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<SEC-DOCUMENT>0001010521-01-000147.txt : 20010223
<SEC-HEADER>0001010521-01-000147.hdr.sgml : 20010223
ACCESSION NUMBER:		0001010521-01-000147
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010329
FILED AS OF DATE:		20010215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN INCOME SECURITIES TRUST /MA
		CENTRAL INDEX KEY:			0000759866
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		
		SEC FILE NUMBER:	811-04186
		FILM NUMBER:		1546880

	BUSINESS ADDRESS:	
		STREET 1:		101 HUNTINGTON AVE
		STREET 2:		JOHN HANCOCK FUNDS
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
		BUSINESS PHONE:		6173751702

	MAIL ADDRESS:	
		STREET 1:		JOHN HANCOCK FUNDS
		STREET 2:		101 HUNTINGTON AVENUE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>INCOME SECURITIES TRUST
<TEXT>


As filed with the Securities and Exchange Commission on Februsry 15, 2001.

                                  SCHEDULE 14A
                                 (RULE 14A-101)

                    INFORMATION REQUIRED IN PROXY STATEMENT

                              FILE NUMBER 811-4186

                            SCHEDULE 14A INFORMATION

                PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
               SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. __)

[X]  Filed by the Registrant

[ ]  Filed by a Party other than the Registrant

Check the appropriate box:

[ ]  Preliminary Proxy Statement

[X]  Definitive Proxy Statement

[ ]  Definitive Additional Materials

[ ]  Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12

                      JOHN HANCOCK INCOME SECURITIES TRUST
                (Name of Registrant as Specified in Its Charter)

                      JOHN HANCOCK INCOME SECURITIES TRUST
                   (Name of Person(s) Filing Proxy Statement)

Payment of filing fee (check the appropriate box):

[ ] $125 per Exchange Act Rules 0-11(c) (1) (ii), 14a-6 (i) (1), or
    14a-6 (i) (2) or Item 22(a) (2) or schedule 14A (sent by wire transmission).

[ ] Fee paid previously with preliminary materials.

[X] No fee required.





<PAGE>


- --------------------------------------------------------------------------------
[PRINTED ON JOHN HANCOCK FUNDS LETTERHEAD]                   [LOGO] John Hancock


                                       February 15, 2001


JOHN HANCOCK INVESTORS TRUST
JOHN HANCOCK INCOME SECURITIES TRUST

Dear Fellow Shareholder:

As an investor in one of the funds listed above, you are cordially invited to
attend the annual shareholder meeting on Thursday, March 29, 2001 at 9:00 a.m.,
Eastern Time, to be held at John Hancock Funds, 101 Huntington Avenue, Boston,
MA 02199.

The proposals set forth in the enclosed proxy statement are routine items. A
routine item is one which occurs annually and makes no fundamental or material
changes to a fund's investment objectives, policies or restrictions, or to the
investment management contracts.

Elect Your Fund's Board of Trustees

For each fund, proposal number one asks you to elect 11 Trustees to serve until
their respective successors are elected and qualified. Your proxy statement
includes a brief description of each individual's background.

Ratify the Trustees' Selection of Accountants

For each fund, proposal number two asks you to ratify or reject the Trustees'
selection of Ernst & Young LLP as each fund's independent public accountants for
the fund's current fiscal year.  Ernst & Young has been the Fund's independent
accountants since each fund's inception.

Your Vote is Important!

Please complete the enclosed proxy ballot form, sign it and mail it to us
immediately. For your convenience, a postage-paid return envelope has been
provided. A prompt response will help avoid the cost of additional mailings at
your fund's expense.

If you have any questions, please call 1-800-426-5523, Monday through Friday
between 8:30 a.m. and 5:00 p.m. Eastern Time.

Thank you in advance for your prompt action on this very important matter.

                                       Sincerely,

                                       /s/Maureen R. Ford
                                       ------------------
                                       Maureen R. Ford
                                       Vice Chairman and Chief Executive Officer

Enclosure
P56XL  2/01
JHK-SL-01

- --------------------------------------------------------------------------------

<PAGE>



                          JOHN HANCOCK INVESTORS TRUST
                      JOHN HANCOCK INCOME SECURITIES TRUST
               101 Huntington Avenue, Boston, Massachusetts 02199

                    NOTICE OF ANNUAL MEETINGS OF SHAREHOLDERS
                            To Be Held March 29, 2001

This is the formal agenda for your fund's shareholder meeting. It tells you what
matters will be voted on and the time and place of the meetings, in case you
want to attend in person.

To the Shareholders of
         John Hancock Investors Trust
         John Hancock Income Securities Trust:

A shareholder meeting for each fund will be held at 101 Huntington Avenue,
Boston, Massachusetts, on Thursday, March 29, 2001 at 9:00 A.M., Eastern time,
and shareholders of each fund will consider the following proposals:

      (1)   To elect eleven Trustees to serve until their respective successors
            have been duly elected and qualified.

      (2)   To ratify or reject the Trustees' selection of Ernst & Young LLP as
            the fund's independent public accountants for the fund's current
            fiscal year.

      (3)   To transact such other business as may properly come before the
            meeting or any adjournment of the meeting.

Your Trustees recommend that you vote in favor of all proposals.

Shareholders of record of each fund as of the close of business on January 29,
2001 are entitled to notice of and to vote at the fund's annual meeting and at
any related follow-up meeting. The proxy statement and proxy card are being
mailed to shareholders on or about February 15, 2001.

Whether or not you can attend the meeting, please complete and return the
enclosed proxy in the accompanying envelope. No postage is necessary if mailed
in the United States.

                                            By order of the Boards of Trustees,

                                            Susan S. Newton
                                            Vice President and Secretary


February 15, 2001
P56PX 2/01

JHK-PS-01
<PAGE>

                          JOHN HANCOCK INVESTORS TRUST
                      JOHN HANCOCK INCOME SECURITIES TRUST
               101 Huntington Avenue, Boston, Massachusetts 02199

                         ANNUAL MEETINGS OF SHAREHOLDERS
                          To Be Held on March 29, 2001

                                 PROXY STATEMENT

      This proxy statement contains the information you should know before
voting on the proposals described in the notice. Each fund will furnish without
charge a copy of its Annual Report to any shareholder upon request. If you would
like a copy of your fund's report, please send a written request to the
attention of the fund at 101 Huntington Avenue, Boston, Massachusetts 02199 or
call John Hancock Funds at 1-800-892-9552.

      This proxy statement is being used by each fund's Trustees to solicit
proxies to be voted at the annual meeting of each fund's shareholders. The
meetings will be held at 101 Huntington Avenue, Boston, Massachusetts, on
Thursday, March 29, 2001 at 9:00 A.M., Eastern time.

      If you sign the enclosed proxy card and return it in time to be voted at
the meetings, your shares will be voted in accordance with your instructions.
Signed proxies with no instructions will be voted FOR all proposals. If you want
to revoke your proxy, you may do so before it is exercised at the meetings by
filing a written notice of revocation with the fund at 101 Huntington Avenue,
Boston, Massachusetts 02199, by returning a signed proxy with a later date
before the meetings, or if attending the meeting of your fund and voting in
person, by notifying your fund's secretary (without complying with any
formalities) at any time before your proxy is voted.

Record Ownership

      The Trustees of each fund have fixed the close of business on January 29,
2001 as the record date to determine which shareholders are entitled to vote at
the meeting. Shareholders of each fund are entitled to one vote per share on all
business of the meetings or any postponement of the meeting relating to their
fund. On the record date, the following number of shares of beneficial interest
of each fund were outstanding:

     John Hancock Investors Trust.....................................7,907,523

     John Hancock Income Securities Trust............................10,797,877

      The funds' management does not know of anyone who beneficially owned more
than 5% of either fund's shares outstanding on the record date. (Beneficial
ownership means voting power and/or investment power, which includes the power
to dispose of shares.)

      Although the annual meetings of the funds are being held jointly and
proxies are being solicited through the use of this joint proxy statement,
shareholders of each fund will vote separately as to proposals affecting their
fund.


                                       1
<PAGE>

                                   PROPOSAL 1

                              ELECTION OF TRUSTEES

General

      As of the date of this proxy, each nominee for election currently serves
as a Trustee of each fund. Using the enclosed proxy card, you may authorize the
proxies to vote your shares for the nominees or you may withhold from the
proxies authority to vote your shares for one or more of the nominees. If no
contrary instructions are given, the proxies will vote FOR the nominees. Each of
the nominees has consented to his or her nomination and has agreed to serve if
elected. If, for any reason, any nominee should not be available for election or
able to serve as a Trustee, the proxies will exercise their voting power in
favor of a substitute nominee, if any, as the funds' Trustees may designate. The
funds have no reason to believe that it will be necessary to designate a
substitute nominee.

Proposal 1

      Ms. Ford, Ms. Fosler, Ms. Peterson and Messrs. Brown, Aronowitz, Chapman,
Cosgrove, Farrell, Glavin, Moore and Pratt are the current nominees for election
and will serve until their respective successors have been duly elected and
qualified.

Vote Required For Proposal 1

      The vote of a plurality of the votes cast by the shares of a fund is
sufficient to elect the nominees of that fund.

Information Concerning Nominees

      The following table describes each nominee's position with the funds. The
table also shows his or her principal occupation or employment during the past
five years and the number of shares of each fund beneficially owned by him or
her, directly or indirectly, on the record date.

<TABLE>
<CAPTION>
                                                                        First Became            Shares Owned
                                                                          a Trustee        Beneficially, Directly
Name (Age) and                        Principal Occupation             (Director prior        or Indirectly, on
Position with the Funds            During the Past Five Years            to 1-1-85)         January 29, 2001(1)(2)
- -----------------------            --------------------------            ----------         ----------------------
<S>                          <C>                                           <C>                     <C>
Stephen L. Brown*            Chairman and Director, John Hancock           1999                    100 (A)
(Age 63)                     Life Insurance Company (CEO until                                     100 (B)
Trustee and Chairman         June 2000), John Hancock Financial
                             Services, Inc. (CEO until June 2000);
                             John Hancock Advisers, Inc. (the
                             Adviser), John Hancock Funds, Inc.
                             (John Hancock Funds), The Berkeley
                             Financial Group, Inc. (The Berkeley
                             Group); Director, John Hancock
                             Subsidiaries, Inc.; John Hancock
                             Signature Services, Inc. (Signature
                             Services) (until January 1997); John
                             Hancock Insurance Agency, Inc.;
                             (Insurance Agency), (until May 1999);
</TABLE>


                                       2
<PAGE>

<TABLE>
<CAPTION>
                                                                        First Became            Shares Owned
                                                                          a Trustee        Beneficially, Directly
Name (Age) and                        Principal Occupation             (Director prior        or Indirectly, on
Position with the Funds            During the Past Five Years            to 1-1-85)         January 29, 2001(1)(2)
- -----------------------            --------------------------            ----------         ----------------------
<S>                          <C>                                           <C>                     <C>
Stephen L. Brown*            Independence Investment Associates,
(Age 63)                     Inc., Independence International
Trustee and Chairman         Associates, Inc., Independence Fixed
                             Income Associates, Inc.; Insurance
(continued)                  Marketplace Standards Association,
                             Committee for Economic Development,
                             Ionics, Inc. (since June 2000), Aspen
                             Technology, Inc. (since June 2000);
                             and Trustee and Chairman of 68 funds
                             managed by the Adviser.

Maureen R. Ford*             President, Broker/Dealer Distributor,         2000                    100 (A)
(Age 45)                     John Hancock Life Insurance Company;                                  100 (B)
Trustee, Vice Chairman,      Vice Chairman, Director, President and
President and Chief          Chief Executive Officer, the Adviser
Executive Officer            and The Berkeley Group; Vice Chairman,
                             Director and Chief Executive Officer,
                             John Hancock Funds; Chairman, Director
                             and President, Insurance Agency, Inc.;
                             Chairman, Director and Chief Executive
                             Officer, Sovereign Asset Management
                             Corporation (SAMCorp.); Senior Vice
                             President, MassMutual Insurance Co.
                             (until 1999); Senior Vice President,
                             Connecticut Mutual Insurance Co. (until
                             1996); and Trustee, Vice Chairman,
                             President and Chief Executive Officer
                             of 69 funds managed by the Adviser.

Dennis S. Aronowitz          Professor of Law Emeritus, Boston             1988                    100 (A)
(Age 69)                     University School of Law (as of 1996);                                100 (B)
Trustee                      Director, Brookline Bancorp; and
                             Trustee of 34 funds managed by the
                             Adviser.
</TABLE>


                                       3
<PAGE>

<TABLE>
<CAPTION>
                                                                        First Became            Shares Owned
                                                                          a Trustee        Beneficially, Directly
Name (Age) and                        Principal Occupation             (Director prior        or Indirectly, on
Position with the Funds            During the Past Five Years            to 1-1-85)         January 29, 2001(1)(2)
- -----------------------            --------------------------            ----------         ----------------------
<S>                          <C>                                           <C>                     <C>
Richard P. Chapman, Jr.      Chairman, President and Chief                 1975                    100 (A)
(Age 66)                     Executive Officer, Brookline Bancorp.                                 100 (B)
Trustee                      (lending); Director, Lumber Insurance
                             Companies (fire and casualty insurance);
                             Trustee, Northeastern University
                             (education); Director, Depositors
                             Insurance Fund, Inc. (insurance); and
                             Trustee of 34 funds managed by the
                             Adviser.

William J. Cosgrove          Vice President, Senior Banker and             1991                    100 (A)
(Age 68)                     Senior Credit Officer, Citibank, N.A.                                 100 (B)
Trustee                      (retired September 1991); Executive
                             Vice President, Citadel Group
                             Representatives, Inc.; Trustee, the
                             Hudson City Savings Bank (since 1995);
                             and Trustee of 34 funds managed by the
                             Adviser.

Richard A. Farrell           President, Farrell, Healer & Co.,             1996                    1,700 (A)
(Age 68)                     (venture capital management firm)                                     10,900 (B)
Trustee                      (since 1980); prior to 1980, headed
                             the venture capital group at Bank of
                             Boston Corporation; and Trustee of 34
                             funds managed by the Adviser.

Gail D. Fosler               Senior Vice President and Chief               1994                    45 (A)
(Age 53)                     Economist, The Conference Board                                       55 (B)
Trustee                      (non-profit economic and business
                             research); Director, Unisys Corp.;
                             Director, H.B. Fuller Company; and
                             DBS Holdings (Singapore) (Banking
                             and Financial Services); Director,
                             National Bureau of Economic Research
                             (academic); and Trustee of 34 funds
                             managed by the Adviser.
</TABLE>


                                       4
<PAGE>

<TABLE>
<CAPTION>
                                                                        First Became            Shares Owned
                                                                          a Trustee        Beneficially, Directly
Name (Age) and                        Principal Occupation             (Director prior        or Indirectly, on
Position with the Funds            During the Past Five Years            to 1-1-85)         January 29, 2001(1)(2)
- -----------------------            --------------------------            ----------         ----------------------
<S>                          <C>                                           <C>                    <C>
William F. Glavin            President Emeritus, Babson College            1996                    -- (A)
(Age 68)                     (as of 1997); Vice Chairman, Xerox                                    -- (B)
Trustee                      Corporation (until June 1989); Director,
                             Caldor Inc., Reebok, Inc. (since 1994)
                             and Inco Ltd.; and Trustee of 34 funds
                             managed by the Adviser.

Dr. John A. Moore            President and Chief Executive Officer,        1996                    -- (A)
(Age 62)                     Institute for Evaluating Health Risks,                                -- (B)
Trustee                      (nonprofit institution) (since
                             September 1989); and Trustee of 34
                             funds managed by the Adviser.

Patti McGill Peterson        Executive Director, Council for               1996                    -- (A)
(Age 57)                     International Exchange of Scholars                                    -- (B)
Trustee                      (since January 1998), Vice President,
                             Institute of International Education
                             (since January 1998); Senior Fellow,
                             Cornell Institute of Public Affairs,
                             Cornell University (until December
                             1997); President Emerita of Wells
                             College and St. Lawrence University;
                             Director, Niagara Mohawk Power
                             Corporation (electric utility); and
                             Trustee of 34 funds managed by the
                             Adviser.

John W. Pratt                Professor of Business Administration          1996                    100 (A)
(Age 69)                     Emeritus, Harvard University Graduate                                 100 (B)
Trustee                      School of Business Administration (as
                             of June 1998); and Trustee of 34 funds
                             managed by the Adviser.


All Trustees and executive officers of the funds as a group                                        2,356(A)
                                                                                                  11,570 (B)
</TABLE>

(A)   John Hancock Investors Trust.
(B)   John Hancock Income Securities Trust.
*     "Interested person," as defined in the Investment Company Act of 1940, as
      amended (the "Investment Company Act"), of the funds and the Adviser.
(1)   The information as to beneficial ownership is based on statements
      furnished to the funds by the Trustees. Each of the officers and Trustees
      has all voting and investment powers with respect to the shares indicated.
(2)   None of the Trustees beneficially owned individually, and the Trustees and
      executive officers of the funds as a group did not beneficially own, in
      excess of one percent of the outstanding shares of any fund.


                                       5
<PAGE>

      Each Board of Trustees held four meetings during the fiscal year ended
December 31, 2000. With respect to each fund, no Trustee, except for Mr. Glavin,
attended fewer than 75% of the aggregate of (1) the total number of meetings of
the Trustees of the fund; and (2) the total number of meetings held by all
committees of the Trustees on which they served. The funds hold joint meetings
of the Trustees and all committees.

      Each Board of Trustees has an Audit Committee consisting of Messrs.
Aronowitz, Cosgrove and Pratt. All members of each fund's Audit Committee are
Independent under the New York Stock Exchange's Revised Listing Rules and each
member is financially literate with at least one having accounting or financial
management expertise. The Board has adopted a written charter for the Audit
Committee which is attached as Exhibit A. Each Audit Committee held four
meetings during the fiscal year ended December 31, 2000. Each Audit Committee
recommends to the full board the appointment of outside auditors for each fund,
oversees and monitors the audit of each fund, communicates with both the
independent auditors and inside auditors on a regular basis, and provides a
forum for the auditors to report and discuss any matters they deem appropriate
at any time. Each Audit Committee reports that it has (1) reviewed and discussed
each fund's audited financial statements with management; (2) discussed with the
independent auditors the matters relating to the quality of each fund's
financial reporting as required by SAS 61; (3) received written disclosures and
an independence letter from the independent auditors required by ISB Standard
No. 1, and discussed with the auditors their independence; and, (4) based on
these discussions recommended to the Board that each fund's financial statements
be included in each fund's annual report for the last fiscal year.

      Each Board of Trustees has a special nominating committee known as the
Administration Committee. The Administration Committee members are Ms. Fosler,
Ms. Peterson and Messrs. Aronowitz, Chapman, Cosgrove, Farrell, Glavin, Moore
and Pratt. All members of each fund's Administration Committee are Independent
Trustees. Each Administration Committee held four meetings during the fiscal
year ended December 31, 2000. Each Administration Committee selects and
nominates for appointment and election candidates to serve as Trustees who are
not "interested persons." Each Administration Committee also coordinates with
Trustees who are interested persons in the selection and election of fund
officers of the respective funds. Each Administration Committee will consider
nominees recommended by shareholders to serve as Trustees provided that the
shareholders submit recommendations in compliance with all of the pertinent
provisions of Rule 14a-8 under the Securities Exchange Act of 1934.

      Each Board of Trustees has a Contracts/Operations Committee. The
Contracts/Operations Committee members are Ms. Peterson and Messrs. Chapman and
Moore. All members of each fund's Contracts/Operations Committee are Independent
Trustees. Each Contracts/Operations Committee held five meetings during the
fiscal year ended December 31, 2000. Each Contracts/Operations Committee
oversees the initiation, operation and renewal of the various contracts between
the respective fund and other entities. These contracts include advisory and
subadvisory agreements, custodial and transfer arrangements and arrangements
with other service providers.

      Each Board of Trustees has an Investment Performance Committee. The
Investment Performance Committee members are Ms. Fosler and Messrs. Farrell and
Glavin. All members of each fund's Investment Performance Committee are
Independent Trustees. Each Investment Performance Committee held five meetings
during the fiscal year ended December 31, 2000. Each Investment Performance
Committee monitors and analyzes the performance of the respective funds
generally, consults with the Adviser as necessary if the respective fund is
considered to require special attention, and reviews fund peer groups and other
comparative standards as necessary.


                                       6
<PAGE>

Compliance With Section 16(a) Reporting Requirements

      Section 16(a) of the Securities Exchange Act of 1934 requires each fund's
executive officers, Trustees and persons who own more than ten percent of the
fund's shares ("10% Shareholders") to file reports of ownership and changes in
ownership with the Securities and Exchange Commission ("SEC"). Executive
officers, Trustees, and 10% Shareholders are required by SEC regulations to
furnish the funds with copies of all Section 16(a) forms they file. Based solely
on a review of the copies of these reports furnished to the funds and
representations that no other reports were required to be filed, each fund
believes that during the past fiscal year its executive officers, Trustees and
10% Shareholders complied with all applicable Section 16(a) filing requirements.

Executive Officers

      In addition to the Chairman (Mr. Brown) and the Vice Chairman, President
and Chief Executive Officer (Ms. Ford), the table below lists each fund's
executive officers.

<TABLE>
<CAPTION>
Name (Age) Position and Year
Became an Executive Officer
With the Funds                     Principal Occupation During the Past Five Years
- --------------                     -----------------------------------------------
<S>                                <C>
William L. Braman                  Executive Vice President and Chief Investment Officer, each of the
(Age 47)                           John Hancock funds and the Adviser; Executive Vice President and
Executive Vice President           Chief Investment Officer, Barring Asset Management, London, UK
and Chief Investment Officer       (until May 2000).
2000

Susan S. Newton                    Vice President and Secretary, each of the John Hancock funds;
(Age 50)                           Senior Vice President, Secretary and Chief Legal Officer, the
Vice President and Secretary       Adviser, John Hancock Funds, The Berkeley Group and SAMCorp.
1984

James J. Stokowski                 Vice President, Treasurer and Chief Accounting Officer, each
(Age 54)                           of the John Hancock funds; Vice President, the Adviser.
Vice President, Treasurer and
Chief Accounting Officer
1986

Thomas H. Connors                  Vice President and Compliance Officer, each of the John
(Age 41)                           Hancock funds and the Adviser; Vice President, John Hancock
Vice President and                 Funds.
Compliance Officer
1996
</TABLE>


                                       7
<PAGE>

Remuneration of Officers and Trustees

      The following table provides information about the compensation paid by
the funds and the other investment companies in the John Hancock fund complex to
the Independent Trustees for their services for the year ended December 31,
2000. The two non-independent Trustees, Ms. Ford and Mr. Brown, and each of the
officers of the funds are interested persons of the Adviser, are compensated by
the Adviser and/or its affiliates and receive no compensation from the funds for
their services.

<TABLE>
<CAPTION>
                                     Aggregate Compensation                      Total Compensation from All
                                     ----------------------                      Funds in John Hancock Fund
Independent Trustee          Investors Trust       Income Securities Trust         Complex to Trustees(1)
- -------------------          ---------------       -----------------------         ----------------------
<S>                                <C>                      <C>                         <C>
Dennis S. Aronowitz                  $929                     $970                       $75,000
Richard P. Chapman, Jr.*              969                    1,011                        78,000
William J. Cosgrove*                  890                      929                        72,000
Leland O. Erdahl+                     891                      930                        72,100
Richard A. Farrell                    929                      970                        75,000
Gail D. Fosler                        837                      873                        68,000
William F. Glavin*                    782                      816                        64,000
John A. Moore*                        891                      930                        72,100
Patti McGill Peterson                 866                      904                        70,350
John W. Pratt                         890                      929                        72,000
                                   ------                   ------                      --------
Totals                             $8,874                   $9,262                      $718,550
</TABLE>

(1)   The total compensation paid by the John Hancock fund complex to the
      Independent Trustees for the calendar year ended December 31, 2000. All
      the Independent Trustees are Trustees of 34 funds in the John Hancock fund
      complex.
*     As of December 31, 2000, the value of the aggregate accrued deferred
      compensation amount from all funds in the John Hancock fund complex for
      Mr. Chapman was $85,948, for Mr. Cosgrove was $218,258, for Mr. Glavin was
      $317,363 and for Dr. Moore was $263,160 under the John Hancock Deferred
      Compensation Plan for Independent Trustees ("the Plan"). Under the Plan,
      an Independent Trustee may elect to have his deferred fees invested by a
      fund in shares of one or more funds in the John Hancock fund complex, and
      the amount paid to the Trustees under the Plan will be determined based
      upon the performance of such investments. Deferral of Trustees' fees does
      not obligate any fund to retain the services of any Trustee or obligate a
      fund to pay any particular level of compensation to the Trustee.
+     Mr. Erdahl will retire from his position as Trustee effective February 27,
      2001.

                                   PROPOSAL 2

           RATIFICATION OF SELECTION OF INDEPENDENT PUBLIC ACCOUNTANTS

      The Trustees of each fund, including a majority of each fund's Independent
Trustees, have selected Ernst & Young LLP to act as independent public
accountants for each fund's fiscal year ending December 31, 2001. Each fund paid
$33,500 in audit fees for the year ended December 31, 2000.

      Ernst & Young LLP has advised the funds that it has no direct or indirect
financial interest in either fund. This selection is subject to the approval of
the shareholders of the respective funds at the meetings. The enclosed proxy
cards provide space for instructions directing the proxies named on the card to
vote for, against, or abstain from, ratifying that selection. A representative
of Ernst & Young LLP is expected to be present at the annual meetings, will have
the opportunity to make a statement if the representative desires to do so and
will be


                                       8
<PAGE>

available to respond to appropriate questions relating to the examination of the
funds' financial statements.

      The Boards of Trustees, including each fund's Independent Trustees,
unanimously recommend that you ratify the selection of Ernst & Young LLP as
independent public accountants of your funds.

Vote Required to Ratify the Selection of Independent Public Accountants

      The approval of a "majority" (as described below) of the shares of each
fund is required to ratify the selection of Ernst & Young LLP as such fund's
independent public accountants.

                                  MISCELLANEOUS

Voting; Quorum; Adjournment

      The affirmative vote of the holders of a plurality of the shares of a fund
present in person or represented by proxy at the annual meetings, assuming a
majority of the outstanding shares of that fund is present, is required to elect
the nominees as Trustees of that fund. The adoption by the shareholders of a
fund of proposal 2 requires the affirmative vote of a majority of the shares. A
majority of the fund's shares is defined as the lesser of: (i) 67% or more of
the shares of the fund present at the annual meetings, if the holders of more
than 50% of that fund's shares are present or represented by proxy; or (ii) of
more than 50% of the outstanding shares of that fund.

      Shares of each fund represented in person or by proxy (including shares
which abstain or do not vote with respect to one or both of the proposals
presented for shareholder approval) will be counted for purposes of determining
whether a quorum of each fund is present at the annual meetings. Abstentions
from voting will be treated as shares that are present and entitled to vote with
respect to a proposal, but will not be counted as a vote in favor of that
proposal. Accordingly, an abstention has no effect on the voting in determining
whether proposal 1 has been adopted but has the same effect as a vote against
proposal 2.

      Proposals 1 and 2 in this proxy statement are considered routine matters
on which brokers holding shares in "street name" may vote without instruction
under the rules of the New York Stock Exchange. If a broker or nominee holding
shares in "street name" nevertheless indicates on the proxy that it does not
have discretionary authority to vote on a proposal, those shares will not be
considered as present and entitled to vote as to that proposal. For this reason,
a "broker non-vote" has no effect on the voting in determining whether proposal
1 has been adopted and has no effect on the voting in determining whether
proposal 2 has been adopted pursuant to item (i) above, if the holders of more
than 50% of the relevant fund's shares (excluding "broker non-votes") are
present or represented by proxy. However, with respect to determining whether
proposal 2 has been adopted pursuant to item (ii) above, because shares
represented by a "broker non-vote" are considered outstanding shares, a "broker
non-vote" has the same effect as a vote against that proposal.

      If at the time any session of the annual meetings is called to order a
quorum of a fund's shareholders is not present in person or by proxy, the
persons named as proxies may vote those proxies which have been received to
adjourn that fund's annual meeting to a later date. In the event that a quorum
of a fund's shareholders is present but sufficient votes in favor of proposal 2
or the nominees set forth in proposal 1 have not been received from that fund's
shareholders, the persons named as proxies may propose one or more adjournments
of that fund's annual meeting to permit further solicitation of proxies on that
proposal. Any adjournment will require the affirmative vote of a majority of the
shares of the affected fund present in person or by proxy at the session of the
annual meetings to be adjourned. The persons named as proxies will vote those
proxies which


                                       9
<PAGE>

they are entitled to vote in favor of any proposal in favor of an adjournment,
and will vote those proxies required to be voted against any proposal against an
adjournment. A shareholder vote may be taken on one or both of the proposals
prior to adjournment, if sufficient votes for the proposal's approval have been
received and it is otherwise appropriate.

Expenses and Methods of Solicitation

      The costs of the meetings, including the solicitation of proxies, will be
paid by the respective funds. Persons holding shares as nominees will be
reimbursed by the relevant fund, upon request, for their reasonable expenses in
sending soliciting material to the principals of the accounts. In addition to
the solicitation of proxies by mail, Trustees, officers and employees of the
funds or of the funds' investment adviser may solicit proxies in person or by
telephone. John Hancock Advisers, Inc., 101 Huntington Avenue, Boston,
Massachusetts 02199-7603 serves as each fund's investment adviser and
administrator.

Telephone Voting

      In addition to soliciting proxies by mail, by fax or in person, the funds
may also arrange to have votes recorded by telephone by officers and employees
of the funds or by the personnel of the adviser or the transfer agent. The
telephone voting procedure is designed to verify a shareholder's identity, to
allow a shareholder to authorize the voting of shares in accordance with the
shareholder's instructions and to confirm that the voting instructions have been
properly recorded. If these procedures were subject to a successful legal
challenge, the telephone votes would not be counted at the meeting. The funds
have not obtained an opinion of counsel about telephone voting, but it is
currently not aware of any challenge.

      o     A shareholder will be called on a recorded line at the telephone
            number in the fund's account records and will be asked to provide
            the shareholder's social security number or other identifying
            information.

      o     The shareholder will then be given an opportunity to authorize
            proxies to vote his or her shares at the meeting in accordance with
            the shareholder's instructions.

      o     To ensure that the shareholder's instructions have been recorded
            correctly, the shareholder will also receive a confirmation of the
            voting instructions by mail.

      o     A toll-free number will be available in case the voting information
            contained in the confirmation is incorrect.

      If the shareholder decides after voting by telephone to attend the
meeting, the shareholder can revoke the proxy at that time and vote the shares
at the meeting.

Other Matters

      The management of the funds knows of no business to be brought before the
annual meetings except as described above. If, however, any other matters were
properly to come before the annual meetings, the persons named on the proxy card
intend to vote on those matters in accordance with their best judgment. If any
shareholder desires additional information about the matters proposed for
action, the management of the funds will provide further information.

      The meeting is scheduled as a joint meeting of the shareholders of both
funds because the shareholders of the funds are expected to consider and vote on
similar matters. The Boards of Trustees of the funds have determined that the
use of this joint proxy statement for the annual meetings is in the best
interest of each fund's shareholders. In the event that any shareholder present
at the annual meetings objects to the holding of a joint


                                       10
<PAGE>

meeting and moves for an adjournment of the annual meeting with respect to his
or her fund to a time immediately after the annual meetings so that his or her
fund's meeting may be held separately, the persons named as proxies will vote in
favor of that adjournment.

      The shareholders of each fund will vote separately on each proposal, and
voting by shareholders of one fund will have no effect on the outcome of voting
by shareholders of the other fund.

                              SHAREHOLDER PROPOSALS

      Proposals of shareholders intended to be presented at a fund's annual
meeting in 2002 must be received by that fund at its offices at 101 Huntington
Avenue, Boston, Massachusetts, no later than October 10, 2001 for inclusion in
that fund's proxy statement relating to that meeting.

                IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY

                                   JOHN HANCOCK INVESTORS TRUST
                                   JOHN HANCOCK INCOME SECURITIES TRUST

Dated: February 15, 2001


                                       11
<PAGE>

                                    EXHIBIT A

                             AUDIT COMMITTEE CHARTER
                           For the John Hancock Funds

      The Audit Committee shall be composed of Independent Trustees only. The
membership of the Committee shall consist of at least three trustees who are
each free of any relationship that, in the opinion of the Independent Trustees,
may interfere with such member's individual exercise of independent judgment.
Each Audit Committee member shall also meet the independence and financial
literacy requirements for serving on audit committees, and at least one member
shall have accounting or related financial management expertise, all as set
forth in the applicable rules of the New York Stock Exchange and American Stock
Exchange. One member of the Committee shall be appointed as chair. The chair
shall be responsible for leadership of the Committee, including scheduling and
presiding over meetings, preparing agendas, and making regular reports to the
Independent Trustees. The Committee shall meet at least four times a year, or
more frequently as the Committee considers necessary. It shall be the
responsibility of the Committee to oversee the funds' auditing and accounting
process, recommend to the full Board of Trustees the appointment of auditors for
each of the funds, to monitor the audits of the funds, to communicate with both
the external auditors and internal auditors on a regular basis, and to provide a
conduit for such auditors to report and discuss any matters they deem
appropriate at any time. The Committee shall also perform other tasks assigned
to it, from time to time, by the Independent Trustees and, in all cases, will
report its findings and recommendations to the Independent Trustees or the
Committee on Administration.

The Committee's responsibilities include:

1.    Recommending to the Board of Trustees the appointment of external auditors
      for each fund annually through the selection, evaluation and, where
      appropriate, replacement of the external auditor, and assuring that the
      external auditors are ultimately accountable to the Audit Committee and
      the Board of Trustees.

2.    Meeting with the external auditors, the internal auditors, and the funds'
      senior management to review the form and substance of the funds' financial
      statements and reports.

3.    Reviewing the funds' internal and external audit functions and the extent
      and quality of the auditing program, including implementation of the Code
      of Ethics.

4.    Reviewing and discussing with the external auditors their objectivity,
      independence and accountability by meeting with the external auditors at
      least twice a year and receiving formal written statements from the
      external auditors describing their reporting relationships with the Audit
      Committee consistent with the Independent Standards Board Standard No. 1.

5.    Recommending to the Board of Trustees that it take appropriate action to
      satisfy itself of the external auditor's independence.

6.    Reviewing any problems that may arise out of a fund's accounting, auditing
      or financial reporting

7.    Reviewing the auditing and other fees charged by the external auditing
      firms.


                                       12
<PAGE>

8.    Monitoring the procedures for allocating fund brokerage, the allocation of
      trades among various accounts under management and the fees and other
      charges for fund brokerage.

9.    Reviewing operating and internal control structure of custodian banks and
      transfer agents, including procedures to safeguard fund assets.

      The Committee's job is one of oversight. Management is responsible for the
preparation of the Company's financial statements and the external auditors are
responsible for auditing those financial statements. The Committee and the Board
of Trustees recognize that management (including the internal audit staff) and
the external auditors have more resources and time and more detailed knowledge
and information regarding the Company's accounting, auditing, internal control
and financial reporting practices than the Committee does; accordingly, the
Committee's oversight role does not provide any expert or special assurance as
to the financial statements and other financial information provided by the
Company to its shareholders and others.


                                       13
<PAGE>


                      JOHN HANCOCK INCOME SECURITIES TRUST

                         Annual Meeting of Shareholders
                                 March 29, 2001

The undersigned hereby appoints MAUREEN R. FORD, SUSAN S. NEWTON AND JAMES J.
STOKOWSKI, and each of them singly, proxies and attorneys of the undersigned,
with full power of substitution to each, for and in the name of the undersigned,
to vote and act upon all matters at the Annual Meeting of Shareholders of the
John Hancock Income Securities Trust to be held at the offices of the Trust, 101
Huntington Avenue, Boston, Massachusetts, on March 29, 2001 at 9:00 A.M.,
Eastern time, and at any adjournment of the meeting. All proxies previously
given by the undersigned for this meeting are hereby revoked.


PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY IN THE ENCLOSED
ENVELOPE.

Please complete, sign, date and return this proxy in the enclosed envelope as
soon as possible. Please sign exactly as your name or names appear in the box on
the reverse. When signing as Attorney, Executor, Administrator, Trustee or
Guardian, please give your full title as such. If a corporation, please sign in
full corporate name by president or other authorized officer. If a partnership,
please sign in partnership name by authorized person.

HAS YOUR ADDRESS CHANGED?

- -----------------------------------------------

- -----------------------------------------------

- -----------------------------------------------



<PAGE>


- --------------------------------------------------------------------------------
                      JOHN HANCOCK INCOME SECURITIES TRUST
- --------------------------------------------------------------------------------

Mark box at right if address change has
been noted on the reverse side of this card.                              _____





Please be sure to sign and date this proxy           Date


Shareholder sign here                                Co-owner sign here




                THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES


1.) Election of Trustees:                              For All    With-  For all
                                                       Nominees   hold    Except
    (01) D. Aronowitz      (07) G. Fosler
    (02) S. Brown          (08) W. Galvin                ____    ____     ____
    (03) R. Chapman, Jr.   (09) J. Moore
    (04) W. Cosgrove       (10) P. McGill Peterson
    (05) R. Farrell        (11) J. Pratt
    (06) M. Ford



If you do not wish your shares voted "FOR" a particular nominee, mark the "For
All Except" box and strike a line through the name(s) of the nominee(s). Your
shares will be voted for the remaining nominee(s).

                                                   For    Against  Abstain

 2.) Proposal to ratify the selection              _____   _____    _____
     of Ernst & Young LLP as independent
     public accountants.


Specify your vote by marking the appropriate spaces. If no specification is
made, this proxy will be voted for the nominees named in the proxy statement and
in favor of proposal 2. The persons named as proxies have discretionary
authority, which they intend to exercise in favor of the proposals referred to
and according to their best judgment as to the other matters which may properly
come before the meeting.


RECORD DATE SHARES:


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