| 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, 2014 |
ITEM 1. SCHEDULE OF INVESTMENTS
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| Corporate Bonds 109.4% (74.6% of Total Investments) | $188,609,191 | |||
|
| ||||
| (Cost $183,661,316) | ||||
| Consumer Discretionary 15.7% | 26,998,449 | |||
|
| ||||
| Auto Components 1.7% | ||||
| Allison Transmission, Inc. (S)(Z) | 7.125 | 05/15/19 | $550,000 | 594,000 |
| American Axle & Manufacturing, Inc. (Z) | 6.250 | 03/15/21 | 1,000,000 | 1,062,500 |
| The Goodyear Tire & Rubber Company | 7.000 | 05/15/22 | 1,200,000 | 1,305,000 |
| Automobiles 0.8% | ||||
| Chrysler Group LLC (Z) | 8.250 | 06/15/21 | 1,240,000 | 1,390,350 |
| Hotels, Restaurants & Leisure 1.9% | ||||
| GLP Capital LP (S) | 4.875 | 11/01/20 | 1,285,000 | 1,301,063 |
| Grupo Posadas SAB de CV (S)(Z) | 7.875 | 11/30/17 | 600,000 | 606,750 |
| Little Traverse Bay Bands of Odawa Indians (S) | 9.000 | 08/31/20 | 298,000 | 271,180 |
| Mohegan Tribal Gaming Authority (S)(Z) | 11.000 | 09/15/18 | 1,000,000 | 1,006,250 |
| Waterford Gaming LLC (S) | 8.625 | 09/15/14 | 565,577 | 161,504 |
| Household Durables 0.2% | ||||
| Corporacion GEO SAB de CV (H)(S) | 9.250 | 06/30/20 | 1,000,000 | 127,500 |
| Standard Pacific Corp. (Z) | 8.375 | 05/15/18 | 140,000 | 164,150 |
| Internet & Catalog Retail 0.6% | ||||
| QVC, Inc. | 5.950 | 03/15/43 | 1,000,000 | 939,990 |
| Leisure Equipment & Products 0.3% | ||||
| Easton-Bell Sports, Inc. (Z) | 9.750 | 12/01/16 | 465,000 | 484,181 |
| Media 8.2% | ||||
| 21st Century Fox America, Inc. (Z) | 7.750 | 01/20/24 | 980,000 | 1,211,150 |
| CBS Outdoor Americas Capital LLC (S) | 5.250 | 02/15/22 | 900,000 | 904,500 |
| CBS Outdoor Americas Capital LLC (S) | 5.625 | 02/15/24 | 900,000 | 906,750 |
| Cinemark USA, Inc. (Z) | 7.375 | 06/15/21 | 365,000 | 404,238 |
| Clear Channel Communications, Inc. (Z) | 11.250 | 03/01/21 | 3,000,000 | 3,255,000 |
| Clear Channel Communications, Inc., PIK (S) | 14.000 | 02/01/21 | 2,000,000 | 1,860,000 |
| DIRECTV Holdings LLC (Z) | 5.875 | 10/01/19 | 355,000 | 408,275 |
| Gray Television, Inc. | 7.500 | 10/01/20 | 310,000 | 330,925 |
| Myriad International Holdings BV (S)(Z) | 6.000 | 07/18/20 | 440,000 | 462,000 |
| Sinclair Television Group, Inc. | 6.375 | 11/01/21 | 830,000 | 859,050 |
| Sirius XM Radio, Inc. (S)(Z) | 5.875 | 10/01/20 | 1,000,000 | 1,011,250 |
| Time Warner Cable, Inc. (Z) | 8.250 | 04/01/19 | 375,000 | 443,728 |
| Videotron, Ltd. | 6.375 | 12/15/15 | 300,000 | 300,900 |
| WMG Acquisition Corp. (S) | 6.000 | 01/15/21 | 1,000,000 | 1,035,000 |
| WMG Acquisition Corp. (Z) | 11.500 | 10/01/18 | 685,000 | 779,188 |
| Multiline Retail 0.2% | ||||
| Macy's Retail Holdings, Inc. (Z) | 7.875 | 08/15/36 | 375,000 | 420,427 |
| Specialty Retail 1.3% | ||||
| Automotores Gildemeister SA (S)(Z) | 8.250 | 05/24/21 | 720,000 | 558,000 |
| Outerwall, Inc. | 6.000 | 03/15/19 | 500,000 | 515,625 |
| The Hillman Group, Inc. | 10.875 | 06/01/18 | 290,000 | 311,750 |
| Toys R Us Property Company II LLC (Z) | 8.500 | 12/01/17 | 225,000 | 228,375 |
| Toys R Us, Inc. | 10.375 | 08/15/17 | 660,000 | 534,600 |
| Textiles, Apparel & Luxury Goods 0.5% | ||||
| Hot Topic, Inc. (S)(Z) | 9.250 | 06/15/21 | 230,000 | 243,800 |
| PVH Corp. | 7.375 | 05/15/20 | 550,000 | 599,500 |
| 1 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| Consumer Staples 6.6% | $11,440,222 | |||
|
| ||||
| Beverages 2.2% | ||||
| Ajecorp BV (S)(Z) | 6.500 | 05/14/22 | $1,000,000 | 955,000 |
| Corporacion Lindley SA (S) | 4.625 | 04/12/23 | 1,000,000 | 898,750 |
| Crestview DS Merger Sub II, Inc. (S) | 10.000 | 09/01/21 | 1,005,000 | 1,095,450 |
| SABMiller Holdings, Inc. (S)(Z) | 3.750 | 01/15/22 | 750,000 | 768,686 |
| Commercial Services & Supplies 0.1% | ||||
| ARAMARK Corp. (S) | 5.750 | 03/15/20 | 170,000 | 176,375 |
| Food & Staples Retailing 0.6% | ||||
| Office Depot de Mexico SA de CV (S) | 6.875 | 09/20/20 | 610,000 | 626,165 |
| Tops Holding Corp. (S) | 8.875 | 12/15/17 | 400,000 | 437,000 |
| Food Products 2.3% | ||||
| Bunge, Ltd. Finance Corp. (Z) | 5.350 | 04/15/14 | 1,015,000 | 1,023,849 |
| Corporacion Pesquera Inca SAC (S)(Z) | 9.000 | 02/10/17 | 1,350,000 | 1,326,375 |
| Marfrig Holding Europe BV (S)(Z) | 8.375 | 05/09/18 | 600,000 | 552,000 |
| Marfrig Holding Europe BV (S)(Z) | 9.875 | 07/24/17 | 600,000 | 588,000 |
| Post Holdings, Inc. (S) | 6.750 | 12/01/21 | 260,000 | 272,350 |
| TreeHouse Foods, Inc. (Z) | 7.750 | 03/01/18 | 175,000 | 182,219 |
| Household Products 0.2% | ||||
| Reynolds Group Issuer, Inc. (Z) | 8.500 | 05/15/18 | 390,000 | 409,500 |
| Tobacco 1.2% | ||||
| Lorillard Tobacco Company (Z) | 6.875 | 05/01/20 | 720,000 | 847,503 |
| Vector Group, Ltd. (Z) | 7.750 | 02/15/21 | 1,200,000 | 1,281,000 |
| Energy 16.8% | 29,036,447 | |||
|
| ||||
| Energy Equipment & Services 5.5% | ||||
| Astoria Depositor Corp. (S) | 8.144 | 05/01/21 | 750,000 | 772,500 |
| EDC Finance, Ltd. (S) | 4.875 | 04/17/20 | 1,000,000 | 947,500 |
| Forbes Energy Services, Ltd. (Z) | 9.000 | 06/15/19 | 295,000 | 288,363 |
| Hercules Offshore, Inc. (S)(Z) | 7.500 | 10/01/21 | 550,000 | 570,625 |
| Inkia Energy, Ltd. (S) | 8.375 | 04/04/21 | 1,400,000 | 1,503,240 |
| Key Energy Services, Inc. | 6.750 | 03/01/21 | 1,500,000 | 1,541,250 |
| Offshore Group Investment, Ltd. (Z) | 7.125 | 04/01/23 | 2,000,000 | 2,000,000 |
| Permian Holdings, Inc. (S) | 10.500 | 01/15/18 | 800,000 | 792,000 |
| RKI Exploration & Production LLC (S) | 8.500 | 08/01/21 | 565,000 | 598,900 |
| TMK OAO (S) | 6.750 | 04/03/20 | 600,000 | 574,548 |
| Oil, Gas & Consumable Fuels 11.3% | ||||
| Arch Coal Inc (S) | 8.000 | 01/15/19 | 1,540,000 | 1,536,150 |
| Carrizo Oil & Gas, Inc. | 7.500 | 09/15/20 | 1,200,000 | 1,308,000 |
| Clayton Williams Energy, Inc. (S) | 7.750 | 04/01/19 | 1,070,000 | 1,107,450 |
| CNOOC Finance 2012, Ltd. (S)(Z) | 5.000 | 05/02/42 | 1,000,000 | 958,097 |
| DTEK Finance BV (S)(Z) | 9.500 | 04/28/15 | 161,000 | 156,975 |
| EV Energy Partners LP (Z) | 8.000 | 04/15/19 | 405,000 | 412,594 |
| Georgian Oil and Gas Corp. (S)(Z) | 6.875 | 05/16/17 | 1,500,000 | 1,552,500 |
| Indo Energy Finance II BV (S) | 6.375 | 01/24/23 | 300,000 | 240,000 |
| Linn Energy LLC (Z) | 8.625 | 04/15/20 | 910,000 | 982,800 |
| Lukoil International Finance BV (S)(Z) | 4.563 | 04/24/23 | 1,000,000 | 922,500 |
| Niska Gas Storage US LLC (Z) | 8.875 | 03/15/18 | 565,000 | 589,719 |
| Pacific Rubiales Energy Corp. (S) | 5.125 | 03/28/23 | 705,000 | 639,788 |
| Pan American Energy LLC (S)(Z) | 7.875 | 05/07/21 | 1,100,000 | 1,045,000 |
| Petrobras International Finance Company (Z) | 5.375 | 01/27/21 | 500,000 | 494,151 |
| Plains All American Pipeline LP (Z) | 6.500 | 05/01/18 | 1,000,000 | 1,175,219 |
| 2 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| Energy (continued) | ||||
|
| ||||
| Plains Exploration & Production Company (Z) | 6.875 | 02/15/23 | $750,000 | $828,750 |
| Samson Investment Company (S)(Z) | 10.500 | 02/15/20 | 1,885,000 | 2,073,500 |
| Tullow Oil PLC (S) | 6.000 | 11/01/20 | 1,750,000 | 1,789,375 |
| Valero Energy Corp. (Z) | 4.500 | 02/01/15 | 205,000 | 212,577 |
| Valero Energy Corp. (Z) | 6.125 | 02/01/20 | 205,000 | 239,001 |
| W&T Offshore, Inc. (Z) | 8.500 | 06/15/19 | 675,000 | 722,250 |
| Westmoreland Escrow Corp. (S) | 10.750 | 02/01/18 | 425,000 | 461,125 |
| Financials 21.5% | 37,005,301 | |||
|
| ||||
| Capital Markets 3.7% | ||||
| E*TRADE Financial Corp. | 6.375 | 11/15/19 | 1,000,000 | 1,075,000 |
| Morgan Stanley (Z) | 3.800 | 04/29/16 | 1,000,000 | 1,057,308 |
| Morgan Stanley (Z) | 5.750 | 01/25/21 | 1,000,000 | 1,137,447 |
| The Goldman Sachs Group, Inc. (Z) | 5.250 | 07/27/21 | 990,000 | 1,086,763 |
| The Goldman Sachs Group, Inc. (Z) | 6.250 | 09/01/17 | 1,000,000 | 1,145,819 |
| Walter Investment Management Corp. (S) | 7.875 | 12/15/21 | 875,000 | 885,938 |
| Commercial Banks 4.5% | ||||
| Banco Bradesco SA (S)(Z) | 5.750 | 03/01/22 | 500,000 | 491,875 |
| Banco Regional SAECA (S) | 8.125 | 01/24/19 | 400,000 | 404,040 |
| Barclays Bank PLC (S)(Z) | 10.179 | 06/12/21 | 195,000 | 258,857 |
| BBVA Bancomer SA (S)(Z) | 6.500 | 03/10/21 | 1,000,000 | 1,073,750 |
| Credit Agricole SA (7.875% to 1-23-24, then 5 year U.S. | ||||
| Swap Rate + 4.898%) (Q)(S) | 7.875 | 01/23/24 | 500,000 | 507,500 |
| GTB Finance B.V. (S)(Z) | 7.500 | 05/19/16 | 285,000 | 300,675 |
| National City Bank of Indiana (Z) | 4.250 | 07/01/18 | 2,000,000 | 2,151,538 |
| Sberbank of Russia (S)(Z) | 6.125 | 02/07/22 | 1,000,000 | 1,042,500 |
| State Bank of India (S)(Z) | 4.500 | 07/27/15 | 500,000 | 516,886 |
| VTB Bank OJSC (9.500% to 12-06-22, then 10 Year U.S. | ||||
| Treasury + 8.067%) (Q)(S) | 9.500 | 12/06/22 | 1,000,000 | 1,070,000 |
| Consumer Finance 3.8% | ||||
| American Express Credit Corp. (Z) | 5.125 | 08/25/14 | 1,000,000 | 1,026,477 |
| Credit Acceptance Corp. (S) | 6.125 | 02/15/21 | 1,005,000 | 1,022,588 |
| DTEK Finance PLC (S)(Z) | 7.875 | 04/04/18 | 2,000,000 | 1,775,000 |
| SLM Corp. (Z) | 5.500 | 01/25/23 | 1,800,000 | 1,692,841 |
| SLM Corp. (Z) | 8.450 | 06/15/18 | 485,000 | 561,994 |
| Springleaf Finance Corp. | 8.250 | 10/01/23 | 500,000 | 545,000 |
| Diversified Financial Services 5.0% | ||||
| Alfa Bank OJSC (S)(Z) | 7.750 | 04/28/21 | 300,000 | 321,750 |
| Bank of Ceylon (S)(Z) | 6.875 | 05/03/17 | 1,000,000 | 1,022,500 |
| Cementos Progreso Trust (S) | 7.125 | 11/06/23 | 1,195,000 | 1,215,913 |
| CorpGroup Banking SA (S) | 6.750 | 03/15/23 | 1,000,000 | 989,918 |
| Corporacion Andina de Fomento (Z) | 3.750 | 01/15/16 | 690,000 | 720,160 |
| Gruposura Finance (S)(Z) | 5.700 | 05/18/21 | 440,000 | 455,400 |
| Intercorp Retail Trust (S)(Z) | 8.875 | 11/14/18 | 305,000 | 319,869 |
| Jefferies Finance LLC (S) | 7.375 | 04/01/20 | 500,000 | 523,750 |
| JPMorgan Chase & Company (Z) | 3.450 | 03/01/16 | 2,000,000 | 2,099,754 |
| Leucadia National Corp. | 5.500 | 10/18/23 | 500,000 | 513,214 |
| Nationstar Mortgage LLC (Z) | 10.875 | 04/01/15 | 375,000 | 379,219 |
| Insurance 1.9% | ||||
| CNA Financial Corp. (Z) | 7.350 | 11/15/19 | 655,000 | 799,561 |
| Lincoln National Corp. (7.000% to 5-17-16, then 3 month | ||||
| LIBOR + 2.358%) (Z) | 7.000 | 05/17/66 | 370,000 | 377,400 |
| MetLife, Inc. (Z) | 6.817 | 08/15/18 | 1,000,000 | 1,205,992 |
| 3 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| Financials (continued) | ||||
|
| ||||
| Symetra Financial Corp. (8.300% to 10-15-17, then 3 month | ||||
| LIBOR + 4.177%) (S) | 8.300 | 10/15/37 | $520,000 | $546,000 |
| Willis North America, Inc. (Z) | 7.000 | 09/29/19 | 215,000 | 251,445 |
| Investment Companies 0.6% | ||||
| IPIC GMTN, Ltd. (S)(Z) | 5.500 | 03/01/22 | 1,000,000 | 1,099,970 |
| Real Estate Investment Trusts 1.0% | ||||
| Dupont Fabros Technology LP | 5.875 | 09/15/21 | 835,000 | 866,313 |
| Health Care REIT, Inc. (Z) | 6.125 | 04/15/20 | 345,000 | 395,812 |
| Plum Creek Timberlands LP (Z) | 5.875 | 11/15/15 | 345,000 | 372,315 |
| Real Estate Management & Development 1.0% | ||||
| Country Garden Holdings Company, Ltd. (S) | 7.500 | 01/10/23 | 200,000 | 186,750 |
| Country Garden Holdings Company, Ltd. (S)(Z) | 11.125 | 02/23/18 | 1,000,000 | 1,090,000 |
| General Shopping Investments, Ltd. (12.000% to 3-20-17, | ||||
| then 5 Year USGG + 11.052%) (Q)(S) | 12.000 | 03/20/17 | 500,000 | 422,500 |
| Health Care 4.5% | 7,686,140 | |||
|
| ||||
| Health Care Providers & Services 2.2% | ||||
| AmerisourceBergen Corp. (Z) | 3.500 | 11/15/21 | 1,000,000 | 1,024,677 |
| CHS/Community Health Systems, Inc. (S) | 5.125 | 08/01/21 | 200,000 | 201,250 |
| CHS/Community Health Systems, Inc. (S) | 6.875 | 02/01/22 | 230,000 | 235,750 |
| Envision Healthcare Corp. | 8.125 | 06/01/19 | 65,000 | 69,875 |
| HCA, Inc. (Z) | 7.500 | 02/15/22 | 130,000 | 146,738 |
| Select Medical Corp. | 6.375 | 06/01/21 | 1,175,000 | 1,179,406 |
| Tenet Healthcare Corp. (S) | 6.000 | 10/01/20 | 305,000 | 321,013 |
| Tenet Healthcare Corp. | 8.125 | 04/01/22 | 585,000 | 638,381 |
| Pharmaceuticals 2.3% | ||||
| Endo Health Solutions, Inc. | 7.250 | 01/15/22 | 1,345,000 | 1,432,425 |
| Forest Laboratories, Inc. (S) | 4.875 | 02/15/21 | 780,000 | 777,075 |
| Forest Laboratories, Inc. (S)(Z) | 5.000 | 12/15/21 | 800,000 | 796,000 |
| Salix Pharmaceuticals, Ltd. (S) | 6.000 | 01/15/21 | 600,000 | 625,500 |
| Valeant Pharmaceuticals International, Inc. (S) | 5.625 | 12/01/21 | 230,000 | 238,050 |
| Industrials 11.0% | 18,882,637 | |||
|
| ||||
| Aerospace & Defense 0.7% | ||||
| Ducommun, Inc. (Z) | 9.750 | 07/15/18 | 160,000 | 179,200 |
| Kratos Defense & Security Solutions, Inc. (Z) | 10.000 | 06/01/17 | 400,000 | 429,000 |
| TransDigm, Inc. (Z) | 7.750 | 12/15/18 | 495,000 | 529,650 |
| Airlines 4.3% | ||||
| Air Canada 2013-1 Class C Pass Through Trust (S)(Z) | 6.625 | 05/15/18 | 1,000,000 | 1,010,700 |
| American Airlines 2011-1 Class B Pass Through Trust (S) | 7.000 | 01/31/18 | 1,147,765 | 1,228,108 |
| American Airlines 2013-2 Class B Pass Through Trust (S) | 5.600 | 07/15/20 | 711,344 | 732,684 |
| Continental Airlines 1999-1 Class A Pass Through Trust (Z) | 6.545 | 02/02/19 | 187,721 | 205,554 |
| Continental Airlines 2000-2 Class B Pass Through Trust (Z) | 8.307 | 04/02/18 | 92,787 | 97,659 |
| Delta Air Lines 2007-1 Class A Pass Through Trust (Z) | 6.821 | 08/10/22 | 625,657 | 713,249 |
| TAM Capital 3, Inc. (S)(Z) | 8.375 | 06/03/21 | 505,000 | 522,044 |
| TAM Capital, Inc. (Z) | 7.375 | 04/25/17 | 860,000 | 894,400 |
| UAL 2009-1 Pass Through Trust (Z) | 10.400 | 11/01/16 | 164,203 | 186,370 |
| UAL 2009-2A Pass Through Trust (Z) | 9.750 | 01/15/17 | 429,697 | 494,152 |
| VRG Linhas Aereas SA (S) | 10.750 | 02/12/23 | 1,500,000 | 1,327,500 |
| Building Products 0.1% | ||||
| Voto-Votorantim Overseas Trading Operations NV (S)(Z) | 6.625 | 09/25/19 | 160,000 | 174,800 |
| 4 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| Industrials (continued) | ||||
|
| ||||
| Commercial Services & Supplies 0.8% | ||||
| Garda World Security Corp. (S) | 7.250 | 11/15/21 | $220,000 | $225,775 |
| Iron Mountain, Inc. | 5.750 | 08/15/24 | 750,000 | 701,250 |
| Iron Mountain, Inc. (Z) | 8.375 | 08/15/21 | 417,000 | 446,190 |
| Construction & Engineering 0.7% | ||||
| Aeropuertos Argentina 2000 SA (S) | 10.750 | 12/01/20 | 1,320,000 | 1,247,400 |
| Electrical Equipment 1.0% | ||||
| Artesyn Escrow, Inc. (S) | 9.750 | 10/15/20 | 1,355,000 | 1,405,813 |
| Coleman Cable, Inc. (Z) | 9.000 | 02/15/18 | 295,000 | 309,750 |
| Industrial Conglomerates 0.5% | ||||
| Hutchison Whampoa International, Ltd. (S)(Z) | 4.625 | 09/11/15 | 385,000 | 407,022 |
| Tenedora Nemak SA de CV (S) | 5.500 | 02/28/23 | 500,000 | 482,500 |
| Machinery 0.7% | ||||
| Blueline Rental Finance Corp. (S) | 7.000 | 02/01/19 | 880,000 | 909,700 |
| Victor Technologies Group, Inc. (Z) | 9.000 | 12/15/17 | 236,000 | 252,992 |
| Marine 1.1% | ||||
| Navios Maritime Acquisition Corp. (S) | 8.125 | 11/15/21 | 830,000 | 846,600 |
| Navios Maritime Holdings, Inc. (S) | 7.375 | 01/15/22 | 870,000 | 876,525 |
| Navios South American Logistics, Inc. | 9.250 | 04/15/19 | 200,000 | 214,250 |
| Transportation Infrastructure 1.1% | ||||
| CHC Helicopter SA (Z) | 9.250 | 10/15/20 | 1,720,000 | 1,831,800 |
| Information Technology 3.0% | 5,194,144 | |||
|
| ||||
| Communications Equipment 0.5% | ||||
| Alcatel-Lucent USA, Inc. (S) | 6.750 | 11/15/20 | 400,000 | 410,000 |
| Avaya, Inc. (S) | 10.500 | 03/01/21 | 520,000 | 481,000 |
| Computers & Peripherals 0.4% | ||||
| Seagate HDD Cayman (Z) | 7.000 | 11/01/21 | 565,000 | 625,031 |
| Electronic Equipment, Instruments & Components 0.8% | ||||
| CDW LLC (Z) | 8.000 | 12/15/18 | 325,000 | 352,625 |
| Viasystems, Inc. (S) | 7.875 | 05/01/19 | 1,000,000 | 1,070,000 |
| Internet Software & Services 0.5% | ||||
| Ancestry.com, Inc., PIK (S) | 9.625 | 10/15/18 | 220,000 | 229,350 |
| IAC/InterActiveCorp (S) | 4.875 | 11/30/18 | 615,000 | 633,450 |
| IT Services 0.4% | ||||
| Brightstar Corp. (S) | 9.500 | 12/01/16 | 700,000 | 770,000 |
| Software 0.4% | ||||
| Aspect Software, Inc. | 10.625 | 05/15/17 | 615,000 | 622,688 |
| Materials 11.0% | 19,038,646 | |||
|
| ||||
| Chemicals 1.1% | ||||
| Braskem Finance, Ltd. (Q)(S) | 7.375 | 10/04/15 | 1,500,000 | 1,413,750 |
| Rentech Nitrogen Partners LP (S)(Z) | 6.500 | 04/15/21 | 430,000 | 419,250 |
| Construction Materials 2.5% | ||||
| Cemex SAB de CV (S)(Z) | 9.000 | 01/11/18 | 1,000,000 | 1,080,000 |
| China Shanshui Cement Group, Ltd. (S)(Z) | 8.500 | 05/25/16 | 350,000 | 358,313 |
| Magnesita Finance, Ltd. (Q)(S) | 8.625 | 04/05/17 | 1,000,000 | 960,000 |
| U.S. Concrete, Inc. (S) | 8.500 | 12/01/18 | 875,000 | 925,313 |
| 5 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| Materials (continued) | ||||
|
| ||||
| Votorantim Cimentos SA (S)(Z) | 7.250 | 04/05/41 | $1,000,000 | $925,000 |
| Vulcan Materials Company (Z) | 7.500 | 06/15/21 | 120,000 | 138,600 |
| Containers & Packaging 1.2% | ||||
| AEP Industries, Inc. | 8.250 | 04/15/19 | 355,000 | 379,850 |
| Cascades, Inc. (Z) | 7.875 | 01/15/20 | 240,000 | 256,800 |
| Graphic Packaging International, Inc. (Z) | 7.875 | 10/01/18 | 236,000 | 253,700 |
| Pretium Packaging LLC | 11.500 | 04/01/16 | 160,000 | 170,800 |
| Tekni-Plex, Inc. (S) | 9.750 | 06/01/19 | 199,000 | 227,855 |
| Wise Metals Group LLC (S) | 8.750 | 12/15/18 | 800,000 | 848,000 |
| Metals & Mining 5.8% | ||||
| AngloGold Ashanti Holdings PLC (Z) | 5.125 | 08/01/22 | 1,000,000 | 862,475 |
| APERAM (S)(Z) | 7.750 | 04/01/18 | 300,000 | 312,750 |
| BlueScope Steel, Ltd. (S)(Z) | 7.125 | 05/01/18 | 500,000 | 530,000 |
| Cia Minera Ares SAC (S) | 7.750 | 01/23/21 | 320,000 | 319,600 |
| CSN Islands XI Corp. (S)(Z) | 6.875 | 09/21/19 | 250,000 | 255,000 |
| Essar Steel Algoma, Inc. (S)(Z) | 9.375 | 03/15/15 | 500,000 | 490,000 |
| Evraz Group SA (S) | 6.500 | 04/22/20 | 1,000,000 | 913,750 |
| Ferrexpo Finance PLC (S) | 7.875 | 04/07/16 | 600,000 | 549,288 |
| MMC Finance, Ltd. (S) | 5.550 | 10/28/20 | 850,000 | 837,250 |
| Rain CII Carbon LLC (S) | 8.000 | 12/01/18 | 945,000 | 992,250 |
| Rio Tinto Finance USA, Ltd. (Z) | 7.125 | 07/15/28 | 710,000 | 906,414 |
| Severstal OAO (S) | 4.450 | 03/19/18 | 1,000,000 | 982,500 |
| SunCoke Energy, Inc. (Z) | 7.625 | 08/01/19 | 105,000 | 113,138 |
| Thompson Creek Metals Company, Inc. | 7.375 | 06/01/18 | 1,000,000 | 897,500 |
| United States Steel Corp. | 6.875 | 04/01/21 | 1,000,000 | 1,055,000 |
| Paper & Forest Products 0.4% | ||||
| Sappi Papier Holding GmbH (S)(Z) | 7.750 | 07/15/17 | 600,000 | 664,500 |
| Telecommunication Services 15.9% | 27,402,615 | |||
|
| ||||
| Diversified Telecommunication Services 7.0% | ||||
| Cincinnati Bell, Inc. (Z) | 8.375 | 10/15/20 | 625,000 | 674,219 |
| Frontier Communications Corp. (Z) | 7.125 | 03/15/19 | 530,000 | 575,050 |
| Frontier Communications Corp. | 7.625 | 04/15/24 | 125,000 | 124,063 |
| Frontier Communications Corp. (Z) | 8.750 | 04/15/22 | 435,000 | 474,694 |
| GTP Acquisition Partners I LLC (S) | 7.628 | 06/15/16 | 620,000 | 664,938 |
| GXS Worldwide, Inc. (Z) | 9.750 | 06/15/15 | 430,000 | 441,868 |
| Sable International Finance, Ltd. (S)(Z) | 7.750 | 02/15/17 | 250,000 | 260,500 |
| Satelites Mexicanos SA de CV | 9.500 | 05/15/17 | 1,404,000 | 1,488,240 |
| T-Mobile USA, Inc. | 6.125 | 01/15/22 | 250,000 | 255,625 |
| T-Mobile USA, Inc. | 6.464 | 04/28/19 | 495,000 | 520,988 |
| T-Mobile USA, Inc. | 6.731 | 04/28/22 | 205,000 | 215,250 |
| T-Mobile USA, Inc. | 6.836 | 04/28/23 | 855,000 | 892,406 |
| Telecom Italia Capital SA | 7.175 | 06/18/19 | 550,000 | 621,500 |
| Wind Acquisition Finance SA (S)(Z) | 7.250 | 02/15/18 | 1,750,000 | 1,833,125 |
| Wind Acquisition Finance SA (S)(Z) | 11.750 | 07/15/17 | 1,000,000 | 1,055,000 |
| Wind Acquisition Holdings Finance SA, PIK (S) | 12.250 | 07/15/17 | 1,829,453 | 1,893,484 |
| Wireless Telecommunication Services 8.9% | ||||
| Bharti Airtel International Netherlands BV (S) | 5.125 | 03/11/23 | 600,000 | 555,750 |
| Colombia Telecomunicaciones SA ESP (S)(Z) | 5.375 | 09/27/22 | 1,000,000 | 935,000 |
| Crown Castle Towers LLC (S)(Z) | 4.883 | 08/15/20 | 750,000 | 817,269 |
| Digicel Group, Ltd. (S)(Z) | 8.250 | 09/30/20 | 1,365,000 | 1,419,600 |
| Digicel, Ltd. (S) | 6.000 | 04/15/21 | 500,000 | 485,000 |
| Intelsat Luxembourg SA (S) | 8.125 | 06/01/23 | 1,250,000 | 1,353,125 |
| 6 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| Telecommunication Services (continued) | ||||
|
| ||||
| MetroPCS Wireless, Inc. (S) | 6.250 | 04/01/21 | $1,400,000 | $1,454,250 |
| MetroPCS Wireless, Inc. (S) | 6.625 | 04/01/23 | 245,000 | 254,188 |
| SBA Tower Trust (S)(Z) | 2.933 | 12/15/17 | 380,000 | 387,977 |
| SBA Tower Trust (S)(Z) | 5.101 | 04/17/17 | 580,000 | 628,006 |
| Sprint Communications, Inc. (S) | 9.000 | 11/15/18 | 1,000,000 | 1,207,500 |
| Sprint Communications, Inc. (Z) | 11.500 | 11/15/21 | 2,150,000 | 2,816,500 |
| Telefonica Celular del Paraguay SA (S) | 6.750 | 12/13/22 | 1,000,000 | 1,020,000 |
| VimpelCom Holdings BV (S)(Z) | 7.504 | 03/01/22 | 2,000,000 | 2,077,500 |
| Utilities 3.4% | 5,924,590 | |||
|
| ||||
| Electric Utilities 2.0% | ||||
| Beaver Valley II Funding Corp. | 9.000 | 06/01/17 | 126,000 | 134,863 |
| BVPS II Funding Corp. | 8.890 | 06/01/17 | 306,000 | 321,916 |
| CE Generation LLC (Z) | 7.416 | 12/15/18 | 371,800 | 368,082 |
| Exelon Corp. (Z) | 4.900 | 06/15/15 | 1,015,000 | 1,068,776 |
| FPL Energy National Wind LLC (S) | 5.608 | 03/10/24 | 165,923 | 163,393 |
| Israel Electric Corp., Ltd. (S)(Z) | 6.700 | 02/10/17 | 1,000,000 | 1,091,571 |
| PNPP II Funding Corp. | 9.120 | 05/30/16 | 123,000 | 128,212 |
| W3A Funding Corp. (Z) | 8.090 | 01/02/17 | 224,168 | 224,877 |
| Independent Power Producers & Energy Traders 1.4% | ||||
| Calpine Corp. (S) | 5.875 | 01/15/24 | 680,000 | 674,900 |
| NRG Energy, Inc. (Z) | 7.875 | 05/15/21 | 1,600,000 | 1,748,000 |
| Convertible Bonds 1.0% (0.7% of Total Investments) | $1,674,063 | |||
|
| ||||
| (Cost $1,392,588) | ||||
| Materials 0.3% | 516,563 | |||
|
| ||||
| Containers & Packaging 0.3% | ||||
| Owens-Brockway Glass Container, Inc. (S)(Z) | 3.000 | 06/01/15 | 500,000 | 516,563 |
| Telecommunication Services 0.7% | 1,157,500 | |||
|
| ||||
| Wireless Telecommunication Services 0.7% | ||||
| Clearwire Communications LLC (S)(Z) | 8.250 | 12/01/40 | 1,000,000 | 1,157,500 |
| Term Loans (M) 0.9% (0.6% of Total Investments) | $1,588,992 | |||
|
| ||||
| (Cost $1,801,884) | ||||
| Consumer Discretionary 0.3% | 555,806 | |||
|
| ||||
| Hotels, Restaurants & Leisure 0.3% | ||||
| Caesars Entertainment Resort Properties LLC | 7.000 | 10/12/20 | 550,000 | 555,806 |
| Consumer Staples 0.1% | 208,398 | |||
|
| ||||
| Personal Products 0.1% | ||||
| Revlon Consumer Products Corp. | 4.000 | 11/20/17 | 206,719 | 208,398 |
| Health Care 0.1% | 137,880 | |||
|
| ||||
| Health Care Providers & Services 0.1% | ||||
| National Mentor Holdings, Inc. (T) | TBD | 01/31/21 | 136,981 | 137,880 |
| Industrials 0.4% | 686,908 | |||
|
| ||||
| Airlines 0.4% | ||||
| Delta Air Lines, Inc. | 3.500 | 04/20/17 | 682,500 | 686,908 |
| 7 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| Industrials (continued) | ||||
|
| ||||
| Global Aviation Holdings, Inc. (H) | 0.000 | 07/31/17 | $51,038 | $0 |
| Global Aviation Holdings, Inc. (H) | 0.000 | 02/13/18 | 508,870 | 0 |
| Capital Preferred Securities (a) 1.4% (0.9% of Total Investments) | $2,373,848 | |||
|
| ||||
| (Cost $2,338,847) | ||||
| Financials 1.4% | 2,373,848 | |||
|
| ||||
| Capital Markets 0.9% | ||||
| The Goldman Sachs Capital II (P)(Q) | 4.000 | 03/17/14 | 983,000 | 736,021 |
| The Goldman Sachs Capital III (P)(Q) | 4.000 | 03/17/14 | 983,000 | 712,577 |
| Commercial Banks 0.5% | ||||
| HSBC Finance Capital Trust IX (5.911% to 11/30/2015, then | ||||
| 3 month LIBOR + 1.926%) (Z) | 5.911 | 11/30/35 | 700,000 | 722,750 |
| Mellon Capital IV (P)(Q) | 4.000 | 03/17/14 | 250,000 | 202,500 |
| U.S. Government & Agency Obligations 23.7% (16.2% of Total Investments) | $40,915,016 | |||
|
| ||||
| (Cost $40,923,077) | ||||
| U.S. Government 9.7% | 16,775,306 | |||
|
| ||||
| U.S. Treasury | ||||
| Note (Z) | 0.625 | 09/30/17 | 2,500,000 | 2,465,430 |
| Note (Z) | 0.875 | 01/31/18 | 3,000,000 | 2,968,359 |
| Note (Z) | 1.375 | 01/31/20 | 5,000,000 | 4,867,190 |
| Note (Z) | 1.750 | 05/15/22 | 1,120,000 | 1,062,600 |
| Note (Z) | 2.000 | 04/30/16 | 1,760,000 | 1,821,737 |
| Note (Z) | 2.750 | 11/15/23 | 3,000,000 | 3,025,782 |
| Strip, PO (Z) | 3.060 | 11/15/30 | 1,025,000 | 564,208 |
| U.S. Government Agency 14.0% | 24,139,710 | |||
|
| ||||
| Federal Home Loan Mortgage Corp. | ||||
| 30 Yr Pass Thru | 5.000 | 03/01/41 | 2,634,578 | 2,883,834 |
| 30 Yr Pass Thru | 6.500 | 03/01/38 | 148,333 | 165,501 |
| Federal National Mortgage Association | ||||
| 15 Yr Pass Thru | 4.000 | 12/01/24 | 1,846,617 | 1,977,250 |
| 30 Yr Pass Thru | 3.000 | 10/29/27 | 670,000 | 602,510 |
| 30 Yr Pass Thru | 4.000 | 12/01/40 | 5,198,521 | 5,466,367 |
| 30 Yr Pass Thru | 4.000 | 09/01/41 | 3,756,514 | 3,945,367 |
| 30 Yr Pass Thru | 4.000 | 10/01/41 | 1,899,654 | 1,995,750 |
| 30 Yr Pass Thru | 4.500 | 10/01/40 | 2,749,311 | 2,956,476 |
| 30 Yr Pass Thru | 5.000 | 02/01/41 | 384,787 | 423,115 |
| 30 Yr Pass Thru | 5.000 | 04/01/41 | 657,822 | 723,450 |
| 30 Yr Pass Thru | 5.500 | 06/01/38 | 928,274 | 1,022,080 |
| 30 Yr Pass Thru | 5.500 | 08/01/40 | 245,401 | 269,855 |
| 30 Yr Pass Thru | 6.500 | 07/01/36 | 291,050 | 325,198 |
| 30 Yr Pass Thru | 6.500 | 10/01/37 | 173,221 | 193,601 |
| 30 Yr Pass Thru | 6.500 | 01/01/39 | 1,063,925 | 1,189,356 |
| Foreign Government Obligations 1.0% (0.7% of Total Investments) | $1,728,436 | |||
|
| ||||
| (Cost $1,777,361) | ||||
| Argentina 0.3% | 558,008 | |||
|
| ||||
| Provincia de Neuquen (S) | 7.875 | 04/26/21 | 598,400 | 558,008 |
| 8 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| Dominican Republic 0.6% | $955,000 | |||
|
| ||||
| Government of Dominican Republic (S)(Z) | 5.875 | 04/18/24 | $1,000,000 | 955,000 |
| South Korea 0.1% | 215,428 | |||
|
| ||||
| Korea Development Bank (Z) | 4.375 | 08/10/15 | 205,000 | 215,428 |
| Collateralized Mortgage Obligations 7.3% (5.0% of Total Investments) | $12,622,714 | |||
|
| ||||
| (Cost $12,396,987) | ||||
| Commercial & Residential 3.7% | 6,338,486 | |||
|
| ||||
| American Home Mortgage Assets Trust | ||||
| Series 2006-6, Class XP IO | 2.025 | 12/25/46 | 5,295,009 | 344,459 |
| Bear Stearns Adjustable Rate Mortgage Trust | ||||
| Series 2005-2, Class A1 (P) | 2.600 | 03/25/35 | 438,928 | 448,357 |
| Bear Stearns Asset Backed Securities Trust | ||||
| Series 2004-AC5, Class A1 | 5.750 | 10/25/34 | 364,231 | 374,166 |
| Commercial Mortgage Pass Through Certificates | ||||
| Series 2012-LC4, Class C (P) | 5.648 | 12/10/44 | 290,000 | 313,669 |
| Deutsche Mortgage Securities, Inc. | ||||
| Series 2004-4, Class 2AR1 (P) | 0.698 | 06/25/34 | 527,394 | 492,206 |
| Extended Stay America Trust | ||||
| Series 2013-ESFL, Class DFL (P) (S) | 3.308 | 12/05/31 | 475,000 | 469,166 |
| GSR Mortgage Loan Trust | ||||
| Series 2006-4F, Class 6A1 | 6.500 | 05/25/36 | 2,090,917 | 1,651,684 |
| HarborView Mortgage Loan Trust | ||||
| Series 2005-8, Class 1X IO | 2.105 | 09/19/35 | 3,032,704 | 196,537 |
| Series 2007-3, Class ES IO (S) | 0.349 | 05/19/47 | 6,198,448 | 65,859 |
| Series 2007-4, Class ES IO | 0.350 | 07/19/47 | 6,598,570 | 65,986 |
| Series 2007-6, Class ES IO (S) | 0.342 | 08/19/37 | 5,131,820 | 54,526 |
| Hilton USA Trust | ||||
| Series 2013-HLF, Class EFL (P)(S) | 3.918 | 11/05/30 | 840,000 | 840,186 |
| IndyMac Index Mortgage Loan Trust | ||||
| Series 2005-AR18, Class 1X IO | 2.021 | 10/25/36 | 7,806,014 | 498,917 |
| Series 2005-AR18, Class 2X IO | 1.656 | 10/25/36 | 7,003,285 | 228,152 |
| VFC 2013-1 LLC | ||||
| Series 2013-1, Class A (S) | 3.130 | 03/20/26 | 291,972 | 294,616 |
| U.S. Government Agency 3.6% | 6,284,228 | |||
|
| ||||
| Federal Home Loan Mortgage Corp. | ||||
| Series 290, Class IO | 3.500 | 11/15/32 | 3,276,210 | 641,358 |
| Series 3830, Class NI IO | 4.500 | 01/15/36 | 3,027,955 | 317,333 |
| Series 4065, Class QA | 3.000 | 08/15/41 | 768,558 | 783,106 |
| Series 4068, Class AP | 3.500 | 06/15/40 | 1,176,172 | 1,226,799 |
| Series 4068, Class BH | 3.000 | 06/15/40 | 967,453 | 1,000,086 |
| Series K017, Class X1 IO | 1.445 | 12/25/21 | 2,687,721 | 235,477 |
| Series K709, Class X1 IO | 1.543 | 03/25/19 | 3,253,516 | 220,686 |
| Series K710, Class X1 IO | 1.782 | 05/25/19 | 2,472,931 | 197,768 |
| Federal National Mortgage Association | ||||
| Series 2012-118, Class IB IO | 3.500 | 11/25/42 | 1,367,660 | 302,770 |
| Series 2012-67, Class KG | 3.500 | 02/25/41 | 358,988 | 371,414 |
| Series 402, Class 3 IO | 4.000 | 11/25/39 | 460,503 | 80,612 |
| Series 402, Class 4 IO | 4.000 | 10/25/39 | 718,831 | 146,985 |
| Series 407, Class 15 IO | 5.000 | 01/25/40 | 768,130 | 140,732 |
| Series 407, Class 21 IO | 5.000 | 01/25/39 | 394,195 | 59,726 |
| Series 407, Class 7 IO | 5.000 | 03/25/41 | 651,183 | 124,612 |
| 9 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Maturity | ||||
| Rate (%) | date | Par value^ | Value | |
| U.S. Government Agency (continued) | ||||
|
| ||||
| Series 407, Class 8 IO | 5.000 | 03/25/41 | $170,143 | $31,912 |
| Series 407, Class C6 IO | 5.500 | 01/25/40 | 1,236,474 | 223,642 |
| Government National Mortgage Association | ||||
| Series 2012-114, Class IO | 1.032 | 01/16/53 | 1,951,159 | 179,210 |
| Asset Backed Securities 1.4% (0.9% of Total Investments) | $2,376,487 | |||
|
| ||||
| (Cost $2,269,115) | ||||
| ACE Securities Corp. | ||||
| Series 2006-ASP5, Class A2B (P) | 0.288 | 10/25/36 | 137,637 | 69,905 |
| Series 2006-ASP5, Class A2C (P) | 0.338 | 10/25/36 | 270,876 | 138,182 |
| Series 2006-ASP5, Class A2D (P) | 0.418 | 10/25/36 | 517,788 | 265,912 |
| Argent Securities, Inc. | ||||
| Series 2006-M2, Class A2C (P) | 0.308 | 09/25/36 | 1,450,353 | 577,696 |
| ContiMortgage Home Equity Loan Trust | ||||
| Series 1995-2, Class A5 | 8.100 | 08/15/25 | 28,227 | 27,695 |
| Morgan Stanley ABS Capital I | ||||
| Series 2006-HE4, Class A3 (P) | 0.308 | 06/25/36 | 408,926 | 267,221 |
| Sonic Capital LLC | ||||
| Series 2011-1A, Class A2 (S) | 5.438 | 05/20/41 | 414,612 | 445,203 |
| Westgate Resorts LLC | ||||
| Series 2012-2A, Class B (S) | 4.500 | 01/20/25 | 577,706 | 584,673 |
| Shares | Value | |||
| Common Stocks 0.0% (0.0% of Total Investments) | $0 | |||
|
| ||||
| (Cost $593,666) | ||||
| Consumer Discretionary 0.0% | 0 | |||
|
| ||||
| Media 0.0% | ||||
| Vertis Holdings, Inc. (I) | 34,014 | 0 | ||
| Industrials 0.0% | 0 | |||
|
| ||||
| Airlines 0.0% | ||||
| Global Aviation Holdings, Inc., Class A (I) | 82,159 | 0 | ||
| Shares | Value | |||
| Preferred Securities (b) 0.6% (0.4% of Total Investments) | $959,073 | |||
|
| ||||
| (Cost $917,876) | ||||
| Financials 0.5% | 798,696 | |||
|
| ||||
| Commercial Banks 0.5% | ||||
| FNB Corp., 7.250% (Z) | 30,175 | 798,696 | ||
| Telecommunication Services 0.1% | 160,377 | |||
|
| ||||
| Diversified Telecommunication Services 0.1% | ||||
| Crown Castle International Corp., 4.500% | 1,635 | 160,377 | ||
| 10 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
| Total investments (Cost $248,072,717)† 146.7% | $252,847,820 |
|
| |
| Other assets and liabilities, net (46.7%) | ($80,486,235) |
|
| |
| Total net assets 100.0% | $172,361,585 |
|
| |
The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable of the fund. All par values are denominated in U.S. dollars unless otherwise indicated.
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
PIK Paid-in-kind
PO Principal-Only Security - (Principal Tranche of Stripped Security). Rate shown is the annualized yield at the end of the period.
REIT Real Estate Investment Trust
TBD To Be Determined
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 as maturity date 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 $112,894,754 or 65.5% of the fund's net assets as of 1-31-14.
(T) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(Z) All or a portion of this security is segregated as collateral pursuant to the Credit Facility Agreement. Total collateral value at 1-31-14 was $139,572,474.
† At 1-31-14, the aggregate cost of investment securities for federal income tax purposes was $248,725,794. Net unrealized appreciation aggregated $4,122,026, of which $10,477,671 related to appreciated investment securities and $6,355,645 related to depreciated investment securities.
| 11 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
Notes to the Portfolio 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 exchange where the security was acquired or most likely will be sold. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes 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, as well as broker supplied prices. Swaps and unlisted options are valued using evaluated prices obtained from an independent pricing vendor. 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 vendor. Securities that trade only in the over-the-counter (OTC) market are valued using bid prices. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost. Other portfolio securities and assets, for which reliable 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. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
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 other 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 or trends, 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.
The following is a summary of the values by input classification of the fund’s investments as of January 31, 2014, by major security category or type:
| Level 2 | Level 3 | ||||
| Significant | Significant | ||||
| Total Market | Level 1 Quoted | Observable | Unobservable | ||
| Value at 1-31-14 | Price | Inputs | Inputs | ||
| Corporate Bonds | $188,609,191 | — | $188,447,687 | $161,504 | |
| Convertible Bonds | 1,674,063 | — | 1,674,063 | — | |
| Term Loans | 1,588,992 | — | 1,588,992 | — | |
| Capital Preferred Securities | 2,373,848 | — | 2,373,848 | — | |
| U.S. Government & Agency Obligations | 40,915,016 | — | 40,915,016 | — | |
| Foreign Government Obligations | 1,728,436 | — | 1,728,436 | — | |
| Collateralized Mortgage Obligations | 12,622,714 | — | 12,436,343 | 186,371 | |
| Asset Backed Securities | 2,376,487 | — | 2,376,487 | — | |
| Preferred Securities | 959,073 | $160,377 | 798,696 | — | |
|
| |||||
| Total Investments in Securities | $252,847,820 | $160,377 | $252,339,568 | $347,875 | |
| Other Financial Instruments: | |||||
| Interest Rate Swaps | ($730,866) | — | ($730,866) | — | |
Derivative instruments. The fund may invest in derivatives in order to meet its investment objectives. Derivatives include a variety of different instruments that may be traded in the over-the-counter market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make
| 12 |
John Hancock Investors Trust
As of 1-31-14 (Unaudited)
timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.
Interest rate swaps. Interest rate swaps represent an agreement between the fund and a 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. Swap agreements are privately negotiated in the OTC market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily 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. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.
During the period ended January 31, 2014, the fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of January 31, 2014.
| USD NOTIONAL | PAYMENTS | PAYMENTS RECEIVED | MATURITY | MARKET | |
| COUNTERPARTY | AMOUNT | MADE BY FUND | BY FUND | DATE | VALUE |
| Morgan Stanley Capital Services | $22,000,000 | Fixed 1.442500% | 3 Month LIBOR (a) | Aug 2016 | ($587,597) |
| Morgan Stanley Capital Services | 22,000,000 | Fixed 1.093750% | 3 Month LIBOR (a) | May 2017 | (143,269) |
| TOTAL | $44,000,000 | ($730,866) |
(a) At 1-31-14, the 3-month LIBOR rate was 0.23660%
No interest rate swap positions were entered into or closed during the period ended January 31, 2014.
For additional information on the fund’s significant accounting policies, please refer to the fund’s most recent semiannual or annual shareholder report.
| 13 |
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/ Andrew G. Arnott |
| Andrew G. Arnott | |
| President | |
| Date: | March 24, 2014 |
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/ Andrew G. Arnott |
| Andrew G. Arnott | |
| President | |
| Date: | March 24, 2014 |
| By: | /s/ Charles A. Rizzo |
| Charles A. Rizzo | |
| Chief Financial Officer | |
| Date: | March 24, 2014 |