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, 2012 |
ITEM 1. SCHEDULE OF INVESTMENTS
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
Corporate Bonds 100.4% (66.9% of Total Investments) | $169,990,362 | |||
| ||||
(Cost $163,696,710) | ||||
Consumer Discretionary 15.4% | 26,124,825 | |||
| ||||
Auto Components 0.3% | ||||
Allison Transmission, Inc. (S)(Z) | 7.125 | 05/15/19 | $550,000 | 578,171 |
Automobiles 0.1% | ||||
Chrysler Group LLC (Z) | 8.250 | 06/15/21 | 240,000 | 249,900 |
Hotels, Restaurants & Leisure 3.8% | ||||
Downstream Development Authority of the Quapaw Tribe of | ||||
Oklahoma (S)(Z) | 10.500 | 07/01/19 | 1,000,000 | 1,042,500 |
Greektown Superholdings, Inc. | 13.000 | 07/01/15 | 2,179,000 | 2,369,663 |
Jacobs Entertainment, Inc. (Z) | 9.750 | 06/15/14 | 1,000,000 | 975,000 |
Little Traverse Bay Bands of Odawa Indians (S) | 9.000 | 08/31/20 | 328,000 | 298,480 |
Mashantucket Western Pequot Tribe (H)(S) | 5.912 | 09/01/21 | 275,000 | 112,032 |
Mashantucket Western Pequot Tribe, Series A (H)(S) | 8.500 | 11/15/15 | 1,625,000 | 134,063 |
Mohegan Tribal Gaming Authority (S) | 11.000 | 09/15/18 | 1,000,000 | 660,000 |
Waterford Gaming LLC (S) | 8.625 | 09/15/14 | 763,045 | 438,679 |
Yonkers Racing Corp. (S)(Z) | 11.375 | 07/15/16 | 351,000 | 371,183 |
Household Durables 0.7% | ||||
Corp. GEO SAB de CV (S) | 8.875 | 03/27/22 | 1,000,000 | 1,040,000 |
Standard Pacific Corp. | 8.375 | 05/15/18 | 140,000 | 156,100 |
Leisure Equipment & Products 0.3% | ||||
Easton-Bell Sports, Inc. (Z) | 9.750 | 12/01/16 | 465,000 | 508,013 |
Media 5.8% | ||||
Cinemark USA, Inc. (Z) | 7.375 | 06/15/21 | 365,000 | 405,150 |
Cinemark USA, Inc. (Z) | 8.625 | 06/15/19 | 245,000 | 273,175 |
Clear Channel Communications, Inc. (Z) | 10.750 | 08/01/16 | 1,385,000 | 803,300 |
Clear Channel Communications, Inc., PIK (Z) | 11.000 | 08/01/16 | 1,806,617 | 1,029,772 |
DIRECTV Holdings LLC (Z) | 5.875 | 10/01/19 | 355,000 | 422,684 |
News America, Inc. (Z) | 7.750 | 01/20/24 | 980,000 | 1,258,107 |
Time Warner Cable, Inc. (Z) | 8.250 | 04/01/19 | 375,000 | 499,302 |
Videotron Ltee (Z) | 6.375 | 12/15/15 | 300,000 | 306,750 |
WMG Acquisition Corp. (Z) | 11.500 | 10/01/18 | 685,000 | 758,638 |
XM Satellite Radio, Inc. (S) | 7.625 | 11/01/18 | 2,000,000 | 2,170,000 |
XM Satellite Radio, Inc. (S)(Z) | 13.000 | 08/01/13 | 1,650,000 | 1,831,500 |
Multiline Retail 2.2% | ||||
Lotte Shopping Co Ltd. (S) | 3.375 | 05/09/17 | 1,400,000 | 1,440,370 |
Macy's Retail Holdings, Inc. (Z) | 7.875 | 08/15/36 | 215,000 | 232,025 |
Michaels Stores, Inc. | 11.375 | 11/01/16 | 1,975,000 | 2,091,051 |
Specialty Retail 1.8% | ||||
Automotores Gildemeister SA (S)(Z) | 8.250 | 05/24/21 | 720,000 | 756,000 |
Hillman Group, Inc. (Z) | 10.875 | 06/01/18 | 290,000 | 308,125 |
Party City Holdings, Inc. (S) | 8.875 | 08/01/20 | 1,000,000 | 1,035,000 |
Sonic Automotive, Inc. (Z) | 9.000 | 03/15/18 | 145,000 | 157,506 |
Staples, Inc. (Z) | 9.750 | 01/15/14 | 500,000 | 557,023 |
Toys R Us Property Company II LLC (Z) | 8.500 | 12/01/17 | 225,000 | 243,000 |
Textiles, Apparel & Luxury Goods 0.4% | ||||
PVH Corp. (Z) | 7.375 | 05/15/20 | 550,000 | 612,563 |
1 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
Consumer Staples 4.7% | $7,891,896 | |||
| ||||
Beverages 1.8% | ||||
Ajecorp BV (S) | 6.500 | 05/14/22 | $1,000,000 | 1,037,500 |
Corp. Lindley SA (S) | 6.750 | 11/23/21 | 245,000 | 271,950 |
SABMiller Holdings, Inc. (S)(Z) | 3.750 | 01/15/22 | 1,500,000 | 1,646,858 |
Food Products 1.9% | ||||
Bunge Ltd. Finance Corp. (Z) | 5.350 | 04/15/14 | 1,015,000 | 1,071,190 |
Corp. Azucarera del Peru SA (S) | 6.375 | 08/02/22 | 1,000,000 | 1,022,027 |
Corp. Pesquera Inca SAC (S)(Z) | 9.000 | 02/10/17 | 350,000 | 376,250 |
Marfrig Holding Europe BV (S)(Z) | 8.375 | 05/09/18 | 600,000 | 459,000 |
TreeHouse Foods, Inc. (Z) | 7.750 | 03/01/18 | 175,000 | 189,000 |
Household Products 0.4% | ||||
Reynolds Group Issuer, Inc. | 8.500 | 05/15/18 | 390,000 | 392,925 |
Yankee Candle Company, Inc. | 8.500 | 02/15/15 | 20,000 | 20,325 |
Yankee Candle Company, Inc., Series B (Z) | 9.750 | 02/15/17 | 315,000 | 327,994 |
Personal Products 0.1% | ||||
Revlon Consumer Products Corp. (Z) | 9.750 | 11/15/15 | 185,000 | 197,488 |
Tobacco 0.5% | ||||
Lorillard Tobacco Company (Z) | 6.875 | 05/01/20 | 720,000 | 879,389 |
Energy 17.2% | 29,126,437 | |||
| ||||
Energy Equipment & Services 3.8% | ||||
Astoria Depositor Corp., Series B (S) | 8.144 | 05/01/21 | 750,000 | 637,500 |
Forbes Energy Services, Ltd. (Z) | 9.000 | 06/15/19 | 295,000 | 281,725 |
Gazprom OAO Via RBS AG (S)(Z) | 9.625 | 03/01/13 | 1,000,000 | 1,048,000 |
Inkia Energy, Ltd. (S)(Z) | 8.375 | 04/04/21 | 1,400,000 | 1,494,500 |
Offshore Group Investments, Ltd. (Z) | 11.500 | 08/01/15 | 2,475,000 | 2,722,500 |
Trinidad Drilling, Ltd. (S)(Z) | 7.875 | 01/15/19 | 265,000 | 282,888 |
Oil, Gas & Consumable Fuels 13.4% | ||||
Afren PLC (S)(Z) | 10.250 | 04/08/19 | 1,000,000 | 1,062,500 |
Afren PLC (S)(Z) | 11.500 | 02/01/16 | 1,600,000 | 1,740,242 |
Alpha Natural Resources, Inc. (Z) | 6.250 | 06/01/21 | 740,000 | 640,100 |
CNOOC Finance 2012, Ltd. (S) | 5.000 | 05/02/42 | 1,000,000 | 1,162,554 |
Devon Energy Corp. (Z) | 5.625 | 01/15/14 | 1,035,000 | 1,106,549 |
DTEK Finance BV (S) | 9.500 | 04/28/15 | 1,000,000 | 976,500 |
EV Energy Partners LP | 8.000 | 04/15/19 | 405,000 | 409,050 |
Georgian Oil and Gas Corp. (S) | 6.875 | 05/16/17 | 1,500,000 | 1,470,750 |
Linn Energy LLC (Z) | 8.625 | 04/15/20 | 390,000 | 423,150 |
McMoRan Exploration Company (Z) | 11.875 | 11/15/14 | 1,100,000 | 1,146,750 |
Niska Gas Storage US LLC (Z) | 8.875 | 03/15/18 | 565,000 | 569,944 |
Pan American Energy LLC (S)(Z) | 7.875 | 05/07/21 | 1,100,000 | 970,750 |
Pertamina Persero PT (S) | 6.000 | 05/03/42 | 1,000,000 | 1,073,750 |
Petrobras International Finance Company (Z) | 5.375 | 01/27/21 | 500,000 | 559,881 |
Petroleos Mexicanos (Z) | 4.875 | 03/15/15 | 1,000,000 | 1,075,000 |
Petroleos Mexicanos (Z) | 6.000 | 03/05/20 | 360,000 | 432,000 |
Plains All American Pipeline LP (Z) | 6.500 | 05/01/18 | 1,000,000 | 1,222,283 |
RDS Ultra-Deepwater, Ltd. (S)(Z) | 11.875 | 03/15/17 | 1,250,000 | 1,400,000 |
Regency Energy Partners LP (Z) | 9.375 | 06/01/16 | 741,000 | 816,953 |
Sinopec Group Overseas Development 2012, Ltd. (S) | 4.875 | 05/17/42 | 500,000 | 570,595 |
Thermon Industries, Inc. | 9.500 | 05/01/17 | 1,131,000 | 1,244,100 |
Transportadora de Gas Internacional SA ESP (S) | 5.700 | 03/20/22 | 1,500,000 | 1,567,500 |
Valero Energy Corp. (Z) | 4.500 | 02/01/15 | 205,000 | 220,316 |
Valero Energy Corp. (Z) | 6.125 | 02/01/20 | 205,000 | 246,857 |
2 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
Energy (continued) | ||||
| ||||
W&T Offshore, Inc. (Z) | 8.500 | 06/15/19 | $525,000 | $551,250 |
Financials 22.9% | 38,759,020 | |||
| ||||
Capital Markets 2.7% | ||||
Knight Capital Group, Inc. (Z) | 3.500 | 03/15/15 | 250,000 | 230,625 |
Morgan Stanley (Z) | 3.800 | 04/29/16 | 1,000,000 | 990,641 |
Morgan Stanley (Z) | 6.000 | 04/28/15 | 1,000,000 | 1,059,529 |
The Goldman Sachs Group, Inc. | 6.150 | 04/01/18 | 1,000,000 | 1,122,362 |
The Goldman Sachs Group, Inc. (Z) | 6.250 | 09/01/17 | 1,000,000 | 1,128,821 |
Commercial Banks 7.9% | ||||
Banco Bradesco SA (S) | 5.750 | 03/01/22 | 500,000 | 522,500 |
Banco de Galicia y Buenos Aires (S)(Z) | 8.750 | 05/04/18 | 410,000 | 318,365 |
Banco do Brasil SA (S) | 5.875 | 01/19/23 | 1,000,000 | 1,050,000 |
Bancolombia SA (Z) | 5.950 | 06/03/21 | 860,000 | 941,700 |
Barclays Bank PLC (Z) | 5.140 | 10/14/20 | 1,595,000 | 1,580,513 |
BBVA Bancomer SA (S)(Z) | 6.500 | 03/10/21 | 1,000,000 | 1,030,000 |
GTB Finance B.V. (S)(Z) | 7.500 | 05/19/16 | 285,000 | 299,735 |
National City Bank of Indiana (Z) | 4.250 | 07/01/18 | 2,000,000 | 2,180,740 |
Sberbank of Russia (S)(Z) | 6.125 | 02/07/22 | 1,000,000 | 1,087,000 |
State Bank of India/London (S)(Z) | 4.500 | 07/27/15 | 500,000 | 514,375 |
Turkiye Halk Bankasi As (S) | 4.875 | 07/19/17 | 1,000,000 | 992,519 |
VTB Bank OJSC (9.500% to 12/06/2022, then 10 Year U.S. | ||||
Treasury + 8.067%) (Q)(S) | 9.500 | 12/06/22 | 500,000 | 500,000 |
Wachovia Corp. (Z) | 5.750 | 02/01/18 | 2,000,000 | 2,380,268 |
Consumer Finance 1.0% | ||||
American Express Credit Corp. (Z) | 5.125 | 08/25/14 | 1,000,000 | 1,088,899 |
SLM Corp. (Z) | 8.450 | 06/15/18 | 485,000 | 552,900 |
Diversified Financial Services 3.7% | ||||
Alfa Bank OJSC (S)(Z) | 7.750 | 04/28/21 | 300,000 | 309,000 |
Bank of Ceylon (S) | 6.875 | 05/03/17 | 1,000,000 | 1,027,500 |
Corp Andina de Fomento (Z) | 3.750 | 01/15/16 | 690,000 | 720,869 |
Gruposura Finance (S)(Z) | 5.700 | 05/18/21 | 440,000 | 466,400 |
Intercorp Retail Trust (S)(Z) | 8.875 | 11/14/18 | 305,000 | 333,213 |
JPMorgan Chase & Company (Z) | 3.450 | 03/01/16 | 2,000,000 | 2,115,184 |
Nationstar Mortgage LLC | 10.875 | 04/01/15 | 375,000 | 405,000 |
Schahin II Finance Company, SPV, Ltd. (S) | 5.875 | 09/25/22 | 900,000 | 932,625 |
Insurance 2.7% | ||||
CNA Financial Corp. (Z) | 7.350 | 11/15/19 | 655,000 | 798,602 |
Liberty Mutual Group, Inc. (S)(Z) | 6.500 | 05/01/42 | 230,000 | 247,383 |
Lincoln National Corp. (7.000% to 5-17-16, then 3 month | ||||
LIBOR + 2.358%) (Z) | 7.000 | 05/17/66 | 370,000 | 367,225 |
MetLife, Inc. (Z) | 6.817 | 08/15/18 | 2,000,000 | 2,475,550 |
Symetra Financial Corp. (8.300% to 10-15-17, then 3 month | ||||
LIBOR + 4.177%) (S)(Z) | 8.300 | 10/15/37 | 520,000 | 507,000 |
Willis North America, Inc. (Z) | 7.000 | 09/29/19 | 215,000 | 253,670 |
Investment Companies 1.0% | ||||
IPIC GMTN Ltd. (S)(Z) | 5.500 | 03/01/22 | 1,500,000 | 1,677,000 |
Real Estate Investment Trusts 1.3% | ||||
DuPont Fabros Technology LP (Z) | 8.500 | 12/15/17 | 350,000 | 385,875 |
Health Care REIT, Inc. (Z) | 6.200 | 06/01/16 | 345,000 | 390,080 |
Plum Creek Timberlands LP (Z) | 5.875 | 11/15/15 | 345,000 | 381,584 |
Servicios Corporativos Javer SAPI de CV (S) | 9.875 | 04/06/21 | 1,000,000 | 955,000 |
3 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
Financials (continued) | ||||
| ||||
Real Estate Management & Development 2.6% | ||||
Country Garden Holdings Company, Ltd. (S) | 11.125 | 02/23/18 | $1,000,000 | $1,047,500 |
General Shopping Investments, Ltd. (12.000% to 03/20/2017, | ||||
then 5 Year USGG + 11.052%) (Q)(S) | 12.000 | 03/20/17 | 500,000 | 465,000 |
Realogy Corp. (Z) | 11.500 | 04/15/17 | 1,095,000 | 1,092,263 |
Realogy Corp. (Z) | 12.000 | 04/15/17 | 1,843,221 | 1,834,005 |
Health Care 2.0% | 3,410,286 | |||
| ||||
Health Care Providers & Services 1.5% | ||||
AmerisourceBergen Corp. (Z) | 3.500 | 11/15/21 | 1,000,000 | 1,071,539 |
BioScrip, Inc. (Z) | 10.250 | 10/01/15 | 510,000 | 554,625 |
Emergency Medical Services Corp. | 8.125 | 06/01/19 | 100,000 | 106,375 |
ExamWorks Group, Inc. | 9.000 | 07/15/19 | 680,000 | 707,200 |
HCA, Inc. | 7.500 | 02/15/22 | 130,000 | 145,925 |
Pharmaceuticals 0.5% | ||||
Catalent Pharma Solutions, Inc. (P) | 9.500 | 04/15/15 | 432,268 | 442,534 |
Endo Health Solutions, Inc. (Z) | 7.250 | 01/15/22 | 345,000 | 382,088 |
Industrials 9.9% | 16,790,032 | |||
| ||||
Aerospace & Defense 0.7% | ||||
Ducommun, Inc. | 9.750 | 07/15/18 | 160,000 | 165,600 |
Kratos Defense & Security Solutions, Inc. (Z) | 10.000 | 06/01/17 | 400,000 | 430,000 |
TransDigm, Inc. (Z) | 7.750 | 12/15/18 | 495,000 | 551,925 |
Airlines 4.8% | ||||
America West Airlines 2001-1 Pass Through Trust (Z) | 7.100 | 04/02/21 | 421,961 | 433,565 |
American Airlines 2011-1 Class B Pass Through Trust (S) | 7.000 | 01/31/18 | 1,307,117 | 1,310,385 |
Continental Airlines 1999-1 Class A Pass Through Trust (Z) | 6.545 | 02/02/19 | 209,858 | 226,646 |
Continental Airlines 2000-2 Class B Pass Through Trust (Z) | 8.307 | 04/02/18 | 136,134 | 140,055 |
Delta Air Lines 2007-1 Class A Pass Through Trust (Z) | 6.821 | 08/10/22 | 681,629 | 735,341 |
Delta Air Lines, Inc. (S)(Z) | 9.500 | 09/15/14 | 1,186,000 | 1,249,748 |
Delta Air Lines, Inc. (S)(Z) | 12.250 | 03/15/15 | 410,000 | 444,850 |
Global Aviation Holdings, Inc. (H) | 14.000 | 08/15/13 | 1,263,000 | 361,534 |
TAM Capital 3, Inc. (S)(Z) | 8.375 | 06/03/21 | 505,000 | 539,744 |
TAM Capital, Inc. (Z) | 7.375 | 04/25/17 | 860,000 | 898,700 |
UAL 2009-1 Pass Through Trust (Z) | 10.400 | 11/01/16 | 258,455 | 294,975 |
UAL 2009-2A Pass Through Trust (Z) | 9.750 | 01/15/17 | 570,093 | 652,756 |
United Air Lines, Inc. (S)(Z) | 12.000 | 11/01/13 | 820,000 | 854,850 |
Building Products 0.3% | ||||
Euramax International, Inc. | 9.500 | 04/01/16 | 120,000 | 108,000 |
Nortek, Inc. (Z) | 8.500 | 04/15/21 | 235,000 | 242,050 |
Voto-Votorantim Overseas Trading Operations NV (S)(Z) | 6.625 | 09/25/19 | 160,000 | 178,000 |
Commercial Services & Supplies 1.0% | ||||
Garda World Security Corp. (S)(Z) | 9.750 | 03/15/17 | 765,000 | 806,119 |
Iron Mountain, Inc. (Z) | 8.375 | 08/15/21 | 760,000 | 841,700 |
Construction & Engineering 0.9% | ||||
Aeropuertos Argentina 2000 SA (S) | 10.750 | 12/01/20 | 470,000 | 444,150 |
Empresas ICA SAB de CV (S) | 8.375 | 07/24/17 | 1,000,000 | 1,005,000 |
Electrical Equipment 0.7% | ||||
Coleman Cable, Inc. (Z) | 9.000 | 02/15/18 | 295,000 | 311,594 |
WPE International Cooperatief UA (S) | 10.375 | 09/30/20 | 1,000,000 | 819,100 |
4 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
Industrials (continued) | ||||
| ||||
Industrial Conglomerates 0.2% | ||||
Hutchison Whampoa International, Ltd. (S)(Z) | 4.625 | 09/11/15 | $385,000 | $415,651 |
Machinery 0.4% | ||||
Lonking Holdings, Ltd. (S)(Z) | 8.500 | 06/03/16 | 505,000 | 457,025 |
Thermadyne Holdings Corp. (Z) | 9.000 | 12/15/17 | 260,000 | 269,750 |
Marine 0.1% | ||||
Navios South American Logistics, Inc. | 9.250 | 04/15/19 | 200,000 | 183,000 |
Road & Rail 0.8% | ||||
Avis Budget Car Rental LLC (Z) | 9.625 | 03/15/18 | 345,000 | 381,656 |
Georgian Railway JSC (S) | 7.750 | 07/11/22 | 1,000,000 | 1,036,563 |
Information Technology 1.9% | 3,187,781 | |||
| ||||
Computers & Peripherals 0.4% | ||||
Seagate HDD Cayman | 7.000 | 11/01/21 | 565,000 | 613,731 |
Electronic Equipment, Instruments & Components 1.1% | ||||
CDW LLC (Z) | 8.000 | 12/15/18 | 500,000 | 543,750 |
Freescale Semiconductor, Inc. (S)(Z) | 9.250 | 04/15/18 | 290,000 | 310,300 |
Viasystems, Inc. (S)(Z) | 7.875 | 05/01/19 | 1,000,000 | 985,000 |
IT Services 0.4% | ||||
Brightstar Corp. (S)(Z) | 9.500 | 12/01/16 | 700,000 | 735,000 |
Materials 12.8% | 21,591,327 | |||
| ||||
Chemicals 1.6% | ||||
American Pacific Corp. (Z) | 9.000 | 02/01/15 | 565,000 | 569,944 |
Braskem Finance, Ltd. (S)(Z) | 5.750 | 04/15/21 | 200,000 | 208,500 |
Fufeng Group, Ltd. (S)(Z) | 7.625 | 04/13/16 | 985,000 | 817,550 |
The Dow Chemical Company | 5.900 | 02/15/15 | 1,000,000 | 1,118,524 |
Construction Materials 2.1% | ||||
Cemex SAB de CV (S) | 9.000 | 01/11/18 | 1,000,000 | 930,000 |
China Shanshui Cement Group, Ltd. (S)(Z) | 8.500 | 05/25/16 | 350,000 | 346,500 |
Magnesita Finance, Ltd. (Q)(S) | 8.625 | 04/05/17 | 1,000,000 | 1,005,700 |
Votorantim Cimentos SA (S) | 7.250 | 04/05/41 | 1,000,000 | 1,043,500 |
Vulcan Materials Company | 7.500 | 06/15/21 | 120,000 | 132,750 |
Containers & Packaging 2.7% | ||||
AEP Industries, Inc. | 8.250 | 04/15/19 | 355,000 | 369,200 |
Berry Plastics Corp. (Z) | 8.250 | 11/15/15 | 770,000 | 814,275 |
Berry Plastics Corp. (Z) | 9.750 | 01/15/21 | 500,000 | 560,000 |
Cascades, Inc. (Z) | 7.875 | 01/15/20 | 240,000 | 247,200 |
Graphic Packaging International, Inc. (Z) | 7.875 | 10/01/18 | 236,000 | 261,960 |
Graphic Packaging International, Inc. (Z) | 9.500 | 06/15/17 | 185,000 | 204,194 |
Pretium Packaging LLC | 11.500 | 04/01/16 | 160,000 | 163,200 |
Sealed Air Corp. (S)(Z) | 8.375 | 09/15/21 | 1,500,000 | 1,710,000 |
Tekni-Plex, Inc. (S) | 9.750 | 06/01/19 | 275,000 | 286,000 |
Metals & Mining 5.6% | ||||
AngloGold Ashanti Holdings PLC | 5.125 | 08/01/22 | 1,000,000 | 1,027,475 |
APERAM (S)(Z) | 7.750 | 04/01/18 | 300,000 | 247,500 |
CSN Islands XI Corp. (S)(Z) | 6.875 | 09/21/19 | 250,000 | 275,500 |
Essar Steel Algoma, Inc. (S)(Z) | 9.375 | 03/15/15 | 500,000 | 485,000 |
Evraz Group SA (S) | 6.750 | 04/27/18 | 500,000 | 481,250 |
Gerdau Holdings, Inc. (S)(Z) | 7.000 | 01/20/20 | 360,000 | 413,100 |
5 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
Materials (continued) | ||||
| ||||
Metinvest BV (S)(Z) | 8.750 | 02/14/18 | $555,000 | $514,763 |
Midwest Vanadium Pty, Ltd. (S) | 11.500 | 02/15/18 | 1,000,000 | 670,000 |
Mongolian Mining Corp. (S) | 8.875 | 03/29/17 | 1,000,000 | 1,007,500 |
Rain CII Carbon LLC (S)(Z) | 8.000 | 12/01/18 | 945,000 | 966,263 |
Rio Tinto Finance USA, Ltd. (Z) | 7.125 | 07/15/28 | 710,000 | 1,018,817 |
Ryerson, Inc. (Z) | 12.000 | 11/01/15 | 1,000,000 | 1,005,000 |
SunCoke Energy, Inc. | 7.625 | 08/01/19 | 105,000 | 104,344 |
Teck Resources, Ltd. | 10.750 | 05/15/19 | 120,000 | 145,200 |
Vedanta Resources PLC (S)(Z) | 8.250 | 06/07/21 | 795,000 | 751,275 |
Winsway Coking Coal Holding, Ltd. (S)(Z) | 8.500 | 04/08/16 | 425,000 | 403,750 |
Paper & Forest Products 0.8% | ||||
Boise Paper Holdings LLC (Z) | 8.000 | 04/01/20 | 515,000 | 580,663 |
Resolute Forest Products (Z) | 10.250 | 10/15/18 | 628,000 | 704,930 |
Telecommunication Services 9.6% | 16,288,865 | |||
| ||||
Diversified Telecommunication Services 5.2% | ||||
Axtel SAB de CV (S)(Z) | 7.625 | 02/01/17 | 810,000 | 461,700 |
Axtel SAB de CV (S)(Z) | 9.000 | 09/22/19 | 260,000 | 148,200 |
Cincinnati Bell, Inc. (Z) | 8.750 | 03/15/18 | 540,000 | 527,850 |
Frontier Communications Corp. (Z) | 7.125 | 03/15/19 | 530,000 | 547,225 |
Frontier Communications Corp. (Z) | 8.750 | 04/15/22 | 435,000 | 465,450 |
GTP Acquisition Partners I LLC (S) | 7.628 | 06/15/16 | 370,000 | 386,133 |
GXS Worldwide, Inc. (Z) | 9.750 | 06/15/15 | 430,000 | 439,675 |
Intelsat Luxembourg SA | 11.250 | 02/04/17 | 1,470,000 | 1,528,800 |
Intelsat Luxembourg SA, PIK (S) | 11.500 | 02/04/17 | 390,000 | 405,600 |
OTE PLC | 5.000 | 08/05/13 | 1,000,000 | 973,246 |
Sable International Finance, Ltd. (S)(Z) | 7.750 | 02/15/17 | 250,000 | 261,250 |
Satmex Escrow SA de CV | 9.500 | 05/15/17 | 404,000 | 423,190 |
Satmex Escrow SA de CV (S)(Z) | 9.500 | 05/15/17 | 1,000,000 | 1,047,500 |
Wind Acquisition Finance SA (S) | 11.750 | 07/15/17 | 1,000,000 | 830,000 |
Wind Acquisition Holdings Finance SA, PIK (S) | 12.250 | 07/15/17 | 530,625 | 334,294 |
Wireless Telecommunication Services 4.4% | ||||
CC Holdings GS V LLC (S)(Z) | 7.750 | 05/01/17 | 410,000 | 444,338 |
Crown Castle Towers LLC (S)(Z) | 4.883 | 08/15/20 | 750,000 | 824,979 |
Nextel Communications, Inc. (Z) | 7.375 | 08/01/15 | 1,340,000 | 1,350,050 |
NII Capital Corp. (Z) | 10.000 | 08/15/16 | 320,000 | 320,000 |
SBA Tower Trust (S) | 2.933 | 12/15/17 | 380,000 | 380,000 |
SBA Tower Trust (S)(Z) | 5.101 | 04/17/17 | 580,000 | 634,385 |
Sprint Nextel Corp. (S) | 11.500 | 11/15/21 | 2,150,000 | 2,580,000 |
VimpelCom Holdings BV (S) | 7.504 | 03/01/22 | 1,000,000 | 975,000 |
Utilities 4.0% | 6,819,893 | |||
| ||||
Electric Utilities 2.9% | ||||
Beaver Valley II Funding | 9.000 | 06/01/17 | 298,000 | 307,381 |
BVPS II Funding Corp. | 8.890 | 06/01/17 | 441,000 | 489,082 |
CE Generation LLC (Z) | 7.416 | 12/15/18 | 448,400 | 447,840 |
Centrais Eletricas do Para SA (H)(S)(Z) | 10.500 | 06/03/16 | 415,000 | 132,800 |
Eskom Holdings SOC, Ltd. (S) | 5.750 | 01/26/21 | 500,000 | 554,375 |
Exelon Corp. (Z) | 4.900 | 06/15/15 | 1,015,000 | 1,110,261 |
FPL Energy National Wind LLC (S)(Z) | 5.608 | 03/10/24 | 214,064 | 214,462 |
Israel Electric Corp., Ltd. (S)(Z) | 6.700 | 02/10/17 | 1,000,000 | 1,055,016 |
PNPP II Funding Corp. | 9.120 | 05/30/16 | 214,000 | 229,096 |
Texas Competitive Electric Holdings Company LLC (S) | 11.500 | 10/01/20 | 155,000 | 114,700 |
6 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
Utilities (continued) | ||||
| ||||
W3A Funding Corp. (Z) | 8.090 | 01/02/17 | $299,538 | $304,807 |
Independent Power Producers & Energy Traders 1.1% | ||||
Listrindo Capital BV (S) | 6.950 | 02/21/19 | 1,000,000 | 1,035,260 |
NRG Energy, Inc. (Z) | 7.375 | 01/15/17 | 795,000 | 824,813 |
Convertible Bonds 1.6% (1.1% of Total Investments) | $2,749,895 | |||
| ||||
(Cost $2,512,773) | ||||
Consumer Discretionary 0.5% | 835,460 | |||
| ||||
Media 0.5% | ||||
XM Satellite Radio, Inc. (S) | 7.000 | 12/01/14 | 592,000 | 835,460 |
Health Care 0.5% | 940,000 | |||
| ||||
Health Care Equipment & Supplies 0.5% | ||||
NuVasive, Inc. (Z) | 2.750 | 07/01/17 | 1,000,000 | 940,000 |
Industrials 0.3% | 493,185 | |||
| ||||
Airlines 0.3% | ||||
United Continental Holdings, Inc. (Z) | 4.500 | 06/30/21 | 550,000 | 493,185 |
Materials 0.3% | 481,250 | |||
| ||||
Containers & Packaging 0.3% | ||||
Owens-Brockway Glass Container, Inc. (S)(Z) | 3.000 | 06/01/15 | 500,000 | 481,250 |
Capital Preferred Securities (a) 0.4% (0.3% of Total Investments) | $672,000 | |||
| ||||
(Cost $700,000) | ||||
Financials 0.4% | 672,000 | |||
| ||||
Commercial Banks 0.4% | ||||
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 | 672,000 |
U.S. Government & Agency Obligations 25.0% (16.7% of Total Investments) | $42,389,976 | |||
| ||||
(Cost $40,774,823) | ||||
U.S. Government 3.5% | 5,925,691 | |||
| ||||
U.S. Treasury Bonds | ||||
Bond (Z) | 3.125 | 02/15/42 | 410,000 | 458,367 |
U.S. Treasury Notes | ||||
Note (Z) | 1.750 | 05/15/22 | 1,120,000 | 1,147,825 |
Note (Z) | 2.000 | 04/30/16 | 3,460,000 | 3,666,790 |
U.S. Treasury Strips, PO (Z) | 2.907 | 11/15/30 | 1,025,000 | 652,709 |
U.S. Government Agency 21.5% | 36,464,285 | |||
| ||||
Federal Home Loan Mortgage Corp. | ||||
30 Yr Pass Thru (Z) | 5.000 | 03/01/41 | 3,121,767 | 3,507,401 |
30 Yr Pass Thru | 6.500 | 06/01/37 | 28,764 | 32,334 |
30 Yr Pass Thru | 6.500 | 10/01/37 | 72,259 | 81,182 |
30 Yr Pass Thru | 6.500 | 11/01/37 | 163,610 | 183,813 |
30 Yr Pass Thru | 6.500 | 12/01/37 | 70,629 | 79,351 |
30 Yr Pass Thru | 6.500 | 03/01/38 | 297,565 | 334,541 |
7 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
U.S. Government Agency (continued) | ||||
| ||||
Federal National Mortgage Association | ||||
30 Yr Pass Thru | 3.500 | 06/01/42 | $2,484,001 | $2,657,121 |
30 Yr Pass Thru (Z) | 4.000 | 12/01/40 | 6,368,146 | 7,019,059 |
30 Yr Pass Thru | 4.000 | 09/01/41 | 5,175,496 | 5,623,636 |
30 Yr Pass Thru | 4.000 | 10/01/41 | 2,478,605 | 2,708,716 |
30 Yr Pass Thru (Z) | 4.500 | 10/01/40 | 3,725,825 | 4,128,763 |
30 Yr Pass Thru | 5.000 | 02/01/41 | 510,934 | 558,263 |
30 Yr Pass Thru | 5.000 | 04/01/41 | 901,741 | 1,015,423 |
30 Yr Pass Thru | 5.500 | 06/01/38 | 2,303,505 | 2,522,275 |
30 Yr Pass Thru | 5.500 | 08/01/40 | 325,569 | 357,761 |
30 Yr Pass Thru (Z) | 6.000 | 05/01/37 | 1,631,519 | 1,804,394 |
30 Yr Pass Thru (Z) | 6.500 | 07/01/36 | 614,771 | 692,773 |
30 Yr Pass Thru (Z) | 6.500 | 10/01/37 | 394,026 | 443,897 |
30 Yr Pass Thru (Z) | 6.500 | 01/01/39 | 2,410,054 | 2,713,582 |
Foreign Government Obligations 5.0% (3.3% of Total Investments) | $8,440,229 | |||
| ||||
(Cost $8,252,272) | ||||
Argentina 1.3% | 2,151,520 | |||
| ||||
City of Buenos Aires (S)(Z) | 12.500 | 04/06/15 | 1,700,000 | 1,600,720 |
Provincia de Neuquen (S) | 7.875 | 04/26/21 | 680,000 | 550,800 |
Canada 0.5% | 804,807 | |||
| ||||
Province of Ontario | 3.150 | 12/15/17 | 735,000 | 804,807 |
Georgia 0.1% | 218,500 | |||
| ||||
Republic of Georgia (S)(Z) | 6.875 | 04/12/21 | 200,000 | 218,500 |
Mexico 0.5% | 858,375 | |||
| ||||
Government of Mexico | ||||
Bond (Z) | 5.125 | 01/15/20 | 315,000 | 378,000 |
Bond (Z) | 5.875 | 02/17/14 | 450,000 | 480,375 |
Peru 0.2% | 255,500 | |||
| ||||
Republic of Peru (Z) | 7.350 | 07/21/25 | 175,000 | 255,500 |
Poland 0.7% | 1,145,000 | |||
| ||||
Republic of Poland (Z) | 5.000 | 03/23/22 | 1,000,000 | 1,145,000 |
Slovakia 0.4% | 618,000 | |||
| ||||
Government of Slovakia | ||||
Bond (S) | 4.375 | 05/21/22 | 600,000 | 618,000 |
South Korea 0.1% | 220,013 | |||
| ||||
Korea Development Bank (Z) | 4.375 | 08/10/15 | 205,000 | 220,013 |
Turkey 0.6% | 1,082,500 | |||
| ||||
Export Credit Bank of Turkey (S) | 5.875 | 04/24/19 | 1,000,000 | 1,082,500 |
Ukraine 0.6% | 1,086,014 | |||
| ||||
City of Kyiv (S) | 9.375 | 07/11/16 | 1,285,000 | 1,086,014 |
8 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
Term Loans (M) 1.3% (0.8% of Total Investments) | $2,112,783 | |||
| ||||
(Cost $2,179,792) | ||||
Consumer Discretionary 0.5% | 838,221 | |||
| ||||
PRIMEDIA, Inc. | 7.500 | 01/12/18 | $940,500 | 838,221 |
Consumer Staples 0.2% | 241,337 | |||
| ||||
Revlon Consumer Products Corp. | 4.750 | 11/17/17 | 242,550 | 241,337 |
Health Care 0.2% | 340,441 | |||
| ||||
National Mentor Holdings, Inc. | 7.000 | 02/09/17 | 345,625 | 340,441 |
Industrials 0.4% | 692,784 | |||
| ||||
Delta Air Lines, Inc. | 5.500 | 04/20/17 | 693,000 | 692,784 |
Collateralized Mortgage Obligations 9.9% (6.6% of Total Investments) | $16,727,727 | |||
| ||||
(Cost $14,606,720) | ||||
Commercial & Residential 6.1% | 10,369,633 | |||
| ||||
American Home Mortgage Assets | ||||
Series 2006-6, Class XP IO | 2.261 | 12/25/46 | 6,957,739 | 478,589 |
American Tower Trust | ||||
Series 2007-1A, Class C (S) | 5.615 | 04/15/37 | 195,000 | 204,953 |
Commercial Mortgage Pass Through Certificates | ||||
Series 2012-LC4, Class B (P) | 4.934 | 12/10/44 | 365,000 | 391,386 |
Series 2012-LC4, Class C (P) | 5.649 | 12/10/44 | 290,000 | 299,458 |
Countrywide Alternative Loan Trust | ||||
Series 2006-OA12, Class X IO | 2.693 | 09/20/46 | 33,579,653 | 1,981,448 |
GSR Mortgage Loan Trust | ||||
Series 2006-4F, Class 6A1 | 6.500 | 05/25/36 | 2,530,508 | 1,816,946 |
Series 2004-9, Class B1 (P) | 3.272 | 08/25/34 | 761,946 | 321,783 |
Harborview Mortgage Loan Trust | ||||
Series 2005-8, Class 1X IO | 2.140 | 09/19/35 | 4,131,610 | 229,923 |
Series 2007-3, Class ES IO | 0.350 | 05/19/47 | 7,401,927 | 46,262 |
Series 2007-4, Class ES IO | 0.350 | 07/19/47 | 8,979,820 | 56,124 |
Series 2007-6, Class ES IO (S) | 0.342 | 08/19/37 | 6,201,821 | 38,761 |
IndyMac Index Mortgage Loan Trust | ||||
Series 2005-AR18, Class 1X IO | 2.034 | 10/25/36 | 8,832,335 | 570,216 |
Series 2005-AR18, Class 2X IO | 1.691 | 10/25/36 | 8,177,613 | 381,240 |
JPMorgan Chase Commercial Mortgage Securities Corp. | ||||
Series 2012-HSBC Class XA, IO (S) | 1.582 | 07/05/32 | 3,495,000 | 404,728 |
Morgan Stanley Capital I | ||||
Series 2006-HQ10, Class AM | 5.360 | 11/12/41 | 665,000 | 717,467 |
Series 2008-HQ8, Class AM (P) | 5.468 | 03/12/44 | 995,000 | 1,076,536 |
WaMu Mortgage Pass Through Certificates | ||||
Series 2005-AR1, Class X IO | 1.458 | 01/25/45 | 11,984,242 | 589,289 |
Series 2005-AR6, Class X IO | 1.600 | 04/25/45 | 7,436,940 | 422,759 |
Series 2005-AR8, Class X IO | 1.578 | 07/25/45 | 6,810,525 | 341,765 |
U.S. Government Agency 3.8% | 6,358,094 | |||
| ||||
Federal Home Loan Mortgage Corp. | ||||
Series 3830, Class NI IO | 4.500 | 01/15/36 | 4,043,948 | 471,708 |
Series 4065, Class QA | 3.000 | 08/15/41 | 876,338 | 917,812 |
Series 4068, Class AP | 3.500 | 06/15/40 | 1,300,924 | 1,406,073 |
Series 4068, Class BH | 3.000 | 06/15/40 | 1,091,618 | 1,140,430 |
9 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Maturity | Par value | |||
Rate (%) | date | Value | ||
U.S. Government Agency (continued) | ||||
| ||||
Series K017, Class X1 IO | 1.459 | 12/25/21 | $2,732,269 | $277,027 |
Series K709, Class X1 IO | 1.547 | 03/25/19 | 3,290,000 | 278,653 |
Series K710, Class X1 IO | 1.916 | 05/25/19 | 2,490,000 | 247,385 |
Federal National Mortgage Association | ||||
Series 2012-67, Class KG | 3.500 | 02/25/41 | 399,113 | 433,854 |
Series 398, Class C3 IO | 4.500 | 05/25/39 | 899,409 | 102,002 |
Series 402, Class 3 IO | 4.000 | 11/25/39 | 857,069 | 106,836 |
Series 402, Class 4 IO | 4.000 | 10/25/39 | 1,451,656 | 176,256 |
Series 407, Class 15 IO | 5.000 | 01/25/40 | 1,243,097 | 177,073 |
Series 407, Class 21 IO | 5.000 | 01/25/39 | 979,001 | 94,361 |
Series 407, Class 7 IO | 5.000 | 03/25/41 | 922,122 | 177,069 |
Series 407, Class 8 IO | 5.000 | 03/25/41 | 232,889 | 38,040 |
Series 407, Class C6 IO | 5.500 | 01/25/40 | 1,954,105 | 313,515 |
Asset Backed Securities 3.0% (2.0% of Total Investments) | $5,001,796 | |||
| ||||
(Cost $4,825,141) | ||||
Asset Backed Securities 3.0% | 5,001,796 | |||
| ||||
Argent Securities, Inc. | ||||
Series 2006-M2, Class A2C (P) | 0.396 | 09/25/36 | 1,385,214 | 418,789 |
Asset Backed Securities Corp. Home Equity | ||||
Series 2006-HE1, Class A3 (P) | 0.446 | 01/25/36 | 626,656 | 514,534 |
ContiMortgage Home Equity Loan Trust | ||||
Series 1995-2, Class A-5 | 8.100 | 08/15/25 | 34,389 | 34,109 |
Countrywide Asset-Backed Certificates | ||||
Series 2006-3, Class 2A2 (P) | 0.426 | 06/25/36 | 671,493 | 617,470 |
Dominos Pizza Master Issuer LLC | ||||
Series 2012-1A, Class A2 (S) | 5.216 | 01/25/42 | 1,111,600 | 1,181,788 |
Home Equity Asset Trust | ||||
Series 2003-1, Class M1 (P) | 1.746 | 06/25/33 | 1,070,895 | 864,591 |
Mastr Asset Backed Securities Trust | ||||
Series 2006-HE4, Class A2 (P) | 0.356 | 11/25/36 | 1,794,124 | 632,109 |
Sonic Capital LLC | ||||
Series 2011-1A, Class A2 (S) | 5.438 | 05/20/41 | 694,800 | 738,406 |
Shares | Value | |||
Common Stocks 0.7% (0.5% of Total Investments) | $1,256,831 | |||
| ||||
(Cost $2,390,374) | ||||
Consumer Discretionary 0.2% | 404,548 | |||
| ||||
Hotels, Restaurants & Leisure 0.0% | ||||
Greektown Superholdings, Inc. (I) | 977 | 50,638 | ||
Media 0.2% | ||||
Charter Communications, Inc., Class A (I)(Z) | 4,301 | 330,833 | ||
Dex One Corp. (I) | 20,979 | 23,077 | ||
Vertis Holdings, Inc. (I) | 34,015 | 0 | ||
Materials 0.5% | 852,283 | |||
| ||||
Containers & Packaging 0.5% | ||||
Rock-Tenn Company, Class A (Z) | 14,639 | 852,283 |
10 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Shares | Value | |||
Preferred Securities (b) 2.1% (1.4% of Total Investments) | $3,629,380 | |||
| ||||
(Cost $4,177,753) | ||||
Consumer Discretionary 1.2% | 2,080,280 | |||
| ||||
Automobiles 0.1% | ||||
General Motors Company, Series B, 4.750% (Z) | 5,290 | 177,056 | ||
Hotels, Restaurants & Leisure 0.8% | ||||
Greektown Superholdings, Inc., Series A (I) | 19,074 | 1,381,911 | ||
Media 0.3% | ||||
Nielsen Holdings NV, 6.250% | 950,000 | 521,313 | ||
Financials 0.6% | 1,005,600 | |||
| ||||
Real Estate Investment Trusts 0.6% | ||||
Public Storage, Inc., Series W, 6.500% | 40,000 | 1,005,600 | ||
Utilities 0.3% | 543,500 | |||
| ||||
Electric Utilities 0.3% | ||||
PPL Corp., 9.500% | 10,000 | 543,500 | ||
Maturity | Par value | |||
Rate (%) | date | Value | ||
Escrow Certificates 0.0% (0.0% of Total Investments) | $34,850 | |||
| ||||
(Cost $0) | ||||
Consumer Discretionary 0.0% | 0 | |||
| ||||
SuperMedia, Inc. (I) | 8.000 | 11/15/16 | $2,000,000 | 0 |
Materials 0.0% | 34,850 | |||
| ||||
Smurfit-Stone Container Corp. (I) | 8.000 | 03/15/17 | 1,640,000 | 34,850 |
Par value | Value | |||
Short-Term Investments 0.6% (0.4% of Total Investments) | $1,000,000 | |||
| ||||
(Cost $1,000,000) | ||||
Repurchase Agreement 0.6% | 1,000,000 | |||
| ||||
Repurchase Agreement with State Street Corp. dated 7-31-12 at | ||||
0.010% to be repurchased at $1,000,000, on 8-1-12, collateralized | ||||
by $1,020,000 Federal National Mortgage Association, 0.650% due | ||||
8-28-14 (valued at $1,022,570, including interest) | 1,000,000 | 1,000,000 | ||
Total investments (Cost $245,116,358)† 150.0% | $254,005,829 | |||
| ||||
Other assets and liabilities, net (50.0%) | ($84,722,214) | |||
| ||||
Total net assets 100.0% | $169,283,615 | |||
|
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). Rate shown is the annualized yield at the end of the period.
LIBOR London Interbank Offered Rate
11 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
PIK Payment-in-kind
PO Principal-Only Security - (Principal Tranche of Stripped Security). Rate shown is the annualized yield on date of purchase.
REIT Real Estate Investment Trust
USGG U.S. Generic Government Yield Index
(a) Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.
(b) Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.
(H) Non-income producing - Issuer is in default.
(I) Non-income producing security.
(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(P) Variable rate obligation. The coupon rate shown represents the rate at period end.
(Q) Perpetual bonds have no stated maturity date. Date shown is next call date.
(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 $92,478,715 or 54.6% of the Fund's net assets as of 7-31-12.
(Z) All or a portion of this security is segregated as collateral pursuant to the Committed Facility Agreement. Total collateral value at 7-31-12 was $158,997,731.
† At 7-31-12, the aggregate cost of investment securities for federal income tax purposes was $245,610,227. Net unrealized appreciation aggregated $8,395,602, of which $18,927,894 related to appreciated investment securities and $10,532,292 related to depreciated investment securities.
The Fund had the following country concentration as a percentage of investments on 7-31-12:
United States | 68.4% | |
Cayman Islands | 4.7% | |
Mexico | 3.3% | |
United Kingdom | 3.0% | |
Netherlands | 2.4% | |
Luxembourg | 1.9% | |
Argentina | 1.5% | |
Canada | 1.5% | |
Brazil | 1.5% | |
Peru | 1.3% | |
Other Countries | 10.5% |
12 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Notes to the Schedule of Investments
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. 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. Swaps are marked-to-market daily based upon values from third party vendors, which may include a registered commodities exchange, or broker quotations. Foreign securities and currencies, including forward foreign currency contracts, are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities and forward foreign currency contracts 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 between 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.
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 securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued 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 inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using 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. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
13 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
The following is a summary of the values by input classification of the Fund’s investments as of July 31, 2012, by major security category or type:
Level 2 | Level 3 | |||||
Total Market | Level 1 | Significant | Significant | |||
Value at | Quoted | Observable | Unobservable | |||
7-31-12 | Price | Inputs | Inputs | |||
Corporate Bonds | $169,990,362 | — | $168,788,203 | $1,202,159 | ||
Convertible Bonds | 2,749,895 | — | 2,749,895 | — | ||
Capital Preferred Securities | 672,000 | — | 672,000 | — | ||
U.S. Government & Agency Obligations | 42,389,976 | — | 42,389,976 | — | ||
Foreign Government Obligations | 8,440,229 | — | 8,440,229 | — | ||
Term Loans | 2,112,783 | — | 2,112,783 | — | ||
Collateralized Mortgage Obligations | 16,727,727 | — | 16,586,580 | 141,147 | ||
Asset Backed Securities | 5,001,796 | — | 5,001,796 | — | ||
Common Stocks | 1,256,831 | $1,206,193 | — | 50,638 | ||
Preferred Securities | 3,629,380 | 1,726,156 | 521,313 | 1,381,911 | ||
Escrow Certificates | 34,850 | — | 34,850 | — | ||
Short-Term Investments | 1,000,000 | — | 1,000,000 | — | ||
|
||||||
Total Investments in Securities | $254,005,829 | $2,932,349 | $248,297,625 | $2,775,855 | ||
Other Financial Instruments | ||||||
Forward Foreign Currency Contracts | $12,186 | — | $12,186 | — | ||
Interest Rate Swaps | ($1,229,210) | — | ($1,229,210) | — |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period and in all cases were transferred out of Level 2. Securities were transferred into Level 3 because of a lack of observable market data which resulted from an absence of market activity for these securities.
COLLATERALIZED | ASSET | ||||||
CORPORATE | MORTGAGE | BACKED | COMMON | PREFERRED | |||
BONDS | OBLIGATIONS | SECURITIES | STOCKS | SECURITIES | TOTAL | ||
Balance as of 10-31-11 | $580,943 | $54,485 | 148,750 | $221,001 | $1,392,673 | $2,397,852 | |
Realized gain (loss) | 1,020 | — | (16) | — | — | $1,004 | |
Change in unrealized appreciation | |||||||
(depreciation) | 194,747 | 9,797 | $14,466 | (170,363) | (10,762) | $37,885 | |
Purchases | 500,000 | 622 | — | — | — | $500,622 | |
Sales | (74,551) | (23,872) | (163,200) | — | — | ($261,623) | |
Transfers into Level 3 | — | 100,115 | — | — | — | $100,115 | |
Transfers out of Level 3 | — | — | — | — | — | — | |
Balance as of 4-30-12 | $1,202,159 | $141,147 | — | $50,638 | $1,381,911 | $2,775,855 | |
Change in unrealized at period end* | $194,747 | $9,797 | — | ($170,363) | ($10,762) | $23.419 |
* Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.
Repurchase agreements. The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.
Stripped securities. Stripped mortgage-backed securities are financial instruments structured to separate principal and interest cash flows so that one class receives only principal payments 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 recover its initial investment in an IO security. The market
14 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
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 or interest payments because the borrower or issuer has defaulted on its obligation.
Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement and the risk that currency movements will not occur thereby reducing the Fund’s total return.
The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.
During the period ended July 31, 2012, the Fund used forward foreign currency contracts to hedge the currency risk of certain foreign currency denominated securities. The following table summarizes the contracts held at July 31, 2012. During the period ended July 31, 2012, the Fund held forward foreign currency contracts with USD notional up to $1.0 million, as measured at each quarter end.
Unrealized | ||||||
Principal Amount | Principal Amount Covered | Settlement | Appreciation | |||
Currency | Covered By Contract | By Contract (USD) | Counterparty | Date | (Depreciation) | |
| ||||||
Sells | ||||||
State Street Bank and | ||||||
EUR | 808,934 | $1,007,868 | Trust Company | Sep 2012 | $12,186 |
Currency Abbreviation | |
EUR | Euro |
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 at specified, future intervals. Upfront payments made/received by the Fund are amortized/accreted for financial reporting purposes. Swaps are marked-to-market daily based upon values from third party vendors or broker quotations, and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the Fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the Fund.
During the period ended July 31, 2012, 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, 2012. During the period ended July 31, 2012, the Fund held interest rate swaps with total USD notional amounts ranging from $22.0 million to $44.0 million, as measured at each quarter end.
USD Notional | Payments Received | Maturity | ||||
Counterparty | Amount | Payments Made by Fund | by Fund | Date | Market Value | |
| ||||||
Morgan Stanley | ||||||
Capital Services | $22,000,000 | Fixed 1.442500% | 3 Month LIBOR (a) | Aug 2016 | ($852,856) | |
Morgan Stanley | ||||||
Capital Services | 22,000,000 | Fixed 1.09375% | 3 Month LIBOR (a) | May 2017 | (376,354) | |
($1,229,210) |
(a) At 7-31-12, the 3-month LIBOR rate was 0.44260%.
15 |
John Hancock Investors Trust
As of 7-31-12 (Unaudited)
Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the Fund at July 31, 2012 by risk category:
Liability | |||
Asset Derivatives | Derivatives Fair | ||
Risk | Financial Instruments Location | Fair Value | Value |
| |||
Interest rate contracts | Interest rate swaps | - | ($1,229,210) |
Foreign exchange | Forward foreign currency contracts | $12,186 | |
contracts |
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 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/ Hugh McHaffie |
------------------------------ | |
Hugh McHaffie | |
President | |
Date: | September 24, 2012 |
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/ Hugh McHaffie |
------------------------------- | |
Hugh McHaffie | |
President | |
Date: | September 24, 2012 |
By: | /s/ Charles A. Rizzo |
------------------------------- | |
Charles A. Rizzo | |
Chief Financial Officer | |
Date: | September 24, 2012 |