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:  July 31, 2010 

ITEM 1. SCHEDULE OF INVESTMENTS






John Hancock Investors Trust
As of 7-31-10 (Unaudited)

    Maturity  Par value   
  Rate  date    Value 
 
Corporate Bonds 104.68%        $172,683,475 
(Cost $168,335,242)         
 
Consumer Discretionary 26.62%        43,910,096 
 
Auto Components 2.76%         
Allison Transmission, Inc. (S)(Z)  11.000%  11/01/15  $1,000,000  1,075,000 
Exide Technologies, Series B (Z)  10.500  03/15/13  980,000  994,684 
Lear Corp. (Z)  8.125  03/15/20  525,000  546,000 
Tenneco, Inc. (Z)  8.625  11/15/14  1,485,000  1,529,550 
The Goodyear Tire & Rubber Company (Z)  10.500  05/15/16  145,000  162,400 
The Goodyear Tire & Rubber Company (Z)  8.625  12/01/11  245,000  254,800 
 
Auto Manufacturers 0.25%         
Volvo Treasury AB (S)(Z)  5.950  04/01/15  390,000  417,268 
 
Food Products 0.29%         
JBS Finance II, Ltd. (S)  8.250  01/29/18  475,000  478,563 
 
Hotels, Restaurants & Leisure 7.72%         
Downstream Development Authority of the Quapaw Tribe of         
Oklahoma (S)(Z)  12.000  10/15/15  2,000,000  1,920,000 
Great Canadian Gaming Corp. (S)(Z)  7.250  02/15/15  1,000,000  1,005,000 
Greektown Superholdings, Inc. (S)  13.000  07/01/15  2,179,000  2,386,005 
HRP Myrtle Beach Operations LLC (H)(S)  -  04/01/12  1,745,000  - 
Jacobs Entertainment, Inc. (Z)  9.750  06/15/14  1,000,000  917,500 
Landry's Restaurants, Inc.  11.625  12/01/15  360,000  385,200 
Little Traverse Bay Bands of Odawa Indians (H)(S)  10.250  02/15/14  1,000,000  340,000 
Marquee Holdings, Inc. (Z)  12.000  08/15/14  215,000  176,838 
Mashantucket Western Pequot Tribe (H)(S)  5.912  09/01/21  275,000  179,820 
Mashantucket Western Pequot Tribe, Series A (H)(S)  8.500  11/15/15  2,000,000  340,000 
MGM Resorts International (S)(Z)  9.000  03/15/20  140,000  147,000 
Mohegan Tribal Gaming Authority (Z)  7.125  08/15/14  1,000,000  690,000 
MTR Gaming Group, Inc. (Z)  12.625  07/15/14  1,055,000  1,105,113 
MTR Gaming Group, Inc., Series B (Z)  9.000  06/01/12  940,000  817,800 
Pokagon Gaming Authority (S)(Z)  10.375  06/15/14  694,000  722,628 
Turning Stone Resort Casino Enterprises (S)(Z)  9.125  09/15/14  485,000  492,881 
Waterford Gaming LLC (S)(Z)  8.625  09/15/14  1,031,000  683,175 
Yonkers Racing Corp. (S)(Z)  11.375  07/15/16  390,000  422,175 
 
Household Durables 1.17%         
Standard Pacific Corp.  8.375  05/15/18  140,000  136,150 
Standard Pacific Corp. (Z)  6.250  04/01/14  155,000  146,088 
Whirlpool Corp. (Z)  8.000  05/01/12  1,500,000  1,642,251 
 
Household Products 0.12%         
Revlon Consumer Products Corp.  9.750  11/15/15  185,000  192,400 
 
Leisure Equipment & Products 0.30%         
Easton-Bell Sports, Inc.  9.750  12/01/16  465,000  489,413 
 
Media 10.10%         
AMC Entertainment, Inc. (Z)  8.750  06/01/19  350,000  367,500 
Cablevision Systems Corp. (S)(Z)  8.625  09/15/17  740,000  794,575 
Cablevision Systems Corp. (Z)  8.000  04/15/20  595,000  629,213 
Canadian Satellite Radio Holdings, Inc. (Z)  12.750  02/15/14  2,000,000  1,820,000 
CCO Holdings LLC / CCO Holdings Capital Corp. (S)  8.125  04/30/20  275,000  290,813 
CCO Holdings LLC/CCO Holdings Capital Corp. (S)  7.875  04/30/18  420,000  439,950 
Cinemark USA, Inc. (Z)  8.625  06/15/19  245,000  254,800 
Clear Channel Communications, Inc.  10.750  08/01/16  1,385,000  1,057,794 

 

1 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

    Maturity  Par value   
  Rate  date    Value 
 
Consumer Discretionary (continued)         
Clear Channel Communications, Inc., PIK  11.000%  08/01/16  $1,806,617  $1,282,698 
Clear Channel Worldwide Holdings, Inc. (S)(Z)  9.250  12/15/17  100,000  104,000 
Clear Channel Worldwide Holdings, Inc., Series B (S)(Z)  9.250  12/15/17  395,000  414,750 
CSC Holdings LLC  8.500  06/15/15  755,000  812,569 
DirecTV Holdings LLC / DirecTV Financing Company, Inc.  5.875  10/01/19  355,000  394,691 
News America Holdings, Inc. (Z)  7.750  01/20/24  980,000  1,209,213 
Quebecor Media, Inc. (Z)  7.750  03/15/16  95,000  96,425 
Regal Cinemas Corp. (Z)  8.625  07/15/19  130,000  134,550 
Sirius XM Radio, Inc. (S)(Z)  8.750  04/01/15  2,000,000  2,060,000 
SuperMedia, Inc., Escrow Certificates (I)  8.000  11/15/16  2,000,000  - 
Time Warner Cable, Inc. (Z)  8.250  04/01/19  375,000  470,927 
Vertis, Inc., Series A, PIK  18.500  10/01/12  830,037  755,334 
Videotron Ltee (Z)  6.375  12/15/15  300,000  304,500 
XM Satellite Radio, Inc. (S)(Z)  13.000  08/01/13  1,650,000  1,868,625 
XM Satellite Radio, Inc. (S)(Z)  11.250  06/15/13  1,005,000  1,092,938 
 
Multiline Retail 2.26%         
Macy's Retail Holdings, Inc. (Z)  8.375  07/15/15  1,000,000  1,118,750 
Michaels Stores, Inc. (Z)  11.375  11/01/16  1,975,000  2,118,188 
Michaels Stores, Inc. (Z)  10.000  11/01/14  85,000  88,825 
Reynolds Group Issuer, Inc. (S)  8.500  05/15/18  390,000  400,725 
 
Specialty Retail 0.79%         
Hillman Group, Inc. (S)  10.875  06/01/18  290,000  303,775 
Sonic Automotive, Inc.  9.000  03/15/18  145,000  148,988 
Staples, Inc. (Z)  9.750  01/15/14  500,000  615,946 
Toys R Us Property Company LLC (S)(Z)  8.500  12/01/17  225,000  236,813 
 
Textiles, Apparel & Luxury Goods 0.86%         
Burlington Coat Factory Warehouse Corp. (Z)  11.125  04/15/14  360,000  377,100 
Hanesbrands, Inc. (Z)  8.000  12/15/16  455,000  476,044 
Phillips-Van Heusen Corp. (Z)  7.375  05/15/20  550,000  573,375 
 
Consumer Staples 3.46%        5,703,942 
 
Beverages 0.70%         
Anheuser-Busch InBev Worldwide, Inc. (S)(Z)  7.200  01/15/14  1,000,000  1,157,740 
 
Food Products 1.70%         
BFF International, Ltd. (S)(Z)  7.250  01/28/20  1,000,000  1,032,500 
Bumble Bee Foods LLC (S)(Z)  7.750  12/15/15  140,000  144,200 
Bunge Ltd. Finance Corp. (Z)  5.350  04/15/14  1,015,000  1,082,834 
Corp. Pesquera Inca SAC (S)(Z)  9.000  02/10/17  350,000  350,438 
TreeHouse Foods, Inc. (Z)  7.750  03/01/18  175,000  184,844 
 
Household Products 0.61%         
Yankee Acquisition Corp. (Z)  8.500  02/15/15  655,000  674,650 
Yankee Acquisition Corp., Series B (Z)  9.750  02/15/17  315,000  327,600 
 
Tobacco 0.45%         
Lorillard Tobacco Company (Z)  6.875  05/01/20  720,000  749,136 
 
Energy 12.48%        20,597,177 
 
Energy Equipment & Services 1.36%         
Delek & Avner-Yam Tethys, Ltd. (S)(Z)  5.326  08/01/13  136,161  137,258 
Gazprom (S)(Z)  9.625  03/01/13  1,000,000  1,133,120 
Offshore Group Investments, Ltd. (S)  11.500  08/01/15  990,000  985,050 

 

2 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

    Maturity  Par value   
  Rate  date    Value 
 
Energy (continued)         
 
Oil, Gas & Consumable Fuels 11.12%         
Arch Coal, Inc. (S)(Z)  8.750%  08/01/16  $665,000  $713,213 
Atlas Pipeline Partners LP (Z)  8.125  12/15/15  140,000  138,950 
Copano Energy LLC (Z)  8.125  03/01/16  250,000  256,250 
Devon Energy Corp. (Z)  5.625  01/15/14  1,035,000  1,158,121 
Drummond Company, Inc. (Z)  7.375  02/15/16  1,760,000  1,760,000 
Gibson Energy ULC/GEP Midstream Finance Corp.  10.000  01/15/18  390,000  401,700 
Gulf South Pipeline Company LP (S)(Z)  5.750  08/15/12  1,000,000  1,070,226 
Linn Energy LLC (S)(Z)  8.625  04/15/20  390,000  414,375 
MarkWest Energy Partners LP (Z)  8.750  04/15/18  500,000  538,125 
MarkWest Energy Partners LP, Series B (Z)  8.500  07/15/16  500,000  527,500 
McMoRan Exploration Company (Z)  11.875  11/15/14  1,100,000  1,138,500 
Niska Gas Storage US LLC (S)(Z)  8.875  03/15/18  565,000  593,250 
Overseas Shipholding Group, Inc. (Z)  8.125  03/30/18  500,000  507,500 
Pan American Energy LLC (S)  7.875  05/07/21  350,000  353,500 
Petro-Canada (Z)  9.250  10/15/21  1,000,000  1,365,178 
Petroleos de Venezuela SA  5.000  10/28/15  740,000  425,500 
Petroleos Mexicanos (S)(Z)  6.000  03/05/20  360,000  384,300 
Petroleos Mexicanos (S)(Z)  4.875  03/15/15  1,000,000  1,047,500 
Plains All American Pipeline LP (Z)  6.500  05/01/18  1,000,000  1,132,788 
RDS Ultra-Deepwater, Ltd. (S)(Z)  11.875  03/15/17  750,000  735,000 
Regency Energy Partners LP (S)(Z)  9.375  06/01/16  1,140,000  1,242,600 
Thermon Industries, Inc. (S)  9.500  05/01/17  1,950,000  1,998,750 
Valero Energy Corp. (Z)  6.125  02/01/20  205,000  222,413 
Valero Energy Corp. (Z)  4.500  02/01/15  205,000  216,510 
 
Financials 15.26%        25,167,414 
 
Capital Markets 1.32%         
Morgan Stanley (Z)  6.000  04/28/15  1,000,000  1,077,277 
The Goldman Sachs Group, Inc. (Z)  6.250  09/01/17  1,000,000  1,093,017 
Commercial Banks 2.24%         
Barclays Bank PLC (6.860% to 6-15-32 then 6 month LIBOR         
+ 1.730%) (S)(Z)  6.860  06/15/32  1,595,000  1,371,700 
BOM Capital PLC (S)(Z)  6.699  03/11/15  355,000  357,663 
Chuo Mitsui Trust & Banking Company, Ltd. (5.506% to 4-15-15,         
then 3 month LIBOR + 2.490%) (S)(Z)  5.506  04/15/15  905,000  853,840 
HSBC Finance Capital Trust IX (5.911% to 11-30-15, then         
3 month LIBOR 1.926%) (Z)  5.911  11/30/35  700,000  612,500 
State Bank of India/London (S)  4.500  07/27/15  500,000  507,249 
Consumer Finance 1.31%         
American Express Credit Corp. (Z)  5.125  08/25/14  1,000,000  1,088,964 
Ford Motor Credit Company LLC (Z)  8.700  10/01/14  500,000  540,632 
Midwest Gaming Borrower LLC/Midwest Finance Corp. (S)(Z)  11.625  04/15/16  80,000  80,800 
SLM Corp., MTN (Z)  8.450  06/15/18  485,000  451,853 
Diversified Financial Services 4.81%         
Astoria Depositor Corp., Series B (S)  8.144  05/01/21  750,000  742,500 
Beaver Valley Funding (Z)  9.000  06/01/17  607,000  678,511 
Bosphorus Financial Services, Ltd. (P)(S)(Z)  2.176  02/15/12  218,750  214,393 
CCM Merger, Inc. (S)(Z)  8.000  08/01/13  2,420,000  2,226,400 
Crown Castle Towers LLC (S)  4.883  08/15/20  750,000  754,958 
Nationstar Mortgage/Nationstar Capital Corp. (S)(Z)  10.875  04/01/15  375,000  313,594 
NB Capital Trust IV (Z)  8.250  04/15/27  1,130,000  1,155,425 
Odebrecht Finance, Ltd. (S)(Z)  7.500  10/18/17  725,000  783,000 

 

3 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

    Maturity  Par value   
  Rate  date    Value 
 
Financials (continued)         
Orascom Telecom Finance SCA (S)(Z)  7.875%  02/08/14  $280,000  $259,000 
TAM Capital, Inc. (Z)  7.375  04/25/17  860,000  814,850 
 
Insurance 2.50%         
CNA Financial Corp. (Z)  7.350  11/15/19  655,000  711,768 
Liberty Mutual Group, Inc. (S)(Z)  7.500  08/15/36  515,000  493,465 
Liberty Mutual Group, Inc. (S)(Z)  7.300  06/15/14  750,000  819,989 
Liberty Mutual Group, Inc. (10.750% to 6-15-38, then 3 month         
LIBOR + 7.120%) (S)(Z)  10.750  06/15/58  1,000,000  1,095,000 
Lincoln National Corp. (7.000% to 5-17-16, then 3 month LIBOR         
+ 2.358%) (Z)  7.000  05/17/66  370,000  334,628 
Symetra Financial Corp. (8.300% to 10-15-17, then 3 month         
LIBOR + 4.177%) (S)(Z)  8.300  10/15/37  520,000  431,600 
Willis North America, Inc. (Z)  7.000  09/29/19  215,000  230,428 
 
Real Estate Investment Trusts 1.45%         
Dexus Property Group (S)(Z)  7.125  10/15/14  1,000,000  1,085,481 
Dupont Fabros Technology LP  8.500  12/15/17  350,000  372,313 
Health Care REIT, Inc. (Z)  6.200  06/01/16  345,000  379,406 
Healthcare Realty Trust, Inc. (Z)  8.125  05/01/11  165,000  172,151 
Plum Creek Timberlands LP (Z)  5.875  11/15/15  345,000  381,281 
 
Real Estate Management & Development 1.63%         
Realogy Corp.  10.500  04/15/14  1,095,000  941,700 
Realogy Corp., PIK  11.000  04/15/14  1,740,941  1,486,328 
Sable International Finance, Ltd. (S)(Z)  7.750  02/15/17  250,000  253,750 
 
Health Care 3.33%        5,501,381 
 
Health Care Equipment & Supplies 0.62%         
Covidien International Finance SA (Z)  5.450  10/15/12  945,000  1,031,299 
 
Health Care Providers & Services 2.45%         
BioScrip, Inc. (S)(Z)  10.250  10/01/15  285,000  289,275 
CIGNA Corp. (Z)  6.375  10/15/11  635,000  670,361 
Express Scripts, Inc. (Z)  6.250  06/15/14  965,000  1,103,119 
Hanger Orthopedic Group, Inc. (Z)  10.250  06/01/14  1,000,000  1,055,000 
HCA, Inc.  8.500  04/15/19  830,000  917,150 
 
Pharmaceuticals 0.26%         
Catalent Pharma Solutions, Inc., PIK (Z)  9.500  04/15/15  436,268  435,177 
 
Industrials 15.43%        25,453,174 
 
Aerospace & Defense 1.88%         
Bombardier, Inc. (S)(Z)  7.750  03/15/20  300,000  323,250 
Colt Defense LLC (S)(Z)  8.750  11/15/17  175,000  140,438 
Embraer Overseas, Ltd. (Z)  6.375  01/15/20  885,000  940,313 
Hawker Beechcraft Acquisition Company LLC (Z)  8.500  04/01/15  855,000  688,275 
Kratos Defense & Security Solutions, Inc. (S)  10.000  06/01/17  400,000  414,500 
L-3 Communications Corp., Series B (Z)  6.375  10/15/15  200,000  205,000 
PharmaNet Development Group, Inc. (S)(Z)  10.875  04/15/17  390,000  388,050 
 
Airlines 4.80%         
Continental Airlines, Inc. (Z)  8.307  04/02/18  332,497  330,003 
Continental Airlines, Inc.  7.033  06/15/11  111,756  109,801 
Continental Airlines, Inc. (Z)  6.545  02/02/19  232,651  234,978 
Delta Air Lines, Inc. (S)(Z)  12.250  03/15/15  410,000  449,463 
Delta Air Lines, Inc. (S)(Z)  9.500  09/15/14  1,495,000  1,618,338 

 

4 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

    Maturity  Par value   
  Rate  date    Value 
 
Industrials (continued)         
Delta Air Lines, Inc. (Z)  6.821%  08/10/22  $783,709  $793,505 
Global Aviation Holdings, Ltd. (S)(Z)  14.000  08/15/13  1,385,000  1,469,831 
United Air Lines, Inc. (Z)  12.750  07/15/12  685,000  753,500 
United Air Lines, Inc. (S)(Z)  12.000  11/01/13  820,000  880,475 
United Air Lines, Inc. (Z)  10.400  11/01/16  345,956  377,092 
United Air Lines, Inc. (S)(Z)  9.875  08/01/13  160,000  171,600 
United Air Lines, Inc. (Z)  9.750  01/15/17  680,484  735,773 
 
Building Materials 0.22%         
Rearden G Holdings EINS GmbH (S)(Z)  7.875  03/30/20  200,000  206,000 
Voto-Votorantim Overseas Trading Operations NV (S)(Z)  6.625  09/25/19  160,000  163,800 
 
Commercial Services & Supplies 3.60%         
ACCO Brands Corp.  10.625  03/15/15  615,000  682,650 
ARAMARK Corp. (Z)  8.500  02/01/15  1,000,000  1,033,750 
Garda World Security Corp. (S)(Z)  9.750  03/15/17  765,000  807,075 
Iron Mountain, Inc. (Z)  8.375  08/15/21  760,000  807,500 
MSX International, Inc. (S)  12.500  04/01/12  1,850,000  1,517,000 
The Geo Group, Inc. (S)(Z)  7.750  10/15/17  450,000  464,625 
Waste Services, Inc.  9.500  04/15/14  600,000  621,750 
 
Electrical Equipment 0.18%         
Coleman Cable, Inc.  9.000  02/15/18  295,000  293,525 
 
Industrial Conglomerates 0.49%         
Hutchison Whampoa International, Ltd. (S)(Z)  6.500  02/13/13  365,000  401,695 
Hutchison Whampoa International, Ltd. (S)(Z)  4.625  09/11/15  385,000  409,566 
 
Machinery 0.52%         
Ingersoll-Rand Global Holding Company, Ltd. (Z)  6.000  08/15/13  545,000  607,945 
Mueller Water Products, Inc. (Z)  7.375  06/01/17  280,000  255,150 
 
Marine 1.49%         
Navios Maritime Holdings, Inc. (Z)  9.500  12/15/14  2,500,000  2,450,000 
 
Road & Rail 2.25%         
Avis Budget Car Rental LLC (S)(Z)  9.625  03/15/18  345,000  359,663 
CSX Corp. (Z)  6.300  03/15/12  1,000,000  1,071,235 
Kansas City Southern de Mexico SA de CV (S)(Z)  8.000  02/01/18  400,000  424,000 
RailAmerica, Inc. (Z)  9.250  07/01/17  448,000  484,960 
Western Express, Inc. (S)(Z)  12.500  04/15/15  1,395,000  1,367,100 
 
Information Technology 2.14%        3,527,063 
 
Electronic Equipment, Instruments & Components 1.35%         
Freescale Semiconductor, Inc. (S)(Z)  9.250  04/15/18  290,000  299,425 
Freescale Semiconductor, Inc. (Z)  8.875  12/15/14  2,000,000  1,930,000 
 
Internet & Catalog Retail 0.25%         
GXS Worldwide, Inc. (S)(Z)  9.750  06/15/15  430,000  412,800 
 
IT Services 0.15%         
Equinix, Inc. (Z)  8.125  03/01/18  235,000  244,988 
 
Software 0.39%         
Vangent, Inc. (Z)  9.625  02/15/15  670,000  639,850 
 
Materials 11.12%        18,340,073 
 
Chemicals 2.80%         
American Pacific Corp. (Z)  9.000  02/01/15  565,000  558,644 

 

5 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

    Maturity  Par value   
  Rate  date    Value 
 
Materials (continued)         
Berry Plastics Corp. (Z)  8.875%  09/15/14  $430,000  $428,925 
Berry Plastics Corp. (Z)  8.250  11/15/15  770,000  787,325 
Lumena Resources Corp. (S)(Z)  12.000  10/27/14  850,000  752,250 
Sterling Chemicals, Inc. (Z)  10.250  04/01/15  1,000,000  980,000 
The Dow Chemical Company (Z)  5.900  02/15/15  1,000,000  1,108,570 
 
Containers & Packaging 1.96%         
Ball Corp. (Z)  6.750  09/15/20  235,000  246,750 
Cascades, Inc.  7.875  01/15/20  240,000  249,000 
Graphic Packaging International, Inc. (Z)  9.500  08/15/13  2,500,000  2,543,750 
Graphic Packaging International, Inc. (Z)  9.500  06/15/17  185,000  197,950 
 
Metals & Mining 3.54%         
CII Carbon LLC (S)(Z)  11.125  11/15/15  2,200,000  2,255,000 
CSN Islands XI Corp (S)(Z)  6.875  09/21/19  250,000  262,813 
Essar Steel Algoma, Inc. (S)(Z)  9.375  03/15/15  500,000  480,625 
Freeport-McMoRan Copper & Gold, Inc. (Z)  8.375  04/01/17  220,000  245,850 
Gerdau Holdings, Inc. (S)(Z)  7.000  01/20/20  360,000  383,400 
Rio Tinto Finance USA, Ltd. (Z)  7.125  07/15/28  710,000  858,465 
Ryerson, Inc. (Z)  12.000  11/01/15  1,000,000  1,047,500 
Teck Resources, Ltd. (Z)  10.750  05/15/19  240,000  299,712 
 
Paper & Forest Products 2.82%         
Boise Paper Holdings LLC  8.000  04/01/20  515,000  533,025 
Grupo Papelero Scribe SA (S)(Z)  8.875  04/07/20  1,800,000  1,611,000 
NewPage Corp. (Z)  11.375  12/31/14  1,085,000  1,004,981 
NewPage Corp. (Z)  10.000  05/01/12  2,000,000  1,130,000 
PE Paper Escrow GmbH (S)(Z)  12.000  08/01/14  95,000  106,875 
Verso Paper Holdings LLC  11.500  07/01/14  245,000  267,663 
 
Telecommunication Services 10.68%        17,619,413 
 
Diversified Telecommunication Services 4.97%         
Axtel SAB de CV (S)(Z)  9.000  09/22/19  260,000  235,300 
Axtel SAB de CV (S)(Z)  7.625  02/01/17  810,000  724,950 
BellSouth Corp. (Z)  6.300  12/15/15  648,639  710,628 
CCH II LLC / CCH II Capital Corp.  13.500  11/30/16  841,501  999,282 
Cincinnati Bell, Inc. (Z)  8.750  03/15/18  540,000  527,850 
Citizens Communications Company (Z)  7.125  03/15/19  530,000  537,950 
Frontier Communications Corp. (S)(Z)  8.750  04/15/22  435,000  466,538 
Frontier Communications Corp. (S)(Z)  8.500  04/15/20  505,000  539,088 
Indosat Palapa Company BV (S)  7.375  07/29/20  675,000  705,375 
Intelsat Bermuda, Ltd. (Z)  11.250  02/04/17  1,470,000  1,558,200 
Telecom Italia Capital SA (Z)  6.175  06/18/14  1,105,000  1,200,812 
 
Wireless Telecommunication Services 5.71%         
Bakrie Telecom Pte, Ltd. (S)  11.500  05/07/15  750,000  731,250 
CC Holdings GS V LLC (S)(Z)  7.750  05/01/17  410,000  447,925 
Digicel Group, Ltd. (S)(Z)  10.500  04/15/18  485,000  518,950 
Digicel Group, Ltd. (S)(Z)  8.250  09/01/17  850,000  869,125 
Nextel Communications, Inc. (Z)  7.375  08/01/15  1,340,000  1,326,600 
NII Capital Corp.  10.000  08/15/16  320,000  353,600 
NII Capital Corp.  8.875  12/15/19  400,000  424,000 
SBA Tower Trust (S)  5.101  04/15/17  580,000  620,396 
Sprint Capital Corp. (Z)  8.750  03/15/32  1,065,000  1,079,644 
Sprint Capital Corp. (Z)  8.375  03/15/12  1,970,000  2,088,200 
Sprint Capital Corp. (Z)  6.900  05/01/19  1,000,000  953,750 

 

6 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

    Maturity  Par value   
  Rate  date    Value 
 
Utilities 4.16%        $6,863,742 
 
Electric Utilities 2.60%         
Aes Dominicana Energia Finance SA (S)  11.000%  12/13/15  $185,000  194,713 
BVPS II Funding Corp. (Z)  8.890  06/01/17  590,000  688,926 
CE Generation LLC (Z)  7.416  12/15/18  529,750  536,512 
Exelon Corp. (Z)  4.900  06/15/15  1,015,000  1,101,783 
FPL Energy National Wind LLC (S)(Z)  5.608  03/10/24  272,761  271,645 
PNPP II Funding Corp. (Z)  9.120  05/30/16  313,000  340,891 
TXU Corp. (Z)  7.460  01/01/15  283,295  243,382 
United Maritime Group LLC (S)  11.750  06/15/15  475,000  471,438 
Waterford 3 Funding Corp. (Z)  8.090  01/02/17  418,045  436,317 
 
Independent Power Producers & Energy Traders 0.79%         
AES Eastern Energy LP (Z)  9.000  01/02/17  943,091  976,100 
Ipalco Enterprises, Inc. (Z)  8.625  11/14/11  315,000  329,569 
 
Multi-Utilities 0.74%         
DTE Energy Company (Z)  7.625  05/15/14  1,040,000  1,218,883 
 
Water Utilities 0.03%         
Indiantown Cogeneration LP, Series A-9  9.260  12/15/10  53,181  53,583 
 
Convertible Bonds 4.86%        $8,012,891 
(Cost $7,133,358)         
 
Consumer Discretionary 3.86%        6,372,116 
 
Automobiles 2.80%         
Ford Motor Company (Z)  4.250%  11/15/16  $2,400,000  3,651,000 
TRW Automotive, Inc. (S)(Z)  3.500  12/01/15  720,000  977,400 
 
Media 1.06%         
XM Satellite Radio, Inc. (S)(Z)  7.000  12/01/14  1,770,000  1,743,716 
 
Financials 0.37%        606,900 
 
Capital Markets 0.15%         
Knight Capital Group, Inc. (S)(Z)  3.500  03/15/15  250,000  238,750 
 
Real Estate Investment Trusts 0.22%         
Corporate Office Properties LP (S)(Z)  4.250  04/15/30  370,000  368,150 
 
Industrials 0.63%        1,033,875 
 
Airlines 0.34%         
UAL Corp. (Z)  4.500  06/30/21  550,000  558,250 
 
Containers & Packaging 0.29%         
Owens-Brockway Glass Container, Inc. (S)(Z)  3.000  06/01/15  500,000  475,625 
 
U.S. Government & Agency Obligations 18.95%        $31,258,657 
(Cost $29,930,880)         
 
U.S. Government 16.17%        26,676,246 
U.S. Treasury         
Note (Z)  3.625%  02/15/20  $1,065,000  1,130,397 
Note (Z)  2.500  03/31/15  18,500,000  19,362,840 
Note  2.500  04/30/15  2,430,000  2,542,198 
Note (Z)  2.375  02/28/15  3,495,000  3,640,811 

 

7 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

    Maturity  Par value   
  Rate  date    Value 
 
U.S. Government Agency 2.78%        $4,582,411 
Federal Home Loan Mortgage Corp.         
30 Yr Pass Thru Ctf (Z)  4.500%  03/01/39  $4,381,611  4,582,411 
 
Foreign Government Obligations 2.52%        $4,158,005 
(Cost $3,963,781)         
 
Argentina 1.08%        1,785,000 
City of Buenos Aires (S)(Z)  12.500%  04/06/15  $1,700,000  1,785,000 
 
Indonesia 0.38%        635,375 
Republic of Indonesia (S)(Z)  5.875  03/13/20  575,000  635,375 
 
Mexico 0.51%        835,763 
Government of Mexico         
Bond (Z)  5.125  01/15/20  315,000  336,263 
Note (Z)  5.875  02/17/14  450,000  499,500 
 
South Korea 0.13%        215,140 
Korea Development Bank (Z)  4.375  08/10/15  205,000  215,140 
 
Venezuela 0.42%        686,727 
Corp. Andina de Fomento  3.750  01/15/16  690,000  686,727 
 
Term Loans (M) 0.36%        $600,670 
(Cost $603,744)         
 
Financials 0.36%        600,670 
CIT Group, Inc.  9.500%  01/18/12  $588,171  600,670 
 
Collateralized Mortgage Obligations 5.99%        $9,878,023 
(Cost $11,948,407)         
 
American Home Mortgage Assets         
Series 2006-6, Class XP IO  2.924%  12/25/46  $9,733,266  453,856 
American Tower Trust         
Series 2007-1A, Class C (S)  5.615  04/15/37  195,000  206,405 
Banc of America Funding Corp.         
Series 2006-B, Class 6A1 (P)  5.815  03/20/36  674,153  477,220 
Bear Stearns Alt-A Trust         
Series 2005-3, Class B2 (P)  2.687  04/25/35  400,593  18,829 
Countrywide Alternative Loan Trust         
Series 2006-OA12, Class X IO  2.874  09/20/46  49,820,723  1,919,468 
Federal National Mortgage Association         
Series 398, Class C3 IO  4.500  05/25/39  1,873,469  356,684 
Series 402, Class 3 IO  4.000  11/25/39  1,224,951  258,542 
Series 402, Class 4 IO  4.000  10/25/39  2,190,033  458,570 
First Horizon Alternative Mortgage Securities         
Series 2004-AA5, Class B1 (P)  2.230  12/25/34  255,259  22,768 
Global Tower Partners Acquisition Partners LLC         
Series 2007-1A, Class G (S)  7.874  05/15/37  360,000  383,202 
GSR Mortgage Loan Trust         
Series 2006-4F, Class 6A1  6.500  05/25/36  2,931,025  2,600,508 
Series 2004-9, Class B1 (P)  3.659  08/25/34  776,651  306,115 

 

8 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

    Maturity  Par value   
  Rate  date    Value 
 
Collateralized Mortgage Obligations (continued)         
Harborview Mortgage Loan Trust         
Series 2005-8, Class 1X IO  2.393%  09/19/35  $5,769,282  $219,052 
Series 2007-3, Class ES IO  0.350  05/19/47  10,626,540  56,321 
Series 2007-4, Class ES IO  0.350  07/19/47  12,002,039  68,172 
Series 2007-6, Class ES IO (S)  0.342  08/19/37  8,546,882  56,580 
Harborview Net Interest Margin Corp.         
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  312,119  32,014 
Series 2005-AR18, Class 1X IO  2.191  10/25/36  11,693,341  395,235 
Series 2005-AR18, Class 2X IO  1.901  10/25/36  11,037,483  344,369 
Series 2005-AR5, Class B1 (P)  2.750  05/25/35  418,211  13,330 
Merrill Lynch Mortgage Investors Trust         
Series 2006-AF1, Class MF1 (H) (P)  6.157  08/25/36  1,206,508  49,771 
Provident Funding Mortgage Loan Trust         
Series 2005-1, Class B1 (P)  2.980  05/25/35  368,879  101,247 
Washington Mutual, Inc.         
Series 2005-AR1, Class X IO  1.587  01/25/45  15,326,383  530,307 
Series 2005-AR4, Class B1 (P)  2.722  04/25/35  1,437,219  302,585 
Series 2005-6, Class 1CB  6.500  08/25/35  347,588  246,873 
 
Asset Backed Securities 1.66%        $2,745,335 
(Cost $2,898,544)         
 
ContiMortgage Home Equity Loan Trust         
Series 1995-2, Class A-5  8.100%  08/15/25  $38,081  35,698 
Countrywide Asset-Backed Certificates         
Series 2006-3, Class 2A2 (P)  0.508  06/25/36  1,096,678  902,899 
DB Master Finance LLC         
Series 2006-1, Class-M1 (S)  8.285  06/20/31  1,000,000  920,510 
Dominos Pizza Master Issuer LLC         
Series 2007-1, Class M1 (S)  7.629  04/25/37  1,000,000  886,228 
 
      Shares  Value 
 
Preferred Stocks 3.07%        $5,068,183 
(Cost $4,787,253)         
 
Consumer Discretionary 1.28%        2,109,179 
 
Hotels, Restaurants & Leisure 1.28%         
Greektown Superholdings, Inc. (I)(N)      19,074  2,109,179 
 
Energy 0.23%        379,223 
 
Oil, Gas & Consumable Fuels 0.23%         
Apache Corp., Series D, 6.000%      6,980  379,223 
 
Financials 1.22%        2,023,200 
 
Commercial Banks 0.64%         
Zions Bancorporation, Series E, 11.000%      40,000  1,058,400 

 

9 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

Financials (continued)      Shares  Value 
 
Real Estate Investment Trusts 0.58%         
Public Storage, Inc., Depositary Shares, Series W, 6.500% (Z)      40,000  964,800 
 
Utilities 0.34%        556,581 
 
Electric Utilities 0.34%         
PPL Corp., 9.500%      10,000  556,581 
 
      Shares  Value 
 
Common Stocks 2.05%        $3,372,587 
(Cost $5,637,065)         
 
Consumer Discretionary 0.91%        1,501,508 
 
Auto Components 0.34%         
Lear Corp. (I)(Z)      7,164  560,010 
 
Hotels, Restaurants & Leisure 0.07%         
Greektown Superholdings, Inc. (I)      978  108,146 
 
Media 0.50%         
Charter Communications, Inc., Class A (I)(Z)      11,505  419,933 
Dex One Corp. (I)(Z)      20,979  380,139 
SuperMedia, Inc. (I)(Z)      1,578  33,280 
 
Materials 1.14%        1,871,079 
 
Paper & Forest Products 1.14%         
Smurfit-Stone Container Corp. (I)      89,740  1,871,079 
 
    Maturity  Par value   
  Yield*  date    Value 
 
Short-Term Investments 1.82%        $2,999,995 
(Cost $2,999,995)         
 
Short-Term Securities 1.82%         
Federal Home Loan Bank Discount Notes  0.060%  8-2-10  3,000,000  2,999,995 
 
Total investments (Cost $238,238,269)† 145.96%        $240,777,821 
 
Other assets and liabilities, net (45.96%)        ($75,810,808) 
 
Total net assets 100.00%        $164,967,013 

 

The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the Fund.

IO Interest Only Security - Interest Tranche of Stripped Mortgage Pool

LIBOR London Interbank Offered Rate

MTN Medium-Term Note

PIK Paid In Kind

(H) Defaulted security. Currently, the issuer is in default with respect to interest payments.

(I) Non-income producing security.

(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end unless the investment is unsettled.

(N) Variable rate preferred stock.

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

10 

 



John Hancock Investors Trust
As of 7-31-10 (Unaudited)

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $79,057,447 or 47.92% of the Fund's net assets as of 7-31-10.

(Z) All or a portion of this security is segregated as collateral pursuant to the Committed Facility Agreement. Total collateral value at 7-31-10 was $186,025,447.

* Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

† At 7-31-10, the aggregate cost of investment securities for federal income tax purposes was $238,815,006. Net unrealized appreciation aggregated $1,962,815, of which $17,680,922 related to appreciated investment securities and $15,718,107 related to depreciated investment securities.

The portfolio had the following country concentration as a percentage of total investments on 7-31-10:

United States  80% 
Canada  3% 
Cayman Islands  3% 
Mexico  2% 
Short-Term Investments & Other  12% 

 

11 

 



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. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes 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 brokers and are based on an evaluation of the inputs described. Level 3 includes significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. 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 values by input classification of the Fund’s investments as of July 31, 2010, by major security category or type:

      Level 2  Level 3 
      Significant  Significant 
  Total Market  Level 1 Quoted  Observable  Unobservable 
    Value at 7-31-10  Price  Inputs  Inputs 
Corporate Bonds  $172,683,475  -  $172,000,300  $683,175 
Convertible Bonds  8,012,891  -  8,012,891  - 
U.S. Government & Agency Obligations  31,258,657  -  31,258,657  - 
Foreign Government Obligations  4,158,005  -  4,158,005  - 
Term Loans  600,670  -  600,670  - 
Collateralized Mortgage Obligations  9,878,023  -  8,863,046  1,014,977 
Asset Backed Securities  2,745,335  -  2,745,335  - 
Preferred Stocks  5,068,183  $2,402,423  556,581  2,109,179 
Common Stocks  3,372,587  3,264,441  -  108,146 
Short-Term Investments  2,999,995  -  2,999,995  - 
Total Investments in Securities  $240,777,821  $5,666,864  $231,195,480  $3,915,477 
Other Financial Instruments         
Futures  ($107,659)  ($107,659)  -  - 
Swaps  ($616,671)  -  ($616,671)  - 
Totals  $240,053,491  $5,559,205  $230,578,809  $3,915,477 

 

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  Common   
  Securities  Obligations  Bonds  Stocks  Stocks  Total 
Balance as of 10-31-09  $750,000  $7,526,657  $562,500  -  -  $8,839,157 
Accrued discounts/premiums  -  84  12,882  -  -  12,966 
Realized gain (loss)  -  2,133,252  2,131  -  -  2,135,383 
Change in unrealized appreciation             
(depreciation)  -  (2,538,482)  32,053  $172,952    (2,333,477) 
Net purchases (sales)  -  (2,961,648)  (62,131)  1,936,227  $108,146  (979,406) 
Transfers in and/or out of Level 3  (750,000)  (3,144,886)  135,740  -  -  (3,759,146) 
Balance as of 7-31-10  -  $1,014,977  $683,175  $2,109,179  $108,146  $3,915,477 

 

12 

 



During the nine month period ended July 31, 2010, there were no significant transfers in or out of Level 1 or Level 2 assets.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur after the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.

Term loans (Floating rate loans). Term loans are generally subject to legal or contractual restrictions on resale. The liquidity of floating rate loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. During periods of infrequent trading, valuing a floating rate loan can be more difficult and buying and selling a floating rate loan at an acceptable price can be more difficult and delayed, which could result in a loss.

A Fund’s ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. A Fund’s failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason, would adversely affect the Fund’s income and would likely reduce the value of its assets. Because many term loans are not rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadviser’s credit analysis of the borrower and/or term loan agents. A Fund may have limited rights to enforce the terms of an underlying loan.

Stripped securities. Stripped mortgage backed securities are financial instruments that derive their value from other instruments so that one class receives the entire principal from the underlying mortgage assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped mortgage backed security. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully receive its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates. In addition, these securities present additional credit risk such that the Fund may not receive all or part of its principal because the counterparty or issuer has defaulted on its obligation.

13 

 



Futures. A futures contract is a contractual agreement to buy or sell a particular commodity, currency, or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates and potential losses in excess of the Fund’s initial investment.

During the nine months ended July 31, 2010, the Fund used futures contracts to manage duration of the portfolio. The following table summarizes the contracts held at July 31, 2010. The range of futures contracts notional amounts held by the Fund during the nine months ended July 31, 2010 was $2.6 to $7.3 million.

          UNREALIZED 
  NUMBER OF    EXPIRATION  NOTIONAL  APPRECIATION 
OPEN CONTRACTS    CONTRACTS  POSITION  DATE  VALUE  (DEPRECIATION) 
U.S. Treasury 30-Year Bond           
Futures  10  Long  Sep 2010  $1,287,188  $41,769 
U.S. Treasury 10-Year Note           
Futures  22  Short  Sep 2010  (2,723,875)  (73,625) 
U.S. Treasury 5-Year Note           
Futures  27  Short  Sep 2010  (3,235,359)  (75,803) 
Total        ($4,672,046)  ($107,659) 

 

Interest rate swaps. Interest rate swaps represent an agreement between a Fund and counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The Fund settles accrued net interest receivable or payable under the swap contracts on a periodic basis.

During the nine months ended July 31, 2010, the Fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of July 31, 2010, which are generally representative of the interest rate swap activity. During the nine months ended July 31, 2010, the Fund invested in interest rate swaps with total notional amount as represented below.

  USD  PAYMENTS  PAYMENTS         
  NOTIONAL  MADE BY  RECEIVED  EFFECTIVE  MATURITY  UNREALIZED  MARKET 
COUNTERPARTY  AMOUNT  FUND  BY FUND  DATE  DATE  (DEPRECIATION)  VALUE 
      3-month         
Bank of America  $28,000,000  4.6875%  LIBOR (a)  9-14-07  9-14-10  ($616,671)  ($616,671) 

 

(a) At 7-31-10 the 3-month LIBOR rate was 0.45375%.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the Fund at July 31, 2010 by risk category:

      Liability 
    Asset Derivatives  Derivatives Fair 
Risk  Financial Instruments Location  Fair Value  Value 
Interest Rate Contracts  Futures  $41,769  ($149,428) 
  Interest rate swaps  -  (616,671) 
Total    $41,769  ($766,099) 

 

14 

 






ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.



SIGNATURES 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Investors Trust 
 
By: /s/ Keith F. Hartstein
------------------------------ 
Keith F. Hartstein 
President and Chief Executive Officer 
 
 
Date: September 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:  September 22, 2010 
 
 
By:  /s/ Charles A. Rizzo
  ------------------------------- 
  Charles A. Rizzo 
  Chief Financial Officer 
 
 
Date:  September 22, 2010