N-CSR 1 d349726.htm N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4186

John Hancock Income Securities Trust
(Exact name of registrant as specified in charter)

200 Berkeley Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip code)

Salvatore Schiavone

Treasurer
200 Berkeley Street

Boston, Massachusetts 02116
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4497
Date of fiscal year end: | October 31
Date of reporting period: | October 31, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

John Hancock

Income Securities Trust

Ticker: JHS
Annual report 10/31/18

A message to shareholders

Dear shareholder,

It has been a challenging year for fixed-income investors, as both short- and long-term yields rose steadily higher. Inflation fears sparked a sell-off in credit segments of the markets in early 2018, while a strong economy led the U.S. Federal Reserve (Fed) to continue normalizing monetary policy. Meanwhile, foreign bonds, especially emerging-market debt, suffered declines as the U.S. dollar strengthened against a range of major currencies. Recent questions about the solvency of some of the European Union's more heavily indebted nations also raised concerns.

Diversification in a fixed-income portfolio remains a time-tested strategy, but periods such as this year—when a number of typically uncorrelated markets moved in the same direction—do sometimes occur. They also tend to be relatively short-lived, and eventually fundamentals—including credit risk, the direction of interest rates, and foreign exchange rates—reassert themselves to drive performance.

Your best resource in unpredictable and volatile markets is your financial advisor, who can help position your portfolio so that it's sufficiently diversified to meet your long-term objectives and to withstand the inevitable turbulence along the way.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to welcome new shareholders and to thank existing shareholders for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and CEO,
John Hancock Investments
Head of Wealth and Asset Management,
United States and Europe

This commentary reflects the CEO's views, which are subject to change at any time. Investing involves risks, including the potential loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. It is not possible to invest directly in an index. For more up-to-date information, please visit our website at jhinvestments.com.

John Hancock
Income Securities Trust

Table of contents

2 |  | Your fund at a glance
4 |  | Discussion of fund performance
8 |  | Fund's investments
29 |  | Financial statements
33 |  | Financial highlights
34 |  | Notes to financial statements
40 |  | Report of independent registered public accounting firm
41 |  | Tax information
42 |  | Additional information
45 |  | Continuation of investment advisory and subadvisory agreements
51 |  | Trustees and Officers
55 |  | More information

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 1

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to generate a high level of current income consistent with prudent investment risk.

AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/18 (%)

The Bloomberg Barclays U.S. Government/Credit Bond Index is an unmanaged index of U.S. government bonds, U.S. corporate bonds, and Yankee bonds.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

The performance data contained within this material represents past performance, which does not guarantee future results.

Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund's performance at net asset value (NAV) is different from the fund's performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may be augmented when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund's most recent performance can be found at jhinvestments.com or by calling 800-852-0218.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

Challenging conditions for the fixed-income market

The U.S. Federal Reserve's ongoing interest-rate increase contributed to losses for most segments of the bond market.

The fund underperformed a comparative index

The fund posted a negative return and finished behind the Bloomberg Barclays U.S. Government/Credit Bond Index.

The fund's use of leverage detracted from results

The adverse effect of leverage—which amplifies the impact of falling bond prices—was somewhat offset by security selection and yield curve positioning.

PORTFOLIO COMPOSITION AS OF 10/31/18 (%)

A note about risks

As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund's net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial return of capital. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of fund securities may negatively impact performance. Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities are subject to a higher risk of default. An issuer of securities held by the fund may default, have its credit rating downgraded, or otherwise perform poorly, which may affect fund performance. Mortgage- and asset-backed securities may be sensitive to changes in interest rates and may be subject to early repayment and the market's perception of issuer creditworthiness. Liquidity—the extent to which a security may be sold or a derivative position closed without negatively affecting its market value—may be impaired by reduced trading volume, heightened volatility, rising interest rates, and other market conditions. The fund's use of leverage creates additional risks, including greater volatility of the fund's NAV, market price, and returns. There is no assurance that the fund's leverage strategy will be successful. Derivatives transactions, such as hedging and other strategic transactions, may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 3

Discussion of fund performance

An interview with Portfolio Manager Jeffrey N. Given, CFA, John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Jeffrey N. Given, CFA
Portfolio Manager
John Hancock Asset Management

How would you describe the investment environment during the 12 months ended October 31, 2018?

The past year proved to be a challenging time for most segments of the bond market. The U.S. economy continued to expand at a faster-than-expected pace, with GDP growth coming in at 4.2% in the second quarter and on track for a gain north of 3.0% for 2018. Together with signs of rising inflation, the strength of the economy prompted the U.S. Federal Reserve (Fed) to tighten its monetary policy. In addition to enacting four quarter point interest-rate increases, the Fed continued to unwind its stimulative quantitative easing program. At the close of the period, it appeared the markets were pricing in expectations for another quarter point hike before year end, plus three more increases in 2019.

These developments were reflected in the U.S. Treasury market, where the yield on the 2-year note climbed from 1.60% to 2.87% during the fund's fiscal year. The 10-year yield, while experiencing a smaller gain, rose 0.77 percentage points, from 2.38% to 3.15% during the fund's fiscal year. The upward drift to Treasury yields weighed on performance across the investment-grade category, where mortgage-backed securities and corporate bonds both finished in negative territory. High-yield bonds, while delivering an unimpressive absolute return, nonetheless outpaced investment-grade issues due to the combination of improving economic conditions and generally positive investor risk appetites.

What factors helped and hurt the fund's results?

Leverage and asset allocation detracted from performance, but security selection and duration positioning contributed. Our use of leverage was the primary detractor from results. Leverage is the use of borrowed funds to increase a portfolio's market exposure, which allows it to hold a larger invested position than it would otherwise. The fund had $257.7 million in total assets at the end of October, with $92.0 million outstanding under a liability agreement. Since leverage increases the size of a portfolio's invested asset base, it can lead to a larger contribution from income and augment returns in a rising market. However, it can also exacerbate the impact of a market downturn such as that which occurred during the period. Additionally, the cost of leverage increased due to rising interest rates.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 4

Asset allocation also detracted. The fund was hurt by its modest position in the emerging markets, which finished with a negative return and trailed the United States by a wide margin. An allocation to Argentina was a particularly notable detractor, as the country's bonds plunged amid growing investor concerns about the combination of a rising current account deficit, higher inflation, surging interest rates, and the growing possibility of a recession. We maintained the position at the close of the period based on the country's ability and willingness to make its debt payments, as well as the attractive relative valuation of its bonds. On the plus side, we added value through allocations to high-yield bonds, asset-backed securities, and commercial mortgage-backed securities, all of which outperformed the broader investment-grade category. An underweight in U.S. Treasuries was an additional contributor.

Security selection was helpful for performance. Our bottom-up process worked well in both the high-yield and investment-grade corporate categories, offsetting some of the adverse impact from leverage and allocation.

The fund's positioning with respect to duration (interest-rate sensitivity) aided results. We kept

QUALITY COMPOSITION AS OF 10/31/18 (%)

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 5

duration below that of a comparative index, which insulated the portfolio from the full impact of rising yields. The portfolio's duration stood at 5.1 years on October 31, 2018, versus 6.3 years for the index. Our yield curve positioning was also additive to returns in the first half of the period. During this time, we held an underweight in the short end of the curve and a corresponding overweight in the five- to ten-year segment—a positive given that longer-term bonds outperformed. Later in the period, we moved to a more neutral stance, given the increasingly attractive yields for short-term issues.

Can you tell us about changes you made to the fund over the period?

Our effort to reduce the fund's risk profile was the primary thrust of our activity during the period. We reduced the portfolio's allocations to investment-grade corporates, high-yield bonds, and lower-rated nonagency commercial mortgage-backed securities (CMBS). In all cases, we believed yield spreads (i.e., the yield advantage over Treasuries) had fallen to unattractive levels. While we don't see an immediate threat to the credit sectors' performance, we thought it was prudent to reduce risk given that valuations had become more expensive. With the Fed raising rates and the economic cycle quite advanced by historical measures, we saw less favorable risk/reward profiles in areas where yield spreads were at or near multi-year lows.

We redeployed the majority of the proceeds of these sales into agency mortgage-backed securities (MBS). We believed this category offered a potential opportunity due to its high quality, above-average liquidity, and competitive yields relative to corporates. In addition, rising interest rates translated to a lower level of mortgage refinancing risk. The fund held 26.7% of net assets in agency MBS as of October 31, 2018, up from 13.8% a year earlier.

Our shifts within the corporate space represented another aspect of our risk-reduction process. We made a larger reduction in the industrials sector than we did in financials, since we believed the former was more vulnerable to a possible slowdown in economic growth. We also saw a higher likelihood of merger-and-acquisition activity in industrials relative to financials, which represented a potential risk, given that the bonds of acquiring companies tend to underperform.

COUNTRY COMPOSITION AS OF 10/31/18 (%)

United States | 86.4
United Kingdom | 3.0
Netherlands | 2.0
France | 1.8
Canada | 1.4
Ireland | 1.0
Other countries | 4.4
TOTAL | 100.0
As a percentage of total investments. |

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 6

We believe these changes, taken together, enabled us to reduce the portfolio's risk exposure while still maintaining a competitive yield.

What's your view on the overall investment picture?

We believe the fundamentals of the credit sectors remain positive due to the backdrop of healthy economic growth and robust corporate earnings. However, we also see the possibility of higher market volatility stemming from Fed policy. The Fed has now raised interest rates a total of eight times in the current cycle, bringing its benchmark federal funds rate closer to a normalized level after the multi-year period of zero interest rates that followed the 2007/2008 financial crisis. This indicates that the Fed may now begin to take a more data-dependent—and less predictable—approach to its policy decisions. Individual economic reports are therefore likely to take on a greater importance for investors, which in turn would translate to higher volatility. We anticipate that this could represent a fertile environment for active investors to take advantage of market dislocations by purchasing securities at attractive valuations. We believe the fund, through an increased weighting in liquid investments, is well positioned to capitalize on this set of circumstances.

MANAGED BY

| Jeffrey N. Given, CFA On the fund since 2002 Investing since 1993
| Howard C. Greene, CFA On the fund since 2002 Investing since 1979

The views expressed in this report are exclusively those of Jeffrey N. Given, CFA, John Hancock Asset Management, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.
ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 7

Fund’s investments |

AS OF 10-31-18

| Rate (%) | Maturity date |  | Par value^ | Value
U.S. Government and Agency obligations 47.1% (30.6% of Total investments) |  | $77,958,555
(Cost $81,247,408) |  |  |  |  |
U.S. Government 5.9% |  |  |  |  | 9,826,388
U.S. Treasury |  |  |  |  |
Bond (A)(B) | 3.125 | 05-15-48 |  | 3,990,000 | 3,793,461
Note (A)(B) | 2.875 | 08-15-28 |  | 6,175,000 | 6,032,927
U.S. Government Agency 41.2% |  |  |  |  | 68,132,167
Federal Home Loan Mortgage Corp. |  |  |  |  |
30 Yr Pass Thru | 3.000 | 03-01-43 |  | 618,273 | 591,078
30 Yr Pass Thru | 3.500 | 07-01-46 |  | 2,393,716 | 2,343,265
30 Yr Pass Thru | 3.500 | 10-01-46 |  | 779,848 | 761,706
30 Yr Pass Thru | 3.500 | 12-01-46 |  | 461,489 | 451,329
30 Yr Pass Thru | 3.500 | 02-01-47 |  | 2,412,324 | 2,357,711
30 Yr Pass Thru | 4.000 | 04-01-46 |  | 2,260,513 | 2,270,670
30 Yr Pass Thru | 4.000 | 04-01-47 |  | 2,297,913 | 2,306,442
30 Yr Pass Thru | 4.000 | 05-01-47 |  | 2,283,898 | 2,292,018
30 Yr Pass Thru | 4.000 | 06-01-47 |  | 2,493,079 | 2,509,345
30 Yr Pass Thru | 4.000 | 03-01-48 |  | 1,977,828 | 1,987,333
30 Yr Pass Thru | 4.500 | 09-01-41 |  | 1,132,814 | 1,171,836
Federal National Mortgage Association |  |  |  |  |
30 Yr Pass Thru | 3.000 | 12-01-42 |  | 2,103,815 | 2,008,796
30 Yr Pass Thru | 3.000 | 07-01-43 |  | 668,852 | 637,807
30 Yr Pass Thru | 3.500 | 12-01-42 |  | 2,982,009 | 2,928,223
30 Yr Pass Thru | 3.500 | 01-01-43 |  | 2,557,053 | 2,510,932
30 Yr Pass Thru | 3.500 | 04-01-45 |  | 1,194,571 | 1,169,292
30 Yr Pass Thru | 3.500 | 11-01-46 |  | 2,475,305 | 2,419,056
30 Yr Pass Thru | 3.500 | 07-01-47 |  | 2,798,243 | 2,732,906
30 Yr Pass Thru | 3.500 | 07-01-47 |  | 2,045,413 | 2,003,407
30 Yr Pass Thru | 3.500 | 11-01-47 |  | 1,058,806 | 1,033,753
30 Yr Pass Thru | 4.000 | 10-01-40 |  | 236,486 | 238,849
30 Yr Pass Thru | 4.000 | 09-01-41 |  | 1,489,558 | 1,504,443
30 Yr Pass Thru | 4.000 | 09-01-41 |  | 413,937 | 418,073
30 Yr Pass Thru | 4.000 | 09-01-41 |  | 826,513 | 834,256
30 Yr Pass Thru | 4.000 | 10-01-41 |  | 1,238,808 | 1,251,187
30 Yr Pass Thru | 4.000 | 06-01-46 |  | 2,320,877 | 2,327,388
30 Yr Pass Thru | 4.000 | 02-01-47 |  | 3,569,018 | 3,586,838
30 Yr Pass Thru | 4.000 | 06-01-47 |  | 2,129,890 | 2,137,330
30 Yr Pass Thru | 4.000 | 06-01-47 |  | 3,811,362 | 3,830,392
30 Yr Pass Thru | 4.000 | 11-01-47 |  | 2,835,479 | 2,848,750
30 Yr Pass Thru | 4.000 | 12-01-47 |  | 982,799 | 987,706
30 Yr Pass Thru | 4.000 | 01-01-48 |  | 3,669,867 | 3,675,575
30 Yr Pass Thru | 4.000 | 04-01-48 |  | 2,920,823 | 2,930,387
30 Yr Pass Thru | 4.500 | 07-01-41 |  | 2,078,227 | 2,149,182
30 Yr Pass Thru | 4.500 | 07-01-48 |  | 2,502,769 | 2,564,756

8 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
U.S. Government Agency (continued) |  |  |  |  |
30 Yr Pass Thru | 5.000 | 04-01-41 |  | 259,685 | $275,408
30 Yr Pass Thru | 5.500 | 08-01-40 |  | 78,607 | 84,742
Foreign government obligations 0.5% (0.4% of Total investments) |  | $903,389
(Cost $1,071,773) |  |  |  |  |
Argentina 0.4% |  |  |  |  | 654,714
Provincia de Buenos Aires Bond (C) | 7.875 | 06-15-27 |  | 390,000 | 306,739
Republic of Argentina Bond (A)(B) | 5.875 | 01-11-28 |  | 449,000 | 347,975
Qatar 0.1% |  |  |  |  | 248,675
Government of Qatar Bond (C) | 5.103 | 04-23-48 |  | 245,000 | 248,675
Corporate bonds 80.1% (52.0% of Total investments) |  | $132,703,759
(Cost $135,500,231) |  |  |  |  |
Communication services 10.2% |  |  |  | 16,826,342
Diversified telecommunication services 3.2% |  |  |
AT&T, Inc. (A)(B) | 3.875 | 08-15-21 |  | 800,000 | 802,956
C&W Senior Financing DAC (A)(B)(C) | 6.875 | 09-15-27 |  | 270,000 | 257,175
Cablevision SA (C) | 6.500 | 06-15-21 |  | 180,000 | 175,950
Cincinnati Bell, Inc. (A)(B)(C) | 7.000 | 07-15-24 |  | 355,000 | 319,500
GCI LLC | 6.875 | 04-15-25 |  | 265,000 | 273,446
Iridium Communications, Inc. (C) | 10.250 | 04-15-23 |  | 75,000 | 81,750
Liquid Telecommunications Financing PLC (C) | 8.500 | 07-13-22 |  | 205,000 | 208,965
Radiate Holdco LLC (A)(B)(C) | 6.625 | 02-15-25 |  | 245,000 | 229,075
Radiate Holdco LLC (C) | 6.875 | 02-15-23 |  | 87,000 | 83,520
Sprint Spectrum Company LLC (B)(C) | 3.360 | 03-20-23 |  | 195,000 | 193,050
Telecom Italia Capital SA | 7.200 | 07-18-36 |  | 365,000 | 358,207
Telecom Italia SpA (A)(B)(C) | 5.303 | 05-30-24 |  | 250,000 | 235,625
UPC Holding BV (C) | 5.500 | 01-15-28 |  | 205,000 | 189,625
Verizon Communications, Inc. (B) | 4.400 | 11-01-34 |  | 260,000 | 245,595
Verizon Communications, Inc. (B) | 4.672 | 03-15-55 |  | 295,000 | 265,904
Verizon Communications, Inc. (B) | 4.862 | 08-21-46 |  | 830,000 | 794,168
Verizon Communications, Inc. (B) | 5.012 | 08-21-54 |  | 255,000 | 240,336
West Corp. (A)(B)(C) | 8.500 | 10-15-25 |  | 125,000 | 112,813
Windstream Services LLC (C) | 10.500 | 06-30-24 |  | 219,000 | 177,390
Entertainment 0.9% |  |  |
Activision Blizzard, Inc. (B) | 3.400 | 09-15-26 |  | 271,000 | 254,466
Electronic Arts, Inc. (B) | 4.800 | 03-01-26 |  | 460,000 | 472,280
Lions Gate Capital Holdings LLC (C) | 5.875 | 11-01-24 |  | 147,000 | 147,735
Netflix, Inc. (A)(B)(C) | 4.875 | 04-15-28 |  | 280,000 | 256,900
Netflix, Inc. (C) | 5.875 | 11-15-28 |  | 400,000 | 393,000
Interactive media and services 0.2% |  |  |
Rackspace Hosting, Inc. (A)(B)(C) | 8.625 | 11-15-24 |  | 255,000 | 239,700

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 9

| Rate (%) | Maturity date |  | Par value^ | Value
Communication services (continued) |  |  |  |
Media 5.1% |  |  |
21st Century Fox America, Inc. | 7.750 | 01-20-24 |  | 1,020,000 | $1,181,218
Altice Financing SA (A)(B)(C) | 6.625 | 02-15-23 |  | 375,000 | 371,175
Cablevision Systems Corp. (A)(B) | 5.875 | 09-15-22 |  | 210,000 | 211,050
CBS Corp. (B) | 3.375 | 03-01-22 |  | 132,000 | 129,920
CBS Corp. (B) | 3.700 | 08-15-24 |  | 205,000 | 198,524
Cengage Learning, Inc. (C) | 9.500 | 06-15-24 |  | 321,000 | 275,659
Cequel Communications Holdings I LLC (A)(B)(C) | 7.500 | 04-01-28 |  | 205,000 | 212,476
Charter Communications Operating LLC (A)(B) | 4.200 | 03-15-28 |  | 580,000 | 543,410
Charter Communications Operating LLC (A)(B) | 5.750 | 04-01-48 |  | 485,000 | 457,880
Charter Communications Operating LLC | 6.484 | 10-23-45 |  | 606,000 | 619,369
Clear Channel Worldwide Holdings, Inc. (A)(B) | 6.500 | 11-15-22 |  | 289,000 | 293,393
McGraw-Hill Global Education Holdings LLC (A)(B)(C) | 7.875 | 05-15-24 |  | 195,000 | 165,994
MDC Partners, Inc. (A)(B)(C) | 6.500 | 05-01-24 |  | 270,000 | 221,400
Meredith Corp. (A)(B)(C) | 6.875 | 02-01-26 |  | 381,000 | 381,000
Midcontinent Communications (C) | 6.875 | 08-15-23 |  | 140,000 | 145,600
Myriad International Holdings BV (C) | 5.500 | 07-21-25 |  | 400,000 | 408,280
National CineMedia LLC | 6.000 | 04-15-22 |  | 109,000 | 110,090
Sinclair Television Group, Inc. (A)(B)(C) | 5.625 | 08-01-24 |  | 335,000 | 320,763
Sirius XM Radio, Inc. (A)(B)(C) | 5.000 | 08-01-27 |  | 503,000 | 472,664
Sirius XM Radio, Inc. (A)(B)(C) | 5.375 | 07-15-26 |  | 260,000 | 254,280
Tribune Media Company (A)(B) | 5.875 | 07-15-22 |  | 260,000 | 263,250
Viacom, Inc. (B) | 4.375 | 03-15-43 |  | 161,000 | 131,771
Viacom, Inc. (B) | 5.850 | 09-01-43 |  | 248,000 | 247,575
Viacom, Inc. (6.250% to 2-28-27, then 3 month LIBOR + 3.899%) | 6.250 | 02-28-57 |  | 260,000 | 250,682
Warner Media LLC (B) | 3.800 | 02-15-27 |  | 275,000 | 257,469
WMG Acquisition Corp. (C) | 4.875 | 11-01-24 |  | 165,000 | 160,875
WMG Acquisition Corp. (C) | 5.500 | 04-15-26 |  | 175,000 | 170,625
Wireless telecommunication services 0.8% |  |  |
CC Holdings GS V LLC (B) | 3.849 | 04-15-23 |  | 350,000 | 346,353
MTN Mauritius Investments, Ltd. (C) | 4.755 | 11-11-24 |  | 225,000 | 201,219
Oztel Holdings SPC, Ltd. (C) | 6.625 | 04-24-28 |  | 230,000 | 225,359
Sprint Capital Corp. | 6.875 | 11-15-28 |  | 305,000 | 299,663
Sprint Corp. (A)(B) | 7.875 | 09-15-23 |  | 270,000 | 288,225
Consumer discretionary 6.1% |  |  |  | 10,172,151
Auto components 0.2% |  |  |
Lear Corp. (B) | 5.250 | 01-15-25 |  | 254,000 | 260,200
Automobiles 2.3% |  |  |
Daimler Finance North America LLC (C) | 3.750 | 11-05-21 |  | 431,000 | 430,599
Ford Motor Company (A)(B) | 4.750 | 01-15-43 |  | 145,000 | 113,949
Ford Motor Credit Company LLC | 3.813 | 10-12-21 |  | 595,000 | 582,522
Ford Motor Credit Company LLC (B) | 5.875 | 08-02-21 |  | 928,000 | 960,795
General Motors Company (A)(B) | 4.875 | 10-02-23 |  | 507,000 | 513,157

10 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Consumer discretionary (continued) |  |  |  |
Automobiles (continued) |  |  |
General Motors Financial Company, Inc. (B) | 3.550 | 04-09-21 |  | 295,000 | $292,274
General Motors Financial Company, Inc. | 4.000 | 01-15-25 |  | 404,000 | 382,524
General Motors Financial Company, Inc. | 4.300 | 07-13-25 |  | 333,000 | 318,508
JB Poindexter & Company, Inc. (C) | 7.125 | 04-15-26 |  | 74,000 | 76,220
Nissan Motor Acceptance Corp. (A)(B)(C) | 3.650 | 09-21-21 |  | 200,000 | 200,345
Diversified consumer services 0.2% |  |  |
frontdoor, Inc. (C) | 6.750 | 08-15-26 |  | 83,000 | 84,660
Graham Holdings Company (C) | 5.750 | 06-01-26 |  | 85,000 | 85,638
Laureate Education, Inc. (A)(B)(C) | 8.250 | 05-01-25 |  | 170,000 | 182,325
Hotels, restaurants and leisure 0.8% |  |  |
CCM Merger, Inc. (C) | 6.000 | 03-15-22 |  | 195,000 | 198,413
Eldorado Resorts, Inc. (A)(B)(C) | 6.000 | 09-15-26 |  | 125,000 | 122,656
Eldorado Resorts, Inc. | 7.000 | 08-01-23 |  | 130,000 | 136,500
GLP Capital LP | 5.375 | 04-15-26 |  | 265,000 | 263,344
Hilton Domestic Operating Company, Inc. (A)(B)(C) | 5.125 | 05-01-26 |  | 140,000 | 136,850
Hilton Grand Vacations Borrower LLC | 6.125 | 12-01-24 |  | 130,000 | 131,300
International Game Technology PLC (A)(B)(C) | 6.500 | 02-15-25 |  | 225,000 | 227,813
Jacobs Entertainment, Inc. (C) | 7.875 | 02-01-24 |  | 124,000 | 130,665
Waterford Gaming LLC (C)(D)(E) | 8.625 | 09-15-14 |  | 99,739 | 0
Household durables 0.2% |  |  |
Beazer Homes USA, Inc. (A)(B) | 8.750 | 03-15-22 |  | 370,000 | 373,700
Internet and direct marketing retail 1.8% |  |  |
Amazon.com, Inc. (B) | 3.150 | 08-22-27 |  | 660,000 | 621,655
Amazon.com, Inc. (A)(B) | 4.050 | 08-22-47 |  | 328,000 | 307,250
Expedia Group, Inc. | 3.800 | 02-15-28 |  | 582,000 | 525,709
Expedia Group, Inc. | 5.000 | 02-15-26 |  | 705,000 | 706,021
QVC, Inc. (B) | 4.375 | 03-15-23 |  | 325,000 | 319,183
QVC, Inc. (B) | 5.125 | 07-02-22 |  | 240,000 | 243,033
QVC, Inc. | 5.450 | 08-15-34 |  | 315,000 | 279,162
Leisure products 0.1% |  |  |
Vista Outdoor, Inc. | 5.875 | 10-01-23 |  | 255,000 | 244,800
Multiline retail 0.4% |  |  |
Dollar Tree, Inc. (B) | 4.200 | 05-15-28 |  | 641,000 | 606,481
Specialty retail 0.1% |  |  |
L Brands, Inc. | 6.875 | 11-01-35 |  | 134,000 | 113,900
Consumer staples 2.1% |  |  |  | 3,575,572
Beverages 1.2% |  |  |
Anheuser-Busch InBev Worldwide, Inc. (A)(B) | 4.600 | 04-15-48 |  | 285,000 | 256,586
Coca-Cola European Partners PLC (B) | 4.500 | 09-01-21 |  | 1,000,000 | 1,017,823
Constellation Brands, Inc. (B) | 3.200 | 02-15-23 |  | 293,000 | 283,981
Keurig Dr. Pepper, Inc. (B)(C) | 3.551 | 05-25-21 |  | 495,000 | 492,693

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 11

| Rate (%) | Maturity date |  | Par value^ | Value
Consumer staples (continued) |  |  |  |
Food and staples retailing 0.1% |  |  |
Simmons Foods, Inc. (C) | 5.750 | 11-01-24 |  | 170,000 | $124,950
Food products 0.3% |  |  |
Conagra Brands, Inc. (A)(B) | 3.800 | 10-22-21 |  | 193,000 | 193,448
Kraft Heinz Foods Company (C) | 4.875 | 02-15-25 |  | 221,000 | 224,194
Kraft Heinz Foods Company (B) | 5.200 | 07-15-45 |  | 165,000 | 154,929
Household products 0.1% |  |  |
Kronos Acquisition Holdings, Inc. (C) | 9.000 | 08-15-23 |  | 214,000 | 187,250
Personal products 0.3% |  |  |
Natura Cosmeticos SA (A)(B)(C) | 5.375 | 02-01-23 |  | 355,000 | 346,040
Revlon Consumer Products Corp. (A)(B) | 6.250 | 08-01-24 |  | 293,000 | 166,278
Tobacco 0.1% |  |  |
Vector Group, Ltd. (C) | 6.125 | 02-01-25 |  | 140,000 | 127,400
Energy 9.9% |  |  |  | 16,351,211
Energy equipment and services 0.8% |  |  |
Antero Midstream Partners LP | 5.375 | 09-15-24 |  | 275,000 | 268,125
Archrock Partners LP | 6.000 | 04-01-21 |  | 271,000 | 268,290
Archrock Partners LP | 6.000 | 10-01-22 |  | 202,000 | 199,980
CSI Compressco LP | 7.250 | 08-15-22 |  | 344,000 | 319,920
CSI Compressco LP (C) | 7.500 | 04-01-25 |  | 203,000 | 203,508
Oil, gas and consumable fuels 9.1% |  |  |
Andeavor Logistics LP | 4.250 | 12-01-27 |  | 164,000 | 156,108
Andeavor Logistics LP (B) | 5.250 | 01-15-25 |  | 140,000 | 142,800
Andeavor Logistics LP (B) | 6.375 | 05-01-24 |  | 265,000 | 280,105
Antero Resources Corp. (A)(B) | 5.125 | 12-01-22 |  | 307,000 | 304,889
Cenovus Energy, Inc. | 4.450 | 09-15-42 |  | 370,000 | 306,415
Cheniere Corpus Christi Holdings LLC (A)(B) | 5.125 | 06-30-27 |  | 393,000 | 385,140
Cheniere Corpus Christi Holdings LLC | 5.875 | 03-31-25 |  | 160,000 | 164,400
Chesapeake Energy Corp. | 7.500 | 10-01-26 |  | 160,000 | 156,800
Cimarex Energy Company | 4.375 | 06-01-24 |  | 235,000 | 233,986
Colorado Interstate Gas Company LLC (A)(B)(C) | 4.150 | 08-15-26 |  | 233,000 | 225,734
Columbia Pipeline Group, Inc. (B) | 4.500 | 06-01-25 |  | 198,000 | 198,987
Continental Resources, Inc. (B) | 5.000 | 09-15-22 |  | 521,000 | 525,691
DCP Midstream LP (7.375% to 12-15-22, then 3 month LIBOR + 5.148%) (F) | 7.375 | 12-15-22 |  | 310,000 | 297,019
DCP Midstream Operating LP (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (C) | 5.850 | 05-21-43 |  | 441,000 | 394,695
Diamondback Energy, Inc. (C) | 4.750 | 11-01-24 |  | 193,000 | 187,693
Enbridge Energy Partners LP (B) | 4.375 | 10-15-20 |  | 395,000 | 400,267
Enbridge Energy Partners LP (3 month LIBOR + 3.798%) (A)(B)(G) | 6.194 | 10-01-77 |  | 265,000 | 262,378
Enbridge, Inc. (5.500% to 7-15-27, then 3 month LIBOR + 3.418%) (A)(B) | 5.500 | 07-15-77 |  | 340,000 | 302,239
Enbridge, Inc. (6.250% to 3-1-28, then 3 month LIBOR + 3.641%) | 6.250 | 03-01-78 |  | 294,000 | 275,234

12 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Energy (continued) |  |  |  |
Oil, gas and consumable fuels (continued) |  |  |
Energy Transfer LP (A)(B) | 5.875 | 01-15-24 |  | 199,000 | $208,950
Energy Transfer Operating LP (B) | 4.200 | 04-15-27 |  | 130,000 | 122,663
Energy Transfer Operating LP (B) | 5.150 | 03-15-45 |  | 345,000 | 304,329
Energy Transfer Partners LP (A)(B) | 5.000 | 10-01-22 |  | 95,000 | 97,886
Energy Transfer Partners LP | 5.875 | 03-01-22 |  | 90,000 | 94,740
Enterprise Products Operating LLC (5.250% to 8-16-27, then 3 month LIBOR + 3.033%) (B) | 5.250 | 08-16-77 |  | 516,000 | 462,132
Kinder Morgan Energy Partners LP (B) | 3.500 | 03-01-21 |  | 500,000 | 497,729
Kinder Morgan Energy Partners LP (B) | 7.750 | 03-15-32 |  | 195,000 | 236,507
MPLX LP (B) | 4.000 | 03-15-28 |  | 313,000 | 293,983
Murphy Oil Corp. (A)(B) | 5.750 | 08-15-25 |  | 164,000 | 163,131
Newfield Exploration Company | 5.625 | 07-01-24 |  | 139,000 | 143,170
Newfield Exploration Company (A)(B) | 5.750 | 01-30-22 |  | 160,000 | 165,000
ONEOK Partners LP (B) | 5.000 | 09-15-23 |  | 162,000 | 166,819
Parsley Energy LLC (A)(B)(C) | 5.625 | 10-15-27 |  | 231,000 | 227,713
Petrobras Global Finance BV (A)(B) | 7.375 | 01-17-27 |  | 545,000 | 565,628
Petro-Canada (B) | 9.250 | 10-15-21 |  | 1,000,000 | 1,149,403
Petroleos Mexicanos (A)(B) | 4.875 | 01-24-22 |  | 325,000 | 321,630
Petroleos Mexicanos | 5.375 | 03-13-22 |  | 85,000 | 84,983
Sabine Pass Liquefaction LLC (B) | 4.200 | 03-15-28 |  | 261,000 | 248,376
Sabine Pass Liquefaction LLC (B) | 5.000 | 03-15-27 |  | 245,000 | 246,163
Sabine Pass Liquefaction LLC | 5.750 | 05-15-24 |  | 425,000 | 450,125
Sabine Pass Liquefaction LLC (B) | 5.875 | 06-30-26 |  | 147,000 | 156,076
SM Energy Company (A)(B) | 6.625 | 01-15-27 |  | 60,000 | 60,300
Sunoco Logistics Partners Operations LP (B) | 3.900 | 07-15-26 |  | 460,000 | 427,285
Sunoco Logistics Partners Operations LP (B) | 4.400 | 04-01-21 |  | 377,000 | 381,374
Sunoco Logistics Partners Operations LP (B) | 5.400 | 10-01-47 |  | 240,000 | 218,550
Tallgrass Energy Partners LP (C) | 4.750 | 10-01-23 |  | 222,000 | 219,641
Tapstone Energy LLC (C) | 9.750 | 06-01-22 |  | 105,000 | 92,925
Targa Resources Partners LP (A)(B)(C) | 5.875 | 04-15-26 |  | 220,000 | 221,238
Teekay Offshore Partners LP (C) | 8.500 | 07-15-23 |  | 235,000 | 237,938
The Williams Companies, Inc. (A)(B) | 3.750 | 06-15-27 |  | 355,000 | 330,577
The Williams Companies, Inc. | 4.550 | 06-24-24 |  | 525,000 | 528,476
The Williams Companies, Inc. (A)(B) | 5.750 | 06-24-44 |  | 315,000 | 316,135
WPX Energy, Inc. | 5.250 | 09-15-24 |  | 100,000 | 98,750
YPF SA (C) | 8.500 | 07-28-25 |  | 370,000 | 350,483
Financials 22.4% |  |  |  | 37,037,260
Banks 12.3% |  |  |
Australia & New Zealand Banking Group, Ltd. (6.750% to 6-15-26, then 5 Year U.S. ISDAFIX + 5.168%) (C)(F) | 6.750 | 06-15-26 |  | 200,000 | 205,250
Banco Santander SA (B) | 4.379 | 04-12-28 |  | 200,000 | 186,379
Bank of America Corp. (B) | 3.950 | 04-21-25 |  | 425,000 | 412,184
Bank of America Corp. (B) | 4.200 | 08-26-24 |  | 170,000 | 168,824

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 13

| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Banks (continued) |  |  |
Bank of America Corp. (B) | 4.250 | 10-22-26 |  | 159,000 | $154,416
Bank of America Corp. (B) | 4.450 | 03-03-26 |  | 580,000 | 573,976
Bank of America Corp. (6.300% to 3-10-26, then 3 month LIBOR + 4.553%) (F) | 6.300 | 03-10-26 |  | 610,000 | 642,788
Barclays Bank PLC (B)(C) | 10.179 | 06-12-21 |  | 475,000 | 540,180
Barclays PLC (A)(B) | 4.375 | 01-12-26 |  | 340,000 | 326,329
Barclays PLC (7.750% to 9-15-23, then 5 Year U.S. Swap Rate + 4.842%) (A)(B)(F) | 7.750 | 09-15-23 |  | 275,000 | 274,368
BNP Paribas SA (7.000% to 8-16-28, then 5 Year U.S. Swap Rate + 3.980%) (A)(B)(C)(F) | 7.000 | 08-16-28 |  | 260,000 | 256,100
BPCE SA (B)(C) | 4.500 | 03-15-25 |  | 475,000 | 459,284
BPCE SA (B)(C) | 5.700 | 10-22-23 |  | 1,145,000 | 1,185,341
Citigroup, Inc. (B) | 4.600 | 03-09-26 |  | 586,000 | 581,544
Citigroup, Inc. (B) | 5.500 | 09-13-25 |  | 165,000 | 173,066
Citigroup, Inc. (6.250% to 8-15-26, then 3 month LIBOR + 4.517%) (A)(B)(F) | 6.250 | 08-15-26 |  | 525,000 | 536,156
Cooperatieve Rabobank UA (11.000% to 6-30-19, then 3 month LIBOR + 10.868%) (B)(C)(F) | 11.000 | 06-30-19 |  | 1,000,000 | 1,046,000
Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (C)(F) | 7.875 | 01-23-24 |  | 600,000 | 620,324
Fifth Third Bancorp (5.100% to 6-30-23, then 3 month LIBOR + 3.033%) (A)(B)(F) | 5.100 | 06-30-23 |  | 420,000 | 400,050
Freedom Mortgage Corp. (A)(B)(C) | 8.125 | 11-15-24 |  | 259,000 | 239,575
Freedom Mortgage Corp. (C) | 8.250 | 04-15-25 |  | 105,000 | 97,125
HSBC Holdings PLC (6.375% to 9-17-24, then 5 Year U.S. ISDAFIX + 3.705%) (B)(F) | 6.375 | 09-17-24 |  | 200,000 | 193,800
HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (B)(F) | 6.875 | 06-01-21 |  | 340,000 | 352,325
HSBC Holdings PLC (3.950% to 5-18-23, then 3 month LIBOR + 0.987%) (B) | 3.950 | 05-18-24 |  | 495,000 | 489,899
ING Bank NV (B)(C) | 5.800 | 09-25-23 |  | 1,000,000 | 1,047,189
JPMorgan Chase & Co. (B) | 3.200 | 06-15-26 |  | 410,000 | 383,735
JPMorgan Chase & Co. (3.514% to 6-18-21, then 3 month LIBOR + 0.610%) (B) | 3.514 | 06-18-22 |  | 710,000 | 708,814
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (A)(B)(F) | 6.750 | 02-01-24 |  | 805,000 | 858,533
Lloyds Banking Group PLC (A)(B) | 4.450 | 05-08-25 |  | 745,000 | 741,192
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (A)(B)(F) | 7.500 | 06-27-24 |  | 385,000 | 388,369
M&T Bank Corp. (5.125% to 11-1-26, then 3 month LIBOR + 3.520%) (B)(F) | 5.125 | 11-01-26 |  | 345,000 | 338,531
Regions Bank (3.374% to 8-13-20, then 3 month LIBOR + 0.500%) (A)(B) | 3.374 | 08-13-21 |  | 504,000 | 501,510
Santander Holdings USA, Inc. (B) | 3.400 | 01-18-23 |  | 270,000 | 257,742
Santander Holdings USA, Inc. (B) | 3.700 | 03-28-22 |  | 469,000 | 460,501
Santander UK Group Holdings PLC (C) | 4.750 | 09-15-25 |  | 365,000 | 350,542
Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (B)(C)(F) | 7.375 | 09-13-21 |  | 340,000 | 344,675

14 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Banks (continued) |  |  |
Societe Generale SA (8.000% to 9-29-25, then 5 Year U.S. ISDAFIX + 5.873%) (A)(B)(C)(F) | 8.000 | 09-29-25 |  | 420,000 | $426,300
Societe Generale SA (8.250% to 11-29-18, then 5 Year U.S. Swap Rate + 6.394%) (B)(F) | 8.250 | 11-29-18 |  | 385,000 | 386,143
The PNC Financial Services Group, Inc. (4.850% to 6-1-23, then 3 month LIBOR + 3.040%) (B)(F) | 4.850 | 06-01-23 |  | 335,000 | 323,275
The PNC Financial Services Group, Inc. (6.750% to 8-1-21, then 3 month LIBOR + 3.678%) (B)(F) | 6.750 | 08-01-21 |  | 545,000 | 574,975
The Royal Bank of Scotland Group PLC | 3.875 | 09-12-23 |  | 480,000 | 461,800
The Royal Bank of Scotland Group PLC (8.000% to 8-10-25, then 5 Year U.S. Swap Rate + 5.720%) (A)(B)(F) | 8.000 | 08-10-25 |  | 200,000 | 206,375
The Royal Bank of Scotland Group PLC (8.625% to 8-15-21, then 5 Year U.S. Swap Rate + 7.598%) (F) | 8.625 | 08-15-21 |  | 200,000 | 210,250
Wells Fargo & Company, Series K (3 month LIBOR + 3.770%) (F)(G) | 6.104 | 12-15-18 |  | 370,000 | 372,775
Wells Fargo & Company, Series U (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (B)(F) | 5.875 | 06-15-25 |  | 975,000 | 1,004,250
Capital markets 2.1% |  |  |
Ares Capital Corp. (B) | 3.625 | 01-19-22 |  | 290,000 | 284,061
Credit Suisse Group AG (7.500% to 12-11-23, then 5 Year U.S. Swap Rate + 4.598%) (A)(B)(C)(F) | 7.500 | 12-11-23 |  | 295,000 | 307,171
Credit Suisse Group AG (7.500% to 7-17-23, then 5 Year U.S. Swap Rate + 4.600%) (B)(C)(F) | 7.500 | 07-17-23 |  | 310,000 | 315,425
FS Investment Corp. (B) | 4.000 | 07-15-19 |  | 435,000 | 435,830
FS Investment Corp. (B) | 4.250 | 01-15-20 |  | 290,000 | 290,875
Macquarie Bank, Ltd. (A)(B)(C) | 4.875 | 06-10-25 |  | 520,000 | 512,122
Morgan Stanley (B) | 3.875 | 01-27-26 |  | 400,000 | 387,550
Stifel Financial Corp. (A)(B) | 4.250 | 07-18-24 |  | 217,000 | 216,115
The Goldman Sachs Group, Inc. (B) | 3.850 | 01-26-27 |  | 685,000 | 656,475
Consumer finance 2.7% |  |  |
Ally Financial, Inc. (A)(B) | 5.125 | 09-30-24 |  | 645,000 | 655,481
Avolon Holdings Funding, Ltd. (A)(B)(C) | 5.125 | 10-01-23 |  | 225,000 | 220,781
Capital One Financial Corp. (A)(B) | 3.450 | 04-30-21 |  | 465,000 | 462,981
Capital One Financial Corp. (B) | 3.500 | 06-15-23 |  | 1,335,000 | 1,305,543
Credit Acceptance Corp. | 6.125 | 02-15-21 |  | 395,000 | 395,909
Credito Real SAB de CV (C) | 7.250 | 07-20-23 |  | 200,000 | 199,500
Credito Real SAB de CV (9.125% to 11-29-22, then 10 Year CMT + 7.026%) (C)(F) | 9.125 | 11-29-22 |  | 225,000 | 220,727
Discover Financial Services | 3.950 | 11-06-24 |  | 458,000 | 447,658
Discover Financial Services | 4.100 | 02-09-27 |  | 124,000 | 116,904
Discover Financial Services (B) | 5.200 | 04-27-22 |  | 85,000 | 87,790
Enova International, Inc. (C) | 8.500 | 09-01-24 |  | 58,000 | 54,520
Enova International, Inc. (C) | 8.500 | 09-15-25 |  | 260,000 | 246,350
Springleaf Finance Corp. (A)(B) | 6.875 | 03-15-25 |  | 105,000 | 100,538

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 15

| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Diversified financial services 1.4% |  |  |
ASP AMC Merger Sub, Inc. (C) | 8.000 | 05-15-25 |  | 205,000 | $153,750
Doric Nimrod Air Alpha 2013-1 Class B Pass Through Trust (C) | 6.125 | 11-30-21 |  | 84,173 | 85,655
Jefferies Financial Group, Inc. (B) | 5.500 | 10-18-23 |  | 655,000 | 677,525
Jefferies Group LLC (B) | 4.150 | 01-23-30 |  | 365,000 | 318,502
Jefferies Group LLC (B) | 4.850 | 01-15-27 |  | 422,000 | 405,429
Refinitiv US Holdings, Inc. (A)(B)(C) | 6.250 | 05-15-26 |  | 43,000 | 42,785
Refinitiv US Holdings, Inc. (A)(B)(C) | 8.250 | 11-15-26 |  | 69,000 | 66,930
Trident Merger Sub, Inc. (A)(B)(C) | 6.625 | 11-01-25 |  | 85,000 | 79,475
Voya Financial, Inc. (5.650% to 5-15-23, then 3 month LIBOR + 3.580%) | 5.650 | 05-15-53 |  | 463,000 | 456,055
Insurance 3.0% |  |  |
Aquarius & Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%) | 6.375 | 09-01-24 |  | 435,000 | 441,177
AXA SA (B) | 8.600 | 12-15-30 |  | 175,000 | 222,250
Brighthouse Financial, Inc. (B) | 3.700 | 06-22-27 |  | 595,000 | 512,768
CNO Financial Group, Inc. | 5.250 | 05-30-25 |  | 293,000 | 295,564
Liberty Mutual Group, Inc. (7.800% to 3-15-37, then 3 month LIBOR + 3.576%) (C) | 7.800 | 03-07-87 |  | 705,000 | 807,225
MetLife, Inc. (6.400% to 12-15-36, then 3 month LIBOR + 2.205%) (A)(B) | 6.400 | 12-15-66 |  | 355,000 | 368,135
MetLife, Inc. (9.250% to 4-8-38, then 3 month LIBOR + 5.540%) (B)(C) | 9.250 | 04-08-68 |  | 315,000 | 417,375
Nationstar Mortgage Holdings, Inc. (C) | 8.125 | 07-15-23 |  | 160,000 | 162,800
Nationstar Mortgage Holdings, Inc. (C) | 9.125 | 07-15-26 |  | 128,000 | 130,586
Nippon Life Insurance Company (5.100% to 10-16-24, then 5 Year U.S. ISDAFIX + 3.650%) (C) | 5.100 | 10-16-44 |  | 365,000 | 365,913
Prudential Financial, Inc. (5.875% to 9-15-22, then 3 month LIBOR + 4.175%) (A)(B) | 5.875 | 09-15-42 |  | 737,000 | 766,849
Teachers Insurance & Annuity Association of America (B)(C) | 4.270 | 05-15-47 |  | 430,000 | 402,628
Thrifts and mortgage finance 0.9% |  |  |
Ladder Capital Finance Holdings LLLP (C) | 5.250 | 03-15-22 |  | 95,000 | 94,525
Ladder Capital Finance Holdings LLLP (C) | 5.250 | 10-01-25 |  | 148,000 | 137,270
MGIC Investment Corp. | 5.750 | 08-15-23 |  | 99,000 | 101,475
Quicken Loans, Inc. (A)(B)(C) | 5.250 | 01-15-28 |  | 235,000 | 208,563
Quicken Loans, Inc. (C) | 5.750 | 05-01-25 |  | 550,000 | 530,063
Radian Group, Inc. | 4.500 | 10-01-24 |  | 144,000 | 138,600
Radian Group, Inc. | 5.250 | 06-15-20 |  | 99,000 | 100,733
Stearns Holdings LLC (C) | 9.375 | 08-15-20 |  | 164,000 | 163,590
Health care 4.3% |  |  |  | 7,121,687
Biotechnology 0.3% |  |  |
Shire Acquisitions Investments Ireland DAC (B) | 3.200 | 09-23-26 |  | 473,000 | 428,701

16 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Health care (continued) |  |  |  |
Health care providers and services 3.2% |  |  |
Centene Corp. (A)(B)(C) | 5.375 | 06-01-26 |  | 255,000 | $258,825
CVS Health Corp. (B) | 3.350 | 03-09-21 |  | 699,000 | 695,931
CVS Health Corp. (A)(B) | 5.050 | 03-25-48 |  | 653,000 | 636,572
DaVita, Inc. (A)(B) | 5.000 | 05-01-25 |  | 405,000 | 381,206
Express Scripts Holding Company (A)(B) | 4.750 | 11-15-21 |  | 1,000,000 | 1,029,048
HCA, Inc. | 5.250 | 04-15-25 |  | 375,000 | 382,969
HCA, Inc. (A)(B) | 5.250 | 06-15-26 |  | 320,000 | 325,600
HCA, Inc. (A)(B) | 7.500 | 02-15-22 |  | 300,000 | 325,500
MEDNAX, Inc. (B)(C) | 5.250 | 12-01-23 |  | 290,000 | 290,000
Select Medical Corp. | 6.375 | 06-01-21 |  | 360,000 | 363,150
Team Health Holdings, Inc. (A)(B)(C) | 6.375 | 02-01-25 |  | 65,000 | 55,900
Universal Health Services, Inc. (B)(C) | 4.750 | 08-01-22 |  | 240,000 | 240,000
Universal Health Services, Inc. (C) | 5.000 | 06-01-26 |  | 309,000 | 305,910
Life sciences tools and services 0.1% |  |  |
IQVIA, Inc. (B)(C) | 4.875 | 05-15-23 |  | 260,000 | 257,075
Pharmaceuticals 0.7% |  |  |
Allergan Funding SCS (A)(B) | 3.800 | 03-15-25 |  | 375,000 | 361,365
Bausch Health Companies, Inc. (C) | 6.125 | 04-15-25 |  | 375,000 | 344,888
Bayer US Finance II LLC (B)(C) | 3.500 | 06-25-21 |  | 200,000 | 198,736
Teva Pharmaceutical Finance Netherlands III BV | 6.750 | 03-01-28 |  | 235,000 | 240,311
Industrials 9.9% |  |  |  | 16,437,222
Aerospace and defense 0.7% |  |  |
Arconic, Inc. (A)(B) | 5.125 | 10-01-24 |  | 324,000 | 317,925
Huntington Ingalls Industries, Inc. (B)(C) | 5.000 | 11-15-25 |  | 511,000 | 528,374
Kratos Defense & Security Solutions, Inc. (A)(B)(C) | 6.500 | 11-30-25 |  | 215,000 | 222,095
Air freight and logistics 0.1% |  |  |
XPO Logistics, Inc. (A)(B)(C) | 6.500 | 06-15-22 |  | 211,000 | 216,275
Airlines 4.8% |  |  |
Air Canada 2013-1 Class A Pass Through Trust (B)(C) | 4.125 | 11-15-26 |  | 215,978 | 216,605
Air Canada 2017-1 Class B Pass Through Trust (C) | 3.700 | 07-15-27 |  | 320,000 | 307,776
America West Airlines 2000-1 Pass Through Trust | 8.057 | 01-02-22 |  | 73,849 | 78,213
American Airlines 2000-1 Pass Through Trust | 6.977 | 11-23-22 |  | 85,300 | 87,526
American Airlines 2013-2 Class A Pass Through Trust (B) | 4.950 | 07-15-24 |  | 359,855 | 368,168
American Airlines 2015-1 Class A Pass Through Trust (A)(B) | 3.375 | 11-01-28 |  | 280,753 | 268,709
American Airlines 2015-1 Class B Pass Through Trust (B) | 3.700 | 11-01-24 |  | 455,077 | 445,247
American Airlines 2016-1 Class A Pass Through Trust (B) | 4.100 | 07-15-29 |  | 371,689 | 367,972
American Airlines 2017-1 Class A Pass Through Trust (B) | 4.000 | 08-15-30 |  | 180,131 | 175,430

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 17

| Rate (%) | Maturity date |  | Par value^ | Value
Industrials (continued) |  |  |  |
Airlines (continued) |  |  |
American Airlines 2017-1 Class AA Pass Through Trust (B) | 3.650 | 08-15-30 |  | 277,125 | $269,449
American Airlines 2017-2 Class A Pass Through Trust (B) | 3.600 | 04-15-31 |  | 163,454 | 155,706
Azul Investments LLP (A)(B)(C) | 5.875 | 10-26-24 |  | 95,000 | 85,619
British Airways 2013-1 Class A Pass Through Trust (B)(C) | 4.625 | 06-20-24 |  | 493,094 | 503,104
British Airways 2013-1 Class B Pass Through Trust (C) | 5.625 | 12-20-21 |  | 79,723 | 80,879
British Airways 2018-1 Class A Pass Through Trust (B)(C) | 4.125 | 03-20-33 |  | 146,989 | 145,387
Continental Airlines 1999-1 Class A Pass Through Trust | 6.545 | 08-02-20 |  | 47,805 | 48,125
Continental Airlines 2007-1 Class A Pass Through Trust (B) | 5.983 | 10-19-23 |  | 386,387 | 404,509
Continental Airlines 2012-1 Class B Pass Through Trust | 6.250 | 10-11-21 |  | 106,214 | 108,307
Delta Air Lines 2002-1 Class G-1 Pass Through Trust (B) | 6.718 | 07-02-24 |  | 489,397 | 517,783
Delta Air Lines 2011-1 Class A Pass Through Trust | 5.300 | 10-15-20 |  | 138,728 | 139,560
Delta Air Lines, Inc. (B) | 3.625 | 03-15-22 |  | 476,000 | 467,990
Delta Air Lines, Inc. | 4.375 | 04-19-28 |  | 355,000 | 338,148
Northwest Airlines 2007-1 Class A Pass Through Trust (B) | 7.027 | 05-01-21 |  | 279,924 | 288,965
United Airlines 2014-2 Class A Pass Through Trust (B) | 3.750 | 03-03-28 |  | 402,230 | 397,725
United Airlines 2014-2 Class B Pass Through Trust (B) | 4.625 | 03-03-24 |  | 362,893 | 362,639
United Airlines 2016-1 Class A Pass Through Trust (B) | 3.450 | 01-07-30 |  | 288,907 | 274,144
United Airlines 2016-1 Class B Pass Through Trust (B) | 3.650 | 01-07-26 |  | 442,215 | 425,544
United Airlines 2018-1 Class B Pass Through Trust (B) | 4.600 | 03-01-26 |  | 98,000 | 98,078
US Airways 2010-1 Class A Pass Through Trust | 6.250 | 10-22-24 |  | 273,378 | 291,120
US Airways 2012-1 Class A Pass Through Trust (B) | 5.900 | 04-01-26 |  | 216,158 | 230,835
Building products 0.4% |  |  |
Masco Corp. | 4.375 | 04-01-26 |  | 230,000 | 226,757
Masco Corp. | 4.450 | 04-01-25 |  | 275,000 | 273,912
Owens Corning (B) | 4.200 | 12-15-22 |  | 155,000 | 154,551
Commercial services and supplies 0.4% |  |  |
LSC Communications, Inc. (A)(B)(C) | 8.750 | 10-15-23 |  | 275,000 | 294,594
Prime Security Services Borrower LLC (A)(B)(C) | 9.250 | 05-15-23 |  | 207,000 | 218,737
Tervita Escrow Corp. (C) | 7.625 | 12-01-21 |  | 180,000 | 182,700
Construction and engineering 0.3% |  |  |
AECOM (A)(B) | 5.125 | 03-15-27 |  | 415,000 | 385,950
Tutor Perini Corp. (A)(B)(C) | 6.875 | 05-01-25 |  | 88,000 | 88,110

18 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Industrials (continued) |  |  |  |
Electrical equipment 0.1% |  |  |
EnerSys (B)(C) | 5.000 | 04-30-23 |  | 95,000 | $93,813
Resideo Funding, Inc. (A)(B)(C) | 6.125 | 11-01-26 |  | 22,000 | 22,115
Machinery 0.0% |  |  |
Stevens Holding Company, Inc. (C) | 6.125 | 10-01-26 |  | 22,000 | 21,920
Professional services 0.9% |  |  |
Equifax, Inc. (B) | 3.600 | 08-15-21 |  | 230,000 | 228,095
Equifax, Inc. (B) | 7.000 | 07-01-37 |  | 80,000 | 90,707
IHS Markit, Ltd. (C) | 4.000 | 03-01-26 |  | 282,000 | 265,404
IHS Markit, Ltd. (C) | 4.750 | 02-15-25 |  | 128,000 | 126,717
IHS Markit, Ltd. | 4.750 | 08-01-28 |  | 305,000 | 297,842
IHS Markit, Ltd. (B)(C) | 5.000 | 11-01-22 |  | 152,000 | 155,162
Verisk Analytics, Inc. (B) | 4.000 | 06-15-25 |  | 394,000 | 388,455
Trading companies and distributors 2.2% |  |  |
AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (C) | 6.500 | 06-15-45 |  | 350,000 | 358,750
AerCap Ireland Capital DAC (B) | 4.625 | 10-30-20 |  | 435,000 | 441,417
AerCap Ireland Capital DAC (B) | 5.000 | 10-01-21 |  | 373,000 | 383,008
Ahern Rentals, Inc. (C) | 7.375 | 05-15-23 |  | 395,000 | 365,869
Aircastle, Ltd. | 4.400 | 09-25-23 |  | 176,000 | 174,298
Aircastle, Ltd. (A)(B) | 5.000 | 04-01-23 |  | 620,000 | 628,673
Aircastle, Ltd. (A)(B) | 5.500 | 02-15-22 |  | 215,000 | 222,596
Aircastle, Ltd. (B) | 6.250 | 12-01-19 |  | 195,000 | 200,389
Ashtead Capital, Inc. (C) | 4.375 | 08-15-27 |  | 260,000 | 239,122
H&E Equipment Services, Inc. (A)(B) | 5.625 | 09-01-25 |  | 131,000 | 124,778
United Rentals North America, Inc. (A)(B) | 4.875 | 01-15-28 |  | 328,000 | 295,512
United Rentals North America, Inc. | 5.500 | 07-15-25 |  | 260,000 | 253,338
Information technology 5.1% |  |  |  | 8,402,686
Communications equipment 0.6% |  |  |
Motorola Solutions, Inc. (B) | 4.600 | 02-23-28 |  | 492,000 | 474,385
Telefonaktiebolaget LM Ericsson (A)(B) | 4.125 | 05-15-22 |  | 545,000 | 535,213
Electronic equipment, instruments and components 0.5% |  |  |
Tech Data Corp. (A)(B) | 4.950 | 02-15-27 |  | 601,000 | 580,091
Trimble, Inc. (B) | 4.900 | 06-15-28 |  | 270,000 | 267,986
IT services 0.4% |  |  |
Banff Merger Sub, Inc. (A)(B)(C) | 9.750 | 09-01-26 |  | 215,000 | 207,744
VeriSign, Inc. | 4.750 | 07-15-27 |  | 145,000 | 136,525
VeriSign, Inc. (A)(B) | 5.250 | 04-01-25 |  | 270,000 | 269,325
Semiconductors and semiconductor equipment 1.3% |  |  |
Advanced Micro Devices, Inc. | 7.000 | 07-01-24 |  | 170,000 | 177,013
Marvell Technology Group, Ltd. (B) | 4.875 | 06-22-28 |  | 385,000 | 377,699
Microchip Technology, Inc. (B)(C) | 3.922 | 06-01-21 |  | 255,000 | 253,161
Microchip Technology, Inc. (A)(B)(C) | 4.330 | 06-01-23 |  | 583,000 | 570,043
NXP BV (B)(C) | 4.625 | 06-01-23 |  | 645,000 | 639,356

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 19

| Rate (%) | Maturity date |  | Par value^ | Value
Information technology (continued) |  |  |  |
Semiconductors and semiconductor equipment (continued) |  |  |
Qorvo, Inc. (A)(B)(C) | 5.500 | 07-15-26 |  | 110,000 | $110,275
Software 1.2% |  |  |
Autodesk, Inc. (B) | 3.500 | 06-15-27 |  | 174,000 | 159,909
CA, Inc. (A)(B) | 3.600 | 08-15-22 |  | 355,000 | 351,072
CDK Global, Inc. | 5.875 | 06-15-26 |  | 74,000 | 74,555
Citrix Systems, Inc. | 4.500 | 12-01-27 |  | 429,000 | 406,697
j2 Cloud Services LLC (C) | 6.000 | 07-15-25 |  | 119,000 | 117,959
Microsoft Corp. (B) | 4.450 | 11-03-45 |  | 340,000 | 351,812
Open Text Corp. (A)(B)(C) | 5.875 | 06-01-26 |  | 265,000 | 266,325
Symantec Corp. (A)(B)(C) | 5.000 | 04-15-25 |  | 272,000 | 255,894
Technology hardware, storage and peripherals 1.1% |  |  |
Dell International LLC (A)(B)(C) | 6.020 | 06-15-26 |  | 825,000 | 855,470
Dell International LLC (B)(C) | 8.350 | 07-15-46 |  | 563,000 | 651,949
Western Digital Corp. (A)(B) | 4.750 | 02-15-26 |  | 338,000 | 312,228
Materials 2.7% |  |  |  | 4,494,026
Chemicals 1.4% |  |  |
Braskem Finance, Ltd. (C) | 7.000 | 05-07-20 |  | 515,000 | 533,025
Braskem Netherlands Finance BV (C) | 4.500 | 01-10-28 |  | 340,000 | 314,075
Cydsa SAB de CV (C) | 6.250 | 10-04-27 |  | 265,000 | 246,320
Mexichem SAB de CV (C) | 5.500 | 01-15-48 |  | 315,000 | 277,046
Syngenta Finance NV (B)(C) | 4.441 | 04-24-23 |  | 470,000 | 462,519
The Chemours Company (A)(B) | 6.625 | 05-15-23 |  | 456,000 | 466,260
Construction materials 0.3% |  |  |
Cemex SAB de CV (C) | 6.125 | 05-05-25 |  | 360,000 | 357,300
U.S. Concrete, Inc. (A)(B) | 6.375 | 06-01-24 |  | 145,000 | 135,213
Containers and packaging 0.3% |  |  |
Ardagh Packaging Finance PLC (A)(B)(C) | 6.000 | 02-15-25 |  | 215,000 | 201,563
Klabin Finance SA (C) | 4.875 | 09-19-27 |  | 255,000 | 231,017
Metals and mining 0.6% |  |  |
Anglo American Capital PLC (C) | 4.750 | 04-10-27 |  | 270,000 | 259,996
Commercial Metals Company | 5.375 | 07-15-27 |  | 92,000 | 85,215
Vale Overseas, Ltd. | 6.250 | 08-10-26 |  | 248,000 | 264,740
Vedanta Resources PLC (C) | 6.125 | 08-09-24 |  | 200,000 | 176,392
Vedanta Resources PLC (A)(B)(C) | 6.375 | 07-30-22 |  | 240,000 | 224,520
Paper and forest products 0.1% |  |  |
Norbord, Inc. (B)(C) | 6.250 | 04-15-23 |  | 255,000 | 258,825
Real estate 1.8% |  |  |  | 2,915,586
Equity real estate investment trusts 1.8% |  |  |
American Homes 4 Rent LP (B) | 4.250 | 02-15-28 |  | 305,000 | 289,126
American Tower Corp. (A)(B) | 3.550 | 07-15-27 |  | 488,000 | 448,619
American Tower Corp. (B) | 4.700 | 03-15-22 |  | 400,000 | 410,631
Equinix, Inc. (A)(B) | 5.375 | 05-15-27 |  | 205,000 | 202,950

20 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Real estate (continued) |  |  |  |
Equity real estate investment trusts (continued) |  |  |
Iron Mountain, Inc. (C) | 4.875 | 09-15-27 |  | 167,000 | $148,630
Iron Mountain, Inc. (A)(B) | 5.750 | 08-15-24 |  | 395,000 | 387,594
Omega Healthcare Investors, Inc. (B) | 4.500 | 01-15-25 |  | 192,000 | 186,485
Ventas Realty LP (B) | 3.500 | 02-01-25 |  | 335,000 | 318,246
VEREIT Operating Partnership LP | 4.600 | 02-06-24 |  | 523,000 | 523,305
Utilities 5.6% |  |  |  | 9,370,016
Electric utilities 2.4% |  |  |
ABY Transmision Sur SA (C) | 6.875 | 04-30-43 |  | 246,900 | 274,368
Duke Energy Corp. (B) | 3.550 | 09-15-21 |  | 1,000,000 | 999,388
Electricite de France SA (B)(C) | 3.625 | 10-13-25 |  | 260,000 | 248,276
Electricite de France SA (5.250% to 1-29-23, then 10 Year U.S. Swap Rate + 3.709%) (B)(C)(F) | 5.250 | 01-29-23 |  | 485,000 | 467,007
Emera US Finance LP (B) | 3.550 | 06-15-26 |  | 183,000 | 169,648
Empresa Electrica Angamos SA (C) | 4.875 | 05-25-29 |  | 344,340 | 335,623
Exelon Generation Company LLC (B) | 4.000 | 10-01-20 |  | 1,000,000 | 1,008,060
Instituto Costarricense de Electricidad (C) | 6.375 | 05-15-43 |  | 215,000 | 152,381
Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (A)(B)(F) | 6.250 | 02-01-22 |  | 320,000 | 329,600
Gas utilities 0.1% |  |  |
AmeriGas Partners LP | 5.500 | 05-20-25 |  | 183,000 | 171,105
Independent power and renewable electricity producers 1.2% |  |  |
Clearway Energy Operating LLC | 5.375 | 08-15-24 |  | 266,000 | 263,174
Greenko Dutch BV (C) | 4.875 | 07-24-22 |  | 310,000 | 291,493
IPALCO Enterprises, Inc. (A)(B) | 3.700 | 09-01-24 |  | 60,000 | 57,927
NextEra Energy Capital Holdings, Inc. (B) | 3.550 | 05-01-27 |  | 490,000 | 465,957
NextEra Energy Operating Partners LP (A)(B)(C) | 4.500 | 09-15-27 |  | 110,000 | 101,475
NRG Energy, Inc. | 6.250 | 05-01-24 |  | 585,000 | 597,215
NRG Energy, Inc. (A)(B) | 6.625 | 01-15-27 |  | 305,000 | 315,294
Multi-utilities 1.9% |  |  |
Berkshire Hathaway Energy Company (B) | 8.480 | 09-15-28 |  | 550,000 | 723,930
CMS Energy Corp. (B) | 5.050 | 03-15-22 |  | 1,000,000 | 1,039,460
Dominion Energy, Inc. (B) | 3.625 | 12-01-24 |  | 1,000,000 | 980,000
Enable Midstream Partners LP (B) | 4.950 | 05-15-28 |  | 387,000 | 378,635
Capital preferred securities (H) 0.4% (0.2% of Total investments) |  | $617,861
(Cost $553,251) |  |  |  |  |
Financials 0.4% |  |  |  | 617,861
Banks 0.2% |  |  |
BAC Capital Trust XIV, Series G (Greater of 3 month LIBOR + 0.400% or 4.000%) (F)(G) | 4.000 | 11-19-18 |  | 420,000 | 343,875
Capital markets 0.2% |  |  |
State Street Corp. (3 month LIBOR + 1.000%) (B)(G) | 3.334 | 06-01-77 |  | 312,000 | 273,986

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 21

| Rate (%) | Maturity date |  | Par value^ | Value
Term loans (I) 0.6% (0.4% of Total investments) |  | $947,534
(Cost $934,926) |  |  |  |  |
Communication services 0.1% |  |  |  |  | 200,126
Entertainment 0.1% |  |  |  |  |
Metro-Goldwyn-Mayer, Inc. (1 month LIBOR + 4.500%) | 6.810 | 07-03-26 |  | 200,000 | 200,126
Energy 0.1% |  |  |  |  | 97,545
Oil, gas and consumable fuels 0.1% |  |  |  |  |
FTS International, Inc. (1 month LIBOR + 4.750%) | 7.052 | 04-16-21 |  | 97,708 | 97,545
Financials 0.1% |  |  |  |  | 139,863
Capital markets 0.1% |  |  |  |  |
LSF9 Atlantis Holdings LLC (1 month LIBOR + 6.000%) | 8.281 | 05-01-23 |  | 145,313 | 139,863
Health care 0.3% |  |  |  |  | 510,000
Health care providers and services 0.3% |  |  |  |  |
Gentiva Health Services, Inc. (1 month LIBOR + 7.000%) | 9.313 | 07-02-26 |  | 500,000 | 510,000
Collateralized mortgage obligations 13.1% (8.5% of Total investments) |  | $21,655,012
(Cost $21,552,411) |  |  |  |  |
Commercial and residential 10.7% |  |  |  |  | 17,748,353
Americold LLC Series 2010-ARTA, Class D (C) | 7.443 | 01-14-29 |  | 605,000 | 643,173
Angel Oak Mortgage Trust I LLC Series 2018-3, Class A1 (C)(J) | 3.649 | 09-25-48 |  | 221,591 | 221,824
Arroyo Mortgage Trust Series 2018-1, Class A1 (C)(J) | 3.763 | 04-25-48 |  | 770,825 | 769,454
BAMLL Commercial Mortgage Securities Trust Series 2015-200P, Class C (C)(J) | 3.596 | 04-14-33 |  | 490,000 | 475,463
BBCMS Mortgage Trust Series 2018-TALL, Class E (1 month LIBOR + 2.437%) (C)(G) | 4.717 | 03-15-37 |  | 214,000 | 214,213
BBCMS Trust |  |  |  |  |
Series 2015-MSQ, Class D (C)(J) | 3.990 | 09-15-32 |  | 480,000 | 471,434
Series 2015-SRCH, Class D (C)(J) | 4.957 | 08-10-35 |  | 370,000 | 375,975
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-1, Class B2 (E)(J) | 3.518 | 03-25-35 |  | 405 | 11,132
BHMS Mortgage Trust Series 2018-ATLS, Class A (1 month LIBOR + 1.250%) (C)(G) | 3.530 | 07-15-35 |  | 300,000 | 299,903
BWAY Mortgage Trust Series 2015-1740, Class XA IO (C) | 0.896 | 01-10-35 |  | 6,885,000 | 194,105
BX Commercial Mortgage Trust |  |  |  |  |
Series 2018-BIOA, Class D (1 month LIBOR + 1.321%) (C)(G) | 3.601 | 03-15-37 |  | 245,000 | 245,150
Series 2018-IND, Class A (1 month LIBOR + 0.750%) (C)(G) | 3.080 | 11-15-35 |  | 586,000 | 585,624

22 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Commercial and residential (continued) |  |  |  |  |
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class F (C)(J) | 3.786 | 04-10-28 |  | 325,000 | $321,175
CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class E (1 month LIBOR + 2.150%) (C)(G) | 4.430 | 07-15-32 |  | 264,000 | 263,835
CHT Mortgage Trust Series 2017-CSMO, Class D (1 month LIBOR + 2.250%) (C)(G) | 4.530 | 11-15-36 |  | 370,000 | 370,920
Citigroup Commercial Mortgage Trust Series 2017-1500, Class E (1 month LIBOR + 2.500%) (C)(G) | 4.780 | 07-15-32 |  | 126,000 | 125,573
CLNS Trust Series 2017-IKPR, Class C (1 month LIBOR + 1.100%) (C)(G) | 3.387 | 06-11-32 |  | 160,000 | 159,798
Cold Storage Trust Series 2017-ICE3, Class D (1 month LIBOR + 2.100%) (C)(G) | 4.380 | 04-15-36 |  | 355,000 | 355,656
COLT Mortgage Loan Trust Series 2018-2, Class A1 (C)(J) | 3.470 | 07-27-48 |  | 94,051 | 93,713
Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG) |  |  |  |  |
Series 2012-CR2, Class XA IO | 1.652 | 08-15-45 |  | 1,861,539 | 93,812
Series 2012-CR3 Class XA IO | 1.876 | 10-15-45 |  | 2,678,908 | 159,272
Series 2013-CR6, Class XA IO | 1.067 | 03-10-46 |  | 2,743,486 | 81,101
Commercial Mortgage Trust (Citigroup/Deutsche Bank AG) Series 2018-COR3, Class XA IO | 0.449 | 05-10-51 |  | 2,759,949 | 100,005
Commercial Mortgage Trust (Deutsche Bank AG) |  |  |  |  |
Series 2012-LC4, Class B (J) | 4.934 | 12-10-44 |  | 360,000 | 364,451
Series 2013-300P, Class D (C)(J) | 4.394 | 08-10-30 |  | 620,000 | 618,394
Series 2014-TWC, Class D (1 month LIBOR + 2.250%) (C)(G) | 4.383 | 02-13-32 |  | 445,000 | 447,208
Commercial Mortgage Trust (Deutsche Bank AG/Morgan Stanley) Series 2014-PAT, Class D (1 month LIBOR + 2.150%) (C)(G) | 4.431 | 08-13-27 |  | 775,000 | 777,715
Core Industrial Trust |  |  |  |  |
Series 2015-CALW, Class F (C)(J) | 3.850 | 02-10-34 |  | 360,000 | 350,464
Series 2015-CALW, Class XA IO (C) | 0.810 | 02-10-34 |  | 3,601,156 | 81,246
GAHR Commercial Mortgage Trust |  |  |  |  |
Series 2015-NRF, Class DFX (C)(J) | 3.382 | 12-15-34 |  | 345,000 | 342,444
Series 2015-NRF, Class EFX (C)(J) | 3.382 | 12-15-34 |  | 495,000 | 489,525
Galton Funding Mortgage Trust Series 2018-1, Class A43 (C)(J) | 3.500 | 11-25-57 |  | 184,535 | 182,961
Great Wolf Trust Series 2017-WOLF, Class E (1 month LIBOR + 3.100%) (C)(G) | 5.530 | 09-15-34 |  | 90,000 | 90,111
GS Mortgage Securities Trust |  |  |  |  |
Series 2012-GC17, Class XA IO | 2.212 | 05-10-45 |  | 5,146,639 | 232,050
Series 2016-RENT, Class D (C)(J) | 4.067 | 02-10-29 |  | 420,000 | 415,660
Series 2017-485L, Class C (C)(J) | 3.982 | 02-10-37 |  | 240,000 | 231,662

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 23

| Rate (%) | Maturity date |  | Par value^ | Value
Commercial and residential (continued) |  |  |  |  |
Series 2018-CHLL Class D (1 month LIBOR + 1.650%) (C)(G) | 3.238 | 02-15-37 |  | 850,000 | $852,649
Series 2018-CHLL, Class E (1 month LIBOR + 2.350%) (C)(G) | 3.938 | 02-15-37 |  | 155,000 | 155,580
HarborView Mortgage Loan Trust |  |  |  |  |
Series 2005-2, Class X IO | 1.052 | 05-19-35 |  | 3,598,978 | 109,827
Series 2007-3, Class ES IO (C) | 0.350 | 05-19-47 |  | 5,336,251 | 94,693
Series 2007-4, Class ES IO | 0.350 | 07-19-47 |  | 5,522,973 | 82,772
Series 2007-6, Class ES IO (C) | 0.353 | 08-19-37 |  | 4,672,094 | 83,128
Hilton Orlando Trust Series 2018-ORL, Class D (1 month LIBOR + 1.700%) (C)(G) | 3.980 | 12-15-34 |  | 110,000 | 109,998
IMT Trust Series 2017-APTS, Class CFX (C)(J) | 3.497 | 06-15-34 |  | 190,000 | 182,128
IndyMac Index Mortgage Loan Trust |  |  |  |  |
Series 2005-AR12, Class AX2 IO | 1.022 | 07-25-35 |  | 3,761,931 | 51,046
Series 2005-AR8, Class AX2 IO | 1.235 | 05-25-35 |  | 3,919,687 | 80,354
Series 2005-AR18, Class 1X IO | 1.444 | 10-25-36 |  | 5,249,629 | 175,015
Series 2005-AR18, Class 2X IO | 1.066 | 10-25-36 |  | 4,707,827 | 12,089
JPMorgan Chase Commercial Mortgage Securities Trust |  |  |  |  |
Series 2012-C14, Class XA IO (C) | 1.431 | 07-05-32 |  | 2,733,988 | 124,611
Series 2018-PHH, Class A (1 month LIBOR + 0.910%) (C)(G) | 3.190 | 06-15-35 |  | 170,000 | 169,732
Morgan Stanley Capital I Trust Series 2017-CLS, Class D (1 month LIBOR + 1.400%) (C)(G) | 3.680 | 11-15-34 |  | 354,000 | 353,776
MSCG Trust Series 2016-SNR, Class D (C) | 6.550 | 11-15-34 |  | 395,250 | 389,403
Natixis Commercial Mortgage Securities Trust |  |  |  |  |
Series 2018-285M, Class D (C)(J) | 3.790 | 11-15-32 |  | 100,000 | 97,136
Series 2018-ALXA, Class C (C)(J) | 4.316 | 01-15-43 |  | 175,000 | 171,807
One Market Plaza Trust Series 2017-1MKT, Class D (C) | 4.146 | 02-10-32 |  | 190,000 | 184,800
Starwood Mortgage Residential Trust Series 2018-IMC1, Class A1 (C)(J) | 3.793 | 03-25-48 |  | 143,706 | 143,684
UBS Commercial Mortgage Trust Series 2012-C1, Class B | 4.822 | 05-10-45 |  | 405,000 | 418,110
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class XA IO (C) | 1.329 | 05-10-63 |  | 3,452,322 | 135,134
VNDO Mortgage Trust Series 2013-PENN, Class D (C)(J) | 3.947 | 12-13-29 |  | 612,000 | 608,497
Wells Fargo Commercial Mortgage Trust |  |  |  |  |
Series 2013-120B, Class C (C)(J) | 2.710 | 03-18-28 |  | 935,000 | 918,851
Series 2017-SMP, Class D (1 month LIBOR + 1.650%) (C)(G) | 3.930 | 12-15-34 |  | 120,000 | 120,491
WF-RBS Commercial Mortgage Trust |  |  |  |  |
Series 2012-C9, Class B XA IO (C) | 1.887 | 11-15-45 |  | 3,865,743 | 234,242
Series 2013-C15, Class B (J) | 4.473 | 08-15-46 |  | 155,000 | 156,456
Series 2013-C16, Class B (J) | 5.038 | 09-15-46 |  | 265,000 | 276,143

24 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
U.S. Government Agency 2.4% |  |  |  |  | $3,906,659
Federal Home Loan Mortgage Corp. |  |  |  |  |
Series 2016-DNA3, Class M2 (1 month LIBOR + 2.000%) (G) | 4.216 | 12-25-28 |  | 219,970 | 222,391
Series K005, Class AX IO | 1.532 | 11-25-19 |  | 2,223,585 | 26,734
Series K017, Class X1 IO | 1.482 | 12-25-21 |  | 3,666,353 | 122,277
Series K018, Class X1 IO | 1.500 | 01-25-22 |  | 3,354,083 | 114,467
Series K021, Class X1 IO | 1.586 | 06-25-22 |  | 922,989 | 39,892
Series K022, Class X1 IO | 1.364 | 07-25-22 |  | 3,774,891 | 143,129
Series K707, Class X1 IO | 1.625 | 12-25-18 |  | 1,064,164 | 11
Series K709, Class X1 IO | 1.627 | 03-25-19 |  | 2,673,498 | 6,836
Series K710, Class X1 IO | 1.858 | 05-25-19 |  | 3,098,787 | 13,202
Series K718, Class X1 IO | 0.759 | 01-25-22 |  | 16,268,570 | 276,972
Government National Mortgage Association |  |  |  |  |
Series 2012-114, Class IO | 0.786 | 01-16-53 |  | 1,482,943 | 76,658
Series 2016-174, Class IO | 0.900 | 11-16-56 |  | 2,096,040 | 156,149
Series 2017-109, Class IO | 0.611 | 04-16-57 |  | 2,570,983 | 142,336
Series 2017-124, Class IO | 0.706 | 01-16-59 |  | 3,235,653 | 206,834
Series 2017-135, Class IO | 0.839 | 10-16-58 |  | 2,087,546 | 142,841
Series 2017-140, Class IO | 0.610 | 02-16-59 |  | 1,906,883 | 114,916
Series 2017-20, Class IO | 0.748 | 12-16-58 |  | 4,009,116 | 241,241
Series 2017-22, Class IO | 1.022 | 12-16-57 |  | 1,400,313 | 122,227
Series 2017-3, Class IO | 0.908 | 09-16-58 |  | 3,716,295 | 273,622
Series 2017-46, Class IO | 0.620 | 11-16-57 |  | 3,025,204 | 176,344
Series 2017-61, Class IO | 0.768 | 05-16-59 |  | 1,815,508 | 133,465
Series 2017-74, Class IO | 0.778 | 09-16-58 |  | 3,349,070 | 203,403
Series 2018-114, Class IO | 0.540 | 04-16-60 |  | 4,023,937 | 239,062
Series 2018-35, Class IO | 0.523 | 03-16-60 |  | 3,118,575 | 177,543
Series 2018-43, Class IO | 0.577 | 05-16-60 |  | 4,830,324 | 274,911
Series 2018-69, Class IO | 0.535 | 04-16-60 |  | 2,164,874 | 130,730
Series 2018-9, Class IO | 0.558 | 01-16-60 |  | 2,287,438 | 128,466
Asset backed securities 8.5% (5.5% of Total investments) |  | $14,178,889
(Cost $14,272,250) |  |  |  |  |
Asset backed securities 8.5% |  |  |  |  | 14,178,889
AccessLex Institute Series 2007-A, Class A3 (3 month LIBOR + 0.300%) (G) | 2.611 | 05-25-36 |  | 296,832 | 292,770
Ally Auto Receivables Trust Series 2018-2, Class A4 | 3.090 | 06-15-23 |  | 315,000 | 313,477
Americredit Automobile Receivables Trust Series 2018-2, Class C | 3.590 | 06-18-24 |  | 195,000 | 194,019
Applebee's Funding LLC Series 2014-1, Class A2 (C) | 4.277 | 09-05-44 |  | 990,000 | 973,982
Arby's Funding LLC Series 2015-1A, Class A2 (C) | 4.969 | 10-30-45 |  | 620,800 | 623,575
CLI Funding LLC Series 2018-1A, Class A (C) | 4.030 | 04-18-43 |  | 417,104 | 412,558

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 25

| Rate (%) | Maturity date |  | Par value^ | Value
Asset backed securities (continued) |  |  |  |  |
CNH Equipment Trust Series 2018-B, Class A3 | 3.190 | 11-15-23 |  | 441,000 | $440,098
Coinstar Funding LLC Series 2017-1A, Class A2 (C) | 5.216 | 04-25-47 |  | 374,300 | 376,906
Collegiate Funding Services Education Loan Trust Series 2005-A, Class A4 (3 month LIBOR + 0.200%) (G) | 2.651 | 03-28-35 |  | 228,000 | 221,781
ContiMortgage Home Equity Loan Trust Series 1995-2, Class A5 | 8.100 | 08-15-25 |  | 20,086 | 12,881
CWABS Asset-Backed Certificates Trust Series 2004-10, Class AF5B | 4.648 | 02-25-35 |  | 185,374 | 184,439
DB Master Finance LLC |  |  |  |  |
Series 2015-1A, Class A2II (C) | 3.980 | 02-20-45 |  | 477,675 | 477,675
Series 2017-1A, Class A2I (C) | 3.629 | 11-20-47 |  | 119,100 | 115,370
Series 2017-1A, Class A2II (C) | 4.030 | 11-20-47 |  | 143,913 | 140,335
Domino's Pizza Master Issuer LLC Series 2017-1A, Class A23 (C) | 4.118 | 07-25-47 |  | 577,688 | 565,550
Driven Brands Funding LLC Series 2015-1A, Class A2 (C) | 5.216 | 07-20-45 |  | 518,950 | 531,234
FOCUS Brands Funding LLC Series 2017-1A, Class A2I (C) | 3.857 | 04-30-47 |  | 142,825 | 141,372
Hilton Grand Vacations Trust Series 2018-AA, Class A (C) | 3.540 | 02-25-32 |  | 127,640 | 127,358
Honda Auto Receivables Owner Trust |  |  |  |  |
Series 2018-2, Class A3 | 3.010 | 05-18-22 |  | 250,000 | 249,242
Series 2018-3, Class A3 | 2.950 | 08-22-22 |  | 195,000 | 194,093
KeyCorp Student Loan Trust Series 2004-A, Class 1A2 (3 month LIBOR + 0.240%) (G) | 2.577 | 10-27-42 |  | 184,130 | 180,432
MVW Owner Trust Series 2018-1A, Class A (C) | 3.450 | 01-21-36 |  | 378,218 | 376,012
New Residential Mortgage LLC |  |  |  |  |
Series 2018-FNT1, Class A (C) | 3.610 | 05-25-23 |  | 293,714 | 291,693
Series 2018-FNT2, Class A (C) | 3.790 | 07-25-54 |  | 185,432 | 184,671
NextGear Floorplan Master Owner Trust |  |  |  |  |
Series 2017-1A, Class A2 (C) | 2.540 | 04-18-22 |  | 365,000 | 360,985
Series 2018-1A, Class A2 (C) | 3.220 | 02-15-23 |  | 105,000 | 104,174
Series 2018-2A, Class A2 (C) | 3.690 | 10-16-23 |  | 265,000 | 265,769
NRZ Excess Spread-Collateralized Notes |  |  |  |  |
Series 2018-PLS1, Class A (C) | 3.193 | 01-25-23 |  | 138,771 | 137,835
Series 2018-PLS2, Class A (C) | 3.265 | 02-25-23 |  | 196,944 | 195,491
Santander Drive Auto Receivables Trust |  |  |  |  |
Series 2018-2, Class C | 3.350 | 07-17-23 |  | 195,000 | 193,625
Series 2018-3, Class C | 3.510 | 08-15-23 |  | 465,000 | 463,009
SLM Private Credit Student Loan Trust Series 2006-A, Class A5 (3 month LIBOR + 0.290%) (G) | 2.624 | 06-15-39 |  | 130,588 | 127,438
Sonic Capital LLC Series 2016-1A, Class A2 (C) | 4.472 | 05-20-46 |  | 211,342 | 211,121
Taco Bell Funding LLC Series 2016-1A, Class A2I (C) | 3.832 | 05-25-46 |  | 507,275 | 506,793

26 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Asset backed securities (continued) |  |  |  |  |
Textainer Marine Containers VII, Ltd. Series 2018-1A, Class A (C) | 4.110 | 07-20-43 |  | 270,050 | $267,046
Towd Point Mortgage Trust |  |  |  |  |
Series 2015-1, Class A5 (C)(J) | 3.730 | 10-25-53 |  | 125,000 | 124,986
Series 2015-2, Class 1M2 (C)(J) | 3.642 | 11-25-60 |  | 300,000 | 298,632
Series 2017-2, Class A1 (C)(J) | 2.750 | 04-25-57 |  | 107,801 | 105,455
Series 2018-1, Class A1 (C)(J) | 3.000 | 01-25-58 |  | 199,497 | 194,717
Series 2018-3, Class A1 (C)(J) | 3.750 | 05-25-58 |  | 289,577 | 288,176
Series 2018-4, Class A1 (C)(J) | 3.000 | 06-25-58 |  | 450,616 | 435,456
Series 2018-5, Class A1A (C)(J) | 3.250 | 08-25-58 |  | 128,538 | 126,657
Toyota Auto Receivables Owner Trust Series 2018-C, Class A3 | 3.020 | 12-15-22 |  | 525,000 | 522,975
Triton Container Finance V LLC Series 2018-1A, Class A (C) | 3.950 | 03-20-43 |  | 334,292 | 329,610
Vantage Data Centers Issuer LLC Series 2018-1A, Class A2 (C) | 4.072 | 02-16-43 |  | 198,667 | 198,136
Westgate Resorts LLC |  |  |  |  |
Series 2014-1A, Class A (C) | 2.150 | 12-20-26 |  | 168,495 | 168,060
Series 2014-1A, Class B (C) | 3.250 | 12-20-26 |  | 112,621 | 112,408
Series 2015-2A, Class B (C) | 4.000 | 07-20-28 |  | 118,918 | 118,561
Series 2016-1A, Class A (C) | 3.500 | 12-20-28 |  | 134,237 | 133,712
Series 2017-1A, Class A (C) | 3.050 | 12-20-30 |  | 207,649 | 205,460
World Omni Automobile Lease Securitization Trust Series 2018-B, Class A3 | 3.190 | 12-15-21 |  | 362,000 | 361,079

|  |  |  | Shares | Value
Common stocks 0.3% (0.2% of Total investments) |  | $505,520
(Cost $515,695) |  |  |  |  |
Energy 0.3% |  |  |  | 505,520
Oil, gas and consumable fuels 0.3% |  |  |  |
Royal Dutch Shell PLC, ADR, Class A |  |  |  | 8,000 | 505,520
Preferred securities (K) 1.6% (1.1% of Total investments) |  | $2,705,689
(Cost $2,684,493) |  |  |  |  |
Consumer staples 0.3% |  |  |  |  | 528,125
Food and staples retailing 0.3% |  |  |  |  |
Ocean Spray Cranberries, Inc., 6.250% (C) |  | 6,250 | 528,125
Financials 0.5% |  |  |  |  | 900,328
Banks 0.5% |  |  |  |  |
GMAC Capital Trust I (3 month LIBOR + 5.785%), 8.099% (G) |  | 24,985 | 656,106
Wells Fargo & Company, Series L, 7.500% |  | 192 | 244,222
Real estate 0.5% |  |  |  |  | 772,941
Equity real estate investment trusts 0.5% |  |  |  |  |
Crown Castle International Corp., Series A, 6.875% |  | 740 | 772,941

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 27

|  |  |  | Shares | Value
Utilities 0.3% |  |  |  |  | $504,295
Multi-utilities 0.3% |  |  |  |  |
Dominion Energy, Inc., 6.750% |  | 5,540 | 265,643
DTE Energy Company, 6.500% |  | 4,475 | 238,652

| Yield* (%) | Maturity date |  | Par value^ | Value
Short-term investments 1.8% (1.1% of Total investments) | $2,952,000
(Cost $2,952,000) |  |  |  |  |
U.S. Government Agency 1.8% |  |  |  |  | 2,952,000
Federal Home Loan Bank Discount Note | 2.050 | 11-01-18 |  | 2,952,000 | 2,952,000

Total investments (Cost $261,284,438) 154.0% |  |  | $255,128,208
Other assets and liabilities, net (54.0%) |  |  | (89,494,652)
Total net assets 100.0% |  |  | $165,633,556

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
ADR | American Depositary Receipt
CMT | Constant Maturity Treasury
IO | Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
ISDAFIX | International Swaps and Derivatives Association Fixed Interest Rate Swap Rate
LIBOR | London Interbank Offered Rate
(A) | All or a portion of this security is on loan as of 10-31-18, and is a component of the fund's leverage under the Liquidity Agreement.
(B) | All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 10-31-18 was $103,406,546. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $43,663,561.
(C) | 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 $68,609,311 or 41.4% of the fund's net assets as of 10-31-18.
(D) | Non-income producing - Issuer is in default.
(E) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(F) | Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(G) | Variable rate obligation. The coupon rate shown represents the rate at period end.
(H) | Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.
(I) | Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(J) | Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(K) | Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.
* | Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

At 10-31-18, the aggregate cost of investments for federal income tax purposes was $262,652,730. Net unrealized depreciation aggregated to $7,524,522, of which $2,054,816 related to gross unrealized appreciation and $9,579,338 related to gross unrealized depreciation.

28 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

Financial statements |

STATEMENT OF ASSETS AND LIABILITIES 10-31-18

Assets |
Unaffiliated investments, at value (Cost $261,284,438) | $255,128,208
Cash | 93,630
Dividends and interest receivable | 2,367,724
Receivable for investments sold | 82,417
Other assets | 18,638
Total assets | 257,690,617
Liabilities |
Liquidity agreement | 91,300,000
Payable for investments purchased | 430,599
Interest payable | 226,833
Payable to affiliates |
Accounting and legal services fees | 27,008
Trustees' fees | 297
Other liabilities and accrued expenses | 72,324
Total liabilities | 92,057,061
Net assets | $165,633,556
Net assets consist of |
Paid-in capital | $175,067,771
Accumulated distributable earnings (accumulated loss) | (9,434,215)
Net assets | $165,633,556
Net asset value per share |
Based on 11,646,585 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $ 14.22

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 29

STATEMENT OF OPERATIONS For the year ended 10-31-18

Investment income |
Interest | $11,450,006
Dividends | 234,471
Less foreign taxes withheld | (5,230)
Total investment income | 11,679,247
Expenses |
Investment management fees | 1,386,668
Interest expense | 2,274,581
Accounting and legal services fees | 55,129
Transfer agent fees | 78,501
Trustees' fees | 45,076
Custodian fees | 30,626
Printing and postage | 64,691
Professional fees | 64,140
Stock exchange listing fees | 23,773
Other | 10,499
Total expenses | 4,033,684
Less expense reductions | (22,347)
Net expenses | 4,011,337
Net investment income | 7,667,910
Realized and unrealized gain (loss) |
Net realized gain (loss) on |
Unaffiliated investments | (345,298)
| (345,298)
Change in net unrealized appreciation (depreciation) of |
Unaffiliated investments | (14,450,218)
| (14,450,218)
Net realized and unrealized loss | (14,795,516)
Decrease in net assets from operations | $(7,127,606)

30 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS

| Year ended 10-31-18 | Year ended 10-31-17
Increase (decrease) in net assets |  |
From operations |  |
Net investment income | $7,667,910 | $8,702,071
Net realized gain (loss) | (345,298) | 1,132,390
Change in net unrealized appreciation (depreciation) | (14,450,218) | 510,844
Increase (decrease) in net assets resulting from operations | (7,127,606) | 10,345,305
Distributions to shareholders |  |
From net investment income and net realized gain | (8,611,487) | —
From net investment income | — | (9,432,571)
Total distributions | (8,611,487) | (9,432,571)
Total increase (decrease) | (15,739,093) | 912,734
Net assets |  |
Beginning of year | 181,372,649 | 180,459,915
End of year1 | $165,633,556 | $181,372,649
Share activity |  |
Shares outstanding |  |
Beginning of year | 11,646,585 | 11,646,585
End of year | 11,646,585 | 11,646,585

1 | Net assets - End of year includes undistributed net investment income of $1,022,705 in 2017. The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 31

STATEMENT OF CASH FLOWS For the year ended 10-31-18

Cash flows from operating activities |
Net decrease in net assets from operations | $(7,127,606)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: |
Long-term investments purchased | (176,724,869)
Long-term investments sold | 175,190,676
Net purchases and sales in short-term investments | 2,028,000
Net amortization of premium (discount) | 2,504,939
(Increase) Decrease in assets: |
Dividends and interest receivable | 117,600
Receivable for investments sold | 13,447,266
Receivable for delayed delivery securities sold | 2,335,038
Other assets | 4,894
Increase (Decrease) in liabilities: |
Payable for investments purchased | (800,475)
Payable for delayed delivery securities purchased | (17,221,641)
Interest payable | 82,315
Payable to affiliates | 23,104
Other liabilities and accrued expenses | (27,950)
Net change in unrealized (appreciation) depreciation on: |
Investments | 14,450,218
Net realized (gain) loss on: |
Investments | 345,298
Net cash provided by operating activities | $8,626,807
Cash flows provided by (used in) financing activities |
Distributions to shareholders | $(8,611,487)
Net cash used in financing activities | $(8,611,487)
Net increase in cash | $15,320
Cash at beginning of year | $78,310
Cash at end of year | $93,630
Supplemental disclosure of cash flow information: |
Cash paid for interest | $2,192,266

32 | JOHN HANCOCK INCOME SECURITIES TRUST| ANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

Financial highlights |

Period ended | 10-31-18 | 10-31-17 | 10-31-16 | 10-31-15 | 10-31-14
Per share operating performance |  |  |  |  |
Net asset value, beginning of period | $15.57 | $15.49 | $15.14 | $15.84 | $15.37
Net investment income1 | 0.66 | 0.75 | 0.79 | 0.81 | 0.86
Net realized and unrealized gain (loss) on investments | (1.27) | 0.14 | 0.41 | (0.62) | 0.56
Total from investment operations | (0.61) | 0.89 | 1.20 | 0.19 | 1.42
Less distributions |  |  |  |  |
From net investment income | (0.74) | (0.81) | (0.85) | (0.90) | (0.95)
Anti-dilutive impact of repurchase plan | — | — | — | 0.01 2 | —
Net asset value, end of period | $14.22 | $15.57 | $15.49 | $15.14 | $15.84
Per share market value, end of period | $13.14 | $14.81 | $14.26 | $13.86 | $14.29
Total return at net asset value (%)3,4 | (3.76) | 6.28 | 8.52 | 1.84 | 10.02
Total return at market value (%)3 | (6.50) | 9.82 | 9.20 | 3.28 | 6.83
Ratios and supplemental data |  |  |  |  |
Net assets, end of period (in millions) | $166 | $181 | $180 | $176 | $186
Ratios (as a percentage of average net assets): |  |  |  |  |
Expenses before reductions | 2.34 | 1.82 | 1.58 | 1.45 | 1.33
Expenses including reductions5 | 2.32 | 1.81 | 1.57 | 1.43 | 1.32
Net investment income | 4.44 | 4.87 | 5.24 | 5.22 | 5.50
Portfolio turnover (%) | 68 | 47 | 43 | 51 | 52
Senior securities |  |  |  |  |
Total debt outstanding end of period (in millions) | $91 | $91 | $91 | $91 | $91
Asset coverage per $1,000 of debt6 | $2,814 | $2,987 | $2,977 | $2,932 | $3,037

1 | Based on average daily shares outstanding.
2 | The repurchase plan was completed at an average repurchase price of $13.86 for 96,519 shares for the period ended 10-31-15.
3 | Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested.
4 | Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5 | Expenses including reductions excluding interest expense were 1.01%, 0.99%, 1.02%, 1.01% and 1.00% for the periods ended 10-31-18, 10-31-17, 10-31-16, 10-31-15 and 10-31-14, respectively.
6 | Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 7). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.

SEE NOTES TO FINANCIAL STATEMENTS | ANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 33

Notes to financial statements

Note 1 — Organization

John Hancock Income Securities Trust (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Foreign securities are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund's own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 34

The following is a summary of the values by input classification of the fund's investments as of October 31, 2018, by major security category or type:

| Total value at 10-31-18 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs
Investments in securities: |  |  |  |
Assets |  |  |  |
U.S. Government and Agency obligations | $77,958,555 | — | $77,958,555 | —
Foreign government obligations | 903,389 | — | 903,389 | —
Corporate bonds | 132,703,759 | — | 132,703,759 | —
Capital preferred securities | 617,861 | — | 617,861 | —
Term loans | 947,534 | — | 947,534 | —
Collateralized mortgage obligations | 21,655,012 | — | 21,643,880 | $11,132
Asset backed securities | 14,178,889 | — | 14,178,889 | —
Common stocks | 505,520 | $505,520 | — | —
Preferred securities | 2,705,689 | 1,404,623 | 1,301,066 | —
Short-term investments | 2,952,000 | — | 2,952,000 | —
Total investments in securities | $255,128,208 | $1,910,143 | $253,206,933 | $11,132

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a tax return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.

Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriation taxes imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.

Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 35

the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying 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 or prepayments on the underlying securities. In addition, these securities also have the risk 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.

Overdrafts. Pursuant to the custodian agreement, the fund's custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund's relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of October 31, 2018, the fund has a short-term capital loss carryforward of $1,048,671 and a long-term capital loss carryforward of $1,932,970 available to offset future net realized capital gains. These carryforwards do not expire.

As of October 31, 2018, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly and capital gain distributions, if any, annually.

The tax character of distributions for the years ended October 31, 2018 and 2017 was as follows:

| October 31, 2018 | October 31, 2017
Ordinary income | $8,611,487 | $9,432,571

As of October 31, 2018, the components of distributable earnings on a tax basis consisted of $1,071,948 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund's financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to expiration of a capital loss carryforward and amortization and accretion on debt securities.

Statement of cash flows. A Statement of cash flows is presented when a fund has a significant amount of borrowing during the period, based on the average total borrowing in relation to total assets, or when a certain percentage of the fund's investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 36

through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund's Statement of assets and liabilities and represents the cash on hand at the fund's custodian and does not include any short-term investments.

Note 3 — Guarantees and indemnifications

Under the fund's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Advisers, LLC (the Advisor) serves as investment advisor for the fund. The Advisor is an indirect, wholly owned subsidiary of Manulife Financial Corporation (MFC).

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis, to the sum of (a) 0.650% of the first $150 million of the fund's average daily managed assets (net assets plus borrowings under the Liquidity Agreement (see Note 8), (b) 0.375% of the next $50 million of the fund's average daily managed assets, (c) 0.350% of the next $100 million of the fund's average daily managed assets and (d) 0.300% of the fund's average daily managed assets in excess of $300 million. The Advisor has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended October 31, 2018, this waiver amounted to 0.01% of the fund's average daily managed assets. This agreement expires on June 30, 2020, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The expense reductions described above amounted to $22,347 for the year ended October 31, 2018.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2018 were equivalent to a net annual effective rate of 0.52% of the fund's average daily managed assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred for the year ended October 31, 2018 amounted to an annual rate of 0.02% of the fund's average daily managed assets.

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to the fund based on its net assets relative to other funds within the John Hancock group of funds complex.

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Note 5 — Fund share transactions

On March 12, 2015, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market, up to 10% of its outstanding common shares as of December 31, 2017. The current share repurchase plan will remain in effect between January 1, 2018 to December 31, 2018. During the years ended October 31, 2018 and 2017, the fund had no activities under the repurchase program.

Note 6 — Leverage risk

The fund utilizes a Liquidity Agreement to increase its assets available for investment. When the fund leverages its assets, common shareholders bear the fees associated with the Liquidity Agreement and have potential to benefit or be disadvantaged from the use of leverage. The Advisor's fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund's assets. Leverage creates risks that may adversely affect the return for the holders of shares, including:

• | the likelihood of greater volatility of NAV and market price of shares;
• | fluctuations in the interest rate paid for the use of the Liquidity Agreement;
• | increased operating costs, which may reduce the fund's total return;
• | the potential for a decline in the value of an investment acquired through leverage, while the fund's obligations under such leverage remains fixed; and
• | the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund's return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived. The use of securities lending to obtain leverage in the fund's investments may subject the fund to greater risk of loss than would reinvestment of collateral in short-term highly rated investments.

In addition to the risks created by the fund's use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the Liquidity Agreement is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund's ability to generate income from the use of leverage would be adversely affected.

Note 7 — Liquidity agreement

The fund has entered into a Liquidity Agreement (LA) with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $91.3 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at October 31, 2018 are shown in the Statement of assets and liabilities as the Liquidity agreement.

The fund pledges its assets as collateral to secure obligations under the LA. The fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities lending and reverse repurchase transactions with SSB acting as the fund's authorized agent for these transactions. All transactions initiated through SSB are required to be secured with cash collateral received from the securities borrower (the Borrower) or cash is received from the reverse repurchase agreement (Reverse Repo) counterparties. Securities lending transactions will be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these transactions. Cash received by SSB from securities lending or Reverse Repo transactions is credited against the amounts borrowed under the line of credit.

Upon return of securities by the Borrower or Reverse Repo counterparty, SSB will return the cash collateral to the Borrower or proceeds from the Reverse Repo, as applicable, which will eliminate the credit against the line of credit and will cause the

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drawdowns under the line of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements is paid by SSB.

SSB has indemnified the fund for certain losses that may arise if the Borrower or a Reverse Repo Counterparty fails to return securities when due. With respect to securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the Borrower to purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement securities, SSB is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any of the fund's losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the Borrower or proceeds from the Reverse Repo counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the Borrower or Reverse Repo counterparty fails to return the securities on a timely basis.

Under normal circumstances, interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.60%, is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of October 31, 2018, the fund had an aggregate balance of $91,300,000 at an interest rate of 2.91%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the year ended October 31, 2018, the average balance of the LA and the effective average interest rate were $91,300,000 and 2.49%, respectively.

After the six month anniversary of the effective date of the agreement, the fund may terminate the LA with 60 days' notice. If certain asset coverage and collateral requirements, or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination event, SSB is required to provide the fund with 360 days' notice prior to terminating the LA.

Note 8 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities and U.S. Treasury obligations, amounted to $123,936,740 and $119,642,525 respectively, for the year ended October 31, 2018. Purchases and sales of U.S. Treasury obligations aggregated $52,788,129 and $55,548,151, respectively, for the year ended October 31, 2018.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 39

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of John Hancock Income Securities Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund's investments, of John Hancock Income Securities Trust (the "Fund") as of October 31, 2018, the related statements of operations and cash flows for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, agent banks and broker; when replies were not received from agent banks and broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 18, 2018

We have served as the auditor of one or more investment companies in the John Hancock group of funds since 1988.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 40

TAX INFORMATION

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2018.

The fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Eligible shareholders will be mailed a 2018 Form 1099-DIV in early 2019. This will reflect the tax character of all distributions paid in calendar year 2018.

Please consult a tax advisor regarding the tax consequences of your investment in the fund.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 41

ADDITIONAL INFORMATION

Unaudited

Investment objective and policy

The fund is a closed-end, diversified management investment company, common shares of which were initially offered to the public on February 14, 1973, and are publicly traded on the New York Stock Exchange (the NYSE). The fund's investment objective is to generate a high level of current income consistent with prudent investment risk. There can be no assurance that the fund will achieve its investment objective. The fund utilizes a credit facility agreement to increase its assets available for investments.

Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in income securities, consisting of the following: (i) marketable corporate debt securities, (ii) governmental obligations and (iii) cash and commercial paper. The fund will notify shareholders at least 60 days prior to any change in this 80% investment policy. The fund may invest up to 20% of its total assets in income-producing preferred securities and common stocks.

Dividends and distributions

During the year ended October 31, 2018, distributions from net investment income totaling $0.7394 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment date | Income distributions
December 29, 2017 | $0.2181
March 29, 2018 | 0.1737
June 29, 2018 | 0.1765
September 28, 2018 | 0.1711
Total | $0.7394

Dividend reinvestment plan

The fund's Dividend Reinvestment Plan (the Plan) provides that distributions of dividends and capital gains are automatically reinvested in common shares of the fund by Computershare Trust Company, N.A. (the Plan Agent). Every shareholder holding at least one full share of the fund is entitled to participate in the Plan. In addition, every shareholder who became a shareholder of the fund after June 30, 2011, and holds at least one full share of the fund will be automatically enrolled in the Plan. Shareholders may withdraw from the Plan at any time and shareholders who do not participate in the Plan will receive all distributions in cash.

If the fund declares a dividend or distribution payable either in cash or in common shares of the fund and the market price of shares on the payment date for the distribution or dividend equals or exceeds the fund's net asset value per share (NAV), the fund will issue common shares to participants at a value equal to the higher of NAV or 95% of the market price. The number of additional shares to be credited to each participant's account will be determined by dividing the dollar amount of the distribution or dividend by the higher of NAV or 95% of the market price. If the market price is lower than NAV, or if dividends or distributions are payable only in cash, then participants will receive shares purchased by the Plan Agent on participants' behalf on the NYSE or otherwise on the open market. If the market price exceeds NAV before the Plan Agent has completed its purchases, the average per share purchase price may exceed NAV, resulting in fewer shares being acquired than if the fund had issued new shares.

There are no brokerage charges with respect to common shares issued directly by the fund. However, whenever shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of brokerage trading fees, currently $0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested.

The reinvestment of dividends and net capital gains distributions does not relieve participants of any income tax that may be payable on such dividends or distributions.

Shareholders participating in the Plan may buy additional shares of the fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the fund will be

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 42

charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date. Pursuant to regulatory changes, effective September 5, 2017, the settlement date is changed from three business days after the shares have been sold to two business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their stockbroker through the Direct Registration System.

Shareholders participating in the Plan may withdraw from the Plan at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. Such termination will be effective immediately if the notice is received by the Plan Agent prior to any dividend or distribution record date; otherwise, such termination will be effective on the first trading day after the payment date for such dividend or distribution, with respect to any subsequent dividend or distribution. If shareholders withdraw from the Plan, their shares will be credited to their account; or, if they wish, the Plan Agent will sell their full and fractional shares and send the shareholders the proceeds, less a transaction fee of $5 and less brokerage trading fees of $0.05 per share. If a shareholder does not maintain at least one whole share of common stock in the Plan account, the Plan Agent may terminate such shareholder's participation in the Plan after written notice. Upon termination, shareholders will be sent a check for the cash value of any fractional share in the Plan account, less any applicable broker commissions and taxes.

Shareholders who hold at least one full share of the fund may join the Plan by notifying the Plan Agent by telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. If received in proper form by the Plan Agent before the record date of a dividend, the election will be effective with respect to all dividends paid after such record date. If shareholders wish to participate in the Plan and their shares are held in the name of a brokerage firm, bank or other nominee, shareholders should contact their nominee to see if it will participate in the Plan. If shareholders wish to participate in the Plan, but their brokerage firm, bank or other nominee is unable to participate on their behalf, they will need to request that their shares be re-registered in their own name, or they will not be able to participate. The Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by shareholders as representing the total amount registered in their name and held for their account by their nominee.

Experience under the Plan may indicate that changes are desirable. Accordingly, the fund and the Plan Agent reserve the right to amend or terminate the Plan. Participants generally will receive written notice at least 90 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 90 days before the record date for the payment of any dividend or distribution by the fund.

Effective November 1, 2013, the Plan was revised to provide that Computershare Trust Company, N.A. no longer provides mail loss insurance coverage when shareholders mail their certificates to the fund's administrator.

All correspondence or requests for additional information about the Plan should be directed to Computershare Trust Company, N.A., at the address stated below, or by calling 800-852-0218, 201-680-6578 (For International Telephone Inquiries) and 800-952-9245 (For the Hearing Impaired (TDD)).

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Shareholder communication and assistance

If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:

Regular Mail:
Computershare
P.O. Box 505000
Louisville, KY 40233

Registered or Overnight Mail:
Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202

If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 44

Continuation of Investment Advisory and Subadvisory Agreements

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Income Securities Trust (the fund) of the Advisory Agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadvisor). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 18-21, 2018 in-person meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at an in-person meeting held on May 29-31, 2018.

Approval of Advisory and Subadvisory Agreements

At in-person meetings held on June 18-21, 2018, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the fund under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), reapproved for an annual period the continuation of the Advisory Agreement between the fund and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and other pertinent information, such as the market premium and discount information, and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor's revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor's affiliates. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the fund.

Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the fund and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as

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determinative, and each Trustee may have attributed different weights to different factors. The Board's conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of fund performance and operations throughout the year.

Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the fund's Chief Compliance Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund's compliance programs, risk management programs, liquidity management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risk with respect to all funds.

The Board also considered the differences between the Advisor's services to the fund and the services it provides to other clients that are not closed-end funds, including, for example, the differences in services related to the regulatory and legal obligations of closed-end funds.

In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management and the quality of the performance of the Advisor's duties, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the fund and of the other funds in the John Hancock group of funds complex (the John Hancock Fund Complex).

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a) | the skills and competency with which the Advisor has in the past managed the fund's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor's timeliness in responding to performance issues;
(b) | the background, qualifications and skills of the Advisor's personnel;
(c) | the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d) | the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor's oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e) | the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
(f) | the Advisor's initiatives intended to improve various aspects of the fund's operations and investor experience with the fund; and

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(g) | the Advisor's reputation and experience in serving as an investment advisor to the fund and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

Investment performance. In considering the fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund's performance results. In connection with the consideration of the Advisory Agreement, the Board:

(a) | reviewed information prepared by management regarding the fund's performance;
(b) | considered the comparative performance of an applicable benchmark index;
(c) | considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data;
(d) | took into account the Advisor's analysis of the fund's performance; and
(e) | considered the fund's share performance and premium/discount information.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that, based on its net asset value, the fund outperformed its benchmark index for the one-, three-, five- and ten-year periods ended December 31, 2017. The Board also noted that, based on its net asset value, the fund underperformed its peer group average for the one-year period and outperformed its peer group average for the three-, five- and ten-year periods ended December 31, 2017. The Board took into account management's discussion of the fund's performance, including the favorable performance relative to the benchmark index for the one-, three-, five- and ten-year periods and to the peer group for the three-, five- and ten-year periods. The Board concluded that the fund's performance has generally been in line with or outperformed the historical performance of comparable funds and the fund's benchmark index.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, the fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered the fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund's ranking within a broader group of funds. In comparing the fund's contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs.

The Board also took into account the impact of leverage on fund expenses. The Board took into account the management fee structure, including that management fees for the fund were based on the fund's total managed assets, which are attributable to common stock and borrowings. The Board noted that net management fees for the fund are lower than the peer group median and that net total expenses for the fund are higher than the peer group median.

The Board took into account management's discussion of the fund's expenses. The Board also took into account management's discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor

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concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor's relationship with the fund, the Board:

(a) | reviewed financial information of the Advisor;
(b) | reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
(c) | received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to the fund;
(d) | received information with respect to the Advisor's allocation methodologies used in preparing the profitability data and considered that the advisor hired an independent third-party consultant to provide an analysis of the Advisor's allocation methodologies;
(e) | considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
(f) | noted that the fund's Subadvisor is an affiliate of the Advisor;
(g) | noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;
(h) | noted that the subadvisory fees for the fund are paid by the Advisor;
(i) | considered the Advisor's ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and
(j) | considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.

Economies of scale. In considering the extent to which the fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of the fund shareholders, the Board noted that the fund has a limited ability to increase its assets as a closed-end fund. The Board took into account management's discussions of the current advisory fee structure, and, as noted above, the services the Advisor provides in performing its functions under the Advisory Agreement and in supervising the Subadvisor.

The Board also considered potential economies of scale that may be realized by the fund as part of the John Hancock Fund Complex. Among them, the Board noted that the Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock Fund Complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. The Board reviewed the fund's advisory fee structure and concluded that: (i) the fund's fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements permit shareholders of the fund to benefit from economies of scale if the fund grows. The Board also took into account management's discussion of

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the fund's advisory fee structure. The Board also considered the Advisor's overall operations and its ongoing investment in its business in order to expand the scale of, and improve the quality of, its operations that benefit the fund. The Board determined that the management fee structure for the fund was reasonable.

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1) | information relating to the Subadvisor's business, including current subadvisory services to the fund (and other funds in the John Hancock Fund Complex);
(2) | the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
(3) | the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data.

Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as received information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the fund's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board considered the Subadvisor's investment process and philosophy. The Board took into account that the Subadvisor's responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund's investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.

Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also received information and took into account any potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor's relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.

Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays subadvisory fees to the Subadvisor. As noted above, the Board also considered the fund's subadvisory fee as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fee paid by the Advisor

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to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

Subadvisor performance. As noted above, the Board considered the fund's performance as compared to the fund's peer group and the benchmark index and noted that the Board reviews information about the fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.

The Board's decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1) | the Subadvisor has extensive experience and demonstrated skills as a manager;
(2) | the fund's performance, based on net asset value, has generally been in line with or outperformed the historical performance of comparable funds and the fund's benchmark index;
(3) | the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and
(4) | the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

* * *

Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for an additional one-year period.

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Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the fund and execute policies formulated by the Trustees.

Independent Trustees

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Hassell H. McClellan, Born: 1945 | 2012 | 216
Trustee and Chairperson of the Board Director/Trustee, Virtus Funds (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2014) and Chairperson of the Board (since 2017), John Hancock Collateral Trust; Trustee (since 2015) and Chairperson of the Board (since 2017), John Hancock Exchange-Traded Fund Trust; Trustee (since 2012) and Chairperson of the Board (since 2017), John Hancock retail funds3; Trustee (2005-2006 and since 2012) and Chairperson of the Board (since 2017), John Hancock Funds III; Trustee (since 2005) and Chairperson of the Board (since 2017), John Hancock Variable Insurance Trust and John Hancock Funds II.

Charles L. Bardelis,2 Born: 1941 | 2012 | 216
Trustee Director, Island Commuter Corp. (marine transport). Trustee, John Hancock Collateral Trust (since 2014), Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust (since 1988); Trustee, John Hancock Funds II (since 2005).

James R. Boyle, Born: 1959 | 2015 | 216
Trustee Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014-July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999-2012); Chairman and Director, John Hancock Advisers, LLC, John Hancock Funds, LLC, and John Hancock Investment Management Services, LLC (2005-2010). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (2005-2010; 2012-2014 and since 2015); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (2005-2014 and since 2015).

Peter S. Burgess,2 Born: 1942 | 2012 | 216
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).

William H. Cunningham, Born: 1944 | 2005 | 216
Trustee Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee, John Hancock retail funds3 (since 1986); Trustee, John Hancock Variable Insurance Trust (since 2012); Trustee, John Hancock Funds II (2005-2006 and since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015).

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Independent Trustees (continued)

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Grace K. Fey, Born: 1946 | 2012 | 216
Trustee Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988-2007); Director, Fiduciary Trust (since 2009). Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

Theron S. Hoffman,2 Born: 1947 | 2012 | 216
Trustee Chief Executive Officer, T. Hoffman Associates, LLC (consulting firm) (since 2003); Director, The Todd Organization (consulting firm) (2003-2010); President, Westport Resources Management (investment management consulting firm) (2006-2008); Board Member, Senior Managing Director, Partner, and Operating Head, Putnam Investments (2000-2003); Executive Vice President, The Thomson Corp. (financial and legal information publishing) (1997-2000). Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds3 (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

Deborah C. Jackson, Born: 1952 | 2008 | 216
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (since 2014); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee, John Hancock retail funds3 (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2014); and Trustee, John Hancock Exchange-Traded Fund Trust (since 2015).

James M. Oates, Born: 1946 | 2012 | 216
Trustee Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director/Trustee, Virtus Funds (since 1988). Trustee (since 2014) and Chairperson of the Board (2014-2016), John Hancock Collateral Trust; Trustee (since 2015) and Chairperson of the Board (2015-2016), John Hancock Exchange-Traded Fund Trust; Trustee (since 2012) and Chairperson of the Board (2012-2016), John Hancock retail funds3; Trustee (2005-2006 and since 2012) and Chairperson of the Board (2012-2016), John Hancock Funds III; Trustee (since 2004) and Chairperson of the Board (2005-2016), John Hancock Variable Insurance Trust; Trustee (since 2005) and Chairperson of the Board, John Hancock Funds II (2005-2016).

Steven R. Pruchansky, Born: 1944 | 2005 | 216
Trustee and Vice Chairperson of the Board Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992) and Chairperson of the Board (2011-2012), John Hancock retail funds3; Trustee and Vice Chairperson of the Board, John Hancock retail funds3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee and Vice Chairperson of the Board, John Hancock Collateral Trust (since 2014); Trustee and Vice Chairperson of the Board, John Hancock Exchange-Traded Fund Trust (since 2015).

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Independent Trustees (continued)

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Gregory A. Russo, Born: 1949 | 2008 | 216
Trustee Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (since 2012) and Finance Committee Chairman (since 2014), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee, John Hancock retail funds3 (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015).

Non-Independent Trustees4

Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years | Trustee of the Trust since1 | Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971 | 2017 | 216
President and Non-Independent Trustee Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Executive Vice President, John Hancock Financial Services (since 2009, including prior positions); Director and Executive Vice President, John Hancock Advisers, LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Investment Management Services, LLC (since 2006, including prior positions); President, John Hancock Funds, LLC (since 2004, including prior positions); President, John Hancock retail funds,3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2007, including prior positions); President, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014). Trustee, John Hancock Collateral Trust, John Hancock Exchange-Traded Fund Trust, John Hancock retail funds,3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2017).

Marianne Harrison, Born: 1963 | 2018 | 216
Non-Independent Trustee President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013-2017); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (since 2017); Member, Board of Directors, Manulife Assurance Canada (since 2015); Board Member, St. Mary's General Hospital Foundation (since 2014); Member, Board of Directors, Manulife Bank of Canada (since 2013); Member, Standing Committee of the Canadian Life & Health Assurance Association (since 2013); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012-2013). Trustee, John Hancock Collateral Trust, John Hancock Exchange-Traded Fund Trust, John Hancock retail funds3, John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2018).

Warren A. Thomson, Born: 1955 | 2012 | 216
Non-Independent Trustee Senior Executive Vice President and Chief Investment Officer, Manulife Financial and The Manufacturers Life Insurance Company (since 2009); Chairman, Manulife Asset Management (since 2001, including prior positions); Director and Chairman, Manulife Asset Management Limited (since 2006); Director and Chairman, Hancock Natural Resources Group, Inc. (since 2013). Trustee, John Hancock retail funds,3 John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust (since 2014); Trustee, John Hancock Exchange-Traded Fund Trust (since 2015).

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Principal officers who are not Trustees

Name, year of birth Position(s) held with fund Principal occupation(s) during past 5 years | Officer of the Trust since
Francis V. Knox, Jr., Born: 1947 | 2005
Chief Compliance Officer Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock retail funds,3 John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Advisers, LLC, and John Hancock Investment Management Services, LLC (since 2005); Chief Compliance Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

Charles A. Rizzo, Born: 1957 | 2007
Chief Financial Officer Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial Officer, John Hancock retail funds,3 John Hancock Variable Insurance Trust and John Hancock Funds II (since 2007); Chief Financial Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

Salvatore Schiavone, Born: 1965 | 2010
Treasurer Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer, John Hancock retail funds3 (since 2007, including prior positions); Treasurer, John Hancock Variable Insurance Trust and John Hancock Funds II (2007-2009 and since 2010, including prior positions); Treasurer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

Christopher (Kit) Sechler, Born: 1973 | 2018
Chief Legal Officer and Secretary Vice President and Deputy Chief Counsel, John Hancock Investments (since 2015); Assistant Vice President and Senior Counsel (2009-2015), John Hancock Investments; Chief Legal Officer and Secretary, John Hancock retail funds(2), John Hancock Variable Insurance Trust, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2018); Assistant Secretary of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC (since 2009).

The business address for all Trustees and Officers is 197 Clarendon Street, Boston, Massachusetts 02116-5010.

1 | Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee's death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to date listed in the table.
2 | Member of the Audit Committee.
3 | "John Hancock retail funds" comprises John Hancock Funds III and 40 other John Hancock funds consisting of 30 series of other John Hancock trusts and 10 closed-end funds.
4 | The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 54

More information

Trustees Hassell H. McClellan, Chairperson Steven R. Pruchansky, Vice Chairperson Andrew G. Arnott† Charles L. Bardelis* James R. Boyle Peter S. Burgess* William H. Cunningham Grace K. Fey Marianne Harrison†# Theron S. Hoffman* Deborah C. Jackson James M. Oates Gregory A. Russo Warren A. Thomson† Officers Andrew G. Arnott President Francis V. Knox, Jr. Chief Compliance Officer Charles A. Rizzo Chief Financial Officer Salvatore Schiavone Treasurer Christopher (Kit) Sechler** Secretary and Chief Legal Officer | Investment advisor John Hancock Advisers, LLC Subadvisor John Hancock Asset Management a division of Manulife Asset Management (US) LLC Custodian State Street Bank and Trust Company Transfer agent Computershare Shareowner Services, LLC Legal counsel K&L Gates LLP Independent registered public accounting firm PricewaterhouseCoopers LLP Stock symbol Listed New York Stock Exchange: JHS

* Member of the Audit Committee
† Non-Independent Trustee
#Effective 6-19-18

**Effective 9-13-18

For shareholder assistance refer to page 44

| You can also contact us:
| 800-852-0218 jhinvestments.com | Regular mail: Computershare P.O. Box 505000 Louisville, KY 40233 | Express mail: Computershare 462 South 4th Street, Suite 1600 Louisville, KY 40202

The fund's proxy voting policies and procedures, as well as the fund's proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

The fund's complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The fund's Form N-Q is available on our website and the SEC's website, sec.gov, and can be reviewed and copied (for a fee) at the SEC's Public Reference Room in Washington, DC. Call 800-SEC-0330 to receive information on the operation of the SEC's Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.

The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.
ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 55

John Hancock family of funds

DOMESTIC EQUITY FUNDS Blue Chip Growth Classic Value Disciplined Value Disciplined Value Mid Cap Equity Income Financial Industries Fundamental All Cap Core Fundamental Large Cap Core Fundamental Large Cap Value New Opportunities Regional Bank Small Cap Core Small Cap Growth Small Cap Value U.S. Global Leaders Growth U.S. Growth U.S. Quality Growth Value Equity GLOBAL AND INTERNATIONAL EQUITY FUNDS Disciplined Value International Emerging Markets Emerging Markets Equity Fundamental Global Franchise Global Equity Global Shareholder Yield Global Thematic Opportunities Greater China Opportunities International Growth International Small Company |  | INCOME FUNDS Bond California Tax-Free Income Emerging Markets Debt Floating Rate Income Government Income High Yield High Yield Municipal Bond Income Investment Grade Bond Money Market Short Duration Credit Opportunities Spectrum Income Strategic Income Opportunities Tax-Free Bond ALTERNATIVE AND SPECIALTY FUNDS Absolute Return Currency Alternative Asset Allocation Enduring Assets Global Absolute Return Strategies Global Conservative Absolute Return Global Focused Strategies Redwood Seaport Long/Short Technical Opportunities

The fund's investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investments at 800-852-0218, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

ASSET ALLOCATION Balanced Income Allocation Multi-Index Lifetime Portfolios Multi-Index Preservation Portfolios Multimanager Lifestyle Portfolios Multimanager Lifetime Portfolios Retirement Income 2040 EXCHANGE-TRADED FUNDS John Hancock Multifactor Consumer Discretionary ETF John Hancock Multifactor Consumer Staples ETF John Hancock Multifactor Developed International ETF John Hancock Multifactor Emerging Markets ETF John Hancock Multifactor Energy ETF John Hancock Multifactor Financials ETF John Hancock Multifactor Healthcare ETF John Hancock Multifactor Industrials ETF John Hancock Multifactor Large Cap ETF John Hancock Multifactor Materials ETF John Hancock Multifactor Mid Cap ETF John Hancock Multifactor Small Cap ETF John Hancock Multifactor Technology ETF John Hancock Multifactor Utilities ETF |  | ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FUNDS ESG All Cap Core ESG Core Bond ESG International Equity ESG Large Cap Core CLOSED-END FUNDS Financial Opportunities Hedged Equity & Income Income Securities Trust Investors Trust Preferred Income Preferred Income II Preferred Income III Premium Dividend Tax-Advantaged Dividend Income Tax-Advantaged Global Shareholder Yield

John Hancock Multifactor ETF shares are bought and sold at market price (not NAV), and are not individually redeemed
from the fund. Brokerage commissions will reduce returns.

John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Funds, LLC or Dimensional Fund Advisors LP.

Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the
John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no
representation as to the advisability of investing in, John Hancock Multifactor ETFs.

John Hancock Investments

A trusted brand

John Hancock Investments is a premier asset manager representing one of
America's most trusted brands, with a heritage of financial stewardship dating
back to 1862. Helping our shareholders pursue their financial goals is at the
core of everything we do. It's why we support the role of professional financial
advice and operate with the highest standards of conduct and integrity.

A better way to invest

We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising standards
and serve the best interests of our shareholders.

Results for investors

Our unique approach to asset management enables us to provide a diverse set
of investments backed by some of the world's best managers, along with strong
risk-adjusted returns across asset classes.

| John Hancock Advisers, LLC 200 Berkeley Street n Boston, MA 02116-5010 800-852-0218 n jhinvestments.com
| MF647929 | P6A 10/18 12/18

ITEM 2. CODE OF ETHICS.

As of the end of the year, October 31, 2018, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the “Senior Financial Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Peter S. Burgess is the audit committee financial expert and is “independent”, pursuant to general instructions on Form N-CSR Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees
The aggregate fees billed for professional services rendered by the principal accountant(s) for John Hancock Income Securities Trust for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $56,701 for the fiscal year ended October 31, 2018 and $53,901 for the fiscal year ended October 31, 2017. These fees were billed to the registrant and were approved by the registrant’s audit committee.

(b) Audit-Related Services
Audit-related fees for John Hancock Income Securities Trust amounted to $0 for the fiscal year ended October 31, 2018 and $0 for the fiscal year ended October 31, 2017 billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates"). In addition, amounts billed to control affiliates for service provider internal controls reviews were $110,200 and $106,517 for the fiscal years ended October 31, 2018 and 2017, respectively.

(c) Tax Fees
The aggregate fees for John Hancock Income Securities Trust billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning (“tax fees”) amounted to $3,725 for the fiscal year ended October 31, 2018 and $3,725 for the fiscal year ended October 31, 2017. The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant’s audit committee.

(d) All Other Fees
The all other fees for John Hancock Income Securities Trust billed to the registrant for products and services provided by the principal accountant were $239 for the fiscal year ended October 31, 2018 and $832 for the fiscal year ended October 31, 2017 billed to control affiliates for products and services provided by the principal accountant. These fees were approved by the registrant’s audit committee.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the “Auditor”) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The trust’s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per instance/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per instance/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees, Tax Fees and All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) According to the registrant’s principal accountant, for the fiscal year ended October 31, 2018, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g) The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the registrant were $2,064,999 for the fiscal year ended October 31, 2018 and $8,884,223 for the fiscal year ended October 31, 2017.

(h) The audit committee of the registrant has considered the non-audit services provided by the registrant’s principal accountant(s) to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant(s)' independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Peter S. Burgess - Chairman
Charles L. Bardelis
Theron S. Hoffman

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) Not applicable.
(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

See attached exhibit - Proxy Voting Policies and Procedures.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Information about the portfolio managers
Management Biographies

Below is a list of the John Hancock Asset Management a division of Manulife Asset Management (US) LLC (“John Hancock Asset Management”) portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years. Information is provided as of October 31, 2018.

Jeffrey N. Given, CFA
Senior Managing Director and Senior Portfolio Manager
John Hancock Asset Management since 2012
Managing Director, John Hancock Asset Management (2005–2012)
Second Vice President, John Hancock Advisers, LLC (1993–2005)
Began business career in 1993
Managed the Fund since 1999

Howard C. Greene, CFA
Senior Managing Director and Senior Portfolio Manager
John Hancock Asset Management since 2005
Began business career in 1979
Managed the Fund since 2005

Other Accounts the Portfolio Managers are Managing

The table below indicates, for each portfolio manager, information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2018. For purposes of the table, “Other Pooled Investment Vehicles” may include investment partnerships and group trusts, and “Other Accounts” may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.

| Registered Investment | Other Pooled |
| Companies | Investment Vehicles | Other Accounts
| Number | Total | Number | Total | Number | Total
| of | Assets | of | Assets | of | Assets
| Accounts | $Million | Accounts | $Million | Accounts | $Million
Jeffrey N. | 22 | 51,580 | 19 | 2,472 | 17 | 7,987
Given, |  |  |  |  |  |
CFA |  |  |  |  |  |
Howard C. | 9 | 24,505 | 18 | 2,194 | 17 | 7,987
Greene, |  |  |  |  |  |
CFA |  |  |  |  |  |

Number and value of accounts within the total accounts that are subject to a performance-based advisory fee: None.

Conflicts of Interest. When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, the Fund does not believe that any material conflicts are likely to arise out of a portfolio manager’s responsibility for the management of the Fund as well as one or more other accounts. The Advisor and Subadvisor have adopted procedures that are intended to monitor compliance with the policies referred to in the following paragraphs. Generally, the risks of such conflicts of interests are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. The Advisor and Subadvisor have structured their compensation arrangements in a manner that is intended to limit such potential for conflicts of interests. See “Compensation of Portfolio Managers” below.

● | A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. The Subadvisor has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.
● | A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadvisor generally require that such trades be “bunched,” which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended to result in as favorable a price as possible for such client.
● | A portfolio manager could favor an account if the portfolio manager’s compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager’s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadvisor receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager’s compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager’s compensation. See “Compensation of Portfolio Managers” below. Neither the Advisor nor the Subadvisor receives a performance-based fee with respect to any of the accounts managed by the portfolio managers.
● | A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.

● | If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest may arise. For example, if a portfolio manager purchases a security for one account and sells the same security short for another account, such trading pattern could disadvantage either the account that is long or short. In making portfolio manager assignments, the Subadvisor seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security.

Compensation of Portfolio Managers. The Subadvisor has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. At the Subadvisor, the structure of compensation of investment professionals is currently composed of the following basic components: base salary and an annual investment bonus plan as well as customary benefits that are offered generally to all full-time employees of the Subadvisor. A limited number of senior investment professionals, who serve as officers of both the Subadvisor and its parent company, may also receive options or restricted stock grants of common shares of Manulife Financial. The following describes each component of the compensation package for the individuals identified as a portfolio manager for the Funds.

● | Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor seeks to set compensation at market rates, taking into account the experience and responsibilities of the investment professional.
● | Investment Bonus Plan. Only investment professionals are eligible to participate in the Investment Bonus Plan. Under the plan, investment professionals are eligible for an annual bonus. The plan is intended to provide a competitive level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan:

● | Investment Performance: The investment performance of all accounts managed by the investment professional over one, three and five-year periods are considered. With respect to fixed income accounts, relative yields are also used to measure performance. The pre-tax performance of each account is measured relative to an appropriate benchmark and universe as identified in the table below.

● | The Profitability of the Subadvisor: The profitability of the Subadvisor and its parent company are also considered in determining bonus awards.
● | Non-Investment Performance: To a lesser extent, intangible contributions, including the investment professional’s support of client service and sales activities, new fund/strategy idea generation, professional growth and development, and management, where applicable, are also evaluated when determining bonus awards.

● | Options and Stock Grants. A limited number of senior investment professionals may receive options to purchase shares of Manulife Financial stock. Generally, such option would permit the investment professional to purchase a set amount of stock at the market price on the date of grant. The option can be exercised for a set period (normally a number of years or until termination of employment) and the investment professional would exercise the option if the market value of Manulife Financial stock increases. Some investment professionals may receive restricted stock grants, where the investment professional is entitled to receive the stock at no or nominal cost, provided that the stock is forgone if the investment professional’s employment is terminated prior to a vesting date.

The Subadvisor also permits investment professionals to participate on a voluntary basis in a deferred compensation plan, under which the investment professional may elect on an annual basis to defer receipt of a portion of their compensation until retirement. Participation in the plan is voluntary.

Fund | Peer Universe
Income Securities Trust | Morningstar US OE Intermediate-Term Bond

Share Ownership by Portfolio Managers. The following table indicates as of October 31, 2018 the value of shares beneficially owned by the portfolio managers in the Fund.

| Range of Beneficial
| Ownership in the
Portfolio Manager | Fund
Jeffrey N. Given, CFA | $1-$10,000
Howard C. Greene, CFA | $1-$10,000

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) Not applicable.

(b)

REGISTRANT PURCHASES OF EQUITY SECURITIES

|  |  | Total number of | Maximum number
|  | Average | shares purchased | of shares that may
| Total number of | price per | as part of publicly | yet be purchased
Period | shares purchased | share | announced plans* | under the plans*
Nov-17 | - | - | - | 1,164,659
Dec-17 | - | - | - | 1,164,659
Jan-18 | - | - | - | 1,164,659
Feb-18 | - | - | - | 1,164,659
Mar-18 | - | - | - | 1,164,659
Apr-18 | - | - | - | 1,164,659
May-18 | - | - | - | 1,164,659
Jun-18 | - | - | - | 1,164,659
Jul-18 | - | - | - | 1,164,659
Aug-18 | - | - | - | 1,164,659
Sep-18 | - | - | - | 1,164,659
Oct-18 | - | - | - | 1,164,659
Total | - | - | - | 1,164,659
*On March 12, 2015, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the Fund may purchase in the open market, up to 10% of its outstanding common shares as of December 31, 2017. The current share repurchase plan will remain in effect between January 1, 2018 to December 31, 2018.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

(a) The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached "John Hancock Funds – Nominating and Governance Committee Charter".

ITEM 11. CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Fund did not participate directly in securities lending activities. See Note 8 to the financial statements in Item 1.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics for Senior Financial Officers is attached.

(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)(1) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Proxy Voting Policies and Procedures are attached.

(c)(2) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Nominating and Governance Committee Charter”.

SIGNATURES

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

John Hancock Income Securities Trust

By: | /s/ Andrew Arnott
| Andrew Arnott
| President
Date: | December 18, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: | /s/ Andrew Arnott
| Andrew Arnott
| President
Date: | December 18, 2018

By: | /s/ Charles A. Rizzo
| Charles A. Rizzo
| Chief Financial Officer
Date: | December 18, 2018