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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4186

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

601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Salvatore Schiavone

Treasurer

601 Congress Street

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4497

Date of fiscal year end:	October 31


Date of reporting period:	April 30, 2017

John Hancock

Income Securities Trust

Ticker: JHS
Semiannual report 4/30/17

A message to shareholders

Dear shareholder,

Bond markets around the world enjoyed generally positive returns in recent months, based on a combination of strengthening economic growth and mostly low inflation. Foreign bonds were aided further by rising currencies relative to the U.S. dollar and by the attraction of higher yields in emerging markets.

In the United States, the steady drumbeat of economic growth convinced the U.S. Federal Reserve (Fed) to raise short-term interest rates by a quarter of a percentage point in December and again in March, and to hint at two more rate hikes later this year. The Fed has been working to normalize monetary policy for several years in the face of a much-improved economic picture, while central banks in other parts of the world continue to stimulate growth through accommodative measures.

At John Hancock Investments, we believe one of the best ways to navigate today's fixed-income environment is by casting a wider net; your financial advisor can make sure that your fixed-income allocations are appropriate for your investment goals and that they appropriately balance the need for income with market risks.

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. Investing involves risks, including the potential loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. For more up-to-date information, please visit our website at jhinvestments.com.

John Hancock
Income Securities Trust

Table of contents

2 Your fund at a glance

4 Discussion of fund performance

8 Fund's investments

31 Financial statements

35 Financial highlights

36 Notes to financial statements

44 Additional information

45 Shareholder meeting

46 More information

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 1

Your fund at a glance

INVESTMENT OBJECTIVE

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

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/17 (%)

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 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. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.

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

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 2

PERFORMANCE HIGHLIGHTS OVER THE LAST SIX MONTHS

The bond market delivered mixed results during the period

While the improving growth outlook contributed to a downturn in U.S. Treasuries, it boosted the performance of high-yield bonds.

The fund's emphasis on the credit sectors drove performance

Allocations to investment-grade corporate and high-yield bonds helped the fund deliver a positive absolute return for the period.

PORTFOLIO COMPOSITION AS OF 4/30/17 (%)

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. 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 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.

SEMIANNUAL 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 six months ended April 30, 2017?

The defining event occurred in the early days of the reporting period, with the election of Donald Trump as president of the United States and the Republican sweep of Congress. These surprising developments prompted investors to anticipate lower taxes, increased fiscal spending, accelerating economic growth, and a more aggressive approach to interest-rate policy by the U.S. Federal Reserve (Fed). U.S. Treasury yields spiked in response. At the same time, the combination of a stronger economic outlook and improving investor sentiment sparked a rally in high-yield bonds and helped support the relative performance of other credit-sensitive categories.

The fixed-income market subsequently stabilized in the latter half of the period, with U.S. Treasuries becoming less volatile and the credit sectors continuing to post gains. The initial expectations that the Republican election victory would fuel a dramatic shift toward pro-growth policies gradually eased as it became evident that implementation of the GOP agenda would prove more challenging than first thought. A consensus gradually emerged that economic growth would remain healthy, but not so strong as to prompt the Fed to raise interest rates more than three times in 2017. The Fed boosted rates by a quarter point at its March meeting, but the move elicited little in the way of a market reaction.

What factors helped and hurt the fund's performance?

In this environment, the fund returned 2.30% for the period. The fund's position in high-yield bonds (generally those rated BB and below) was the largest contributor.

Positions in debt issued by 21st Century Fox America, Inc. and the industrial equipment rental provider Ahern Rentals, Inc. were notable contributors, as was our overall selection in the industrials and financials sectors. Positions in select emerging-market issuers, while a small portion of the portfolio, also contributed positively.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 4

"We made few significant changes to the portfolio during the period, opting instead to enact incremental shifts at the individual security level."

How would you summarize your portfolio activity?

We made few significant changes to the portfolio during the period, opting instead to enact incremental shifts at the individual security level. We continue to emphasize investment-grade corporate and high-yield bonds, which we believe offer a potential performance advantage in a low-return environment where yields will likely make up a meaningful component of total returns. Corporate and high-yield bonds also remain supported by healthy economic conditions and companies' efforts to maintain balance sheet discipline. These factors create the foundation for the investment-grade and high-yield segments to outperform.

The remainder of the portfolio is focused on securitized assets. We hold a meaningful position in commercial mortgage-backed securities, with a focus on areas where our research shows a favorable trade-off of risk relative to return potential. For example, we have emphasized securities

QUALITY COMPOSITION AS OF 4/30/17 (%)

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 5

"We continue to emphasize investment-grade corporate and high-yield bonds, which we believe offer a potential performance advantage in a low-return environment..."

in areas with above-average fundamentals, such as warehouses, storage facilities, city-based offices, and securities linked to single properties, such as large hotels or office buildings. Conversely, we have avoided areas subject to fundamental challenges, such as retail and suburban offices. We have also employed a selective approach in asset-backed securities, where yield spreads have fallen to less attractive levels.

The fund continues to hold an allocation to agency mortgage-backed securities, but we have been letting the positions roll off. We anticipate that the Fed—which has been buying about a third of new mortgage-backed security issuance—will begin to take a less active role. Given that yield spreads are close to 20-year lows, we believe there is little room for upside with a major buyer set to reduce its presence in the market.

What is your broader view on the investment backdrop?

Our overall positioning is based on our view that the bond market is likely to stay trapped within a broad range for some time. On one hand, the upside of interest-rate-sensitive assets may be capped by the prospect of tighter Fed policy through the remainder of 2017. At the same time, we think the downside potential is limited by the fairly low level of inflation. Although inflation has indeed picked up in recent months, much of the gain is attributable to the year-over-year increase in energy prices—a factor that should diminish as we move past the anniversary of the June 2016 peak in the oil price.

In addition, gross domestic product growth remains below the long-term trend and has not yet shown evidence that it can reach the 3%-4% levels many investors initially thought was possible in the immediate aftermath of the election. With this as background, we continue to see the most

COUNTRY COMPOSITION AS OF 4/30/17 (%)

United States 85.2

France 2.6

Netherlands 2.6

United Kingdom 2.5

Canada 1.5

Other countries 5.6

TOTAL 100.0

As a percentage of total investments.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 6

compelling potential in investment-grade and high-yield corporate bonds due to their above-average yields and ability to benefit from a backdrop of slow but steady economic growth.

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.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 7

Fund's investments

As of 4-30-17 (unaudited)

Rate (%) Maturity date Par value^ Value

Corporate bonds 92.4% (61.7% of Total investments) $165,710,140

(Cost $160,345,373)

Consumer discretionary 9.9% 17,707,430

Auto components 0.5%

Lear Corp. (Z) 5.250 01-15-25 273,000 289,554

Nemak SAB de CV (L)(S)(Z) 5.500 02-28-23 306,000 315,945

ZF North America Capital, Inc. (S) 4.750 04-29-25 280,000 291,220

Automobiles 1.9%

Ford Motor Company (Z) 4.750 01-15-43 145,000 136,536

Ford Motor Credit Company LLC (Z) 5.875 08-02-21 928,000 1,032,571

General Motors Company (Z) 4.875 10-02-23 650,000 693,357

General Motors Company (Z) 6.250 10-02-43 380,000 415,085

General Motors Financial Company, Inc. (Z) 4.000 01-15-25 560,000 563,838

General Motors Financial Company, Inc. (Z) 4.300 07-13-25 481,000 489,648

Diversified consumer services 0.2%

Laureate Education, Inc. (L)(S)(Z) 8.250 05-01-25 170,000 174,675

Service Corp. International 5.375 05-15-24 240,000 253,500

Hotels, restaurants and leisure 1.3%

CCM Merger, Inc. (S) 6.000 03-15-22 195,000 201,338

Chester Downs & Marina LLC (S) 9.250 02-01-20 280,000 286,650

Eldorado Resorts, Inc. 7.000 08-01-23 130,000 140,400

Gateway Casinos & Entertainment, Ltd. (S) 8.250 03-01-24 160,000 163,600

GLP Capital LP (L)(Z) 5.375 04-15-26 255,000 269,025

Hilton Grand Vacations Borrower LLC (S) 6.125 12-01-24 130,000 138,450

International Game Technology PLC (S) 6.500 02-15-25 225,000 246,375

Jacobs Entertainment, Inc. (S) 7.875 02-01-24 64,000 66,880

Mohegan Tribal Gaming Authority (L)(S)(Z) 7.875 10-15-24 310,000 317,363

Seminole Tribe of Florida, Inc. (S) 6.535 10-01-20 400,000 408,000

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

Household durables 0.2%

Beazer Homes USA, Inc. 8.750 03-15-22 370,000 411,625

Internet and direct marketing retail 0.9%

Expedia, Inc. 5.000 02-15-26 705,000 756,829

QVC, Inc. (L)(Z) 4.375 03-15-23 325,000 327,137

QVC, Inc. 5.125 07-02-22 255,000 267,310

QVC, Inc. 5.450 08-15-34 315,000 291,352

Leisure products 0.2%

Vista Outdoor, Inc. (L)(Z) 5.875 10-01-23 255,000 253,725

Media 4.3%

21st Century Fox America, Inc. 7.750 01-20-24 1,020,000 1,251,293

Altice Financing SA (L)(S)(Z) 6.625 02-15-23 200,000 211,750

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 8

Rate (%) Maturity date Par value^ Value

Consumer discretionary (continued)

Media (continued)

Cengage Learning, Inc. (L)(S)(Z) 9.500 06-15-24 265,000 $239,163

Charter Communications Operating LLC 6.484 10-23-45 606,000 709,413

Clear Channel Worldwide Holdings, Inc. (L)(Z) 6.500 11-15-22 289,000 299,476

Lions Gate Entertainment Corp. (L)(S)(Z) 5.875 11-01-24 147,000 152,513

McGraw-Hill Global Education Holdings LLC (L)(S)(Z) 7.875 05-15-24 75,000 73,031

MDC Partners, Inc. (L)(S)(Z) 6.500 05-01-24 270,000 263,250

Midcontinent Communications (S) 6.875 08-15-23 140,000 150,150

Myriad International Holdings BV (S) 5.500 07-21-25 400,000 423,700

Omnicom Group, Inc. (Z) 3.600 04-15-26 285,000 287,178

Sinclair Television Group, Inc. (S) 5.625 08-01-24 335,000 348,350

Sirius XM Radio, Inc. (S)(Z) 5.250 08-15-22 845,000 868,238

Sirius XM Radio, Inc. (S) 5.375 04-15-25 265,000 271,956

Sirius XM Radio, Inc. (L)(S)(Z) 5.375 07-15-26 375,000 383,906

Time Warner Cable LLC 8.250 04-01-19 375,000 416,482

Time Warner, Inc. (Z) 3.800 02-15-27 370,000 368,361

Viacom, Inc. (Z) 4.375 03-15-43 518,000 460,778

WMG Acquisition Corp. (S) 4.875 11-01-24 165,000 167,063

WMG Acquisition Corp. (S) 6.750 04-15-22 370,000 390,391

Specialty retail 0.4%

L Brands, Inc. 6.625 04-01-21 475,000 522,500

L Brands, Inc. (L)(Z) 6.875 11-01-35 250,000 246,500

Consumer staples 4.6% 8,200,593

Beverages 2.1%

Anheuser-Busch InBev Finance, Inc. (Z) 4.900 02-01-46 880,000 961,206

Coca-Cola European Partners US LLC (Z) 4.500 09-01-21 1,000,000 1,078,979

Molson Coors Brewing Company (Z) 1.450 07-15-19 165,000 162,965

Molson Coors Brewing Company (Z) 3.000 07-15-26 390,000 373,309

Pernod Ricard SA (S)(Z) 5.750 04-07-21 1,125,000 1,257,179

Food and staples retailing 0.9%

CVS Health Corp. (Z) 2.875 06-01-26 255,000 245,870

CVS Health Corp. (Z) 5.125 07-20-45 510,000 569,869

SUPERVALU, Inc. (L)(Z) 7.750 11-15-22 170,000 174,144

Whole Foods Market, Inc. (Z) 5.200 12-03-25 500,000 523,893

Food products 1.1%

Bunge, Ltd. Finance Corp. (Z) 8.500 06-15-19 389,000 438,589

Kraft Heinz Foods Company (S)(Z) 4.875 02-15-25 221,000 236,637

Kraft Heinz Foods Company (Z) 5.200 07-15-45 378,000 399,136

Mondelez International Holdings Netherlands BV (S)(Z) 1.625 10-28-19 380,000 374,469

Post Holdings, Inc. (S) 5.750 03-01-27 175,000 181,344

Post Holdings, Inc. (S) 7.750 03-15-24 345,000 383,381

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 9

Rate (%) Maturity date Par value^ Value

Consumer staples (continued)

Household products 0.1%

Kronos Acquisition Holdings, Inc. (S) 9.000 08-15-23 214,000 $217,210

Personal products 0.3%

Revlon Consumer Products Corp. 5.750 02-15-21 260,000 258,700

Revlon Consumer Products Corp. (L)(Z) 6.250 08-01-24 225,000 218,813

Tobacco 0.1%

Vector Group, Ltd. (S) 6.125 02-01-25 140,000 144,900

Energy 10.7% 19,277,200

Energy equipment and services 0.1%

Antero Midstream Partners LP (S) 5.375 09-15-24 275,000 281,188

Oil, gas and consumable fuels 10.6%

Boardwalk Pipelines LP (Z) 4.450 07-15-27 136,000 139,130

Cenovus Energy, Inc. 4.450 09-15-42 380,000 328,062

Cheniere Corpus Christi Holdings LLC (S) 5.875 03-31-25 160,000 170,600

Cimarex Energy Company (Z) 4.375 06-01-24 235,000 246,757

Colorado Interstate Gas Company LLC (S)(Z) 4.150 08-15-26 233,000 230,632

Columbia Pipeline Group, Inc. (Z) 4.500 06-01-25 540,000 571,715

Continental Resources, Inc. (L)(Z) 5.000 09-15-22 548,000 552,795

DCP Midstream Operating LP 2.700 04-01-19 310,000 309,225

DCP Midstream Operating LP (S) 9.750 03-15-19 405,000 458,663

DCP Midstream Operating LP (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (S) 5.850 05-21-43 370,000 353,350

Enbridge Energy Partners LP (Z) 4.375 10-15-20 260,000 274,209

Enbridge Energy Partners LP (8.050% to 10-1-17, then 3 month LIBOR + 3.797%) 8.050 10-01-77 265,000 261,688

Enbridge, Inc. (Z) 4.250 12-01-26 295,000 307,613

Energy Transfer LP (Z) 5.150 03-15-45 345,000 331,027

Energy Transfer Partners LP (Z) 4.200 04-15-27 130,000 131,432

Energy Transfer Partners LP (Z) 9.700 03-15-19 425,000 482,052

EnLink Midstream Partners LP 4.850 07-15-26 310,000 325,753

Enterprise Products Operating LLC (P)(Z) 4.742 08-01-66 440,000 440,000

Gulfport Energy Corp. (L)(S)(Z) 6.000 10-15-24 80,000 78,800

Kerr-McGee Corp. 6.950 07-01-24 1,035,000 1,231,932

Kinder Morgan Energy Partners LP (Z) 3.500 03-01-21 500,000 511,262

Kinder Morgan Energy Partners LP (Z) 7.750 03-15-32 195,000 248,040

Kinder Morgan, Inc. (Z) 4.300 06-01-25 220,000 229,154

Kinder Morgan, Inc. (Z) 5.550 06-01-45 465,000 492,451

Lukoil International Finance BV (S) 3.416 04-24-18 675,000 681,716

Newfield Exploration Company 5.625 07-01-24 82,000 86,664

Newfield Exploration Company 5.750 01-30-22 115,000 122,188

Occidental Petroleum Corp. (Z) 3.400 04-15-26 310,000 313,677

ONEOK Partners LP (Z) 5.000 09-15-23 162,000 175,207

Petro-Canada (Z) 9.250 10-15-21 1,000,000 1,262,284

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 10

Rate (%) Maturity date Par value^ Value

Energy (continued)

Oil, gas and consumable fuels (continued)

Petrobras Global Finance BV 5.625 05-20-43 435,000 $363,769

Petrobras Global Finance BV (L)(Z) 7.375 01-17-27 250,000 268,250

Petroleos Mexicanos (L)(Z) 4.875 01-24-22 325,000 335,888

Petroleos Mexicanos (L)(S)(Z) 5.375 03-13-22 85,000 89,356

Regency Energy Partners LP (Z) 5.000 10-01-22 95,000 101,311

Regency Energy Partners LP (Z) 5.500 04-15-23 490,000 510,134

Regency Energy Partners LP (Z) 5.875 03-01-22 90,000 99,122

Resolute Energy Corp. 8.500 05-01-20 180,000 183,600

Sabine Pass Liquefaction LLC (L)(S)(Z) 4.200 03-15-28 347,000 347,495

Sabine Pass Liquefaction LLC (S) 5.000 03-15-27 196,000 206,855

Sabine Pass Liquefaction LLC 5.750 05-15-24 170,000 187,913

Shell International Finance BV (Z) 4.375 05-11-45 725,000 744,207

Summit Midstream Holdings LLC 5.750 04-15-25 255,000 258,188

Sunoco Logistics Partners Operations LP (Z) 3.900 07-15-26 460,000 455,997

Sunoco Logistics Partners Operations LP (Z) 4.400 04-01-21 377,000 398,507

Tallgrass Energy Partners LP (S) 5.500 09-15-24 130,000 130,650

Teekay Offshore Partners LP 6.000 07-30-19 460,000 430,100

Tesoro Logistics LP 5.250 01-15-25 140,000 148,575

Tesoro Logistics LP 6.125 10-15-21 400,000 417,500

Tesoro Logistics LP 6.375 05-01-24 265,000 289,513

The Williams Companies, Inc. 4.550 06-24-24 155,000 158,681

The Williams Companies, Inc. 5.750 06-24-44 121,000 125,235

Williams Partners LP 4.875 05-15-23 255,000 262,650

Williams Partners LP 4.875 03-15-24 690,000 715,875

YPF SA (L)(S)(Z) 8.500 07-28-25 370,000 418,563

Financials 28.2% 50,576,167

Banks 15.0%

ABN AMRO Bank NV (S)(Z) 2.100 01-18-19 205,000 205,187

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 06-15-26 200,000 221,809

Bank of America Corp. (Z) 3.950 04-21-25 371,000 372,309

Bank of America Corp. (Z) 4.200 08-26-24 170,000 175,232

Bank of America Corp. (Z) 4.250 10-22-26 315,000 321,028

Bank of America Corp. (Z) 4.450 03-03-26 580,000 600,000

Bank of America Corp. (6.300% to 3-10-26, then 3 month LIBOR + 4.553%) (L)(Q)(Z) 6.300 03-10-26 610,000 671,763

Bank of America Corp. (8.000% to 1-30-18, then 3 month LIBOR + 3.630%) (Q) 8.000 01-30-18 440,000 456,500

BankUnited, Inc. 4.875 11-17-25 455,000 467,408

Barclays Bank PLC (S)(Z) 10.179 06-12-21 575,000 724,321

Barclays PLC (Z) 4.375 01-12-26 340,000 349,085

BPCE SA (S)(Z) 4.500 03-15-25 475,000 477,045

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 11

Rate (%) Maturity date Par value^ Value

Financials (continued)

Banks (continued)

BPCE SA (S)(Z) 5.700 10-22-23 1,145,000 $1,239,366

Branch Banking & Trust Company (Z) 2.100 01-15-20 710,000 713,243

Citigroup, Inc. (Z) 2.350 08-02-21 455,000 449,471

Citigroup, Inc. (Z) 4.600 03-09-26 430,000 446,064

Citigroup, Inc. (5.875% to 3-27-20, then 3 month LIBOR + 4.059%) (L)(Q)(Z) 5.875 03-27-20 260,000 271,102

Citigroup, Inc. (6.250% to 8-15-26, then 3 month LIBOR + 4.517%) (Q) 6.250 08-15-26 525,000 571,594

Commerzbank AG (S) 8.125 09-19-23 350,000 413,761

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 1,167,500

Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (Q)(S) 7.875 01-23-24 600,000 641,892

Credit Agricole SA (8.125% to 9-19-18, then 5 Year U.S. Swap Rate + 6.283%) (S)(Z) 8.125 09-19-33 250,000 268,053

Fifth Third Bancorp (5.100% to 6-30-23, then 3 month LIBOR + 3.033%) (L)(Q)(Z) 5.100 06-30-23 420,000 417,900

HBOS PLC (S)(Z) 6.750 05-21-18 825,000 862,721

HSBC Holdings PLC (6.375% to 9-17-24, then 5 Year U.S. ISDAFIX + 3.705%) (Q)(Z) 6.375 09-17-24 200,000 207,000

HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (Q)(Z) 6.875 06-01-21 340,000 368,220

ING Bank NV (S)(Z) 5.800 09-25-23 1,000,000 1,119,463

JPMorgan Chase & Co. (Z) 3.200 06-15-26 410,000 401,923

JPMorgan Chase & Co. (Z) 4.625 05-10-21 720,000 779,484

JPMorgan Chase & Co. (5.300% to 5-1-20, then 3 month LIBOR + 3.800%) (Q)(Z) 5.300 05-01-20 465,000 484,786

JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (Q)(Z) 6.750 02-01-24 805,000 908,040

Lloyds Banking Group PLC (Z) 4.650 03-24-26 880,000 913,759

Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (L)(Q)(Z) 7.500 06-27-24 385,000 414,838

M&T Bank Corp. (5.125% to 11-1-26, then 3 month LIBOR + 3.520%) (L)(Q)(Z) 5.125 11-01-26 345,000 348,881

Manufacturers & Traders Trust Company (P)(Z) 1.695 12-01-21 485,000 476,513

Popular, Inc. 7.000 07-01-19 260,000 270,400

Royal Bank of Scotland Group PLC 3.875 09-12-23 335,000 335,599

Royal Bank of Scotland Group PLC (8.000% to 8-10-25, then 5 Year U.S. Swap Rate + 5.720%) (L)(Q)(Z) 8.000 08-10-25 200,000 207,500

Royal Bank of Scotland Group PLC (8.625% to 8-15-21, then 5 Year U.S. Swap Rate + 7.598%) (L)(Q)(Z) 8.625 08-15-21 200,000 215,900

Santander Holdings USA, Inc. (Z) 2.700 05-24-19 635,000 637,813

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 12

Rate (%) Maturity date Par value^ Value

Financials (continued)

Banks (continued)

Santander UK Group Holdings PLC (S) 4.750 09-15-25 365,000 $368,360

Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (L)(Q)(S)(Z) 7.375 09-13-21 340,000 359,550

Societe Generale SA (8.000% to 9-29-25, then 5 Year U.S. ISDAFIX + 5.873%) (Q)(S) 8.000 09-29-25 420,000 452,025

Societe Generale SA (8.250% to 11-29-18, then 5 Year U.S. Swap Rate + 6.394%) (Q) 8.250 11-29-18 385,000 408,293

Standard Chartered PLC (S)(Z) 2.100 08-19-19 750,000 746,021

Sumitomo Mitsui Banking Corp. 2.450 01-10-19 598,000 603,479

Sumitomo Mitsui Trust Bank, Ltd. (S) 2.050 03-06-19 565,000 564,887

Synovus Financial Corp. 7.875 02-15-19 255,000 277,568

The PNC Financial Services Group, Inc. (4.850% to 6-1-23, then 3 month LIBOR + 3.040%) (Q)(Z) 4.850 06-01-23 335,000 335,670

The PNC Financial Services Group, Inc. (6.750% to 8-1-21, then 3 month LIBOR + 3.678%) (Q)(Z) 6.750 08-01-21 520,000 586,950

Wells Fargo & Company (Z) 4.650 11-04-44 255,000 257,540

Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (Q)(Z) 5.875 06-15-25 975,000 1,057,875

Wells Fargo & Company, Series K (7.980% to 3-15-18, then 3 month LIBOR + 3.770%) (Q)(Z) 7.980 03-15-18 370,000 387,113

Capital markets 3.9%

Ares Capital Corp. (Z) 3.875 01-15-20 430,000 439,644

Credit Suisse Group AG (7.500% to 12-11-23, then 5 Year U.S. Swap Rate + 4.598%) (Q)(S) 7.500 12-11-23 295,000 327,167

FS Investment Corp. (Z) 4.000 07-15-19 435,000 437,640

FS Investment Corp. (Z) 4.250 01-15-20 290,000 296,210

Jefferies Group LLC (Z) 4.850 01-15-27 422,000 438,267

Jefferies Group LLC (Z) 8.500 07-15-19 235,000 265,212

Macquarie Bank, Ltd. (S)(Z) 4.875 06-10-25 520,000 548,151

Morgan Stanley (Z) 2.450 02-01-19 255,000 257,209

Morgan Stanley (Z) 3.875 01-27-26 400,000 408,936

Morgan Stanley (Z) 5.500 01-26-20 450,000 488,975

Morgan Stanley (Z) 7.300 05-13-19 895,000 986,989

Stifel Financial Corp. (Z) 4.250 07-18-24 315,000 321,584

The Goldman Sachs Group, Inc. (Z) 2.000 04-25-19 255,000 254,833

The Goldman Sachs Group, Inc. (Z) 2.300 12-13-19 880,000 881,932

The Goldman Sachs Group, Inc. (Z) 3.750 05-22-25 340,000 346,150

The Goldman Sachs Group, Inc. (Z) 4.750 10-21-45 245,000 262,213

Consumer finance 3.4%

Ally Financial, Inc. 3.250 11-05-18 325,000 328,250

Ally Financial, Inc. (L)(Z) 5.125 09-30-24 645,000 658,706

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 13

Rate (%) Maturity date Par value^ Value

Financials (continued)

Consumer finance (continued)

Capital One Financial Corp. (Z) 2.450 04-24-19 275,000 $276,647

Capital One Financial Corp. (Z) 3.500 06-15-23 1,100,000 1,116,291

Capital One Financial Corp. (Z) 3.750 07-28-26 570,000 549,032

Capital One Financial Corp. (Z) 4.200 10-29-25 440,000 443,068

Capital One Financial Corp. (5.550% to 6-1-20, then 3 month LIBOR + 3.800%) (Q) 5.550 06-01-20 350,000 364,000

Credit Acceptance Corp. 6.125 02-15-21 395,000 393,025

Credito Real SAB de CV (S) 7.250 07-20-23 200,000 208,750

Discover Bank (Z) 2.600 11-13-18 510,000 514,394

Discover Financial Services 3.950 11-06-24 750,000 760,134

Discover Financial Services 5.200 04-27-22 85,000 92,314

Enova International, Inc. (L)(Z) 9.750 06-01-21 390,000 397,800

Diversified financial services 1.8%

ASP AMC Merger Sub, Inc. (S) 8.000 05-15-25 155,000 153,838

Doric Nimrod Air Alpha 2013-1 Class B Pass Through Trust (S) 6.125 11-30-21 161,909 166,362

Flagstar Bancorp, Inc. 6.125 07-15-21 255,000 273,020

Ladder Capital Finance Holdings LLLP (S) 5.250 03-15-22 95,000 97,494

Leucadia National Corp. 5.500 10-18-23 655,000 705,572

NewStar Financial, Inc. 7.250 05-01-20 435,000 448,594

S&P Global, Inc. (Z) 4.000 06-15-25 495,000 519,341

S&P Global, Inc. (Z) 4.400 02-15-26 340,000 364,057

Voya Financial, Inc. (5.650% to 5-15-23, then 3 month LIBOR + 3.580%) (L)(Z) 5.650 05-15-53 419,000 432,618

Insurance 2.8%

Aquarius & Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%) 6.375 09-01-24 235,000 251,715

AXA SA (Z) 8.600 12-15-30 175,000 244,125

AXA SA (6.379% to 12-14-36, then 3 month LIBOR + 2.256%) (Q)(S)(Z) 6.379 12-14-36 240,000 263,700

CNO Financial Group, Inc. 5.250 05-30-25 450,000 464,625

Liberty Mutual Group, Inc. (7.800% to 3-15-37, then 3 month LIBOR +3.576%) (S) 7.800 03-07-87 705,000 816,038

MetLife, Inc. (Z) 6.400 12-15-66 355,000 399,375

MetLife, Inc. (S)(Z) 9.250 04-08-68 315,000 453,206

Nippon Life Insurance Company (5.100% to 10-16-24, then 5 Year U.S. ISDAFIX + 3.650%) (S) 5.100 10-16-44 365,000 387,813

Prudential Financial, Inc. (5.200% to 3-15-24, then 3 month LIBOR + 3.040%) (Z) 5.200 03-15-44 270,000 280,800

Prudential Financial, Inc. (5.875% to 9-15-22, then 3 month LIBOR + 4.175%) (Z) 5.875 09-15-42 267,000 294,983

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 14

Rate (%) Maturity date Par value^ Value

Financials (continued)

Insurance (continued)

Teachers Insurance & Annuity Association of America (S) 6.850 12-16-39 465,000 $634,282

The Hartford Financial Services Group, Inc. (8.125% to 6-15-18, then 3 month LIBOR + 4.603%) (Z) 8.125 06-15-68 540,000 570,883

Thrifts and mortgage finance 1.3%

MGIC Investment Corp. 5.750 08-15-23 99,000 106,178

Nationstar Mortgage LLC 6.500 07-01-21 295,000 299,425

Nationstar Mortgage LLC 7.875 10-01-20 340,000 353,600

Nationstar Mortgage LLC 9.625 05-01-19 295,000 303,481

Quicken Loans, Inc. (S) 5.750 05-01-25 550,000 555,500

Radian Group, Inc. 5.250 06-15-20 170,000 177,650

Radian Group, Inc. 7.000 03-15-21 295,000 328,925

Stearns Holdings LLC (S) 9.375 08-15-20 164,000 165,640

Health care 5.3% 9,518,445

Biotechnology 0.9%

AbbVie, Inc. (Z) 3.600 05-14-25 420,000 423,562

Amgen, Inc. (Z) 4.400 05-01-45 195,000 192,580

Shire Acquisitions Investments Ireland DAC (Z) 1.900 09-23-19 470,000 467,388

Shire Acquisitions Investments Ireland DAC (Z) 3.200 09-23-26 625,000 605,108

Health care equipment and supplies 0.5%

Medtronic, Inc. (Z) 4.625 03-15-45 330,000 359,092

Team Health Holdings, Inc. (L)(S)(Z) 6.375 02-01-25 60,000 58,575

Zimmer Biomet Holdings, Inc. 3.550 04-01-25 435,000 433,335

Health care providers and services 2.6%

Community Health Systems, Inc. (L)(Z) 5.125 08-01-21 280,000 277,550

Community Health Systems, Inc. (L)(Z) 8.000 11-15-19 215,000 209,225

DaVita, Inc. 5.000 05-01-25 315,000 317,363

Express Scripts Holding Company (Z) 4.750 11-15-21 1,000,000 1,078,263

Fresenius US Finance II, Inc. (L)(S)(Z) 4.500 01-15-23 255,000 262,650

HCA, Inc. (L)(Z) 5.250 04-15-25 375,000 403,009

HCA, Inc. 5.250 06-15-26 320,000 341,200

HCA, Inc. 7.500 02-15-22 300,000 345,120

LifePoint Health, Inc. (L)(S)(Z) 5.375 05-01-24 285,000 287,850

MEDNAX, Inc. (S) 5.250 12-01-23 260,000 265,850

Select Medical Corp. (L)(Z) 6.375 06-01-21 360,000 368,100

Universal Health Services, Inc. (S) 4.750 08-01-22 240,000 246,758

Universal Health Services, Inc. (S) 5.000 06-01-26 189,000 194,670

Life sciences tools and services 0.1%

Quintiles IMS, Inc. (S) 4.875 05-15-23 260,000 267,150

Pharmaceuticals 1.2%

Actavis Funding SCS (Z) 3.800 03-15-25 1,000,000 1,017,737

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 15

Rate (%) Maturity date Par value^ Value

Health care (continued)

Pharmaceuticals (continued)

Mylan NV (Z) 2.500 06-07-19 339,000 $340,661

Mylan NV (Z) 3.950 06-15-26 764,000 755,649

Industrials 11.4% 20,477,214

Aerospace and defense 1.1%

Arconic, Inc. (L)(Z) 5.125 10-01-24 390,000 408,525

Huntington Ingalls Industries, Inc. (S) 5.000 12-15-21 350,000 363,125

Huntington Ingalls Industries, Inc. (S) 5.000 11-15-25 250,000 263,750

Lockheed Martin Corp. (Z) 2.900 03-01-25 386,000 383,053

Lockheed Martin Corp. (Z) 4.700 05-15-46 295,000 324,103

Textron, Inc. (Z) 7.250 10-01-19 240,000 266,789

Air freight and logistics 0.2%

XPO Logistics, Inc. (S) 6.500 06-15-22 425,000 449,969

Airlines 4.1%

Air Canada 2013-1 Class C Pass Through Trust (S) 6.625 05-15-18 310,000 320,850

America West Airlines 2000-1 Pass Through Trust 8.057 01-02-22 76,493 85,673

American Airlines 2011-1 Class B Pass Through Trust (S) 7.000 07-31-19 500,332 516,593

American Airlines 2013-2 Class A Pass Through Trust (Z) 4.950 07-15-24 350,141 373,666

American Airlines 2015-1 Class B Pass Through Trust 3.700 11-01-24 540,215 528,061

American Airlines 2016-1 Class A Pass Through Trust (Z) 4.100 07-15-29 185,097 189,022

American Airlines 2017-1 Class A Pass Through Trust 4.000 08-15-30 140,000 142,450

American Airlines 2017-1 Class AA Pass Through Trust (Z) 3.650 08-15-30 210,000 212,888

British Airways 2013-1 Class A Pass Through Trust (S)(Z) 4.625 06-20-24 543,604 580,733

British Airways 2013-1 Class B Pass Through Trust (S) 5.625 12-20-21 148,057 155,882

Continental Airlines 1997-4 Class A Pass Through Trust 6.900 07-02-19 20,136 20,448

Continental Airlines 1998-1 Class A Pass Through Trust 6.648 03-15-19 7,902 8,000

Continental Airlines 1999-1 Class A Pass Through Trust 6.545 08-02-20 95,386 100,394

Continental Airlines 2000-2 Class B Pass Through Trust 8.307 10-02-19 25,465 26,674

Continental Airlines 2007-1 Class A Pass Through Trust (Z) 5.983 10-19-23 416,204 457,824

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 16

Rate (%) Maturity date Par value^ Value

Industrials (continued)

Airlines (continued)

Continental Airlines 2012-1 Class B Pass Through Trust 6.250 10-11-21 142,701 $150,193

Delta Air Lines 2002-1 Class G-1 Pass Through Trust 6.718 07-02-24 517,632 582,983

Delta Air Lines 2010-1 Class A Pass Through Trust 6.200 01-02-20 98,068 102,432

Delta Air Lines 2011-1 Class A Pass Through Trust 5.300 10-15-20 180,999 191,316

Delta Air Lines, Inc. (L)(Z) 3.625 03-15-22 476,000 488,471

Northwest Airlines 2007-1 Class A Pass Through Trust 7.027 05-01-21 307,035 341,061

United Airlines 2014-2 Class A Pass Through Trust (Z) 3.750 03-03-28 443,187 453,712

United Airlines 2014-2 Class B Pass Through Trust 4.625 03-03-24 433,101 443,929

United Airlines 2016-1 Class A Pass Through Trust (Z) 3.450 01-07-30 245,000 246,225

US Airways 2010-1 Class A Pass Through Trust 6.250 10-22-24 324,702 353,926

US Airways 2012-1 Class A Pass Through Trust (Z) 5.900 04-01-26 247,685 277,739

Building products 1.1%

Builders FirstSource, Inc. (S) 10.750 08-15-23 215,000 251,013

Masco Corp. 4.375 04-01-26 255,000 269,688

Masco Corp. 4.450 04-01-25 275,000 292,427

Owens Corning 4.200 12-15-22 1,095,000 1,147,764

Commercial services and supplies 0.4%

LSC Communications, Inc. (S) 8.750 10-15-23 290,000 299,425

Prime Security Services Borrower LLC (S) 9.250 05-15-23 255,000 278,588

Tervita Escrow Corp. (S) 7.625 12-01-21 60,000 61,650

Construction and engineering 0.3%

AECOM (S) 5.125 03-15-27 415,000 415,477

Engility Corp. (S) 8.875 09-01-24 77,000 82,198

Tutor Perini Corp. (S) 6.875 05-01-25 88,000 92,400

Electrical equipment 0.1%

EnerSys (S) 5.000 04-30-23 95,000 96,781

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 1,210,853

Machinery 0.1%

SPL Logistics Escrow LLC (S) 8.875 08-01-20 215,000 174,150

Professional services 0.5%

IHS Markit, Ltd. (S) 4.750 02-15-25 110,000 115,088

IHS Markit, Ltd. (S) 5.000 11-01-22 152,000 162,450

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 17

Rate (%) Maturity date Par value^ Value

Industrials (continued)

Professional services (continued)

Verisk Analytics, Inc. (Z) 4.000 06-15-25 645,000 $659,782

Trading companies and distributors 2.7%

AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (L)(S)(Z) 6.500 06-15-45 350,000 367,500

AerCap Ireland Capital DAC (Z) 4.625 10-30-20 435,000 461,868

Ahern Rentals, Inc. (S) 7.375 05-15-23 395,000 339,700

Air Lease Corp. (Z) 3.000 09-15-23 280,000 275,291

Air Lease Corp. (Z) 3.375 01-15-19 170,000 173,601

Air Lease Corp. (Z) 3.625 04-01-27 275,000 272,905

Air Lease Corp. (Z) 3.875 04-01-21 255,000 266,225

Aircastle, Ltd. 5.000 04-01-23 620,000 661,850

Aircastle, Ltd. 5.500 02-15-22 215,000 232,824

Aircastle, Ltd. 6.250 12-01-19 195,000 211,478

Aircastle, Ltd. 7.625 04-15-20 160,000 179,712

Ashtead Capital, Inc. (S) 5.625 10-01-24 205,000 219,071

International Lease Finance Corp. (Z) 5.875 04-01-19 240,000 256,137

International Lease Finance Corp. (S)(Z) 7.125 09-01-18 290,000 309,575

Park Aerospace Holdings, Ltd. (S) 5.500 02-15-24 105,000 111,038

United Rentals North America, Inc. (L)(Z) 5.500 07-15-25 260,000 271,700

United Rentals North America, Inc. (L)(Z) 5.750 11-15-24 175,000 184,406

Transportation infrastructure 0.1%

Florida East Coast Holdings Corp. (S) 6.750 05-01-19 255,000 262,140

Information technology 5.1% 9,090,074

Electronic equipment, instruments and components 1.3%

CDW LLC 5.000 09-01-25 47,000 48,175

Ingram Micro, Inc. 5.450 12-15-24 365,000 366,331

Jabil Circuit, Inc. 4.700 09-15-22 700,000 735,000

Keysight Technologies, Inc. (Z) 4.600 04-06-27 255,000 264,612

Tech Data Corp. (Z) 4.950 02-15-27 551,000 567,434

Zebra Technologies Corp. (L)(Z) 7.250 10-15-22 270,000 291,938

Internet software and services 0.3%

Match Group, Inc. 6.375 06-01-24 260,000 283,075

VeriSign, Inc. 5.250 04-01-25 270,000 282,488

IT services 0.2%

Gartner, Inc. (S) 5.125 04-01-25 68,000 70,380

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

Tempo Acquisition LLC (S) 6.750 06-01-25 50,000 51,375

Semiconductors and semiconductor equipment 0.7%

Micron Technology, Inc. (L)(Z) 5.875 02-15-22 280,000 293,300

Micron Technology, Inc. (Z) 7.500 09-15-23 250,000 280,000

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 18

Rate (%) Maturity date Par value^ Value

Information technology (continued)

Semiconductors and semiconductor equipment (continued)

NXP BV (S) 4.625 06-01-23 645,000 $694,181

Software 1.8%

Activision Blizzard, Inc. (S)(Z) 3.400 09-15-26 400,000 392,006

Activision Blizzard, Inc. (S)(Z) 6.125 09-15-23 365,000 396,025

CA, Inc. (Z) 3.600 08-15-22 355,000 364,344

CA, Inc. (Z) 4.700 03-15-27 325,000 341,339

Electronic Arts, Inc. (Z) 4.800 03-01-26 715,000 781,689

Microsoft Corp. (Z) 4.450 11-03-45 535,000 571,202

Open Text Corp. (S) 5.875 06-01-26 265,000 282,888

Symantec Corp. (S) 5.000 04-15-25 102,000 105,330

Technology hardware, storage and peripherals 0.8%

Dell International LLC (S)(Z) 6.020 06-15-26 825,000 908,735

Dell International LLC (L)(S)(Z) 7.125 06-15-24 85,000 93,953

Dell International LLC (S)(Z) 8.350 07-15-46 255,000 329,999

NCR Corp. 5.875 12-15-21 90,000 94,275

Materials 2.3% 4,106,702

Chemicals 1.2%

Braskem Finance, Ltd. (S) 7.000 05-07-20 515,000 561,994

NOVA Chemicals Corp. (S) 5.000 05-01-25 535,000 547,706

Platform Specialty Products Corp. (L)(S)(Z) 6.500 02-01-22 535,000 548,375

The Chemours Company 6.625 05-15-23 456,000 487,920

Construction materials 0.3%

Cemex SAB de CV (L)(S)(Z) 6.125 05-05-25 360,000 386,536

U.S. Concrete, Inc. (S) 6.375 06-01-24 145,000 151,525

Containers and packaging 0.3%

Ardagh Packaging Finance PLC (S) 6.000 02-15-25 215,000 222,256

Cascades, Inc. (S) 5.500 07-15-22 233,000 234,748

Metals and mining 0.3%

Novelis Corp. (L)(S)(Z) 5.875 09-30-26 95,000 97,613

Vale Overseas, Ltd. 6.250 08-10-26 248,000 271,014

Vedanta Resources PLC (L)(S)(Z) 6.375 07-30-22 240,000 243,240

Paper and forest products 0.2%

Boise Cascade Company (S) 5.625 09-01-24 80,000 82,200

Norbord, Inc. (S) 6.250 04-15-23 255,000 271,575

Real estate 3.1% 5,626,336

Equity real estate investment trusts 3.1%

American Tower Corp. (Z) 3.400 02-15-19 305,000 311,580

American Tower Corp. (Z) 4.700 03-15-22 400,000 430,785

Crown Castle Towers LLC (S)(Z) 4.883 08-15-40 710,000 757,163

Crown Castle Towers LLC (S)(Z) 6.113 01-15-40 451,000 488,586

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 19

Rate (%) Maturity date Par value^ Value

Real estate (continued)

Equity real estate investment trusts (continued)

Equinix, Inc. 5.375 05-15-27 205,000 $214,182

Iron Mountain, Inc. 5.750 08-15-24 395,000 406,850

Iron Mountain, Inc. 6.000 08-15-23 440,000 467,491

MPT Operating Partnership LP 6.375 02-15-22 320,000 330,800

Omega Healthcare Investors, Inc. (Z) 4.500 01-15-25 295,000 296,268

Omega Healthcare Investors, Inc. (Z) 4.950 04-01-24 350,000 365,585

Omega Healthcare Investors, Inc. (Z) 5.250 01-15-26 180,000 189,235

Ventas Realty LP (Z) 3.500 02-01-25 575,000 568,901

Ventas Realty LP (Z) 3.750 05-01-24 101,000 102,607

VEREIT Operating Partnership LP (Z) 4.600 02-06-24 523,000 545,881

Welltower, Inc. (Z) 3.750 03-15-23 146,000 150,422

Telecommunication services 4.7% 8,462,983

Diversified telecommunication services 3.2%

AT&T, Inc. (Z) 3.875 08-15-21 800,000 835,627

AT&T, Inc. (Z) 4.750 05-15-46 287,000 269,423

AT&T, Inc. (Z) 5.450 03-01-47 770,000 793,214

Cincinnati Bell, Inc. (S) 7.000 07-15-24 235,000 248,748

Frontier Communications Corp. 8.875 09-15-20 330,000 348,355

GCI, Inc. (L)(Z) 6.875 04-15-25 265,000 284,875

Radiate Holdco LLC (L)(S)(Z) 6.625 02-15-25 245,000 244,388

Sprint Spectrum Company LLC (S)(Z) 3.360 03-20-23 260,000 262,275

Telecom Italia Capital SA 7.200 07-18-36 365,000 402,413

Verizon Communications, Inc. (Z) 4.400 11-01-34 260,000 248,811

Verizon Communications, Inc. (Z) 4.672 03-15-55 295,000 270,270

Verizon Communications, Inc. (Z) 4.862 08-21-46 830,000 806,055

Verizon Communications, Inc. (Z) 5.012 08-21-54 255,000 247,416

Wind Acquisition Finance SA (S) 7.375 04-23-21 355,000 369,200

Zayo Group LLC (S) 5.750 01-15-27 125,000 132,656

Wireless telecommunication services 1.5%

CC Holdings GS V LLC (Z) 3.849 04-15-23 350,000 363,481

Digicel Group, Ltd. (S) 8.250 09-30-20 385,000 352,275

Digicel, Ltd. (L)(S)(Z) 6.750 03-01-23 295,000 280,619

Millicom International Cellular SA (S) 4.750 05-22-20 210,000 215,088

Millicom International Cellular SA (S) 6.625 10-15-21 300,000 314,250

MTN Mauritius Investments, Ltd. (S) 4.755 11-11-24 225,000 213,694

SBA Tower Trust (S)(Z) 3.598 04-15-43 370,000 370,144

Sprint Capital Corp. 6.875 11-15-28 305,000 330,925

T-Mobile USA, Inc. 6.125 01-15-22 245,000 258,781

Utilities 7.1% 12,666,996

Electric utilities 3.8%

Abengoa Transmision Sur SA (S) 6.875 04-30-43 249,475 268,497

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 20

Rate (%) Maturity date Par value^ Value

Utilities (continued)

Electric utilities (continued)

Beaver Valley II Funding Corp. 9.000 06-01-17 4,000 $4,024

Broadcom Corp. (S)(Z) 2.375 01-15-20 500,000 500,350

Broadcom Corp. (S)(Z) 3.875 01-15-27 529,000 536,914

BVPS II Funding Corp. 8.890 06-01-17 14,000 14,017

Duke Energy Corp. (Z) 3.550 09-15-21 1,000,000 1,040,924

Electricite de France SA (S)(Z) 3.625 10-13-25 260,000 265,535

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

Emera US Finance LP (Z) 3.550 06-15-26 210,000 208,378

Empresa Electrica Angamos SA (S) 4.875 05-25-29 360,000 365,246

Exelon Generation Company LLC (Z) 4.000 10-01-20 1,000,000 1,042,827

FPL Energy National Wind LLC (S) 5.608 03-10-24 52,946 52,946

Great Plains Energy, Inc. (Z) 3.900 04-01-27 260,000 263,035

Israel Electric Corp., Ltd. (S) 5.625 06-21-18 420,000 435,926

NextEra Energy Capital Holdings, Inc. (Z) 3.550 05-01-27 490,000 491,480

Southern California Edison Company (6.250% to 2-1-22, then 3 month LIBOR + 4.199%) (Q)(Z) 6.250 02-01-22 320,000 355,600

Southern Power Company (Z) 1.950 12-15-19 475,000 472,591

Gas utilities 0.1%

AmeriGas Partners LP 5.500 05-20-25 183,000 184,830

Independent power and renewable electricity producers 0.9%

NRG Energy, Inc. (L)(Z) 6.250 05-01-24 585,000 582,953

NRG Energy, Inc. (L)(Z) 6.625 01-15-27 305,000 301,950

NRG Yield Operating LLC 5.375 08-15-24 760,000 777,100

Multi-utilities 2.3%

Berkshire Hathaway Energy Company (Z) 8.480 09-15-28 550,000 800,554

CMS Energy Corp. (Z) 5.050 03-15-22 1,000,000 1,101,486

Dominion Resources, Inc. (Z) 3.625 12-01-24 1,000,000 1,018,725

NiSource Finance Corp. (Z) 5.450 09-15-20 1,000,000 1,096,108

Convertible bonds 0.2% (0.1% of Total investments) $285,106

(Cost $288,198)

Utilities 0.2% 285,106

Independent power and renewable electricity producers 0.2%

NRG Yield, Inc. (S) 3.250 06-01-20 290,000 285,106

Term loans (M) 0.2% (0.2% of Total investments) $426,813

(Cost $562,592)

Financials 0.1% 150,000

Capital markets 0.1%

LSF9 Atlantis Holdings LLC (T) TBD 04-21-23 150,000 150,000

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 21

Rate (%) Maturity date Par value^ Value

Industrials 0.0% $129,981

Aerospace and defense 0.0%

WP CPP Holdings LLC 4.671 12-28-19 143,625 129,981

Utilities 0.1% 146,832

Electric utilities 0.1%

ExGen Texas Power LLC 5.897 09-16-21 272,922 146,832

Capital preferred securities (a) 0.9% (0.6% of Total investments) $1,567,943

(Cost $1,538,094)

Financials 0.9% 1,567,943

Banks 0.5%

BAC Capital Trust XIV, Series G (P)(Q) 4.000 05-18-17 420,000 357,000

Sovereign Capital Trust VI 7.908 06-13-36 489,000 493,890

Capital markets 0.2%

State Street Corp. (P)(Z) 2.131 06-01-77 400,000 351,500

Insurance 0.2%

MetLife Capital Trust IV (7.875% to 12-15-32 then 3 month LIBOR + 3.960%) (S)(Z) 7.875 12-15-67 110,000 140,305

ZFS Finance USA Trust V (6.500% to 5-9-17, then 3 month LIBOR + 2.285%) (S) 6.500 05-09-67 225,000 225,248

U.S. Government and Agency obligations 18.0% (12.0% of Total investments) $32,249,790

(Cost $32,448,992)

U.S. Government 4.6% 8,151,757

U.S. Treasury

Bond (Z) 2.875 11-15-46 260,000 255,501

Note (Z) 2.000 02-15-25 3,337,000 3,293,462

Note (Z) 2.250 02-15-27 1,768,000 1,762,751

Treasury Inflation Protected Security (Z) 0.375 07-15-25 2,819,472 2,840,043

U.S. Government Agency 13.4% 24,098,033

Federal Home Loan Mortgage Corp.

30 Yr Pass Thru 3.000 03-01-43 764,136 770,524

30 Yr Pass Thru 4.500 09-01-41 1,556,623 1,684,254

Federal National Mortgage Association

30 Yr Pass Thru 3.000 12-01-42 2,651,081 2,666,926

30 Yr Pass Thru 3.000 07-01-43 803,580 808,006

30 Yr Pass Thru 3.500 12-01-42 4,111,462 4,261,627

30 Yr Pass Thru 3.500 01-01-43 3,034,050 3,155,293

30 Yr Pass Thru 3.500 04-01-45 1,460,351 1,508,668

30 Yr Pass Thru 4.000 10-01-40 317,580 337,851

30 Yr Pass Thru 4.000 09-01-41 1,939,302 3,659,839

30 Yr Pass Thru 4.000 10-01-41 1,532,053 1,627,208

30 Yr Pass Thru 4.500 07-01-41 2,851,601 3,084,742

30 Yr Pass Thru 5.000 04-01-41 353,835 392,342

30 Yr Pass Thru 5.500 08-01-40 125,839 140,753

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 22

Rate (%) Maturity date Par value^ Value

Foreign government obligations 0.7% (0.5% of Total investments) $1,314,675

(Cost $1,161,105)

Argentina 0.7% 1,314,675

Provincia de Buenos Aires
Bond (S) 7.875 06-15-27 390,000 407,133

Republic of Argentina

Bond 6.875 01-26-27 155,000 163,758

Bond 7.500 04-22-26 350,000 383,425

Bond (L) (Z) 8.280 12-31-33 322,469 360,359

Collateralized mortgage obligations 20.9% (13.9% of Total investments) $37,408,339

(Cost $35,861,505)

Commercial and residential 18.6% 33,298,291

American Home Mortgage Investment Trust
Series 2005-1, Class 1A1 (P) 1.422 06-25-45 416,477 401,276

Americold 2010 LLC
Series 2010-ARTA, Class D (S) 7.443 01-14-29 605,000 681,332

BAMLL Commercial Mortgage Securities Trust
Series 2015-200P, Class F (P) (S) 3.716 04-14-33 415,000 395,289

BBCMS Trust

Series 2015, Class C (P) (S) 2.994 02-15-28 215,000 212,741

Series 2015-MSQ, Class D (P) (S) 4.123 09-15-32 480,000 480,043

Bear Stearns Adjustable Rate Mortgage Trust

Series 2005-1, Class B2 (P) 3.377 03-25-35 118,126 50,160

Series 2005-2, Class A1 (P) 3.260 03-25-35 224,646 225,702

Bear Stearns ALT-A Trust

Series 2005-5, Class 1A4 (P) 1.551 07-25-35 225,118 214,470

Series 2005-7, Class 11A1 (P) 1.531 08-25-35 415,423 400,501

BHMS Mortgage Trust
Series 2014-ATLS, Class DFL (P) (S) 3.983 07-05-33 620,000 611,445

BLCP Hotel Trust
Series 2014-CLRN, Class D (P) (S) 3.494 08-15-29 605,000 606,902

BWAY Mortgage Trust

Series 2013-1515, Class F (P) (S) 4.058 03-10-33 595,000 578,870

Series 2015-1740, Class D (P) (S) 3.787 01-10-35 370,000 365,792

Series 2015-1740, Class XA IO (S) 1.023 01-10-35 6,885,000 286,084

BXHTL Mortgage Trust

Series 2015-JWRZ, Class DR2 (P) (S) 4.683 05-15-29 445,000 447,509

Series 2015-JWRZ, Class GL2 (P) (S) 4.683 05-15-29 410,000 412,441

CD Commercial Mortgage Trust (Citigroup/Deutsche Bank)
Series 2017-CD3, Class C (P) 4.715 02-10-50 435,000 457,661

CDGJ Commercial Mortgage Trust
Series 2014-BXCH, Class DPA (P) (S) 3.912 12-15-27 529,071 531,892

CGBAM Commercial Mortgage Trust
Series 2015-SMRT, Class F (P) (S) 3.912 04-10-28 325,000 319,807

CGGS Commercial Mortgage Trust
Series 2016-RNDA, Class DFX (S) 4.387 02-10-33 584,670 592,768

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 23

Rate (%) Maturity date Par value^ Value

Commercial and residential (continued)

Cold Storage Trust
Series 2017-ICE3, Class D (P) (S) 3.094 04-15-24 355,000 $355,000

Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank)
Series 2015-CR27, Class B (P) 4.510 10-10-48 235,000 247,204

Commercial Mortgage Trust (Deutsche Bank)

Series 2012-LC4, Class B (P) 4.934 12-10-44 360,000 386,497

Series 2013-300P, Class D (P) (S) 4.540 08-10-30 620,000 643,100

Series 2013-CR11, Class B (P) 5.328 08-10-50 895,000 981,695

Series 2013-CR13, Class C (P) 4.906 12-10-23 435,000 453,520

Series 2013-CR6, Class XA IO 1.595 03-10-46 4,061,651 140,465

Series 2014-FL4, Class D (P) (S) 3.440 07-13-31 600,000 589,550

Series 2014-TWC, Class D (P) (S) 3.240 02-13-32 445,000 446,535

Commercial Mortgage Trust (Deutsche Bank/Morgan Stanley)
Series 2014-PAT, Class D (P) (S) 3.063 08-13-27 775,000 775,977

Commercial Mortgage Trust (Wells Fargo)
Series 2014-CR16, Class C (P) 5.065 04-10-47 552,000 567,195

Core Industrial Trust
Series 2015-CALW, Class F (P) (S) 3.979 02-10-34 360,000 361,008

Deutsche Bank Commercial Mortgage Trust
Series 2016-C3, Class C (P) 3.636 09-10-49 130,000 124,595

Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
Series 2004-4, Class 2AR1 (P) 1.531 06-25-34 272,407 260,534

GAHR Commercial Mortgage Trust

Series 2015-NRF, Class DFX (P) (S) 3.495 12-15-34 220,000 222,709

Series 2015-NRF, Class EFX (P) (S) 3.495 12-15-34 495,000 493,563

Great Wolf Trust
Series 2015-WOLF, Class D (P) (S) 4.494 05-15-34 520,000 527,139

GS Mortgage Securities Trust

Series 2012-GC17, Class XA IO 2.490 05-10-45 5,968,160 452,969

Series 2014-NEW, Class C (S) 3.790 01-10-31 165,000 163,582

Series 2016-RENT, Class D (P) (S) 4.202 02-10-29 420,000 429,730

Series 2017-485L, Class C (P) (S) 4.115 02-10-37 240,000 249,064

Series 2017-GS5, Class C (P) 4.299 03-10-50 190,000 199,290

HarborView Mortgage Loan Trust

Series 2005-2, Class X IO 1.492 05-19-35 4,851,354 239,465

Series 2005-9, Class 2A1C (P) 1.443 06-20-35 484,375 464,041

Series 2007-3, Class ES IO (S) 0.350 05-19-47 6,624,760 100,871

Series 2007-4, Class ES IO 0.350 07-19-47 7,205,902 101,813

Series 2007-6, Class ES IO (S) 0.342 08-19-37 5,574,030 69,748

HILT Mortgage Trust
Series 2014-ORL, Class D (P) (S) 3.144 07-15-29 310,000 305,508

Hilton USA Trust
Series 2016-HHV, Class D (P) (S) 4.333 11-05-38 285,000 274,350

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 24

Rate (%) Maturity date Par value^ Value

Commercial and residential (continued)

Hudsons Bay Simon JV Trust
Series 2015-HBFL, Class DFL (P) (S) 4.633 08-05-34 305,000 $302,940

IndyMac Index Mortgage Loan Trust

Series 2005-AR12, Class AX2 IO 1.936 07-25-35 4,893,791 326,398

Series 2005-AR8, Class AX2 IO 1.954 05-25-35 5,097,732 294,116

Series 2005-AR18, Class 1X IO 1.792 10-25-36 6,245,901 415,828

Series 2005-AR18, Class 2X IO 1.569 10-25-36 5,612,007 203,678

JPMBB Commercial Mortgage Securities Trust
Series 2014-C19, Class C (P) 4.822 04-15-47 725,000 736,332

JPMorgan Chase Commercial Mortgage Securities Trust

Series 2012-HSBC, Class XA IO (S) 1.582 07-05-32 2,815,000 182,812

Series 2014-FL5, Class C (P) (S) 3.094 07-15-31 1,030,000 1,020,709

Series 2014-INN, Class F (P) (S) 4.994 06-15-29 490,000 485,103

Series 2014-PHH, Class C (P) (S) 3.094 08-15-27 760,000 759,999

Series 2015-MAR7, Class C (S) 4.490 06-05-32 480,000 483,597

Series 2015-SGP, Class B (P) (S) 3.744 07-15-36 360,000 362,022

Series 2016-JP3, Class C (P) 3.623 08-15-49 183,000 174,695

MASTR Alternative Loan Trust
Series 2005-2, Class 4A3 (P) 1.391 03-25-35 161,623 153,371

Merrill Lynch Mortgage Investors Trust
Series 2005-2, Class 1A (P) 2.543 10-25-35 316,876 315,252

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2013-C7, Class C (P) 4.282 02-15-46 293,000 289,941

Series 2014-C18, Class 300D 5.279 08-15-31 380,000 394,238

Morgan Stanley Capital I Trust
Series 2014-150E, Class D (P) (S) 4.438 09-09-32 1,050,000 1,051,145

MortgageIT Trust
Series 2005-2, Class 1A2 (P) 1.651 05-25-35 230,960 219,137

MSCG Trust
Series 2016-SNR, Class D (S) 6.550 11-15-34 465,000 463,252

One Market Plaza Trust
Series 2017-1MKT, Class D (S) 4.146 02-10-32 190,000 192,623

Opteum Mortgage Acceptance Corp. Asset Backed Pass Through Certificates
Series 2005-3, Class APT (P) 1.281 07-25-35 243,941 239,282

TMSQ Mortgage Trust
Series 2014-1500, Class D (P) (S) 3.963 10-10-36 340,000 330,365

UBS Commercial Mortgage Trust
Series 2012-C1, Class B 4.822 05-10-45 405,000 443,204

UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class XA IO (S) 1.583 05-10-63 3,789,319 208,922

VNDO Mortgage Trust
Series 2013-PENN, Class D (P) (S) 4.079 12-13-29 612,000 629,249

VNDO Trust
Series 2016-350P, Class D (P) (S) 3.903 01-10-35 455,000 460,337

WaMu Mortgage Pass Through Certificates
Series 2005-AR8, Class 2AB2 (P) 1.411 07-25-45 420,347 401,276

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 25

Rate (%) Maturity date Par value^ Value

Commercial and residential (continued)

Wells Fargo Commercial Mortgage Trust

Series 2013-120B, Class C (P) (S) 2.800 03-18-28 935,000 $928,845

Series 2013-BTC, Class E (P) (S) 3.668 04-16-35 620,000 562,118

Series 2015-LC22, Class B (P) 4.541 09-15-58 295,000 317,376

Series 2017-RB1, Class C 4.311 03-15-50 235,000 245,603

WF-RBS Commercial Mortgage Trust

Series 2012-C9, Class XA IO (S) 2.241 11-15-45 4,692,350 350,426

Series 2013-C15, Class B (P) 4.629 08-15-46 155,000 165,121

Series 2013-C16, Class B (P) 5.147 09-15-46 265,000 289,577

U.S. Government Agency 2.3% 4,110,048

Federal Home Loan Mortgage Corp.

Series 2015-DNA1, Class M2 (P) 2.841 10-25-27 380,000 389,116

Series 2016-DNA3, Class M2 (P) 2.991 12-25-28 280,000 286,707

Series K017, Class X1 IO 1.511 12-25-21 2,742,210 141,881

Series K018, Class X1 IO 1.531 01-25-22 3,478,015 182,803

Series K021, Class X1 IO 1.609 06-25-22 769,559 48,156

Series K022, Class X1 IO 1.388 07-25-22 8,824,025 477,685

Series K707, Class X1 IO 1.660 12-25-18 2,309,097 45,044

Series K709, Class X1 IO 1.645 03-25-19 3,166,331 73,197

Series K710, Class X1 IO 1.886 05-25-19 3,394,628 96,294

Series K718, Class X1 IO 0.767 01-25-22 16,627,959 424,048

Government National Mortgage Association

Series 2012-114, Class IO 0.822 01-16-53 1,586,670 89,386

Series 2016-142, Class IO 0.997 09-16-58 1,525,407 130,192

Series 2016-162, Class IO 0.996 09-16-58 3,315,600 274,530

Series 2016-174, Class IO 0.904 11-16-56 2,162,321 181,745

Series 2016-87, Class IO 1.007 08-16-58 2,045,976 157,967

Series 2017-20, Class IO 0.750 12-16-58 4,099,810 290,620

Series 2017-22, Class IO 1.047 12-16-57 1,461,265 144,175

Series 2017-3, Class IO 0.907 09-16-58 3,815,739 301,992

Series 2017-46, Class IO 0.619 11-16-57 3,106,176 213,973

Series 2017-61, Class IO 0.765 05-16-59 1,845,000 160,537

Asset backed securities 11.8% (7.9% of Total investments) $21,132,494

(Cost $20,827,577)

Asset backed securities 11.8% 21,132,494

ACE Securities Corp. Home Equity Loan Trust
Series 2005-HE3, Class M2 (P) 1.666 05-25-35 222,671 222,409

Aegis Asset Backed Securities Trust
Series 2005-4, Class M1 (P) 1.441 10-25-35 825,000 783,642

Ameriquest Mortgage Securities, Inc.
Series 2005-R3, Class M2 (P) 1.461 05-25-35 480,000 465,178

Applebee's Funding LLC
Series 2014-1, Class A2 (S) 4.277 09-05-44 1,000,000 985,341

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 26

Rate (%) Maturity date Par value^ Value

Asset backed securities (continued)

Arby's Funding LLC
Series 2015-1A, Class A2 (S) 4.969 10-30-45 630,400 $631,964

Argent Securities, Inc.

Series 2003-W10, Class M1 (P) 2.071 01-25-34 219,379 205,983

Series 2004-W6, Class M1 (P) 1.816 05-25-34 109,892 105,522

BMW Vehicle Owner Trust
Series 2016-A, Class A4 1.370 12-27-22 325,000 321,146

Capital One Multi-Asset Execution Trust
Series 2017-A1, Class A1 2.000 01-17-23 1,050,000 1,055,289

Chase Issuance Trust
Series 2016-A5, Class A5 1.270 07-15-21 1,460,000 1,447,171

Chrysler Capital Auto Receivables Trust
Series 2016-BA, Class A4 (S) 1.870 02-15-22 260,000 258,075

CKE Restaurant Holdings, Inc.
Series 2013-1A, Class A2 (S) 4.474 03-20-43 1,038,298 1,032,713

ContiMortgage Home Equity Loan Trust
Series 1995-2, Class A5 8.100 08-15-25 21,185 15,561

Countrywide Asset-Backed Certificates Trust
Series 2004-10, Class AF5B (P) 4.997 02-25-35 301,433 302,096

CSMC Trust
Series 2006-CF2, Class M1 (P) (S) 1.461 05-25-36 233,243 231,355

DB Master Finance LLC
Series 2015-1A, Class A2II (S) 3.980 02-20-45 852,600 866,614

Driven Brands Funding LLC
Series 2015-1A, Class A2 (S) 5.216 07-20-45 448,175 441,501

FOCUS Brands Funding LLC
Series 2017-1A, Class A2I (S) 3.857 04-30-47 145,000 145,802

Ford Credit Auto Owner Trust
Series 2016-C, Class A4 1.400 02-15-22 290,000 286,543

GSAA Home Equity Trust
Series 2005-11, Class 3A1 (P) 1.261 10-25-35 252,187 246,105

Home Equity Asset Trust
Series 2005-3, Class M4 (P) 1.631 08-25-35 235,000 222,422

Honda Auto Receivables Owner Trust
Series 2016-4, Class A4 1.360 01-18-23 510,000 504,256

Hyundai Auto Receivables Trust
Series 2015-A, Class A4 1.370 07-15-20 430,000 429,455

Merrill Lynch Mortgage Investors Trust
Series 2005-WMC1, Class M1 (P) 1.741 09-25-35 256,559 238,605

MVW Owner Trust
Series 2014-1A, Class A (S) 2.250 09-22-31 97,833 97,181

New Century Home Equity Loan Trust
Series 2005-1, Class M1 (P) 1.666 03-25-35 425,000 400,791

RAAC Series Trust
Series 2006-SP4, Class M1 (P) 1.331 11-25-36 175,000 164,705

Saxon Asset Securities Trust
Series 2006-2, Class A3C (P) 1.141 09-25-36 469,684 456,236

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 27

Rate (%) Maturity date Par value^ Value

Asset backed securities (continued)

Sonic Capital LLC
Series 2016-1A, Class A2 (S) 4.472 05-20-46 223,688 $222,791

Specialty Underwriting & Residential Finance Trust
Series 2006-BC1, Class A2D (P) 1.291 12-25-36 927,328 917,099

Structured Asset Securities Corp. Trust
Series 2005-AR1, Class M1 (P) 1.421 09-25-35 212,046 207,811

Synchrony Credit Card Master Note Trust
Series 2016-1, Class A 2.040 03-15-22 395,000 396,984

Taco Bell Funding LLC
Series 2016-1A, Class A2I (S) 3.832 05-25-46 512,425 521,597

Towd Point Mortgage Trust
Series 2016-5, Class A1 (P) (S) 2.500 10-25-56 579,254 577,683

Toyota Auto Receivables Owner Trust

Series 2016-C, Class A4 1.320 11-15-21 285,000 282,085

Series 2017-A, Class A3 1.730 02-16-21 500,000 500,966

Verizon Owner Trust

Series 2016-2A, Class A (S) 1.680 05-20-21 710,000 708,958

Series 2017-1A, Class A (S) 2.060 09-20-21 810,000 813,503

Wendys Funding LLC
Series 2015-1A, Class A2I (S) 3.371 06-15-45 1,787,775 1,798,326

Westgate Resorts LLC

Series 2014-1A, Class A (S) 2.150 12-20-26 376,077 374,309

Series 2014-1A, Class B (S) 3.250 12-20-26 251,367 249,683

Series 2015-1A, Class A (S) 2.750 05-20-27 187,521 188,091

Series 2015-2A, Class B (S) 4.000 07-20-28 264,245 265,029

Series 2016-1A, Class A (S) 3.500 12-20-28 223,112 224,318

Series 2017-1A, Class A (S) 3.050 12-20-30 320,000 319,600

Shares Value

Common stocks 0.9% (0.6% of Total investments) $1,669,320

(Cost $1,804,926)

Energy 0.2% 417,520

Oil, gas and consumable fuels 0.2%

Royal Dutch Shell PLC, ADR, Class A 8,000 417,520

Financials 0.3% 589,600

Capital markets 0.3%

Ares Capital Corp. (L)(Z) 33,500 589,600

Health care 0.4% 662,200

Pharmaceuticals 0.4%

Sanofi, ADR 14,000 662,200

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 28

Shares Value

Preferred securities (b) 1.4% (1.0% of Total investments) $2,559,845

(Cost $2,541,543)

Consumer staples 0.3% 559,180

Food and staples retailing 0.3%

Ocean Spray Cranberries, Inc., 6.250% (S) 6,250 559,180

Financials 0.5% 879,958

Banks 0.1%

Wells Fargo & Company, Series L, 7.500% 192 243,840

Consumer finance 0.4%

GMAC Capital Trust I, 6.824% (P) 24,985 636,118

Utilities 0.6% 1,120,707

Electric utilities 0.1%

Exelon Corp., 6.500% 4,341 214,402

Multi-utilities 0.5%

Dominion Resources, Inc., 6.750% (L)(Z) 13,140 665,147

DTE Energy Company, 6.500% 4,475 241,158

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 2.3% (1.5% of Total investments) $4,102,000

(Cost $4,102,000)

U.S. Government Agency 2.0% 3,508,000

Federal Home Loan Bank Discount Note 0.680 05-01-17 3,508,000 3,508,000

Par value^ Value

Repurchase agreement 0.3% 594,000

Repurchase Agreement with State Street Corp. dated 4-28-17 at 0.220% to be repurchased at $594,011 on 5-1-17, collateralized by $580,000 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-19 (valued at $608,435 including interest) 594,000 594,000

Total investments (Cost $261,481,905)† 149.7% $268,426,618

Other assets and liabilities, net (49.7%) ($89,132,949 )

Total net assets 100.0% $179,293,669

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL 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.

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 4-30-17, 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 $83,187,855 or 46.4% of the fund's net assets as of 4-30-17.

(T) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which is disclosed as TBD (To Be Determined).

(Z) All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 4-30-17 was $112,022,254. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $16,035,783.

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

† At 4-30-17, the aggregate cost of investment securities for federal income tax purposes was $263,161,112. Net unrealized appreciation aggregated to $5,265,506, of which $8,459,697 related to appreciated investment securities and $3,194,191 related to depreciated investment securities.

DERIVATIVES

SWAPS

Interest rate swaps

Counterparty Notional
amount Currency Payments
made
by fund Payments
received
by fund Fixed
payment
frequency Floating
payment
frequency Maturity
date Unamortized
upfront
payment
paid
(received) Unrealized
appreciation
(depreciation) Market
value

Morgan Stanley
Capital Services 22,000,000 USD Fixed
1.09375% 3 Month
LIBOR ^(a) Semi-
Annual Quarterly May
2017 — ($63,247 ) ($63,247 )

^(a) At 4-30-17, 3-Month LIBOR was 1.1723%

See Notes to financial statements regarding investment transactions and other derivatives information.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 30

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 4-30-17 (unaudited)

Assets

Investments, at value (Cost $261,481,905) $268,426,618

Cash 5,808

Cash segregated at custodian for derivative contracts 20,000

Dividends and interest receivable 2,598,910

Other receivables and prepaid expenses 24,233

Total assets 271,075,569

Liabilities

Liquidity agreement 91,300,000

Payable for investments purchased 235,024

Swap contracts, at value 63,247

Interest payable 121,035

Payable to affiliates

Accounting and legal services fees 12,756

Trustees' fees 27

Other liabilities and accrued expenses 49,811

Total liabilities 91,781,900

Net assets $179,293,669

Net assets consist of

Paid-in capital $182,289,517

Undistributed net investment income 500,083

Accumulated net realized gain (loss) on investments and swap agreements (10,377,397 )

Net unrealized appreciation (depreciation) on investments and swap agreements 6,881,466

Net assets $179,293,669

Net asset value per share

Based on 11,646,585 shares of beneficial interest outstanding — unlimited number of shares authorized with no par value $15.39

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 31

STATEMENT OF OPERATIONS For the six months ended 4-30-17 (unaudited)

Investment income

Interest $5,847,537

Dividends 132,978

Less foreign taxes withheld (2,256 )

Total investment income 5,978,259

Expenses

Investment management fees 694,233

Interest expense 638,529

Accounting and legal services fees 30,447

Transfer agent fees 42,251

Trustees' fees 21,521

Printing and postage 33,919

Professional fees 32,994

Custodian fees 12,971

Stock exchange listing fees 11,745

Other 3,429

Total expenses 1,522,039

Less expense reductions (10,213 )

Net expenses 1,511,826

Net investment income 4,466,433

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments 140,009

Swap contracts (22,537 )

117,472

Change in net unrealized appreciation (depreciation) of

Investments (928,475 )

Swap contracts 26,797

(901,678 )

Net realized and unrealized loss (784,206 )

Increase in net assets from operations $3,682,227

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 32

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended 4-30-17 Year ended 10-31-16

(unaudited)

Increase (decrease) in net assets

From operations

Net investment income $4,466,433 $9,224,729

Net realized gain (loss) 117,472 (1,272,707 )

Change in net unrealized appreciation (depreciation) (901,678 ) 6,031,668

Increase in net assets resulting from operations 3,682,227 13,983,690

Distributions to shareholders

From net investment income (4,848,473 ) (9,911,245 )

Total increase (decrease) (1,166,246 ) 4,072,445

Net assets

Beginning of period 180,459,915 176,387,470

End of period $179,293,669 $180,459,915

Undistributed net investment income $500,083 $882,123

Share activity

Shares outstanding

Beginning of period 11,646,585 11,646,585

End of period 11,646,585 11,646,585

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 33

STATEMENT OF CASH FLOWS For the six months ended 4-30-17 (unaudited)

Cash flows from operating activities

Net increase in net assets from operations $3,682,227

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

Long-term investments purchased (52,266,725)

Long-term investments sold 53,673,402

Increase in short-term investments (2,524,000)

Net amortization of premium (discount) 1,241,795

Decrease in cash segregated at custodian for derivative contracts 260,000

Decrease in receivable for investments sold 216,661

Decrease in dividends and interest receivable 19,570

Increase in other receivables and prepaid assets (12,883)

Decrease in payable for investments purchased (192,093)

Decrease in unrealized appreciation (depreciation) of swap contracts (26,797)

Increase in interest payable 32,085

Decrease in payable to affiliates (1,722)

Decrease in other liabilities and accrued expenses (38,092)

Net change in unrealized (appreciation) depreciation on investments 928,475

Net realized gain on investments (140,009)

Net cash provided by operating activities $4,851,894

Cash flows from financing activities

Distributions to common shareholders net of reinvestments ($4,848,473)

Net cash used in financing activities ($4,848,473 )

Net increase in cash $3,421

Cash at beginning of period $2,387

Cash at end of period $5,808

Supplemental disclosure of cash flow information

Cash paid for interest $606,444

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 34

Financial highlights

COMMON SHARES Period Ended 4-30-17¹ 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 $15.49 $15.14 $15.84 $15.37 $15.88 $14.64

Net investment income² 0.38 0.79 0.81 0.86 0.91 1.03

Net realized and unrealized gain (loss) on investments (0.06 ) 0.41 (0.62 ) 0.56 (0.39 ) 1.31

Total from investment operations 0.32 1.20 0.19 1.42 0.52 2.34

Less distributions to common shareholders

From net investment income (0.42 ) (0.85 ) (0.90 ) (0.95 ) (1.03 ) (1.10 )

Anti-dilutive impact of repurchase plan — — 0.01 ³ — — —

Net asset value, end of period $15.39 $15.49 $15.14 $15.84 $15.37 $15.88

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

Total return at net asset value (%)^4,5 2.30 ⁶ 8.52 1.84 10.02 3.51 16.57

Total return at market value (%)⁵ 3.19 ⁶ 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) $179 $180 $176 $186 $181 $186

Ratios (as a percentage of average net assets):

Expenses before reductions 1.74 ⁷ 1.58 1.45 1.33 1.35 1.53

Expenses including reductions⁸ 1.73 ⁷ 1.57 1.43 1.32 1.35 1.53

Net investment income 5.10 ⁷ 5.24 5.22 5.50 5.81 6.88

Portfolio turnover (%) 20 43 51 52 60 50

Senior securities

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

Asset coverage per $1,000 of debt⁹ $2,964 $2,977 $2,932 $3,037 $2,999 $3,057

1 Six months ended 4-30-17. Unaudited.

2 Based on average daily shares outstanding.

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

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

5 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.

6 Not annualized.

7 Annualized.

8 Expenses including reductions excluding interest expense were 1.00% (annualized) 1.02%, 1.01%, 1.00%,1.01% and 1.06% for the periods ended 4-30-17, 10-31-16, 10-31-15, 10-31-14, 10-31-13 and 10-31-12, respectively.

9 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

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 35

Notes to financial statements (unaudited)

Note 1 — Organization

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

Note 2 — Significant accounting policies

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

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

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

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are 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.

SEMIANNUAL 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 April 30, 2017, by major security category or type:

Total
value at
4-30-17 Level 1
quoted
price Level 2
significant
observable
inputs Level 3
significant
unobservable
inputs

Corporate bonds $165,710,140 — $165,710,140 —

Convertible bonds 285,106 — 285,106 —

Term loans 426,813 — 426,813 —

Capital preferred securities 1,567,943 — 1,567,943 —

U.S. Government and Agency obligations 32,249,790 — 32,249,790 —

Foreign government obligations 1,314,675 — 1,314,675 —

Collateralized mortgage obligations 37,408,339 — 37,408,339 —

Asset backed securities 21,132,494 — 21,132,494 —

Common stocks 1,669,320 $1,669,320 — —

Preferred securities 2,559,845 2,000,665 559,180 —

Escrow certificates 153 — — $153

Short-term investments 4,102,000 — 4,102,000 —

Total investments in securities $268,426,618 $3,669,985 $264,756,480 $153

Other financial instruments:

Interest rate swaps ($63,247 ) — ($63,247 ) —

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

SEMIANNUAL 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

SEMIANNUAL 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.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP.

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 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

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 39

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 provide outcomes 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. In addition to interest rate risk, market risks may also impact the swap. 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 six months ended April 30, 2017, the fund used interest rate swaps in anticipation of rising interest rates. No interest rate swap positions were entered into or closed during the six months ended April 30, 2017.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at April 30, 2017 by risk category:

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

Interest rate Swap contracts, at value Interest rate swaps — ($63,247 )

For financial reporting purposes, the portfolio does not offset OTC derivative assets or liabilities that are subject to master netting arrangements, as defined by the ISDAs, in the Statement of assets and liabilities. In the event of default by the counterparty or a termination of the agreement, the ISDA allows an offset of amounts across the various transactions between the fund and the applicable counterparty.

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 six months ended April 30, 2017:

Risk Statement of operations location Swap contracts

Interest rate Net realized gain (loss) ($22,537 )

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 six months ended April 30, 2017:

Risk Statement of operations location Swap contracts

Interest rate Change in unrealized appreciation (depreciation) $26,797

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).

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 40

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 six months ended April 30, 2017, this waiver amounted to 0.01% of the fund's average daily managed assets (on an annualized basis). 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 $10,213 for the six months ended April 30, 2017.

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 six months ended April 30, 2017 were equivalent to a net annual effective rate of 0.51% 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 six months ended April 30, 2017 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 plan, which is subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market, up to 10% of its outstanding common shares as of December 31, 2016. The current share repurchase plan will remain in effect between January 1, 2017 to December 31, 2017. During the six months ended April 30, 2017 and the year ended October 31, 2016, there was no activity under the share repurchase plan.

Note 7 — Leverage risk

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

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 41

•	the potential for a decline in the value of an investment acquired through leverage, while the fund's obligations under such leverage remains fixed; and
•	the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.

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

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

Note 8 — Liquidity agreement

The fund has entered into a Liquidity Agreement (LA) with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $91.3 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at April 30, 2017 are shown in the Statement of assets and liabilities as the Liquidity agreement.

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

Upon return of securities by the Borrower or Reverse Repo counterparty, SSB will return the cash collateral to the Borrower or proceeds from the Reverse Repo, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements is paid by SSB.

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

Under normal circumstances, interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.60%, is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of April 30, 2017, the fund had an aggregate balance of $91,300,000 at an interest rate of 1.60%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the six months ended April 30, 2017, the average balance of the LA and the effective average interest rate were $91,300,000 and 1.41%, respectively.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 42

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

Note 9 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities and U.S. Treasury obligations, amounted to $44,858,341 and $47,169,070, respectively, for the six months ended April 30, 2017. Purchases and sales of U.S. Treasury obligations aggregated $7,408,384 and $6,504,332, respectively, for the six months ended April 30, 2017.

Note 10 — Interfund Trading

The fund is permitted to purchase or sell securities from or to certain other affiliated funds, as set forth in Rule 17a-7 of the 1940 Act, under specified conditions outlined in procedures adopted by the Board of Trustees of the fund. The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund that is or could be considered an affiliate complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the period ended April 30,2017, the fund engaged in sales amounting to $2,003,255.

Note 11 — New rule issuance

In October 2016, the Securities Exchange Commission 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 SEC 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. The updates to Regulation S-X are effective August 1, 2017 and may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments. These updates will have no impact on the fund's net assets or results of operations.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 43

ADDITIONAL INFORMATION

Unaudited

Investment objective and policy

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

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

Dividends and distributions

During the six months ended April 30, 2017, distributions from net investment income totaling $0.4163 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment Date Income Distributions

December 30, 2016 $0.2184

March 31, 2017 0.1979

Total $0.4163

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 44

Shareholder meeting

The fund held its Annual Meeting of Shareholders on January 24, 2017. The following proposal was considered by the shareholders:

Proposal: Election of thirteen (13) Nominees to serve until their respective successors have been duly elected and qualified

Total votes
for the nominee Total votes withheld
from the nominee

Independent Trustees

Charles L. Bardelis 9,270,744.091 780,330.774

Peter S. Burgess 9,264,119.091 786,955.774

William H. Cunningham 9,258,889.091 792,185.774

Grace K. Fey 9,255,714.091 795,360.774

Theron S. Hoffman 9,256,607.091 794,467.774

Deborah C. Jackson 9,250,024.091 801,050.774

Hassell H. McClellan 9,270,744.091 780,330.774

James M. Oates 9,264,119.091 786,955.774

Steven R. Pruchansky 9,264,119.091 786,955.774

Gregory A. Russo 9,265,738.091 785,336.774

Non-Independent Trustee

James R. Boyle 9,255,973.091 795,101.774

Craig Bromley¹ 9,242,829.091 808,245.774

Warren A. Thomson 9,232,496.091 818,578.774

1	Effective June 15, 2017, Mr. Bromley no longer serves as a Trustee of the fund. Andrew G. Arnott has been appointed as a Trustee of the fund effective June 20, 2017. Mr. Arnott serves as a Trustee until his successor has been duly elected and qualified.

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 45

More information

Trustees

Hassell H. McClellan, Chairperson^#
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†^##
Charles L. Bardelis*
James R. Boyle†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
James M. Oates
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

Stock symbol

Listed New York Stock Exchange: JHS

*Member of the Audit Committee
†Non-Independent Trustee
^#Effective 1-1-17
^## Effective 6-20-17

The fund's proxy voting policies and procedures, as well as the fund 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.

You can also contact us:

800-852-0218
jhinvestments.com
Regular mail:

Computershare
P.O. Box 505000
Louisville, KY 40233

Express mail:

Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202

SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 46

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

Fundamental Global Franchise

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

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

Multi-Index Lifetime Portfolios

Multi-Index Preservation Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

EXCHANGE-TRADED FUNDS

John Hancock Multifactor Consumer Discretionary ETF

John Hancock Multifactor Consumer Staples ETF

John Hancock Multifactor Developed International 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 Core Bond

ESG International Equity

ESG Large Cap Core

CLOSED-END FUNDS

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

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

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

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

John Hancock Investments

A trusted brand

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

A better way to invest

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

Results for investors

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

John Hancock Advisers, LLC
601 Congress Street n Boston, MA 02210-2805
800-852-0218 n jhinvestments.com

MF368610 P6SA 4/17
6/17

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable at this time.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

Not applicable.

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

Not applicable.

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

(a) Not applicable.
(b)

			Total number of	Maximum number of
			shares purchased	shares that may yet
	Total number of	Average price per	as part of publicly	be purchased under
Period	shares purchased	share	announced plans*	the plans
Nov-16	-	-	-	1,164,659
Dec-16	-	-	-	1,164,659
Jan-17	-	-	-	1,164,659*
Feb-17	-	-	-	1,164,659
Mar-17	-	-	-	1,164,659
Apr-17	-	-	-	1,164,659
Total	-	-
*In March 2015, the Board of Trustees approved a share repurchase plan, which has been subsequently reviewed and approved by the Board of Trustees. Under the current share repurchase plan, the Fund may purchase in the open market up to 10% of its outstanding common shares as of December 31, 2016. The current share plan will remain in effect between January 31, 2017 and December 31, 2017.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

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

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

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Nominating, Governance and Administration Committee Charter.”

(c)(2) Contact person at the registrant.

SIGNATURES

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

John Hancock Income Securities Trust

By:		/s/ Andrew Arnott
		Andrew Arnott
		President

Date:		June 21, 2017

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

By: /s/ Andrew Arnott

Andrew Arnott

President

Date: June 21, 2017

By: /s/ Charles A. Rizzo

Charles A. Rizzo

Chief Financial Officer

Date: June 21, 2017

John Hancock Financial Opportunities Fund	John Hancock Investors Trust
John Hancock Bond Trust	John Hancock Municipal Securities Trust
John Hancock California Tax-Free Income Fund	John Hancock Preferred Income Fund
John Hancock Capital Series	John Hancock Preferred Income Fund II
John Hancock Current Interest	John Hancock Preferred Income Fund III
John Hancock Emerging Markets Income Fund	John Hancock Premium Dividend Fund
John Hancock Exchange-Traded Fund Trust
John Hancock Flexible Income Opportunities Fund	John Hancock Series Trust
John Hancock Funds II	John Hancock Sovereign Bond Fund
John Hancock Funds III	John Hancock Strategic Diversified Income Fund
John Hancock Hedged Equity & Income Fund	John Hancock Strategic Series
John Hancock Income Securities Trust	John Hancock Tax-Advantaged Dividend Income Fund
John Hancock Investment Trust	John Hancock Tax-Advantaged Global Shareholder Yield Fund
John Hancock Investment Trust II	John Hancock Tax-Exempt Series Fund
John Hancock Investment Trust III	John Hancock Variable Insurance Trust


United States	85.2
France	2.6
Netherlands	2.6
United Kingdom	2.5
Canada	1.5
Other countries	5.6
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 4-30-17 (unaudited)
	Rate (%)	Maturity date	Par value^		Value
Corporate bonds 92.4% (61.7% of Total investments)					$165,710,140
(Cost $160,345,373)
Consumer discretionary 9.9%					17,707,430
Auto components 0.5%
Lear Corp. (Z)	5.250	01-15-25		273,000	289,554
Nemak SAB de CV (L)(S)(Z)	5.500	02-28-23		306,000	315,945
ZF North America Capital, Inc. (S)	4.750	04-29-25		280,000	291,220
Automobiles 1.9%
Ford Motor Company (Z)	4.750	01-15-43		145,000	136,536
Ford Motor Credit Company LLC (Z)	5.875	08-02-21		928,000	1,032,571
General Motors Company (Z)	4.875	10-02-23		650,000	693,357
General Motors Company (Z)	6.250	10-02-43		380,000	415,085
General Motors Financial Company, Inc. (Z)	4.000	01-15-25		560,000	563,838
General Motors Financial Company, Inc. (Z)	4.300	07-13-25		481,000	489,648
Diversified consumer services 0.2%
Laureate Education, Inc. (L)(S)(Z)	8.250	05-01-25		170,000	174,675
Service Corp. International	5.375	05-15-24		240,000	253,500
Hotels, restaurants and leisure 1.3%
CCM Merger, Inc. (S)	6.000	03-15-22		195,000	201,338
Chester Downs & Marina LLC (S)	9.250	02-01-20		280,000	286,650
Eldorado Resorts, Inc.	7.000	08-01-23		130,000	140,400
Gateway Casinos & Entertainment, Ltd. (S)	8.250	03-01-24		160,000	163,600
GLP Capital LP (L)(Z)	5.375	04-15-26		255,000	269,025
Hilton Grand Vacations Borrower LLC (S)	6.125	12-01-24		130,000	138,450
International Game Technology PLC (S)	6.500	02-15-25		225,000	246,375
Jacobs Entertainment, Inc. (S)	7.875	02-01-24		64,000	66,880
Mohegan Tribal Gaming Authority (L)(S)(Z)	7.875	10-15-24		310,000	317,363
Seminole Tribe of Florida, Inc. (S)	6.535	10-01-20		400,000	408,000
Waterford Gaming LLC (H)(S)	8.625	09-15-14		99,739	0
Household durables 0.2%
Beazer Homes USA, Inc.	8.750	03-15-22		370,000	411,625
Internet and direct marketing retail 0.9%
Expedia, Inc.	5.000	02-15-26		705,000	756,829
QVC, Inc. (L)(Z)	4.375	03-15-23		325,000	327,137
QVC, Inc.	5.125	07-02-22		255,000	267,310
QVC, Inc.	5.450	08-15-34		315,000	291,352
Leisure products 0.2%
Vista Outdoor, Inc. (L)(Z)	5.875	10-01-23		255,000	253,725
Media 4.3%
21st Century Fox America, Inc.	7.750	01-20-24		1,020,000	1,251,293
Altice Financing SA (L)(S)(Z)	6.625	02-15-23		200,000	211,750


				Shares		Value
Preferred securities (b) 1.4% (1.0% of Total investments)						$2,559,845
(Cost $2,541,543)
Consumer staples 0.3%						559,180
Food and staples retailing 0.3%
Ocean Spray Cranberries, Inc., 6.250% (S)				6,250		559,180
Financials 0.5%						879,958
Banks 0.1%
Wells Fargo & Company, Series L, 7.500%				192		243,840
Consumer finance 0.4%
GMAC Capital Trust I, 6.824% (P)				24,985		636,118
Utilities 0.6%						1,120,707
Electric utilities 0.1%
Exelon Corp., 6.500%				4,341		214,402
Multi-utilities 0.5%
Dominion Resources, Inc., 6.750% (L)(Z)				13,140		665,147
DTE Energy Company, 6.500%				4,475		241,158
	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 2.3% (1.5% of Total investments)						$4,102,000
(Cost $4,102,000)
U.S. Government Agency 2.0%						3,508,000
Federal Home Loan Bank Discount Note	0.680	05-01-17			3,508,000	3,508,000
				Par value^		Value
Repurchase agreement 0.3%						594,000
Repurchase Agreement with State Street Corp. dated 4-28-17 at 0.220% to be repurchased at $594,011 on 5-1-17, collateralized by $580,000 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-19 (valued at $608,435 including interest)				594,000		594,000
Total investments (Cost $261,481,905)† 149.7%						$268,426,618
Other assets and liabilities, net (49.7%)						($89,132,949	)
Total net assets 100.0%						$179,293,669



Cash flows from operating activities
Net increase in net assets from operations	$3,682,227
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Long-term investments purchased	(52,266,725)
Long-term investments sold	53,673,402
Increase in short-term investments	(2,524,000)
Net amortization of premium (discount)	1,241,795
Decrease in cash segregated at custodian for derivative contracts	260,000
Decrease in receivable for investments sold	216,661
Decrease in dividends and interest receivable	19,570
Increase in other receivables and prepaid assets	(12,883)
Decrease in payable for investments purchased	(192,093)
Decrease in unrealized appreciation (depreciation) of swap contracts	(26,797)
Increase in interest payable	32,085
Decrease in payable to affiliates	(1,722)
Decrease in other liabilities and accrued expenses	(38,092)
Net change in unrealized (appreciation) depreciation on investments	928,475
Net realized gain on investments	(140,009)
Net cash provided by operating activities	$4,851,894
Cash flows from financing activities
Distributions to common shareholders net of reinvestments	($4,848,473)
Net cash used in financing activities	($4,848,473	)
Net increase in cash	$3,421
Cash at beginning of period	$2,387
Cash at end of period	$5,808
Supplemental disclosure of cash flow information
Cash paid for interest	$606,444





COMMON SHARES Period Ended		4-30-17¹		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		$15.49		$15.14		$15.84		$15.37		$15.88		$14.64
Net investment income²		0.38		0.79		0.81		0.86		0.91		1.03
Net realized and unrealized gain (loss) on investments		(0.06	)	0.41		(0.62	)	0.56		(0.39	)	1.31
Total from investment operations		0.32		1.20		0.19		1.42		0.52		2.34
Less distributions to common shareholders
From net investment income		(0.42	)	(0.85	)	(0.90	)	(0.95	)	(1.03	)	(1.10	)
Anti-dilutive impact of repurchase plan		—		—		0.01	³	—		—		—
Net asset value, end of period		$15.39		$15.49		$15.14		$15.84		$15.37		$15.88
Per share market value, end of period		$14.29		$14.26		$13.86		$14.29		$14.28		$16.53
Total return at net asset value (%)^4,5		2.30	⁶	8.52		1.84		10.02		3.51		16.57
Total return at market value (%)⁵		3.19	⁶	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)		$179		$180		$176		$186		$181		$186
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.74	⁷	1.58		1.45		1.33		1.35		1.53
	Expenses including reductions⁸	1.73	⁷	1.57		1.43		1.32		1.35		1.53
	Net investment income	5.10	⁷	5.24		5.22		5.50		5.81		6.88
Portfolio turnover (%)		20		43		51		52		60		50
Senior securities
Total debt outstanding end of period (in millions)		$91		$91		$91		$91		$90		$90
Asset coverage per $1,000 of debt⁹		$2,964		$2,977		$2,932		$3,037		$2,999		$3,057


	1			Six months ended 4-30-17. Unaudited.
	2			Based on average daily shares outstanding.
	3			The repurchase plan was completed at an average repurchase price of $13.86 for 96,519 shares, which equals $1,338,116 in redemptions for the year ended 10-31-15.
	4			Total returns would have been lower had certain expenses not been reduced during the applicable periods.
	5			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.
	6			Not annualized.
	7			Annualized.
	8			Expenses including reductions excluding interest expense were 1.00% (annualized) 1.02%, 1.01%, 1.00%,1.01% and 1.06% for the periods ended 4-30-17, 10-31-16, 10-31-15, 10-31-14, 10-31-13 and 10-31-12, respectively.
	9			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 4-30-17		Level 1 quoted price	Level 2 significant observable inputs		Level 3 significant unobservable inputs
Corporate bonds	$165,710,140		—	$165,710,140		—
Convertible bonds	285,106		—	285,106		—
Term loans	426,813		—	426,813		—
Capital preferred securities	1,567,943		—	1,567,943		—
U.S. Government and Agency obligations	32,249,790		—	32,249,790		—
Foreign government obligations	1,314,675		—	1,314,675		—
Collateralized mortgage obligations	37,408,339		—	37,408,339		—
Asset backed securities	21,132,494		—	21,132,494		—
Common stocks	1,669,320		$1,669,320	—		—
Preferred securities	2,559,845		2,000,665	559,180		—
Escrow certificates	153		—	—		$153
Short-term investments	4,102,000		—	4,102,000		—
Total investments in securities	$268,426,618		$3,669,985	$264,756,480		$153
Other financial instruments:
Interest rate swaps	($63,247	)	—	($63,247	)	—


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


Risk	Statement of operations location	Swap contracts
Interest rate	Net realized gain (loss)	($22,537	)


Payment Date	Income Distributions
December 30, 2016	$0.2184
March 31, 2017	0.1979
Total	$0.4163


	Total votes for the nominee	Total votes withheld from the nominee
Independent Trustees
Charles L. Bardelis	9,270,744.091	780,330.774
Peter S. Burgess	9,264,119.091	786,955.774
William H. Cunningham	9,258,889.091	792,185.774
Grace K. Fey	9,255,714.091	795,360.774
Theron S. Hoffman	9,256,607.091	794,467.774
Deborah C. Jackson	9,250,024.091	801,050.774
Hassell H. McClellan	9,270,744.091	780,330.774
James M. Oates	9,264,119.091	786,955.774
Steven R. Pruchansky	9,264,119.091	786,955.774
Gregory A. Russo	9,265,738.091	785,336.774
Non-Independent Trustee
James R. Boyle	9,255,973.091	795,101.774
Craig Bromley¹	9,242,829.091	808,245.774
Warren A. Thomson	9,232,496.091	818,578.774


	John Hancock Advisers, LLC 601 Congress Street n Boston, MA 02210-2805 800-852-0218 n jhinvestments.com
	MF368610	P6SA 4/17 6/17

By:		/s/ Charles A. Rizzo
		Charles A. Rizzo
		Chief Financial Officer

Date:		June 21, 2017

	1.		Except where a Trust is legally required to nominate individuals recommended by another, to identify individuals qualified to serve as Independent Trustees of the Trusts, and to consider and recommend to the full Board nominations of individuals to serve as Trustees.

	2.		To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.

	3.		To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.

	4.		To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.

	5.		To periodically review the Board’s committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board’s committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.

	6.		To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Board’s sole authority to approve the firm’s fees and other retention terms.

	7.		To consider and determine the amount of compensation to be paid by the Trusts to the Independent Trustees, including the compensation of the Chair of the Board or any Vice-Chair of the Board and of Committee Chairs, and to address compensation-related matters. The Chair of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the Trusts provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.

	8.		To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure.

	9.		To review the Board Governance Procedures and recommend to the Board of Trustees changes to the Procedures as the Committee deems appropriate.

	10.		To report its activities to the full Board and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.

1.		Nominees should have a reputation for integrity, honesty and adherence to high ethical standards, and such other personal characteristics as a capacity for leadership and the ability to work well with others.

2.		Nominees should have business, professional, academic, financial, accounting or other experience and qualifications which demonstrate that they will make a valuable contribution as Trustees.

3.		Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.

4.		Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the investment adviser, and to act in the interests of all shareholders.

5.		Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a trustee.

6.		Nominees should have experience on corporate or other institutional bodies having oversight responsibilities.

	1.		The Committee believes that it is in the best interests of each Trust and its shareholders to obtain highly-qualified candidates to serve as members of the Board.

	2.		In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate; however, the appropriate mix of skills, expertise and attributes needed to maintain an effective board are sought in the applicant pool as part of every search the Board undertakes for new trustees, including but not limited to the diversity of thought, as well as of gender, race, ethnic background and geographic origin. These factors may also include (but are not limited to) the person’s character, integrity, judgment, skill and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate’s experience with the experience of other Board members; and the extent to which the candidate would be a desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person’s availability and commitment to attend meetings and perform his or her responsibilities; whether or not the person has or had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or any subadviser of the Funds, as applicable, Fund service providers, or their affiliates or with Fund shareholders. The Committee will strive to achieve a group that reflects a diversity of experiences in respect of industries, professions and other experiences, and that is diversified as to thought, gender, race, ethnic background and geographic origin.

	3.		While the Committee is solely responsible for the selection and recommendation to the Board of Independent Trustee candidates, the Committee may consider nominees recommended by any source, including shareholders, management, legal counsel and Board members, as it deems appropriate. The Committee may retain a professional search firm or a consultant to assist the Committee in a search for a qualified candidate. Any recommendations from shareholders shall be directed to the Secretary of the relevant Trust at such address as is set forth in the Trust’s disclosure documents. Recommendations from management may be submitted to the Committee Chair. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified in the relevant Trust’s By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders.

	4.		Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of 1934 in order to be considered by the Committee. In evaluating a nominee recommended by a shareholder, the Committee, in addition to the criteria discussed above, may consider the objectives of the shareholder in submitting that nomination and whether such objectives are consistent with the interests of all shareholders. If the Board determines to include a shareholder’s candidate among the slate of its designated nominees, the candidate’s name will be placed on the Trust’s proxy card. If the Board determines not to include such candidate among its designated nominees, and the shareholder has satisfied the requirements of Rule 14a-8, the shareholder’s candidate will be treated as a nominee of the shareholder who originally nominated the candidate. In that case, the candidate will not be named on the proxy card distributed with the Trust’s proxy statement.

	5.		As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the relevant Trust. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Committee will, in addition to any shareholder recommendations, consider candidates identified by other means as discussed in this Annex A.

	6.		With respect to candidates for Independent Trustee, a biography of each candidate shall be acquired and shall be reviewed by counsel to the Independent Trustees and counsel to the Trust to determine the candidate’s eligibility to serve as an Independent Trustee.

	7.		The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Trustee candidates as it deems necessary or appropriate.

	8.		After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.