<SEC-DOCUMENT>0000928816-12-000569.txt : 20120329
<SEC-HEADER>0000928816-12-000569.hdr.sgml : 20120329
<ACCEPTANCE-DATETIME>20120329141110
ACCESSION NUMBER:		0000928816-12-000569
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120131
FILED AS OF DATE:		20120329
DATE AS OF CHANGE:		20120329
EFFECTIVENESS DATE:		20120329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK INCOME SECURITIES TRUST
		CENTRAL INDEX KEY:			0000759866
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04186
		FILM NUMBER:		12723353

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN INCOME SECURITIES TRUST /MA
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>a_incomesectrust.htm
<DESCRIPTION>JOHN HANCOCK INCOME SECURITIES TRUST
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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>UNITED STATES</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><B><FONT size=3 face=serif>FORM N-Q</FONT></B>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><B><FONT size=3 face=serif>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><B><FONT size=3 face=serif>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>Investment Company Act file number </FONT><U><FONT size=3 face=serif>811- 4186</FONT></U>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><U><FONT size=3 face=serif>John Hancock Income Securities Trust</FONT></U>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>(Exact name of registrant as specified in charter)</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><U><FONT size=3 face=serif>601 Congress Street, Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>(Address of principal executive offices) (Zip code)</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>Salvatore Schiavone, Treasurer</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>601 Congress Street</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><U><FONT size=3 face=serif>Boston, Massachusetts 02210</FONT></U>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>(Name and address of agent for service)</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=center><FONT size=3 face=serif>Registrant's telephone number, including area code: </FONT><U><FONT size=3 face=serif>617-663-4497</FONT></U>&nbsp;</TD></TR>

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   <TD width="51%" noWrap align=left><FONT size=3 face=serif>Date of fiscal year end:</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=3 face=serif>October 31</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="51%" noWrap align=left><FONT size=3 face=serif>Date of reporting period:</FONT>&nbsp;</TD>

   <TD width="49%" noWrap align=left><FONT size=3 face=serif>January 31, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 1. SCHEDULE OF INVESTMENTS</FONT></P></DIV>









































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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

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   <TD width="39%" noWrap align=left>&nbsp;</TD>

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   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Corporate Bonds 81.85% (54.87% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$140,962,201</FONT></B>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $134,211,495)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 11.75%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>20,228,513</FONT></B>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Auto Components 0.65%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Allison Transmission, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$380,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>382,375</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Exide Technologies (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>280,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>231,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hyva Global BV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/24/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>340,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>281,350</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Visteon Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>220,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>217,250</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Automobiles 1.79%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ford Motor Credit Company LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>440,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>455,474</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ford Motor Credit Company LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/02/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>435,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>476,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hyundai Capital Services, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/27/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>310,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>317,887</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hyundai Capital Services, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/05/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>430,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>461,375</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Kia Motors Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/14/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>315,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>314,008</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nissan Motor Acceptance Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/30/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,053,018</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Food Products 0.13%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Simmons Foods, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>224,375</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 3.05%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CCM Merger, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>470,450</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Chester Downs &amp; Marina LLC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>85,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>86,063</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Downstream Development Authority of the Quapaw Tribe of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Oklahoma (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>268,125</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Greektown Superholdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>13.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,713,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,832,910</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Jacobs Entertainment, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>564,000</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Landry's Acquisition Company (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>209,138</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Landry's, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>107,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Little Traverse Bay Bands of Odawa Indians (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/31/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>319,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>271,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>MGM Resorts International (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>340,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>353,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Seminole Indian Tribe of Florida (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.535</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>636,877</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Seminole Indian Tribe of Florida (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>325,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>341,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Waterford Gaming LLC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>221,551</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>104,713</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Household Durables 0.03%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>American Standard Americas (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>85,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>56,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Internet &amp; Catalog Retail 0.31%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Expedia, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.950</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>530,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>539,057</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Media 4.12%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>AMC Entertainment, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>147,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CBS Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/30/30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>595,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>769,365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CCO Holdings LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/30/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>145,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>160,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cinemark USA, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>205,238</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>DIRECTV Holdings LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>220,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>254,339</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Grupo Televisa SAB (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>310,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>352,306</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>News America, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.150</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>165,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>187,876</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>News America, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.150</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>328,522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>News America, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>171,564</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>News America, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/11/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,141,441</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>News America, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/20/24</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,020,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,274,031</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nexstar Broadcasting, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>84,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>83,790</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nexstar Broadcasting, Inc., PIK (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>255,998</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>255,358</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Regal Cinemas Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>115,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>126,213</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Regal Entertainment Group</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>109,500</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="100%"></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Time Warner Cable, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$605,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$733,144</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>UBM PLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/03/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,084</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>XM Satellite Radio, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>519,556</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Multiline Retail 0.44%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Macy's Retail Holdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>143,546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Macy's Retail Holdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/42</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>105,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>109,363</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Macy's Retail Holdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>444,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,888</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Specialty Retail 0.56%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>AutoNation, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>403,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hillman Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>313,388</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Limited Brands, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>253,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Textiles, Apparel &amp; Luxury Goods 0.67%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Burlington Coat Factory Warehouse Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>665,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>631,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Levi Strauss &amp; Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>522,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Staples 2.45%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>4,213,885</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Food &amp; Staples Retailing 0.27%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Rite Aid Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>453,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Food Products 0.89%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bunge Ltd. Finance Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>205,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>214,858</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bunge Ltd. Finance Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>389,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>481,644</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Corp. Pesquera Inca SAC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/10/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>340,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>352,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Del Monte Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>235,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>231,181</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Grupo Bimbo SAB de CV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>245,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>250,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Household Products 0.24%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Reynolds Group Issuer, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>420,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>417,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Personal Products 0.29%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hypermarcas SA (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/20/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>140,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Revlon Consumer Products Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>335,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>358,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Tobacco 0.76%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Alliance One International, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>972,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Lorillard Tobacco Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>295,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>340,721</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Energy 9.76%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>16,806,890</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Energy Equipment &amp; Services 0.73%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Astoria Depositor Corp., Series B (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.144</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>850,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Trinidad Drilling, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>265,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>280,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Weatherford International, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.800</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>105,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>119,489</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Gas Utilities 0.31%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>DCP Midstream LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>405,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>531,948</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 8.72%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Afren PLC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>422,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Alpha Natural Resources, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>125,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>124,063</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Alpha Natural Resources, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>270,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>267,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Arch Coal, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>160,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>160,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Arch Coal, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>270,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>271,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>BreitBurn Energy Partners LP (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>165,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>165,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Chesapeake Energy Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>265,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>261,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Energy Transfer Partners LP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.200</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>135,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>142,673</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Energy Transfer Partners LP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>330,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>417,496</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=serif>2</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

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   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Energy (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Enterprise Products Operating LLC (7.000% to 6-1-17, then 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>month LIBOR + 2.778%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/67</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$695,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$684,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>EV Energy Partners LP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>413,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Kerr-McGee Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.950</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/24</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>770,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>936,028</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Kinder Morgan Energy Partners LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/32</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>240,106</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Kinder Morgan Finance Company LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/05/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>615,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>638,063</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Marathon Petroleum Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>280,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>311,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>MarkWest Energy Partners LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>495,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>530,888</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Newfield Exploration Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/30/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>260,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>276,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Niska Gas Storage US LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>395,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>379,694</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>NuStar Logistics LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.650</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>845,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,012,651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Peabody Energy Corp. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>325,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>334,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Petro-Canada (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,422,143</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Petrohawk Energy Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>595,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>665,656</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Petroleos Mexicanos (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/24/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>284,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Spectra Energy Capital LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.200</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,161,159</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Targa Resources Partners LP (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>245,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>248,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>TransCanada Pipelines, Ltd. (6.350% to 5-15-17, then 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>month LIBOR + 2.210%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/67</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>710,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>717,989</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Williams Partners LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,620,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,957,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Woodside Finance, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/10/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>578,785</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials 29.09%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>50,097,845</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Capital Markets 3.50%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Affinion Group Holdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>235,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>198,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Credit Suisse AG (3 month LIBOR + 0.690% to 5-15-17, then</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>3 month LIBOR + 1.690%) (Q)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.147</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>715,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>457,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Credit Suisse New York (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/05/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>555,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>565,706</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Credit Suisse New York (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/14/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>355,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>359,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Jefferies Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>905,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>864,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Jefferies Group, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>165,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>172,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Macquarie Bank, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/07/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>260,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>247,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Macquarie Group, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/14/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>340,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>327,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/28/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>148,429</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.550</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/27/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>512,183</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>139,959</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/13/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>529,315</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Polymer Group, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>95,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>100,463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Goldman Sachs Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/27/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>299,908</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Goldman Sachs Group, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/24/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>283,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Goldman Sachs Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.150</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>760,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>819,859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 5.35%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Abbey National Treasury Services PLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/27/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>373,691</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Banco de Credito del Peru (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/16/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>175,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>175,438</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Barclays Bank PLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.140</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/14/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,930,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,850,903</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Barclays Bank PLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.050</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/04/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>295,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>297,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Barclays Bank PLC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.179</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/12/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>260,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>298,215</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>BBVA Bancomer SA (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/10/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>482,333</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>BPCE SA (12.500% to 9-30-19, then 3 month LIBOR +</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>12.980%) (Q)(S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/30/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>330,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>310,834</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>First Tennessee Bank NA (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.050</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>405,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>410,577</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ICICI Bank, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/16/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>475,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>465,538</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Lloyds TSB Bank PLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/21/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>440,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>471,004</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>National City Bank (P)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.904</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/07/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>518,683</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=serif>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Regions Financial Corp. (P)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.744</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/26/12</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$265,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$261,181</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Regions Financial Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/10/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,045,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Santander Holdings USA, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/19/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>115,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>112,337</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Santander Issuances SA (6.500% to 11-15-14, then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 3.920%) (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/11/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>529,389</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Royal Bank of Scotland PLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/16/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>330,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>334,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Wachovia Bank NA (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.850</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>424,199</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Wachovia Bank NA (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>325,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>386,365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Wachovia Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>405,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>465,593</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Finance 2.05%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Capital One Financial Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.150</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>730,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>773,943</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Capital One Financial Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,151,545</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Discover Bank (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>270,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>295,966</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Discover Financial Services (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>585,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>734,823</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nelnet, Inc. (P)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.951</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/29/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>715,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>572,110</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 7.01%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bank of America Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/24/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>415,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>430,199</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bank of America Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>325,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bank of America NA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>149,308</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bank of America NA (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/15/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>367,137</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bosphorus Financial Services, Ltd. (P)(S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.257</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/12</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>31,250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>31,244</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Citigroup, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.850</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/11/34</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>306,923</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Citigroup, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/21/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,935,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,129,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cooperatieve Centrale Raiffeisen-Boerenleenbank BA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/19/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>283,137</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>DTEK Finance BV (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/28/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>194,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>General Electric Capital Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/16/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>365,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>381,821</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>General Electric Capital Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/11/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>220,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>239,498</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>General Electric Capital Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/14/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>426,777</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>General Electric Capital Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/07/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>335,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>388,122</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>JPMorgan Chase &amp; Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/20/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>295,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>310,712</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>JPMorgan Chase &amp; Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>608,739</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>JPMorgan Chase &amp; Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>765,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>867,655</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>JPMorgan Chase &amp; Company (7.900% to 4-30-18, then 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>month LIBOR + 3.470%) (Q)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.900</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/30/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>655,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>709,503</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Merrill Lynch &amp; Company, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.220</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/26</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>175,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>166,544</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Merrill Lynch &amp; Company, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/25/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,079,598</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Merrill Lynch &amp; Company, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/14/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>310,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>326,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nationstar Mortgage (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>540,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>535,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Bear Stearns Companies LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,196,238</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>USB Realty Corp. (P)(Q)(S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.719</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>610,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Insurance 5.26%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Aflac, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.900</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/17/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>264,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Aflac, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>483,948</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>AXA SA (6.379% to 12-14-36, then 3 month LIBOR +</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>2.256%) (Q)(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.379</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/14/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>175,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>130,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Chubb Corp. (6.375% until 4-15-17, then 3 month LIBOR +</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>2.250%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/29/67</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>315,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>321,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CNA Financial Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>720,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>785,436</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CNA Financial Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/23</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>540,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>596,662</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CNO Financial Group, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>375,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>398,438</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Glen Meadow Pass-Through Trust (6.505% to 2-15-17, then</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>3 month LIBOR +2.125%) (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.505</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/12/67</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>835,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>626,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hartford Financial Services Group, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/30/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>225,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>229,821</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

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<TR>

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   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <HR SIZE=1 noShade>

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<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Liberty Mutual Group, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.800</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$705,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$659,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Lincoln National Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>535,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>669,471</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Lincoln National Corp. (6.050% until 4-20-17, then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 2.040%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.050</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/20/67</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>535,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>476,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Teachers Insurance &amp; Annuity Association of America (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.850</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/16/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>605,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>796,943</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Hanover Insurance Group, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>163,694</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Unum Group (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/30/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>395,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>455,976</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>UnumProvident Finance Company PLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.850</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>605,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>671,594</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>W.R. Berkley Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>365,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>388,851</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Willis Group Holdings PLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>379,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Willis North America, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/29/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>495,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>567,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 5.81%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Boston Properties LP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>205,446</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Brandywine Operating Partnership LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>345,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>378,307</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CommonWealth REIT (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.650</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>480,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>521,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>DDR Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>675,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>760,566</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Dexus Property Group (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/15/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>495,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>541,895</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Duke Realty LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>590,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>688,387</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Duke Realty LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>265,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>328,966</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Goodman Funding Pty, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>645,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>676,051</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Health Care REIT, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.950</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>411,231</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Health Care REIT, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>765,479</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Health Care REIT, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.200</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>505,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>552,852</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Healthcare Realty Trust, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/17/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>540,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>593,690</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Mack-Cali Realty LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>330,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>403,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>MPT Operating Partnership LP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>238,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Post Apartment Homes LP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>185,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>188,848</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ProLogis LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>415,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>457,535</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ventas Realty LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>402,196</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Vornado Realty LP (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>755,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>788,457</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>WEA Finance LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/02/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>290,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>342,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Weyerhaeuser Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/32</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>690,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>752,415</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Management &amp; Development 0.11%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Realogy Corp. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>215,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>198,875</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Health Care 2.40%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>4,140,536</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Biotechnology 0.22%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Gilead Sciences, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>211,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Kinetic Concepts, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>160,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>163,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Health Care Equipment &amp; Supplies 0.31%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Alere, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>335,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>348,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Alere, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>185,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>192,863</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Health Care Providers &amp; Services 0.81%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>BioScrip, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>285,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>293,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Gentiva Health Services, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>70,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>59,938</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>HCA, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>380,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>406,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Medco Health Solutions, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>545,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>642,947</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Pharmaceuticals 1.06%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Catalent Pharma Solutions, Inc., PIK (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>425,756</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>439,593</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Endo Pharmaceuticals Holdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>390,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>429,488</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hospira, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.050</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/30/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>533,197</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Valeant Pharmaceuticals International, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>95,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>97,019</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Health Care (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Valeant Pharmaceuticals International, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$315,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$322,481</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Industrials 7.73%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>13,312,219</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Aerospace &amp; Defense 1.90%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bombardier, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>240,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>272,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Colt Defense LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>165,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ducommun, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>70,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>71,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Embraer Overseas, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>380,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>418,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Huntington Ingalls Industries, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>360,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>376,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Kratos Defense &amp; Security Solutions, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>243,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Lockheed Martin Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>615,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>625,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Textron Financial Corp. (6.000% to 2-15-17, then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 1.735%) (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/67</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>562,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Textron, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>505,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>537,074</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Airlines 3.03%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>America West Airlines 2000-1 Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.057</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/02/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>189,240</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>191,132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines 1997-4 Class A Pass Through Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.900</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/02/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>312,367</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>327,985</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines 1998-1 Class A Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.648</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>196,662</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>203,546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines 1999-1 Class A Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.545</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/02/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>211,272</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>225,005</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines 2000-2 Class B Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.307</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/02/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>155,383</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>153,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines 2007-1 Class A Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.983</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/19/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>525,155</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>559,972</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Continental Airlines 2010-1 Class A Pass Through Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/12/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>152,014</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>157,715</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines 2007-1 Class A Pass Through Trust</FONT> <FONT size=2 face=sans-serif>(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.821</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/10/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>608,854</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>657,562</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines 2010-1 Class A Pass Through Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.200</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/02/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>202,339</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>217,514</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Delta Air Lines 2011-1 Class A Pass Through Trust</FONT> <FONT size=2 face=sans-serif>(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>375,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>393,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Northwest Airlines 2002-1 Class G-2 Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.264</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/20/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>540,604</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>540,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Northwest Airlines 2007-1 Class A Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.027</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>407,680</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>423,987</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>United Airlines 2007-1 Class C Pass Through Trust</FONT> <FONT size=2 face=sans-serif>(P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.059</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/02/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>612,256</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>570,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>United Airlines 2009-1 Pass Through Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>149,732</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>168,823</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>United Airlines 2009-2A Pass Through Trust (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>379,873</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>427,357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Building Products 0.76%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Masco Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>285,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>293,465</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Voto-Votorantim Overseas Trading Operations NV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/25/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>484,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Voto-Votorantim, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/05/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>490,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>526,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Services &amp; Supplies 0.55%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Garda World Security Corp. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>104,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>International Lease Finance Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>290,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>317,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Steelcase, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>520,497</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Construction &amp; Engineering 0.19%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Tutor Perini Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>335,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>325,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Electrical Equipment 0.12%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Coleman Cable, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>205,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>209,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Industrial Conglomerates 0.26%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Odebrecht Finance, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/05/23</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>352,345</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Odebrecht Finance, Ltd. (Q)(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/14/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>100,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Marine 0.25%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Navios Maritime Holdings, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>225,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>177,188</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Navios South American Logistics, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>315,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>258,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Road &amp; Rail 0.42%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>The Hertz Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>625,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>645,313</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Western Express, Inc. (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>146,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>75,190</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>6</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Industrials (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Trading Companies &amp; Distributors 0.14%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Aircastle, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$225,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$247,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Transportation Infrastructure 0.11%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Asciano Finance, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/23/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>185,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>182,799</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Information Technology 0.63%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>1,086,383</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Computers &amp; Peripherals 0.19%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Hewlett-Packard Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>310,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>326,433</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>IT Services 0.44%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Brightstar Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>560,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>576,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Equinix, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>165,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>183,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Materials 7.04%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>12,129,568</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Chemicals 1.09%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>American Pacific Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>245,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>237,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Braskem America Finance Company (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.125</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/22/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>418,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Braskem Finance, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/07/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>515,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>557,488</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Fufeng Group, Ltd. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/13/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>335,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>285,588</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Incitec Pivot Finance LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/10/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>345,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>378,558</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Construction Materials 0.55%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Building Materials Corp. of America (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>247,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cemex SAB de CV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/11/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>510,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>443,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Severstal Columbus LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>109,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Vulcan Materials Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>130,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>142,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 0.74%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Pretium Packaging LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>165,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>163,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Solo Cup Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>253,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Temple-Inland, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>868,218</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Metals &amp; Mining 3.20%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Alcoa, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>255,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>267,917</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Allegheny Technologies, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.950</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>153,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Allegheny Technologies, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>280,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>361,049</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ArcelorMittal (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>280,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>273,436</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ArcelorMittal (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.850</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>370,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>436,466</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cliffs Natural Resources, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>295,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>308,829</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Commercial Metals Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>310,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>309,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>FMG Resources August 2006 Pty, Ltd.</FONT> <FONT size=2 face=sans-serif>(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>255,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>259,463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>FMG Resources August 2006 Pty, Ltd.</FONT> <FONT size=2 face=sans-serif>(S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>170,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>182,325</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Gerdau Trade, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/30/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>330,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>333,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>JMC Steel Group (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>185,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>189,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Metinvest BV (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/14/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>435,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>378,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Rain CII Carbon LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>555,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>575,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>SunCoke Energy, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>259,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>261,590</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Teck Resources, Ltd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>155,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>182,333</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Teck Resources, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>239,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>292,166</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Thompson Creek Metals Company, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>395,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>369,325</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Vale Overseas, Ltd. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/10/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>320,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>379,244</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Paper &amp; Forest Products 1.46%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Georgia-Pacific LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>904,979</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Georgia-Pacific LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/28</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>165,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>199,686</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>International Paper Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>508,748</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Materials (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Verso Paper Holdings LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$55,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Westvaco Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.950</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/31</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>770,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>841,290</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Telecommunication Services 4.09%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>7,042,119</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 3.57%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>BellSouth Telecommunications, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>513,172</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>548,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CenturyLink, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.450</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>321,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CenturyLink, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>310,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Crown Castle Towers LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.883</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>760,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>791,934</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Frontier Communications Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>635,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>628,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>GTP Acquisition Partners I LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.347</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>654,038</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>GTP Acquisition Partners I LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.628</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>325,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>319,276</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>GTP Towers Issuer LLC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.112</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>885,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>905,099</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PAETEC Holding Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>369,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>412,358</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Qwest Communications International, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>294,943</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Qwest Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>330,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>384,372</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Telecom Italia Capital SA (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.200</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/18/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>365,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>330,325</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Telecom Italia Capital SA (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.721</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/04/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>260,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>243,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Wireless Telecommunication Services 0.52%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>America Movil SAB de CV (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/30/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>440,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>495,647</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Nextel Communications, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.375</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>415,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>401,513</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Utilities 6.91%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>11,904,243</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Electric Utilities 3.81%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Beaver Valley II Funding (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>384,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>401,706</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>BVPS II Funding Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.890</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>475,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>528,746</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Commonwealth Edison Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.800</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>525,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>622,588</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Exelon Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.900</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>985,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,076,018</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>FPL Energy National Wind LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.608</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/10/24</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>239,808</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>248,513</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ITC Holdings Corp. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>415,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>473,891</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Oncor Electric Delivery Company LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/30/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>820,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>939,014</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PNM Resources, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>705,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>779,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PNPP II Funding Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.120</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/30/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>246,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>264,758</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PPL Capital Funding, Inc. (6.700% to 3-30-17, then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 2.665%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/30/67</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>525,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>518,438</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Southern California Edison Company (6.250% to 2-1-22,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>then 3 month LIBOR + 4.199%) (Q)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/22</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>280,110</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>TXU Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.460</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/01/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>94,476</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>94,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>W3A Funding Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.090</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/02/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>337,407</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>333,547</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Independent Power Producers &amp; Energy Traders 1.62%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Allegheny Energy Supply Company LLC (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/15/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>460,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>495,671</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>DPL, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>570,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>634,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Exelon Generation Company LLC (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>360,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>445,333</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ipalco Enterprises, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>493,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>NRG Energy, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/15/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>377,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>NRG Energy, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/01/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>355,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>349,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Multi-Utilities 1.08%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Integrys Energy Group, Inc. (6.110% to 12-1-16, then 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>month LIBOR + 2.120%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/66</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>637,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>MidAmerican Energy Holdings Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.480</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/15/28</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>803,523</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Wisconsin Energy Corp. (6.250% to 5-15-17, then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 2.113%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/67</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>410,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>419,225</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>8</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Utilities (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Water Utilities 0.40%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Cia de Saneamento Basico do Estado de Sao Paulo (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/16/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$314,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Midwest Generation LLC, Series B (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.560</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/02/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>386,932</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>373,389</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Convertible Bonds 0.20% (0.13% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$346,580</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $267,530)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 0.20%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>346,580</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Media 0.20%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>XM Satellite Radio, Inc. (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>248,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>346,580</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Municipal Bonds 0.31% (0.21% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$540,864</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $450,794)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>California 0.17%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>304,241</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>State of California</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>General Obligation Bond</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>225,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>304,241</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Illinois 0.14%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>236,623</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>State of Illinois</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>General Obligation Bond</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/33</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>236,623</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Term Loans (M) 0.64% (0.43% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$1,103,102</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $1,251,244)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 0.51%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>887,319</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 0.43%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>CCM Merger, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>191,996</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>190,976</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Kalispel Tribal Economic Authority</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/22/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>581,364</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>546,482</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Media 0.08%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Vertis, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/31/15</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>277,520</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>149,861</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials 0.13%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>215,783</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 0.13%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>iStar Financial, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/30/14</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>220,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>215,783</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Capital Preferred Securities (a) 2.89% (1.93% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$4,969,438</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $5,102,150)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials 2.89%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>4,969,438</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Capital Markets 0.78%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>State Street Capital Trust III (P)(Q)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.536</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/02/12</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>715,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>716,852</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>State Street Capital Trust IV (P)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.546</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/15/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>935,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>631,393</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Commercial Banks 1.46%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Fifth Third Capital Trust IV (6.500% to 4-15-17 then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 1.368%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>825,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>818,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PNC Financial Services Group, Inc. (Q)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>215,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>222,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>PNC Preferred Funding Trust III (8.700% to 3-15-13, then 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>month LIBOR + 5.226%) (Q)(S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/13</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>835,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>863,607</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Regions Financing Trust II (6.625% to 5-15-27, then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR 1.290%) (Q)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.625</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/15/27</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>160,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>142,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sovereign Capital Trust VI (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.908</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/13/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>480,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>456,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_11"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Insurance 0.65%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Aon Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.205</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/01/27</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$345,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$407,031</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>MetLife Capital Trust X (9.250% to 4-8-38 then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 5.540%) (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9.250</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/08/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>315,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>372,488</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ZFS Finance USA Trust II (6.450% to 6-15-16 then 3 month</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>LIBOR + 2.000%) (S)(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.450</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/65</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>360,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>338,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=3 noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government &amp; Agency Obligations 38.35% (25.71% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$66,054,358</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $64,622,226)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government 2.21%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>3,801,767</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>U.S. Treasury Bonds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>480,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>559,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>U.S. Treasury Notes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/21</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,605,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,653,031</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>U.S. Treasury Strips, PO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.907</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/30</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,020,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>589,011</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government Agency 36.14%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>62,252,591</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Federal Home Loan Mortgage Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5,913,379</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,487,556</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>42,340</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>47,064</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>92,875</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>103,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>193,431</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>214,769</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>84,180</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>93,466</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,147,008</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,383,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Federal National Mortgage Association</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>778,363</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>828,833</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>14,194,445</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>15.056.840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,281,339</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,683,727</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,366,404</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,630,208</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,070,836</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,315,509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/01/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>952,911</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,047,001</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/01/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,733,773</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,886,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/01/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,777,567</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5,191,823</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>799,978</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>869,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,600,462</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,739,236</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/01/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,831,905</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,164,163</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/01/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>389,750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>424,397</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/01/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,036,387</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,245,768</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/01/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>709,015</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>793,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/01/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,417,718</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,821,837</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/01/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>211,851</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>237,166</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/01/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>282,603</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>316,107</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Government National Mortgage Association</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>30 Yr Pass Thru CTF (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/15/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>601,462</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>670,921</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>10</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_12"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Foreign Government Obligations 0.22% (0.15% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$378,530</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $368,463)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>South Korea 0.22%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>378,530</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Korea Development Bank (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/09/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$370,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>378,530</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=3 noWrap align=left><B><FONT size=2 face=sans-serif>Collateralized Mortgage Obligations 13.65% (9.15% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$23,503,868</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $27,144,672)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Commercial &amp; Residential 12.06%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>20,761,901</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>American Home Mortgage Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-6, Class XP IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.136</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/25/46</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7,866,131</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>498,522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>American Tower Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-1A, Class D (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.957</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>865,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>919,506</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Banc of America Commercial Mortgage, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-2, Class AM (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.956</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/10/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>595,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>637,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-4, Class AM</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.675</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/10/46</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>845,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>891,303</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-3, Class A4</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.889</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/10/44</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>785,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>880,151</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bear Stearns Adjustable Rate Mortgage Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-1, Class B2 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.499</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>774,274</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>102,063</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bear Stearns Alt-A Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-12 1A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.626</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>719,556</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>580,206</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-3, Class B2 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.534</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>536,036</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bear Stearns Commercial Mortgage Securities, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-PW14, Class D (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.412</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/11/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>655,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>173,109</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Citigroup/Deutsche Bank Commercial Mortgage Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-CD1, Class C (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/44</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>295,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>220,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Countrywide Alternative Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-OA12, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.706</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/20/46</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11,450,090</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>744,045</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>First Horizon Alternative Mortgage Securities</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-AA5, Class B1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.326</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/25/34</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>406,886</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>45,504</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>GMAC Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-AR2, Class 3A (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.168</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/19/34</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>837,826</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>745,338</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Greenwich Capital Commercial Funding Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-GG7, Class AM (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.079</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/10/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>670,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>692,846</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>GSR Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-4F, Class 6A1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,698,957</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,850,346</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-9, Class B1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3.099</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/25/34</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>791,790</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>291,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Harborview Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-11, Class X1 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.027</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/19/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,521,106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>328,671</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-11, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.077</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/19/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2,945,622</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>129,392</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-2, Class IX IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.194</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/19/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12,030,257</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>627,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-8, Class 1X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.172</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/19/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4,813,820</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>236,597</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-3, Class ES IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/19/47</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12,029,271</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>75,183</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-4, Class ES IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/19/47</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>14,796,931</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>91,889</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-6, Class ES IO (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.342</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/19/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10,052,221</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>63,430</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>IndyMac Index Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-AR13, Class B1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.296</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>309,032</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>26,224</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR18, Class 1X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.056</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9,810,881</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>651,344</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR18, Class 2X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.722</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>9,349,420</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>453,914</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR5, Class B1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.601</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>220,962</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,732</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>JPMorgan Chase Commercial Mortgage Securities Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-PDP5, Class AM (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.415</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/44</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,155,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,241,745</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-LDP7, Class AM (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6.065</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>535,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>566,872</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Commercial &amp; Residential (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>LB-UBS Commercial Mortgage Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-C1, Class AM</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.455</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$850,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$869,112</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>MLCC Mortgage Investors, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-3, Class 2A1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.404</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>691,912</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>637,995</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-3, Class M1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.335</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/25/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>283,639</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>149,355</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-3, Class M2 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.335</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/25/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>104,717</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>13,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-3, Class M3 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.335</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/25/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>71,101</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5,115</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Morgan Stanley Capital I</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2008-HQ8, Class AM (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.647</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/12/44</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,020,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,067,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Provident Funding Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-1, Class B1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.659</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>385,199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>57,109</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Thornburg Mortgage Securities Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-1, Class II2A (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.752</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/25/44</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>809,570</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>701,859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>WaMu Mortgage Pass Through Certificates</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-AR13, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.336</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/25/34</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11,812,577</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>565,465</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR1, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>17,493,473</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>823,390</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR2, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.559</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12,966,450</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>639,587</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR4, Class B1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>2.565</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,430,998</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>268,598</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR6, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.456</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/25/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8,093,218</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>425,004</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-AR8, Class X IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.634</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/25/45</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>14,551,159</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>757,753</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>U.S. Government Agency 1.59%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>2,741,967</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Federal Home Loan Mortgage Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 3747, Class HI IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/15/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>6,319,835</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>723,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 3794, Class PI IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/15/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,051,335</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>119,759</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Federal National Mortgage Association</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2009-47, Class EI IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/25/19</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>817,813</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>78,248</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2010-68, Class CI IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/25/38</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,350,789</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>162,308</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 398, Class C3 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,260,819</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>151,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 401, Class C2 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>06/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>796,300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>70,502</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 402, Class 3 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,047,399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>116,021</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 402, Class 4 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,811,659</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>203,565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 402, Class 7 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,560,634</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>189,083</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 402, Class 8 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,815,525</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>213,438</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 15 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,403,980</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>213,738</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 16 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>332,869</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>35,512</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 17 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>293,075</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>34,149</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 21 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>01/25/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,205,408</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>142,026</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 7 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/25/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>475,059</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>76,425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 407, Class 8 IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/25/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>460,100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>68,762</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Government National Mortgage Association</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2010-78, Class AI IO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/20/39</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,517,471</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>143,963</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Asset Backed Securities 5.03% (3.37% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$8,668,841</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $8,836,707)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Asset Backed Securities 5.03%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>8,668,841</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ameriquest Mortgage Securities, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-R1, Class M1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.726</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>455,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>392,422</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Bravo Mortgage Asset Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-1A, Class A2 (P) (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.516</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>597,771</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>470,559</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Carrington Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-OPT2, Class M2 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.726</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>435,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>386,901</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Citigroup Mortgage Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2006-WFH3, Class A3 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.426</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>634,442</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>575,995</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>12</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_14"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Asset Backed Securities (continued)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>ContiMortgage Home Equity Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 1995-2, Class A-5</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/15/25</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$36,819</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$36,638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>FUEL Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2011-1 (S) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>4.207</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>04/15/16</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>630,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>647,156</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Home Equity Asset Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-5, Class M1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.756</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>350,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-3, Class 2A2 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.456</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/25/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,760,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,244,116</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Leaf Capital Funding SPE A LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2010-A, Class C (P) (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>7.281</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>163,167</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>163,167</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2010-A, Class D (P) (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10.281</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>122,201</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>122,201</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2010-A, Class E1 (P) (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>14.781</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/15/20</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>142,280</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>142,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Leaf II Receivables Funding LLC (S)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2011-1, Class A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12/20/18</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>284,328</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>279,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Master Asset Backed Securities Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2007-HE2, Class A2 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.976</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>08/25/37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>575,294</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>502,127</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Merrill Lynch Mortgage Investors, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-HE2, Class A2C (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.646</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/25/36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>670,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>582,295</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-WMC1, Class M1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.026</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>09/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>270,193</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>250,347</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>New Century Home Equity Loan Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-3, Class M1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.756</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>07/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>261,884</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Novastar Home Equity Loan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-4, Class M3 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1.356</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>645,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>576,419</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Park Place Securities, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2004-WHQ2, Class M2 (P) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.906</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>02/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>915,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>739,227</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Residential Asset Securities Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2005-KS4, Class M1 (P)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>0.686</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/25/35</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>341,202</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>304,538</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Sonic Capital LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>Series 2011-1A, Class A2 (S) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5.438</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>05/20/41</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>607,600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>640,492</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Common Stocks 2.62% (1.75% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$4,503,403</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $4,532,738)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 0.03%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>57,930</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 0.03%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Greektown Superholdings, Inc. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>768</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>57,930</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Staples 0.44%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>747,700</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Tobacco 0.44%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Philip Morris International, Inc. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>10,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>747,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Energy 0.33%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>570,880</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Oil, Gas &amp; Consumable Fuels 0.33%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Royal Dutch Shell PLC, ADR (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>570,880</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Health Care 0.71%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>1,219,865</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Pharmaceuticals 0.71%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Eli Lilly &amp; Company (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>17,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>675,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Johnson &amp; Johnson (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8,258</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>544,285</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Information Technology 0.40%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>686,920</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Semiconductors &amp; Semiconductor Equipment 0.40%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Intel Corp. (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>26,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>686,920</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>13</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_15"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Materials 0.45%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>767,188</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Containers &amp; Packaging 0.45%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Rock-Tenn Company, Class A (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12,402</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>767,188</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Telecommunication Services 0.26%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>452,920</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Telecommunication Services 0.26%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Telefonica SA, ADR (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>26,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>452,920</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Preferred Securities 3.14% (b) (2.10% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$5,402,913</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $5,725,494)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Discretionary 0.66%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>1,130,771</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Hotels, Restaurants &amp; Leisure 0.66%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Greektown Superholdings, Inc., Series A (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>14,991</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,130,771</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Consumer Staples 0.65%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>1,112,891</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Food &amp; Staples Retailing 0.65%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ocean Spray Cranberries, Inc., Series A, 6.250% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>12,500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,112,891</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Financials 1.83%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>3,159,251</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Consumer Finance 0.15%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Ally Financial, Inc., 7.300% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>11,815</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>267,728</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Diversified Financial Services 0.27%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Citigroup Capital XIII (7.875% to 10-30-15, then 3 month LIBOR + 6.370%)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>3,900</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>105,066</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=3 noWrap align=left><FONT size=2 face=sans-serif>GMAC Capital Trust I (8.125% to 2-15-16, then 3 month LIBOR + 5.785%) (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>16,350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>362,807</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Real Estate Investment Trusts 1.41%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Apartment Investment &amp; Management Company, Series T, 8.000%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>55,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,405,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Public Storage, Inc., Depositary Shares, Series W, 6.500% (Z)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>40,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>1,018,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Rate (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>date</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Escrow Certificates 0.00% (0.00% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$5,206</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $0)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Materials 0.00%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>5,206</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>Smurfit-Stone Container Corp. (I)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>8.000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>03/15/17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>245,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>5,206</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Short-Term Investments 0.29% (0.20% of Total Investments)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>$500,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=5 noWrap align=left><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=2 face=sans-serif>(Cost $500,000)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Par value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=2 face=sans-serif>Repurchase Agreement 0.29%</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=2 face=sans-serif>500,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Repurchase Agreement with State Street Corp. dated 1-31-12 at</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>0.010% to be repurchased at $500,000 on 2-1-12, collateralized by</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="54%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>$515,000 Federal Home Loan Mortgage Corp., 1.000% due 3-8-17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="39%" noWrap align=left><FONT size=2 face=sans-serif>(valued at $513,713, including interest)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>$500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=2 face=sans-serif>500,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>14</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_16"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Total investments (Cost $253,013,513)&#8224; 149.19%</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>$256,939,304</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Other assets and liabilities, net (49.19%)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>($84,717,640)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Total net assets 100.00%</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>$172,221,664</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT></B><B><FONT size=2 face=sans-serif></FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif><BR>The percentage shown for each investment category is the total value of that category as a percentage of the net assets of the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ADR American Depositary Receipts</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IO Interest Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>LIBOR London Interbank Offered Rate</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PIK Payment-in-kind</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PO Principal-Only Security - (Principal Tranche of Stripped Security). Rate shown is the annualized yield on date of purchase.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>REIT Real Estate Investment Trust</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(I) Non-income producing security.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(P) Variable rate obligation. The coupon rate shown represents the rate at period end.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(Q) Perpetual bonds have no stated maturity date. Date shown is next call date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 $42,420,045 or 24.63% of the Fund's net assets as of 1-31-12.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(Z) A portion of this security is segregated as collateral pursuant to the Committed Facility Agreement. Total collateral value at 1-31-12 was $188,159,117.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8224; At 1-31-12, the aggregate cost of investment securities for federal income tax purposes was $253,658,650. Net unrealized appreciation aggregated $3,280,654, of which $14,733,047 related to appreciated investment securities and $11,452,393 related to depreciated investment securities.</FONT></P>

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   <TD noWrap align=center><FONT size=2 face=serif>15</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to the Schedule of Investments</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Security valuation. </FONT></B><FONT size=2 face=sans-serif>Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 </FONT><FONT size=1 face=sans-serif>P</FONT><FONT size=2 face=sans-serif>.</FONT><FONT size=1 face=sans-serif>M</FONT><FONT size=2 face=sans-serif>., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund&#8217;s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following is a summary of the values by input classification of the Fund&#8217;s investments as of January 31, 2012</FONT><I><FONT size=2 face=sans-serif>, </FONT></I><FONT size=2 face=sans-serif>by major security category or type:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Level 2</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Level 3</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Total Market</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Significant</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Significant</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Value at</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Level 1 Quoted</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Observable</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Unobservable</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>1-31-12</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Price</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Inputs</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Inputs</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Corporate Bonds</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$140,967,407</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$140,591,544</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$375,863</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Convertible Bonds</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>346,580</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>346,580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>540,864</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>540,864</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Term Loans</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>1,103,102</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,103,102</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Capital Preferred Securities</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>4,969,438</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,969,438</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Government &amp; Agency Obligations</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>66,054,358</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>66,054,358</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Foreign Government Obligations</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>378,530</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>378,530</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Collateralized Mortgage Obligations</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>23,503,868</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23,428,685</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75,183</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Asset Backed Securities</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>8,668,841</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,241,193</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>427,648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Common Stocks</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>4,503,403</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$4,445,473</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>57,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Preferred Securities</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>5,402,913</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,159,251</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,112,891</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,130,771</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-Term Investments</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>500,000</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="80%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Total Investments in Securities</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$256,939,304</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>7,604,724</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$247,267,185</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,067,395</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Other Financial Instruments</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Futures</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($129,205)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($129,205)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Interest Rate Swaps</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>($684,970)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>($684,970)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif><BR>Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the period ended January 31, 2012, there were no significant transfers into or out of Level 1, Level 2 or Level 3.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>COLLATERALIZED</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>ASSET</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>CORPORATE</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>MORTGAGE</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>BACKED</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>COMMON</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>PREFEREED</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>BONDS</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>OBLIGATIONS</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>SECURITIES</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>STOCKS</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>SECURITIES</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>TOTAL</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="98%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Balance as of 10-31-11</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$344,203</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$125,276</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$214,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$56,075</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,094,555</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,834,109</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Realized gain (loss)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized appreciation (depreciation)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>31,660</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(3,457)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,855</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>36,216</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>66,274</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Purchases</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>213,648</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>213,648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Sales</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(3,088)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(3,088)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>T</FONT><FONT size=1 face=sans-serif>ransfers into Level 3</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Transfers out of Level 3</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(43,548)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(43,548)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><B><FONT size=1 face=sans-serif>Balance as of 1-31-12</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$375,863</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$75,183</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$427,648</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$57,930</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$1,130,771</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$2,067,395</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="14%" noWrap align=left><FONT size=1 face=sans-serif>Change in unrealized at period end*</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$31,660</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>($3,457)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,855</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$36,216</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$66,274</FONT>&nbsp;</TD></TR></TABLE></DIV><FONT size=1 face=sans-serif>

<P style="MARGIN: 0px"><BR>* Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.</P>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>16</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In order to value the securities, the Fund uses the following valuation techniques. Equity securities, including exchange-traded funds, held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund&#8217;s Pricing Committee, following procedures established by the Board of Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Repurchase agreements. </FONT></B><FONT size=2 face=sans-serif>The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund&#8217;s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Stripped securities. </FONT></B><FONT size=2 face=sans-serif>Stripped mortgage-backed securities are financial instruments structured to separate principal and interest cash flows so that one class receives the entire principal from the underlying mortgage assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped mortgage-backed security. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates. In addition, these securities present additional credit risk such that the Fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Futures. </FONT></B><FONT size=2 face=sans-serif>A futures contract is a contractual agreement to buy or sell a particular commodity, currency or financial instrument at a pre-determined price in the future. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates. Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>During the period ended January 31, 2012, the Fund used futures contracts to manage the duration of the portfolio. The following table summarizes the contracts held at January 31, 2012. During the period ended January 31, 2012, the Fund held futures contracts with USD absolute notional values ranging from $13.1 million to $13.4 million as measured at each quarter end.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="16%"></TD>

   <TD width="3%"></TD>

   <TD width="16%"></TD>

   <TD width="17%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Unrealized</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="3%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Number of</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Expiration</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Appreciation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Open Contracts</FONT></B>&nbsp;</TD>

   <TD width="3%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Contracts</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Position</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Date</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>(Depreciation)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury 30-Year Bond Futures</FONT>&nbsp;</TD>

   <TD width="3%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>10</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>Long</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=center><FONT size=1 face=sans-serif>Mar 2012</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$1,454,375</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$17,628</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Ultra Long U.S. Treasury Bond Futures</FONT>&nbsp;</TD>

   <TD width="3%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>11</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>Long</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=center><FONT size=1 face=sans-serif>Mar 2012</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>1,759,656</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>9,078</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury 10-Year Note Futures</FONT>&nbsp;</TD>

   <TD width="3%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>52</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>Short</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=center><FONT size=1 face=sans-serif>Mar 2012</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>(6,877,000)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>(120,397)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury 5-Year Note Futures</FONT>&nbsp;</TD>

   <TD width="3%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>Short</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=center><FONT size=1 face=sans-serif>Mar 2012</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>(3,349,266)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>(35,514)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>($129,205)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=serif>John Hancock Income Securities Trust</FONT></B><BR><B><FONT size=3 face=serif>As of 1-31-12 (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Interest rate swaps. </FONT></B><FONT size=2 face=sans-serif>Interest rate swaps represent an agreement between a Fund and counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The Fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Upfront payments made/received by the Fund are amortized/accreted for financial reporting purposes. Swaps are marked-to-market daily based upon values from third party vendors or broker quotations, and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the Fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by a Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>During the period ended January 31, 2012, the Fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of January 31, 2012.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Payments</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>USD Notional</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Payments</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Received by</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Counterparty</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Amount</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Made by Fund</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=center><B><FONT size=1 face=sans-serif>Date</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>Market Value</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Capital</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=center><FONT size=1 face=sans-serif>3 Month</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Services</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>$22,000,000</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=center><FONT size=1 face=sans-serif>1.442500%</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=center><FONT size=1 face=sans-serif>LIBOR (a)</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=center><FONT size=1 face=sans-serif>Aug 2016</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=right><FONT size=1 face=sans-serif>($684,970)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif><BR>(a) At 1-31-12, the 3-month LIBOR rate was 0.54235%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Interest rate swap positions at January 31, 2012 were entered into
on August 5, 2011. No  interest rate swap position activity occurred during the period ended January 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fair value of derivative instruments by risk category</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below summarizes the fair value of derivatives held by the Fund at January 31, 2012 by risk category:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD STYLE="width: 25%"></TD>

   <TD STYLE="width: 25%"></TD>

   <TD STYLE="width: 25%"></TD>

   <TD STYLE="width: 25%"></TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: right"><B><FONT size=1 face=sans-serif>LIABILITY</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: right"><B><FONT size=1 face=sans-serif>DERIVATIVES</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="text-align: left"><B><FONT size=1 face=sans-serif>RISK</FONT></B>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left"><B><FONT size=1 face=sans-serif>FINANCIAL INSTRUMENTS LOCATION</FONT></B>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: right"><B><FONT size=1 face=sans-serif>ASSET DERIVATIVES FAIR VALUE</FONT></B>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: right"><B><FONT size=1 face=sans-serif>FAIR VALUE</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="4">

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="text-align: left"><FONT size=1 face=sans-serif>Interest rate</FONT>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left"><FONT size=1 face=sans-serif>Futures</FONT>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: right"><FONT size=1 face=sans-serif>$26,706</FONT>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: right"><FONT size=1 face=sans-serif>($155,911)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="text-align: left"><FONT size=1 face=sans-serif>contracts</FONT>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="4">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left"><FONT size=1 face=sans-serif>Interest Rate Swaps</FONT>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: right"><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD WIDTH="25%" NOWRAP STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font: xx-small sans-serif">(684,970)</FONT></TD></TR>


<TR>

   <TD COLSPAN="4">

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="text-align: left"><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: right"><B><FONT size=1 face=sans-serif>$26,706</FONT></B>&nbsp;</TD>

   <TD NOWRAP STYLE="text-align: right"><B><FONT size=1 face=sans-serif>($840,881)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.</FONT></P>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT size=2 face=serif>18</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 2. CONTROLS AND PROCEDURES.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ITEM 3. EXHIBITS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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.</FONT></P></DIV>

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<TR>

   <TD width="100%"></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>SIGNATURES</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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.</FONT></P>

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<TR>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="82%"></TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>John Hancock Income Securities Trust</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="17%" colSpan=2>&nbsp;</TD>

   <TD width="82%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Keith F. Hartstein</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>------------------------------</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>President and Chief Executive Officer</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Date: March 26, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="82%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Keith F. Hartstein</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>-------------------------------</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>President and Chief Executive Officer</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="17%" colSpan=2>&nbsp;</TD>

   <TD width="82%"></TD></TR>

<TR>

   <TD width="17%" colSpan=2>&nbsp;</TD>

   <TD width="82%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>March 26, 2012</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="17%" colSpan=2>&nbsp;</TD>

   <TD width="82%"></TD></TR>

<TR>

   <TD width="17%" colSpan=2>&nbsp;</TD>

   <TD width="82%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>-------------------------------</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR>

   <TD width="17%" colSpan=2>&nbsp;</TD>

   <TD width="82%"></TD></TR>

<TR>

   <TD width="17%" colSpan=2>&nbsp;</TD>

   <TD width="82%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>March 26, 2012</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>




























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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_incomesectrustcerts.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE>b_incomesectrustcerts.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Keith F. Hartstein, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. I have reviewed this report on Form N-Q of John Hancock Income Securities Trust (the &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. The registrant&#8217;s other certifying officer and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>March 26, 2012</FONT></U>&nbsp;</TD>

   <TD width="50%" noWrap align=left><U><FONT size=2 face=sans-serif>/s/ Keith F. Hartstein</FONT></U>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Keith F. Hartstein</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>President and Chief Executive Officer</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_2"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>CERTIFICATION</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>I, Charles A. Rizzo, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. I have reviewed this report on Form N-Q of John Hancock Income Securities Trust (the &#8220;registrant&#8221;);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. The registrant&#8217;s other certifying officer and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Date: </FONT><U><FONT size=2 face=sans-serif>March 26, 2012</FONT></U>&nbsp;</TD>

   <TD width="50%" noWrap align=left><U><FONT size=2 face=sans-serif>/s/ Charles A. Rizzo</FONT></U>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Charles A. Rizzo</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Chief Financial Officer</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
