N-CSRS 1 d359300.htm N-CSRS

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: | April 30, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

John Hancock

Income Securities Trust

Ticker: JHS
Semiannual report 4/30/19

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund's shareholder reports such as this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the transfer agent or from your financial intermediary. Instead, the reports will be made available on our website, and you will be notified by mail each time a report is posted and be provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications electronically by calling the transfer agent, Computershare, at 800-852-0218, by going to "Communication Preferences" at computershare.com/investor, or by contacting your financial intermediary.

You may elect to receive all reports in paper, free of charge, at any time. You can inform the transfer agent or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructions listed above. Your election to receive reports in paper will apply to all funds held with John Hancock Investment Management or your financial intermediary.

A message to shareholders

Dear shareholder,

A solid and stable economy enabled the U.S. Federal Reserve (Fed) to continue normalizing monetary policy for most of 2018; however, concerns about the strength of the broader global economy and the durability of the now 10-year-old bull market led investors to dial back risk exposures. Those concerns may ultimately have been shared by the Fed, which has so far in 2019 shifted to a neutral stance on interest rates after three years of hikes. The markets responded favorably, with most bond indexes registering gains in the first four months of 2019 before hitting a patch of turbulence after period end as trade turmoil between the United States and China flared again.

As always, your best resource in unpredictable 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 Investment Management, I'd like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and CEO,
John Hancock Investment Management
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
3 |  | Portfolio Summary
5 |  | Fund's investments
27 |  | Financial statements
31 |  | Financial highlights
32 |  | Notes to financial statements
39 |  | Additional information
40 |  | Shareholder meeting
41 |  | More information

SEMIANNUAL 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 4/30/19 (%)

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.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 2

Portfolio summary

PORTFOLIO COMPOSITION AS OF 4/30/19 (%)

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. 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. 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.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 3

QUALITY COMPOSITION AS OF 4/30/19 (%)

COUNTRY COMPOSITION AS OF 4/30/19 (%)

United States | 86.0
United Kingdom | 3.5
Netherlands | 2.2
Canada | 1.4
France | 1.3
Other countries | 5.6
TOTAL | 100.0
As a percentage of total investments. |

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 4

Fund’s investments |

AS OF 4-30-19 (unaudited)

| Rate (%) | Maturity date |  | Par value^ | Value
U.S. Government and Agency obligations 49.2% (32.5% of Total investments) |  | $85,529,598
(Cost $85,835,549) |  |  |  |  |
U.S. Government 4.3% |  |  |  |  | 7,430,998
U.S. Treasury |  |  |  |  |
Bond | 3.375 | 11-15-48 |  | 4,380,000 | 4,766,843
Note | 2.250 | 04-30-24 |  | 347,000 | 346,498
Note (A)(B) | 2.625 | 02-15-29 |  | 2,294,000 | 2,317,657
U.S. Government Agency 44.9% |  |  |  |  | 78,098,600
Federal Home Loan Mortgage Corp. |  |  |  |  |
15 Yr Pass Thru | 3.000 | 10-01-31 |  | 2,558,132 | 2,581,898
30 Yr Pass Thru | 3.000 | 03-01-43 |  | 583,594 | 583,192
30 Yr Pass Thru | 3.500 | 07-01-46 |  | 2,206,130 | 2,239,641
30 Yr Pass Thru | 3.500 | 10-01-46 |  | 758,798 | 770,443
30 Yr Pass Thru | 3.500 | 12-01-46 |  | 435,526 | 444,115
30 Yr Pass Thru | 3.500 | 02-01-47 |  | 2,305,345 | 2,349,369
30 Yr Pass Thru | 3.500 | 11-01-48 |  | 3,972,877 | 4,049,987
30 Yr Pass Thru | 4.000 | 04-01-46 |  | 2,139,893 | 2,220,076
30 Yr Pass Thru | 4.000 | 04-01-47 |  | 2,165,562 | 2,246,029
30 Yr Pass Thru | 4.000 | 05-01-47 |  | 2,118,048 | 2,187,384
30 Yr Pass Thru | 4.000 | 06-01-47 |  | 2,282,083 | 2,356,789
30 Yr Pass Thru | 4.000 | 03-01-48 |  | 1,863,399 | 1,921,691
30 Yr Pass Thru | 4.500 | 09-01-41 |  | 1,091,158 | 1,160,517
Federal National Mortgage Association |  |  |  |  |
30 Yr Pass Thru | 3.000 | 12-01-42 |  | 1,982,525 | 1,979,612
30 Yr Pass Thru | 3.000 | 07-01-43 |  | 634,266 | 630,560
30 Yr Pass Thru | 3.500 | 12-01-42 |  | 2,797,017 | 2,852,615
30 Yr Pass Thru | 3.500 | 01-01-43 |  | 2,384,123 | 2,431,887
30 Yr Pass Thru | 3.500 | 04-01-45 |  | 1,134,696 | 1,157,252
30 Yr Pass Thru | 3.500 | 11-01-46 |  | 2,338,214 | 2,381,039
30 Yr Pass Thru | 3.500 | 07-01-47 |  | 2,699,174 | 2,747,767
30 Yr Pass Thru | 3.500 | 07-01-47 |  | 1,922,666 | 1,963,288
30 Yr Pass Thru | 3.500 | 11-01-47 |  | 1,025,672 | 1,044,137
30 Yr Pass Thru | 4.000 | 10-01-40 |  | 215,841 | 225,379
30 Yr Pass Thru | 4.000 | 09-01-41 |  | 1,384,040 | 1,442,172
30 Yr Pass Thru | 4.000 | 09-01-41 |  | 380,571 | 397,744
30 Yr Pass Thru | 4.000 | 09-01-41 |  | 779,405 | 811,654
30 Yr Pass Thru | 4.000 | 10-01-41 |  | 1,130,406 | 1,180,711
30 Yr Pass Thru | 4.000 | 06-01-46 |  | 2,282,879 | 2,365,209
30 Yr Pass Thru | 4.000 | 02-01-47 |  | 3,333,394 | 3,466,110
30 Yr Pass Thru | 4.000 | 06-01-47 |  | 1,995,286 | 2,059,700
30 Yr Pass Thru | 4.000 | 06-01-47 |  | 3,643,182 | 3,789,370
30 Yr Pass Thru | 4.000 | 11-01-47 |  | 2,583,057 | 2,661,360

SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 5

| Rate (%) | Maturity date |  | Par value^ | Value
U.S. Government Agency (continued) |  |  |  |  |
30 Yr Pass Thru | 4.000 | 12-01-47 |  | 941,438 | $978,626
30 Yr Pass Thru | 4.000 | 01-01-48 |  | 3,507,520 | 3,621,958
30 Yr Pass Thru | 4.000 | 04-01-48 |  | 2,837,428 | 2,941,530
30 Yr Pass Thru | 4.000 | 06-01-48 |  | 4,788,227 | 4,960,883
30 Yr Pass Thru | 4.500 | 07-01-41 |  | 1,927,680 | 2,048,707
30 Yr Pass Thru | 4.500 | 07-01-48 |  | 2,397,978 | 2,510,127
30 Yr Pass Thru | 5.000 | 04-01-41 |  | 239,638 | 259,427
30 Yr Pass Thru | 5.500 | 08-01-40 |  | 72,306 | 78,645
Foreign government obligations 0.9% (0.6% of Total investments) |  | $1,631,088
(Cost $1,783,035) |  |  |  |  |
Argentina 0.2% |  |  |  |  | 454,356
Provincia de Buenos Aires Bond (C) | 7.875 | 06-15-27 |  | 390,000 | 259,350
Republic of Argentina Bond (A)(B) | 5.875 | 01-11-28 |  | 282,000 | 195,006
Qatar 0.4% |  |  |  |  | 662,766
State of Qatar |  |  |  |  |
Bond (C) | 3.375 | 03-14-24 |  | 384,000 | 389,280
Bond (A)(B)(C) | 5.103 | 04-23-48 |  | 245,000 | 273,486
Saudi Arabia 0.3% |  |  |  |  | 513,966
Kingdom of Saudi Arabia Bond (A)(B)(C) | 4.375 | 04-16-29 |  | 490,000 | 513,966
Corporate bonds 78.7% (52.0% of Total investments) |  | $136,905,285
(Cost $134,476,154) |  |  |  |  |
Communication services 9.2% |  |  |  | 16,094,925
Diversified telecommunication services 2.8% |  |  |
AT&T, Inc. (B) | 4.350 | 03-01-29 |  | 418,000 | 432,169
C&W Senior Financing DAC (A)(B)(C) | 6.875 | 09-15-27 |  | 240,000 | 240,238
Cincinnati Bell, Inc. (A)(B)(C) | 7.000 | 07-15-24 |  | 355,000 | 327,498
GCI LLC | 6.875 | 04-15-25 |  | 225,000 | 235,688
Liquid Telecommunications Financing PLC (C) | 8.500 | 07-13-22 |  | 205,000 | 207,609
Radiate Holdco LLC (A)(B)(C) | 6.625 | 02-15-25 |  | 245,000 | 240,713
Radiate Holdco LLC (C) | 6.875 | 02-15-23 |  | 87,000 | 87,000
Sprint Spectrum Company LLC (B)(C) | 3.360 | 03-20-23 |  | 162,500 | 162,094
Telecom Argentina SA (C) | 6.500 | 06-15-21 |  | 180,000 | 170,100
Telecom Italia Capital SA | 7.200 | 07-18-36 |  | 365,000 | 373,943
Telecom Italia SpA (A)(B)(C) | 5.303 | 05-30-24 |  | 250,000 | 249,063
UPC Holding BV (C) | 5.500 | 01-15-28 |  | 205,000 | 207,050
Verizon Communications, Inc. (B) | 4.400 | 11-01-34 |  | 260,000 | 274,496
Verizon Communications, Inc. (B) | 4.672 | 03-15-55 |  | 295,000 | 311,372
Verizon Communications, Inc. (B) | 4.862 | 08-21-46 |  | 830,000 | 903,584
Verizon Communications, Inc. (B) | 5.012 | 08-21-54 |  | 255,000 | 285,222

6 | JOHN HANCOCK INCOME SECURITIES TRUST| SEMIANNUAL REPORT | SEE NOTES TO FINANCIAL STATEMENTS

| Rate (%) | Maturity date |  | Par value^ | Value
Communication services (continued) |  |  |  |
Diversified telecommunication services (continued) |  |  |
West Corp. (C) | 8.500 | 10-15-25 |  | 125,000 | $110,156
Entertainment 1.6% |  |  |
Activision Blizzard, Inc. (A)(B) | 3.400 | 09-15-26 |  | 271,000 | 269,552
Lions Gate Capital Holdings LLC (A)(B)(C) | 5.875 | 11-01-24 |  | 147,000 | 149,940
Netflix, Inc. (A)(B) | 4.875 | 04-15-28 |  | 280,000 | 277,550
Netflix, Inc. (A)(B)(C) | 5.375 | 11-15-29 |  | 92,000 | 93,150
Netflix, Inc. (A)(B) | 5.875 | 11-15-28 |  | 400,000 | 422,000
The Walt Disney Company (B)(C) | 7.750 | 01-20-24 |  | 1,020,000 | 1,228,603
Viacom, Inc. (6.250% to 2-28-27, then 3 month LIBOR + 3.899%) | 6.250 | 02-28-57 |  | 260,000 | 267,176
Interactive media and services 0.1% |  |  |
Rackspace Hosting, Inc. (A)(B)(C) | 8.625 | 11-15-24 |  | 255,000 | 237,788
Media 3.6% |  |  |
Altice Financing SA (A)(B)(C) | 6.625 | 02-15-23 |  | 375,000 | 384,375
Cablevision Systems Corp. (A)(B) | 5.875 | 09-15-22 |  | 210,000 | 218,400
CBS Corp. (B) | 3.375 | 03-01-22 |  | 132,000 | 133,634
CBS Corp. (A)(B) | 3.700 | 08-15-24 |  | 205,000 | 209,487
Cengage Learning, Inc. (A)(B)(C) | 9.500 | 06-15-24 |  | 321,000 | 298,530
Charter Communications Operating LLC (A)(B) | 4.200 | 03-15-28 |  | 580,000 | 579,269
Charter Communications Operating LLC | 5.750 | 04-01-48 |  | 590,000 | 622,468
Charter Communications Operating LLC | 6.484 | 10-23-45 |  | 606,000 | 688,251
Clear Channel Worldwide Holdings, Inc. (A)(B) | 6.500 | 11-15-22 |  | 289,000 | 295,503
CSC Holdings LLC (A)(B)(C) | 7.500 | 04-01-28 |  | 205,000 | 223,706
McGraw-Hill Global Education Holdings LLC (A)(B)(C) | 7.875 | 05-15-24 |  | 195,000 | 166,725
MDC Partners, Inc. (A)(B)(C) | 6.500 | 05-01-24 |  | 375,000 | 316,875
Myriad International Holdings BV (C) | 5.500 | 07-21-25 |  | 400,000 | 433,122
National CineMedia LLC | 6.000 | 04-15-22 |  | 109,000 | 109,818
Sirius XM Radio, Inc. (A)(B)(C) | 5.000 | 08-01-27 |  | 503,000 | 507,125
Sirius XM Radio, Inc. (C) | 5.375 | 07-15-26 |  | 260,000 | 267,475
Tribune Media Company | 5.875 | 07-15-22 |  | 260,000 | 263,640
Warner Media LLC (B) | 3.800 | 02-15-27 |  | 275,000 | 276,626
WMG Acquisition Corp. (A)(B)(C) | 4.875 | 11-01-24 |  | 165,000 | 168,094
WMG Acquisition Corp. (C) | 5.500 | 04-15-26 |  | 175,000 | 178,938
Wireless telecommunication services 1.1% |  |  |
CC Holdings GS V LLC | 3.849 | 04-15-23 |  | 350,000 | 359,210
Millicom International Cellular SA (A)(B)(C) | 6.250 | 03-25-29 |  | 236,000 | 243,080
MTN Mauritius Investments, Ltd. (C) | 4.755 | 11-11-24 |  | 225,000 | 216,945
Oztel Holdings SPC, Ltd. (C) | 6.625 | 04-24-28 |  | 230,000 | 224,763
Sprint Capital Corp. (A)(B) | 6.875 | 11-15-28 |  | 198,000 | 189,461
Sprint Corp. | 7.875 | 09-15-23 |  | 270,000 | 280,800

SEE NOTES TO FINANCIAL STATEMENTS | SEMIANNUAL REPORT| JOHN HANCOCK INCOME SECURITIES TRUST | 7

| Rate (%) | Maturity date |  | Par value^ | Value
Communication services (continued) |  |  |  |
Wireless telecommunication services (continued) |  |  |
Vodafone Group PLC (7.000% to 1-4-29, then 5 Year U.S. Swap Rate + 4.873%) | 7.000 | 04-04-79 |  | 452,000 | $474,851
Consumer discretionary 6.0% |  |  |  | 10,405,404
Auto components 0.2% |  |  |
Lear Corp. (B) | 5.250 | 01-15-25 |  | 254,000 | 263,318
Automobiles 2.2% |  |  |
Daimler Finance North America LLC (B)(C) | 3.750 | 11-05-21 |  | 431,000 | 439,205
Ford Motor Credit Company LLC (B) | 3.813 | 10-12-21 |  | 595,000 | 596,270
Ford Motor Credit Company LLC (B) | 5.875 | 08-02-21 |  | 928,000 | 971,165
General Motors Company (A)(B) | 4.875 | 10-02-23 |  | 507,000 | 534,146
General Motors Financial Company, Inc. (B) | 3.550 | 04-09-21 |  | 295,000 | 297,470
General Motors Financial Company, Inc. | 4.000 | 01-15-25 |  | 404,000 | 405,110
General Motors Financial Company, Inc. | 4.300 | 07-13-25 |  | 333,000 | 337,545
JB Poindexter & Company, Inc. (C) | 7.125 | 04-15-26 |  | 74,000 | 75,480
Nissan Motor Acceptance Corp. (B)(C) | 3.650 | 09-21-21 |  | 200,000 | 201,886
Diversified consumer services 0.2% |  |  |
Graham Holdings Company (C) | 5.750 | 06-01-26 |  | 85,000 | 89,038
Laureate Education, Inc. (A)(B)(C) | 8.250 | 05-01-25 |  | 170,000 | 184,025
Hotels, restaurants and leisure 1.0% |  |  |
CCM Merger, Inc. (C) | 6.000 | 03-15-22 |  | 195,000 | 200,119
Eldorado Resorts, Inc. (A)(B) | 6.000 | 09-15-26 |  | 125,000 | 129,688
Eldorado Resorts, Inc. | 7.000 | 08-01-23 |  | 130,000 | 135,850
GLP Capital LP | 5.375 | 04-15-26 |  | 265,000 | 279,856
Hilton Domestic Operating Company, Inc. (A)(B)(C) | 5.125 | 05-01-26 |  | 140,000 | 143,325
Hilton Grand Vacations Borrower LLC | 6.125 | 12-01-24 |  | 130,000 | 136,175
International Game Technology PLC (A)(B)(C) | 6.500 | 02-15-25 |  | 225,000 | 239,621
Jacobs Entertainment, Inc. (C) | 7.875 | 02-01-24 |  | 158,000 | 169,850
Resorts World Las Vegas LLC (C) | 4.625 | 04-16-29 |  | 200,000 | 198,394
Waterford Gaming LLC (C)(D)(E) | 8.625 | 09-15-14 |  | 99,739 | 0
Wyndham Destinations, Inc. | 5.400 | 04-01-24 |  | 170,000 | 175,100
Household durables 0.2% |  |  |
Beazer Homes USA, Inc. (A)(B) | 8.750 | 03-15-22 |  | 370,000 | 386,650
Internet and direct marketing retail 1.9% |  |  |
Amazon.com, Inc. (A)(B) | 3.150 | 08-22-27 |  | 660,000 | 664,416
Amazon.com, Inc. (A)(B) | 4.050 | 08-22-47 |  | 328,000 | 342,290
Expedia Group, Inc. (A)(B) | 3.800 | 02-15-28 |  | 582,000 | 572,191
Expedia Group, Inc. | 5.000 | 02-15-26 |  | 705,000 | 752,484
QVC, Inc. (B) | 4.375 | 03-15-23 |  | 325,000 | 328,698
QVC, Inc. (B) | 5.125 | 07-02-22 |  | 240,000 | 250,980
QVC, Inc. | 5.450 | 08-15-34 |  | 315,000 | 302,293

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

| Rate (%) | Maturity date |  | Par value^ | Value
Consumer discretionary (continued) |  |  |  |
Multiline retail 0.3% |  |  |
Dollar Tree, Inc. (B) | 4.200 | 05-15-28 |  | 599,000 | $602,766
Consumer staples 1.8% |  |  |  | 3,054,211
Beverages 1.2% |  |  |
Anheuser-Busch InBev Worldwide, Inc. (B) | 4.600 | 04-15-48 |  | 305,000 | 297,033
Coca-Cola European Partners PLC (B) | 4.500 | 09-01-21 |  | 1,000,000 | 1,022,704
Constellation Brands, Inc. (A)(B) | 3.200 | 02-15-23 |  | 293,000 | 294,550
Keurig Dr. Pepper, Inc. (B)(C) | 3.551 | 05-25-21 |  | 495,000 | 500,700
Food and staples retailing 0.1% |  |  |
Simmons Foods, Inc. (A)(B)(C) | 5.750 | 11-01-24 |  | 170,000 | 156,400
Food products 0.3% |  |  |
Conagra Brands, Inc. (B) | 3.800 | 10-22-21 |  | 193,000 | 196,900
Kraft Heinz Foods Company (C) | 4.875 | 02-15-25 |  | 221,000 | 227,374
Personal products 0.2% |  |  |
Natura Cosmeticos SA (A)(B)(C) | 5.375 | 02-01-23 |  | 355,000 | 358,550
Energy 11.0% |  |  |  | 19,224,704
Energy equipment and services 0.5% |  |  |
Archrock Partners LP | 6.000 | 10-01-22 |  | 260,000 | 261,950
CSI Compressco LP | 7.250 | 08-15-22 |  | 344,000 | 305,300
CSI Compressco LP (A)(B)(C) | 7.500 | 04-01-25 |  | 290,000 | 281,663
Oil, gas and consumable fuels 10.5% |  |  |
Andeavor Logistics LP (A)(B) | 4.250 | 12-01-27 |  | 164,000 | 166,919
Andeavor Logistics LP (B) | 5.250 | 01-15-25 |  | 140,000 | 146,996
Andeavor Logistics LP (B) | 6.375 | 05-01-24 |  | 265,000 | 278,416
Andeavor Logistics LP (6.875% to 2-15-23, then 3 month LIBOR + 4.652%) (B)(F) | 6.875 | 02-15-23 |  | 752,000 | 760,460
Antero Midstream Partners LP | 5.375 | 09-15-24 |  | 275,000 | 280,335
Antero Resources Corp. (A)(B) | 5.125 | 12-01-22 |  | 307,000 | 308,151
Cenovus Energy, Inc. | 4.450 | 09-15-42 |  | 370,000 | 339,798
Cheniere Corpus Christi Holdings LLC (A)(B) | 5.125 | 06-30-27 |  | 503,000 | 524,378
Chesapeake Energy Corp. (A)(B) | 7.500 | 10-01-26 |  | 160,000 | 154,800
Cimarex Energy Company | 4.375 | 06-01-24 |  | 235,000 | 244,291
Colorado Interstate Gas Company LLC (B)(C) | 4.150 | 08-15-26 |  | 233,000 | 235,853
Columbia Pipeline Group, Inc. (B) | 4.500 | 06-01-25 |  | 198,000 | 207,906
Continental Resources, Inc. (B) | 5.000 | 09-15-22 |  | 521,000 | 525,323
DCP Midstream LP (7.375% to 12-15-22, then 3 month LIBOR + 5.148%) (F) | 7.375 | 12-15-22 |  | 462,000 | 455,070
DCP Midstream Operating LP (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (C) | 5.850 | 05-21-43 |  | 441,000 | 407,925
Diamondback Energy, Inc. (C) | 4.750 | 11-01-24 |  | 193,000 | 197,101
Enable Midstream Partners LP | 3.900 | 05-15-24 |  | 321,000 | 319,679
Enable Midstream Partners LP (B) | 4.950 | 05-15-28 |  | 387,000 | 394,975

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

| Rate (%) | Maturity date |  | Par value^ | Value
Energy (continued) |  |  |  |
Oil, gas and consumable fuels (continued) |  |  |
Enbridge Energy Partners LP (A)(B) | 4.375 | 10-15-20 |  | 395,000 | $402,927
Enbridge, Inc. (5.500% to 7-15-27, then 3 month LIBOR + 3.418%) | 5.500 | 07-15-77 |  | 340,000 | 326,454
Enbridge, Inc. (6.250% to 3-1-28, then 3 month LIBOR + 3.641%) | 6.250 | 03-01-78 |  | 294,000 | 298,273
Energy Transfer Operating LP (B) | 4.200 | 04-15-27 |  | 130,000 | 130,731
Energy Transfer Operating LP (A)(B) | 4.250 | 03-15-23 |  | 422,000 | 433,029
Energy Transfer Operating LP (B) | 5.150 | 03-15-45 |  | 345,000 | 335,965
Energy Transfer Operating LP | 5.875 | 01-15-24 |  | 199,000 | 217,263
Energy Transfer Partners LP (B) | 5.000 | 10-01-22 |  | 95,000 | 99,992
Energy Transfer Partners LP | 5.875 | 03-01-22 |  | 90,000 | 96,057
Enterprise Products Operating LLC (5.250% to 8-16-27, then 3 month LIBOR + 3.033%) (B) | 5.250 | 08-16-77 |  | 538,000 | 514,285
Husky Energy, Inc. (B) | 3.950 | 04-15-22 |  | 305,000 | 312,155
Kinder Morgan Energy Partners LP (B) | 3.500 | 03-01-21 |  | 500,000 | 504,470
Kinder Morgan Energy Partners LP (B) | 7.750 | 03-15-32 |  | 195,000 | 253,221
Kinder Morgan, Inc. (B) | 3.150 | 01-15-23 |  | 178,000 | 178,325
MPLX LP (B) | 4.000 | 03-15-28 |  | 313,000 | 313,392
MPLX LP (A)(B) | 4.800 | 02-15-29 |  | 160,000 | 170,135
Murphy Oil Corp. | 5.750 | 08-15-25 |  | 164,000 | 168,515
Newfield Exploration Company (A)(B) | 5.625 | 07-01-24 |  | 139,000 | 151,774
Newfield Exploration Company (A)(B) | 5.750 | 01-30-22 |  | 160,000 | 170,552
ONEOK Partners LP (B) | 5.000 | 09-15-23 |  | 162,000 | 171,882
Parsley Energy LLC (A)(B)(C) | 5.625 | 10-15-27 |  | 231,000 | 236,198
Petrobras Global Finance BV | 5.750 | 02-01-29 |  | 91,000 | 91,228
Petrobras Global Finance BV (A)(B) | 7.375 | 01-17-27 |  | 545,000 | 607,130
Petro-Canada (A)(B) | 9.250 | 10-15-21 |  | 1,000,000 | 1,147,422
Petroleos Mexicanos (A)(B) | 4.875 | 01-24-22 |  | 325,000 | 328,023
Petroleos Mexicanos (A)(B) | 5.375 | 03-13-22 |  | 85,000 | 86,847
Sabine Pass Liquefaction LLC (B) | 4.200 | 03-15-28 |  | 261,000 | 263,905
Sabine Pass Liquefaction LLC (B) | 5.000 | 03-15-27 |  | 245,000 | 260,494
Sabine Pass Liquefaction LLC | 5.750 | 05-15-24 |  | 425,000 | 466,432
Sabine Pass Liquefaction LLC (B) | 5.875 | 06-30-26 |  | 147,000 | 163,668
SM Energy Company (A)(B) | 6.625 | 01-15-27 |  | 60,000 | 56,550
Sunoco Logistics Partners Operations LP (B) | 3.900 | 07-15-26 |  | 460,000 | 457,869
Sunoco Logistics Partners Operations LP (B) | 4.400 | 04-01-21 |  | 377,000 | 386,991
Sunoco Logistics Partners Operations LP (B) | 5.400 | 10-01-47 |  | 240,000 | 241,571
Tallgrass Energy Partners LP (A)(B)(C) | 4.750 | 10-01-23 |  | 222,000 | 224,340
Targa Resources Partners LP | 5.875 | 04-15-26 |  | 220,000 | 231,619
Teekay Offshore Partners LP (C) | 8.500 | 07-15-23 |  | 235,000 | 234,413
The Williams Companies, Inc. (A)(B) | 3.750 | 06-15-27 |  | 355,000 | 355,022
The Williams Companies, Inc. (A)(B) | 4.550 | 06-24-24 |  | 525,000 | 553,271
The Williams Companies, Inc. | 5.750 | 06-24-44 |  | 315,000 | 343,225

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

| Rate (%) | Maturity date |  | Par value^ | Value
Energy (continued) |  |  |  |
Oil, gas and consumable fuels (continued) |  |  |
WPX Energy, Inc. | 5.250 | 09-15-24 |  | 100,000 | $103,250
YPF SA (C) | 8.500 | 07-28-25 |  | 370,000 | 338,550
Financials 23.2% |  |  |  | 40,280,728
Banks 12.9% |  |  |
Australia & New Zealand Banking Group, Ltd. (6.750% to 6-15-26, then 5 Year U.S. ISDAFIX + 5.168%) (A)(B)(C)(F) | 6.750 | 06-15-26 |  | 200,000 | 216,750
Banco Santander SA (A)(B) | 4.379 | 04-12-28 |  | 200,000 | 204,863
Bank of America Corp. (B) | 3.950 | 04-21-25 |  | 425,000 | 434,518
Bank of America Corp. (B) | 4.200 | 08-26-24 |  | 170,000 | 176,401
Bank of America Corp. (A)(B) | 4.450 | 03-03-26 |  | 450,000 | 472,473
Bank of America Corp. (6.300% to 3-10-26, then 3 month LIBOR + 4.553%) (A)(B)(F) | 6.300 | 03-10-26 |  | 610,000 | 666,425
Barclays Bank PLC (B)(C) | 10.179 | 06-12-21 |  | 475,000 | 537,220
Barclays PLC (A)(B) | 4.375 | 01-12-26 |  | 340,000 | 345,402
Barclays PLC (7.750% to 9-15-23, then 5 Year U.S. Swap Rate + 4.842%) (F) | 7.750 | 09-15-23 |  | 275,000 | 284,281
BPCE SA (B)(C) | 4.500 | 03-15-25 |  | 475,000 | 484,216
BPCE SA (A)(B)(C) | 5.700 | 10-22-23 |  | 1,145,000 | 1,227,858
Citigroup, Inc. (B) | 4.600 | 03-09-26 |  | 586,000 | 616,600
Citigroup, Inc. (B) | 5.500 | 09-13-25 |  | 165,000 | 182,149
Citigroup, Inc. (6.250% to 8-15-26, then 3 month LIBOR + 4.517%) (A)(B)(F) | 6.250 | 08-15-26 |  | 525,000 | 562,406
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 | 1,012,100
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 | 651,755
Danske Bank A/S (B)(C) | 5.000 | 01-12-22 |  | 286,000 | 294,131
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 | 413,175
Freedom Mortgage Corp. (C) | 8.125 | 11-15-24 |  | 259,000 | 229,863
Freedom Mortgage Corp. (C) | 8.250 | 04-15-25 |  | 105,000 | 93,188
HSBC Holdings PLC (3.950% to 5-18-23, then 3 month LIBOR + 0.987%) (A)(B) | 3.950 | 05-18-24 |  | 495,000 | 508,520
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 | 205,250
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 | 356,575
ING Bank NV (B)(C) | 5.800 | 09-25-23 |  | 1,000,000 | 1,091,959
ING Groep NV (B) | 3.550 | 04-09-24 |  | 277,000 | 277,524
JPMorgan Chase & Co. (B) | 3.200 | 06-15-26 |  | 410,000 | 407,850
JPMorgan Chase & Co. (3.514% to 6-18-21, then 3 month LIBOR + 0.610%) (A)(B) | 3.514 | 06-18-22 |  | 710,000 | 719,822

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

| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Banks (continued) |  |  |
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (F) | 6.750 | 02-01-24 |  | 805,000 | $891,787
Lloyds Banking Group PLC (B) | 4.450 | 05-08-25 |  | 745,000 | 775,357
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (F) | 7.500 | 06-27-24 |  | 385,000 | 404,250
M&T Bank Corp. (5.125% to 11-1-26, then 3 month LIBOR + 3.520%) (A)(B)(F) | 5.125 | 11-01-26 |  | 345,000 | 350,175
Mitsubishi UFJ Financial Group, Inc. (B) | 3.218 | 03-07-22 |  | 690,000 | 696,436
Regions Bank (3.374% to 8-13-20, then 3 month LIBOR + 0.500%) (B) | 3.374 | 08-13-21 |  | 504,000 | 506,740
Regions Financial Corp. (A)(B) | 3.800 | 08-14-23 |  | 200,000 | 206,132
Santander Holdings USA, Inc. (B) | 3.400 | 01-18-23 |  | 270,000 | 270,184
Santander Holdings USA, Inc. (B) | 3.700 | 03-28-22 |  | 469,000 | 474,897
Santander Holdings USA, Inc. (A)(B) | 4.450 | 12-03-21 |  | 319,000 | 329,576
Santander UK Group Holdings PLC (A)(B)(C) | 4.750 | 09-15-25 |  | 365,000 | 368,630
Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (A)(B)(C)(F) | 7.375 | 09-13-21 |  | 340,000 | 353,600
The PNC Financial Services Group, Inc. (A)(B) | 3.500 | 01-23-24 |  | 230,000 | 235,636
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 | 334,163
The PNC Financial Services Group, Inc. (6.750% to 8-1-21, then 3 month LIBOR + 3.678%) (A)(B)(F) | 6.750 | 08-01-21 |  | 545,000 | 579,744
The Royal Bank of Scotland Group PLC | 3.875 | 09-12-23 |  | 480,000 | 484,061
The Royal Bank of Scotland Group PLC (8.625% to 8-15-21, then 5 Year U.S. Swap Rate + 7.598%) (A)(B)(F) | 8.625 | 08-15-21 |  | 612,000 | 657,900
The Toronto-Dominion Bank (B) | 3.250 | 03-11-24 |  | 373,000 | 378,346
Wells Fargo & Company (3 month LIBOR + 3.770%) (F)(G) | 6.558 | 06-15-19 |  | 370,000 | 371,850
Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (A)(B)(F) | 5.875 | 06-15-25 |  | 975,000 | 1,053,000
Capital markets 2.4% |  |  |
Ares Capital Corp. (B) | 3.625 | 01-19-22 |  | 290,000 | 289,912
Cantor Fitzgerald LP (B)(C) | 4.875 | 05-01-24 |  | 390,000 | 390,619
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 | 316,019
Credit Suisse Group AG (7.500% to 7-17-23, then 5 Year U.S. Swap Rate + 4.600%) (A)(B)(C)(F) | 7.500 | 07-17-23 |  | 310,000 | 325,113
FS KKR Capital Corp. (B) | 4.250 | 01-15-20 |  | 290,000 | 290,630
Lazard Group LLC (B) | 4.375 | 03-11-29 |  | 230,000 | 234,904

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

| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Capital markets (continued) |  |  |
Macquarie Bank, Ltd. (A)(B)(C) | 4.875 | 06-10-25 |  | 520,000 | $541,911
Morgan Stanley (B) | 3.875 | 01-27-26 |  | 400,000 | 409,825
Stifel Financial Corp. (A)(B) | 4.250 | 07-18-24 |  | 217,000 | 222,152
The Goldman Sachs Group, Inc. (B) | 3.850 | 01-26-27 |  | 730,000 | 735,501
UBS Group Funding Switzerland AG (7.000% to 1-31-24, then 5 Year U.S. Swap Rate + 4.344%) (C)(F) | 7.000 | 01-31-24 |  | 295,000 | 307,529
Consumer finance 2.6% |  |  |
Ally Financial, Inc. | 5.125 | 09-30-24 |  | 645,000 | 681,475
Capital One Financial Corp. (B) | 3.450 | 04-30-21 |  | 465,000 | 470,107
Capital One Financial Corp. (B) | 3.500 | 06-15-23 |  | 1,335,000 | 1,360,579
Capital One Financial Corp. (B) | 3.900 | 01-29-24 |  | 230,000 | 236,235
Credit Acceptance Corp. | 6.125 | 02-15-21 |  | 249,000 | 249,311
Credito Real SAB de CV (C) | 7.250 | 07-20-23 |  | 200,000 | 207,600
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 | 223,315
Discover Financial Services (A)(B) | 3.950 | 11-06-24 |  | 458,000 | 468,265
Discover Financial Services | 4.100 | 02-09-27 |  | 124,000 | 124,292
Discover Financial Services (B) | 5.200 | 04-27-22 |  | 85,000 | 90,376
Enova International, Inc. (C) | 8.500 | 09-01-24 |  | 58,000 | 55,680
Enova International, Inc. (C) | 8.500 | 09-15-25 |  | 260,000 | 253,560
Springleaf Finance Corp. (A)(B) | 6.875 | 03-15-25 |  | 105,000 | 112,613
Diversified financial services 1.4% |  |  |
ASP AMC Merger Sub, Inc. (C) | 8.000 | 05-15-25 |  | 205,000 | 131,200
Doric Nimrod Air Alpha 2013-1 Class B Pass Through Trust (C) | 6.125 | 11-30-21 |  | 56,856 | 57,027
Gogo Intermediate Holdings LLC (C) | 9.875 | 05-01-24 |  | 188,000 | 192,230
Jefferies Financial Group, Inc. (A)(B) | 5.500 | 10-18-23 |  | 655,000 | 689,126
Jefferies Group LLC (B) | 4.150 | 01-23-30 |  | 365,000 | 339,909
Jefferies Group LLC (B) | 4.850 | 01-15-27 |  | 422,000 | 425,404
Refinitiv US Holdings, Inc. (A)(B)(C) | 6.250 | 05-15-26 |  | 43,000 | 44,129
Refinitiv US Holdings, Inc. (A)(B)(C) | 8.250 | 11-15-26 |  | 69,000 | 69,927
Trident Merger Sub, Inc. (C) | 6.625 | 11-01-25 |  | 85,000 | 79,263
Voya Financial, Inc. (5.650% to 5-15-23, then 3 month LIBOR + 3.580%) (A)(B) | 5.650 | 05-15-53 |  | 463,000 | 464,158
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 | 438,584
AXA SA (B) | 8.600 | 12-15-30 |  | 175,000 | 235,918
Brighthouse Financial, Inc. (B) | 3.700 | 06-22-27 |  | 595,000 | 550,676
CNO Financial Group, Inc. (A)(B) | 5.250 | 05-30-25 |  | 293,000 | 307,284

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

| Rate (%) | Maturity date |  | Par value^ | Value
Financials (continued) |  |  |  |
Insurance (continued) |  |  |
Liberty Mutual Group, Inc. (7.800% to 3-15-37, then 3 month LIBOR + 3.576%) (C) | 7.800 | 03-07-87 |  | 705,000 | $842,475
MetLife, Inc. (6.400% to 12-15-36, then 3 month LIBOR + 2.205%) (A)(B) | 6.400 | 12-15-66 |  | 355,000 | 392,495
MetLife, Inc. (9.250% to 4-8-38, then 3 month LIBOR + 5.540%) (B)(C) | 9.250 | 04-08-68 |  | 315,000 | 431,550
Nationstar Mortgage Holdings, Inc. (C) | 8.125 | 07-15-23 |  | 160,000 | 161,200
Nationstar Mortgage Holdings, Inc. (C) | 9.125 | 07-15-26 |  | 128,000 | 128,000
Nationwide Building Society (3.622% to 4-26-22, then 3 month LIBOR + 1.181%) (B)(C) | 3.622 | 04-26-23 |  | 273,000 | 274,669
Nippon Life Insurance Company (5.100% to 10-16-24, then 5 Year U.S. ISDAFIX + 3.650%) (B)(C) | 5.100 | 10-16-44 |  | 365,000 | 381,425
Prudential Financial, Inc. (5.875% to 9-15-22, then 3 month LIBOR + 4.175%) (A)(B) | 5.875 | 09-15-42 |  | 637,000 | 676,494
Teachers Insurance & Annuity Association of America (B)(C) | 4.270 | 05-15-47 |  | 430,000 | 443,410
Thrifts and mortgage finance 0.9% |  |  |
Ladder Capital Finance Holdings LLLP (C) | 5.250 | 03-15-22 |  | 95,000 | 97,375
Ladder Capital Finance Holdings LLLP (A)(B)(C) | 5.250 | 10-01-25 |  | 148,000 | 147,445
MGIC Investment Corp. | 5.750 | 08-15-23 |  | 99,000 | 106,178
Quicken Loans, Inc. (A)(B)(C) | 5.250 | 01-15-28 |  | 235,000 | 227,950
Quicken Loans, Inc. (B)(C) | 5.750 | 05-01-25 |  | 550,000 | 558,250
Radian Group, Inc. | 4.500 | 10-01-24 |  | 144,000 | 144,216
Radian Group, Inc. | 5.250 | 06-15-20 |  | 99,000 | 100,980
Stearns Holdings LLC (C) | 9.375 | 08-15-20 |  | 158,000 | 148,520
Health care 4.5% |  |  |  | 7,819,027
Biotechnology 0.4% |  |  |
Celgene Corp. | 3.250 | 02-20-23 |  | 258,000 | 259,625
Shire Acquisitions Investments Ireland DAC (B) | 3.200 | 09-23-26 |  | 473,000 | 460,745
Health care equipment and supplies 0.2% |  |  |
Boston Scientific Corp. (B) | 3.450 | 03-01-24 |  | 264,000 | 268,752
Health care providers and services 3.0% |  |  |
Centene Corp. (C) | 5.375 | 06-01-26 |  | 255,000 | 266,156
CVS Health Corp. (B) | 3.350 | 03-09-21 |  | 699,000 | 704,037
CVS Health Corp. (B) | 5.050 | 03-25-48 |  | 322,000 | 318,313
DaVita, Inc. (A)(B) | 5.000 | 05-01-25 |  | 405,000 | 396,268
Express Scripts Holding Company (B) | 4.750 | 11-15-21 |  | 1,000,000 | 1,043,746
HCA, Inc. | 5.250 | 04-15-25 |  | 375,000 | 401,640
HCA, Inc. | 5.250 | 06-15-26 |  | 320,000 | 341,801

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

| Rate (%) | Maturity date |  | Par value^ | Value
Health care (continued) |  |  |  |
Health care providers and services (continued) |  |  |
HCA, Inc. | 7.500 | 02-15-22 |  | 300,000 | $330,000
MEDNAX, Inc. (B)(C) | 5.250 | 12-01-23 |  | 290,000 | 295,075
MEDNAX, Inc. (C) | 6.250 | 01-15-27 |  | 224,000 | 228,480
Select Medical Corp. | 6.375 | 06-01-21 |  | 360,000 | 360,450
Team Health Holdings, Inc. (A)(B)(C) | 6.375 | 02-01-25 |  | 65,000 | 55,250
Universal Health Services, Inc. (B)(C) | 4.750 | 08-01-22 |  | 240,000 | 242,131
Universal Health Services, Inc. (C) | 5.000 | 06-01-26 |  | 309,000 | 316,339
Life sciences tools and services 0.2% |  |  |
IQVIA, Inc. (B)(C) | 4.875 | 05-15-23 |  | 260,000 | 264,225
Pharmaceuticals 0.7% |  |  |
Bausch Health Companies, Inc. (A)(B)(C) | 6.125 | 04-15-25 |  | 375,000 | 379,688
Bayer US Finance II LLC (B)(C) | 3.500 | 06-25-21 |  | 200,000 | 201,028
GlaxoSmithKline Capital PLC (A)(B) | 3.000 | 06-01-24 |  | 441,000 | 443,228
Teva Pharmaceutical Finance Netherlands III BV (A)(B) | 6.750 | 03-01-28 |  | 235,000 | 242,050
Industrials 8.9% |  |  |  | 15,536,332
Aerospace and defense 0.6% |  |  |
Arconic, Inc. (A)(B) | 5.125 | 10-01-24 |  | 324,000 | 334,109
Huntington Ingalls Industries, Inc. (B)(C) | 5.000 | 11-15-25 |  | 466,000 | 480,679
Kratos Defense & Security Solutions, Inc. (C) | 6.500 | 11-30-25 |  | 215,000 | 228,169
Air freight and logistics 0.1% |  |  |
XPO Logistics, Inc. (C) | 6.500 | 06-15-22 |  | 211,000 | 215,748
Airlines 4.6% |  |  |
Air Canada 2013-1 Class A Pass Through Trust (B)(C) | 4.125 | 11-15-26 |  | 209,420 | 213,651
Air Canada 2017-1 Class B Pass Through Trust (C) | 3.700 | 07-15-27 |  | 304,339 | 295,117
America West Airlines 2000-1 Pass Through Trust | 8.057 | 01-02-22 |  | 73,849 | 77,150
American Airlines 2000-1 Pass Through Trust | 6.977 | 11-23-22 |  | 85,288 | 88,017
American Airlines 2013-2 Class A Pass Through Trust (B) | 4.950 | 07-15-24 |  | 275,730 | 285,849
American Airlines 2015-1 Class A Pass Through Trust (B) | 3.375 | 11-01-28 |  | 379,262 | 373,687
American Airlines 2015-1 Class B Pass Through Trust (B) | 3.700 | 11-01-24 |  | 428,845 | 436,049
American Airlines 2016-1 Class A Pass Through Trust (B) | 4.100 | 07-15-29 |  | 361,929 | 362,110
American Airlines 2017-1 Class A Pass Through Trust (B) | 4.000 | 08-15-30 |  | 175,500 | 172,517
American Airlines 2017-1 Class AA Pass Through Trust (B) | 3.650 | 08-15-30 |  | 270,000 | 268,974
American Airlines 2017-2 Class A Pass Through Trust (B) | 3.600 | 04-15-31 |  | 158,907 | 152,170

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

| Rate (%) | Maturity date |  | Par value^ | Value
Industrials (continued) |  |  |  |
Airlines (continued) |  |  |
Azul Investments LLP (A)(B)(C) | 5.875 | 10-26-24 |  | 95,000 | $90,512
British Airways 2013-1 Class A Pass Through Trust (B)(C) | 4.625 | 06-20-24 |  | 474,587 | 490,628
British Airways 2013-1 Class B Pass Through Trust (C) | 5.625 | 12-20-21 |  | 56,945 | 57,640
British Airways 2018-1 Class A Pass Through Trust (B)(C) | 4.125 | 03-20-33 |  | 145,224 | 146,996
Continental Airlines 2007-1 Class A Pass Through Trust (B) | 5.983 | 10-19-23 |  | 376,570 | 393,667
Continental Airlines 2012-1 Class B Pass Through Trust | 6.250 | 10-11-21 |  | 94,052 | 95,576
Delta Air Lines 2002-1 Class G-1 Pass Through Trust (B) | 6.718 | 07-02-24 |  | 428,988 | 454,426
Delta Air Lines, Inc. (B) | 3.625 | 03-15-22 |  | 476,000 | 479,826
Delta Air Lines, Inc. (B) | 3.800 | 04-19-23 |  | 195,000 | 198,808
Delta Air Lines, Inc. | 4.375 | 04-19-28 |  | 355,000 | 350,839
Northwest Airlines 2007-1 Class A Pass Through Trust (B) | 7.027 | 05-01-21 |  | 271,427 | 275,580
United Airlines 2014-2 Class A Pass Through Trust (B) | 3.750 | 03-03-28 |  | 388,700 | 391,148
United Airlines 2014-2 Class B Pass Through Trust (B) | 4.625 | 03-03-24 |  | 339,631 | 344,963
United Airlines 2016-1 Class A Pass Through Trust (B) | 3.450 | 01-07-30 |  | 280,860 | 274,092
United Airlines 2016-1 Class B Pass Through Trust (B) | 3.650 | 01-07-26 |  | 422,431 | 413,095
United Airlines 2018-1 Class B Pass Through Trust (B) | 4.600 | 03-01-26 |  | 94,718 | 95,097
United Airlines 2019-1 Class A Pass Through Trust (B) | 4.550 | 02-25-33 |  | 230,000 | 237,219
US Airways 2010-1 Class A Pass Through Trust | 6.250 | 10-22-24 |  | 256,269 | 273,286
US Airways 2012-1 Class A Pass Through Trust (B) | 5.900 | 04-01-26 |  | 204,464 | 221,107
Building products 0.2% |  |  |
Masco Corp. | 4.450 | 04-01-25 |  | 275,000 | 285,106
Owens Corning (A)(B) | 4.200 | 12-15-22 |  | 155,000 | 159,262
Commercial services and supplies 0.3% |  |  |
LSC Communications, Inc. (A)(B)(C) | 8.750 | 10-15-23 |  | 180,000 | 188,100
Prime Security Services Borrower LLC (C) | 9.250 | 05-15-23 |  | 84,000 | 88,532
Tervita Escrow Corp. (C) | 7.625 | 12-01-21 |  | 210,000 | 212,625
Construction and engineering 0.3% |  |  |
AECOM (A)(B) | 5.125 | 03-15-27 |  | 415,000 | 416,560
Tutor Perini Corp. (C) | 6.875 | 05-01-25 |  | 88,000 | 88,110
Industrial conglomerates 0.2% |  |  |
3M Company (B) | 3.250 | 02-14-24 |  | 370,000 | 380,443

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

| Rate (%) | Maturity date |  | Par value^ | Value
Industrials (continued) |  |  |  |
Professional services 0.6% |  |  |
Equifax, Inc. (A)(B) | 7.000 | 07-01-37 |  | 80,000 | $93,088
IHS Markit, Ltd. (A)(B)(C) | 4.000 | 03-01-26 |  | 393,000 | 391,888
IHS Markit, Ltd. (C) | 4.750 | 02-15-25 |  | 128,000 | 133,908
IHS Markit, Ltd. (A)(B) | 4.750 | 08-01-28 |  | 210,000 | 218,944
IHS Markit, Ltd. (B)(C) | 5.000 | 11-01-22 |  | 152,000 | 159,266
Trading companies and distributors 2.0% |  |  |
AerCap Ireland Capital DAC (B) | 4.625 | 10-30-20 |  | 435,000 | 444,870
AerCap Ireland Capital DAC (B) | 5.000 | 10-01-21 |  | 373,000 | 387,903
Ahern Rentals, Inc. (C) | 7.375 | 05-15-23 |  | 395,000 | 351,550
Aircastle, Ltd. (B) | 4.400 | 09-25-23 |  | 176,000 | 178,825
Aircastle, Ltd. (A)(B) | 5.000 | 04-01-23 |  | 620,000 | 644,745
Aircastle, Ltd. (A)(B) | 5.500 | 02-15-22 |  | 215,000 | 226,684
Ashtead Capital, Inc. (C) | 4.375 | 08-15-27 |  | 260,000 | 255,450
Avolon Holdings Funding, Ltd. (C) | 5.125 | 10-01-23 |  | 225,000 | 233,827
H&E Equipment Services, Inc. (A)(B) | 5.625 | 09-01-25 |  | 131,000 | 132,965
United Rentals North America, Inc. (A)(B) | 4.875 | 01-15-28 |  | 328,000 | 325,950
United Rentals North America, Inc. | 5.500 | 07-15-25 |  | 260,000 | 269,230
Information technology 6.2% |  |  |  | 10,786,384
Communications equipment 0.8% |  |  |
CommScope, Inc. (A)(B)(C) | 8.250 | 03-01-27 |  | 377,000 | 407,160
Motorola Solutions, Inc. (B) | 4.600 | 02-23-28 |  | 492,000 | 497,951
Telefonaktiebolaget LM Ericsson (A)(B) | 4.125 | 05-15-22 |  | 545,000 | 554,538
Electronic equipment, instruments and components 0.4% |  |  |
Tech Data Corp. (B) | 3.700 | 02-15-22 |  | 178,000 | 178,832
Tech Data Corp. (B) | 4.950 | 02-15-27 |  | 601,000 | 609,480
IT services 0.4% |  |  |
Banff Merger Sub, Inc. (C) | 9.750 | 09-01-26 |  | 215,000 | 215,538
VeriSign, Inc. | 4.750 | 07-15-27 |  | 145,000 | 147,900
VeriSign, Inc. (A)(B) | 5.250 | 04-01-25 |  | 270,000 | 286,200
Semiconductors and semiconductor equipment 2.5% |  |  |
Advanced Micro Devices, Inc. (A)(B) | 7.000 | 07-01-24 |  | 170,000 | 176,588
KLA-Tencor Corp. (B) | 4.100 | 03-15-29 |  | 260,000 | 267,234
Lam Research Corp. (B) | 3.750 | 03-15-26 |  | 335,000 | 345,164
Lam Research Corp. (A)(B) | 4.875 | 03-15-49 |  | 275,000 | 297,436
Marvell Technology Group, Ltd. (A)(B) | 4.875 | 06-22-28 |  | 385,000 | 402,350
Microchip Technology, Inc. (B)(C) | 3.922 | 06-01-21 |  | 255,000 | 258,693
Microchip Technology, Inc. (A)(B)(C) | 4.333 | 06-01-23 |  | 583,000 | 599,026
Micron Technology, Inc. | 4.975 | 02-06-26 |  | 345,000 | 355,290
Micron Technology, Inc. | 5.327 | 02-06-29 |  | 522,000 | 538,224
NXP BV (A)(B)(C) | 4.625 | 06-01-23 |  | 645,000 | 672,903
NXP BV (B)(C) | 4.875 | 03-01-24 |  | 267,000 | 282,505

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

| 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 | $114,675
Software 0.5% |  |  |
Citrix Systems, Inc. | 4.500 | 12-01-27 |  | 354,000 | 354,104
j2 Cloud Services LLC (B)(C) | 6.000 | 07-15-25 |  | 59,000 | 61,655
Microsoft Corp. (B) | 4.450 | 11-03-45 |  | 340,000 | 379,945
Technology hardware, storage and peripherals 1.6% |  |  |
Dell International LLC (A)(B)(C) | 4.900 | 10-01-26 |  | 456,000 | 467,156
Dell International LLC (A)(B)(C) | 5.300 | 10-01-29 |  | 462,000 | 475,712
Dell International LLC (A)(B)(C) | 6.020 | 06-15-26 |  | 825,000 | 893,632
Dell International LLC (B)(C) | 8.350 | 07-15-46 |  | 563,000 | 692,698
Western Digital Corp. (A)(B) | 4.750 | 02-15-26 |  | 263,000 | 253,795
Materials 2.2% |  |  |  | 3,840,320
Chemicals 1.4% |  |  |
Braskem Finance, Ltd. (C) | 7.000 | 05-07-20 |  | 515,000 | 533,798
Braskem Netherlands Finance BV (C) | 4.500 | 01-10-28 |  | 340,000 | 333,200
Cydsa SAB de CV (C) | 6.250 | 10-04-27 |  | 265,000 | 260,034
Mexichem SAB de CV (C) | 5.500 | 01-15-48 |  | 315,000 | 300,434
Syngenta Finance NV (B)(C) | 4.441 | 04-24-23 |  | 470,000 | 482,403
The Chemours Company (A)(B) | 6.625 | 05-15-23 |  | 456,000 | 472,393
Construction materials 0.2% |  |  |
Cemex SAB de CV (C) | 6.125 | 05-05-25 |  | 270,000 | 281,610
U.S. Concrete, Inc. (A)(B) | 6.375 | 06-01-24 |  | 145,000 | 148,988
Containers and packaging 0.3% |  |  |
Ardagh Packaging Finance PLC (A)(B)(C) | 6.000 | 02-15-25 |  | 215,000 | 216,613
Klabin Finance SA (C) | 4.875 | 09-19-27 |  | 255,000 | 248,564
Metals and mining 0.2% |  |  |
Anglo American Capital PLC (C) | 4.750 | 04-10-27 |  | 270,000 | 279,263
Commercial Metals Company (A)(B) | 5.375 | 07-15-27 |  | 92,000 | 90,620
Paper and forest products 0.1% |  |  |
Norbord, Inc. (B)(C) | 6.250 | 04-15-23 |  | 185,000 | 192,400
Real estate 1.7% |  |  |  | 2,960,943
Equity real estate investment trusts 1.7% |  |  |
American Homes 4 Rent LP (B) | 4.250 | 02-15-28 |  | 305,000 | 303,538
American Tower Corp. (A)(B) | 3.550 | 07-15-27 |  | 488,000 | 480,916
American Tower Corp. (B) | 4.700 | 03-15-22 |  | 400,000 | 421,268
Equinix, Inc. (A)(B) | 5.375 | 05-15-27 |  | 205,000 | 217,013
Omega Healthcare Investors, Inc. (B) | 4.500 | 01-15-25 |  | 192,000 | 195,743
SBA Tower Trust (B)(C) | 3.722 | 04-09-48 |  | 473,000 | 479,733
The GEO Group, Inc. | 6.000 | 04-15-26 |  | 72,000 | 64,440
Ventas Realty LP (B) | 3.500 | 02-01-25 |  | 254,000 | 255,533

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

| Rate (%) | Maturity date |  | Par value^ | Value
Real estate (continued) |  |  |  |
Equity real estate investment trusts (continued) |  |  |
VEREIT Operating Partnership LP (A)(B) | 4.600 | 02-06-24 |  | 523,000 | $542,759
Utilities 4.0% |  |  |  | 6,902,307
Electric utilities 2.0% |  |  |
ABY Transmision Sur SA (C) | 6.875 | 04-30-43 |  | 246,900 | 275,911
Duke Energy Corp. (B) | 3.550 | 09-15-21 |  | 1,000,000 | 1,014,874
Electricite de France SA (5.250% to 1-29-23, then 10 Year U.S. Swap Rate + 3.709%) (A)(B)(C)(F) | 5.250 | 01-29-23 |  | 485,000 | 492,275
Emera US Finance LP (A)(B) | 3.550 | 06-15-26 |  | 183,000 | 181,046
Empresa Electrica Angamos SA (C) | 4.875 | 05-25-29 |  | 328,680 | 332,463
Exelon Generation Company LLC (B) | 4.000 | 10-01-20 |  | 1,000,000 | 1,014,016
Instituto Costarricense de Electricidad (C) | 6.375 | 05-15-43 |  | 215,000 | 172,000
Gas utilities 0.1% |  |  |
AmeriGas Partners LP | 5.500 | 05-20-25 |  | 183,000 | 187,346
Independent power and renewable electricity producers 0.8% |  |  |
Clearway Energy Operating LLC (B) | 5.375 | 08-15-24 |  | 266,000 | 270,354
Greenko Dutch BV (C) | 4.875 | 07-24-22 |  | 310,000 | 306,187
NextEra Energy Capital Holdings, Inc. (A)(B) | 3.550 | 05-01-27 |  | 490,000 | 495,605
NextEra Energy Operating Partners LP (A)(B)(C) | 4.500 | 09-15-27 |  | 110,000 | 108,075
NRG Energy, Inc. (A)(B) | 6.250 | 05-01-24 |  | 220,000 | 227,084
Multi-utilities 1.1% |  |  |
Berkshire Hathaway Energy Company (B) | 8.480 | 09-15-28 |  | 550,000 | 768,999
CMS Energy Corp. (B) | 5.050 | 03-15-22 |  | 1,000,000 | 1,056,072
Capital preferred securities (H) 0.1% (0.0% of Total investments) |  | $81,370
(Cost $80,333) |  |  |  |  |
Financials 0.1% |  |  |  | 81,370
Capital markets 0.1% |  |  |
State Street Corp. (3 month LIBOR + 1.000%) (B)(G) | 3.788 | 06-01-77 |  | 103,000 | 81,370
Term loans (I) 0.6% (0.4% of Total investments) |  | $1,101,064
(Cost $1,097,796) |  |  |  |  |
Communication services 0.1% |  |  |  |  | 194,250
Entertainment 0.1% |  |  |  |  |
Metro-Goldwyn-Mayer, Inc., 2018 2nd Lien Term Loan (1 month LIBOR + 4.500%) | 6.990 | 07-03-26 |  | 200,000 | 194,250
Financials 0.1% |  |  |  |  | 132,799
Capital markets 0.1% |  |  |  |  |
LSF9 Atlantis Holdings LLC, 2017 Term Loan (1 month LIBOR + 6.000%) | 8.474 | 05-01-23 |  | 143,438 | 132,799

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

| Rate (%) | Maturity date |  | Par value^ | Value
Health care 0.4% |  |  |  |  | $774,015
Health care providers and services 0.4% |  |  |  |  |
Concentra, Inc., 2018 2nd Lien Term Loan (1 month LIBOR + 6.500%) | 8.980 | 06-01-23 |  | 259,999 | 261,515
Gentiva Health Services, Inc., 2018 2nd Lien Term Loan (1 month LIBOR + 7.000%) | 9.500 | 07-02-26 |  | 500,000 | 512,500
Collateralized mortgage obligations 9.7% (6.4% of Total investments) |  | $16,765,579
(Cost $16,516,045) |  |  |  |  |
Commercial and residential 7.7% |  |  |  |  | 13,407,449
Americold LLC Series 2010-ARTA, Class D (C) | 7.443 | 01-14-29 |  | 605,000 | 638,539
Angel Oak Mortgage Trust I LLC Series 2018-3, Class A1 (C)(J) | 3.649 | 09-25-48 |  | 196,968 | 198,171
Arroyo Mortgage Trust Series 2018-1, Class A1 (C)(J) | 3.763 | 04-25-48 |  | 695,805 | 703,538
BAMLL Commercial Mortgage Securities Trust Series 2015-200P, Class C (C)(J) | 3.716 | 04-14-33 |  | 490,000 | 492,959
BBCMS Mortgage Trust Series 2018-TALL, Class E (1 month LIBOR + 2.437%) (C)(G) | 4.910 | 03-15-37 |  | 214,000 | 214,267
BBCMS Trust |  |  |  |  |
Series 2015-MSQ, Class D (C)(J) | 4.123 | 09-15-32 |  | 480,000 | 479,374
Series 2015-SRCH, Class D (C)(J) | 5.122 | 08-10-35 |  | 295,000 | 307,951
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-1, Class B2 (E)(J) | 3.518 | 03-25-35 |  | 405 | 11,132
BWAY Mortgage Trust Series 2015-1740, Class XA IO (C) | 1.023 | 01-10-35 |  | 6,885,000 | 167,825
BX Commercial Mortgage Trust Series 2018-BIOA, Class D (1 month LIBOR + 1.321%) (C)(G) | 3.794 | 03-15-37 |  | 245,000 | 244,998
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class F (C)(J) | 3.912 | 04-10-28 |  | 325,000 | 327,204
CGDBB Commercial Mortgage Trust Series 2017-BIOC, Class E (1 month LIBOR + 2.150%) (C)(G) | 4.623 | 07-15-32 |  | 264,000 | 264,000
CHT Mortgage Trust Series 2017-CSMO, Class D (1 month LIBOR + 2.250%) (C)(G) | 4.723 | 11-15-36 |  | 370,000 | 370,693
Citigroup Commercial Mortgage Trust Series 2017-1500, Class E (1 month LIBOR + 2.500%) (C)(G) | 4.973 | 07-15-32 |  | 126,000 | 124,383
CLNS Trust Series 2017-IKPR, Class C (1 month LIBOR + 1.100%) (C)(G) | 3.584 | 06-11-32 |  | 160,000 | 159,798
Cold Storage Trust Series 2017-ICE3, Class D (1 month LIBOR + 2.100%) (C)(G) | 4.573 | 04-15-36 |  | 305,000 | 305,088
COLT Mortgage Loan Trust |  |  |  |  |
Series 2018-2, Class A1 (C)(J) | 3.470 | 07-27-48 |  | 66,982 | 67,208
Series 2019-2, Class A1 (C)(J) | 3.337 | 05-25-49 |  | 250,907 | 251,023

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

| Rate (%) | Maturity date |  | Par value^ | Value
Commercial and residential (continued) |  |  |  |  |
Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG) |  |  |  |  |
Series 2012-CR2, Class XA IO | 1.808 | 08-15-45 |  | 1,837,879 | $80,432
Series 2012-CR3 Class XA IO | 1.869 | 10-15-45 |  | 2,651,153 | 140,162
Commercial Mortgage Trust (Citigroup/Deutsche Bank AG) Series 2018-COR3, Class XA IO | 0.448 | 05-10-51 |  | 2,757,271 | 97,697
Commercial Mortgage Trust (Deutsche Bank AG) |  |  |  |  |
Series 2012-LC4, Class B (J) | 4.934 | 12-10-44 |  | 360,000 | 372,914
Series 2013-300P, Class D (C)(J) | 4.540 | 08-10-30 |  | 340,000 | 349,724
Series 2014-TWC, Class D (1 month LIBOR + 2.250%) (C)(G) | 4.723 | 02-13-32 |  | 445,000 | 445,139
Core Industrial Trust Series 2015-CALW, Class XA IO (C) | 0.939 | 02-10-34 |  | 3,601,156 | 68,271
GAHR Commercial Mortgage Trust |  |  |  |  |
Series 2015-NRF, Class DFX (C)(J) | 3.495 | 12-15-34 |  | 270,000 | 268,613
Series 2015-NRF, Class EFX (C)(J) | 3.495 | 12-15-34 |  | 495,000 | 491,025
Galton Funding Mortgage Trust Series 2018-1, Class A43 (C)(J) | 3.500 | 11-25-57 |  | 151,598 | 151,923
Great Wolf Trust Series 2017-WOLF, Class E (1 month LIBOR + 3.100%) (C)(G) | 5.573 | 09-15-34 |  | 90,000 | 90,281
GS Mortgage Securities Trust |  |  |  |  |
Series 2012-GC17, Class XA IO | 2.363 | 05-10-45 |  | 9,300,579 | 368,508
Series 2016-RENT, Class D (C)(J) | 4.202 | 02-10-29 |  | 420,000 | 421,337
Series 2017-485L, Class C (C)(J) | 4.115 | 02-10-37 |  | 240,000 | 240,171
HarborView Mortgage Loan Trust |  |  |  |  |
Series 2005-2, Class X IO | 0.955 | 05-19-35 |  | 3,251,765 | 120,965
Series 2007-3, Class ES IO (C) | 0.350 | 05-19-47 |  | 4,960,348 | 86,277
Series 2007-4, Class ES IO | 0.350 | 07-19-47 |  | 5,108,567 | 85,008
Series 2007-6, Class ES IO (C) | 0.353 | 08-19-37 |  | 4,321,465 | 62,235
Hilton Orlando Trust Series 2018-ORL, Class D (1 month LIBOR + 1.700%) (C)(G) | 4.173 | 12-15-34 |  | 110,000 | 110,136
IMT Trust Series 2017-APTS, Class CFX (C)(J) | 3.613 | 06-15-34 |  | 190,000 | 189,239
IndyMac Index Mortgage Loan Trust |  |  |  |  |
Series 2005-AR12, Class AX2 IO | 1.172 | 07-25-35 |  | 3,550,438 | 93,549
Series 2005-AR8, Class AX2 IO | 0.886 | 05-25-35 |  | 3,445,373 | 122,489
Series 2005-AR18, Class 1X IO | 1.006 | 10-25-36 |  | 4,989,951 | 198,355
Series 2005-AR18, Class 2X IO | 0.467 | 10-25-36 |  | 4,507,622 | 70,194
JPMorgan Chase Commercial Mortgage Securities Trust |  |  |  |  |
Series 2012-HSBC, Class XA IO (C) | 1.582 | 07-05-32 |  | 2,699,832 | 108,316
Series 2018-PHH, Class A (1 month LIBOR + 0.910%) (C)(G) | 3.383 | 06-15-35 |  | 170,000 | 169,785
Morgan Stanley Capital I Trust Series 2017-CLS, Class D (1 month LIBOR + 1.400%) (C)(G) | 3.873 | 11-15-34 |  | 304,000 | 303,809

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

| Rate (%) | Maturity date |  | Par value^ | Value
Commercial and residential (continued) |  |  |  |  |
MSCG Trust Series 2016-SNR, Class D (C) | 6.550 | 11-15-34 |  | 395,250 | $395,763
Natixis Commercial Mortgage Securities Trust |  |  |  |  |
Series 2018-285M, Class D (C)(J) | 3.917 | 11-15-32 |  | 100,000 | 100,098
Series 2018-ALXA, Class C (C)(J) | 4.460 | 01-15-43 |  | 175,000 | 183,937
One Market Plaza Trust Series 2017-1MKT, Class D (C) | 4.146 | 02-10-32 |  | 190,000 | 193,776
Starwood Mortgage Residential Trust Series 2018-IMC1, Class A1 (C)(J) | 3.793 | 03-25-48 |  | 123,121 | 124,289
UBS Commercial Mortgage Trust Series 2012-C1, Class B | 4.822 | 05-10-45 |  | 405,000 | 420,734
VNDO Mortgage Trust Series 2013-PENN, Class D (C)(J) | 4.079 | 12-13-29 |  | 327,000 | 327,960
Wells Fargo Commercial Mortgage Trust |  |  |  |  |
Series 2013-120B, Class C (C)(J) | 2.800 | 03-18-28 |  | 275,000 | 272,858
Series 2017-SMP, Class D (1 month LIBOR + 1.650%) (C)(G) | 4.123 | 12-15-34 |  | 120,000 | 119,773
WF-RBS Commercial Mortgage Trust |  |  |  |  |
Series 2012-C9, Class XA IO (C) | 2.039 | 11-15-45 |  | 3,462,373 | 188,245
Series 2013-C15, Class B (J) | 4.622 | 08-15-46 |  | 155,000 | 162,052
Series 2013-C16, Class B (J) | 5.195 | 09-15-46 |  | 265,000 | 283,259
U.S. Government Agency 2.0% |  |  |  |  | 3,358,130
Federal Home Loan Mortgage Corp. |  |  |  |  |
Series K005, Class AX IO | 1.343 | 11-25-19 |  | 2,176,309 | 12,202
Series K017, Class X1 IO | 1.303 | 12-25-21 |  | 3,559,791 | 99,935
Series K018, Class X1 IO | 1.343 | 01-25-22 |  | 3,310,565 | 94,991
Series K021, Class X1 IO | 1.440 | 06-25-22 |  | 911,552 | 34,876
Series K022, Class X1 IO | 1.230 | 07-25-22 |  | 3,722,809 | 123,332
Series K718, Class X1 IO | 0.623 | 01-25-22 |  | 15,893,315 | 223,835
Government National Mortgage Association |  |  |  |  |
Series 2012-114, Class IO | 0.766 | 01-16-53 |  | 1,358,454 | 61,879
Series 2016-174, Class IO | 0.914 | 11-16-56 |  | 1,965,117 | 148,386
Series 2017-109, Class IO | 0.610 | 04-16-57 |  | 2,550,762 | 136,071
Series 2017-124, Class IO | 0.706 | 01-16-59 |  | 3,211,895 | 203,234
Series 2017-135, Class IO | 0.839 | 10-16-58 |  | 2,071,005 | 138,458
Series 2017-140, Class IO | 0.609 | 02-16-59 |  | 1,886,768 | 110,475
Series 2017-20, Class IO | 0.748 | 12-16-58 |  | 3,976,247 | 241,038
Series 2017-22, Class IO | 1.022 | 12-16-57 |  | 1,388,018 | 118,263
Series 2017-46, Class IO | 0.621 | 11-16-57 |  | 2,993,976 | 169,824
Series 2017-61, Class IO | 0.769 | 05-16-59 |  | 1,803,811 | 125,079
Series 2017-74, Class IO | 0.777 | 09-16-58 |  | 3,323,212 | 195,587
Series 2018-114, Class IO | 0.540 | 04-16-60 |  | 4,005,452 | 231,455
Series 2018-158, Class IO | 0.726 | 05-16-61 |  | 2,718,011 | 201,470
Series 2018-35, Class IO | 0.526 | 03-16-60 |  | 3,066,593 | 169,846
Series 2018-43, Class IO | 0.577 | 05-16-60 |  | 4,802,771 | 267,099

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

| Rate (%) | Maturity date |  | Par value^ | Value
U.S. Government Agency (continued) |  |  |  |  |
Series 2018-69, Class IO | 0.535 | 04-16-60 |  | 2,152,407 | $121,644
Series 2018-9, Class IO | 0.558 | 01-16-60 |  | 2,271,528 | 129,151
Asset backed securities 9.5% (6.3% of Total investments) |  | $16,525,938
(Cost $16,375,830) |  |  |  |  |
Asset backed securities 9.5% |  |  |  |  | 16,525,938
AccessLex Institute Series 2007-A, Class A3 (3 month LIBOR + 0.300%) (G) | 2.951 | 05-25-36 |  | 266,369 | 261,854
Ally Auto Receivables Trust Series 2018-2, Class A4 | 3.090 | 06-15-23 |  | 315,000 | 318,965
Americredit Automobile Receivables Trust |  |  |  |  |
Series 2018-2, Class C | 3.590 | 06-18-24 |  | 195,000 | 198,339
Series 2018-3, Class C | 3.740 | 10-18-24 |  | 158,000 | 161,721
Applebee's Funding LLC Series 2014-1, Class A2 (C) | 4.277 | 09-05-44 |  | 469,063 | 467,878
Arby's Funding LLC Series 2015-1A, Class A2 (C) | 4.969 | 10-30-45 |  | 617,600 | 631,768
Avis Budget Rental Car Funding AESOP LLC Series 2019-1A, Class A (C) | 3.450 | 03-20-23 |  | 215,000 | 217,635
CLI Funding LLC Series 2018-1A, Class A (C) | 4.030 | 04-18-43 |  | 394,959 | 396,566
CNH Equipment Trust Series 2018-B, Class A3 | 3.190 | 11-15-23 |  | 441,000 | 445,766
Coinstar Funding LLC Series 2017-1A, Class A2 (C) | 5.216 | 04-25-47 |  | 372,400 | 379,557
Collegiate Funding Services Education Loan Trust Series 2005-A, Class A4 (3 month LIBOR + 0.200%) (G) | 3.013 | 03-28-35 |  | 228,000 | 219,240
ContiMortgage Home Equity Loan Trust Series 1995-2, Class A5 | 8.100 | 08-15-25 |  | 19,345 | 11,314
CWABS Asset-Backed Certificates Trust Series 2004-10, Class AF5B | 4.611 | 02-25-35 |  | 157,482 | 157,110
DB Master Finance LLC |  |  |  |  |
Series 2015-1A, Class A2II (C) | 3.980 | 02-20-45 |  | 398,400 | 398,543
Series 2017-1A, Class A2I (C) | 3.629 | 11-20-47 |  | 118,500 | 118,904
Series 2017-1A, Class A2II (C) | 4.030 | 11-20-47 |  | 167,875 | 168,127
Series 2019-1A, Class A2I (C) | 3.787 | 05-20-49 |  | 778,000 | 785,834
DLL LLC Series 2018-ST2, Class A3 (C) | 3.460 | 01-20-22 |  | 275,000 | 277,908
Domino's Pizza Master Issuer LLC Series 2017-1A, Class A23 (C) | 4.118 | 07-25-47 |  | 525,638 | 529,044
Driven Brands Funding LLC Series 2015-1A, Class A2 (C) | 5.216 | 07-20-45 |  | 516,275 | 533,715
FOCUS Brands Funding LLC Series 2017-1A, Class A2I (C) | 3.857 | 04-30-47 |  | 142,100 | 143,194
Ford Credit Floorplan Master Owner Trust Series 2018-3, Class A1 | 3.520 | 10-15-23 |  | 695,000 | 708,350

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

| Rate (%) | Maturity date |  | Par value^ | Value
Asset backed securities (continued) |  |  |  |  |
Hilton Grand Vacations Trust Series 2018-AA, Class A (C) | 3.540 | 02-25-32 |  | 117,190 | $118,877
Honda Auto Receivables Owner Trust |  |  |  |  |
Series 2018-2, Class A3 | 3.010 | 05-18-22 |  | 250,000 | 251,891
Series 2018-3, Class A3 | 2.950 | 08-22-22 |  | 195,000 | 196,267
Hyundai Auto Receivables Trust Series 2018-B, Class A3 | 3.200 | 12-15-22 |  | 248,000 | 250,833
KeyCorp Student Loan Trust Series 2004-A, Class 1A2 (3 month LIBOR + 0.240%) (G) | 3.005 | 10-27-42 |  | 231,984 | 225,131
MVW Owner Trust Series 2018-1A, Class A (C) | 3.450 | 01-21-36 |  | 342,944 | 348,418
New Residential Mortgage LLC |  |  |  |  |
Series 2018-FNT1, Class A (C) | 3.610 | 05-25-23 |  | 257,176 | 259,483
Series 2018-FNT2, Class A (C) | 3.790 | 07-25-54 |  | 162,696 | 164,035
NextGear Floorplan Master Owner Trust |  |  |  |  |
Series 2017-1A, Class A2 (C) | 2.540 | 04-18-22 |  | 365,000 | 363,959
Series 2018-1A, Class A2 (C) | 3.220 | 02-15-23 |  | 105,000 | 105,532
Series 2018-2A, Class A2 (C) | 3.690 | 10-15-23 |  | 265,000 | 269,716
Nissan Auto Receivables Owner Trust Series 2018-C, Class A3 | 3.220 | 06-15-23 |  | 597,000 | 604,993
NRZ Excess Spread-Collateralized Notes |  |  |  |  |
Series 2018-PLS1, Class A (C) | 3.193 | 01-25-23 |  | 121,814 | 121,340
Series 2018-PLS2, Class A (C) | 3.265 | 02-25-23 |  | 173,798 | 173,780
Oxford Finance Funding LLC Series 2019-1A, Class A2 (C) | 4.459 | 02-15-27 |  | 142,000 | 143,604
Santander Drive Auto Receivables Trust |  |  |  |  |
Series 2018-2, Class C | 3.350 | 07-17-23 |  | 195,000 | 196,047
Series 2018-3, Class C | 3.510 | 08-15-23 |  | 465,000 | 467,908
SLM Private Credit Student Loan Trust Series 2006-A, Class A5 (3 month LIBOR + 0.290%) (G) | 3.078 | 06-15-39 |  | 118,941 | 116,311
Sonic Capital LLC Series 2016-1A, Class A2 (C) | 4.472 | 05-20-46 |  | 210,217 | 213,173
Taco Bell Funding LLC Series 2018-1A, Class A2I (C) | 4.318 | 11-25-48 |  | 471,818 | 484,731
Textainer Marine Containers VII, Ltd. Series 2018-1A, Class A (C) | 4.110 | 07-20-43 |  | 151,360 | 154,082
Towd Point Mortgage Trust |  |  |  |  |
Series 2015-1, Class A5 (C)(J) | 3.908 | 10-25-53 |  | 125,000 | 129,350
Series 2015-2, Class 1M2 (C)(J) | 3.776 | 11-25-60 |  | 300,000 | 308,181
Series 2017-2, Class A1 (C)(J) | 2.750 | 04-25-57 |  | 97,973 | 96,802
Series 2018-1, Class A1 (C)(J) | 3.000 | 01-25-58 |  | 179,691 | 178,047
Series 2018-3, Class A1 (C)(J) | 3.750 | 05-25-58 |  | 269,855 | 273,952
Series 2018-4, Class A1 (C)(J) | 3.000 | 06-25-58 |  | 431,161 | 425,131
Series 2018-5, Class A1A (C)(J) | 3.250 | 07-25-58 |  | 119,756 | 119,541
Series 2019-1, Class A1 (C)(J) | 3.750 | 03-25-58 |  | 261,634 | 266,104
Toyota Auto Receivables Owner Trust Series 2018-C, Class A3 | 3.020 | 12-15-22 |  | 525,000 | 530,085

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

| Rate (%) | Maturity date |  | Par value^ | Value
Asset backed securities (continued) |  |  |  |  |
Triton Container Finance V LLC Series 2018-1A, Class A (C) | 3.950 | 03-20-43 |  | 316,542 | $317,448
Vantage Data Centers Issuer LLC Series 2018-1A, Class A2 (C) | 4.072 | 02-16-43 |  | 197,667 | 200,085
Westgate Resorts LLC |  |  |  |  |
Series 2015-2A, Class B (C) | 4.000 | 07-20-28 |  | 79,377 | 79,182
Series 2016-1A, Class A (C) | 3.500 | 12-20-28 |  | 102,664 | 102,705
Series 2017-1A, Class A (C) | 3.050 | 12-20-30 |  | 171,065 | 170,177
Westlake Automobile Receivables Trust Series 2019-1A, Class C (C) | 4.050 | 03-15-24 |  | 201,000 | 202,245
World Omni Automobile Lease Securitization Trust Series 2018-B, Class A3 | 3.190 | 12-15-21 |  | 362,000 | 365,460

|  |  |  | Shares | Value
Common stocks 0.3% (0.2% of Total investments) |  | $508,240
(Cost $515,695) |  |  |  |  |
Energy 0.3%
Oil, gas and consumable fuels 0.3% |  |
Royal Dutch Shell PLC, ADR, Class A |  |  |  | 8,000 | 508,240
Preferred securities (K) 1.6% (1.1% of Total investments) |  | $2,893,231
(Cost $2,737,293) |  |  |  |  |
Consumer staples 0.3% |  |  |  |  | 546,875
Food and staples retailing 0.3% |
Ocean Spray Cranberries, Inc., 6.250% (C) |  | 6,250 | 546,875
Financials 0.5% |  |  |  |  | 908,134
Banks 0.5% |
GMAC Capital Trust I (3 month LIBOR + 5.785%), 8.469% (G) |  | 24,985 | 657,106
Wells Fargo & Company, Series L, 7.500% |  | 192 | 251,028
Real estate 0.5% |  |  |  |  | 852,562
Equity real estate investment trusts 0.5% |
Crown Castle International Corp., 6.875% |  | 740 | 852,562
Utilities 0.3% |  |  |  |  | 585,660
Multi-utilities 0.3% |
Dominion Energy, Inc., 6.750% |  | 5,540 | 278,274
DTE Energy Company, 6.500% |  | 4,475 | 249,750
Water utilities 0.0% |
Aqua America, Inc., 6.000% |  | 1,056 | 57,636

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

| Yield* (%) | Maturity date |  | Par value^ | Value
Short-term investments 0.8% (0.5% of Total investments) | $1,387,000
(Cost $1,387,000) |  |  |  |  |
U.S. Government Agency 0.8% |  |  |  |  | 1,387,000
Federal Agricultural Mortgage Corp. Discount Note | 2.350 | 05-01-19 |  | 544,000 | 544,000
Federal Home Loan Bank Discount Note | 2.300 | 05-01-19 |  | 843,000 | 843,000

Total investments (Cost $260,804,730) 151.4% |  |  | $263,328,393
Other assets and liabilities, net (51.4%) |  |  | (89,446,644)
Total net assets 100.0% |  |  | $173,881,749

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 4-30-19, 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 4-30-19 was $103,335,963. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $42,665,354.
(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 $66,887,819 or 38.5% of the fund's net assets as of 4-30-19.
(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 4-30-19, the aggregate cost of investments for federal income tax purposes was $262,179,489. Net unrealized appreciation aggregated to $1,148,904, of which $5,109,925 related to gross unrealized appreciation and $3,961,021 related to gross unrealized depreciation.

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

Financial statements |

STATEMENT OF ASSETS AND LIABILITIES 4-30-19 (unaudited)

Assets |
Unaffiliated investments, at value (Cost $260,804,730) | $263,328,393
Cash | 91,636
Dividends and interest receivable | 2,240,816
Receivable for investments sold | 104,509
Other assets | 30,213
Total assets | 265,795,567
Liabilities |
Liquidity agreement | 91,300,000
Payable for investments purchased | 270,579
Interest payable | 234,311
Payable to affiliates |
Accounting and legal services fees | 21,421
Trustees' fees | 242
Other liabilities and accrued expenses | 87,265
Total liabilities | 91,913,818
Net assets | $173,881,749
Net assets consist of |
Paid-in capital | $175,067,771
Total distributable earnings (loss) | (1,186,022)
Net assets | $173,881,749
Net asset value per share |
Based on 11,646,585 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value | $ 14.93

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

STATEMENT OF OPERATIONS For the six months ended 4-30-19 (unaudited)

Investment income |
Interest | $5,766,624
Dividends | 110,168
Less foreign taxes withheld | (2,301)
Total investment income | 5,874,491
Expenses |
Investment management fees | 680,105
Interest expense | 1,403,561
Accounting and legal services fees | 20,062
Transfer agent fees | 41,277
Trustees' fees | 22,156
Custodian fees | 13,001
Printing and postage | 26,919
Professional fees | 31,414
Stock exchange listing fees | 11,775
Other | 4,971
Total expenses | 2,255,241
Less expense reductions | (9,436)
Net expenses | 2,245,805
Net investment income | 3,628,686
Realized and unrealized gain (loss) |
Net realized gain (loss) on |
Unaffiliated investments | 140,538
| 140,538
Change in net unrealized appreciation (depreciation) of |
Unaffiliated investments | 8,679,893
| 8,679,893
Net realized and unrealized gain | 8,820,431
Increase in net assets from operations | $12,449,117

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

STATEMENTS OF CHANGES IN NET ASSETS

| Six months ended 4-30-19 (unaudited) | Year ended 10-31-18
Increase (decrease) in net assets |  |
From operations |  |
Net investment income | $3,628,686 | $7,667,910
Net realized gain (loss) | 140,538 | (345,298)
Change in net unrealized appreciation (depreciation) | 8,679,893 | (14,450,218)
Increase (decrease) in net assets resulting from operations | 12,449,117 | (7,127,606)
Distributions to shareholders |  |
From net investment income and net realized gain | (4,200,924) | (8,611,487)
Total distributions | (4,200,924) | (8,611,487)
Total increase (decrease) | 8,248,193 | (15,739,093)
Net assets |  |
Beginning of period | 165,633,556 | 181,372,649
End of period | $173,881,749 | $165,633,556
Share activity |  |
Shares outstanding |  |
Beginning of period | 11,646,585 | 11,646,585
End of period | 11,646,585 | 11,646,585

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

STATEMENT OF CASH FLOWS For the six months ended 4-30-19 (unaudited)

Cash flows from operating activities |
Net increase in net assets from operations | $12,449,117
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |
Long-term investments purchased | (65,392,834)
Long-term investments sold | 63,640,749
Net purchases and sales in short-term investments | 1,565,000
Net amortization of premium (discount) | 795,719
(Increase) Decrease in assets: |
Dividends and interest receivable | 126,908
Receivable for investments sold | (22,092)
Other assets | (11,575)
Increase (Decrease) in liabilities: |
Payable for investments purchased | (160,020)
Interest payable | 7,478
Payable to affiliates | (5,642)
Other liabilities and accrued expenses | 14,941
Net change in unrealized (appreciation) depreciation on: |
Investments | (8,679,893)
Net realized (gain) loss on: |
Investments | (128,926)
Net cash provided by operating activities | $4,198,930
Cash flows provided by (used in) financing activities |
Distributions to shareholders | $(4,200,924)
Net cash used in financing activities | $(4,200,924)
Net decrease in cash | $(1,994)
Cash at beginning of period | $93,630
Cash at end of period | $91,636
Supplemental disclosure of cash flow information: |
Cash paid for interest | $1,396,083

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

Financial highlights |

Period ended | 4-30-19 1 | 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 | $14.22 | $15.57 | $15.49 | $15.14 | $15.84 | $15.37
Net investment income2 | 0.31 | 0.66 | 0.75 | 0.79 | 0.81 | 0.86
Net realized and unrealized gain (loss) on investments | 0.76 | (1.27) | 0.14 | 0.41 | (0.62) | 0.56
Total from investment operations | 1.07 | (0.61) | 0.89 | 1.20 | 0.19 | 1.42
Less distributions |  |  |  |  |  |
From net investment income | (0.36) | (0.74) | (0.81) | (0.85) | (0.90) | (0.95)
Anti-dilutive impact of repurchase plan | — | — | — | — | 0.01 3 | —
Net asset value, end of period | $14.93 | $14.22 | $15.57 | $15.49 | $15.14 | $15.84
Per share market value, end of period | $14.07 | $13.14 | $14.81 | $14.26 | $13.86 | $14.29
Total return at net asset value (%)4,5 | 7.83 6 | (3.76) | 6.28 | 8.52 | 1.84 | 10.02
Total return at market value (%)4 | 9.97 6 | (6.50) | 9.82 | 9.20 | 3.28 | 6.83
Ratios and supplemental data |  |  |  |  |  |
Net assets, end of period (in millions) | $174 | $166 | $181 | $180 | $176 | $186
Ratios (as a percentage of average net assets): |  |  |  |  |  |
Expenses before reductions | 2.70 7 | 2.34 | 1.82 | 1.58 | 1.45 | 1.33
Expenses including reductions8 | 2.69 7 | 2.32 | 1.81 | 1.57 | 1.43 | 1.32
Net investment income | 4.35 7 | 4.44 | 4.87 | 5.24 | 5.22 | 5.50
Portfolio turnover (%) | 25 | 68 | 47 | 43 | 51 | 52
Senior securities |  |  |  |  |  |
Total debt outstanding end of period (in millions) | $91 | $91 | $91 | $91 | $91 | $91
Asset coverage per $1,000 of debt9 | $2,905 | $2,814 | $2,987 | $2,977 | $2,932 | $3,037

1 | Six months ended 4-30-19. Unaudited.
2 | Based on average daily shares outstanding.
3 | The repurchase plan was completed at an average repurchase price of $13.86 for 96,519 shares for the period ended 10-31-15.
4 | 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.
5 | Total returns would have been lower had certain expenses not been reduced during the applicable periods.
6 | Not annualized.
7 | Annualized.
8 | Expenses including reductions excluding interest expense were 1.01% (annualized), 1.01%, 0.99%, 1.02%, 1.01% and 1.00% for the periods ended 4-30-19, 10-31-18, 10-31-17, 10-31-16, 10-31-15 and 10-31-14, respectively.
9 | 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 | SEMIANNUAL REPORT| JOHN HANCOCK Income Securities Trust | 31

Notes to financial statements (unaudited)

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 typically valued based on the evaluated prices provided by an independent pricing vendor. 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 and currencies 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. Trading in foreign securities may be completed before the scheduled daily close of trading on the NYSE. Significant events at the issuer or market level may affect the values of securities between the time when the valuation of the securities is generally determined and the close of the NYSE. If a significant event occurs, these securities may be fair valued, as determined in good faith by the fund's Pricing Committee, following procedures established by the Board of Trustees. The fund uses fair value adjustment factors provided by an independent pricing vendor to value certain foreign securities in order to adjust for events that may occur between the close of foreign exchanges or markets and the close of the NYSE.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 32

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.

The following is a summary of the values by input classification of the fund's investments as of April 30, 2019, by major security category or type:

| Total value at 4-30-19 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs
Investments in securities: |  |  |  |
Assets |  |  |  |
U.S. Government and Agency obligations | $85,529,598 | — | $85,529,598 | —
Foreign government obligations | 1,631,088 | — | 1,631,088 | —
Corporate bonds | 136,905,285 | — | 136,905,285 | —
Capital preferred securities | 81,370 | — | 81,370 | —
Term loans | 1,101,064 | — | 1,101,064 | —
Collateralized mortgage obligations | 16,765,579 | — | 16,754,447 | $11,132
Asset backed securities | 16,525,938 | — | 16,525,938 | —
Common stocks | 508,240 | $508,240 | — | —
Preferred securities | 2,893,231 | 1,493,794 | 1,399,437 | —
Short-term investments | 1,387,000 | — | 1,387,000 | —
Total investments in securities | $263,328,393 | $2,002,034 | $261,315,227 | $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.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 33

Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of the fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.

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 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.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 34

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.

Such distributions, 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. The final determination of tax characteristics of the fund's distribution will occur at the end of the year and will subsequently be reported to shareholders.

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 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 7), (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 Manulife Investment Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. Prior to May 7, 2019, Manulife Investment

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 35

Management (US) LLC was known as John Hancock Asset Management, a division of Manulife Asset Management (US) LLC. 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 six months ended April 30, 2019, this waiver amounted to 0.01% of the fund's average daily managed assets (on an annualized basis). 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 $9,436 for the six months ended April 30, 2019.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended April 30, 2019 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 six months ended April 30, 2019 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.

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, 2018. The current share repurchase plan will remain in effect between January 1,2019 to December 31, 2019. During the six months ended April 30,2019 and the year ended October 31, 2018, 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, shareholders bear the expenses 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

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 36

• | 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 April 30, 2019 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 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 April 30, 2019, the fund had an aggregate balance of $91,300,000 at an interest rate of 3.08%, which is reflected in the

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 37

Liquidity agreement on the Statement of assets and liabilities. During the six months ended April 30, 2019, the average balance of the LA and the effective average interest rate were $91,300,000 and 3.43%, 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 $39,519,961 and $34,724,159 respectively, for the period ended April 30, 2019. Purchases and sales of U.S. Treasury obligations aggregated $25,872,873 and $28,916,590, respectively, for the period ended April 30, 2019.

Note 9 — New accounting pronouncement

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08, Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within those fiscal years. Management does not expect the ASU to have an impact on the fund's net assets or total return. Depending upon holdings of the fund, the shortening of the premium amortization period could decrease interest income with a corresponding offset to unrealized gain (loss).

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 38

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 six months ended April 30, 2019, distributions from net investment income totaling $0.3607 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment date | Income distributions
December 31, 2018 | $0.2085
March 29, 2019 | 0.1522
Total | $0.3607

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 39

Shareholder meeting

The fund held its Annual Meeting of Shareholders on Thursday, February 7, 2019. The following proposal was considered by the shareholders:

Proposal: To elect thirteen (13) Trustees to serve until their respective successors have been duly elected and qualified.

| Total votes for the nominee | Total votes withheld from the nominee
Independent Trustees |  |
Charles L. Bardelis | 8,524,002.699 | 432,969.889
James R. Boyle | 8,539,607.699 | 417,364.889
Peter S. Burgess | 8,520,410.699 | 436,561.889
William H. Cunningham | 8,513,390.699 | 443,581.889
Grace K. Fey | 8,523,243.378 | 433,729.210
Theron S. Hoffman | 8,530,892.699 | 426,079.889
Deborah C. Jackson | 8,531,990.378 | 424,982.210
Hassell H. McClellan | 8,529,297.699 | 427,674.889
James M. Oates | 8,528,797.699 | 428,174.889
Steven R. Pruchansky | 8,523,844.699 | 433,127.889
Gregory A. Russo | 8,534,245.699 | 422,726.889
Non-Independent Trustee |  |
Andrew G. Arnott | 8,515,534.699 | 441,437.889
Marianne Harrison | 8,512,361.378 | 444,611.210

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 40

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 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 Manulife Investment Management (US) LLC Portfolio Managers Jeffrey N. Given, CFA Howard C. Greene, CFA Custodian State Street Bank and Trust Company Transfer agent Computershare Shareowner Services, LLC Legal counsel K&L Gates 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

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.

All of the fund's holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund's Form N-PORT filings are available on our website and the SEC's website, sec.gov.

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.

| 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

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 41

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. 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 International Dynamic Growth 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 Disciplined Alternative Yield Global Absolute Return Strategies Infrastructure Seaport Long/Short

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 Media and Communications 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 Investment Management

A trusted brand

John Hancock Investment Management 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 n 800-852-0218 n jhinvestments.com

MF837989 | P6SA 4/19 6/19

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable at this time.

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.

Not applicable.

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

Not applicable.

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

(a) Not applicable.
(b)

|  |  | Total number of | Maximum number of
|  |  | shares purchased | shares that may yet
| Total number of | Average price per | as part of publicly | be purchased under
Period | shares purchased | share | announced plans* | the plans
Nov-18 | - | - | - | 1,164,659
Dec-18 | - | - | - | 1,164,659
Jan-19 | - | - | - | 1,164,659*
Feb-19 | - | - | - | 1,164,659
Mar-19 | - | - | - | 1,164,659
Apr-19 | - | - | - | 1,164,659
Total | - | - |  |
*In March 2015, the Board of Trustees approved a share repurchase plan, which has been subsequently reviewed and approved by the Board of Trustees. 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, 2018. The current share plan will remain in effect between January 1, 2019 and December 31, 2019.

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

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, Governance and Administration 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 second fiscal quarter of the period covered by this 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 7 to financial statements in Item 1.

ITEM 13. EXHIBITS.

(a) 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) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Nominating, Governance and Administration 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: | June 21, 2019

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: | June 21, 2019

By: | /s/ Charles A. Rizzo
| Charles A. Rizzo
| Chief Financial Officer
Date: | June 21, 2019