A message to shareholders

Dear shareholder,

Fixed-income returns were mostly positive globally over the past 12 months, with particular strength coming from U.S. high-yield bonds and emerging-market debt. Of note, despite being low compared with historical norms, longer-term bond yields in the United States continued to offer value relative to bond markets outside the United States, as many countries are grappling with negative yields as foreign central banks look for ways to spur growth.

Additional interest-rate increases by the U.S. Federal Reserve are widely expected, but the timing has proven hard to predict. Economic growth has been somewhat choppy; jobs gains have slowed in recent months but wages have risen. Political uncertainty has been another factor, with both the tasks facing U.S. President-elect Donald J. Trump to unite a fractured electorate and the aftershocks of the U.K.'s vote to leave the European Union reverberating internationally.

While riskier market segments have performed well in recent months, it's prudent to expect the trend won't be sustained indefinitely. Should markets encounter more turbulence as we finish out 2016, remember that one of your best resources is your financial advisor, who can help ensure your portfolio is sufficiently diversified to meet your long-term objectives and to withstand the inevitable bumps along the way.

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

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views, which are subject to change at any time. All investments entail risks, including the possible loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. For more up-to-date information, you can visit our website at jhinvestments.com.

Your fund at a glance

INVESTMENT OBJECTIVE

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

AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/16 (%)

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 fund's most recent performance and annualized distribution rate can be found at jhinvestments.com.

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, which could cause the fund to trade at a discount or premium to its NAV at any time.

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

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

The major bond indexes delivered strong returns for the past 12 months

A backdrop of slow global growth and accommodative central bank policies provided a firm underpinning for the bond market.

High-yield bond indexes outperformed

After a rocky start, higher-yielding asset classes recovered to post meaningful outperformance versus the fund's comparative index, the Bloomberg Barclays U.S. Government/Credit Bond Index.

Asset allocation was a key factor in the fund's results

The fund's substantial overweight position in high-yield bonds (those rated BB and below) made a significant contribution to its return.

PORTFOLIO COMPOSITION AS OF 10/31/16 (%)

A note about risks

As is the case with all 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, which may increase the potential tax gain or reduce the potential tax loss of a subsequent sale of shares of the fund. 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. Liquidity—the extent (if at all) 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. Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 3

Discussion of fund performance

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

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

How would you describe market conditions during the 12 months ended October 31, 2016?

The bond market delivered robust returns for investors in this timeframe, albeit with above-average volatility and shaky performance for the credit sectors early on. When the reporting period began, the financial markets were on edge regarding the protracted downturn in commodity prices, weaker growth in China, and the potential for multiple interest-rate increases in 2016. These concerns weighed heavily on investor risk appetites, pressuring the returns of investment-grade corporate and high-yield bonds. The downturn persisted until the middle of the first calendar quarter of 2016, leading to a substantial rise in yield spreads for both asset classes. U.S. Treasuries held up relatively well in this same timeframe, however, thanks to the flight to quality out of higher-risk investments.

This challenging backdrop changed for the better in mid-February, touching off a remarkable rally in the bond market's credit sectors. The European Central Bank and the Bank of Japan both cut interest rates into negative territory, and commentary from U.S. Federal Reserve (Fed) officials indicated a continuation of the Fed's gradual, data-dependent approach to raising rates. Government bond yields plunged in response (as prices rose), with the yields on many short- to intermediate-term overseas issues falling below zero. With few opportunities to earn meaningful income in lower-risk debt, investors instead sought the higher yields available in the credit sectors. High-yield bonds surged as a result, as did investment-grade corporates, albeit to a lesser extent. The subsequent rally carried through to the end of the period due to increased investor optimism and signs of improving global growth.

In this environment, the Bloomberg Barclays U.S. Government/Credit Bond Index—the fund's comparative index—produced a return of 4.84%. However, the superior 6.87% return of the Bloomberg Barclays U.S. Credit Bond Index (which holds no U.S. Treasuries) illustrates the extent of corporate bonds' outperformance. Consistent with the strength in lower-rated, higher-yielding securities, the BofA ML U.S. High Yield Master II Index—which measures the performance of the high-yield bond market—gained 10.17%.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 4

"The fund's overweight position in investment-grade corporate and high-yield bonds was an important factor in its outperformance."

What factors helped and hurt the fund's performance?

The fund's overweight position in investment-grade corporate and high-yield bonds was an important factor in its outperformance. Whereas the index holds only a modest weighting in investment-grade corporates and no allocation to high yield, a substantial portion of the portfolio was invested in these two areas at the end of October. As a result, the fund was ideally positioned to capitalize on their large performance advantage relative to the index.

The fund also generated positive returns from allocation to the securitized space, which includes mortgage-backed securities (both agency and nonagency), commercial mortgage-backed securities, and asset-backed securities. Although this segment did not perform as well as corporates and high yield, it outpaced U.S. Treasuries and aided results.

QUALITY COMPOSITION AS OF 10/31/16 (%)

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 5

The fund's sector positioning within corporates detracted from performance. We maintained an overweight in financials and a corresponding underweight in industrials, which was a slight headwind given that the former group posted a smaller gain. Financials tend to deliver stronger returns when interest rates are rising, so the Fed's decision to leave its interest-rate policy unchanged following its December 2015 rate hike prevented the sector from fully participating in the rally. Industrials, for their part, were boosted by the sizable outperformance for commodity- and energy-related industries. As a result, the fund's underweight position detracted from returns.

Security selection had a positive impact on performance, particularly in industrials and financials; however, the fund's duration and yield curve positioning detracted. (Duration is a measure of interest-rate sensitivity.) The fund held a shorter duration than the comparative index, a negative at a time in which rates fell. We view the fund's duration positioning not as a stand-alone strategy, but rather as a means to offset the added interest-rate exposure created by our use of leverage.

How would you summarize your investment shifts during the period?

As is typically the case, the portfolio shifts reflected our effort to capitalize on values that we identified through our bottom-up credit research. This process led us to increase the fund's weighting in both investment-grade corporate and high-yield bonds throughout the course of the period. We initially boosted the allocation to these asset categories in the sell-off of late 2015 and early this year, when yield spreads in the investment-grade space rose to levels more typical of a recession than an environment of slow, positive growth. In addition, the elevated yield spreads for high-yield bonds translated to a significant income advantage over U.S. Treasuries and other investments.

We funded a portion of these purchases by reducing the fund's allocation to income-producing equities in the first half of the annual period. We began to see a less favorable risk/reward balance in stocks, especially with price appreciation having reduced the dividend yields for many of the stocks held in the fund.

COUNTRY COMPOSITION AS OF 10/31/16 (%)

United States 86.7

France 2.7

United Kingdom 2.5

Netherlands 2.0

Canada 1.2

Other countries 4.9

TOTAL 100.0

As a percentage of total investments.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 6

As 2016 progressed, we trimmed the portfolio's position in U.S. government and government agency mortgage-backed securities—where we saw a less attractive value proposition after yields tightened to levels that no longer offered a meaningful advantage over U.S. Treasuries—and reinvested the proceeds into corporates and high yield. This shift was consistent with our belief that the corporate and high-yield space remained home to the most compelling opportunities in the U.S. market, even as prices rallied.

What is your broader view on the investment backdrop?

We believe the Fed's upcoming interest-rate moves will still be data dependent and in small increments. The U.S. economy continues to expand at a modest pace, and inflation—while ticking up somewhat from its level in 2015—remains below the 2% threshold that would trigger more aggressive tightening by the Fed. Additionally, we believe the yields on overseas government bonds remain unattractive on an absolute basis. Although there is always the potential for unforeseen events to create disruptions, we believe these factors continue to provide a firm foundation for performance in the credit sectors. We therefore maintained an overweight in corporates and high yield, together with a large underweight in U.S. Treasuries, at the close of the period.

MANAGED BY

Jeffrey N. Given, CFA
On the fund since 2002
Investing since 1993

Howard C. Greene, CFA
On the fund since 2002
Investing since 1979

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

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 7

Fund's investments

As of 10-31-16

Rate (%) Maturity date Par value^ Value

Corporate bonds 93.2% (62.5% of Total investments) $168,226,835

(Cost $164,115,828)

Consumer discretionary 10.8% 19,533,989

Auto components 0.7%

Delphi Automotive PLC 4.250 01-15-26 350,000 378,740

Lear Corp. 5.250 01-15-25 235,000 252,625

Nemak SAB de CV (S) 5.500 02-28-23 306,000 317,705

ZF North America Capital, Inc. (S) 4.750 04-29-25 280,000 295,400

Automobiles 2.5%

American Honda Finance Corp. (Z) 1.700 02-22-19 475,000 478,129

Ford Motor Company (Z) 4.750 01-15-43 145,000 145,163

Ford Motor Credit Company LLC (Z) 2.551 10-05-18 325,000 328,906

Ford Motor Credit Company LLC (Z) 5.875 08-02-21 928,000 1,052,729

General Motors Company (L)(Z) 4.875 10-02-23 650,000 700,098

General Motors Company (L)(Z) 6.250 10-02-43 380,000 435,480

General Motors Financial Company, Inc. 3.450 04-10-22 430,000 434,862

General Motors Financial Company, Inc. 4.000 01-15-25 560,000 562,981

General Motors Financial Company, Inc. 5.250 03-01-26 275,000 299,612

Diversified consumer services 0.2%

Service Corp. International 5.375 05-15-24 300,000 315,000

Hotels, restaurants and leisure 1.2%

CCM Merger, Inc. (S)(Z) 9.125 05-01-19 380,000 397,100

Chester Downs & Marina LLC (S) 9.250 02-01-20 225,000 220,500

Eldorado Resorts, Inc. 7.000 08-01-23 130,000 138,125

GLP Capital LP 5.375 04-15-26 255,000 270,300

International Game Technology PLC (S) 6.500 02-15-25 225,000 244,125

Mohegan Tribal Gaming Authority (S) 7.875 10-15-24 310,000 314,650

Mohegan Tribal Gaming Authority (L)(Z) 9.750 09-01-21 250,000 268,283

Seminole Tribe of Florida, Inc. (S) 6.535 10-01-20 400,000 402,000

Waterford Gaming LLC (H)(S) 8.625 09-15-14 99,739 0

Household durables 0.5%

Beazer Homes USA, Inc. (S) 8.750 03-15-22 370,000 393,125

Newell Brands, Inc. 2.150 10-15-18 192,000 194,111

Newell Brands, Inc. 4.200 04-01-26 310,000 334,959

Internet and direct marketing retail 0.9%

Expedia, Inc. (S) 5.000 02-15-26 670,000 700,843

QVC, Inc. 4.375 03-15-23 325,000 326,383

QVC, Inc. 5.125 07-02-22 255,000 267,245

QVC, Inc. 5.450 08-15-34 315,000 291,465

Leisure products 0.1%

Vista Outdoor, Inc. 5.875 10-01-23 255,000 267,776

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 8

Rate (%) Maturity date Par value^ Value

Consumer discretionary (continued)

Media 4.0%

21st Century Fox America, Inc. 7.750 01-20-24 1,020,000 $1,223,931

Altice Financing SA (S) 6.625 02-15-23 200,000 206,126

Cengage Learning, Inc. (L)(S)(Z) 9.500 06-15-24 265,000 246,450

Charter Communications Operating LLC (S) 6.484 10-23-45 380,000 446,644

Clear Channel Worldwide Holdings, Inc. (L)(Z) 6.500 11-15-22 260,000 264,940

LG FinanceCo Corp. (L)(S)(Z) 5.875 11-01-24 50,000 50,469

McGraw-Hill Global Education Holdings LLC (L)(S)(Z) 7.875 05-15-24 75,000 81,563

MDC Partners, Inc. (L)(S)(Z) 6.500 05-01-24 270,000 229,500

Midcontinent Communications (S) 6.875 08-15-23 140,000 149,100

Myriad International Holdings BV (S) 5.500 07-21-25 400,000 424,032

Omnicom Group, Inc. (Z) 3.600 04-15-26 285,000 296,196

Radio One, Inc. (S) 9.250 02-15-20 255,000 229,500

Sinclair Television Group, Inc. (S) 5.625 08-01-24 335,000 340,863

Sirius XM Radio, Inc. (S) 5.250 08-15-22 845,000 878,800

Sirius XM Radio, Inc. (S) 5.375 04-15-25 265,000 270,963

Sirius XM Radio, Inc. (S) 5.375 07-15-26 375,000 380,977

Time Warner Cable LLC (L)(Z) 8.250 04-01-19 375,000 428,732

Viacom, Inc. (Z) 4.375 03-15-43 820,000 755,113

WMG Acquisition Corp. (S) 6.750 04-15-22 370,000 390,350

Specialty retail 0.7%

AutoNation, Inc. 4.500 10-01-25 225,000 235,482

L Brands, Inc. 6.625 04-01-21 475,000 546,250

L Brands, Inc. 6.875 11-01-35 250,000 265,000

WMG Acquisition Corp. (S) 4.875 11-01-24 165,000 164,588

Consumer staples 5.8% 10,524,229

Beverages 2.6%

Anheuser-Busch InBev Finance, Inc. (Z) 4.900 02-01-46 1,000,000 1,147,155

Coca-Cola European Partners US LLC (Z) 4.500 09-01-21 1,000,000 1,106,098

Constellation Brands, Inc. (L)(Z) 4.750 11-15-24 180,000 197,100

Molson Coors Brewing Company 1.450 07-15-19 165,000 164,003

Molson Coors Brewing Company 3.000 07-15-26 390,000 386,778

PepsiCo, Inc. (Z) 1.500 02-22-19 440,000 442,206

Pernod Ricard SA (S) 5.750 04-07-21 1,125,000 1,285,350

Food and staples retailing 1.6%

CVS Health Corp. (Z) 2.875 06-01-26 255,000 253,228

CVS Health Corp. (Z) 5.125 07-20-45 510,000 593,724

SUPERVALU, Inc. (L)(Z) 7.750 11-15-22 350,000 355,250

Tops Holding II Corp. 8.750 06-15-18 140,000 127,400

Tops Holding LLC (S) 8.000 06-15-22 505,000 444,400

Walgreens Boots Alliance, Inc. (Z) 1.750 05-30-18 405,000 406,908

Whole Foods Market, Inc. 5.200 12-03-25 590,000 635,473

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 9

Rate (%) Maturity date Par value^ Value

Consumer staples (continued)

Food products 1.2%

Bunge, Ltd. Finance Corp. (Z) 8.500 06-15-19 389,000 $453,298

Kraft Heinz Foods Company 2.000 07-02-18 480,000 483,443

Kraft Heinz Foods Company (S) 4.875 02-15-25 221,000 242,853

Kraft Heinz Foods Company 5.200 07-15-45 345,000 390,439

Mondelez International Holdings Netherlands BV (S)(Z) 1.625 10-28-19 380,000 378,663

Post Holdings, Inc. (S) 7.750 03-15-24 240,000 263,760

Personal products 0.3%

Revlon Consumer Products Corp. 5.750 02-15-21 260,000 262,600

Revlon Consumer Products Corp. (L)(S)(Z) 6.250 08-01-24 225,000 231,750

Tobacco 0.1%

Vector Group, Ltd. 7.750 02-15-21 260,000 272,350

Energy 9.1% 16,398,277

Energy equipment and services 0.5%

Antero Midstream Partners LP (S) 5.375 09-15-24 275,000 276,891

Emera US Finance LP (L)(S)(Z) 3.550 06-15-26 205,000 209,473

MPLX LP (L)(Z) 4.875 12-01-24 345,000 360,944

Oil, gas and consumable fuels 8.6%

Cenovus Energy, Inc. 4.450 09-15-42 380,000 333,396

Cimarex Energy Company (Z) 4.375 06-01-24 235,000 247,754

Colorado Interstate Gas Company LLC (S) 4.150 08-15-26 233,000 231,350

Columbia Pipeline Group, Inc. (Z) 4.500 06-01-25 540,000 583,704

Continental Resources, Inc. (L)(Z) 5.000 09-15-22 548,000 539,780

DCP Midstream LLC (S) 9.750 03-15-19 405,000 455,625

DCP Midstream LLC (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (S) 5.850 05-21-43 370,000 314,500

DCP Midstream Operating LP 2.700 04-01-19 300,000 293,250

DCP Midstream Operating LP 3.875 03-15-23 290,000 282,025

Enbridge Energy Partners LP 4.375 10-15-20 260,000 277,427

Energy Transfer Partners LP 5.150 03-15-45 345,000 321,524

Energy Transfer Partners LP 9.700 03-15-19 425,000 492,199

EnLink Midstream Partners LP 4.850 07-15-26 180,000 183,427

Enterprise Products Operating LLC (8.375% to 8-19-16, then 3 month LIBOR + 3.708%) 4.464 08-01-66 440,000 418,550

Gulfport Energy Corp. (S) 6.000 10-15-24 55,000 55,963

Kerr-McGee Corp. (L)(Z) 6.950 07-01-24 1,035,000 1,241,386

Kinder Morgan Energy Partners LP (L)(Z) 3.500 03-01-21 500,000 514,047

Kinder Morgan Energy Partners LP 7.750 03-15-32 195,000 238,885

Kinder Morgan, Inc. (L)(Z) 4.300 06-01-25 220,000 229,018

Kinder Morgan, Inc. 5.550 06-01-45 450,000 465,639

Lukoil International Finance BV (S) 3.416 04-24-18 675,000 682,480

MPLX LP 4.000 02-15-25 150,000 148,335

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 10

Rate (%) Maturity date Par value^ Value

Energy (continued)

Oil, gas and consumable fuels (continued)

Newfield Exploration Company 5.625 07-01-24 48,000 $49,920

Newfield Exploration Company 5.750 01-30-22 115,000 119,888

Occidental Petroleum Corp. (Z) 3.400 04-15-26 310,000 322,951

Petro-Canada (Z) 9.250 10-15-21 1,000,000 1,273,928

Petroleos Mexicanos (L)(Z) 4.875 01-24-22 275,000 281,133

Regency Energy Partners LP 5.000 10-01-22 95,000 101,956

Regency Energy Partners LP (Z) 5.500 04-15-23 490,000 504,763

Regency Energy Partners LP 5.875 03-01-22 90,000 100,812

Resolute Energy Corp. 8.500 05-01-20 180,000 178,650

Shell International Finance BV (Z) 4.375 05-11-45 725,000 762,978

Summit Midstream Holdings LLC 7.500 07-01-21 280,000 291,200

Sunoco Logistics Partners Operations LP (L)(Z) 3.900 07-15-26 460,000 466,209

Sunoco Logistics Partners Operations LP (L)(Z) 4.400 04-01-21 377,000 406,743

Tallgrass Energy Partners LP (S) 5.500 09-15-24 105,000 104,475

Teekay Offshore Partners LP 6.000 07-30-19 460,000 390,425

Tesoro Logistics LP 6.125 10-15-21 400,000 418,500

Tesoro Logistics LP 6.375 05-01-24 265,000 285,538

Williams Partners LP 4.875 05-15-23 230,000 233,082

Williams Partners LP (Z) 4.875 03-15-24 690,000 707,554

Financials 29.9% 53,954,640

Banks 14.8%

Australia & New Zealand Banking Group, Ltd. (6.750% to 6-15-26, then 5 Year U.S. ISDAFIX + 5.168%) (L)(Q)(S)(Z) 6.750 06-15-26 200,000 219,615

Bank of America Corp. 3.950 04-21-25 135,000 138,643

Bank of America Corp. 4.200 08-26-24 280,000 292,535

Bank of America Corp. (Z) 4.250 10-22-26 315,000 330,125

Bank of America Corp. 4.450 03-03-26 580,000 619,384

Bank of America Corp. (Z) 6.875 04-25-18 1,000,000 1,074,580

Bank of America Corp. (6.250% to 9-5-24, then 3 month LIBOR + 3.705%) (Q) 6.250 09-05-24 470,000 492,325

Bank of America Corp. (6.300% to 3-10-26, then 3 month LIBOR + 4.553%) (L)(Q)(Z) 6.300 03-10-26 220,000 240,053

Bank of America Corp. (8.000% to 1-30-18, then 3 month LIBOR + 3.630%) (Q) 8.000 01-30-18 440,000 448,250

BankUnited, Inc. 4.875 11-17-25 455,000 463,018

Barclays Bank PLC (S) 10.179 06-12-21 575,000 727,140

Barclays PLC (Z) 4.375 01-12-26 340,000 349,888

BPCE SA (S)(Z) 4.500 03-15-25 475,000 479,705

BPCE SA (L)(S)(Z) 5.700 10-22-23 1,145,000 1,240,570

Citigroup, Inc. (Z) 4.600 03-09-26 430,000 457,413

Citigroup, Inc. (6.250% to 8-15-26, then 3 month LIBOR + 4.517%) (L)(Q)(Z) 6.250 08-15-26 525,000 565,241

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 11

Rate (%) Maturity date Par value^ Value

Financials (continued)

Banks (continued)

Commerzbank AG (S) 8.125 09-19-23 350,000 $402,360

Cooperatieve Rabobank UA (11.000% to 6-30-19, then 3 month LIBOR + 10.868%) (Q)(S)(Z) 11.000 06-30-19 1,000,000 1,204,900

Credit Agricole SA (6.625% to 9-23-19, then 5 Year U.S. Swap Rate + 4.697%) (Q)(S) 6.625 09-23-19 450,000 437,625

Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (L)(Q)(S)(Z) 7.875 01-23-24 600,000 607,968

Credit Agricole SA (8.125% to 9-19-18, then 5 Year U.S. Swap Rate + 6.283%) (S)(Z) 8.125 09-19-33 250,000 270,625

Fifth Third Bancorp (5.100% to 6-30-23, then 3 month LIBOR + 3.033%) (L)(Q)(Z) 5.100 06-30-23 420,000 405,384

HBOS PLC (S)(Z) 6.750 05-21-18 825,000 877,172

HSBC Holdings PLC (6.375% to 9-17-24, then 5 Year U.S. ISDAFIX + 3.705%) (Q) 6.375 09-17-24 200,000 199,302

HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (L)(Q)(Z) 6.875 06-01-21 340,000 357,850

ING Bank NV (S)(Z) 5.800 09-25-23 1,000,000 1,124,922

JPMorgan Chase & Co. (Z) 3.200 06-15-26 410,000 414,408

JPMorgan Chase & Co. (Z) 4.625 05-10-21 720,000 792,693

JPMorgan Chase & Co. (5.300% to 5-1-20, then 3 month LIBOR + 3.800%) (Q) 5.300 05-01-20 465,000 471,975

JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (L)(Q)(Z) 6.750 02-01-24 805,000 893,550

Lloyds Banking Group PLC (L)(Z) 4.650 03-24-26 880,000 906,130

Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (L)(Q)(Z) 7.500 06-27-24 385,000 396,550

M&T Bank Corp. (5.125% to 11-1-26, then 3 month LIBOR + 3.520%) (P)(Q) 3.520 11-01-26 345,000 347,588

Manufacturers & Traders Trust Company (5.629% to 12-1-16, then 3 month LIBOR + 6.400%) (Z) 5.629 12-01-21 485,000 476,416

Mizuho Financial Group Cayman 3, Ltd. (S) 4.600 03-27-24 705,000 765,780

Popular, Inc. 7.000 07-01-19 260,000 269,425

Royal Bank of Scotland Group PLC 4.800 04-05-26 320,000 327,917

Royal Bank of Scotland Group PLC (8.000% to 8-10-25, then 5 Year U.S. Swap Rate + 5.720%) (Q) 8.000 08-10-25 200,000 190,000

Santander Holdings USA, Inc. (L)(Z) 2.700 05-24-19 635,000 641,181

Santander UK Group Holdings PLC (L)(S)(Z) 4.750 09-15-25 365,000 363,766

Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (L)(Q)(S)(Z) 7.375 09-13-21 340,000 337,110

Societe Generale SA (8.000% to 9-29-25, then 5 Year U.S. ISDAFIX + 5.873%) (L)(Q)(S)(Z) 8.000 09-29-25 420,000 423,675

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 12

Rate (%) Maturity date Par value^ Value

Financials (continued)

Banks (continued)

Societe Generale SA (8.250% to 11-29-18, then 5 Year U.S. Swap Rate + 6.394%) (Q) 8.250 11-29-18 385,000 $396,069

Standard Chartered PLC (S)(Z) 2.100 08-19-19 750,000 749,360

Sumitomo Mitsui Banking Corp. 2.450 01-10-19 598,000 606,065

Synovus Financial Corp. 7.875 02-15-19 200,000 221,000

The PNC Financial Services Group, Inc. (4.850% to 6-1-23, then 3 month LIBOR + 3.040%) (L)(Q)(Z) 4.850 06-01-23 335,000 330,813

The PNC Financial Services Group, Inc. (6.750% to 8-1-21, then 3 month LIBOR + 3.678%) (Q)(Z) 6.750 08-01-21 520,000 577,200

Wells Fargo & Company (Z) 4.650 11-04-44 255,000 263,836

Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (Q)(Z) 5.875 06-15-25 765,000 820,701

Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (Q)(Z) 5.900 06-15-24 290,000 303,413

Wells Fargo & Company, Series K (7.980% to 3-15-18, then 3 month LIBOR + 3.770%) (Q)(Z) 7.980 03-15-18 370,000 385,725

Capital markets 4.4%

Ares Capital Corp. (Z) 3.875 01-15-20 430,000 442,170

Credit Suisse Group AG (7.500% to 12-11-23, then 5 Year U.S. Swap Rate + 4.598%) (L)(Q)(S)(Z) 7.500 12-11-23 295,000 305,325

FS Investment Corp. (Z) 4.000 07-15-19 435,000 440,107

Jefferies Group LLC 6.875 04-15-21 1,005,000 1,167,216

Jefferies Group LLC (L)(Z) 8.500 07-15-19 235,000 269,183

Macquarie Bank, Ltd. (L)(S)(Z) 4.875 06-10-25 520,000 541,565

Morgan Stanley (Z) 2.450 02-01-19 255,000 258,927

Morgan Stanley (Z) 3.875 01-27-26 400,000 421,648

Morgan Stanley (Z) 5.500 01-26-20 450,000 496,148

Morgan Stanley (Z) 7.300 05-13-19 895,000 1,012,005

Morgan Stanley (5.550% to 7-15-20, then 3 month LIBOR + 3.810%) (L)(Q)(Z) 5.550 07-15-20 325,000 332,719

Stifel Financial Corp. (Z) 4.250 07-18-24 315,000 317,933

The Bear Stearns Companies LLC (Z) 7.250 02-01-18 1,000,000 1,069,464

The Goldman Sachs Group, Inc. (Z) 2.000 04-25-19 255,000 256,445

The Goldman Sachs Group, Inc. (Z) 3.750 05-22-25 340,000 353,830

The Goldman Sachs Group, Inc. (Z) 4.750 10-21-45 245,000 269,732

Consumer finance 3.8%

Ally Financial, Inc. 3.250 11-05-18 325,000 325,000

Ally Financial, Inc. (L)(Z) 5.125 09-30-24 645,000 675,638

Capital One Financial Corp. (Z) 2.450 04-24-19 275,000 279,652

Capital One Financial Corp. (Z) 3.500 06-15-23 1,100,000 1,135,495

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 13

Rate (%) Maturity date Par value^ Value

Financials (continued)

Consumer finance (continued)

Capital One Financial Corp. 3.750 07-28-26 570,000 $568,349

Capital One Financial Corp. (Z) 4.200 10-29-25 440,000 457,069

Capital One Financial Corp. (5.550% to 6-1-20, then 3 month LIBOR + 3.800%) (L)(Q)(Z) 5.550 06-01-20 350,000 353,888

Capital One NA (Z) 2.350 08-17-18 350,000 353,935

Credit Acceptance Corp. 6.125 02-15-21 395,000 396,975

Credito Real SAB de CV SOFOM ER (S) 7.500 03-13-19 325,000 335,156

Discover Bank 2.600 11-13-18 510,000 518,007

Discover Financial Services 3.950 11-06-24 750,000 761,099

Discover Financial Services 5.200 04-27-22 290,000 320,516

Enova International, Inc. 9.750 06-01-21 390,000 365,625

Diversified financial services 1.5%

Doric Nimrod Air Alpha 2013-1 Class B Pass Through Trust (S) 6.125 11-30-21 186,477 195,334

Leucadia National Corp. 5.500 10-18-23 655,000 688,049

NewStar Financial, Inc. 7.250 05-01-20 435,000 435,000

S&P Global, Inc. (Z) 4.000 06-15-25 495,000 531,090

S&P Global, Inc. (Z) 4.400 02-15-26 340,000 377,161

Voya Financial, Inc. (5.650% to 5-15-23, then 3 month LIBOR + 3.580%) 5.650 05-15-53 419,000 416,905

Insurance 3.0%

Aquarius & Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%) 6.375 09-01-24 235,000 246,672

Assured Guaranty US Holdings, Inc. (Z) 5.000 07-01-24 510,000 566,005

AXA SA (Z) 8.600 12-15-30 175,000 245,875

AXA SA (6.379% to 12-14-36, then 3 month LIBOR + 2.256%) (L)(Q)(S)(Z) 6.379 12-14-36 240,000 261,797

CNA Financial Corp. 7.250 11-15-23 135,000 164,167

CNO Financial Group, Inc. 5.250 05-30-25 450,000 457,875

Liberty Mutual Group, Inc. (7.800% to 3-15-37, then 3 month LIBOR +3.576%) (S) 7.800 03-07-87 705,000 828,375

MetLife, Inc. (Z) 6.400 12-15-66 355,000 397,600

Nippon Life Insurance Company (5.100% to 10-16-24, then 5 Year U.S. ISDAFIX + 3.650%) (S) 5.100 10-16-44 365,000 399,445

Prudential Financial, Inc. (5.200% to 3-15-24, then 3 month LIBOR + 3.040%) (Z) 5.200 03-15-44 270,000 276,075

Prudential Financial, Inc. (5.875% to 9-15-22, then 3 month LIBOR + 4.175%) (Z) 5.875 09-15-42 267,000 292,365

Teachers Insurance & Annuity Association of America (S)(Z) 6.850 12-16-39 555,000 747,401

The Hartford Financial Services Group, Inc. (8.125% to 6-15-18, then 3 month LIBOR + 4.603%) 8.125 06-15-68 505,000 551,713

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 14

Rate (%) Maturity date Par value^ Value

Financials (continued)

Real estate investment trusts 1.0%

American Tower Corp. (Z) 5.000 02-15-24 500,000 $557,143

Crown Castle Towers LLC (S)(Z) 4.883 08-15-40 710,000 771,663

Vereit Operating Partnership LP 4.600 02-06-24 523,000 542,613

Thrifts and mortgage finance 1.4%

Flagstar Bancorp, Inc. (S) 6.125 07-15-21 255,000 265,591

MGIC Investment Corp. (L)(Z) 5.750 08-15-23 70,000 73,850

Nationstar Mortgage LLC 6.500 07-01-21 295,000 292,788

Nationstar Mortgage LLC 7.875 10-01-20 340,000 346,800

Nationstar Mortgage LLC (L)(Z) 9.625 05-01-19 295,000 309,013

Quicken Loans, Inc. (L)(S)(Z) 5.750 05-01-25 550,000 543,125

Radian Group, Inc. 5.250 06-15-20 170,000 178,713

Radian Group, Inc. 7.000 03-15-21 295,000 330,677

Stearns Holdings LLC (S) 9.375 08-15-20 164,000 164,000

Health care 5.9% 10,649,505

Biotechnology 1.1%

AbbVie, Inc. (Z) 3.600 05-14-25 420,000 427,613

Amgen, Inc. (Z) 4.400 05-01-45 240,000 244,280

Celgene Corp. (Z) 5.000 08-15-45 140,000 150,358

Shire Acquisitions Investments Ireland DAC (Z) 1.900 09-23-19 470,000 468,901

Shire Acquisitions Investments Ireland DAC (Z) 3.200 09-23-26 705,000 693,413

Health care equipment and supplies 0.4%

Medtronic, Inc. (Z) 4.625 03-15-45 330,000 373,946

Zimmer Biomet Holdings, Inc. 3.550 04-01-25 435,000 442,740

Health care providers and services 3.0%

Express Scripts Holding Company (Z) 4.500 02-25-26 600,000 643,193

Express Scripts Holding Company (Z) 4.750 11-15-21 1,000,000 1,106,130

Fresenius US Finance II, Inc. (S) 4.500 01-15-23 255,000 265,838

HCA, Inc. 5.250 04-15-25 375,000 392,813

HCA, Inc. 5.250 06-15-26 255,000 266,603

HCA, Inc. 7.500 02-15-22 300,000 341,250

LifePoint Health, Inc. (L)(S)(Z) 5.375 05-01-24 285,000 283,233

Medco Health Solutions, Inc. (Z) 7.125 03-15-18 275,000 295,034

MEDNAX, Inc. (S) 5.250 12-01-23 260,000 271,700

Molina Healthcare, Inc. (L)(Z) 5.375 11-15-22 300,000 312,186

Select Medical Corp. (L)(Z) 6.375 06-01-21 360,000 357,638

Teva Pharmaceutical Finance Netherlands III BV 3.150 10-01-26 315,000 306,546

Universal Health Services, Inc. (S) 4.750 08-01-22 240,000 246,480

WellCare Health Plans, Inc. (L)(Z) 5.750 11-15-20 255,000 262,650

Pharmaceuticals 1.4%

Actavis Funding SCS (L)(Z) 3.800 03-15-25 1,000,000 1,038,872

Mylan NV (S) 2.500 06-07-19 339,000 342,446

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 15

Rate (%) Maturity date Par value^ Value

Health care (continued)

Pharmaceuticals (continued)

Mylan NV (S) 3.950 06-15-26 850,000 $848,167

Quintiles IMS, Inc. (S) 4.875 05-15-23 260,000 267,475

Industrials 12.0% 21,657,354

Aerospace and defense 1.3%

Huntington Ingalls Industries, Inc. (S) 5.000 12-15-21 350,000 366,625

Huntington Ingalls Industries, Inc. (S) 5.000 11-15-25 250,000 262,970

Lockheed Martin Corp. (Z) 2.900 03-01-25 386,000 391,873

Lockheed Martin Corp. (Z) 4.700 05-15-46 295,000 335,198

Textron Financial Corp. (6.000% to 2-15-17, then 3 month LIBOR + 1.735%) (S) 6.000 02-15-67 925,000 668,313

Textron, Inc. 7.250 10-01-19 240,000 272,509

Air freight and logistics 0.3%

XPO Logistics, Inc. (L)(S)(Z) 6.500 06-15-22 540,000 561,600

Airlines 3.9%

Air Canada 2013-1 Class C Pass Through Trust (S) 6.625 05-15-18 310,000 323,175

America West Airlines 2000-1 Pass Through Trust 8.057 01-02-22 78,450 88,256

American Airlines 2011-1 Class B Pass Through Trust (S) 7.000 07-31-19 532,579 560,539

American Airlines 2013-2 Class A Pass Through Trust (Z) 4.950 07-15-24 351,610 383,695

American Airlines 2015-1 Class B Pass Through Trust 3.700 11-01-24 572,205 563,622

American Airlines 2016-1 Class A Pass Through Trust (Z) 4.100 07-15-29 189,422 201,261

British Airways 2013-1 Class A Pass Through Trust (S)(Z) 4.625 06-20-24 558,834 597,952

British Airways 2013-1 Class B Pass Through Trust (S) 5.625 12-20-21 170,835 179,377

Continental Airlines 1997-4 Class A Pass Through Trust 6.900 07-02-19 82,361 83,341

Continental Airlines 1998-1 Class A Pass Through Trust 6.648 03-15-19 31,230 31,639

Continental Airlines 1999-1 Class A Pass Through Trust 6.545 08-02-20 127,847 135,122

Continental Airlines 2000-2 Class B Pass Through Trust 8.307 10-02-19 25,465 26,865

Continental Airlines 2007-1 Class A Pass Through Trust (Z) 5.983 10-19-23 426,264 480,612

Continental Airlines 2012-1 Class B Pass Through Trust 6.250 10-11-21 154,864 164,156

Delta Air Lines 2002-1 Class G-1 Pass Through Trust 6.718 07-02-24 545,866 627,746

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 16

Rate (%) Maturity date Par value^ Value

Industrials (continued)

Airlines (continued)

Delta Air Lines 2010-1 Class A Pass Through Trust 6.200 01-02-20 108,107 $115,134

Delta Air Lines 2011-1 Class A Pass Through Trust 5.300 10-15-20 195,090 208,746

Northwest Airlines 2007-1 Class A Pass Through Trust 7.027 05-01-21 316,634 356,213

UAL 2009-1 Pass Through Trust 10.400 05-01-18 32,789 32,891

UAL 2009-2A Pass Through Trust 9.750 07-15-18 106,404 108,194

United Airlines 2014-2 Class A Pass Through Trust (Z) 3.750 03-03-28 457,027 480,163

United Airlines 2014-2 Class B Pass Through Trust 4.625 03-03-24 456,635 464,626

United Airlines 2016-1 Class A Pass Through Trust (Z) 3.450 01-07-30 245,000 252,350

US Airways 2010-1 Class A Pass Through Trust 6.250 10-22-24 341,811 387,100

US Airways 2012-1 Class A Pass Through Trust (Z) 5.900 04-01-26 255,348 292,693

Building products 1.3%

Builders FirstSource, Inc. (S) 10.750 08-15-23 215,000 247,250

Masco Corp. 4.375 04-01-26 255,000 265,200

Masco Corp. 4.450 04-01-25 275,000 287,031

Owens Corning 3.400 08-15-26 422,000 417,731

Owens Corning 4.200 12-15-22 1,095,000 1,162,775

Commercial services and supplies 0.3%

LSC Communications, Inc. (S) 8.750 10-15-23 210,000 206,850

Prime Security Services Borrower LLC (S) 9.250 05-15-23 255,000 270,402

Construction and engineering 0.2%

Engility Corp. (S) 8.875 09-01-24 42,000 42,840

Tutor Perini Corp. (L)(Z) 7.625 11-01-18 395,000 394,803

Electrical equipment 0.3%

AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (L)(S)(Z) 6.500 06-15-45 350,000 360,500

Cortes NP Acquisition Corp. (S) 9.250 10-15-24 95,000 99,513

EnerSys (S) 5.000 04-30-23 95,000 97,375

Industrial conglomerates 0.7%

General Electric Company (5.000% to 1-21-21, then 3 month LIBOR + 3.330%) (Q)(Z) 5.000 01-21-21 1,148,000 1,216,191

Machinery 0.4%

SPL Logistics Escrow LLC (S) 8.875 08-01-20 215,000 182,750

Trinity Industries, Inc. 4.550 10-01-24 555,000 547,534

Professional services 0.4%

Verisk Analytics, Inc. 4.000 06-15-25 645,000 673,842

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 17

Rate (%) Maturity date Par value^ Value

Industrials (continued)

Road and rail 0.4%

Penske Truck Leasing Company LP (S) 3.375 02-01-22 640,000 $661,597

Trading companies and distributors 2.4%

AerCap Ireland Capital, Ltd. 4.625 10-30-20 435,000 457,838

Ahern Rentals, Inc. (S) 7.375 05-15-23 395,000 258,725

Air Lease Corp. (Z) 3.000 09-15-23 275,000 272,121

Air Lease Corp. (L)(Z) 3.375 01-15-19 170,000 174,759

Air Lease Corp. (L)(Z) 3.875 04-01-21 255,000 269,795

Air Lease Corp. (Z) 5.625 04-01-17 175,000 177,833

Aircastle, Ltd. 5.000 04-01-23 620,000 641,700

Aircastle, Ltd. 5.500 02-15-22 215,000 230,588

Aircastle, Ltd. 6.250 12-01-19 195,000 212,306

Aircastle, Ltd. 7.625 04-15-20 160,000 182,000

Ashtead Capital, Inc. (S) 5.625 10-01-24 205,000 215,763

International Lease Finance Corp. 5.875 04-01-19 240,000 257,923

International Lease Finance Corp. (S)(Z) 7.125 09-01-18 290,000 315,738

United Rentals North America, Inc. (L)(Z) 5.500 07-15-25 260,000 263,250

United Rentals North America, Inc. (L)(Z) 5.750 11-15-24 320,000 332,000

Transportation infrastructure 0.1%

Florida East Coast Holdings Corp. (S) 6.750 05-01-19 255,000 256,275

Information technology 4.1% 7,460,734

Communications equipment 0.0%

Hughes Satellite Systems Corp. (S) 5.250 08-01-26 90,000 88,650

Electronic equipment, instruments and components 0.3%

Jabil Circuit, Inc. 4.700 09-15-22 265,000 275,600

Zebra Technologies Corp. (L)(Z) 7.250 10-15-22 270,000 290,925

Internet software and services 0.5%

eBay, Inc. (Z) 2.500 03-09-18 245,000 248,036

Match Group, Inc. 6.375 06-01-24 260,000 280,800

VeriSign, Inc. 5.250 04-01-25 270,000 284,850

IT services 0.6%

Sixsigma Networks Mexico SA de CV (S) 8.250 11-07-21 200,000 196,000

Visa, Inc. (Z) 3.150 12-14-25 505,000 527,014

Visa, Inc. (Z) 4.300 12-14-45 376,000 419,845

Semiconductors and semiconductor equipment 0.6%

Micron Technology, Inc. (L)(Z) 5.875 02-15-22 280,000 289,212

Micron Technology, Inc. (S) 7.500 09-15-23 250,000 275,938

Qorvo, Inc. 6.750 12-01-23 260,000 284,700

Qorvo, Inc. 7.000 12-01-25 255,000 279,225

Software 1.4%

Activision Blizzard, Inc. (L)(S)(Z) 3.400 09-15-26 400,000 398,860

Activision Blizzard, Inc. (S) 6.125 09-15-23 365,000 401,956

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 18

Rate (%) Maturity date Par value^ Value

Information technology (continued)

Software (continued)

Electronic Arts, Inc. (L)(Z) 4.800 03-01-26 715,000 $782,221

Microsoft Corp. (Z) 4.450 11-03-45 535,000 588,860

Open Text Corp. (S) 5.875 06-01-26 265,000 282,225

Technology hardware, storage and peripherals 0.7%

Diamond 1 Finance Corp. (S) 6.020 06-15-26 825,000 898,937

Diamond 1 Finance Corp. (L)(S)(Z) 7.125 06-15-24 85,000 93,130

Western Digital Corp. (S) 7.375 04-01-23 250,000 273,750

Materials 2.9% 5,185,186

Chemicals 1.5%

Braskem Finance, Ltd. (S) 7.000 05-07-20 515,000 566,500

Incitec Pivot Finance LLC (S) 6.000 12-10-19 345,000 372,500

NOVA Chemicals Corp. (S) 5.000 05-01-25 535,000 537,006

Platform Specialty Products Corp. (L)(S)(Z) 6.500 02-01-22 535,000 518,950

Rain CII Carbon LLC (S) 8.250 01-15-21 315,000 307,125

The Chemours Company (L)(Z) 6.625 05-15-23 456,000 442,320

Construction materials 0.3%

Cemex SAB de CV (L)(S)(Z) 6.125 05-05-25 360,000 372,600

Eagle Materials, Inc. 4.500 08-01-26 60,000 60,499

Containers and packaging 0.1%

Cascades, Inc. (L)(S)(Z) 5.500 07-15-22 233,000 237,807

Metals and mining 0.8%

Allegheny Technologies, Inc. 9.375 06-01-19 715,000 750,750

Arconic, Inc. (L)(Z) 5.125 10-01-24 390,000 406,583

Novelis Corp. (S) 5.875 09-30-26 70,000 70,875

Vale Overseas, Ltd. (L)(Z) 6.250 08-10-26 177,000 189,833

Paper and forest products 0.2%

Boise Cascade Company (S) 5.625 09-01-24 80,000 80,900

Norbord, Inc. (S) 6.250 04-15-23 255,000 270,938

Real estate 3.2% 5,679,201

Equity real estate investment trusts 3.2%

American Tower Corp. 3.400 02-15-19 305,000 316,099

American Tower Corp. (Z) 4.700 03-15-22 400,000 441,032

Crown Castle International Corp. (Z) 4.450 02-15-26 335,000 363,046

Crown Castle Towers LLC (S)(Z) 6.113 01-15-40 451,000 497,585

Highwoods Realty LP (Z) 5.850 03-15-17 310,000 314,872

Iron Mountain, Inc. (L)(Z) 5.750 08-15-24 395,000 404,875

Iron Mountain, Inc. 6.000 08-15-23 440,000 467,500

MPT Operating Partnership LP 6.375 02-15-22 320,000 332,000

Omega Healthcare Investors, Inc. (Z) 4.500 01-15-25 295,000 299,937

Omega Healthcare Investors, Inc. 4.950 04-01-24 350,000 365,240

Omega Healthcare Investors, Inc. (Z) 5.250 01-15-26 180,000 190,398

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 19

Rate (%) Maturity date Par value^ Value

Real estate (continued)

Equity real estate investment trusts (continued)

Ventas Realty LP (Z) 3.500 02-01-25 575,000 $588,343

Ventas Realty LP (Z) 3.750 05-01-24 140,000 146,339

Welltower, Inc. (Z) 3.750 03-15-23 265,000 276,348

Welltower, Inc. (Z) 4.000 06-01-25 645,000 675,587

Telecommunication services 3.8% 6,840,957

Diversified telecommunication services 2.6%

AT&T, Inc. (Z) 3.875 08-15-21 800,000 848,241

AT&T, Inc. (Z) 4.750 05-15-46 287,000 281,130

Cincinnati Bell, Inc. (S) 7.000 07-15-24 80,000 83,800

Frontier Communications Corp. (L)(Z) 8.875 09-15-20 315,000 334,688

GCI, Inc. 6.875 04-15-25 240,000 243,600

T-Mobile USA, Inc. 6.125 01-15-22 245,000 259,088

T-Mobile USA, Inc. 6.250 04-01-21 250,000 260,313

Telecom Italia Capital SA 7.200 07-18-36 365,000 394,200

Verizon Communications, Inc. (Z) 4.400 11-01-34 260,000 263,838

Verizon Communications, Inc. (Z) 4.672 03-15-55 295,000 287,534

Verizon Communications, Inc. (Z) 4.862 08-21-46 830,000 875,524

Verizon Communications, Inc. (Z) 5.012 08-21-54 255,000 263,633

Wind Acquisition Finance SA (S) 7.375 04-23-21 355,000 363,875

Wireless telecommunication services 1.2%

CC Holdings GS V LLC (Z) 3.849 04-15-23 350,000 369,030

Digicel Group, Ltd. (L)(S)(Z) 8.250 09-30-20 385,000 339,955

Digicel, Ltd. (L)(S)(Z) 6.750 03-01-23 295,000 264,674

Millicom International Cellular SA (L)(S)(Z) 4.750 05-22-20 210,000 210,819

Millicom International Cellular SA (L)(S)(Z) 6.625 10-15-21 300,000 313,890

MTN Mauritius Investments, Ltd. (S) 4.755 11-11-24 225,000 211,790

SBA Tower Trust (S) 3.598 04-15-43 370,000 371,335

Utilities 5.7% 10,342,763

Electric utilities 2.5%

Beaver Valley II Funding Corp. 9.000 06-01-17 4,000 4,000

BVPS II Funding Corp. (Z) 8.890 06-01-17 31,000 31,535

Duke Energy Corp. (Z) 3.550 09-15-21 1,000,000 1,068,082

Electricite de France SA (S)(Z) 3.625 10-13-25 260,000 268,905

Electricite de France SA (5.250% to 1-29-23, then 10 Year U.S. Swap Rate + 3.709%) (Q)(S) 5.250 01-29-23 485,000 480,150

Empresa Electrica Angamos SA (S) 4.875 05-25-29 360,000 354,121

Exelon Generation Company LLC (L)(Z) 4.000 10-01-20 1,000,000 1,063,679

FPL Energy National Wind LLC (S) 5.608 03-10-24 57,431 55,996

Israel Electric Corp., Ltd. (S) 5.625 06-21-18 420,000 440,475

NextEra Energy Capital Holdings, Inc. (Z) 2.300 04-01-19 260,000 263,623

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 20

Rate (%) Maturity date Par value^ Value

Utilities (continued)

Electric utilities (continued)

Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (Q)(Z) 6.250 02-01-22 320,000 $358,000

W3A Funding Corp. 8.090 01-02-17 203,145 203,145

Independent power and renewable electricity producers 0.9%

NRG Energy, Inc. (L)(Z) 6.250 05-01-24 585,000 567,450

NRG Energy, Inc. (S) 6.625 01-15-27 305,000 285,651

NRG Yield Operating LLC (L)(Z) 5.375 08-15-24 760,000 775,200

Multi-utilities 2.3%

Berkshire Hathaway Energy Company (Z) 8.480 09-15-28 550,000 832,017

CMS Energy Corp. (Z) 5.050 03-15-22 1,000,000 1,131,174

Dominion Resources, Inc. (Z) 3.625 12-01-24 1,000,000 1,043,754

NiSource Finance Corp. (Z) 5.450 09-15-20 1,000,000 1,115,806

Convertible bonds 0.2% (0.1% of Total investments) $278,763

(Cost $287,931)

Utilities 0.2% 278,763

Independent power and renewable electricity producers 0.2%

NRG Yield, Inc. (S) 3.250 06-01-20 290,000 278,763

Term loans (M) 0.2% (0.1% of Total investments) $361,119

(Cost $415,940)

Industrials 0.1% 141,488

Aerospace and defense 0.1%

WP CPP Holdings LLC 4.500 12-28-19 144,375 141,488

Utilities 0.1% 219,631

Electric utilities 0.1%

ExGen Texas Power LLC 5.750 09-16-21 274,322 219,631

Capital preferred securities (a) 1.1% (0.8% of Total investments) $2,023,715

(Cost $1,932,054)

Financials 1.1% 2,023,715

Banks 0.5%

BAC Capital Trust XIV, Series G (P)(Q) 4.000 11-17-16 420,000 344,400

Sovereign Capital Trust VI 7.908 06-13-36 489,000 483,588

Capital markets 0.2%

Goldman Sachs Capital II (P)(Q) 4.000 12-02-16 31,000 25,498

State Street Capital Trust IV (P)(Z) 1.850 06-01-77 400,000 344,000

Insurance 0.4%

MetLife Capital Trust IV (7.875% to 12-15-32 then 3 month LIBOR + 3.960%) (S)(Z) 7.875 12-15-67 110,000 140,800

MetLife Capital Trust X (9.250% to 4-8-33 then 3 month LIBOR + 5.540%) (S)(Z) 9.250 04-08-38 315,000 458,798

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 21

Rate (%) Maturity date Par value^ Value

Financials (continued)

Insurance (continued)

ZFS Finance USA Trust V (6.500% to 5-9-17, then 3 month LIBOR + 2.285%) (S) 6.500 05-09-67 225,000 $226,631

U.S. Government and Agency
obligations 19.1% (12.8% of Total investments) $34,391,843

(Cost $32,223,447)

U.S. Government 4.2% 7,461,213

U.S. Treasury

Bond (Z) 2.500 05-15-46 625,000 614,356

Note (Z) 1.500 08-15-26 600,000 582,375

Note (Z) 2.000 02-15-25 3,337,000 3,402,565

Treasury Inflation Protected Security (Z) 0.375 07-15-25 2,787,849 2,861,917

U.S. Government Agency 14.9% 26,930,630

Federal Home Loan Mortgage Corp.

30 Yr Pass Thru 3.000 03-01-43 803,636 834,708

30 Yr Pass Thru 4.500 09-01-41 1,696,301 1,866,661

Federal National Mortgage Association

30 Yr Pass Thru 3.000 12-01-42 2,832,183 2,936,375

30 Yr Pass Thru 3.000 07-01-43 847,500 874,573

30 Yr Pass Thru (L) (Z) 3.500 12-01-42 4,485,482 4,735,852

30 Yr Pass Thru 3.500 01-01-43 3,355,694 3,569,218

30 Yr Pass Thru 3.500 04-01-45 1,576,089 1,665,294

30 Yr Pass Thru 4.000 10-01-40 368,043 401,730

30 Yr Pass Thru 4.000 09-01-41 547,833 599,173

30 Yr Pass Thru (L) (Z) 4.000 09-01-41 2,159,483 2,330,143

30 Yr Pass Thru 4.000 09-01-41 1,086,906 1,171,104

30 Yr Pass Thru 4.000 10-01-41 1,631,108 1,770,206

30 Yr Pass Thru (L) (Z) 4.500 07-01-41 3,258,024 3,587,009

30 Yr Pass Thru 5.000 04-01-41 386,540 437,516

30 Yr Pass Thru 5.500 08-01-40 133,265 151,068

Foreign government
obligations 0.6% (0.4% of Total investments) $1,144,749

(Cost $1,006,847)

Argentina 0.6% 1,144,749

Provincia de Buenos Aires
Bond (S) 7.875 06-15-27 390,000 400,725

Republic of Argentina

Bond (S) 7.500 04-22-26 350,000 382,375

Bond 8.280 12-31-33 322,469 361,649

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 22

Rate (%) Maturity date Par value^ Value

Collateralized mortgage
obligations 19.5% (13.1% of Total investments) $35,196,131

(Cost $33,521,749)

Commercial and residential 17.5% 31,555,731

American Home Mortgage Investment Trust
Series 2005-1, Class 1A1 (P) 0.964 06-25-45 444,330 427,122

Americold 2010 LLC Trust
Series 2010-ARTA, Class D (S) 7.443 01-14-29 605,000 670,728

BAMLL Commercial Mortgage Securities Trust
Series 2015-200P, Class F (P) (S) 3.596 04-14-33 415,000 372,470

BBCMS Trust

Series 2015, Class C (P) (S) 2.535 02-15-28 215,000 211,730

Series 2015-MSQ, Class D (P) (S) 3.990 09-15-32 480,000 496,377

Bear Stearns Adjustable Rate Mortgage Trust

Series 2005-1, Class B2 (P) 2.899 03-25-35 267,352 97,373

Series 2005-2, Class A1 (P) 3.090 03-25-35 256,732 258,004

Bear Stearns ALT-A Trust

Series 2005-5, Class 1A4 (P) 1.085 07-25-35 254,080 240,976

Series 2005-7, Class 11A1 (P) 1.065 08-25-35 475,110 457,370

BHMS Mortgage Trust
Series 2014-ATLS, Class DFL (P) (S) 3.528 07-05-33 620,000 597,475

BLCP Hotel Trust
Series 2014-CLRN, Class D (P) (S) 3.035 08-15-29 605,000 595,329

BWAY Mortgage Trust

Series 2013-1515, Class F (P) (S) 3.927 03-10-33 595,000 571,059

Series 2015-1740, Class D (P) (S) 3.787 01-13-35 370,000 367,041

Series 2015-1740, Class XA IO (S) 0.896 01-13-35 6,885,000 311,753

BXHTL Mortgage Trust

Series 2015-JWRZ, Class DR2 (P) (S) 4.124 05-15-29 445,000 426,320

Series 2015-JWRZ, Class GL2 (P) (S) 4.223 05-15-29 410,000 402,807

CDGJ Commercial Mortgage Trust
Series 2014-BXCH, Class DPA (P) (S) 3.535 12-15-27 556,665 552,479

CGBAM Commercial Mortgage Trust
Series 2015-SMRT, Class F (P) (S) 3.786 04-10-28 325,000 309,727

CGGS Commercial Mortgage Trust
Series 2016-RNDA, Class DFX (S) 4.387 02-10-21 610,000 627,096

Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank)
Series 2015-CR27, Class B (P) 4.361 10-10-58 235,000 250,222

Commercial Mortgage Trust (Deutsche Bank)

Series 2012-LC4, Class B (P) 4.934 12-10-44 360,000 399,302

Series 2013-300P, Class D (P) (S) 4.394 08-10-30 620,000 651,031

Series 2013-CR11, Class B (P) 5.162 10-10-46 895,000 1,016,023

Series 2013-CR13, Class C (P) 4.750 12-10-23 435,000 464,258

Series 2013-CR6, Class XA IO 1.474 03-10-46 4,096,517 165,770

Series 2014-FL4, Class D (P) (S) 2.981 07-13-31 600,000 584,048

Series 2014-TWC, Class D (P) (S) 2.781 02-13-32 445,000 440,134

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 23

Rate (%) Maturity date Par value^ Value

Commercial and residential (continued)

Commercial Mortgage Trust (Deutsche Bank/Morgan Stanley)
Series 2014-PAT, Class D (P) (S) 2.585 08-13-27 775,000 $763,339

Commercial Mortgage Trust (Wells Fargo)
Series 2014-CR16, Class C (P) 4.905 04-10-47 552,000 588,685

Deutsche Bank Commercial Mortgage Trust
Series 2016-C3, Class C (P) 3.495 09-10-49 130,000 122,841

Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
Series 2004-4, Class 2AR1 (P) 1.028 06-25-34 306,062 291,070

GAHR Commercial Mortgage Trust

Series 2015-NRF, Class DFX (P) (S) 3.382 12-15-34 220,000 221,447

Series 2015-NRF, Class EFX (P) (S) 3.382 12-15-34 495,000 486,767

Great Wolf Trust
Series 2015-WOLF, Class D (P) (S) 4.035 05-15-34 520,000 516,089

GS Mortgage Securities Trust

Series 2012-GC17, Class XA IO 2.416 05-10-45 6,718,854 521,872

Series 2014-NEW, Class C (S) 3.790 01-10-31 165,000 166,320

Series 2016-ICE2, Class D (P) (S) 6.285 03-15-33 525,000 537,136

Series 2016-RENT, Class D (P) (S) 4.067 02-10-29 420,000 417,879

HarborView Mortgage Loan Trust

Series 2005-11, Class X IO 2.231 08-19-45 1,606,931 102,712

Series 2005-2, Class IX IO 1.797 05-19-35 5,454,237 372,161

Series 2005-9, Class 2A1C (P) 0.976 06-20-35 520,470 472,979

Series 2007-3, Class ES IO (S) 0.350 05-19-47 7,077,505 111,343

Series 2007-4, Class ES IO 0.350 07-19-47 7,525,364 110,209

Series 2007-6, Class ES IO (S) 0.342 08-19-37 5,856,551 75,145

Hilton USA Trust
Series 2013-HLT, Class DFX (S) 4.407 11-05-30 496,000 496,617

Hudsons Bay Simon JV Trust
Series 2015-HBFL, Class DFL (P) (S) 4.173 08-05-34 305,000 300,793

IndyMac Index Mortgage Loan Trust

Series 2005-AR12, Class AX2 IO 2.261 07-25-35 5,267,714 385,719

Series 2005-AR8, Class AX2 IO 2.267 05-25-35 5,563,827 383,575

Series 2005-AR18, Class 1X IO 2.043 10-25-36 6,645,845 548,441

Series 2005-AR18, Class 2X IO 1.775 10-25-36 5,968,608 350,585

JPMBB Commercial Mortgage Securities Trust
Series 2014-C19, Class C (P) 4.668 04-15-47 725,000 742,027

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2014-FL5, Class C (P) (S) 2.534 07-15-31 1,030,000 1,012,831

Series 2014-INN, Class F (P) (S) 4.535 06-15-29 490,000 472,797

Series 2014-PHH, Class C (P) (S) 2.635 08-15-27 760,000 758,084

Series 2015-MAR7, Class C (S) 4.490 06-05-32 480,000 481,109

Series 2015-SGP, Class B (P) (S) 3.285 07-15-36 360,000 360,676

Series 2016-JP3, Class C (P) 3.483 09-15-26 183,000 171,125

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 24

Rate (%) Maturity date Par value^ Value

Commercial and residential (continued)

MASTR Alternative Loan Trust
Series 2005-2, Class 4A3 (P) 0.925 03-25-35 177,364 $168,386

Merrill Lynch Mortgage Investors Trust
Series 2005-2, Class 1A (P) 1.904 10-25-35 355,428 354,932

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2013-C7, Class C (P) 4.164 02-15-46 293,000 295,253

Series 2014-C18, Class 300D 5.279 08-15-31 380,000 386,646

Morgan Stanley Capital I Trust
Series 2014-150E, Class D (P) (S) 4.295 09-09-32 1,050,000 1,057,173

MortgageIT Trust
Series 2005-2, Class 1A2 (P) 0.855 05-25-35 274,512 259,810

Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates
Series 2005-3, Class APT (P) 0.815 07-25-35 289,625 283,151

TMSQ Mortgage Trust
Series 2014-1500, Class D (P) (S) 3.835 10-10-36 340,000 336,667

UBS Commercial Mortgage Trust
Series 2012-C1, Class B 4.822 05-10-45 405,000 436,525

UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class XA IO (S) 1.634 05-10-63 4,564,526 236,923

VNDO Mortgage Trust
Series 2013-PENN, Class D (P) (S) 3.947 12-13-29 612,000 629,099

WaMu Mortgage Pass Through Certificates
Series 2005-AR8, Class 2AB2 (P) 0.945 07-25-45 463,259 441,360

Wells Fargo Commercial Mortgage Trust

Series 2013-120B, Class C (P) (S) 2.710 03-18-28 935,000 932,560

Series 2013-BTC, Class E (P) (S) 3.550 04-16-35 620,000 573,662

WF-RBS Commercial Mortgage Trust

Series 2012-C9, Class XA IO (S) 2.118 11-15-45 4,755,948 388,214

Series 2013-C15, Class B (P) 4.480 08-15-46 155,000 170,235

Series 2013-C16, Class B (P) 4.982 09-15-46 265,000 298,738

U.S. Government Agency 2.0% 3,640,400

Federal Home Loan Mortgage Corp.

Series 2015-DNA1, Class M2 (P) 2.374 10-25-27 380,000 385,271

Series 2016-DNA3, Class M2 (P) 2.670 12-25-28 280,000 282,989

Series 290, Class IO 3.500 11-15-32 2,537,091 319,540

Series 4136, Class IH IO 3.500 09-15-27 1,483,627 157,488

Series K017, Class X1 IO 1.521 12-25-21 2,769,601 158,639

Series K018, Class X1 IO 1.543 01-25-22 3,516,505 204,692

Series K021, Class X1 IO 1.488 06-25-22 777,508 53,323

Series K022, Class X1 IO 1.397 07-25-22 8,925,914 527,052

Series K707, Class X1 IO 1.667 12-25-18 2,334,498 62,802

Series K709, Class X1 IO 1.651 03-25-19 3,202,060 95,969

Series K710, Class X1 IO 1.892 05-25-19 3,432,987 123,616

Series K718, Class X1 IO 0.770 01-25-22 16,710,586 471,299

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 25

Rate (%) Maturity date Par value^ Value

U.S. Government Agency (continued)

Federal National Mortgage Association

Series 2012-137, Class QI IO 3.000 12-25-27 1,877,670 $174,714

Series 2012-137, Class WI IO 3.500 12-25-32 1,524,709 218,843

Government National Mortgage Association

Series 2012-114, Class IO 0.874 01-16-53 1,632,045 101,346

Series 2016-142, Class IO 0.997 09-16-58 1,535,000 136,405

Series 2016-87, Class IO 1.008 08-16-58 2,059,238 166,412

Asset backed securities 12.0% (8.0% of Total investments) $21,678,895

(Cost $21,305,569)

Asset backed securities 12.0% 21,678,895

ACE Securities Corp. Home Equity Loan Trust
Series 2005-HE3, Class M2 (P) 1.121 05-25-35 270,381 262,756

Aegis Asset Backed Securities Trust
Series 2005-4, Class M1 (P) 0.975 10-25-35 825,000 778,968

American Express Credit Account Master Trust
Series 2014-4, Class A 1.430 06-15-20 91,000 91,313

Ameriquest Mortgage Securities, Inc.
Series 2005-R3, Class M2 (P) 0.995 05-25-35 480,000 461,036

Applebee's Funding LLC
Series 2014-1, Class A2 (S) 4.277 09-05-44 1,000,000 1,009,860

Arby's Funding LLC
Series 2015-1A, Class A2 (S) 4.969 10-30-45 633,600 639,179

Argent Securities, Inc.

Series 2003-W10, Class M1 (P) 1.568 01-25-34 239,700 224,696

Series 2004-W6, Class M1 (P) 1.350 05-25-34 120,973 116,115

BA Credit Card Trust
Series 2015-A2, Class A 1.360 09-15-20 809,000 811,005

BMW Vehicle Owner Trust
Series 2016-A, Class A4 1.600 12-27-22 325,000 323,827

Capital One Multi-Asset Execution Trust
Series 2016-A3, Class A3 1.340 04-15-22 895,000 895,091

Chase Issuance Trust
Series 2016-A2, Class A 1.370 06-15-21 730,000 730,287

Chrysler Capital Auto Receivables Trust
Series 2016-BA, Class A4 (S) 2.080 02-15-22 260,000 259,952

CKE Restaurant Holdings, Inc.
Series 2013-1A, Class A2 (S) 4.474 03-20-43 1,056,463 1,056,754

ContiMortgage Home Equity Loan Trust
Series 1995-2, Class A5 8.100 08-15-25 21,577 16,402

Countrywide Asset-Backed Certificates Trust
Series 2004-10, Class AF5B (P) 5.050 02-25-35 335,307 336,454

CSMC Trust
Series 2006-CF2, Class M1 (P) (S) 0.916 05-25-36 317,385 313,779

DB Master Finance LLC
Series 2015-1A, Class A2II (S) 3.980 02-20-45 856,950 873,312

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 26

Rate (%) Maturity date Par value^ Value

Asset backed securities (continued)

Discover Card Execution Note Trust
Series 2016-A1, Class A1 1.640 07-15-21 1,485,000 $1,495,882

Driven Brands Funding LLC
Series 2015-1A, Class A2 (S) 5.216 07-20-45 450,450 438,011

Ford Credit Auto Owner Trust
Series 2016-C, Class A4 1.610 02-15-22 290,000 289,408

GM Financial Automobile Leasing Trust
Series 2015-2, Class A4 1.850 07-22-19 669,000 673,436

GSAA Home Equity Trust
Series 2005-11, Class 3A1 (P) 0.795 10-25-35 316,306 298,990

GSAA Trust
Series 2005-10, Class M3 (P) 1.075 06-25-35 519,403 507,118

Home Equity Asset Trust
Series 2005-3, Class M4 (P) 1.165 08-25-35 235,000 221,317

Honda Auto Receivables Owner Trust
Series 2016-4, Class A4 1.650 01-18-23 510,000 508,875

Merrill Lynch Mortgage Investors Trust
Series 2005-WMC1, Class M1 (P) 1.275 09-25-35 256,559 230,960

MVW Owner Trust
Series 2014-1A, Class A (S) 2.250 09-22-31 115,295 115,068

RAAC Series Trust (P)
Series 2006-SP4, Class M1 0.874 11-25-36 175,000 164,655

Saxon Asset Securities Trust
Series 2006-2, Class A3C (P) 0.675 09-25-36 523,078 507,272

Sonic Capital LLC
Series 2016-1A, Class A2 (S) 4.472 05-20-46 224,063 226,993

Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Class A2D (P) 0.825 12-25-36 1,076,681 1,064,866

Structured Asset Securities Corp. Trust
Series 2005-AR1, Class M1 (P) 0.955 09-25-35 235,000 226,920

Synchrony Credit Card Master Note Trust
Series 2016-1, Class A 2.040 03-15-22 395,000 399,644

Taco Bell Funding LLC
Series 2016-1A, Class A2I (S) 3.832 05-25-46 515,000 523,172

Toyota Auto Receivables Owner Trust

Series 2015-B, Class A4 1.740 09-15-20 510,000 514,727

Series 2016-C, Class A4 1.320 11-15-21 285,000 284,211

Verizon Owner Trust
Series 2016-1A, Class A (S) 1.420 01-20-21 465,000 465,556

Wendys Funding LLC
Series 2015-1A, Class A2I (S) 3.371 06-15-45 861,300 864,264

Westgate Resorts LLC

Series 2013-1A, Class B (S) 3.750 08-20-25 41,630 41,722

Series 2014-1A, Class A (S) 2.150 12-20-26 470,376 466,406

Series 2014-1A, Class B (S) 3.250 12-20-26 314,396 312,237

Series 2015-1A, Class A (S) 2.750 05-20-27 240,777 239,247

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 27

Rate (%) Maturity date Par value^ Value

Asset backed securities (continued)

Series 2015-2A, Class B (S) 4.000 07-20-28 323,326 $323,931

Series 2016-1A, Class A (S) 3.500 12-20-28 253,277 255,465

World Omni Auto Receivables Trust
Series 2016-A, Class A3 1.770 09-15-21 810,000 817,756

Shares Value

Common stocks 1.1% (0.7% of Total investments) $1,901,520

(Cost $2,537,460)

Energy 0.2% 398,480

Oil, gas and consumable fuels 0.2%

Royal Dutch Shell PLC, ADR, Class A 8,000 398,480

Financials 0.3% 512,550

Capital markets 0.3%

Ares Capital Corp. (L)(Z) 33,500 512,550

Health care 0.3% 544,460

Pharmaceuticals 0.3%

Sanofi, ADR 14,000 544,460

Information technology 0.3% 446,030

Technology hardware, storage and peripherals 0.3%

Seagate Technology PLC (L)(Z) 13,000 446,030

Preferred securities (b) 1.4% (0.9% of Total investments) $2,557,833

(Cost $2,541,543)

Consumer staples 0.3% 561,133

Food and staples retailing 0.3%

Ocean Spray Cranberries, Inc., Series A, 6.250% (S) 6,250 561,133

Financials 0.5% 888,427

Banks 0.1%

Wells Fargo & Company, Series L, 7.500% 192 250,560

Consumer finance 0.4%

GMAC Capital Trust I, 6.602% 24,985 637,867

Utilities 0.6% 1,108,273

Electric utilities 0.1%

Exelon Corp., 6.500% (L)(Z) 4,341 207,066

Multi-utilities 0.5%

Dominion Resources, Inc., 6.750% 13,140 662,913

DTE Energy Company, 6.500% (L)(Z) 4,475 238,294

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 28

Rate (%) Maturity date Par value^ Value

Escrow certificates 0.0% (0.0% of Total investments) $153

(Cost $0)

Materials 0.0% 153

Containers and packaging 0.0%

Smurfit-Stone Container Corp. (I) 8.000 03-15-17 245,000 153

Yield* (%) Maturity date Par value^ Value

Short-term investments 0.9% (0.6% of Total investments) $1,578,000

(Cost $1,578,000)

U.S. Government Agency 0.7% 1,247,000

Federal Agricultural Mortgage Corp. Discount Note 0.200 11-01-16 1,247,000 1,247,000

Par value^ Value

Repurchase agreement 0.2% 331,000

Repurchase Agreement with State Street Corp. dated 10-31-16 at 0.030% to be repurchased at $331,000 on 11-1-16, collateralized by $335,000 U.S. Treasury Notes, 1.500% due 12-31-18 (valued at $341,281 including interest) 331,000 $331,000

Total investments (Cost $261,466,368)† 149.3% $269,339,556

Other assets and liabilities, net (49.3%) ($88,879,641 )

Total net assets 100.0% $180,459,915

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 29

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.

Key to Security Abbreviations and Legend

ADR American Depositary Receipts

IO Interest Only Security — (Interest Tranche of Stripped Mortgage Pool). Rate shown is the effective yield at period end.

ISDAFIX International Swaps and Derivatives Association Fixed Interest Rate Swap Rate

LIBOR London Interbank Offered Rate

(a) Includes hybrid securities with characteristics of both equity and debt that trade with and pay interest income.

(b) Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.

(H) Non-income producing - Issuer is in default.

(I) Non-income producing security.

(L) A portion of this security is on loan as of 10-31-16, and is a component of the fund's leverage under the Liquidity Agreement.

(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

(P) Variable rate obligation. The coupon rate shown represents the rate at period end.

(Q) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $78,987,519 or 43.8% of the fund's net assets as of 10-31-16.

(Z) All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 10-31-16 was $105,021,911. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $35,355,271.

* Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

† At 10-31-16, the aggregate cost of investment securities for federal income tax purposes was $263,158,999. Net unrealized appreciation aggregated to $6,180,557, of which $10,148,925 related to appreciated investment securities and $3,968,368 related to depreciated investment securities.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 30

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 10-31-16

Assets

Investments, at value (Cost $261,466,368) $269,339,556

Cash 2,387

Cash segregated at custodian for derivative contracts 280,000

Receivable for investments sold 216,661

Dividends and interest receivable 2,618,480

Other receivables and prepaid expenses 11,350

Total assets 272,468,434

Liabilities

Liquidity agreement 91,300,000

Payable for investments purchased 427,117

Swap contracts, at value 90,044

Interest payable 88,950

Payable to affiliates

Accounting and legal services fees 14,208

Trustees' fees 297

Other liabilities and accrued expenses 87,903

Total liabilities 92,008,519

Net assets $180,459,915

Net assets consist of

Paid-in capital $182,289,517

Undistributed net investment income 882,123

Accumulated net realized gain (loss) on investments, foreign currency transactions and swap agreements (10,494,869 )

Net unrealized appreciation (depreciation) on investments and swap agreements 7,783,144

Net assets $180,459,915

Net asset value per share

Based on 11,646,585 shares of beneficial interest outstanding — unlimited number of shares authorized with no par value $15.49

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 31

STATEMENT OF OPERATIONS For the year ended 10-31-16

Investment income

Interest $11,674,513

Dividends 312,874

Less foreign taxes withheld (7,369 )

Total investment income 11,980,018

Expenses

Investment management fees 1,397,585

Accounting and legal services fees 55,414

Transfer agent fees 83,849

Trustees' fees 44,141

Printing and postage 60,362

Professional fees 106,680

Custodian fees 26,499

Stock exchange listing fees 23,750

Interest expense 969,698

Other 7,102

Total expenses 2,775,080

Less expense reductions (19,791 )

Net expenses 2,755,289

Net investment income 9,224,729

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments and foreign currency transactions (931,246 )

Swap contracts (341,461 )

(1,272,707 )

Change in net unrealized appreciation (depreciation) of

Investments 5,683,121

Swap contracts 348,547

6,031,668

Net realized and unrealized gain 4,758,961

Increase in net assets from operations $13,983,690

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 32

STATEMENTS OF CHANGES IN NET ASSETS

Year ended 10-31-16 Year ended 10-31-15

Increase (decrease) in net assets

From operations

Net investment income $9,224,729 $9,534,925

Net realized gain (loss) (1,272,707 ) 1,191,047

Change in net unrealized appreciation (depreciation) 6,031,668 (8,453,372 )

Increase in net assets resulting from operations 13,983,690 2,272,600

Distributions to shareholders

From net investment income (9,911,245 ) (10,509,233 )

From fund share transactions

Repurchased — (1,338,116 )

Total increase (decrease) 4,072,445 (9,574,749 )

Net assets

Beginning of year 176,387,470 185,962,219

End of year $180,459,915 $176,387,470

Undistributed net investment income $882,123 $866,049

Share activity

Shares outstanding

Beginning of year 11,646,585 11,743,104

Shares repurchased — (96,519 )

End of year 11,646,585 11,646,585

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 33

STATEMENT OF CASH FLOWS For the year ended 10-31-16

Cash flows from operating activities

Net increase in net assets from operations $13,983,690

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

Long-term investments purchased (114,562,999)

Long-term investments sold 111,776,469

Increase in short-term investments (772,000)

Net amortization of premium (discount) 2,630,890

Decrease in receivable for investments sold 2,520,118

Increase in dividends and interest receivable (32,115)

Decrease in other receivables and prepaid assets 88

Decrease in payable for investments purchased (270,421)

Decrease in payable for delayed delivery securities purchased (305,000)

Decrease in unrealized appreciation (depreciation) of swap contracts (348,547)

Increase in interest payable 18,561

Increase in payable to affiliates 9,454

Decrease in other liabilities and accrued expenses (14,937)

Net change in unrealized (appreciation) depreciation on investments (5,683,121)

Net realized loss on investments 930,452

Net cash provided by operating activities $9,880,582

Cash flows from financing activities

Distributions to common shareholders ($9,911,245)

Repayment of credit facility agreement (91,300,000)

Drawdown from liquidity agreement 91,300,000

Net cash used in financing activities ($9,911,245 )

Net decrease in cash ($30,663 )

Cash at beginning of period $33,050

Cash at end of period $2,387

Supplemental disclosure of cash flow information

Cash paid for interest $951,137

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 34

Financial highlights

COMMON SHARES Period Ended 10-31-16 10-31-15 10-31-14 10-31-13 10-31-12

Per share operating performance

Net asset value, beginning of period $15.14 $15.84 $15.37 $15.88 $14.64

Net investment income¹ 0.79 0.81 0.86 0.91 1.03

Net realized and unrealized gain (loss) on investments 0.41 (0.62 ) 0.56 (0.39 ) 1.31

Total from investment operations 1.20 0.19 1.42 0.52 2.34

Less distributions to common shareholders

From net investment income (0.85 ) (0.90 ) (0.95 ) (1.03 ) (1.10 )

Anti-dilutive impact of repurchase plan — 0.01 ² — — —

Net asset value, end of period $15.49 $15.14 $15.84 $15.37 $15.88

Per share market value, end of period $14.26 $13.86 $14.29 $14.28 $16.53

Total return at net asset value (%)^3,4 8.52 1.84 10.02 3.51 16.57

Total return at market value (%)⁴ 9.20 3.28 6.83 (7.61 ) 19.95

Ratios and supplemental data

Net assets applicable to common shares, end of period (in millions) $180 $176 $186 $181 $186

Ratios (as a percentage of average net assets):

Expenses before reductions 1.58 1.45 1.33 1.35 1.53

Expenses including reductions⁵ 1.57 1.43 1.32 1.35 1.53

Net investment income 5.24 5.22 5.50 5.81 6.88

Portfolio turnover (%) 43 51 52 60 50

Senior securities

Total debt outstanding end of period (in millions) $91 $91 $91 $90 $90

Asset coverage per $1,000 of debt⁶ $2,977 $2,932 $3,037 $2,999 $3,057

1 Based on average daily shares outstanding.

2 The repurchase plan was completed at an average repurchase price of $13.86 for 96,519 shares, which equals $1,338,116 in redemptions for the year ended 10-31-15.

3 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

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. These figures will differ depending upon the level of any discount from or premium to net asset value at which the fund's shares traded during the period.

5 Expenses including reductions excluding interest expense were 1.02%, 1.01% 1.00%, 1.01% and 1.06% for the years ended 10-31-16, 10-31-15, 10-31-14, 10-31-13 and10-31-12, respectively.

6 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 35

Notes to financial statements

Note 1 — Organization

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

Note 2 — Significant accounting policies

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

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

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures. The time at which shares and transactions are priced and until which orders are accepted may vary to the extent permitted by the Securities and Exchange Commission (SEC) and applicable regulations.

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

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

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

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

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 36

The following is a summary of the values by input classification of the fund's investments as of October 31, 2016, by major security category or type:

Total
value at
10-31-16 Level 1
quoted
price Level 2
significant
observable
inputs Level 3
significant
unobservable
inputs

Corporate bonds $168,226,835 — $168,226,835 —

Convertible bonds 278,763 — 278,763 —

Term loans 361,119 — 361,119 —

Capital preferred securities 2,023,715 — 2,023,715 —

U.S. Government and Agency obligations 34,391,843 — 34,391,843 —

Foreign government obligations 1,144,749 — 1,144,749 —

Collateralized mortgage obligations 35,196,131 — 35,196,131 —

Asset backed securities 21,678,895 — 21,678,895 —

Common stocks 1,901,520 $1,901,520 — —

Preferred securities 2,557,833 1,996,700 561,133 —

Escrow certificates 153 — — $153

Short-term investments 1,578,000 — 1,578,000 —

Total investments in securities $269,339,556 $3,898,220 $265,441,183 $153

Other financial instruments:

Interest rate swaps ($90,044 ) — ($90,044 ) —

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.

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. 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. Foreign taxes are provided for based on the fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Foreign currency translation. 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

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 37

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.

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

Foreign taxes. The fund may be subject to withholding tax on income and/or capital gains or repatriation taxes imposed by certain countries in which the fund invests. Taxes are accrued based upon investment income, realized gains or unrealized appreciation.

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 present additional credit risk such that the fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.

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.

Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, as of October 31, 2016, the fund has a capital loss carryforward of $8,886,638 available to offset future net realized capital gains. The following table details the capital loss carryforward available:

Capital loss carryforward expiring October 31, No expiration date

2017 2018 Short term Long term

$6,785,450 $436,296 $266,204 $1,398,688

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 38

As of October 31, 2016, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly and capital gain distributions, if any, annually. The tax character of distributions for the years ended October 31, 2016 and 2015 was as follows:

October 31, 2016 October 31, 2015

Ordinary income $9,911,245 $10,509,233

As of October 31, 2016, the components of distributable earnings on a tax basis consisted of $896,103 of undistributed ordinary income.

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

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

Statement of cash flows. 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 or cash segregated at the custodian for derivative contracts.

Note 3 — Derivative instruments

The fund may invest in derivatives in order to meet its investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Certain swaps are typically traded through the OTC market. Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.

As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund for OTC transactions is held in a segregated account at the fund's custodian and is noted in the accompanying Fund's investments, or if cash is

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 39

posted, on the Statement of assets and liabilities. The fund's maximum risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.

Interest rate swaps. Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Swap agreements are privately negotiated in the OTC market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may amount to values that are in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. Market risks may also accompany the swap, including interest rate risk. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

During the year ended October 31, 2016, the fund used interest rate swaps in anticipation of rising interest rates. The fund held interest rate swaps with total USD notional amounts ranging from $22.0 million to $44.0 million, as a measured at each quarter end. The following table summarizes the interest rate swap contracts held as of October 31, 2016:

Counterparty USD notional
amount Payments made
by fund Payments received
by fund Maturity
date Market
value

Morgan Stanley
Capital Services $22,000,000 Fixed 1.093750% 3 Month LIBOR ^(a) May 2017 ($90,044 )

^(a) At 10-31-16, 3-month LIBOR was 0.88428%

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at October 31, 2016 by risk category:

Risk Statement of assets and
liabilities location Financial
instruments location Asset derivatives
fair value Liabilities derivative
fair value

Interest rate Swap contracts, at value Interest rate swaps — ($90,044 )

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2016:

Statement of operations location - Net realized gain (loss) on:

Risk Swap contracts

Interest rate ($341,461 )

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended October 31, 2016:

Statement of operations location- Change in unrealized appreciation (depreciation) of:

Risk Swap contracts

Interest rate $348,547

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 40

Note 4 — 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 5 — Fees and transactions with affiliates

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

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

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the year ended October 31, 2016, this waiver amounted to 0.01% of the fund's average daily managed assets. This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The expense reductions described above amounted to $19,791 for the year ended October 31, 2016.

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2016 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, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred for the year ended October 31, 2016 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 each fund based on its net assets relative to other funds within the John Hancock group of funds complex.

Note 6 — Fund share transactions

On March 12, 2015, the Board of Trustees approved a share repurchase program. Under the share repurchase program, the fund may purchase in the open market, up to 10% of its outstanding common shares as of December 31, 2015. The current share purchase plan will remain in effect between January 1, 2016 to December 31, 2016.

During the year ended October 31, 2016, there was no activity under the share repurchase plan. During the year ended October 31, 2015, the fund repurchased 0.82% of its common shares outstanding under the repurchase program. The

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 41

weighted average discount per share on these repurchases amount to 9.90% for year ended October 31, 2015. Shares repurchased and corresponding dollar amounts are included on the Statements of changes in net assets. The anti-dilutive impacts of these share repurchases are included on the Financial highlights.

Note 7 — Leverage risk

The fund utilizes a Liquidity Agreement (LA) to increase its assets available for investment. When the fund leverages its assets, common shareholders bear the fees associated with the LA 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 common shares, including:

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

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund's return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived.

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 LA 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 8 — Liquidity agreement

The fund has entered into a LA with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $91.3 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at October 31, 2016 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

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 42

to the extent that the shortfall is not due to any of the fund's losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the Borrower or proceeds from the Reverse Repo counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the Borrower or Reverse Repo counterparty fails to return the securities on a timely basis.

Under normal circumstances, interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.60%, is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of October 31, 2016, the fund had an aggregate balance of $91,300,000 at an interest rate of 1.13%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the period from December 2, 2015 to October 31, 2016, the average balance of the LA and the effective average interest rate were $91,180,597 and 1.08%, 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.

Prior to December 2, 2015, the fund had entered into a credit facility agreement (CFA) with Credit Suisse Securities (USA) LLC, that allowed the fund's borrowing not to exceed 33 1/3% of the fund's managed assets and to invest the borrowings in accordance with its investment practices. Interest was charged at the rate of one-month LIBOR plus 0.70% and was paid monthly. During the period from November 1, 2015 to December 2, 2015, the average balance of the CFA and the effective average interest rate were $90,977,419 and 0.92%, respectively. The combined interest accrued by the fund for both the LA and the CFA, for the year ended October 31, 2016, is reflected in the Interest expense on the Statement of operations. The blended effective average interest rate for the year ended October 31, 2016 was 1.06%.

Note 9 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities and U.S. Treasury obligations, amounted to $90,382,437 and $80,296,093, respectively, for the year ended October 31, 2016. Purchases and sales of U.S. Treasury obligations aggregated $24,180,562 and $31,480,376, respectively, for the year ended October 31, 2016.

Note 10 — New rule issuance

In October 2016, the SEC issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization (the Release). The Release calls for the adoption of new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. Management is in the process of reviewing the impact to the financial statements.

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AUDITOR'S REPORT

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the fund's investments, and the related statements of operations, of changes in net assets, and of cash flows and the financial highlights present fairly, in all material respects, the financial position of John Hancock Income Securities Trust (the "Fund") at October 31, 2016, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2016 by correspondence with the custodian, agent banks and brokers and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2016

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TAX INFORMATION

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2016.

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

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

Eligible shareholders will be mailed a 2016 Form 1099-DIV in early 2017. This will reflect the tax character of all distributions paid in calendar year 2016.

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

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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.

Effective December 2, 2015, the Board of Trustees approved changes to the fund's investment policy regarding securities lending, replacing it with the following: "The fund may seek to obtain additional income or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets. In such transactions, the borrower pays to the fund an amount equal to any dividends or interest received on loaned securities. The fund retains all or a portion of the dividends, interest, capital gains, and/or other distributions received on investment of cash collateral in short-term obligations of the U.S. government, cash equivalents (including shares of a fund managed by the fund's investment adviser or an affiliate thereof), or other investments consistent with the fund's investment objective, policies, and restrictions, or receives a fee from the borrower. As a result of investing such cash collateral in such investments, the fund will receive the benefit of any gains and bear any losses generated by such investments. All securities loans will be made pursuant to agreements requiring that the loans be continuously secured by collateral in cash or short-term debt obligations at least equal at all times to the market value of the loaned securities. The fund may pay reasonable finders', administrative and custodial fees in connection with loans of its portfolio securities. Although voting rights or rights to consent accompanying loaned securities pass to the borrower, the fund retains the right to call the loans at any time on reasonable notice, and it will do so in order that the securities may be voted by the fund with respect to matters materially affecting the fund's investment. The fund may also call a loan in order to sell the securities involved. Lending portfolio securities involves risks of delay in recovery of the loaned securities or, in some cases, loss of rights in the collateral should the borrower commence an action relating to bankruptcy, insolvency or reorganization. Accordingly, loans of portfolio securities will be made only to borrowers considered by the Adviser to be creditworthy under guidelines adopted by the Board of Trustees. Investing cash collateral received in connection with securities lending transactions in any investment that is consistent with the fund's investment objective, policies, and limitations may subject the fund to risk of loss greater than the risk of loss associated with investing collateral solely in short-term U.S. government obligations or cash equivalents."

The use of securities lending collateral to obtain leverage in the fund's investment portfolio may subject the fund to greater risk of loss than would reinvestment of collateral in short-term, highly-rated investments. Risks associated with the fund's use of leverage are discussed under Note 7 to the financial statements.

Declaration of Trust and By-Laws

Effective January 22, 2016, the Board of Trustees of the fund amended and restated in its entirety the Declaration of Trust and the By-Laws for the fund. The amendments to the Declaration of Trust include, among other changes, provisions that: (i) clarify certain duties, responsibilities, and powers of the Trustees; and (ii) clarify that shareholders are not intended to be third-party beneficiaries of fund contracts. The amendments to the By-Laws include, among other changes, provisions that: (i) clarify that, other than as provided under federal securities laws, the shareholders may only bring actions involving the fund derivatively; and (ii) provide that any action brought by a shareholder related to the fund will be brought in Massachusetts state or federal court, and that, if a claim is brought in a different jurisdiction and subsequently changed to a

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Massachusetts venue, the shareholder will be required to reimburse the fund for such expenses. The foregoing description of the Declaration of Trust and By-Laws are qualified in their entirety by the full text of the Declaration of Trust and By-Laws, each effective as of January 22, 2016, which is available by writing to the Secretary of the fund at 601 Congress Street, 11th Floor, Boston, Massachusetts 02210, and are available on the SEC's website. The Declaration of Trust also is available on the Secretary of the Commonwealth of Massachusetts' website.

Effective March 10, 2016, the Board of Trustees of the fund amended the By-Laws of the fund to provide that Trustees' mandatory retirement age shall be determined from time to time by a resolution of the majority of the Trustees.

Dividends and distributions

During the year ended October 31, 2016, dividends from net investment income totaling $0.8510 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment date Income distributions

December 31, 2015 $0.2193

March 31, 2016 0.2000

June 30, 2016 0.2209

September 30, 2016 0.2108

Total $0.8510

Dividend reinvestment plan

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

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

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

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

Shareholders participating in the Plan may buy additional shares of the fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell fund shares held in the Plan account at any time by contacting the Plan Agent by

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telephone, in writing or by visiting the Plan Agent's website at www.computershare.com/investor. The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date, which is three business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their stockbroker through the Direct Registration System.

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

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

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

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

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

Shareholder communication and assistance

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

Computershare
P.O. Box 30170
College Station, TX 77842-3170
Telephone: 800-852-0218

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

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Continuation of Investment Advisory and Subadvisory Agreements

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Income Securities Trust (the fund) of the Advisory Agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadvisor). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 20-23, 2016 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at an in-person meeting held on May 24-25, 2016.

Approval of Advisory and Subadvisory Agreements

At in-person meetings held on June 20-23, 2016, the Board, including the Trustees who are not considered to be interested persons of the fund under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), reapproved for an annual period the continuation of the Advisory Agreement between the fund and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.

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

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

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and does not treat any single factor as determinative, and each Trustee may attribute different weights to different factors. The Board's conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of fund performance and operations throughout the year.

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Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the fund's Chief Compliance Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the Advisor's risk management processes. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers.

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

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

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

(a) the skills and competency with which the Advisor has in the past managed the fund's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor's timeliness in responding to performance issues;

(b) the background, qualifications and skills of the Advisor's personnel;

(c) the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

(d) the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund;

(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; and

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

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

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

(a) reviewed information prepared by management regarding the fund's performance;

(b) considered the comparative performance of an applicable benchmark index;

(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data;

(d) took into account the Advisor's analysis of the fund's performance; and

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(e) considered the fund's share performance and premium/discount information.

The Board noted that, based on its net asset value, the fund outperformed its benchmark index for the three- and five-year periods ended December 31, 2015 and underperformed its benchmark index for the one-year period ended December 31, 2015. The Board also noted that, based on its net asset value, the fund outperformed its peer group average for the one-, three- and five-year periods ended December 31, 2015. The Board noted the fund's favorable performance relative to the benchmark index for the three- and five-year periods and relative to the peer group for the one-, three- and five-year periods. The Board concluded that the fund's performance has generally outperformed the historical performance of comparable funds and the fund's benchmark index.

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

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

The Board took into account management's discussion of the fund's expenses. The Board also took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable.

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

(a) reviewed financial information of the Advisor;

(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;

(c) received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole;

(d) received information with respect to the Advisor's allocation methodologies used in preparing the profitability data;

(e) considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;

(f) noted that the fund's Subadvisor is an affiliate of the Advisor;

(g) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;

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(h) noted that the subadvisory fees for the fund are paid by the Advisor; and

(i) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the entrepreneurial risk that it assumes as Advisor.

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

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

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

Approval of Subadvisory Agreement

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

(1) information relating to the Subadvisor's business, including current subadvisory services to the fund (and other funds in the John Hancock Fund Complex);

(2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and

(3) the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data.

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

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regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

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

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

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

Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays subadvisory fees to the Subadvisor. As noted above, the Board also considered the fund's subadvisory fee as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fee paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

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

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

(1) the Subadvisor has extensive experience and demonstrated skills as a manager;

(2) the fund's performance, based on net asset value, has generally outperformed the historical performance of comparable funds and the fund's benchmark index;

(3) the subadvisory fees are reasonable in relation to the level and quality of services being provided; and

(4) the subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

* * *

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

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 53

Trustees and Officers

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

Independent Trustees

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

James M. Oates, Born: 1946 2012 227

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

Charles L. Bardelis,² Born: 1941 2012 227

Trustee
Director, Island Commuter Corp. (marine transport). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust (since 1988); Trustee, John Hancock Funds II (since 2005).

Peter S. Burgess,² Born: 1942 2012 227

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

William H. Cunningham, Born: 1944 2005 227

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

Grace K. Fey, Born: 1946 2012 227

Trustee
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988-2007); Director, Fiduciary Trust (since 2009). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 54

Independent Trustees (continued)

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

Theron S. Hoffman,² Born: 1947 2012 227

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

Deborah C. Jackson, Born: 1952 2008 227

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

Hassell H. McClellan, Born: 1945 2012 227

Trustee
Trustee, Virtus Variable Insurance Trust (formerly Phoenix Edge Series Funds) (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).

Steven R. Pruchansky, Born: 1944 2005 227

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

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 55

Independent Trustees (continued)

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

Gregory A. Russo, Born: 1949 2008 227

Trustee
Director and Audit Committee Chairman (since 2012), and Member, Audit Committee and Finance Committee (since 2011), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (since 2012) and Finance Committee Chairman (since 2014), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002-2006); Vice Chairman, Industrial Markets, KPMG (1998-2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986-1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989-1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990-1995). Trustee, John Hancock retail funds³ (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).

Non-Independent Trustees⁴

Name, year of birth
Position(s) held with fund
Principal occupation(s) and other
directorships during past 5 years Trustee
of the
Trust
since¹ Number of John
Hancock funds
overseen by
Trustee

James R. Boyle, Born: 1959 2015 227

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

Craig Bromley, Born: 1966 2012 227

Non-Independent Trustee
President, John Hancock Financial Service (since 2012); Senior Executive Vice President and General Manager, U.S. Division, Manulife Financial Corporation (since 2012); President and Chief Executive Officer, Manulife Insurance Company (Manulife Japan) (2005-2012, including prior positions). Trustee, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).

Warren A. Thomson, Born: 1955 2012 227

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

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 56

Principal officers who are not Trustees

Name, year of birth
Position(s) held with fund
Principal occupation(s)
during past 5 years Officer
of the
Trust
since

Andrew G. Arnott, Born: 1971 2009

President
Senior Vice President, John Hancock Financial Services (since 2009); Director and Executive Vice President, John Hancock Advisers, LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Investment Management Services, LLC (since 2006, including prior positions); President, John Hancock Funds, LLC (since 2004, including prior positions); President, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2007, including prior positions); President, John Hancock Collateral Trust (since 2015); President, John Hancock Exchange-Traded Fund Trust (since 2014).

John J. Danello,Born: 1955 2014

Senior Vice President, Secretary, and Chief Legal Officer
Vice President and Chief Counsel, John Hancock Wealth Management (since 2005); Senior Vice President (since 2007) and Chief Legal Counsel (2007-2010), John Hancock Funds, LLC and The Berkeley Financial Group, LLC; Senior Vice President (since 2006, including prior positions) and Chief Legal Officer and Secretary (since 2014), John Hancock retail funds,³ John Hancock Funds II and John Hancock Variable Insurance Trust; Senior Vice President, Secretary and Chief Legal Officer, John Hancock Collateral Trust (since 2015) and John Hancock Exchange-Traded Fund Trust (since 2014); Vice President, John Hancock Life & Health Insurance Company (since 2009); Vice President, John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York (since 2010); and Senior Vice President, Secretary and Chief Legal Counsel (2007-2014, including prior positions) of John Hancock Advisers, LLC and John Hancock Investment Management Services, LLC.

Francis V. Knox, Jr.,Born: 1947 2005

Chief Compliance Officer
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock retail funds,³ John Hancock Variable Insurance Trust, John Hancock Funds II, John Hancock Advisers, LLC, and John Hancock Investment Management Services, LLC (since 2005); Chief Compliance Officer, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2014).

Charles A. Rizzo, Born: 1957 2007

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

Salvatore Schiavone, Born: 1965 2010

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

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

1	Each Trustee holds office until his or her successor is duly elected and qualified, or until the Trustee's death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to date listed in the table.
2	Member of the Audit Committee.
3	"John Hancock retail funds" comprises John Hancock Funds III and 36 other John Hancock funds consisting of 26 series of other John Hancock trusts and 10 closed-end funds.
4	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain of its affiliates.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 57

More information

Trustees

James M. Oates, Chairperson
Steven R. Pruchansky, Vice Chairperson
Charles L. Bardelis*
James R. Boyle†
Craig Bromley†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
Hassell H. McClellan
Gregory A. Russo
Warren A. Thomson†

Officers

Andrew G. Arnott
President

John J. Danello
Senior Vice President, Secretary,
and Chief Legal Officer

Francis V. Knox, Jr.
Chief Compliance Officer

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Investment advisor

John Hancock Advisers, LLC

Subadvisor

John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Custodian

State Street Bank and Trust Company

Transfer agent

Computershare Shareowner Services, LLC

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Stock symbol

Listed New York Stock Exchange: JHS

*Member of the Audit Committee
†Non-Independent Trustee

For shareholder assistance refer to page 48

You can also contact us:

800-852-0218
jhinvestments.com
Regular mail:

Computershare
P.O. Box 30170
College Station, TX 77842-3170

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

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

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

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

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 58

John Hancock family of funds

DOMESTIC EQUITY FUNDS

Balanced

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Fundamental All Cap Core

Fundamental Large Cap Core

Fundamental Large Cap Value

New Opportunities

Small Cap Value

Small Company

Strategic Growth

U.S. Global Leaders Growth

U.S. Growth

Value Equity

GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Global Equity

Global Shareholder Yield

Greater China Opportunities

International Growth

International Small Company

International Value Equity

INCOME FUNDS

Bond

California Tax-Free Income

Emerging Markets Debt

Floating Rate Income

Global Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Short Duration Credit Opportunities

Spectrum Income

Strategic Income Opportunities

Tax-Free Bond

ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency

Alternative Asset Allocation

Enduring Assets

Financial Industries

Global Absolute Return Strategies

Global Conservative Absolute Return

Global Focused Strategies

Global Real Estate

Natural Resources

Redwood

Regional Bank

Seaport

Technical Opportunities

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

ASSET ALLOCATION

Income Allocation Fund

Lifestyle Aggressive Portfolio

Lifestyle Balanced Portfolio

Lifestyle Conservative Portfolio

Lifestyle Growth Portfolio

Lifestyle Moderate Portfolio

Retirement Choices Portfolios

Retirement Living Portfolios

Retirement Living II Portfolios

EXCHANGE-TRADED FUNDS

John Hancock Multifactor Consumer Discretionary ETF

John Hancock Multifactor Consumer Staples ETF

John Hancock Multifactor Energy ETF

John Hancock Multifactor Financials ETF

John Hancock Multifactor Healthcare ETF

John Hancock Multifactor Industrials ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Materials ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Technology ETF

John Hancock Multifactor Utilities ETF

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FUNDS

ESG All Cap Core

ESG Large Cap Core

CLOSED-END FUNDS

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

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

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

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

John Hancock Investments

A trusted brand

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

A better way to invest

We build funds based on investor needs, then search the world to find proven
portfolio teams with specialized expertise in those strategies. As a manager of
managers, we apply vigorous oversight to ensure that 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
601 Congress Street n Boston, MA 02210-2805
800-852-0218 n jhinvestments.com

MF327097 P6A 10/16
12/16

Date of fiscal year end:	October 31
Date of reporting period:	October 31, 2016


United States	86.7
France	2.7
United Kingdom	2.5
Netherlands	2.0
Canada	1.2
Other countries	4.9
TOTAL	100.0
As a percentage of total investments.


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


As of 10-31-16
	Rate (%)	Maturity date	Par value^		Value
Corporate bonds 93.2% (62.5% of Total investments)					$168,226,835
(Cost $164,115,828)
Consumer discretionary 10.8%					19,533,989
Auto components 0.7%
Delphi Automotive PLC	4.250	01-15-26		350,000	378,740
Lear Corp.	5.250	01-15-25		235,000	252,625
Nemak SAB de CV (S)	5.500	02-28-23		306,000	317,705
ZF North America Capital, Inc. (S)	4.750	04-29-25		280,000	295,400
Automobiles 2.5%
American Honda Finance Corp. (Z)	1.700	02-22-19		475,000	478,129
Ford Motor Company (Z)	4.750	01-15-43		145,000	145,163
Ford Motor Credit Company LLC (Z)	2.551	10-05-18		325,000	328,906
Ford Motor Credit Company LLC (Z)	5.875	08-02-21		928,000	1,052,729
General Motors Company (L)(Z)	4.875	10-02-23		650,000	700,098
General Motors Company (L)(Z)	6.250	10-02-43		380,000	435,480
General Motors Financial Company, Inc.	3.450	04-10-22		430,000	434,862
General Motors Financial Company, Inc.	4.000	01-15-25		560,000	562,981
General Motors Financial Company, Inc.	5.250	03-01-26		275,000	299,612
Diversified consumer services 0.2%
Service Corp. International	5.375	05-15-24		300,000	315,000
Hotels, restaurants and leisure 1.2%
CCM Merger, Inc. (S)(Z)	9.125	05-01-19		380,000	397,100
Chester Downs & Marina LLC (S)	9.250	02-01-20		225,000	220,500
Eldorado Resorts, Inc.	7.000	08-01-23		130,000	138,125
GLP Capital LP	5.375	04-15-26		255,000	270,300
International Game Technology PLC (S)	6.500	02-15-25		225,000	244,125
Mohegan Tribal Gaming Authority (S)	7.875	10-15-24		310,000	314,650
Mohegan Tribal Gaming Authority (L)(Z)	9.750	09-01-21		250,000	268,283
Seminole Tribe of Florida, Inc. (S)	6.535	10-01-20		400,000	402,000
Waterford Gaming LLC (H)(S)	8.625	09-15-14		99,739	0
Household durables 0.5%
Beazer Homes USA, Inc. (S)	8.750	03-15-22		370,000	393,125
Newell Brands, Inc.	2.150	10-15-18		192,000	194,111
Newell Brands, Inc.	4.200	04-01-26		310,000	334,959
Internet and direct marketing retail 0.9%
Expedia, Inc. (S)	5.000	02-15-26		670,000	700,843
QVC, Inc.	4.375	03-15-23		325,000	326,383
QVC, Inc.	5.125	07-02-22		255,000	267,245
QVC, Inc.	5.450	08-15-34		315,000	291,465
Leisure products 0.1%
Vista Outdoor, Inc.	5.875	10-01-23		255,000	267,776




	Year ended 10-31-16		Year ended 10-31-15
Increase (decrease) in net assets
From operations
Net investment income	$9,224,729		$9,534,925
Net realized gain (loss)	(1,272,707	)	1,191,047
Change in net unrealized appreciation (depreciation)	6,031,668		(8,453,372	)
Increase in net assets resulting from operations	13,983,690		2,272,600
Distributions to shareholders
From net investment income	(9,911,245	)	(10,509,233	)
From fund share transactions
Repurchased	—		(1,338,116	)
Total increase (decrease)	4,072,445		(9,574,749	)
Net assets
Beginning of year	176,387,470		185,962,219
End of year	$180,459,915		$176,387,470
Undistributed net investment income	$882,123		$866,049
Share activity
Shares outstanding
Beginning of year	11,646,585		11,743,104
Shares repurchased	—		(96,519	)
End of year	11,646,585		11,646,585



Cash flows from operating activities
Net increase in net assets from operations	$13,983,690
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Long-term investments purchased	(114,562,999)
Long-term investments sold	111,776,469
Increase in short-term investments	(772,000)
Net amortization of premium (discount)	2,630,890
Decrease in receivable for investments sold	2,520,118
Increase in dividends and interest receivable	(32,115)
Decrease in other receivables and prepaid assets	88
Decrease in payable for investments purchased	(270,421)
Decrease in payable for delayed delivery securities purchased	(305,000)
Decrease in unrealized appreciation (depreciation) of swap contracts	(348,547)
Increase in interest payable	18,561
Increase in payable to affiliates	9,454
Decrease in other liabilities and accrued expenses	(14,937)
Net change in unrealized (appreciation) depreciation on investments	(5,683,121)
Net realized loss on investments	930,452
Net cash provided by operating activities	$9,880,582
Cash flows from financing activities
Distributions to common shareholders	($9,911,245)
Repayment of credit facility agreement	(91,300,000)
Drawdown from liquidity agreement	91,300,000
Net cash used in financing activities	($9,911,245	)
Net decrease in cash	($30,663	)
Cash at beginning of period	$33,050
Cash at end of period	$2,387
Supplemental disclosure of cash flow information
Cash paid for interest	$951,137





COMMON SHARES Period Ended		10-31-16		10-31-15		10-31-14		10-31-13		10-31-12
Per share operating performance
Net asset value, beginning of period		$15.14		$15.84		$15.37		$15.88		$14.64
Net investment income¹		0.79		0.81		0.86		0.91		1.03
Net realized and unrealized gain (loss) on investments		0.41		(0.62	)	0.56		(0.39	)	1.31
Total from investment operations		1.20		0.19		1.42		0.52		2.34
Less distributions to common shareholders
From net investment income		(0.85	)	(0.90	)	(0.95	)	(1.03	)	(1.10	)
Anti-dilutive impact of repurchase plan		—		0.01	²	—		—		—
Net asset value, end of period		$15.49		$15.14		$15.84		$15.37		$15.88
Per share market value, end of period		$14.26		$13.86		$14.29		$14.28		$16.53
Total return at net asset value (%)^3,4		8.52		1.84		10.02		3.51		16.57
Total return at market value (%)⁴		9.20		3.28		6.83		(7.61	)	19.95
Ratios and supplemental data
Net assets applicable to common shares, end of period (in millions)		$180		$176		$186		$181		$186
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.58		1.45		1.33		1.35		1.53
	Expenses including reductions⁵	1.57		1.43		1.32		1.35		1.53
	Net investment income	5.24		5.22		5.50		5.81		6.88
Portfolio turnover (%)		43		51		52		60		50
Senior securities
Total debt outstanding end of period (in millions)		$91		$91		$91		$90		$90
Asset coverage per $1,000 of debt⁶		$2,977		$2,932		$3,037		$2,999		$3,057


	1			Based on average daily shares outstanding.
	2			The repurchase plan was completed at an average repurchase price of $13.86 for 96,519 shares, which equals $1,338,116 in redemptions for the year ended 10-31-15.
	3			Total returns would have been lower had certain expenses not been reduced during the applicable periods.
	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. These figures will differ depending upon the level of any discount from or premium to net asset value at which the fund's shares traded during the period.
	5			Expenses including reductions excluding interest expense were 1.02%, 1.01% 1.00%, 1.01% and 1.06% for the years ended 10-31-16, 10-31-15, 10-31-14, 10-31-13 and10-31-12, respectively.
	6			Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.


	Total value at 10-31-16		Level 1 quoted price	Level 2 significant observable inputs		Level 3 significant unobservable inputs
Corporate bonds	$168,226,835		—	$168,226,835		—
Convertible bonds	278,763		—	278,763		—
Term loans	361,119		—	361,119		—
Capital preferred securities	2,023,715		—	2,023,715		—
U.S. Government and Agency obligations	34,391,843		—	34,391,843		—
Foreign government obligations	1,144,749		—	1,144,749		—
Collateralized mortgage obligations	35,196,131		—	35,196,131		—
Asset backed securities	21,678,895		—	21,678,895		—
Common stocks	1,901,520		$1,901,520	—		—
Preferred securities	2,557,833		1,996,700	561,133		—
Escrow certificates	153		—	—		$153
Short-term investments	1,578,000		—	1,578,000		—
Total investments in securities	$269,339,556		$3,898,220	$265,441,183		$153
Other financial instruments:
Interest rate swaps	($90,044	)	—	($90,044	)	—


Capital loss carryforward expiring October 31,		No expiration date
2017	2018	Short term	Long term
$6,785,450	$436,296	$266,204	$1,398,688


	October 31, 2016	October 31, 2015
Ordinary income	$9,911,245	$10,509,233


Statement of operations location - Net realized gain (loss) on:
Risk	Swap contracts
Interest rate	($341,461	)


Payment date	Income distributions
December 31, 2015	$0.2193
March 31, 2016	0.2000
June 30, 2016	0.2209
September 30, 2016	0.2108
Total	$0.8510


	(a)	the skills and competency with which the Advisor has in the past managed the fund's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor's timeliness in responding to performance issues;
	(b)	the background, qualifications and skills of the Advisor's personnel;
	(c)	the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
	(d)	the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund;
	(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; and
	(f)	the Advisor's reputation and experience in serving as an investment advisor to the fund and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.


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


				(e)			considered the fund's share performance and premium/discount information.


				(a)			reviewed financial information of the Advisor;
				(b)			reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
				(c)			received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole;
				(d)			received information with respect to the Advisor's allocation methodologies used in preparing the profitability data;
				(e)			considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
				(f)			noted that the fund's Subadvisor is an affiliate of the Advisor;
				(g)			noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;


				(h)			noted that the subadvisory fees for the fund are paid by the Advisor; and
				(i)			considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the entrepreneurial risk that it assumes as Advisor.


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


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


Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
James M. Oates, Born: 1946	2012	227
Trustee and Chairperson of the Board Managing Director, Wydown Group (financial consulting firm) (since 1994); Chairman and Director, Emerson Investment Management, Inc. (2000-2015); Independent Chairman, Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services company) (1997-2011); Director, Stifel Financial (since 1996); Director, Investor Financial Services Corporation (1995-2007); Director, Connecticut River Bancorp (1998-2014); Director, Virtus Funds (formerly Phoenix Mutual Funds) (since 1988). Trustee and Chairperson of the Board, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee and Chairperson of the Board, John Hancock retail funds³ (since 2012); Trustee (2005-2006 and since 2012) and Chairperson of the Board (since 2012), John Hancock Funds III; Trustee (since 2004) and Chairperson of the Board (since 2005), John Hancock Variable Insurance Trust; Trustee and Chairperson of the Board, John Hancock Funds II (since 2005).


Charles L. Bardelis,² Born: 1941	2012	227
Trustee Director, Island Commuter Corp. (marine transport). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust (since 1988); Trustee, John Hancock Funds II (since 2005).


Peter S. Burgess,² Born: 1942	2012	227
Trustee Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (since 2004); Director, Symetra Financial Corporation (2010-2016); Director, PMA Capital Corporation (2004-2010). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).


William H. Cunningham, Born: 1944	2005	227
Trustee Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009-2014). Trustee, John Hancock retail funds³ (since 1986); Trustee, John Hancock Variable Insurance Trust (since 2012); Trustee, John Hancock Funds II (2005-2006 and since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).


Grace K. Fey, Born: 1946	2012	227
Trustee Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988-2007); Director, Fiduciary Trust (since 2009). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2008).


Deborah C. Jackson, Born: 1952	2008	227
Trustee President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, National Association of Corporate Directors/New England (since 2015); Board of Directors, Association of Independent Colleges and Universities of Massachusetts, (since 2014); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002-2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996-2009); Board of Directors of Boston Stock Exchange (2002-2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007-2011). Trustee, John Hancock retail funds³ (since 2008); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).


Hassell H. McClellan, Born: 1945	2012	227
Trustee Trustee, Virtus Variable Insurance Trust (formerly Phoenix Edge Series Funds) (since 2008); Director, The Barnes Group (since 2010); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015); Trustee, John Hancock retail funds³ (since 2012); Trustee, John Hancock Funds III (2005-2006 and since 2012); Trustee, John Hancock Variable Insurance Trust and John Hancock Funds II (since 2005).


Steven R. Pruchansky, Born: 1944	2005	227
Trustee and Vice Chairperson of the Board Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (since 2014); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992) and Chairperson of the Board (2011-2012), John Hancock retail funds³; Trustee and Vice Chairperson of the Board, John Hancock retail funds³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, and Vice Chairperson of the Board, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).


Craig Bromley, Born: 1966	2012	227
Non-Independent Trustee President, John Hancock Financial Service (since 2012); Senior Executive Vice President and General Manager, U.S. Division, Manulife Financial Corporation (since 2012); President and Chief Executive Officer, Manulife Insurance Company (Manulife Japan) (2005-2012, including prior positions). Trustee, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).


Warren A. Thomson, Born: 1955	2012	227
Non-Independent Trustee Senior Executive Vice President and Chief Investment Officer, Manulife Financial Corporation and The Manufacturers Life Insurance Company (since 2009); Chairman, Manulife Asset Management (since 2001, including prior positions); Director and Chairman, Manulife Asset Management Limited (since 2006); Director and Chairman, Hancock Natural Resources Group, Inc. (since 2013). Trustee, John Hancock retail funds,³ John Hancock Variable Insurance Trust, and John Hancock Funds II (since 2012); Trustee, John Hancock Collateral Trust and John Hancock Exchange-Traded Fund Trust (since 2015).