,000 | 698,535 |
CE Generation LLC, | ||||
Sr Sec Note | 7.416 | 12/15/18 | 547,500 | 548,441 |
Exelon Corp., | ||||
Sr Note | 4.900 | 06/15/15 | 1,015,000 | 1,065,782 |
FPL Energy National Wind LLC, | ||||
Sr Sec Note (S) | 5.608 | 03/10/24 | 286,494 | 282,709 |
PNPP II Funding Corp., | ||||
Debenture | 9.120 | 05/30/16 | 334,000 | 370,443 |
TXU Corp., | ||||
Sec Bond | 7.460 | 01/01/15 | 283,840 | 200,788 |
United Maritime Group LLC, | ||||
Sr Sec Note (S) | 11.750 | 06/15/15 | 475,000 | 478,563 |
10 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Utilities (continued) | ||||
Waterford 3 Funding Corp., | ||||
Sec Bond | 8.090% | 01/02/17 | $418,045 | $423,074 |
Independent Power Producers & Energy Traders 0.86 % | ||||
AES Eastern Energy LP, | ||||
Sr Pass Thru Ctf Series 1999-A | 9.000 | 01/02/17 | 995,976 | 1,015,895 |
Ipalco Enterprises, Inc., | ||||
Sr Sec Note | 8.625 | 11/14/11 | 315,000 | 331,144 |
Multi-Utilities 0.76 % | ||||
DTE Energy Company, | ||||
Sr Note | 7.625 | 05/15/14 | 1,040,000 | 1,199,884 |
Water Utilities 0.07 % | ||||
Indiantown Cogeneration LP, | ||||
1st Mtg Note Series A-9 | 9.260 | 12/15/10 | 106,362 | 108,505 |
Convertible Bonds 2.66% | $4,197,002 | |||
(Cost $4,057,545) | ||||
Consumer Discretionary 1.83% | 2,887,962 | |||
Automobiles 1.74 % | ||||
Ford Motor Company, | ||||
Sr Note | 4.250 | 11/15/16 | 1,490,000 | 1,994,737 |
TRW Automotive, Inc., | ||||
Gtd Sr Note (S) | 3.500 | 12/01/15 | 720,000 | 753,300 |
Household Durables 0.09 % | ||||
Beazer Homes USA, Inc., | ||||
Gtd Sr Note | 4.625 | 06/15/24 | 145,000 | 139,925 |
Industrials 0.83% | 1,309,040 | |||
Airlines 0.61 % | ||||
Continental Airlines, Inc., | ||||
Sr Note | 4.500 | 01/15/15 | 400,000 | 450,000 |
UAL Corp., | ||||
Gtd Sr Sub Note | 4.500 | 06/30/21 | 550,000 | 505,340 |
Trading Companies & Distributors 0.22 % | ||||
United Rentals, Inc., | ||||
Sr Note | 4.000 | 11/15/15 | 360,000 | 353,700 |
Municipal Bonds 0.26% | $411,999 | |||
(Cost $445,000) | ||||
New York 0.26% | 411,999 | |||
City of New York, | ||||
Build America Bonds | 5.206 | 10/01/31 | 445,000 | 411,999 |
11 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
U.S. Government & Agency Obligations 23.89% | $37,668,349 | |||
(Cost $37,468,260) | ||||
U.S. Government 0.87% | 1,373,092 | |||
U.S. Treasury, | ||||
Note | 3.375% | 11/15/19 | $1,400,000 | 1,373,092 |
U.S. Government Agency 23.02% | 36,295,257 | |||
Federal Home Loan Mortgage Corp., | ||||
30 Yr Pass Thru Ctf | 4.500 | 03/01/39 | 19,431,032 | 19,642,041 |
Federal National Mortgage Association, | ||||
30 Yr Pass Thru Ctf | 5.500 | 01/01/37 | 5,567,474 | 5,908,047 |
30 Yr Pass Thru Ctf | 4.500 | 03/01/38 | 1,776,520 | 1,796,298 |
30 Yr Pass Thru Ctf | 4.500 | 09/01/38 | 2,957,430 | 2,990,355 |
30 Yr Pass Thru Ctf | 4.500 | 04/01/39 | 1,066,466 | 1,078,339 |
Government National Mortgage Association, | ||||
30 Yr Pass Thru Ctf | 4.500 | 04/15/39 | 4,806,762 | 4,880,177 |
Foreign Government Obligations 0.88% | $1,387,619 | |||
(Cost $1,373,120) | ||||
Indonesia 0.37% | 582,906 | |||
Republic of Indonesia, | ||||
Sr Bond (S) | 5.875 | 03/13/20 | 575,000 | 582,906 |
Mexico 0.51% | 804,713 | |||
Government of Mexico, | ||||
Sr Note | 5.125 | 01/15/20 | 315,000 | 314,213 |
United Mexican States, | ||||
Sr Note | 5.875 | 02/17/14 | 450,000 | 490,500 |
Term Loans 1.03% | $1,626,456 | |||
(Cost $1,630,421) | ||||
Consumer Discretionary 0.34% | 534,165 | |||
Greektown Holdings LLC, | ||||
Term Loan (T) | | 09/30/10 | 50,635 | 50,635 |
Term Loan | 14.500 | 09/30/10 | 481,124 | 483,530 |
Financials 0.69% | 1,092,291 | |||
CIT Group, Inc., | ||||
Term Loan | 9.750 | 01/18/12 | 1,070,000 | 1,092,291 |
Collateralized Mortgage Obligations 7.83% | $12,339,749 | |||
(Cost $14,134,804) | ||||
Collateralized Mortgage Obligations 7.83% | 12,339,749 | |||
American Home Mortgage Assets, | ||||
Series 2006-6, Class XP IO | 2.741 | 12/25/46 | 11,582,783 | 506,747 |
American Home Mortgage Investment Trust, | ||||
Series 2007-1, Class GIOP IO | 2.078 | 05/25/47 | 7,255,953 | 430,822 |
American Tower Trust, | ||||
Series 2007-1A, Class C (S) | 5.615 | 04/15/37 | 195,000 | 202,312 |
12 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Maturity | Par value | |||
Rate | date | Value | ||
Collateralized Mortgage Obligations (continued) | ||||
Banc of America Funding Corp., | ||||
Series 2006-B, Class 6A1 | 5.827% | 03/20/36 | $745,913 | $517,811 |
Bear Stearns Alt-A Trust, | ||||
Series 2006-4 Class 3B1 | 5.842 | 07/25/36 | 1,611,319 | 2,707 |
Series 2005-3, Class B2 | 3.177 | 04/25/35 | 403,450 | 21,662 |
Citigroup Mortgage Loan Trust, Inc., | ||||
Series 2005-5, Class 2A3 | 5.000 | 08/25/35 | 329,551 | 315,030 |
ContiMortgage Home Equity Loan Trust, | ||||
Series 1995-2 Class A-5 | 8.100 | 08/15/25 | 41,413 | 38,068 |
Countrywide Alternative Loan Trust, | ||||
Series 2006-OA12, Class X IO | 3.081 | 09/20/46 | 52,714,441 | 2,141,524 |
DB Master Finance LLC, | ||||
Series 2006-1, Class-M1 (S) | 8.285 | 06/20/31 | 1,000,000 | 855,020 |
Downey Savings & Loan Association Mortgage Loan Trust, | ||||
Series 2005-AR1, Class X2 IO | 2.178 | 03/19/45 | 9,893,378 | 420,469 |
First Horizon Alternative Mortgage Securities, | ||||
Series 2004-AA5, Class B1 | 2.636 | 12/25/34 | 255,715 | 20,144 |
Global Tower Partners Acquisition Partners LLC, | ||||
Series 2007-1A, Class G (S) | 7.874 | 05/15/37 | 360,000 | 349,059 |
GSR Mortgage Loan Trust, | ||||
Series 2006-4F Class 6A1 | 6.500 | 05/25/36 | 3,086,153 | 2,619,373 |
Series 2004-9, Class B1 | 3.904 | 08/25/34 | 780,251 | 304,173 |
Harborview Mortgage Loan Trust, | ||||
Series 2005-8, Class 1X IO | 2.554 | 09/19/35 | 6,144,500 | 233,299 |
Series 2007-3, Class ES IO | 0.350 | 05/19/47 | 11,870,308 | 96,446 |
Series 2007-4, Class ES IO | 0.350 | 07/19/47 | 12,649,762 | 102,779 |
Series 2007-6, Class ES IO (S) | 0.342 | 08/19/37 | 9,315,528 | 75,689 |
Harborview Corp., NIM | ||||
Series 2006-9A Class N2 (H)(S) | 8.350 | 11/19/36 | 311,205 | |
IndyMac Index Mortgage Loan Trust, | ||||
Series 2004-AR13, Class B1 | 5.296 | 01/25/35 | 317,638 | 48,747 |
Series 2005-AR18, Class 1X IO | 2.555 | 10/25/36 | 12,266,458 | 398,660 |
Series 2005-AR18, Class 2X IO | 2.294 | 10/25/36 | 11,840,386 | 400,205 |
Series 2005-AR5, Class B1 | 4.114 | 05/25/35 | 422,685 | 14,751 |
Merrill Lynch Mortgage Investors Trust, | ||||
Series 2006-AF1 Class MF1 | 6.273 | 08/25/36 | 1,206,508 | 82,748 |
Provident Funding Mortgage Loan Trust, | ||||
Series 2005-1, Class B1 | 3.770 | 05/25/35 | 373,282 | 104,691 |
Washington Mutual, Inc., | ||||
Series 2005-AR4 Class B1 | 4.547 | 04/25/35 | 1,451,257 | 394,727 |
Series 2007-0A5, Class 2XPP IO | 0.999 | 06/25/47 | 43,751,755 | 765,656 |
Series 2005-6, Class 1CB | 6.500 | 08/25/35 | 363,670 | 265,025 |
Series 2007-OA5, Class 1XPP IO | 0.804 | 06/25/47 | 37,135,831 | 406,173 |
Series 2007-OA6, Class 1XPP IO | 0.740 | 07/25/47 | 21,891,424 | 205,232 |
Asset Backed Securities 1.14% | $1,794,019 | |||
(Cost $1,940,223) | ||||
Asset Backed Securities 1.14% | 1,794,019 | |||
Countrywide Asset-Backed Certificates, | ||||
Series 2006-3, Class 2A2 | 0.411 | 06/25/36 | 1,216,588 | 1,014,019 |
Dominos Pizza Master Issuer LLC, | ||||
Series 2007-1, Class M1 (S) | 7.629 | 04/25/37 | 1,000,000 | 780,000 |
13 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
Shares | Value | |
Preferred Stocks 2.76% | $4,349,509 | |
(Cost $4,212,769) | ||
Consumer Discretionary 0.50% | 792,545 | |
Media 0.50 % | ||
Charter Communications, Inc., Series A, 15.000% | 31,702 | 792,545 |
Financials 2.26% | $3,556,964 | |
Commercial Banks 0.74 % | ||
Wells Fargo & Company, Series L, 7.500% | 1,230 | 1,159,398 |
Diversified Financial Services 0.96 % | ||
Bank of America Corp., Series L, 7.250% | 487 | 440,735 |
Citigroup, Inc., 7.500% | 10,205 | 1,066,831 |
Real Estate Investment Trusts 0.56 % | ||
Public Storage, Inc., Depositary Shares, Series W, 6.500%, | 40,000 | 890,000 |
Common Stocks 0.57% | $902,585 | |
(Cost $2,136,718) | ||
Consumer Discretionary 0.57% | 902,585 | |
Auto Components 0.31 % | ||
Lear Corp. (I) | 7,164 | 492,883 |
Media 0.26 % | ||
Charter Communications, Inc., Class A (I) | 11,505 | 352,398 |
SuperMedia, Inc. (I) | 1,578 | 57,304 |
Short-Term Investments 0.07% | $110,000 | |
(Cost $110,000) | ||
Par value | Value | |
Repurchase Agreement 0.07% | 110,000 | |
Repurchase Agreement with State Street Corp. dated 10-30-09 at | ||
0.01% to be repurchased at $110,000 on 02-01-10, collateralized by | ||
$115,000 Federal Home Loan Bank, 0.93% due 3-30-10 (valued at | ||
$116,006, including interest). | $110,000 | 110,000 |
Total investments (Cost $225,958,241) 141.27% | $222,758,604 | |
Other assets and liabilities, net (41.27%) | ($65,075,672) | |
Total net assets 100.00% | $157,682,932 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets.
IO Interest Only Security - Interest Tranche of Stripped Mortgage Pool
REIT Real Estate Investment Trust
(H) Defaulted Security. Currently, the issuer is in default with respect to interest payments.
(I) Non-income producing security.
14 |
John Hancock Investors Trust
Securities owned by the Fund on
January 31, 2010 (Unaudited)
(P) Variable rate obligation. The coupon rate shown represents the rate at period end.
(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $60,817,625 or 38.57% of the Fund's net assets as of January 31, 2010.
(T) All or a portion of this security represents an unsettled term loan commitment. Rate will be determined at time of settlement.
At January 31, 2010, the aggregate cost of investment securities for federal income tax purposes was $225,972,896. Net unrealized depreciation aggregated $3,214,292, of which $16,312,909 related to appreciated investment securities and $19,527,201 related to depreciated investment securities.
15 |
Notes to the Schedule of Investments (Unaudited)
Security valuation
Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. Equity securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated price if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied quotes 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. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent pricing service. 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. Equity and debt obligations, for which there are no prices available from an independent pricing service, are valued based on bid quotations or evaluated prices, as applicable, obtained from broker-dealers or fair valued as described below. Certain short-term debt instruments are valued at amortized cost.
Other portfolio assets and securities where market quotations are not readily available are valued at fair value as determined in good faith by the Funds Pricing Committee in accordance with procedures adopted by 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 Funds 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.
Fair value measurements
The Fund uses a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs and the valuation techniques used are summarized below:
Level 1 Exchange-traded prices in active markets for identical securities. This technique is used for exchange-traded domestic common and preferred equities, certain foreign equities, warrants, rights and futures.
Level 2 Prices determined using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and are based on an evaluation of the inputs described. These techniques are used for certain domestic preferred equities, certain foreign equities, unlisted rights and warrants, and fixed-income securities. Also, over-the-counter derivative contracts, including swaps use these techniques.
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 Funds Pricing Committees own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available. Securities using this technique are generally thinly traded or privately placed, and may be valued using broker quotes, which may include the use of the brokers own judgments about the assumptions that market participants would use.
16 |
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 Funds investments as of January 31, 2010, by major security category or security type:
Level 2 | Level 3 | |||
Total Market | Level 1 | Significant | Significant | |
Value at | Quoted | Observable | Unobservable | |
01/31/10 | Price | Inputs | Inputs | |
Asset Backed Securities | $1,794,019 | | $1,014,019 | $780,000 |
Collateralized Mortgage Obligations | 12,339,749 | | 6,156,048 | 6,183,701 |
Common Stocks | 902,585 | $902,585 | | |
Convertible Bonds | 4,197,002 | | 4,197,002 | |
Corporate Bonds | 157,971,317 | | 155,620,814 | 2,350,503 |
Foreign Government Obligations | 1,387,619 | | 1,387,619 | |
Municipal Bonds | 411,999 | | 411,999 | |
Preferred Stocks | 4,349,509 | 3,556,964 | | 792,545 |
Term Loans | 1,626,456 | | 1,626,456 | |
U.S. Government & Agency Obligations | 37,668,349 | | 37,668,349 | |
Short-Term Investments | 110,000 | | 110,000 | |
Total Investments in Securities | $222,758,604 | $4,459,549 | $208,192,306 | $10,106,749 |
Other Financial Instruments | (1,261,873) | (11,211) | (1,250,662) | |
Totals | $221,496,731 | $4,449,338 | $206,941,644 | $10,106,749 |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Asset | Collateralized | ||||
Backed | Mortgage | Corporate | Preferred | ||
Securities | Obligations | Bonds | Stocks | Totals | |
Balance as of | |||||
10-31-09 | $750,000 | $7,526,657 | $562,500 | - | $8,839,157 |
Accrued | |||||
discounts/ | |||||
premiums | - | 28 | 1,742 | - | 1,770 |
Realized gain | |||||
(loss) | - | 776,836 | - | - | 776,836 |
Change in | |||||
unrealized gain | |||||
(loss) | 30,000 | (1,168,856) | 196,186 | $184,539 | (758,131) |
Net purchases | |||||
(sales) | - | (950,964) | 1,590,075 | 608,006 | 1,247,117 |
Net transfers in | |||||
and/out of | |||||
Level 3 | - | - | - | - | - |
Balance as of | |||||
01-31-10 | $780,000 | $6,183,701 | $2,350,503 | $792,545 | $10,106,749 |
Repurchase agreements
The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement through its custodian, it receives delivery of securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is generally at least 102% of the repurchase amount. The Fund will take constructive receipt of all securities underlying the repurchase agreements it has entered into until such agreements expire. If the seller defaults, the Fund would suffer a loss to the extent that
17 |
proceeds from the sale of underlying securities were less than the repurchase amount. The Fund may enter into repurchase agreements maturing within seven days with domestic dealers, banks or other financial institutions deemed to be creditworthy by the Adviser.
Financial Instruments
Futures
The Fund may purchase and sell financial futures contracts, including index futures and options on these contracts. A future is a contractual agreement to buy or sell a particular commodity, currency, or financial instrument at a pre-determined price in the future. For more information on futures, please refer to the Funds prospectus, semiannual and annual reports.
During the three month period ended January 31, 2010, the Fund used futures to manage duration of the portfolio. The following summarizes the Funds use of futures contracts and the contracts held as of January 31, 2010:
Unrealized | |||||
Number of | Expiration | Notional | Appreciation | ||
Open Contracts | Contracts | Position | Date | Value | (Depreciation) |
U.S. Treasury 30-Year | |||||
Bond Futures | 10 | Long | Mar 2010 | $1,188,125 | $6,563 |
U.S. Treasury 5-Year | |||||
Note Futures | 22 | Short | Mar 2011 | (2,599,438) | (9,969) |
U.S. Treasury 10-Year | |||||
Note Futures | 27 | Short | Mar 2010 | (3,144,445) | (7,805) |
Total | ($4,555,758) | ($11,211) |
Futures contracts (USD notional amounts) ranged from approximately $2.6 million to $4.6 million for the three month period ended January 31, 2010.
Interest Rate Swap Agreements
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. For more information on interest rate swaps, please refer to the Funds prospectus, semiannual and annual reports.
The following summarizes the interest rate swap contracts held as of January 31, 2010. During the three month period ended January 31, 2010, the Fund entered into interest rate swaps to manage duration of the portfolio.
USD | Payments | Payments | Unrealized | ||||
Notional | Made by | Received | Effective | Maturity | Appreciation | Market | |
Counterparty | Amount | Fund | by Fund | Date | Date | (Depreciation) | Value |
Bank of | 3-month | ||||||
America | $28,000,000 | 4.69% | LIBOR (a) | 9/14/2007 | 9/14/2010 | ($1,250,662) | ($1,250,662) |
(a) At January 31, 2010, the 3-month LIBOR rate was 0.24906%.
Interest rate swap notional amount at January 31, 2010 is representative of the activity during the three month period.
18 |
Fair value of derivative instruments by risk category
The table below summarizes the fair values of derivatives held by the Fund at January 31, 2010, by risk category:
Financial | Asset | Liability | |
Instruments | Derivatives | Derivatives | |
Location | Fair Value | Fair Value | |
Interest rate contracts | Futures | - | ($11,211) |
Interest rate contracts | Interest rate | - | ($1,250,662) |
swaps | |||
Total | - | ($1,261,873) |
Reflects cumulative appreciation/depreciation on futures.
19 |
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock Investors Trust
By: | /s/ Keith F. Hartstein |
------------------------------ | |
Keith F. Hartstein | |
President and Chief Executive Officer | |
Date: | March 22, 2010 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Keith F. Hartstein |
------------------------------- | |
Keith F. Hartstein | |
President and Chief Executive Officer | |
Date: | March 22, 2010 |
By: | /s/ Charles A. Rizzo |
------------------------------- | |
Charles A. Rizzo | |
Chief Financial Officer | |
Date: | March 22, 2010 |