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- 04186

John Hancock Income Securities Trust

(Exact name of registrant as specified in charter)

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

Salvatore Schiavone

Treasurer

200 Berkeley Street

Boston, Massachusetts 02116

(Name and address of agent for service) Registrant's telephone number, including area code: 617-543-9634

Date of fiscal year end:

October 31

Date of reporting period:

April 30, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.


Semiannual report
John Hancock
Income Securities Trust
Closed-end fixed income
Ticker: JHS
April 30, 2022
A message to shareholders
Dear shareholders,
The bond market declined for the six months ended April 30, 2022, reflecting a broad rise in bond yields. Improving economic growth, combined with supply chain shortages, led to significantly higher inflation. By the end of the period, the inflation rate surged to a 40-year high. To combat rising inflationary pressures, the U.S. Federal Reserve (Fed) began raising short-term interest rates late in the period, which pushed bond yields higher and prices lower. Furthermore, the conflict between Russia and Ukraine, which created significant geopolitical and economic uncertainty, led to heightened volatility in the bond market. Although bond yields rose across the board, short-term bond yields increased the most, reflecting the Fed’s interest-rate hike and expectations for more going forward.
In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.
On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.
Sincerely,
Andrew G. Arnott
President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe
This commentary reflects the CEO’s views, which are subject to change at any time. Investing involves risks, including the potential loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. It is not possible to invest directly in an index. For more up-to-date information, please visit our website at jhinvestments.com.
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 4/30/2022 (%)
The Bloomberg U.S. Government/Credit Index tracks the performance 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, which would result in lower returns.
The performance data contained within this material represents past performance, which does not guarantee future results.
Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may increase when shares are purchased at a premium to NAV or sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.
2 JOHN HANCOCK INCOME SECURITIES TRUST  | SEMIANNUAL REPORT  
Portfolio summary
PORTFOLIO COMPOSITION AS OF 4/30/2022 (% of total investments)
QUALITY COMPOSITION AS OF 4/30/2022 (% of total investments)
Ratings are from Moody’s Investors Service, Inc. If not available, we have used S&P Global Ratings. In the absence of ratings from these agencies, we have used Fitch Ratings, Inc. “Not rated” securities are those with no ratings available from these agencies. All ratings are as of 4-30-22 and do not reflect subsequent downgrades or upgrades, if any.
  SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 3
COUNTRY COMPOSITION AS OF 4/30/2022 (% of total investments)
United States 87.2
United Kingdom 2.1
Canada 2.0
Other countries 8.7
TOTAL 100.0
4 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT  
A look at performance
TOTAL RETURNS FOR THE PERIOD ENDED APRIL 30, 2022
Average annual total returns (%)   Cumulative total returns (%)
    1-Year 5-Year 10-Year 6-month 5-year 10-Year
At Net asset value   -12.10 2.36 4.63 -13.80 12.40 57.27
At Market price   -11.47 3.53 3.83 -12.90 18.93 45.56
Bloomberg U.S. Government/Credit Index   -8.47 1.45 1.90 -9.92 7.46 20.75
Performance figures assume all distributions have been reinvested.
The returns reflect past results and should not be considered indicative of future performance. Investment returns and principal value will fluctuate and a shareholder may sustain losses. Further, the fund’s performance at net asset value (NAV) is different from the fund’s performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. Market risk may be augmented when shares are purchased at a premium to NAV or when shares need to be sold at a discount to NAV. Current month-end performance may be higher or lower than the performance cited. The fund’s most recent performance can be found at jhinvestments.com or by calling 800-852-0218.
The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares. The fund’s performance results reflect any applicable fee waivers or expense reductions, without which the expenses would increase and results would have been less favorable.
  SEMIANNUAL REPORT  | JOHN HANCOCK INCOME SECURITIES TRUST 5
This chart shows what happened to a hypothetical $10,000 investment in John Hancock Income Securities Trust for the periods indicated, assuming all distributions were reinvested. For comparison, we’ve shown the same investment in the Bloomberg U.S. Government/Credit Index.
The Bloomberg U.S. Government/Credit Index tracks the performance 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, which would result in lower returns.
The returns reflect past results and should not be considered indicative of future performance.
6 JOHN HANCOCK INCOME SECURITIES TRUST  | SEMIANNUAL REPORT  
Fund’s investments
AS OF 4-30-22 (unaudited)
  Rate (%) Maturity date   Par value^ Value
U.S. Government and Agency obligations 25.9% (15.9% of Total investments)   $39,559,857
(Cost $42,095,741)          
U.S. Government 6.7%         10,159,642
U.S. Treasury          
Bond (A)(B) 1.875 11-15-51   2,924,600 2,293,983
Bond (B) 2.250 02-15-52   328,000 281,619
Note (B) 1.875 02-15-32   5,671,000 5,178,332
Note (A)(B) 2.500 03-31-27   2,455,000 2,405,708
U.S. Government Agency 19.2%         29,400,215
Federal Home Loan Mortgage Corp.          
30 Yr Pass Thru 2.000 11-01-51   174,971 154,793
30 Yr Pass Thru 2.000 12-01-51   586,029 518,173
30 Yr Pass Thru 2.000 01-01-52   203,690 180,073
30 Yr Pass Thru 2.500 08-01-50   57,761 53,169
30 Yr Pass Thru 2.500 11-01-51   551,051 505,571
30 Yr Pass Thru 2.500 12-01-51   182,739 167,086
30 Yr Pass Thru 3.000 03-01-43   366,887 355,647
30 Yr Pass Thru 3.000 10-01-49   923,194 879,514
30 Yr Pass Thru 3.000 12-01-49   61,920 58,990
30 Yr Pass Thru 3.000 12-01-49   1,283,512 1,219,975
30 Yr Pass Thru 3.000 01-01-50   888,028 847,954
30 Yr Pass Thru 3.500 07-01-46   528,137 519,804
30 Yr Pass Thru 3.500 10-01-46   369,748 364,874
30 Yr Pass Thru 3.500 12-01-46   165,150 162,869
30 Yr Pass Thru 3.500 02-01-47   942,884 928,686
30 Yr Pass Thru 3.500 11-01-48   1,781,922 1,752,303
Federal National Mortgage Association          
30 Yr Pass Thru 2.000 09-01-50   519,940 462,011
30 Yr Pass Thru 2.000 02-01-52   4,113,664 3,637,346
30 Yr Pass Thru (C) 2.500 TBA   3,211,000 2,929,535
30 Yr Pass Thru 2.500 08-01-51   513,117 471,009
30 Yr Pass Thru 2.500 11-01-51   565,564 519,991
30 Yr Pass Thru 2.500 01-01-52   610,872 558,737
30 Yr Pass Thru 3.000 12-01-42   1,080,890 1,042,837
30 Yr Pass Thru 3.000 07-01-43   280,939 270,522
30 Yr Pass Thru 3.000 11-01-49   290,611 276,588
30 Yr Pass Thru 3.500 12-01-42   1,328,124 1,320,714
30 Yr Pass Thru 3.500 01-01-43   1,297,497 1,290,259
30 Yr Pass Thru 3.500 04-01-45   447,685 442,110
30 Yr Pass Thru 3.500 11-01-46   894,599 880,662
30 Yr Pass Thru 3.500 07-01-47   957,539 941,724
30 Yr Pass Thru 3.500 07-01-47   946,145 931,701
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 7
  Rate (%) Maturity date   Par value^ Value
U.S. Government Agency (continued)          
30 Yr Pass Thru 3.500 11-01-47   397,640 $390,824
30 Yr Pass Thru 3.500 09-01-49   219,435 213,839
30 Yr Pass Thru 3.500 03-01-50   541,300 527,327
30 Yr Pass Thru (C) 4.000 TBA   3,303,000 3,283,517
30 Yr Pass Thru 4.000 09-01-41   334,315 339,481
Foreign government obligations 0.7% (0.5% of Total investments)   $1,155,592
(Cost $1,170,128)          
Argentina 0.2%         313,286
Republic of Argentina
Bond (2.500% to 7-9-22, then 3.500% to 7-9-29, then 4.875% thereafter) 		2.500 07-09-41   937,000 313,286
Qatar 0.2%         287,234
State of Qatar
Bond (D) 		5.103 04-23-48   259,000 287,234
Saudi Arabia 0.3%         555,072
Kingdom of Saudi Arabia
Bond (A)(B)(D) 		4.375 04-16-29   534,000 555,072
Corporate bonds 101.4% (62.3% of Total investments)   $155,212,253
(Cost $167,652,720)          
Communication services 13.1%       20,108,418
Diversified telecommunication services 3.1%      
AT&T, Inc. (B) 3.100 02-01-43   1,225,000 947,867
AT&T, Inc. (B) 3.500 06-01-41   423,000 351,520
AT&T, Inc. (B) 3.650 06-01-51   364,000 295,001
C&W Senior Financing DAC (D) 6.875 09-15-27   240,000 232,874
Connect Finco SARL (D) 6.750 10-01-26   371,000 360,798
GCI LLC (D) 4.750 10-15-28   183,000 169,733
Level 3 Financing, Inc. (D) 3.400 03-01-27   328,000 295,200
Switch, Ltd. (D) 3.750 09-15-28   63,000 59,063
Telecom Argentina SA (D) 8.000 07-18-26   186,000 176,237
Telefonica Emisiones SA 5.213 03-08-47   403,000 379,074
Telesat Canada (D) 5.625 12-06-26   120,000 85,673
Total Play Telecomunicaciones SA de CV (D) 6.375 09-20-28   216,000 179,930
Total Play Telecomunicaciones SA de CV (D) 7.500 11-12-25   362,000 335,755
Verizon Communications, Inc. (B) 4.329 09-21-28   635,000 638,633
Verizon Communications, Inc. (B) 4.400 11-01-34   274,000 269,912
Entertainment 2.6%      
AMC Entertainment Holdings, Inc. (D) 10.000 06-15-26   332,000 278,073
Lions Gate Capital Holdings LLC (D) 5.500 04-15-29   216,000 191,482
Live Nation Entertainment, Inc. (A)(B)(D) 4.750 10-15-27   272,000 255,544
Magallanes, Inc. (B)(D) 4.279 03-15-32   451,000 418,931
Netflix, Inc. 4.875 04-15-28   564,000 552,122
8 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Communication services (continued)        
Entertainment (continued)      
Netflix, Inc. (A)(B)(D) 4.875 06-15-30   209,000 $203,777
Netflix, Inc. (D) 5.375 11-15-29   92,000 92,092
Netflix, Inc. 5.875 11-15-28   400,000 412,000
Playtika Holding Corp. (B)(D) 4.250 03-15-29   45,000 40,543
Take-Two Interactive Software, Inc. (B) 3.300 03-28-24   263,000 261,405
Take-Two Interactive Software, Inc. (B) 3.550 04-14-25   149,000 147,541
The Walt Disney Company (B) 7.750 01-20-24   1,020,000 1,092,392
Interactive media and services 0.2%      
ANGI Group LLC (A)(B)(D) 3.875 08-15-28   165,000 130,660
Match Group Holdings II LLC (D) 3.625 10-01-31   106,000 88,181
Twitter, Inc. (A)(B)(D) 3.875 12-15-27   181,000 177,435
Media 5.1%      
Cable One, Inc. (A)(B)(D) 4.000 11-15-30   92,000 78,937
CCO Holdings LLC (D) 4.500 06-01-33   160,000 130,899
Charter Communications Operating LLC 3.900 06-01-52   179,000 129,148
Charter Communications Operating LLC 4.200 03-15-28   820,000 792,315
Charter Communications Operating LLC 4.800 03-01-50   573,000 469,440
Charter Communications Operating LLC (B) 5.750 04-01-48   617,000 579,302
Charter Communications Operating LLC 6.484 10-23-45   606,000 610,789
Clear Channel Outdoor Holdings, Inc. (D) 7.750 04-15-28   527,000 496,698
Comcast Corp. (B) 4.150 10-15-28   526,000 528,832
Globo Comunicacao e Participacoes SA (D) 4.875 01-22-30   315,000 270,903
News Corp. (D) 3.875 05-15-29   166,000 150,101
News Corp. (D) 5.125 02-15-32   84,000 80,220
Radiate Holdco LLC (D) 6.500 09-15-28   175,000 154,000
Sirius XM Radio, Inc. (B)(D) 4.000 07-15-28   274,000 247,628
Sirius XM Radio, Inc. (A)(B)(D) 5.000 08-01-27   339,000 327,135
Stagwell Global LLC (D) 5.625 08-15-29   131,000 115,632
Townsquare Media, Inc. (D) 6.875 02-01-26   83,000 82,635
Univision Communications, Inc. (D) 4.500 05-01-29   88,000 78,980
Videotron, Ltd. (B)(D) 3.625 06-15-29   132,000 114,840
VTR Finance NV (D) 6.375 07-15-28   2,610,000 2,381,651
Wireless telecommunication services 2.1%      
MTN Mauritius Investments, Ltd. (D) 4.755 11-11-24   225,000 222,786
Oztel Holdings SPC, Ltd. (A)(B)(D) 6.625 04-24-28   230,000 238,300
SoftBank Group Corp. (6.875% to 7-19-27, then 5 Year ICE Swap Rate + 4.854%) (E) 6.875 07-19-27   400,000 374,128
Telefonica Celular del Paraguay SA (D) 5.875 04-15-27   200,000 200,404
T-Mobile USA, Inc. (B) 2.050 02-15-28   504,000 444,041
T-Mobile USA, Inc. (B) 2.550 02-15-31   168,000 142,690
T-Mobile USA, Inc. (A)(B) 2.875 02-15-31   45,000 38,198
T-Mobile USA, Inc. (B) 3.750 04-15-27   228,000 221,683
T-Mobile USA, Inc. (B) 3.875 04-15-30   517,000 489,309
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 9
  Rate (%) Maturity date   Par value^ Value
Communication services (continued)        
Wireless telecommunication services (continued)      
T-Mobile USA, Inc. (B) 4.500 04-15-50   299,000 $272,499
Vodafone Group PLC (7.000% to 1-4-29, then 5 Year U.S. Swap Rate + 4.873%) 7.000 04-04-79   497,000 524,847
Consumer discretionary 11.0%       16,866,779
Auto components 0.2%      
Aptiv PLC (A)(B) 3.250 03-01-32   116,000 102,330
Dealer Tire LLC (D) 8.000 02-01-28   92,000 89,998
LCM Investments Holdings II LLC (D) 4.875 05-01-29   74,000 64,848
Automobiles 2.0%      
Daimler Trucks Finance North America LLC (B)(D) 1.625 12-13-24   238,000 226,008
Ford Motor Company 3.250 02-12-32   134,000 108,902
Ford Motor Credit Company LLC 4.125 08-17-27   329,000 304,999
Ford Motor Credit Company LLC 5.113 05-03-29   514,000 487,015
General Motors Company (B) 5.400 04-01-48   162,000 152,121
General Motors Financial Company, Inc. (B) 2.400 10-15-28   611,000 522,725
General Motors Financial Company, Inc. (B) 3.600 06-21-30   717,000 644,905
General Motors Financial Company, Inc. (B) 4.350 01-17-27   310,000 305,878
Hyundai Capital America (B)(D) 1.800 10-15-25   156,000 143,743
Hyundai Capital America (B)(D) 2.375 10-15-27   156,000 138,871
Diversified consumer services 0.3%      
Service Corp. International 3.375 08-15-30   114,000 98,040
Service Corp. International 4.000 05-15-31   183,000 164,700
Sotheby’s (D) 7.375 10-15-27   201,000 198,196
Hotels, restaurants and leisure 5.9%      
Affinity Gaming (D) 6.875 12-15-27   123,000 115,207
Booking Holdings, Inc. (B) 4.625 04-13-30   368,000 376,304
CCM Merger, Inc. (A)(B)(D) 6.375 05-01-26   105,000 104,738
Choice Hotels International, Inc. (B) 3.700 12-01-29   179,000 167,267
Choice Hotels International, Inc. (B) 3.700 01-15-31   208,000 192,256
Dave & Buster’s, Inc. (D) 7.625 11-01-25   34,000 35,275
Expedia Group, Inc. (B) 2.950 03-15-31   222,000 190,513
Expedia Group, Inc. (B) 3.250 02-15-30   670,000 597,662
Expedia Group, Inc. (B) 3.800 02-15-28   582,000 554,292
Expedia Group, Inc. (B) 4.625 08-01-27   310,000 311,417
Expedia Group, Inc. (B) 5.000 02-15-26   386,000 394,428
Full House Resorts, Inc. (D) 8.250 02-15-28   915,000 906,024
Hilton Domestic Operating Company, Inc. (A)(B) 4.875 01-15-30   233,000 224,775
Hilton Domestic Operating Company, Inc. (D) 5.750 05-01-28   69,000 69,983
Hilton Grand Vacations Borrower Escrow LLC (D) 4.875 07-01-31   144,000 125,755
10 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Consumer discretionary (continued)        
Hotels, restaurants and leisure (continued)      
Hilton Grand Vacations Borrower Escrow LLC (D) 5.000 06-01-29   182,000 $164,255
Hyatt Hotels Corp. 1.800 10-01-24   165,000 156,862
Hyatt Hotels Corp. 6.000 04-23-30   189,000 198,370
International Game Technology PLC (D) 6.500 02-15-25   225,000 228,938
Jacobs Entertainment, Inc. (D) 6.750 02-15-29   77,000 75,437
Life Time, Inc. (A)(B)(D) 8.000 04-15-26   94,000 91,776
Marriott International, Inc. (B) 2.850 04-15-31   339,000 291,549
Marriott International, Inc. (B) 3.125 06-15-26   128,000 123,999
Marriott International, Inc. (B) 3.500 10-15-32   196,000 175,043
Marriott International, Inc. (B) 4.625 06-15-30   300,000 295,810
Marriott International, Inc. (B) 5.750 05-01-25   750,000 786,062
MGM Resorts International 4.750 10-15-28   314,000 288,425
Mohegan Gaming & Entertainment (D) 8.000 02-01-26   226,000 200,575
New Red Finance, Inc. (D) 4.000 10-15-30   454,000 388,102
Premier Entertainment Sub LLC (D) 5.625 09-01-29   133,000 106,400
Premier Entertainment Sub LLC (D) 5.875 09-01-31   363,000 285,863
Resorts World Las Vegas LLC (A)(B)(D) 4.625 04-16-29   200,000 174,227
Travel + Leisure Company (D) 4.625 03-01-30   145,000 129,050
Travel + Leisure Company 6.600 10-01-25   111,000 115,163
Wyndham Hotels & Resorts, Inc. (D) 4.375 08-15-28   101,000 94,136
Yum! Brands, Inc. 3.625 03-15-31   191,000 164,119
Yum! Brands, Inc. (D) 4.750 01-15-30   183,000 174,079
Household durables 0.5%      
Brookfield Residential Properties, Inc. (D) 5.000 06-15-29   117,000 103,480
Century Communities, Inc. (D) 3.875 08-15-29   260,000 219,073
Century Communities, Inc. 6.750 06-01-27   179,000 180,971
Empire Communities Corp. (D) 7.000 12-15-25   57,000 54,008
KB Home (A)(B) 4.000 06-15-31   202,000 172,710
Toll Brothers Finance Corp. (A)(B) 3.800 11-01-29   56,000 50,828
Internet and direct marketing retail 1.1%      
Amazon.com, Inc. (B) 3.150 08-22-27   660,000 645,946
Amazon.com, Inc. (B) 4.050 08-22-47   344,000 335,125
eBay, Inc. (B) 2.700 03-11-30   457,000 402,549
QVC, Inc. 5.450 08-15-34   280,000 224,350
Multiline retail 0.6%      
Dollar Tree, Inc. (A)(B) 4.200 05-15-28   879,000 872,226
Macy’s Retail Holdings LLC (A)(B)(D) 5.875 04-01-29   54,000 51,225
Macy’s Retail Holdings LLC (A)(B)(D) 5.875 03-15-30   15,000 14,075
Macy’s Retail Holdings LLC (D) 6.125 03-15-32   27,000 24,975
Specialty retail 0.4%      
Asbury Automotive Group, Inc. (A)(B)(D) 4.625 11-15-29   38,000 34,205
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 11
  Rate (%) Maturity date   Par value^ Value
Consumer discretionary (continued)        
Specialty retail (continued)      
Asbury Automotive Group, Inc. 4.750 03-01-30   134,000 $120,093
AutoNation, Inc. (B) 4.750 06-01-30   182,000 179,241
Group 1 Automotive, Inc. (D) 4.000 08-15-28   33,000 29,691
Ken Garff Automotive LLC (D) 4.875 09-15-28   128,000 116,485
Lithia Motors, Inc. (D) 3.875 06-01-29   80,000 72,238
Lithia Motors, Inc. (D) 4.375 01-15-31   80,000 73,400
Lithia Motors, Inc. (D) 4.625 12-15-27   40,000 38,100
Specialty Building Products Holdings LLC (D) 6.375 09-30-26   25,000 24,370
Consumer staples 2.3%       3,526,717
Beverages 0.3%      
Anheuser-Busch InBev Worldwide, Inc. (B) 4.600 04-15-48   564,000 531,092
Food and staples retailing 0.4%      
Advantage Sales & Marketing, Inc. (D) 6.500 11-15-28   312,000 283,530
Albertsons Companies, Inc. (D) 3.250 03-15-26   109,000 99,463
Albertsons Companies, Inc. (D) 3.500 03-15-29   274,000 230,818
Food products 1.4%      
BRF SA (A)(B)(D) 5.750 09-21-50   212,000 166,210
Coruripe Netherlands BV (D) 10.000 02-10-27   205,000 177,325
JBS Finance Luxembourg Sarl (B)(D) 3.625 01-15-32   207,000 176,664
JBS USA LUX SA (D) 3.750 12-01-31   65,000 57,200
Kraft Heinz Foods Company 4.375 06-01-46   274,000 240,062
Kraft Heinz Foods Company 4.875 10-01-49   62,000 57,724
Kraft Heinz Foods Company 5.000 06-04-42   139,000 133,706
Kraft Heinz Foods Company 5.500 06-01-50   216,000 217,506
Kraft Heinz Foods Company 6.500 02-09-40   156,000 171,328
MARB BondCo PLC (D) 3.950 01-29-31   264,000 219,300
NBM US Holdings, Inc. (D) 6.625 08-06-29   298,000 304,335
Post Holdings, Inc. (D) 5.500 12-15-29   185,000 168,350
Simmons Foods, Inc. (D) 4.625 03-01-29   33,000 29,778
Household products 0.1%      
Edgewell Personal Care Company (D) 4.125 04-01-29   131,000 116,263
Personal products 0.1%      
Oriflame Investment Holding PLC (A)(B)(D) 5.125 05-04-26   205,000 146,063
Energy 9.6%       14,654,329
Energy equipment and services 0.4%      
CSI Compressco LP (A)(B)(D) 7.500 04-01-25   297,000 285,652
CSI Compressco LP (D) 7.500 04-01-25   88,000 84,638
CSI Compressco LP (10.000% Cash or 7.250% Cash and 3.500% PIK) (D) 10.000 04-01-26   285,633 277,064
Oil, gas and consumable fuels 9.2%      
Aker BP ASA (D) 3.000 01-15-25   204,000 198,884
12 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Energy (continued)        
Oil, gas and consumable fuels (continued)      
Aker BP ASA (D) 3.750 01-15-30   169,000 $157,651
Aker BP ASA (A)(B)(D) 4.000 01-15-31   394,000 370,386
Altera Infrastructure LP (D) 8.500 07-15-23   180,000 99,000
Antero Midstream Partners LP (B)(D) 5.375 06-15-29   178,000 166,843
Antero Resources Corp. (D) 5.375 03-01-30   69,000 67,419
Antero Resources Corp. (D) 7.625 02-01-29   1,014,000 1,074,434
Ascent Resources Utica Holdings LLC (D) 5.875 06-30-29   221,000 213,908
Calumet Specialty Products Partners LP (A)(B)(D) 8.125 01-15-27   400,000 358,000
Cheniere Energy Partners LP 4.000 03-01-31   282,000 255,240
Cheniere Energy Partners LP (A)(B) 4.500 10-01-29   403,000 385,873
Continental Resources, Inc. 4.900 06-01-44   146,000 127,370
DCP Midstream Operating LP (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (D) 5.850 05-21-43   200,000 181,774
Diamondback Energy, Inc. (B) 3.125 03-24-31   208,000 185,614
Enbridge, Inc. (5.500% to 7-15-27, then 3 month LIBOR + 3.418%) (B) 5.500 07-15-77   340,000 325,690
Enbridge, Inc. (5.750% to 4-15-30, then 5 Year CMT + 5.314%) (A)(B) 5.750 07-15-80   347,000 344,398
Enbridge, Inc. (6.250% to 3-1-28, then 3 month LIBOR + 3.641%) (B) 6.250 03-01-78   306,000 308,599
Energean Israel Finance, Ltd. (D) 5.375 03-30-28   79,000 72,398
Energean Israel Finance, Ltd. (D) 5.875 03-30-31   138,000 123,612
Energy Transfer LP (B) 4.200 04-15-27   172,000 169,457
Energy Transfer LP (B) 5.150 03-15-45   345,000 310,982
Energy Transfer LP (B) 5.250 04-15-29   617,000 626,707
Energy Transfer LP (B) 5.400 10-01-47   250,000 229,707
Energy Transfer LP (B) 5.500 06-01-27   263,000 272,264
Energy Transfer LP (6.500% to 11-15-26, then 5 Year CMT + 5.694%) (B)(E) 6.500 11-15-26   363,000 344,890
Enterprise Products Operating LLC (5.250% to 8-16-27, then 3 month LIBOR + 3.033%) (A)(B) 5.250 08-16-77   580,000 529,922
EQT Corp. 7.500 02-01-30   103,000 114,082
Hess Midstream Operations LP (D) 4.250 02-15-30   59,000 54,120
Hess Midstream Operations LP (D) 5.500 10-15-30   25,000 24,632
Kinder Morgan Energy Partners LP (B) 7.750 03-15-32   208,000 249,826
Leviathan Bond, Ltd. (D) 6.500 06-30-27   327,000 321,370
Leviathan Bond, Ltd. (D) 6.750 06-30-30   64,000 62,461
Lundin Energy Finance BV (B)(D) 2.000 07-15-26   208,000 187,619
Lundin Energy Finance BV (B)(D) 3.100 07-15-31   298,000 259,834
MC Brazil Downstream Trading SARL (D) 7.250 06-30-31   209,000 181,830
Midwest Connector Capital Company LLC (B)(D) 3.900 04-01-24   359,000 356,833
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 13
  Rate (%) Maturity date   Par value^ Value
Energy (continued)        
Oil, gas and consumable fuels (continued)      
MPLX LP (B) 4.000 03-15-28   238,000 $230,744
MPLX LP (B) 4.125 03-01-27   79,000 78,268
MPLX LP (B) 4.250 12-01-27   170,000 168,410
MPLX LP (6.875% to 2-15-23, then 3 month LIBOR + 4.652%) (A)(B)(E) 6.875 02-15-23   752,000 736,208
Ovintiv, Inc. (B) 7.200 11-01-31   41,000 46,817
Parkland Corp. (B)(D) 4.500 10-01-29   678,000 593,481
Parkland Corp. (D) 4.625 05-01-30   130,000 113,750
Petrobras Global Finance BV 6.900 03-19-49   123,000 115,877
Sabine Pass Liquefaction LLC (B) 4.200 03-15-28   146,000 143,179
Sabine Pass Liquefaction LLC (A)(B) 4.500 05-15-30   310,000 307,591
Sabine Pass Liquefaction LLC (B) 5.000 03-15-27   259,000 264,878
Sabine Pass Liquefaction LLC (B) 5.875 06-30-26   175,000 183,853
Southwestern Energy Company 4.750 02-01-32   98,000 92,672
Sunoco LP 4.500 05-15-29   72,000 64,745
Sunoco LP (D) 4.500 04-30-30   191,000 172,351
Targa Resources Corp. (B) 4.950 04-15-52   323,000 295,004
Targa Resources Partners LP (B) 4.000 01-15-32   267,000 242,126
The Williams Companies, Inc. (B) 3.750 06-15-27   355,000 346,395
The Williams Companies, Inc. (B) 5.750 06-24-44   114,000 118,576
TransCanada PipeLines, Ltd. (B) 4.250 05-15-28   205,000 204,728
Venture Global Calcasieu Pass LLC (D) 3.875 08-15-29   72,000 65,700
Venture Global Calcasieu Pass LLC (D) 4.125 08-15-31   119,000 107,993
Financials 27.5%       42,087,426
Banks 15.8%      
Australia & New Zealand Banking Group, Ltd. (6.750% to 6-15-26, then 5 Year ICE Swap Rate + 5.168%) (B)(D)(E) 6.750 06-15-26   200,000 209,500
Banco Santander SA 4.379 04-12-28   200,000 195,301
Bank of America Corp. (1.734% to 7-22-26, then SOFR + 0.960%) (B) 1.734 07-22-27   89,000 79,867
Bank of America Corp. (2.087% to 6-14-28, then SOFR + 1.060%) (B) 2.087 06-14-29   447,000 388,149
Bank of America Corp. (2.592% to 4-29-30, then SOFR + 2.150%) (B) 2.592 04-29-31   458,000 395,448
Bank of America Corp. (2.687% to 4-22-31, then SOFR + 1.320%) (B) 2.687 04-22-32   676,000 579,933
Bank of America Corp. (A)(B) 3.248 10-21-27   333,000 316,853
Bank of America Corp. (3.846% to 3-8-32, then 5 Year CMT + 2.000%) (B) 3.846 03-08-37   328,000 291,854
Bank of America Corp. (B) 3.950 04-21-25   925,000 920,222
Bank of America Corp. (6.300% to 3-10-26, then 3 month LIBOR + 4.553%) (A)(B)(E) 6.300 03-10-26   610,000 623,725
Barclays PLC (B) 4.375 01-12-26   840,000 837,074
14 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Banks (continued)      
Barclays PLC (4.375% to 3-15-28, then 5 Year CMT + 3.410%) (A)(B)(E) 4.375 03-15-28   296,000 $246,790
BPCE SA (B)(D) 4.500 03-15-25   475,000 474,453
Citigroup, Inc. (2.561% to 5-1-31, then SOFR + 1.167%) (B) 2.561 05-01-32   201,000 169,666
Citigroup, Inc. (B) 3.200 10-21-26   970,000 934,957
Citigroup, Inc. (B) 4.600 03-09-26   605,000 609,258
Citigroup, Inc. (4.700% to 1-30-25, then SOFR + 3.234%) (E) 4.700 01-30-25   439,000 398,612
Citigroup, Inc. (6.250% to 8-15-26, then 3 month LIBOR + 4.517%) (E) 6.250 08-15-26   525,000 524,669
Citizens Financial Group, Inc. (A)(B) 3.250 04-30-30   448,000 409,585
Credit Agricole SA (B)(D) 3.250 01-14-30   471,000 415,556
Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (B)(D)(E) 7.875 01-23-24   600,000 615,000
Fifth Third Bancorp (5.100% to 6-30-23, then 3 month LIBOR + 3.033%) (A)(B)(E) 5.100 06-30-23   880,000 854,700
Freedom Mortgage Corp. (D) 8.125 11-15-24   232,000 224,731
HSBC Holdings PLC (6.375% to 3-30-25, then 5 Year ICE Swap Rate + 4.368%) (B)(E) 6.375 03-30-25   200,000 200,856
JPMorgan Chase & Co. (2.522% to 4-22-30, then SOFR + 2.040%) (A)(B) 2.522 04-22-31   1,007,000 874,801
JPMorgan Chase & Co. (B) 2.950 10-01-26   541,000 518,429
JPMorgan Chase & Co. (2.956% to 5-13-30, then SOFR + 2.515%) (B) 2.956 05-13-31   444,000 390,268
JPMorgan Chase & Co. (2.963% to 1-25-32, then SOFR + 1.260%) (B) 2.963 01-25-33   81,000 71,262
JPMorgan Chase & Co. (3.960% to 1-29-26, then 3 month LIBOR + 1.245%) (B) 3.960 01-29-27   422,000 417,559
JPMorgan Chase & Co. (4.600% to 2-1-25, then SOFR + 3.125%) (B)(E) 4.600 02-01-25   379,000 350,310
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)(E) 6.750 02-01-24   1,170,000 1,190,574
Lloyds Banking Group PLC (B) 4.450 05-08-25   1,245,000 1,257,640
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (A)(B)(E) 7.500 06-27-24   385,000 392,700
M&T Bank Corp. (5.125% to 11-1-26, then 3 month LIBOR + 3.520%) (A)(B)(E) 5.125 11-01-26   141,000 138,533
NatWest Group PLC (6.000% to 12-29-25, then 5 Year CMT + 5.625%) (A)(B)(E) 6.000 12-29-25   393,000 387,321
NatWest Markets PLC (A)(B)(D) 1.600 09-29-26   439,000 393,619
PNC Bank NA (B) 4.050 07-26-28   891,000 880,875
Santander Holdings USA, Inc. (2.490% to 1-6-27, then SOFR + 1.249%) (B) 2.490 01-06-28   254,000 230,096
Santander Holdings USA, Inc. (B) 3.244 10-05-26   600,000 570,484
Santander Holdings USA, Inc. (B) 3.450 06-02-25   585,000 574,274
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 15
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Banks (continued)      
Santander Holdings USA, Inc. (B) 4.400 07-13-27   155,000 $152,885
Societe Generale SA (5.375% to 11-18-30, then 5 Year CMT + 4.514%) (A)(B)(D)(E) 5.375 11-18-30   269,000 236,182
The PNC Financial Services Group, Inc. (3.400% to 9-15-26, then 5 Year CMT + 2.595%) (B)(E) 3.400 09-15-26   438,000 376,680
The PNC Financial Services Group, Inc. (4.850% to 6-1-23, then 3 month LIBOR + 3.040%) (B)(E) 4.850 06-01-23   224,000 219,240
The PNC Financial Services Group, Inc. (3 month LIBOR + 3.678%) (B)(E)(F) 4.964 08-01-22   855,000 847,590
Wells Fargo & Company (2.393% to 6-2-27, then SOFR + 2.100%) (B) 2.393 06-02-28   701,000 637,720
Wells Fargo & Company (2.879% to 10-30-29, then SOFR + 1.432%) (B) 2.879 10-30-30   500,000 448,176
Wells Fargo & Company (3.068% to 4-30-40, then SOFR + 2.530%) (B) 3.068 04-30-41   363,000 291,783
Wells Fargo & Company (3.350% to 3-2-32, then SOFR + 1.500%) (B) 3.350 03-02-33   237,000 215,339
Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (E) 5.875 06-15-25   1,220,000 1,229,150
Capital markets 6.0%      
Ares Capital Corp. (B) 2.150 07-15-26   425,000 376,963
Ares Capital Corp. (A)(B) 2.875 06-15-28   237,000 204,604
Ares Capital Corp. (B) 3.875 01-15-26   305,000 292,809
Ares Capital Corp. (B) 4.200 06-10-24   213,000 213,134
Blackstone Private Credit Fund (B)(D) 2.350 11-22-24   267,000 251,947
Blackstone Private Credit Fund (B)(D) 2.700 01-15-25   207,000 194,583
Blackstone Private Credit Fund (B)(D) 3.250 03-15-27   60,000 53,799
Blackstone Private Credit Fund (B)(D) 4.000 01-15-29   291,000 260,730
Deutsche Bank AG (B) 0.962 11-08-23   437,000 421,108
Deutsche Bank AG (2.311% to 11-16-26, then SOFR + 1.219%) (B) 2.311 11-16-27   247,000 218,412
Deutsche Bank AG (3.742% to 10-7-31, then SOFR + 2.257%) 3.742 01-07-33   321,000 262,227
Lazard Group LLC (B) 4.375 03-11-29   230,000 225,446
Macquarie Bank, Ltd. (B)(D) 3.624 06-03-30   246,000 220,756
Macquarie Bank, Ltd. (B)(D) 4.875 06-10-25   520,000 524,791
Morgan Stanley (2.188% to 4-28-25, then SOFR + 1.990%) (B) 2.188 04-28-26   803,000 757,321
Morgan Stanley (2.239% to 7-21-31, then SOFR + 1.178%) (B) 2.239 07-21-32   161,000 132,894
Morgan Stanley (2.484% to 9-16-31, then SOFR + 1.360%) (B) 2.484 09-16-36   501,000 400,829
Morgan Stanley (B) 3.875 01-27-26   1,375,000 1,362,990
MSCI, Inc. (D) 3.250 08-15-33   216,000 182,520
16 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Capital markets (continued)      
The Goldman Sachs Group, Inc. (2.615% to 4-22-31, then SOFR + 1.281%) (B) 2.615 04-22-32   838,000 $708,806
The Goldman Sachs Group, Inc. (2.650% to 10-21-31, then SOFR + 1.264%) (B) 2.650 10-21-32   323,000 272,461
The Goldman Sachs Group, Inc. (B) 3.850 01-26-27   1,335,000 1,305,056
UBS Group AG (7.000% to 1-31-24, then 5 Year U.S. Swap Rate + 4.344%) (D)(E) 7.000 01-31-24   295,000 299,794
Consumer finance 1.0%      
Capital One Financial Corp. (1.343% to 12-6-23, then SOFR + 0.690%) (B) 1.343 12-06-24   318,000 305,598
Discover Financial Services (B) 4.100 02-09-27   884,000 874,617
Enova International, Inc. (D) 8.500 09-15-25   260,000 258,700
OneMain Finance Corp. (A)(B) 8.875 06-01-25   106,000 111,247
Diversified financial services 1.3%      
GE Capital International Funding Company (B) 4.418 11-15-35   260,000 254,116
Jefferies Group LLC (B) 4.150 01-23-30   365,000 345,518
Jefferies Group LLC (A)(B) 4.850 01-15-27   432,000 444,299
Voya Financial, Inc. (5.650% to 5-15-23, then 3 month LIBOR + 3.580%) 5.650 05-15-53   868,000 863,565
Insurance 3.2%      
Athene Holding, Ltd. (B) 3.500 01-15-31   162,000 143,002
AXA SA (B) 8.600 12-15-30   175,000 220,271
CNA Financial Corp. (B) 2.050 08-15-30   157,000 130,547
CNO Financial Group, Inc. (B) 5.250 05-30-25   512,000 528,000
CNO Financial Group, Inc. (B) 5.250 05-30-29   384,000 391,393
Liberty Mutual Group, Inc. (4.125% to 9-15-26, then 5 Year CMT + 3.315%) (A)(B)(D) 4.125 12-15-51   252,000 228,690
MetLife, Inc. (6.400% to 12-15-36, then 3 month LIBOR + 2.205%) (A)(B) 6.400 12-15-36   355,000 368,210
MetLife, Inc. (9.250% to 4-8-38, then 3 month LIBOR + 5.540%) (B)(D) 9.250 04-08-38   315,000 389,221
New York Life Insurance Company (B)(D) 3.750 05-15-50   199,000 173,429
Nippon Life Insurance Company (2.750% to 1-21-31, then 5 Year CMT + 2.653%) (D) 2.750 01-21-51   509,000 437,740
Nippon Life Insurance Company (5.100% to 10-16-24, then 5 Year U.S. Swap Rate + 3.650%) (D) 5.100 10-16-44   365,000 366,825
Prudential Financial, Inc. (5.125% to 11-28-31, then 5 Year CMT + 3.162%) (B) 5.125 03-01-52   162,000 157,545
Prudential Financial, Inc. (5.875% to 9-15-22, then 3 month LIBOR + 4.175%) (B) 5.875 09-15-42   662,000 660,345
SBL Holdings, Inc. (B)(D) 5.000 02-18-31   275,000 247,929
Teachers Insurance & Annuity Association of America (B)(D) 4.270 05-15-47   430,000 405,644
Unum Group (A)(B) 4.125 06-15-51   130,000 101,935
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 17
  Rate (%) Maturity date   Par value^ Value
Financials (continued)        
Thrifts and mortgage finance 0.2%      
Nationstar Mortgage Holdings, Inc. (D) 5.125 12-15-30   136,000 $118,291
Nationstar Mortgage Holdings, Inc. (D) 5.500 08-15-28   147,000 133,770
Nationstar Mortgage Holdings, Inc. (D) 6.000 01-15-27   75,000 72,750
Health care 5.1%       7,824,695
Biotechnology 0.7%      
AbbVie, Inc. (B) 3.200 11-21-29   1,213,000 1,128,764
Health care equipment and supplies 0.1%      
Varex Imaging Corp. (D) 7.875 10-15-27   104,000 107,120
Health care providers and services 3.4%      
AmerisourceBergen Corp. (B) 2.800 05-15-30   340,000 303,793
Anthem, Inc. (B) 2.250 05-15-30   135,000 116,419
Centene Corp. 3.375 02-15-30   138,000 123,296
Centene Corp. 4.250 12-15-27   92,000 89,240
Centene Corp. 4.625 12-15-29   124,000 120,097
CVS Health Corp. (B) 3.750 04-01-30   521,000 497,831
CVS Health Corp. (B) 4.300 03-25-28   149,000 149,661
CVS Health Corp. (B) 5.050 03-25-48   260,000 261,566
DaVita, Inc. (D) 3.750 02-15-31   287,000 233,905
DaVita, Inc. (D) 4.625 06-01-30   274,000 238,380
Encompass Health Corp. 4.500 02-01-28   130,000 120,189
Encompass Health Corp. 4.625 04-01-31   114,000 100,605
Fresenius Medical Care US Finance III, Inc. (B)(D) 2.375 02-16-31   492,000 399,884
HCA, Inc. (B) 4.125 06-15-29   382,000 365,482
HCA, Inc. (B) 5.250 04-15-25   875,000 901,351
HCA, Inc. (B) 5.250 06-15-26   320,000 329,780
Rede D’or Finance Sarl (A)(B)(D) 4.500 01-22-30   203,000 177,402
Select Medical Corp. (A)(B)(D) 6.250 08-15-26   231,000 229,268
Universal Health Services, Inc. (B)(D) 1.650 09-01-26   254,000 225,746
Universal Health Services, Inc. (B)(D) 2.650 10-15-30   275,000 231,191
Pharmaceuticals 0.9%      
Bausch Health Companies, Inc. (D) 6.125 04-15-25   268,000 268,788
Catalent Pharma Solutions, Inc. (A)(B)(D) 5.000 07-15-27   62,000 60,063
Organon & Company (D) 5.125 04-30-31   249,000 225,034
Royalty Pharma PLC (B) 1.750 09-02-27   157,000 137,422
Viatris, Inc. (B) 2.300 06-22-27   164,000 145,111
Viatris, Inc. (B) 2.700 06-22-30   331,000 273,310
Viatris, Inc. (B) 4.000 06-22-50   357,000 263,997
Industrials 12.0%       18,339,842
Aerospace and defense 1.2%      
DAE Funding LLC (D) 2.625 03-20-25   207,000 193,949
18 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Industrials (continued)        
Aerospace and defense (continued)      
Huntington Ingalls Industries, Inc. (B) 4.200 05-01-30   352,000 $345,269
The Boeing Company (B) 3.200 03-01-29   298,000 268,133
The Boeing Company (B) 5.040 05-01-27   463,000 468,107
The Boeing Company (B) 5.150 05-01-30   316,000 313,500
The Boeing Company (B) 5.805 05-01-50   254,000 254,015
Air freight and logistics 0.0%      
Watco Companies LLC (D) 6.500 06-15-27   28,000 27,020
Airlines 4.8%      
Air Canada 2013-1 Class A Pass Through Trust (D) 4.125 05-15-25   170,072 164,458
Air Canada 2017-1 Class B Pass Through Trust (B)(D) 3.700 01-15-26   210,370 200,954
Alaska Airlines 2020-1 Class B Pass Through Trust (B)(D) 8.000 08-15-25   86,611 91,622
American Airlines 2015-1 Class A Pass Through Trust 3.375 05-01-27   698,693 648,911
American Airlines 2015-1 Class B Pass Through Trust 3.700 05-01-23   164,180 161,594
American Airlines 2016-1 Class A Pass Through Trust 4.100 01-15-28   304,841 274,351
American Airlines 2017-1 Class A Pass Through Trust (B) 4.000 02-15-29   147,713 126,950
American Airlines 2017-1 Class AA Pass Through Trust (B) 3.650 02-15-29   227,250 215,037
American Airlines 2017-2 Class A Pass Through Trust (B) 3.600 10-15-29   187,259 166,963
American Airlines 2019-1 Class A Pass Through Trust 3.500 02-15-32   285,303 238,270
American Airlines 2019-1 Class AA Pass Through Trust (B) 3.150 02-15-32   230,917 206,470
American Airlines 2021-1 Class A Pass Through Trust (B) 2.875 07-11-34   152,000 133,927
American Airlines 2021-1 Class B Pass Through Trust 3.950 07-11-30   113,000 101,941
British Airways 2013-1 Class A Pass Through Trust (B)(D) 4.625 06-20-24   290,906 289,111
British Airways 2018-1 Class A Pass Through Trust (B)(D) 4.125 09-20-31   114,650 109,419
British Airways 2020-1 Class A Pass Through Trust (B)(D) 4.250 11-15-32   97,735 94,609
British Airways 2020-1 Class B Pass Through Trust (B)(D) 8.375 11-15-28   75,164 81,609
Delta Air Lines, Inc. (A)(B) 2.900 10-28-24   518,000 494,006
Delta Air Lines, Inc. (A)(B) 4.375 04-19-28   355,000 332,188
Delta Air Lines, Inc. (B)(D) 4.500 10-20-25   79,000 78,465
Delta Air Lines, Inc. (B)(D) 4.750 10-20-28   231,848 229,144
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 19
  Rate (%) Maturity date   Par value^ Value
Industrials (continued)        
Airlines (continued)      
JetBlue 2019-1 Class AA Pass Through Trust (B) 2.750 05-15-32   247,870 $222,859
United Airlines 2014-2 Class A Pass Through Trust (B) 3.750 09-03-26   337,377 329,840
United Airlines 2014-2 Class B Pass Through Trust 4.625 09-03-22   201,829 202,385
United Airlines 2016-1 Class A Pass Through Trust (B) 3.450 07-07-28   313,410 267,658
United Airlines 2016-1 Class B Pass Through Trust 3.650 01-07-26   303,722 284,512
United Airlines 2018-1 Class B Pass Through Trust 4.600 03-01-26   83,014 79,907
United Airlines 2019-1 Class A Pass Through Trust (B) 4.550 08-25-31   207,267 201,392
United Airlines 2020-1 Class A Pass Through Trust (B) 5.875 10-15-27   604,645 616,917
United Airlines 2020-1 Class B Pass Through Trust (B) 4.875 01-15-26   141,100 135,718
United Airlines, Inc. (D) 4.375 04-15-26   23,000 22,207
United Airlines, Inc. (D) 4.625 04-15-29   53,000 48,628
US Airways 2010-1 Class A Pass Through Trust 6.250 04-22-23   153,620 151,568
US Airways 2011-1 Class A Pass Through Trust 7.125 10-22-23   130,851 132,695
US Airways 2012-1 Class A Pass Through Trust 5.900 10-01-24   140,336 142,752
US Airways 2012-2 Class A Pass Through Trust 4.625 06-03-25   128,398 122,546
Building products 0.6%      
Builders FirstSource, Inc. (D) 4.250 02-01-32   216,000 184,410
Builders FirstSource, Inc. (D) 5.000 03-01-30   34,000 31,450
Builders FirstSource, Inc. (D) 6.750 06-01-27   45,000 46,406
MIWD Holdco II LLC (D) 5.500 02-01-30   37,000 32,005
Owens Corning (B) 3.950 08-15-29   659,000 644,462
Commercial services and supplies 1.1%      
APX Group, Inc. (A)(B)(D) 5.750 07-15-29   201,000 164,689
Cimpress PLC (D) 7.000 06-15-26   290,000 270,425
Deluxe Corp. (D) 8.000 06-01-29   95,000 90,146
Garda World Security Corp. (D) 6.000 06-01-29   142,000 117,660
GFL Environmental, Inc. (D) 3.500 09-01-28   272,000 242,080
GFL Environmental, Inc. (D) 4.375 08-15-29   173,000 153,486
GFL Environmental, Inc. (B)(D) 4.750 06-15-29   118,000 107,085
Graphic Packaging International LLC (D) 3.500 03-01-29   204,000 180,030
Legends Hospitality Holding Company LLC (D) 5.000 02-01-26   50,000 46,923
Prime Security Services Borrower LLC (D) 3.375 08-31-27   47,000 40,114
Prime Security Services Borrower LLC (D) 6.250 01-15-28   163,000 146,105
Williams Scotsman International, Inc. (D) 4.625 08-15-28   55,000 52,055
20 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Industrials (continued)        
Construction and engineering 0.5%      
AECOM 5.125 03-15-27   165,000 $163,144
Global Infrastructure Solutions, Inc. (D) 5.625 06-01-29   189,000 172,250
MasTec, Inc. (B)(D) 4.500 08-15-28   147,000 140,948
Picasso Finance Sub, Inc. (D) 6.125 06-15-25   28,000 28,521
Tutor Perini Corp. (A)(B)(D) 6.875 05-01-25   228,000 213,465
Electrical equipment 0.0%      
Atkore, Inc. (D) 4.250 06-01-31   68,000 60,180
Machinery 0.3%      
Flowserve Corp. (B) 3.500 10-01-30   184,000 164,772
Hillenbrand, Inc. 3.750 03-01-31   154,000 135,905
JB Poindexter & Company, Inc. (B)(D) 7.125 04-15-26   99,000 99,175
Professional services 0.2%      
CoStar Group, Inc. (D) 2.800 07-15-30   412,000 358,592
Road and rail 0.7%      
The Hertz Corp. (D) 4.625 12-01-26   25,000 22,788
The Hertz Corp. (D) 5.000 12-01-29   54,000 47,250
Uber Technologies, Inc. (D) 4.500 08-15-29   353,000 304,025
Uber Technologies, Inc. (D) 7.500 05-15-25   228,000 235,412
Uber Technologies, Inc. (D) 7.500 09-15-27   406,000 417,762
Trading companies and distributors 2.5%      
AerCap Ireland Capital DAC 1.650 10-29-24   444,000 413,902
AerCap Ireland Capital DAC 1.750 01-30-26   359,000 319,148
AerCap Ireland Capital DAC 2.450 10-29-26   451,000 401,075
AerCap Ireland Capital DAC 2.875 08-14-24   389,000 374,180
Air Lease Corp. (A)(B) 2.100 09-01-28   158,000 134,797
Air Lease Corp. (B) 2.875 01-15-26   171,000 159,947
Air Lease Corp. (B) 3.625 12-01-27   164,000 154,369
Alta Equipment Group, Inc. (B)(D) 5.625 04-15-26   47,000 43,695
Ashtead Capital, Inc. (B)(D) 2.450 08-12-31   200,000 163,099
Beacon Roofing Supply, Inc. (D) 4.125 05-15-29   149,000 131,139
Boise Cascade Company (D) 4.875 07-01-30   40,000 37,618
H&E Equipment Services, Inc. (D) 3.875 12-15-28   252,000 219,503
United Rentals North America, Inc. (B) 3.875 11-15-27   556,000 532,370
United Rentals North America, Inc. (A)(B) 3.875 02-15-31   125,000 110,225
United Rentals North America, Inc. 4.875 01-15-28   583,000 567,294
Transportation infrastructure 0.1%      
Adani Ports & Special Economic Zone, Ltd. (D) 3.100 02-02-31   238,000 192,185
Information technology 9.1%       13,977,266
Communications equipment 0.5%      
Motorola Solutions, Inc. (B) 2.300 11-15-30   407,000 333,031
Motorola Solutions, Inc. (B) 2.750 05-24-31   351,000 292,806
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 21
  Rate (%) Maturity date   Par value^ Value
Information technology (continued)        
Communications equipment (continued)      
Motorola Solutions, Inc. (B) 4.600 05-23-29   114,000 $111,744
IT services 1.9%      
Block, Inc. (A)(B)(D) 3.500 06-01-31   96,000 80,400
CGI, Inc. (B)(D) 1.450 09-14-26   287,000 258,260
Gartner, Inc. (D) 3.625 06-15-29   89,000 79,655
Gartner, Inc. (D) 3.750 10-01-30   56,000 49,941
Gartner, Inc. (A)(B)(D) 4.500 07-01-28   285,000 273,148
PayPal Holdings, Inc. (B) 2.850 10-01-29   989,000 905,533
Sabre GLBL, Inc. (A)(B)(D) 7.375 09-01-25   641,000 648,336
VeriSign, Inc. (B) 2.700 06-15-31   196,000 169,260
VeriSign, Inc. (B) 5.250 04-01-25   510,000 527,107
Semiconductors and semiconductor equipment 3.9%      
Broadcom, Inc. (B)(D) 3.419 04-15-33   394,000 338,029
Broadcom, Inc. (B) 4.750 04-15-29   996,000 994,397
Broadcom, Inc. (B)(D) 4.926 05-15-37   491,000 459,011
KLA Corp. (B) 4.100 03-15-29   270,000 271,379
Marvell Technology, Inc. (B) 2.450 04-15-28   414,000 367,951
Micron Technology, Inc. (B) 4.185 02-15-27   980,000 972,805
Micron Technology, Inc. (B) 4.975 02-06-26   675,000 691,531
Micron Technology, Inc. (B) 5.327 02-06-29   697,000 721,562
NXP BV (D) 3.250 05-11-41   135,000 105,548
NXP BV (D) 3.875 06-18-26   496,000 488,441
Qorvo, Inc. (D) 1.750 12-15-24   214,000 201,875
Qorvo, Inc. (D) 3.375 04-01-31   187,000 156,627
Renesas Electronics Corp. (D) 1.543 11-26-24   239,000 224,458
Software 1.3%      
Autodesk, Inc. (B) 2.850 01-15-30   653,000 591,663
Consensus Cloud Solutions, Inc. (D) 6.500 10-15-28   194,000 182,360
Infor, Inc. (B)(D) 1.750 07-15-25   113,000 105,245
Oracle Corp. (B) 2.950 04-01-30   666,000 574,570
PTC, Inc. (D) 4.000 02-15-28   57,000 52,828
Workday, Inc. (B) 3.500 04-01-27   174,000 169,607
Workday, Inc. (B) 3.800 04-01-32   197,000 186,405
Ziff Davis, Inc. (D) 4.625 10-15-30   153,000 136,429
Technology hardware, storage and peripherals 1.5%      
Atento Luxco 1 SA (A)(B)(D) 8.000 02-10-26   106,000 104,239
CDW LLC 3.250 02-15-29   115,000 101,200
CDW LLC 3.569 12-01-31   352,000 308,188
Dell International LLC (B)(D) 3.450 12-15-51   336,000 236,929
Dell International LLC (B) 4.900 10-01-26   480,000 489,939
Dell International LLC (B) 5.300 10-01-29   221,000 227,748
Dell International LLC (B) 5.850 07-15-25   148,000 155,375
22 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Information technology (continued)        
Technology hardware, storage and peripherals (continued)      
Dell International LLC (B) 8.350 07-15-46   81,000 $108,089
Western Digital Corp. (A)(B) 4.750 02-15-26   299,000 296,817
Xerox Holdings Corp. (A)(B)(D) 5.500 08-15-28   252,000 226,800
Materials 4.1%       6,188,788
Chemicals 1.5%      
Braskem Netherlands Finance BV (A)(B)(D) 5.875 01-31-50   269,000 240,486
Braskem Netherlands Finance BV (8.500% to 10-24-25, then 5 Year CMT + 8.220%) (D) 8.500 01-23-81   280,000 290,192
CVR Partners LP (B)(D) 6.125 06-15-28   84,000 82,320
FS Luxembourg Sarl (D) 10.000 12-15-25   264,000 269,940
LSB Industries, Inc. (D) 6.250 10-15-28   102,000 99,954
Orbia Advance Corp. SAB de CV (D) 5.500 01-15-48   285,000 252,655
Sasol Financing USA LLC 5.500 03-18-31   326,000 293,400
Trinseo Materials Operating SCA (B)(D) 5.125 04-01-29   162,000 142,793
Tronox, Inc. (B)(D) 4.625 03-15-29   185,000 165,113
Valvoline, Inc. (D) 3.625 06-15-31   229,000 186,063
WR Grace Holdings LLC (D) 4.875 06-15-27   113,000 106,243
WR Grace Holdings LLC (D) 5.625 08-15-29   101,000 86,042
Construction materials 0.5%      
Cemex SAB de CV (D) 3.875 07-11-31   255,000 216,294
Cemex SAB de CV (D) 5.200 09-17-30   256,000 241,280
Standard Industries, Inc. (D) 3.375 01-15-31   109,000 87,054
Standard Industries, Inc. (D) 4.375 07-15-30   81,000 67,542
Standard Industries, Inc. (D) 5.000 02-15-27   54,000 51,165
Vulcan Materials Company (B) 3.500 06-01-30   173,000 164,135
Containers and packaging 0.4%      
Clydesdale Acquisition Holdings, Inc. (D) 6.625 04-15-29   19,000 18,953
Graham Packaging Company, Inc. (D) 7.125 08-15-28   18,000 16,230
Mauser Packaging Solutions Holding Company (D) 8.500 04-15-24   40,000 40,400
Owens-Brockway Glass Container, Inc. (A)(B)(D) 6.625 05-13-27   97,000 95,545
Pactiv Evergreen Group Issuer LLC (D) 4.000 10-15-27   275,000 239,938
Pactiv Evergreen Group Issuer LLC (D) 4.375 10-15-28   133,000 117,373
Trident TPI Holdings, Inc. (A)(B)(D) 6.625 11-01-25   85,000 82,025
Metals and mining 1.7%      
Anglo American Capital PLC (D) 4.750 04-10-27   270,000 270,741
Arconic Corp. (D) 6.000 05-15-25   85,000 85,290
Arconic Corp. (D) 6.125 02-15-28   134,000 129,813
Commercial Metals Company 3.875 02-15-31   110,000 96,940
First Quantum Minerals, Ltd. (D) 6.875 10-15-27   506,000 508,530
Freeport-McMoRan, Inc. 4.250 03-01-30   278,000 261,570
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 23
  Rate (%) Maturity date   Par value^ Value
Materials (continued)        
Metals and mining (continued)      
Freeport-McMoRan, Inc. (A)(B) 4.625 08-01-30   226,000 $218,311
Freeport-McMoRan, Inc. 5.450 03-15-43   323,000 322,858
Hudbay Minerals, Inc. (D) 4.500 04-01-26   52,000 48,077
JW Aluminum Continuous Cast Company (D) 10.250 06-01-26   102,000 105,843
Newmont Corp. (B) 2.800 10-01-29   169,000 153,265
Novelis Corp. (D) 4.750 01-30-30   313,000 287,875
Volcan Cia Minera SAA (D) 4.375 02-11-26   52,000 46,540
Real estate 4.1%       6,227,804
Equity real estate investment trusts 4.1%      
American Homes 4 Rent LP (B) 4.250 02-15-28   154,000 150,268
American Tower Corp. (B) 3.550 07-15-27   564,000 538,122
American Tower Corp. (B) 3.800 08-15-29   445,000 415,859
Crown Castle International Corp. (B) 3.300 07-01-30   336,000 304,080
Crown Castle International Corp. (B) 3.650 09-01-27   455,000 437,095
Crown Castle International Corp. (B) 3.800 02-15-28   175,000 168,469
Equinix, Inc. (B) 1.550 03-15-28   340,000 289,705
Equinix, Inc. (B) 1.800 07-15-27   201,000 176,971
Equinix, Inc. (B) 2.500 05-15-31   529,000 444,395
Equinix, Inc. (A)(B) 3.200 11-18-29   158,000 143,231
GLP Capital LP 3.250 01-15-32   119,000 100,118
GLP Capital LP 5.375 04-15-26   282,000 287,682
Host Hotels & Resorts LP (B) 3.375 12-15-29   384,000 344,291
Host Hotels & Resorts LP (B) 3.500 09-15-30   268,000 240,759
Host Hotels & Resorts LP (A)(B) 4.500 02-01-26   164,000 163,767
Iron Mountain Information Management Services, Inc. (D) 5.000 07-15-32   176,000 155,088
Iron Mountain, Inc. (D) 4.875 09-15-29   150,000 137,407
Iron Mountain, Inc. (D) 5.250 07-15-30   200,000 183,308
MGM Growth Properties Operating Partnership LP (A)(B)(D) 3.875 02-15-29   174,000 164,999
RHP Hotel Properties LP (D) 4.500 02-15-29   258,000 233,095
RLJ Lodging Trust LP (D) 3.750 07-01-26   114,000 105,450
Uniti Group LP (D) 6.500 02-15-29   110,000 94,920
VICI Properties LP 3.875 02-15-29   387,000 367,477
VICI Properties LP (D) 4.125 08-15-30   155,000 139,247
VICI Properties LP (D) 4.625 12-01-29   199,000 186,861
VICI Properties LP 4.950 02-15-30   119,000 118,101
VICI Properties LP 5.125 05-15-32   62,000 61,528
XHR LP (D) 4.875 06-01-29   82,000 75,511
Utilities 3.5%       5,410,189
Electric utilities 2.4%      
ABY Transmision Sur SA (D) 6.875 04-30-43   239,100 279,747
24 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Utilities (continued)        
Electric utilities (continued)      
Emera US Finance LP (B) 3.550 06-15-26   438,000 $427,409
FirstEnergy Corp. 2.650 03-01-30   690,000 585,141
Instituto Costarricense de Electricidad (D) 6.375 05-15-43   215,000 175,983
NextEra Energy Capital Holdings, Inc. (B) 3.550 05-01-27   582,000 570,444
NRG Energy, Inc. (B)(D) 2.450 12-02-27   283,000 250,674
NRG Energy, Inc. (D) 3.375 02-15-29   47,000 39,833
NRG Energy, Inc. (D) 3.625 02-15-31   132,000 109,890
NRG Energy, Inc. (D) 3.875 02-15-32   281,000 234,563
NRG Energy, Inc. (B)(D) 4.450 06-15-29   194,000 185,867
Vistra Operations Company LLC (B)(D) 3.700 01-30-27   486,000 455,197
Vistra Operations Company LLC (B)(D) 4.300 07-15-29   406,000 377,061
Gas utilities 0.1%      
Suburban Propane Partners LP (D) 5.000 06-01-31   134,000 121,853
Independent power and renewable electricity producers 0.2%      
AES Panama Generation Holdings SRL (D) 4.375 05-31-30   233,000 207,370
NextEra Energy Operating Partners LP (A)(B)(D) 4.500 09-15-27   110,000 104,195
Multi-utilities 0.8%      
Berkshire Hathaway Energy Company (B) 8.480 09-15-28   550,000 676,907
Dominion Energy, Inc. (B) 3.375 04-01-30   481,000 445,383
NiSource, Inc. (B) 3.600 05-01-30   174,000 162,672
Municipal bonds 0.6% (0.3% of Total investments)   $850,863
(Cost $957,492)          
Golden State Tobacco Securitization Corp. (California) 4.214 06-01-50   176,000 147,371
New Jersey Transportation Trust Fund Authority 4.081 06-15-39   296,000 267,374
New Jersey Transportation Trust Fund Authority 4.131 06-15-42   30,000 26,666
State Board of Administration Finance Corp. (Florida) 1.705 07-01-27   450,000 409,452
Term loans (G) 1.5% (0.9% of Total investments)   $2,335,851
(Cost $2,433,538)          
Communication services 0.1%         70,645
Media 0.1%          
AP Core Holdings II LLC, High-Yield Term Loan B2 (1 month LIBOR + 5.500%) 6.264 09-01-27   71,000 70,645
Consumer discretionary 1.0%         1,544,280
Hotels, restaurants and leisure 0.1%          
Fertitta Entertainment LLC, 2022 Term Loan B (1 month CME Term SOFR + 4.000%) 4.500 01-27-29   81,000 80,572
Household durables 0.1%          
Hunter Douglas, Inc., USD Term Loan B1 (3 month SOFR + 3.500%) 4.000 02-26-29   231,000 219,508
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 25
  Rate (%) Maturity date   Par value^ Value
Consumer discretionary (continued)          
Specialty retail 0.8%          
Specialty Building Products Holdings LLC, 2021 Term Loan B (1 month LIBOR + 3.750%) 4.304 10-15-28   1,314,000 $1,244,200
Health care 0.0%         48,251
Health care providers and services 0.0%          
TTF Holdings LLC, Term Loan (1 month LIBOR + 4.250%) 5.063 03-31-28   48,739 48,251
Industrials 0.2%         334,880
Professional services 0.2%          
CoreLogic, Inc., Term Loan (1 month LIBOR + 3.500%) 4.313 06-02-28   357,205 334,880
Information technology 0.1%         172,626
Software 0.1%          
Quest Software, Inc., 2022 Term Loan (3 month SOFR + 4.250%) 4.750 02-01-29   176,000 172,626
Materials 0.1%         165,169
Containers and packaging 0.1%          
Clydesdale Acquisition Holdings, Inc., Term Loan B (3 month SOFR + 4.250%) 4.783 04-13-29   45,000 44,376
Mauser Packaging Solutions Holding Company, 2017 Term Loan B (H) TBD 04-03-24   123,352 120,793
Collateralized mortgage obligations 12.9% (7.9% of Total investments)   $19,709,055
(Cost $23,301,143)          
Commercial and residential 10.1%         15,499,205
Angel Oak Mortgage Trust LLC          
Series 2020-R1, Class A1 (D)(I) 0.990 04-25-53   159,376 156,264
Series 2021-2, Class A1 (D)(I) 0.985 04-25-66   113,455 103,600
Series 2021-4, Class A1 (D)(I) 1.035 01-20-65   229,797 215,264
Series 2021-5, Class A1 (D)(I) 0.951 07-25-66   287,201 258,511
Arroyo Mortgage Trust          
Series 2021-1R, Class A1 (D)(I) 1.175 10-25-48   189,892 176,888
BAMLL Commercial Mortgage Securities Trust          
Series 2015-200P, Class C (D)(I) 3.716 04-14-33   490,000 473,452
Series 2019-BPR, Class ENM (D)(I) 3.843 11-05-32   175,000 150,757
BBCMS Mortgage Trust          
Series 2019-C5, Class A2 3.043 11-15-52   241,000 236,998
Series 2020-C6, Class A2 2.690 02-15-53   155,000 150,647
BBCMS Trust          
Series 2015-MSQ, Class D (D)(I) 4.123 09-15-32   480,000 478,864
Series 2015-SRCH, Class D (D)(I) 5.122 08-10-35   295,000 285,198
Benchmark Mortgage Trust          
Series 2019-B12, Class A2 3.001 08-15-52   136,038 133,172
BOCA Commercial Mortgage Trust          
26 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Commercial and residential (continued)          
Series 2022-BOCA, Class A (1 month CME Term SOFR + 1.770%) (D)(F) 2.270 05-15-39   212,000 $211,692
Series 2022-BOCA, Class A (1 month CME Term SOFR + 2.319%) (D)(F) 2.819 05-15-39   100,000 99,854
BPR Trust          
Series 2022-OANA, Class A (1 month CME Term SOFR + 1.898%) (D)(F) 2.248 04-15-37   601,000 599,859
BRAVO Residential Funding Trust          
Series 2021-NQM1, Class A1 (D)(I) 0.941 02-25-49   140,824 132,768
BWAY Mortgage Trust          
Series 2015-1740, Class XA IO (D) 0.205 01-10-35   6,885,000 102
BX Commercial Mortgage Trust          
Series 2018-BIOA, Class D (1 month LIBOR + 1.321%) (D)(F) 1.875 03-15-37   248,102 243,599
Series 2020-VKNG, Class A (1 month LIBOR + 0.930%) (D)(F) 1.484 10-15-37   268,534 263,831
Series 2021-ACNT, Class A (1 month LIBOR + 0.850%) (D)(F) 1.405 11-15-38   184,000 180,370
Series 2021-VOLT, Class C (1 month LIBOR + 1.100%) (D)(F) 1.654 09-15-36   223,000 215,389
Series 2022-AHP, Class A (1 month CME Term SOFR + 0.990%) (D)(F) 1.499 01-17-39   451,000 444,158
CAMB Commercial Mortgage Trust          
Series 2019-LIFE, Class F (1 month LIBOR + 2.550%) (D)(F) 3.104 12-15-37   146,000 142,903
Citigroup Commercial Mortgage Trust          
Series 2019-PRM, Class A (D) 3.341 05-10-36   234,000 233,627
Series 2019-SMRT, Class A (D) 4.149 01-10-36   123,000 123,748
COLT Mortgage Loan Trust          
Series 2021-2, Class A1 (D)(I) 0.924 08-25-66   234,835 208,650
Series 2021-3, Class A1 (D)(I) 0.956 09-27-66   311,795 276,461
Series 2021-HX1, Class A1 (D)(I) 1.110 10-25-66   273,507 251,337
COLT Trust          
Series 2020-RPL1, Class A1 (D)(I) 1.390 01-25-65   425,312 395,299
Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG)          
Series 2012-CR2, Class XA IO 1.682 08-15-45   635,165 50
Series 2012-CR3, Class XA IO 1.988 10-15-45   2,065,533 4,061
Commercial Mortgage Trust (Citigroup/Deutsche Bank AG)          
Series 2018-COR3, Class XA IO 0.578 05-10-51   3,816,469 86,577
Commercial Mortgage Trust (Deutsche Bank AG)          
Series 2013-300P, Class D (D)(I) 4.540 08-10-30   340,000 332,659
Series 2020-CBM, Class A2 (D) 2.896 02-10-37   208,000 199,653
Credit Suisse Mortgage Capital Certificates          
Series 2019-ICE4, Class D (1 month LIBOR + 1.600%) (D)(F) 2.154 05-15-36   350,000 345,819
Series 2021-NQM2, Class A1 (D)(I) 1.179 02-25-66   201,191 192,032
Series 2021-NQM3, Class A1 (D)(I) 1.015 04-25-66   160,484 151,006
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 27
  Rate (%) Maturity date   Par value^ Value
Commercial and residential (continued)          
Series 2021-NQM5, Class A1 (D)(I) 0.938 05-25-66   161,650 $150,630
Ellington Financial Mortgage Trust          
Series 2021-1, Class A1 (D)(I) 0.797 02-25-66   86,020 79,702
Series 2021-2, Class A1 (D)(I) 0.931 06-25-66   186,619 169,951
Flagstar Mortgage Trust          
Series 2021-1, Class A2 (D)(I) 2.500 02-01-51   377,519 333,849
GCAT Trust          
Series 2021-NQM1, Class A1 (D)(I) 0.874 01-25-66   166,775 158,850
Series 2021-NQM2, Class A1 (D)(I) 1.036 05-25-66   137,719 128,146
Series 2021-NQM3, Class A1 (D)(I) 1.091 05-25-66   224,649 210,615
GS Mortgage Securities Trust          
Series 2017-485L, Class C (D)(I) 4.115 02-10-37   240,000 225,704
Series 2020-UPTN, Class A (D) 2.751 02-10-37   192,000 184,057
GS Mortgage-Backed Securities Trust          
Series 2020-NQM1, Class A1 (D)(I) 1.382 09-27-60   60,570 58,904
HarborView Mortgage Loan Trust          
Series 2007-3, Class ES IO (D) 0.350 05-19-47   2,720,299 28,350
Series 2007-4, Class ES IO 0.350 07-19-47   2,890,944 38,161
Series 2007-6, Class ES IO (D) 0.343 08-19-37   2,912,634 40,864
Imperial Fund Mortgage Trust          
Series 2021-NQM1, Class A1 (D)(I) 1.071 06-25-56   136,341 126,086
IMT Trust          
Series 2017-APTS, Class CFX (D)(I) 3.613 06-15-34   190,000 184,688
Irvine Core Office Trust          
Series 2013-IRV, Class A2 (D)(I) 3.279 05-15-48   245,000 243,932
JPMorgan Chase Commercial Mortgage Securities Trust          
Series 2012-HSBC, Class XA IO (D) 1.582 07-05-32   2,479,754 195
Series 2020-NNN, Class AFX (D) 2.812 01-16-37   195,000 186,657
KNDL Mortgage Trust          
Series 2019-KNSQ, Class D (1 month LIBOR + 1.350%) (D)(F) 1.904 05-15-36   144,000 141,470
Life Mortgage Trust          
Series 2021-BMR, Class A (1 month LIBOR + 0.700%) (D)(F) 1.254 03-15-38   275,232 269,392
Series 2021-BMR, Class D (1 month LIBOR + 1.400%) (D)(F) 1.954 03-15-38   214,288 206,121
MFA Trust          
Series 2021-NQM1, Class A1 (D)(I) 1.153 04-25-65   131,024 124,977
Morgan Stanley Capital I Trust          
Series 2017-CLS, Class D (1 month LIBOR + 1.400%) (D)(F) 1.954 11-15-34   304,000 301,308
Natixis Commercial Mortgage Securities Trust          
Series 2018-285M, Class D (D)(I) 3.917 11-15-32   100,000 99,409
Series 2018-ALXA, Class C (D)(I) 4.460 01-15-43   175,000 165,947
NYMT Loan Trust          
Series 2022-CP1, Class A1 (D) 2.042 07-25-61   137,495 131,431
OBX Trust          
Series 2020-EXP2, Class A3 (D)(I) 2.500 05-25-60   104,252 98,306
Series 2021-NQM2, Class A1 (D)(I) 1.101 05-25-61   254,894 236,986
28 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Commercial and residential (continued)          
Series 2021-NQM3, Class A1 (D)(I) 1.054 07-25-61   289,439 $262,080
One Market Plaza Trust          
Series 2017-1MKT, Class D (D) 4.146 02-10-32   190,000 186,461
SLG Office Trust          
Series 2021-OVA, Class D (D) 2.851 07-15-41   270,000 226,738
Starwood Mortgage Residential Trust          
Series 2022-1, Class A1 (D)(I) 2.447 12-25-66   283,562 266,395
Towd Point Mortgage Trust          
Series 2015-1, Class A5 (D)(I) 3.170 10-25-53   125,000 123,627
Series 2015-2, Class 1M2 (D)(I) 3.312 11-25-60   300,000 299,524
Series 2017-2, Class A1 (D)(I) 2.750 04-25-57   18,532 18,486
Series 2018-1, Class A1 (D)(I) 3.000 01-25-58   63,135 62,411
Series 2018-4, Class A1 (D)(I) 3.000 06-25-58   219,563 213,408
Series 2018-5, Class A1A (D)(I) 3.250 07-25-58   39,930 39,644
Series 2019-1, Class A1 (D)(I) 3.656 03-25-58   166,051 163,719
Series 2019-4, Class A1 (D)(I) 2.900 10-25-59   181,390 177,315
Series 2020-4, Class A1 (D) 1.750 10-25-60   218,206 202,444
Verus Securitization Trust          
Series 2020-5, Class A1 (D) 1.218 05-25-65   80,869 77,668
Series 2021-3, Class A1 (D)(I) 1.046 06-25-66   233,415 216,550
Series 2021-4, Class A1 (D)(I) 0.938 07-25-66   128,632 115,213
Series 2021-5, Class A1 (D)(I) 1.013 09-25-66   257,035 233,016
Series 2021-R1, Class A1 (D)(I) 0.820 10-25-63   132,543 129,096
WF-RBS Commercial Mortgage Trust          
Series 2012-C9, Class XA IO (D) 2.000 11-15-45   2,810,612 5,603
U.S. Government Agency 2.8%         4,209,850
Federal Home Loan Mortgage Corp.          
Series 2022-DNA1, Class M1A (1 month SOFR + 1.000%) (D)(F) 1.289 01-25-42   304,000 298,464
Series 2022-DNA2, Class M1A (1 month SOFR + 1.300%) (D)(F) 1.589 02-25-42   225,268 223,128
Series 2022-DNA2, Class M1B (1 month SOFR + 2.400%) (D)(F) 2.689 02-25-42   270,000 265,144
Series 2022-DNA3, Class M1A (1 month SOFR + 2.000%) (D)(F) 2.251 04-25-42   306,000 306,000
Series 2022-DNA3, Class M1B (1 month SOFR + 2.900%) (D)(F) 3.151 04-25-42   164,000 164,104
Series K021, Class X1 IO 1.502 06-25-22   334,068 25
Series K022, Class X1 IO 1.259 07-25-22   2,325,268 2,965
Federal National Mortgage Association          
Series 2022-R03, Class 1M1 (1 month SOFR + 2.100%) (D)(F) 2.389 03-25-42   288,752 289,068
Series 2022-R04, Class 1M1 (1 month SOFR + 2.000%) (D)(F) 2.289 03-25-42   123,705 123,725
Government National Mortgage Association          
Series 2012-114, Class IO 0.659 01-16-53   632,004 12,209
Series 2016-174, Class IO 0.848 11-16-56   900,041 41,863
Series 2017-109, Class IO 0.289 04-16-57   970,780 25,140
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 29
  Rate (%) Maturity date   Par value^ Value
U.S. Government Agency (continued)          
Series 2017-124, Class IO 0.608 01-16-59   834,350 $29,811
Series 2017-135, Class IO 0.725 10-16-58   1,229,065 53,711
Series 2017-140, Class IO 0.489 02-16-59   598,815 22,550
Series 2017-20, Class IO 0.612 12-16-58   1,859,608 62,418
Series 2017-22, Class IO 0.717 12-16-57   420,825 18,615
Series 2017-46, Class IO 0.634 11-16-57   1,265,377 51,558
Series 2017-61, Class IO 0.771 05-16-59   746,388 33,231
Series 2017-74, Class IO 0.502 09-16-58   1,388,077 40,533
Series 2018-114, Class IO 0.710 04-16-60   827,678 38,876
Series 2018-158, Class IO 0.751 05-16-61   1,312,333 75,668
Series 2018-35, Class IO 0.527 03-16-60   1,690,617 72,560
Series 2018-43, Class IO 0.501 05-16-60   2,595,617 104,021
Series 2018-69, Class IO 0.601 04-16-60   700,259 37,220
Series 2018-9, Class IO 0.468 01-16-60   1,380,650 54,832
Series 2019-131, Class IO 0.801 07-16-61   945,453 58,214
Series 2020-100, Class IO 0.800 05-16-62   1,120,270 75,934
Series 2020-108, Class IO 0.850 06-16-62   1,282,086 84,966
Series 2020-114, Class IO 0.811 09-16-62   2,707,176 185,199
Series 2020-118, Class IO 0.900 06-16-62   1,996,157 141,200
Series 2020-119, Class IO 0.633 08-16-62   1,163,956 68,663
Series 2020-120, Class IO 0.786 05-16-62   613,594 41,233
Series 2020-137, Class IO 0.801 09-16-62   3,058,698 198,324
Series 2020-150, Class IO 0.952 12-16-62   1,765,280 134,616
Series 2020-170, Class IO 0.827 11-16-62   2,398,590 168,244
Series 2021-3, Class IO 0.872 09-16-62   2,935,635 212,105
Series 2021-40, Class IO 0.822 02-16-63   747,065 53,336
Series 2022-17, Class IO 0.802 06-16-64   1,541,916 114,835
Series 2022-21, Class IO 0.784 10-16-63   679,218 49,906
Series 2022-53, Class IO 0.713 06-16-64   2,592,755 175,636
Asset backed securities 13.5% (8.3% of Total investments)   $20,667,814
(Cost $22,171,473)          
Asset backed securities 13.5%         20,667,814
Aligned Data Centers Issuer LLC          
Series 2021-1A, Class A2 (D) 1.937 08-15-46   517,000 466,954
AMSR Trust          
Series 2020-SFR4, Class A (D) 1.355 11-17-37   466,000 428,003
Series 2021-SFR4, Class A (D) 2.117 12-17-38   155,000 141,044
Applebee’s Funding LLC          
Series 2019-1A, Class A2I (D) 4.194 06-05-49   435,600 430,732
Aqua Finance Trust          
Series 2021-A, Class A (D) 1.540 07-17-46   145,346 137,046
Arby’s Funding LLC          
Series 2020-1A, Class A2 (D) 3.237 07-30-50   384,150 358,285
Avis Budget Rental Car Funding AESOP LLC          
Series 2019-3A, Class A (D) 2.360 03-20-26   378,000 363,877
30 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Asset backed securities (continued)          
Series 2020-1A, Class A (D) 2.330 08-20-26   251,000 $239,510
BMW Vehicle Lease Trust          
Series 2022-1, Class A3 1.100 03-25-25   129,000 125,611
Bojangles Issuer LLC          
Series 2020-1A, Class A2 (D) 3.832 10-20-50   119,700 115,088
CARS-DB4 LP          
Series 2020-1A, Class B1 (D) 4.170 02-15-50   293,000 285,310
CF Hippolyta LLC          
Series 2020-1, Class A1 (D) 1.690 07-15-60   373,724 346,658
Series 2021-1A, Class A1 (D) 1.530 03-15-61   372,299 339,059
Chase Auto Credit Linked Notes          
Series 2021-3, Class B (D) 0.760 02-26-29   180,600 174,645
CLI Funding VI LLC          
Series 2020-1A, Class A (D) 2.080 09-18-45   432,770 396,211
CLI Funding VIII LLC          
Series 2021-1A, Class A (D) 1.640 02-18-46   389,645 350,736
Series 2022-1A, Class A1 (D) 2.720 01-18-47   233,472 215,119
ContiMortgage Home Equity Loan Trust          
Series 1995-2, Class A5 8.100 08-15-25   15,854 13,882
DB Master Finance LLC          
Series 2017-1A, Class A2II (D) 4.030 11-20-47   163,200 160,122
Diamond Infrastructure Funding LLC          
Series 2021-1A, Class C (D) 3.475 04-15-49   80,000 71,530
Domino’s Pizza Master Issuer LLC          
Series 2017-1A, Class A23 (D) 4.118 07-25-47   512,263 503,432
Series 2021-1A, Class A2I (D) 2.662 04-25-51   264,330 237,157
Driven Brands Funding LLC          
Series 2020-2A, Class A2 (D) 3.237 01-20-51   276,500 248,413
Series 2021-1A, Class A2 (D) 2.791 10-20-51   333,325 288,949
Elmwood CLO IV, Ltd.          
Series 2020-1A, Class A (3 month LIBOR + 1.240%) (D)(F) 2.284 04-15-33   263,000 261,608
FirstKey Homes Trust          
Series 2020-SFR1, Class A (D) 1.339 08-17-37   448,559 413,553
Series 2020-SFR2, Class A (D) 1.266 10-19-37   534,594 486,623
Series 2021-SFR1, Class A (D) 1.538 08-17-38   401,288 363,919
Series 2021-SFR1, Class D (D) 2.189 08-17-38   264,000 233,080
Five Guys Funding LLC          
Series 2017-1A, Class A2 (D) 4.600 07-25-47   194,530 193,922
FOCUS Brands Funding LLC          
Series 2017-1A, Class A2IB (D) 3.857 04-30-47   137,129 134,001
Ford Credit Auto Owner Trust          
Series 2020-1, Class A (D) 2.040 08-15-31   466,000 446,582
Ford Credit Floorplan Master Owner Trust          
Series 2019-2, Class A 3.060 04-15-26   508,000 504,353
GM Financial Automobile Leasing Trust          
Series 2021-2, Class A4 0.410 05-20-25   96,000 92,622
GM Financial Consumer Automobile Receivables Trust          
Series 2021-4, Class A3 0.680 09-16-26   101,000 97,050
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 31
  Rate (%) Maturity date   Par value^ Value
Asset backed securities (continued)          
Series 2022-1, Class A3 1.260 11-16-26   83,000 $79,710
Golub Capital Partners Funding, Ltd.          
Series 2020-1A, Class A2 (D) 3.208 01-22-29   297,000 284,853
Series 2021-1A, Class A2 (D) 2.773 04-20-29   268,000 253,287
HI-FI Music IP Issuer LP          
Series 2022-1A, Class A2 (D) 3.939 02-01-62   224,000 221,990
Hilton Grand Vacations Trust          
Series 2018-AA, Class A (D) 3.540 02-25-32   73,669 73,381
Home Partners of America Trust          
Series 2021-2, Class A (D) 1.901 12-17-26   300,720 274,724
Honda Auto Receivables Owner Trust          
Series 2021-2, Class A4 0.550 08-16-27   189,000 178,549
Hyundai Auto Lease Securitization Trust          
Series 2022-A, Class A3 (D) 1.160 01-15-25   155,000 150,654
Jack in the Box Funding LLC          
Series 2019-1A, Class A23 (D) 4.970 08-25-49   194,040 188,904
Series 2022-1A, Class A2I (D) 3.445 02-26-52   304,000 280,881
Laurel Road Prime Student Loan Trust          
Series 2019-A, Class A2FX (D) 2.730 10-25-48   29,080 28,811
MVW LLC          
Series 2020-1A, Class D (D) 7.140 10-20-37   1,419,606 1,419,510
MVW Owner Trust          
Series 2018-1A, Class A (D) 3.450 01-21-36   118,411 117,452
Navient Private Education Refi Loan Trust          
Series 2019-FA, Class A2 (D) 2.600 08-15-68   153,949 151,821
Neighborly Issuer LLC          
Series 2021-1A, Class A2 (D) 3.584 04-30-51   472,430 430,961
Series 2022-1A, Class A2 (D) 3.695 01-30-52   189,000 171,004
New Economy Assets Phase 1 Sponsor LLC          
Series 2021-1, Class A1 (D) 1.910 10-20-61   461,000 413,636
Series 2021-1, Class B1 (D) 2.410 10-20-61   139,000 125,785
NRZ Excess Spread-Collateralized Notes          
Series 2021-FHT1, Class A (D) 3.104 07-25-26   82,367 76,127
PFS Financing Corp.          
Series 2020-E, Class A (D) 1.000 10-15-25   263,000 253,889
Progress Residential Trust          
Series 2020-SFR1, Class A (D) 1.732 04-17-37   261,000 246,065
Series 2021-SFR8, Class B (D) 1.681 10-17-38   165,000 146,833
Santander Revolving Auto Loan Trust          
Series 2019-A, Class A (D) 2.510 01-26-32   488,000 471,547
ServiceMaster Funding LLC          
Series 2021-1, Class A2I (D) 2.865 07-30-51   252,730 224,367
Sesac Finance LLC          
Series 2019-1, Class A2 (D) 5.216 07-25-49   352,045 342,097
SMB Private Education Loan Trust          
Series 2019-B, Class A2A (D) 2.840 06-15-37   286,359 280,650
Series 2020-PTA, Class A2A (D) 1.600 09-15-54   237,020 223,399
Series 2021-A, Class APT2 (D) 1.070 01-15-53   186,143 169,053
Sonic Capital LLC          
Series 2020-1A, Class A2I (D) 3.845 01-20-50   311,717 299,680
32 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
  Rate (%) Maturity date   Par value^ Value
Asset backed securities (continued)          
Series 2021-1A, Class A2I (D) 2.190 08-20-51   237,606 $205,997
Sunbird Engine Finance LLC          
Series 2020-1A, Class A (D) 3.671 02-15-45   189,808 170,928
Taco Bell Funding LLC          
Series 2021-1A, Class A2I (D) 1.946 08-25-51   504,735 448,955
TIF Funding II LLC          
Series 2021-1A, Class A (D) 1.650 02-20-46   221,266 195,671
Triton Container Finance VIII LLC          
Series 2020-1A, Class A (D) 2.110 09-20-45   556,463 507,219
Series 2021-1A, Class A (D) 1.860 03-20-46   305,968 271,701
Vantage Data Centers LLC          
Series 2020-1A, Class A2 (D) 1.645 09-15-45   341,000 312,361
Series 2020-2A, Class A2 (D) 1.992 09-15-45   239,000 212,451
VR Funding LLC          
Series 2020-1A, Class A (D) 2.790 11-15-50   382,639 354,348
VSE VOI Mortgage LLC          
Series 2017-A, Class A (D) 2.330 03-20-35   98,549 96,369
Wendy’s Funding LLC          
Series 2021-1A, Class A2I (D) 2.370 06-15-51   290,803 255,995
Willis Engine Structured Trust V          
Series 2020-A, Class A (D) 3.228 03-15-45   107,853 95,509
Zaxby’s Funding LLC          
Series 2021-1A, Class A2 (D) 3.238 07-30-51   328,350 296,004
    
        Shares Value
Common stocks 0.2% (0.1% of Total investments)   $294,490
(Cost $312,481)          
Utilities 0.2%         294,490
Multi-utilities 0.2%    
Algonquin Power & Utilities Corp.       6,250 294,490
Preferred securities 0.9% (0.6% of Total investments)   $1,345,246
(Cost $1,260,043)          
Communication services 0.1%         137,820
Wireless telecommunication services 0.1%  
Telephone & Data Systems, Inc., 6.625% (B)   5,825 137,820
Consumer staples 0.4%         610,156
Food products 0.4%  
Ocean Spray Cranberries, Inc., 6.250% (D)   6,250 610,156
Financials 0.2%         232,606
Banks 0.2%  
Wells Fargo & Company, 7.500%   192 232,606
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 33
        Shares Value
Utilities 0.2%         $364,664
Electric utilities 0.1%  
NextEra Energy, Inc., 5.279%   4,050 189,986
Multi-utilities 0.1%  
DTE Energy Company, 6.250%   512 26,829
NiSource, Inc., 7.750%   1,300 147,849
    
        Par value^ Value
Escrow certificates 0.0% (0.0% of Total investments)   $202
(Cost $0)          
LSC Communications, Inc. (D)(J)       321,000 202
Short-term investments 5.2% (3.2% of Total investments) $7,928,000
(Cost $7,928,000)          
Repurchase agreement 5.2%         7,928,000
Repurchase Agreement with State Street Corp. dated 4-29-22 at 0.000% to be repurchased at $7,928,000 on 5-2-22, collateralized by $3,714,800 U.S. Treasury Inflation Indexed Bonds, 3.625% due 4-15-28 (valued at $8,086,639)       7,928,000 7,928,000
    
Total investments (Cost $269,282,759) 162.8%     $249,059,223
Other assets and liabilities, net (62.8%)     (96,058,951)
Total net assets 100.0%     $153,000,272
    
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
CME Chicago Mercantile Exchange
CMT Constant Maturity Treasury
ICE Intercontinental Exchange
IO Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR London Interbank Offered Rate
PIK Pay-in-Kind Security - Represents a payment-in-kind which may pay interest in additional par and/or cash. Rates shown are the current rate and most recent payment rate.
SOFR Secured Overnight Financing Rate
TBA To Be Announced. A forward mortgage-backed securities trade issued by a U.S. Government Agency, to be delivered at an agreed-upon future settlement date.
(A) All or a portion of this security is on loan as of 4-30-22, and is a component of the fund’s leverage under the Liquidity Agreement.
(B) All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 4-30-22 was $111,676,127. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $17,121,239.
(C) Security purchased or sold on a when-issued or delayed delivery basis.
34 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
(D) 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 $89,603,937 or 58.6% of the fund’s net assets as of 4-30-22.
(E) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(F) Variable rate obligation. The coupon rate shown represents the rate at period end.
(G) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(H) 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).
(I) Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(J) Non-income producing security.
At 4-30-22, the aggregate cost of investments for federal income tax purposes was $270,684,104. Net unrealized depreciation aggregated to $21,624,881, of which $953,576 related to gross unrealized appreciation and $22,578,457 related to gross unrealized depreciation.
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 35
Financial statements
STATEMENT OF ASSETS AND LIABILITIES 4-30-22 (unaudited)
Assets  
Unaffiliated investments, at value (Cost $269,282,759) $249,059,223
Cash 5,039
Dividends and interest receivable 2,078,940
Receivable for investments sold 138,281
Other assets 29,155
Total assets 251,310,638
Liabilities  
Liquidity agreement 91,300,000
Payable for investments purchased 493,136
Payable for delayed delivery securities purchased 6,308,267
Interest payable 91,103
Payable to affiliates  
Accounting and legal services fees 8,797
Other liabilities and accrued expenses 109,063
Total liabilities 98,310,366
Net assets $153,000,272
Net assets consist of  
Paid-in capital $175,067,709
Total distributable earnings (loss) (22,067,437)
Net assets $153,000,272
 
Net asset value per share  
Based on 11,646,585 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value $13.14
36 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS For the six months ended 4-30-22 (unaudited)
Investment income  
Interest $5,131,212
Dividends 56,875
Less foreign taxes withheld (1,515)
Total investment income 5,186,572
Expenses  
Investment management fees 687,030
Interest expense 386,819
Accounting and legal services fees 11,773
Transfer agent fees 30,109
Trustees’ fees 19,490
Custodian fees 15,790
Printing and postage 12,799
Professional fees 36,059
Stock exchange listing fees 11,787
Other 6,694
Total expenses 1,218,350
Less expense reductions (11,708)
Net expenses 1,206,642
Net investment income 3,979,930
Realized and unrealized gain (loss)  
Net realized gain (loss) on  
Unaffiliated investments (1,166,336)
  (1,166,336)
Change in net unrealized appreciation (depreciation) of  
Unaffiliated investments (27,634,343)
  (27,634,343)
Net realized and unrealized loss (28,800,679)
Decrease in net assets from operations $(24,820,749)
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 37
STATEMENTS OF CHANGES IN NET ASSETS  
  Six months ended
4-30-22
(unaudited) 		Year ended
10-31-21
Increase (decrease) in net assets    
From operations    
Net investment income $3,979,930 $8,293,699
Net realized gain (loss) (1,166,336) 4,274,511
Change in net unrealized appreciation (depreciation) (27,634,343) (2,899,177)
Increase (decrease) in net assets resulting from operations (24,820,749) 9,669,033
Distributions to shareholders    
From earnings (7,340,844) (10,281,607)
Total distributions (7,340,844) (10,281,607)
Total decrease (32,161,593) (612,574)
Net assets    
Beginning of period 185,161,865 185,774,439
End of period $153,000,272 $185,161,865
Share activity    
Shares outstanding    
Beginning of period 11,646,585 11,646,585
End of period 11,646,585 11,646,585
38 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
STATEMENT OF CASH FLOWS For the six months ended   4-30-22 (unaudited)
   
Cash flows from operating activities  
Net decrease in net assets from operations $(24,820,749)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:  
Long-term investments purchased (81,970,545)
Long-term investments sold 78,917,051
Net purchases and sales of short-term investments 6,883,000
Net amortization of premium (discount) 5,175,834
(Increase) Decrease in assets:  
Dividends and interest receivable 76,658
Receivable for investments sold (42,600)
Other assets (10,896)
Increase (Decrease) in liabilities:  
Payable for investments purchased (1,192,454)
Payable for delayed delivery securities purchased (4,986,584)
Interest payable 37,276
Payable to affiliates (1,674)
Other liabilities and accrued expenses (38,436)
Net change in unrealized (appreciation) depreciation on:  
Unaffiliated investments 27,634,343
Net realized (gain) loss on:  
Unaffiliated investments 1,166,336
Net cash provided by operating activities $6,826,560
Cash flows provided by (used in) financing activities  
Distributions to shareholders $(7,340,844)
Net cash used in financing activities $(7,340,844)
Net decrease in cash $(514,284)
Cash at beginning of period $519,323
Cash at end of period $5,039
Supplemental disclosure of cash flow information:  
Cash paid for interest $(349,543)
SEE NOTES TO FINANCIAL STATEMENTS SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 39
Financial highlights
Period ended 4-30-221 10-31-21 10-31-20 10-31-19 10-31-18 10-31-17
Per share operating performance            
Net asset value, beginning of period $15.90 $15.95 $15.57 $14.22 $15.57 $15.49
Net investment income2 0.34 0.71 0.65 0.60 0.66 0.75
Net realized and unrealized gain (loss) on investments (2.47) 0.12 0.48 1.42 (1.27) 0.14
Total from investment operations (2.13) 0.83 1.13 2.02 (0.61) 0.89
Less distributions            
From net investment income (0.41) (0.84) (0.75) (0.67) (0.74) (0.81)
From net realized gain (0.22) (0.04) — — — —
Total distributions (0.63) (0.88) (0.75) (0.67) (0.74) (0.81)
Net asset value, end of period $13.14 $15.90 $15.95 $15.57 $14.22 $15.57
Per share market value, end of period $12.91 $15.46 $15.44 $14.58 $13.14 $14.81
Total return at net asset value (%)3,4 (13.80)5 5.36 7.78 14.84 (3.76) 6.28
Total return at market value (%)3 (12.90)5 5.83 11.42 16.37 (6.50) 9.82
Ratios and supplemental data            
Net assets, end of period (in millions) $153 $185 $186 $181 $166 $181
Ratios (as a percentage of average net assets):            
Expenses before reductions 1.436 1.30 1.67 2.55 2.34 1.82
Expenses including reductions7 1.416 1.29 1.66 2.54 2.32 1.81
Net investment income 4.666 4.42 4.15 3.99 4.44 4.87
Portfolio turnover (%) 30 60 66 50 68 47
Senior securities            
Total debt outstanding end of period (in millions) $91 $91 $91 $91 $91 $91
Asset coverage per $1,000 of debt8 $2,676 $3,028 $3,035 $2,986 $2,814 $2,987
    
1 Six months ended 4-30-22. Unaudited.
2 Based on average daily shares outstanding.
3 Total return based on net asset value reflects changes in the fund’s net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested.
4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5 Not annualized.
6 Annualized.
7 Expenses including reductions excluding interest expense were 0.96% (annualized), 0.94%, 0.95%, 0.98%, 1.01% and 0.99% for the periods ended 4-30-22, 10-30-21, 10-31-20, 10-31-19, 10-31-18 and 10-31-17, respectively.
8 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 7). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.
40 JOHN HANCOCK Income Securities Trust | SEMIANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
Notes to financial statements (unaudited)
Note 1—Organization
John Hancock Income Securities Trust (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).
Note 2—Significant accounting policies
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.
Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund’s Valuation Policies and Procedures.
In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities, including exchange-traded or closed-end funds, 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.
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, including registered investment companies. 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
  SEMIANNUAL REPORT | JOHN HANCOCK Income Securities Trust 41
methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of April 30, 2022, by major security category or type:
  Total
value at
4-30-22 		Level 1
quoted
price 		Level 2
significant
observable
inputs 		Level 3
significant
unobservable
inputs
Investments in securities:        
Assets        
U.S. Government and Agency obligations $39,559,857 — $39,559,857 —
Foreign government obligations 1,155,592 — 1,155,592 —
Corporate bonds 155,212,253 — 155,212,253 —
Municipal bonds 850,863 — 850,863 —
Term loans 2,335,851 — 2,335,851 —
Collateralized mortgage obligations 19,709,055 — 19,709,055 —
Asset backed securities 20,667,814 — 20,667,814 —
Common stocks 294,490 $294,490 — —
Preferred securities 1,345,246 735,090 610,156 —
Escrow certificates 202 — 202 —
Short-term investments 7,928,000 — 7,928,000 —
Total investments in securities $249,059,223 $1,029,580 $248,029,643 —
The fund holds liabilities for which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2022, the liability for the fund’s Liquidity agreement on the Statement of assets and liabilities is categorized as Level 2 within the disclosure hierarchy.
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, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the fund. 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 claims resulting from close-out of the transactions.
When-issued/delayed-delivery securities. The fund may purchase or sell debt securities on a when-issued or delayed-delivery basis, or in a “To Be Announced” (TBA) or “forward commitment” transaction, with delivery or payment to occur at a later date beyond the normal settlement period. TBA securities resulting from these
42 JOHN HANCOCK Income Securities Trust | SEMIANNUAL REPORT  
transactions are included in the portfolio or in a schedule to the portfolio (Sale Commitments Outstanding). At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security is reflected in its NAV. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues until settlement takes place. At the time that the fund enters into this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.
Certain risks may arise upon entering into when-issued or delayed-delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the securities purchased or sold prior to settlement date.
Term loans (Floating rate loans). The fund may invest in term loans, which are debt securities and are often rated below investment grade at the time of purchase. Term loans are generally subject to legal or contractual restrictions on resale and generally have longer settlement periods than conventional debt securities. Term loans involve special types of risk, including credit risk, interest-rate risk, counterparty risk, and risk associated with extended settlement. The liquidity of term loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. During periods of infrequent trading, valuing a term loan can be more difficult and buying and selling a term loan at an acceptable price can be more difficult and delayed, which could result in a loss.
The fund’s ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The fund’s failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason would adversely affect the fund’s income and would likely reduce the value of its assets. Transactions in loan investments typically take a significant amount of time (i.e., seven days or longer) to settle. This could pose a liquidity risk to the fund. Because term loans may not be rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadvisor’s credit analysis of the borrower and/or term loan agents. There is greater risk that the fund may have limited rights to enforce the terms of an underlying loan than for other types of debt instruments.
Mortgage and asset backed securities. The fund may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The fund is also subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.
  SEMIANNUAL REPORT | JOHN HANCOCK Income Securities Trust 43
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 ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a tax return of capital and/or capital gain, if any, are recorded as a reduction of cost of investments and/or as a realized gain, if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.
Real estate investment trusts. The fund may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the fund will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.
Foreign taxes. The fund may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the fund as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.
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.
Statement of cash flows. A Statement of cash flows is presented when a fund has a significant amount of borrowing during the period, based on the average total borrowing in relation to total assets, or when a certain percentage of the fund’s investments is classified as Level 3 in the fair value hierarchy. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund’s Statement of assets and liabilities and represents the cash on hand at the fund’s custodian and does not include any short-term investments or collateral on derivative contracts, if any.
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.
As of October 31, 2021, 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.
44 JOHN HANCOCK Income Securities Trust | SEMIANNUAL REPORT  
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. Capital gain distributions, if any, are typically distributed annually.
Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the fund’s financial statements as a return of capital. The final determination of tax characteristics of the fund’s distribution will occur at the end of the year and will subsequently be reported to shareholders.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to amortization and accretion on debt securities.
Note 3—Guarantees and indemnifications
Under the fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.
Note 4—Fees and transactions with affiliates
John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the fund. The Advisor is an indirect, principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation (MFC).
Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent on an annual basis to the sum of (a) 0.650% of the first $150 million of the fund’s average daily managed assets (net assets plus borrowings under the Liquidity Agreement (see Note 7), (b) 0.375% of the next $50 million of the fund’s average daily managed assets, (c) 0.350% of the next $100 million of the fund’s average daily managed assets and (d) 0.300% of the fund’s average daily managed assets in excess of $300 million. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. 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, 2022, this waiver amounted to 0.01% of the fund’s average daily net assets, on an annualized basis. This arrangement expires on July 31, 2023, unless renewed by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.
The expense reductions described above amounted to $11,708 for the six months ended April 30, 2022.
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, 2022, were equivalent to a net annual effective rate of 0.52% of the fund’s average daily managed net assets.
  SEMIANNUAL REPORT | JOHN HANCOCK Income Securities Trust 45
Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred, for the six months ended April 30, 2022, amounted to an annual rate of 0.01% of the fund’s average daily managed net 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 5—Fund share transactions
On March 12, 2015, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market, between January 1, 2022 and December 31, 2022, up to 10% of its outstanding common shares as of December 31, 2021. The share repurchase plan will remain in effect between January 1, 2022 and December 31, 2022.
During the six months ended April 30, 2022 and the year ended October 31, 2021, the fund had no activities under the repurchase program. Shares repurchased and corresponding dollar amounts, if any, are included on the Statements of changes in net assets.
Note 6—Leverage risk
The fund utilizes a Liquidity Agreement (LA) to increase its assets available for investment. When the fund leverages its assets, shareholders bear the expenses associated with the LA and have potential to benefit or be disadvantaged from the use of leverage. The Advisor’s fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund’s assets. Leverage creates risks that may adversely affect the return for the holders of shares, including:
• the likelihood of greater volatility of NAV and market price of shares;
• fluctuations in the interest rate paid for the use of the LA;
• increased operating costs, which may reduce the fund’s total return;
• the potential for a decline in the value of an investment acquired through leverage, while the fund’s obligations under such leverage remains fixed; and
• the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.
To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund’s return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived. 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 LA is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund’s ability to generate income from the use of leverage would be adversely affected.
Note 7—Liquidity Agreement
The fund has entered into a Liquidity Agreement (LA) with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $91.3 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at April 30, 2022 are shown in the
46 JOHN HANCOCK Income Securities Trust | SEMIANNUAL REPORT  
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. As of April 30, 2022, cash received by SSB from securities lending or Reverse Repo transactions of $17,747,396 is credited against the amounts borrowed under the line of credit and $73,552,604 is the remaining conventional loan balance.
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.
Interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.600% and is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of April 30, 2022, the fund had an aggregate balance of $91,300,000 at an interest rate of 1.40%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the six months ended April 30, 2022, the average balance of the LA and the effective average interest rate were $91,300,000 and 0.85%, respectively.
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.
Due to the anticipated discontinuation of LIBOR, as discussed in Note 8, the LA may be amended to remove LIBOR as the reference rate for interest and to replace LIBOR with an alternative reference rate for interest mutually agreed upon by the fund and SSB. However, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate and the potential effect of a transition away from LIBOR on the fund and/or the LA cannot yet be fully determined.
Note 8—LIBOR Discontinuation Risk
The LA utilizes LIBOR as the reference or benchmark rate for interest rate calculations. LIBOR is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR maturities, including some US LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid US LIBOR maturities on June 30, 2023. It is expected that market participants such as the fund and SSB will transition to the use of alternative reference or benchmark rates prior to the applicable
  SEMIANNUAL REPORT | JOHN HANCOCK Income Securities Trust 47
LIBOR publication cessation date. However, although regulators have encouraged the development and adoption of alternative rates, such as the Secured Overnight Financing Rate ("SOFR"), there is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement rate.
Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation dates, the impact on the LA remains uncertain. It is expected that market participants will amend financial instruments referencing LIBOR, such as the LA, to include fallback provisions and other measures that contemplate the discontinuation of LIBOR or other similar market disruption events, but neither the effect of the transition process nor the viability of such measures is known. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. However, there are obstacles to converting certain longer term securities and transactions to a new benchmark or benchmarks and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined. Certain proposed replacement rates to LIBOR, such as SOFR, which is a broad measure of secured overnight US Treasury repo rates, are materially different from LIBOR, and changes in the applicable spread for financial instruments transitioning away from LIBOR will need to be made to accommodate the differences. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.
As market participants transition away from LIBOR, LIBOR’s usefulness may deteriorate. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate. The use of an alternative reference rate, or the transition process to an alternative reference rate, may result in increases to the interest paid by the fund pursuant to the LA and, therefore, may adversely affect the fund’s performance.
Note 9—Purchase and sale of securities
Purchases and sales of securities, other than short-term investments and U.S. Treasury obligations, amounted to $38,907,766 and $35,101,401, respectively, for the six months ended April 30, 2022. Purchases and sales of U.S. Treasury obligations aggregated $43,062,779 and $43,815,650, respectively, for the six months ended April 30, 2022.
Note 10—Industry or sector risk
The fund may invest a large percentage of its assets in one or more particular industries or sectors of the economy. If a large percentage of the fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the fund will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.
Note 11—Coronavirus (COVID-19) pandemic
The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance.
Note 12—New accounting pronouncement
In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference
48 JOHN HANCOCK Income Securities Trust | SEMIANNUAL REPORT  
rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management expects that the adoption of the guidance will not have a material impact to the financial statements.
  SEMIANNUAL REPORT | JOHN HANCOCK Income Securities Trust 49
Investment objective, principal investment strategies, and principal risks
Unaudited
Investment Objectives
The fund’s investment objective is to generate a high level of current income consistent with prudent investment risk.
Principal Investment Strategies
Under normal circumstances the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in income securities. This is a non-fundamental policy and may be changed by the Board of Trustees of the fund provided that shareholders are provided with at least 60 days prior written notice of any change as required by the rules under the 1940 Act. Not more than 20% of the Fund’s total assets will consist of such preferred securities and common stocks believed by the Fund to provide a sufficiently high yield to attain the Fund’s investment objective. Income securities will consist of the following: (i) marketable corporate debt securities, (ii) governmental obligations and (iii) cash and commercial paper.
The Fund will invest at least 75% of its net assets (plus borrowings for investment purposes) in debt securities that are rated, at the time of acquisition, investment grade (i.e., at least “Baa” by Moody’s Investors Service, Inc. (Moody’s) or “BBB” by Standard & Poor’s Global Ratings Inc. (S&P)), or in unrated securities determined by the Fund’s investment advisor or subadvisor to be of comparable credit quality. The Fund can invest up to 25% of its net assets (plus borrowings for investment purposes) in debt securities that are rated, at the time of acquisition, below investment grade (junk bonds) (i.e., rated “Ba” or lower by Moody’s or “BB” or lower by S&P), or in unrated securities determined by the Fund’s advisor or subadvisor to be of comparable quality.
Although the Fund will focus on securities of U.S. issuers, the Fund may invest in securities of corporate and governmental issuers located outside the United States that are payable in U.S. dollars, including emerging markets. The Fund may also invest in mortgage-backed and asset-backed securities, including collateralized mortgage obligations. In addition, the Fund may invest in repurchase agreements.
The Fund may also invest in derivatives such as swaps and reverse repurchase agreements. The Fund intends to use reverse repurchase agreements to obtain investment leverage either alone and/or in combination with other forms of investment leverage or for temporary purposes. The Fund utilizes a liquidity agreement to increase its assets available for investments, and may also seek to obtain additional income or portfolio leverage by making secured loans of its portfolio securities with a value of up to 33 1/3% of its total assets. The Fund may also invest up to 20% of its total assets in illiquid securities.
The Advisor may also take into consideration environmental, social, and/or governance (“ESG”) factors, alongside other relevant factors, as part of its investment selection process. The ESG characteristics utilized in the fund’s investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments.
Principal Risks
As is the case with all exchange-listed closed-end funds, shares of this fund may trade at a discount or a premium to the fund’s net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested.
The fund’s main risks are listed below in alphabetical order, not in order of importance.
Changing distribution level & return of capital risk. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial tax return of capital. A return of capital is the return of all or a portion of a shareholder’s investment in the fund.
50 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT  
Credit and counterparty risk. The issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter derivatives contract, or a borrower of fund securities may not make timely payments or otherwise honor its obligations. U.S. government securities are subject to varying degrees of credit risk depending upon the nature of their support. A downgrade or default affecting any of the fund’s securities could affect the fund’s performance.
Cybersecurity and operational risk. Cybersecurity breaches may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause a fund or its service providers to suffer data corruption or lose operational functionality. Similar incidents affecting issuers of a fund’s securities may negatively impact performance. Operational risk may arise from human error, error by third parties, communication errors, or technology failures, among other causes.
Economic and market events risk. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance. Reduced liquidity in credit and fixed-income markets could adversely affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.
A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect fund performance. For example, the coronavirus (COVID-19) pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other preexisting political, social, and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.
Emerging Markets risk. The risks of investing in foreign securities are magnified in emerging markets. Emerging-market countries may experience higher inflation, interest rates, and unemployment and greater social, economic, and political uncertainties than more developed countries.
Equity securities risk. The price of equity securities may decline due to changes in a company’s financial condition or overall market conditions.
ESG integration risk. The Advisor may consider ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time, and different ESG characteristics may be relevant to different investments. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the Advisor, carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria or an ESG investment strategy.
Fixed-income securities risk. A rise in interest rates typically causes bond prices to fall. The longer the average maturity or duration of the bonds held by a fund, the more sensitive it will likely be to interest-rate fluctuations. An issuer may not make all interest payment or repay all or any of the principal borrowed. Changes in a security’s credit qualify may adversely affect fund performance. Additionally, the value of inflation-indexed securities is subject to the effects of changes in market interest rates caused by factors other than inflation (“real interest rates”). Generally, when real interest rates rise, the value of inflation-indexed securities will fall and the fund’s value may decline as a result of this exposure to these securities.
Foreign securities risk. Less information may be publicly available regarding foreign issuers, including foreign government issuers. Foreign securities may be subject to foreign taxes and may be more volatile than U.S. securities. Currency fluctuations and political and economic developments may adversely impact the value of
  SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 51
foreign securities. If applicable, depositary receipts are subject to most of the risks associated with investing in foreign securities directly because the value of a depositary receipt is dependent upon the market price of the underlying foreign equity security. Depositary receipts are also subject to liquidity risk.
Hedging, derivatives, and other strategic transactions risk. 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. Risks of these transactions are different from and possibly greater than risks of investing directly in securities and other traditional instruments. Under certain market conditions, derivatives could become harder to value or sell and may become subject to liquidity risk (i.e., the inability to enter into closing transactions). Derivatives and other strategic transactions that the fund intends to utilize include: swaps and reverse repurchase agreements. Swaps generally are subject to counterparty risk. In addition, swaps may be subject to interest-rate and settlement risk, and the risk of default of the underlying reference obligation. An event of default or insolvency of the counterparty to a reverse repurchase agreement could result in delays or restrictions with respect to the fund’s ability to dispose of the underlying securities. In addition, a reverse repurchase agreement may be considered a form of leverage and may, therefore, increase fluctuations in the fund’s NAV.
Illiquid and restricted securities risk. Illiquid and restricted securities may be difficult to value and may involve greater risks than liquid securities. Illiquidity may have an adverse impact on a particular security’s market price and the fund’s ability to sell the security.
Leveraging risk. Issuing preferred shares or using derivatives may result in a leveraged portfolio. Leveraging long exposures increases a fund’s losses when the value of its investments declines. Some derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The fund also utilizes a Liquidity Agreement to increase its assets available for investment. See “Note 6 —Leverage risk” above.
LIBOR discontinuation risk. The publication of the London Interbank Offered Rate (LIBOR), which many debt securities, derivatives and other financial instruments use as the reference or benchmark rate for interest rate calculations, was discontinued for most maturities at the end of 2021, and is expected to be discontinued on June 30, 2023 for the remaining maturities. The transition process away from LIBOR may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, and the eventual use of an alternative reference rate may adversely affect the fund’s performance. In addition, the usefulness of LIBOR may deteriorate in the period leading up to its discontinuation, which could adversely affect the liquidity or market value of securities that use LIBOR.
Liquidity risk. The extent (if at all) to which a security may be sold or a derivative position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions, or other economic and market impediments. Widespread selling of fixed-income securities to satisfy redemptions during periods of reduced demand may adversely impact the price or salability of such securities.
Lower-rated and high-yield fixed-income securities risk. Lower-rated and high-yield fixed-income securities (junk bonds) are subject to greater credit quality risk, risk of default, and price volatility than higher-rated fixed-income securities, may be considered speculative, and can be difficult to resell.
Mortgage-backed and asset-backed securities risk. Mortgage-backed and asset-backed securities are subject to different combinations of prepayment, extension, interest-rate, and other market risks. Factors that impact the value of these securities include interest rate changes, the reliability of available information, credit quality or enhancement, and market perception.
Preferred and convertible securities risk. Preferred stock dividends are payable only if declared by the issuer’s board. Preferred stock may be subject to redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall. Convertible preferred stock’s value can depend heavily upon the underlying common stock’s value.
52 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT  
U.S. Government agency obligations risk. U.S. government-sponsored entities such as Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, although chartered or sponsored by Congress, are not funded by congressional appropriations and the debt securities that they issue are neither guaranteed nor issued by the U.S. government. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to the debt securities of private issuers. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government has provided financial support to Fannie Mae and Freddie Mac in the past, there can be no assurance that it will support these or other government-sponsored entities in the future.
  SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 53
ADDITIONAL INFORMATION
Unaudited
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).
Dividends and distributions
During the six months ended April 30, 2022, distributions from net investment income totaling $0.4056 per share and distributions from capital gains totaling $0.2247 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:
Payment Date Income Distributions
December 31, 2021 $0.2276
March 31, 2022 0.1780
Total $0.4056
    
Payment Date Additional Distributions
December 31, 2021 $0.2247

 
Total $0.6303
Shareholder communication and assistance
If you have any questions concerning the fund, we will be pleased to assist you. If you hold shares in your own name and not with a brokerage firm, please address all notices, correspondence, questions or other communications regarding the fund to the transfer agent at:
Regular Mail:
Computershare
P.O. Box 505000
Louisville, KY 40233
Registered or Overnight Mail:
Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202
If your shares are held with a brokerage firm, you should contact that firm, bank or other nominee for assistance.
54 JOHN HANCOCK INCOME SECURITIES TRUST  | SEMIANNUAL REPORT  
SHAREHOLDER MEETING
The fund held its Annual Meeting of Shareholders on Monday, February 14, 2022. The following proposal was considered by the shareholders:
THE PROPOSAL PASSED ON FEBRUARY 14, 2022
Proposal: To elect eleven (11) Trustees to serve until their respective successors have been duly elected and qualified.
  Total votes
for the nominee 		Total votes withheld
from the nominee
Independent Trustees    
James R. Boyle 8,994,948.435 94,633.729
Peter S. Burgess 8,961,775.211 127,806.953
William H. Cunningham 8,947,662.435 141,919.729
Grace K. Fey 8,982,865.402 106,716.762
Deborah C. Jackson 8,975,428.435 114,153.729
Hassell H. McClellan 8,958,951.435 130,630.729
Steven R. Pruchansky 8,960,169.435 129,412.729
Frances G. Rathke 8,987,481.435 102,100.729
Gregory A. Russo 8,975,859.435 113,722.729
    
Non-Independent Trustee    
Andrew G. Arnott 8,979,217.435 110,364.729
Marianne Harrison 8,982,776.435 106,805.729
  SEMIANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST 55
More information
Trustees
Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†
James R. Boyle
Peter S. Burgess*
William H. Cunningham*
Grace K. Fey
Marianne Harrison†
Deborah C. Jackson
Frances G. Rathke*
Gregory A. Russo
Officers
Andrew G. Arnott
President
Charles A. Rizzo
Chief Financial Officer
Salvatore Schiavone
Treasurer
Christopher (Kit) Sechler
Secretary and Chief Legal Officer
Trevor Swanberg
Chief Compliance Officer
† Non-Independent Trustee
* Member of the Audit Committee
Investment advisor
John Hancock Investment Management LLC
Subadvisor
Manulife Investment Management (US) LLC
Portfolio Managers
Jeffrey N. Given, CFA
Howard C. Greene, CFA
Connor Minnaar, CFA
Custodian
State Street Bank and Trust Company
Transfer agent
Computershare Shareowner Services, LLC
Legal counsel
K&L Gates LLP
Stock symbol
Listed New York Stock Exchange: JHS
 
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.
All of the fund’s holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The fund’s Form N-PORT filings are available on our website and the SEC’s website, sec.gov.
We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.
The report is certified under the Sarbanes-Oxley Act, which requires closed-end funds and other public companies to affirm that, to the best of their knowledge, the information in their financial reports is fairly and accurately stated in all material respects.
You can also contact us:    
800-852-0218 Regular mail: Express mail:
jhinvestments.com Computershare
P.O.Box 505000
Louisville, KY 40233 		Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202
56 JOHN HANCOCK INCOME SECURITIES TRUST | SEMIANNUAL REPORT  
John Hancock family of funds
U.S. EQUITY FUNDS
Blue Chip Growth
Classic Value
Disciplined Value
Disciplined Value Mid Cap
Equity Income
Financial Industries
Fundamental All Cap Core
Fundamental Large Cap Core
Mid Cap Growth
New Opportunities
Regional Bank
Small Cap Core
Small Cap Growth
Small Cap Value
U.S. Global Leaders Growth
U.S. Growth
INTERNATIONAL EQUITY FUNDS
Disciplined Value International
Emerging Markets
Emerging Markets Equity
Fundamental Global Franchise
Global Environmental Opportunities
Global Equity
Global Shareholder Yield
Global Thematic Opportunities
International Dynamic Growth
International Growth
International Small Company
FIXED-INCOME FUNDS
Bond
California Municipal Bond
Emerging Markets Debt
Floating Rate Income
Government Income
High Yield
High Yield Municipal Bond
Income
Investment Grade Bond
Money Market
Municipal Opportunities
Opportunistic Fixed Income
Short Duration Bond
Strategic Income Opportunities
ALTERNATIVE FUNDS
Absolute Return Currency
Alternative Asset Allocation
Diversified Macro
Infrastructure
Multi-Asset Absolute Return
Real Estate Securities
Seaport Long/Short
 
A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.
EXCHANGE-TRADED FUNDS
John Hancock Corporate Bond ETF
John Hancock Mortgage-Backed Securities ETF
John Hancock Multifactor Consumer Discretionary ETF
John Hancock Multifactor Consumer Staples ETF
John Hancock Multifactor Developed International ETF
John Hancock Multifactor Emerging Markets ETF
John Hancock Multifactor Energy ETF
John Hancock Multifactor Financials ETF
John Hancock Multifactor Healthcare ETF
John Hancock Multifactor Industrials ETF
John Hancock Multifactor Large Cap ETF
John Hancock Multifactor Materials ETF
John Hancock Multifactor Media and
Communications ETF
John Hancock Multifactor Mid Cap ETF
John Hancock Multifactor Small Cap ETF
John Hancock Multifactor Technology ETF
John Hancock Multifactor Utilities ETF
John Hancock Preferred Income ETF
ENVIRONMENTAL,SOCIAL, AND
GOVERNANCE FUNDS
ESG Core Bond
ESG International Equity
ESG Large Cap Core
ASSET ALLOCATION/TARGET DATE FUNDS
Balanced
Multi-Asset High Income
Multi-Index Lifetime Portfolios
Multi-Index Preservation Portfolios
Multimanager Lifestyle Portfolios
Multimanager Lifetime Portfolios
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 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 Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) 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.
A trusted brand
John Hancock Investment Management is a premier asset manager
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.
“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.
John Hancock Investment Management LLC, 200 Berkeley Street, Boston, MA 02116-5010, 800-225-5291, jhinvestments.com
Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.
MF2182007 P6SA 4/22
6/2022

ITEM 2. CODE OF ETHICS.

(a)Not Applicable

(b)Not Applicable

(c)Not Applicable

(d)Not Applicable

(e)Not Applicable

(f)Not Applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not Applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)Not Applicable

(b)Not Applicable

(c)Not Applicable

(d)Not Applicable

(e)Not Applicable

(f)Not Applicable.

(g)Not Applicable

(h)Not Applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable

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.

 

 

 

Total number of

Maximum number of

 

Total number of

Average price per

shares purchased

shares that may yet

 

as part of publicly

be purchased under

Period

shares purchased

share

announced plans*

the plans

Nov-21

-

-

-

1,164,659

Dec-21

-

-

-

1,164,659

 

Jan-22

-

-

-

1,164,659

Feb-22

-

-

-

1,164,659

Mar-22

-

-

-

1,164,659

Apr-22

-

-

-

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, 2021. The current share plan will remain in effect between January 1, 2022 and December 31, 2022.

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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

The Fund did not participate directly in securities lending activities. See Note 7 to financial statements in Item 1.

ITEM 13. EXHIBITS.

(a)(1) Not applicable.

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

(b)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.

 

 

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 22, 2022

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

22, 2022

By:

/s/ Charles A. Rizzo

 

-------------------------------

 

Charles A. Rizzo

 

Chief Financial Officer

Date:

June

22, 2022

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