John Hancock Income Securities Trust NCSR Certified annual shareholder report (management investment company)

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:	October 31, 2021

ITEM 1. REPORT TO STOCKHOLDERS

Annual report

John Hancock

Income Securities Trust

Closed-end fixed income

Ticker: JHS

October 31, 2021

A message to shareholders

Dear shareholders,

The bond markets generated unimpressive returns for the 12 months ended October 31, 2021, reflecting investors’ growing anticipation that rising inflation would compel the U.S. Federal Reserve to begin tapering its quantitative easing policy and start raising interest rates. In a continuation of a longstanding trend, the credit-oriented segments of the market outperformed those with the highest interest-rate sensitivity.

As new variants of COVID-19 emerge, the markets could get increasingly volatile and economic disruptions may occur. 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.

John Hancock

Income Securities Trust

Table of contents

2	Your fund at a glance
5	Manager’s discussion of fund performance
7	A look at performance
9	Fund’s investments
36	Financial statements
40	Financial highlights
41	Notes to financial statements
49	Report of independent registered public accounting firm
50	Tax information
51	Investment objective, principal investment strategies, and principal risks
55	Additional information
58	Evaluation of advisory and subadvisory agreements by the Board of Trustees
64	Trustees and Officers
68	More information

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

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Your fund at a glance

INVESTMENT OBJECTIVE

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

AVERAGE ANNUAL TOTAL RETURNS AS OF 10/31/2021 (%)

The Bloomberg Government/Credit Bond Index, formerly known as Bloomberg Barclays 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.

JOHN HANCOCK INCOME SECURITIES TRUST | ANNUAL REPORT

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PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

U.S. bond yields rose amid economic optimism

A nascent economic recovery from the COVID-19 pandemic pushed U.S. bond yields higher, putting downward pressure on bond prices.

Sector performance was mixed

U.S. Treasury bonds fell the most in response to rising bond yields, while investment-grade and high-yield corporate bonds advanced, benefiting from the economic rebound.

The fund outperformed its comparative index

The fund posted a solid gain and outpaced the Bloomberg U.S. Government/Credit Bond Index, due in large part to a significant position in high-yield corporate bonds and limited exposure to U.S. Treasury securities.

PORTFOLIO COMPOSITION AS OF 10/31/2021 (% of total investments)

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

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QUALITY COMPOSITION AS OF 10/31/2021 (% of total investments)

Ratings are from Moody’s Investors Service, Inc. If not available, we have used Standard & Poor’s Ratings Services. 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 10-31-21 and do not reflect subsequent downgrades or upgrades, if any.

JOHN HANCOCK INCOME SECURITIES TRUST | ANNUAL REPORT

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Manager’s discussion of fund performance

How did the U.S. bond market perform during the 12 months ended October 31, 2021?

U.S. bonds posted mixed results for the period and declined slightly overall. The U.S. economy began an uneven but robust recovery during the period, supported by continued fiscal and monetary stimulus. The economy also benefited from the broad COVID-19 vaccine rollout, which led to the gradual removal of social distancing restrictions around the country. At the same time, supply shortages in many industries, caused by production bottlenecks and transportation disruptions, drove prices higher for both producers and consumers. As a result, the year-over-year inflation rate reached a 13-year high by the end of the period.

The economic recovery and rising inflation numbers pushed bond yields higher across the board. The overall rise in bond yields put downward pressure on U.S. Treasury bonds, reflecting their greater interest rate sensitivity. However, improving economic expectations provided a lift to corporate bonds, with the high-yield segment posting positive returns for the period.

How did the fund perform?

The fund posted a positive return and comfortably outpaced the performance of its comparative index. Sector allocation was the key factor behind this outperformance, particularly a meaningful position in high-yield corporate bonds, which are not represented in the index, and an underweight position in U.S. Treasury securities. An overweight position in investment-grade corporate bonds also added value during the period. The significant performance contribution of the fund’s key sector weightings was amplified by leverage, which the fund uses to increase its overall fixed-income market exposure.

COUNTRY COMPOSITION AS OF 10/31/2021 (% of total investments)
United States	87.3
United Kingdom	2.1
Canada	2.0
Ireland	1.1
Chile	1.0
Other countries	6.5
TOTAL	100.0

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

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The fund’s duration positioning also contributed favorably to performance. The fund’s duration (a measure of interest-rate sensitivity) was shorter than that of the comparative index, which helped limit the negative impact of rising bond yields on the fund’s return.

On the downside, an out-of-index position in residential mortgage-backed securities detracted from performance. In addition, the fund’s yield curve positioning weighed on performance, most notably an emphasis on intermediate-term bonds as yields rose the most in the intermediate maturity sector.

How was the portfolio positioned at the end of the reporting period?

Over the past year, we trimmed the fund’s exposure to the corporate sector as it substantially outperformed. Although we believe corporate credit should continue to benefit from strong investor demand for yield, historically high valuations in the sector have tempered our enthusiasm somewhat. As a result, we’ve sharpened our focus on individual security selection in order to find attractive opportunities in the corporate market. We’re also seeing value in selected segments of the securitized sector, most notably among lesser-known areas of the asset-backed securities market, which offer a more attractively valued alternative to short-term corporate bonds.

MANAGED BY

Jeffrey N. Given, CFA

Howard C. Greene, CFA

The views expressed in this report are exclusively those of Jeffrey N. Given, CFA, and Howard C. Greene, CFA, Manulife Investment Management (US) LLC, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

JOHN HANCOCK INCOME SECURITIES TRUST | ANNUAL REPORT

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A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED OCTOBER 31, 2021

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	10-Year	5-year	10-Year
At Net asset value	5.36	5.93	6.95	33.39	95.72
At Market price	5.83	7.10	6.52	40.89	88.12
Bloomberg Government/Credit Index	-0.48	3.45	3.23	18.47	37.40

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 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.

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

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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 Government/Credit Index.

The Bloomberg Government/Credit Bond Index, formerly known as Bloomberg Barclays 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.

JOHN HANCOCK INCOME SECURITIES TRUST | ANNUAL REPORT

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Fund’s investments

AS OF 10-31-21

	Rate (%)	Maturity date	Par value^	Value
U.S. Government and Agency obligations 24.2% (15.6% of Total investments)				$44,786,358
(Cost $44,278,802)
U.S. Government 6.7%				12,428,693
U.S. Treasury
Bond (A)(B)	1.750	08-15-41	855,000	823,071
Bond (B)	2.375	05-15-51	2,875,600	3,160,464
Note (A)(B)	0.875	09-30-26	4,403,000	4,338,675
Note (A)(B)	1.250	08-15-31	4,226,000	4,106,483
U.S. Government Agency 17.5%				32,357,665
Federal Home Loan Mortgage Corp.
30 Yr Pass Thru	2.500	08-01-50	63,017	65,145
30 Yr Pass Thru	3.000	03-01-43	409,128	438,917
30 Yr Pass Thru	3.000	10-01-49	1,070,371	1,123,621
30 Yr Pass Thru	3.000	12-01-49	72,294	76,026
30 Yr Pass Thru	3.000	12-01-49	1,710,594	1,782,864
30 Yr Pass Thru	3.000	01-01-50	1,088,989	1,146,432
30 Yr Pass Thru	3.500	07-01-46	611,502	654,229
30 Yr Pass Thru	3.500	10-01-46	422,331	457,974
30 Yr Pass Thru	3.500	12-01-46	193,302	207,924
30 Yr Pass Thru	3.500	02-01-47	1,098,615	1,180,691
30 Yr Pass Thru	3.500	11-01-48	2,046,980	2,206,384
Federal National Mortgage Association
30 Yr Pass Thru (C)	2.000	TBA	5,153,000	5,152,475
30 Yr Pass Thru	2.000	09-01-50	552,484	554,991
30 Yr Pass Thru (C)	2.500	TBA	5,722,000	5,877,118
30 Yr Pass Thru	3.000	12-01-42	1,172,007	1,252,472
30 Yr Pass Thru	3.000	07-01-43	316,144	335,577
30 Yr Pass Thru	3.000	11-01-49	344,548	361,258
30 Yr Pass Thru	3.500	12-01-42	1,482,381	1,602,373
30 Yr Pass Thru	3.500	01-01-43	1,602,234	1,731,427
30 Yr Pass Thru	3.500	04-01-45	523,403	564,134
30 Yr Pass Thru	3.500	11-01-46	1,062,820	1,141,876
30 Yr Pass Thru	3.500	07-01-47	1,140,986	1,224,786
30 Yr Pass Thru	3.500	07-01-47	1,079,009	1,166,687
30 Yr Pass Thru	3.500	11-01-47	469,119	503,280
30 Yr Pass Thru	3.500	09-01-49	338,811	357,560
30 Yr Pass Thru	3.500	03-01-50	727,443	768,084

30 Yr Pass Thru	4.000	09-01-41	385,731	423,360

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

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	Rate (%)	Maturity date	Par value^	Value

Foreign government obligations 0.7% (0.4% of Total investments)				$1,276,551
(Cost $1,159,774)
Argentina 0.2%				322,469
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	322,469
Qatar 0.2%				343,538
State of Qatar Bond (D)	5.103	04-23-48	259,000	343,538
Saudi Arabia 0.3%				610,544
Kingdom of Saudi Arabia Bond (D)	4.375	04-16-29	534,000	610,544

Corporate bonds 98.7% (63.7% of Total investments)				$182,706,371
(Cost $174,194,613)
Communication services 12.9%				23,810,110
Diversified telecommunication services 3.7%
AT&T, Inc. (B)	2.300	06-01-27	240,000	245,455
AT&T, Inc.	3.100	02-01-43	1,225,000	1,182,984
AT&T, Inc.	3.500	06-01-41	423,000	436,363
AT&T, Inc.	3.650	06-01-51	112,000	116,492
C&W Senior Financing DAC (D)	6.875	09-15-27	240,000	252,900
Connect Finco SARL (D)	6.750	10-01-26	371,000	384,913
GCI LLC (D)	4.750	10-15-28	183,000	189,405
Level 3 Financing, Inc. (D)	3.400	03-01-27	328,000	341,937
Radiate Holdco LLC (D)	6.500	09-15-28	175,000	175,000
Switch, Ltd. (D)	3.750	09-15-28	63,000	62,685
Telecom Argentina SA (D)	8.000	07-18-26	186,000	172,982
Telecom Italia Capital SA	7.200	07-18-36	365,000	443,475
Telefonica Emisiones SA	5.213	03-08-47	555,000	700,138
Telesat Canada (D)	5.625	12-06-26	120,000	112,014
Total Play Telecomunicaciones SA de CV (D)	6.375	09-20-28	216,000	212,490
Total Play Telecomunicaciones SA de CV (A)(B)(D)	7.500	11-12-25	362,000	376,393
Verizon Communications, Inc.	3.000	03-22-27	75,000	79,417
Verizon Communications, Inc.	4.329	09-21-28	635,000	724,857
Verizon Communications, Inc.	4.400	11-01-34	274,000	319,402
Verizon Communications, Inc.	4.500	08-10-33	310,000	365,975
Entertainment 1.9%
AMC Entertainment Holdings, Inc. (10.000% Cash or 12.000% PIK) (D)	12.000	06-15-26	276,000	274,620
Lions Gate Capital Holdings LLC (A)(B)(D)	5.500	04-15-29	309,000	315,953
Live Nation Entertainment, Inc. (A)(B)(D)	4.750	10-15-27	272,000	277,440
Netflix, Inc.	4.875	04-15-28	564,000	646,130
Netflix, Inc. (A)(B)(D)	4.875	06-15-30	209,000	245,575

JOHN HANCOCK INCOME SECURITIES TRUST | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

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	Rate (%)	Maturity date	Par value^	Value
Communication services (continued)
Entertainment (continued)
Netflix, Inc. (D)	5.375	11-15-29	92,000	$110,969
Netflix, Inc.	5.875	11-15-28	400,000	486,880
Playtika Holding Corp. (D)	4.250	03-15-29	45,000	45,126
The Walt Disney Company (B)	7.750	01-20-24	1,020,000	1,167,220
Interactive media and services 0.3%
ANGI Group LLC (D)	3.875	08-15-28	165,000	161,288
Match Group Holdings II LLC (D)	3.625	10-01-31	106,000	102,898
Twitter, Inc. (A)(B)(D)	3.875	12-15-27	181,000	190,350
Media 5.0%
Cable One, Inc. (A)(B)(D)	4.000	11-15-30	92,000	90,369
CCO Holdings LLC (D)	4.500	06-01-33	160,000	159,600
Charter Communications Operating LLC	3.900	06-01-52	176,000	178,061
Charter Communications Operating LLC	4.200	03-15-28	820,000	909,842
Charter Communications Operating LLC	4.800	03-01-50	573,000	651,275
Charter Communications Operating LLC	5.750	04-01-48	617,000	788,635
Charter Communications Operating LLC	6.484	10-23-45	606,000	835,962
Clear Channel Outdoor Holdings, Inc. (D)	7.750	04-15-28	527,000	545,685
Comcast Corp. (A)(B)	4.150	10-15-28	720,000	821,587
Globo Comunicacao e Participacoes SA (A)(B)(D)	4.875	01-22-30	315,000	305,550
Midas OpCo Holdings LLC (D)	5.625	08-15-29	131,000	133,443
News Corp. (D)	3.875	05-15-29	166,000	168,490
Sirius XM Radio, Inc. (D)	4.000	07-15-28	274,000	275,973
Sirius XM Radio, Inc. (A)(B)(D)	5.000	08-01-27	339,000	353,831
Townsquare Media, Inc. (D)	6.875	02-01-26	83,000	86,735
Univision Communications, Inc. (D)	4.500	05-01-29	88,000	89,030
Videotron, Ltd. (A)(B)(D)	3.625	06-15-29	132,000	132,660
VTR Finance NV (A)(B)(D)	6.375	07-15-28	2,610,000	2,782,130
Wireless telecommunication services 2.0%
MTN Mauritius Investments, Ltd. (D)	4.755	11-11-24	225,000	235,170
Oztel Holdings SPC, Ltd. (D)	6.625	04-24-28	230,000	253,811
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	406,812
Telefonica Celular del Paraguay SA (D)	5.875	04-15-27	200,000	207,500
T-Mobile USA, Inc. (B)	2.050	02-15-28	504,000	499,806
T-Mobile USA, Inc. (B)	2.550	02-15-31	168,000	166,717
T-Mobile USA, Inc. (A)(B)	2.875	02-15-31	45,000	44,719
T-Mobile USA, Inc. (B)	3.750	04-15-27	228,000	247,378
T-Mobile USA, Inc. (B)	3.875	04-15-30	517,000	565,290
T-Mobile USA, Inc. (B)	4.500	04-15-50	299,000	353,408
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	600,915

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

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	Rate (%)	Maturity date	Par value^	Value
Consumer discretionary 10.1%				$18,745,802
Auto components 0.1%
Dealer Tire LLC (D)	8.000	02-01-28	92,000	95,680
LCM Investments Holdings II LLC (D)	4.875	05-01-29	74,000	75,985
Automobiles 1.7%
Ford Motor Credit Company LLC	4.125	08-17-27	329,000	349,151
Ford Motor Credit Company LLC	5.113	05-03-29	514,000	571,183
General Motors Company (B)	5.400	04-01-48	162,000	206,030
General Motors Financial Company, Inc. (B)	2.400	10-15-28	611,000	607,180
General Motors Financial Company, Inc. (B)	3.600	06-21-30	717,000	763,729
General Motors Financial Company, Inc. (B)	4.350	01-17-27	310,000	342,260
Hyundai Capital America (B)(D)	1.800	10-15-25	156,000	156,197
Hyundai Capital America (D)	2.375	10-15-27	156,000	156,601
Diversified consumer services 0.4%
Service Corp. International	3.375	08-15-30	114,000	112,290
Service Corp. International	4.000	05-15-31	183,000	187,118
Sotheby’s (D)	7.375	10-15-27	201,000	211,804
StoneMor, Inc. (D)	8.500	05-15-29	301,000	310,933
Hotels, restaurants and leisure 5.5%
Affinity Gaming (D)	6.875	12-15-27	123,000	127,514
Booking Holdings, Inc.	4.625	04-13-30	368,000	433,945
CCM Merger, Inc. (D)	6.375	05-01-26	105,000	109,988
Choice Hotels International, Inc.	3.700	12-01-29	179,000	190,707
Choice Hotels International, Inc. (A)(B)	3.700	01-15-31	208,000	221,851
Dave & Buster’s, Inc. (D)	7.625	11-01-25	38,000	40,807
Expedia Group, Inc. (A)(B)	2.950	03-15-31	222,000	223,948
Expedia Group, Inc. (B)	3.250	02-15-30	670,000	688,828
Expedia Group, Inc. (B)	3.800	02-15-28	582,000	628,199
Expedia Group, Inc. (B)	4.625	08-01-27	310,000	347,081
Expedia Group, Inc. (A)(B)	5.000	02-15-26	386,000	433,532
Full House Resorts, Inc. (D)	8.250	02-15-28	830,000	877,725
Hilton Domestic Operating Company, Inc. (A)(B)	4.875	01-15-30	233,000	248,723
Hilton Domestic Operating Company, Inc. (D)	5.750	05-01-28	69,000	74,089
Hilton Grand Vacations Borrower Escrow LLC (D)	4.875	07-01-31	144,000	143,263
Hilton Grand Vacations Borrower Escrow LLC (D)	5.000	06-01-29	182,000	185,595
Hyatt Hotels Corp. (B)	1.800	10-01-24	165,000	165,611
Hyatt Hotels Corp.	4.375	09-15-28	68,000	74,539
Hyatt Hotels Corp. (A)(B)	5.750	04-23-30	189,000	227,578
International Game Technology PLC (D)	6.500	02-15-25	225,000	249,750
Life Time, Inc. (A)(B)(D)	8.000	04-15-26	94,000	98,700
Marriott International, Inc.	2.850	04-15-31	339,000	341,407
Marriott International, Inc. (B)	3.125	06-15-26	128,000	135,541

JOHN HANCOCK INCOME SECURITIES TRUST | ANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure (continued)
Marriott International, Inc.	3.500	10-15-32	196,000	$207,295
Marriott International, Inc.	4.625	06-15-30	300,000	341,626
Marriott International, Inc. (B)	5.750	05-01-25	750,000	850,066
MGM Resorts International	4.750	10-15-28	314,000	326,390
Mohegan Gaming & Entertainment (D)	8.000	02-01-26	219,000	225,570
New Red Finance, Inc. (A)(B)(D)	4.000	10-15-30	454,000	439,803
Premier Entertainment Sub LLC (D)	5.625	09-01-29	133,000	135,328
Premier Entertainment Sub LLC (D)	5.875	09-01-31	363,000	370,260
Resorts World Las Vegas LLC (A)(B)(D)	4.625	04-16-29	200,000	202,947
Travel + Leisure Company (D)	4.625	03-01-30	145,000	150,455
Travel + Leisure Company	6.600	10-01-25	111,000	123,876
Waterford Gaming LLC (D)(F)(G)	8.625	09-15-14	95,877	0
Wyndham Hotels & Resorts, Inc. (D)	4.375	08-15-28	101,000	104,338
Yum! Brands, Inc.	3.625	03-15-31	191,000	188,775
Yum! Brands, Inc. (D)	4.750	01-15-30	183,000	195,353
Household durables 0.5%
Brookfield Residential Properties, Inc. (D)	5.000	06-15-29	117,000	117,439
Century Communities, Inc. (D)	3.875	08-15-29	260,000	259,106
Century Communities, Inc.	6.750	06-01-27	179,000	190,062
Empire Communities Corp. (D)	7.000	12-15-25	57,000	58,995
KB Home (A)(B)	4.000	06-15-31	202,000	204,778
Toll Brothers Finance Corp. (A)(B)	3.800	11-01-29	56,000	59,990
Internet and direct marketing retail 1.0%
Amazon.com, Inc. (A)(B)	3.150	08-22-27	660,000	714,783
Amazon.com, Inc. (B)	4.050	08-22-47	344,000	422,464
eBay, Inc. (B)	2.700	03-11-30	457,000	469,957
QVC, Inc. (A)(B)	5.450	08-15-34	280,000	292,600
Multiline retail 0.6%
Dollar Tree, Inc. (A)(B)	4.200	05-15-28	879,000	989,560
Macy’s Retail Holdings LLC (A)(B)(D)	5.875	04-01-29	54,000	57,547
Specialty retail 0.3%
Asbury Automotive Group, Inc.	4.750	03-01-30	134,000	136,680
AutoNation, Inc.	4.750	06-01-30	182,000	211,419
Group 1 Automotive, Inc. (D)	4.000	08-15-28	33,000	33,007
Ken Garff Automotive LLC (D)	4.875	09-15-28	128,000	129,600
Specialty Building Products Holdings LLC (D)	6.375	09-30-26	25,000	26,031
Textiles, apparel and luxury goods 0.0%
Hanesbrands, Inc. (D)	5.375	05-15-25	91,000	94,640
Consumer staples 2.8%				5,251,332
Beverages 0.4%
Anheuser-Busch InBev Worldwide, Inc.	4.600	04-15-48	564,000	696,800

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Consumer staples (continued)
Beverages (continued)
Constellation Brands, Inc.	3.150	08-01-29	120,000	$127,475
Food and staples retailing 0.5%
Advantage Sales & Marketing, Inc. (A)(B)(D)	6.500	11-15-28	312,000	324,480
Albertsons Companies, Inc. (D)	3.250	03-15-26	109,000	110,771
Albertsons Companies, Inc. (D)	3.500	03-15-29	274,000	270,078
Albertsons Companies, Inc. (A)(B)(D)	4.875	02-15-30	112,000	120,047
Food products 1.4%
BRF SA (A)(B)(D)	5.750	09-21-50	212,000	197,955
Cargill, Inc. (D)	2.125	04-23-30	161,000	161,440
JBS Finance Luxembourg Sarl (A)(B)(D)	3.625	01-15-32	207,000	204,379
JBS USA Food Company (D)	5.750	01-15-28	498,000	519,170
JBS USA LUX SA (D)	3.750	12-01-31	65,000	66,544
Kraft Heinz Foods Company	4.375	06-01-46	274,000	319,840
Kraft Heinz Foods Company (A)(B)	4.875	10-01-49	62,000	76,775
Kraft Heinz Foods Company	5.000	06-04-42	95,000	117,419
Kraft Heinz Foods Company	5.500	06-01-50	172,000	230,450
MARB BondCo PLC (D)	3.950	01-29-31	264,000	251,106
NBM US Holdings, Inc. (D)	6.625	08-06-29	298,000	324,450
Post Holdings, Inc. (D)	5.500	12-15-29	149,000	158,499
Simmons Foods, Inc. (D)	4.625	03-01-29	33,000	33,330
Household products 0.4%
Edgewell Personal Care Company (D)	4.125	04-01-29	131,000	128,708
Kronos Acquisition Holdings, Inc. (D)	5.000	12-31-26	615,000	608,850
Personal products 0.1%
Oriflame Investment Holding PLC (A)(B)(D)	5.125	05-04-26	205,000	202,766
Energy 9.0%				16,706,532
Energy equipment and services 0.3%
CSI Compressco LP (A)(B)(D)	7.500	04-01-25	297,000	294,030
CSI Compressco LP (D)	7.500	04-01-25	88,000	87,120
CSI Compressco LP (10.000% Cash or 7.250% Cash and 2.750% PIK) (D)	10.000	04-01-26	285,633	262,782
Oil, gas and consumable fuels 8.7%
Aker BP ASA (A)(B)(D)	2.875	01-15-26	211,000	220,201
Aker BP ASA (D)	3.000	01-15-25	204,000	212,597
Aker BP ASA (A)(B)(D)	4.000	01-15-31	394,000	428,086
Altera Infrastructure LP (D)	8.500	07-15-23	264,000	199,320
Antero Midstream Partners LP (D)	5.375	06-15-29	178,000	186,001
Antero Resources Corp.	5.000	03-01-25	168,000	171,360
Antero Resources Corp. (D)	5.375	03-01-30	69,000	73,037
Antero Resources Corp. (D)	7.625	02-01-29	1,215,000	1,345,613
Ascent Resources Utica Holdings LLC (D)	5.875	06-30-29	189,000	191,321

JOHN HANCOCK INCOME SECURITIES TRUST | ANNUAL REPORT

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Energy (continued)
Oil, gas and consumable fuels (continued)
Cheniere Energy Partners LP (D)	4.000	03-01-31	282,000	$293,285
Cheniere Energy Partners LP (A)(B)	4.500	10-01-29	403,000	430,275
DCP Midstream Operating LP (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (D)	5.850	05-21-43	200,000	186,400
Diamondback Energy, Inc.	3.125	03-24-31	208,000	214,790
Enbridge, Inc. (5.500% to 7-15-27, then 3 month LIBOR + 3.418%) (B)	5.500	07-15-77	340,000	366,747
Enbridge, Inc. (5.750% to 4-15-30, then 5 Year CMT + 5.314%) (B)	5.750	07-15-80	347,000	390,028
Enbridge, Inc. (6.250% to 3-1-28, then 3 month LIBOR + 3.641%) (B)	6.250	03-01-78	306,000	337,708
Energean Israel Finance, Ltd. (D)	5.375	03-30-28	79,000	80,104
Energean Israel Finance, Ltd. (D)	5.875	03-30-31	138,000	140,160
Energy Transfer LP (B)	4.200	04-15-27	172,000	187,578
Energy Transfer LP (B)	5.150	03-15-45	345,000	402,059
Energy Transfer LP (B)	5.250	04-15-29	617,000	716,654
Energy Transfer LP (B)	5.400	10-01-47	250,000	300,099
Energy Transfer LP (B)	5.500	06-01-27	263,000	304,369
Energy Transfer LP (6.500% to 11-15-26, then 5 Year CMT + 5.694%) (A)(B)(E)	6.500	11-15-26	363,000	375,705
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	609,167
EQT Corp. (D)	3.125	05-15-26	92,000	92,690
EQT Corp. (A)(B)(D)	3.625	05-15-31	91,000	92,934
Hess Midstream Operations LP (D)	4.250	02-15-30	59,000	59,000
Kinder Morgan Energy Partners LP (A)(B)	7.750	03-15-32	208,000	294,179
Kinder Morgan, Inc.	4.300	03-01-28	134,000	150,448
Leviathan Bond, Ltd. (D)	6.500	06-30-27	327,000	356,617
Leviathan Bond, Ltd. (D)	6.750	06-30-30	64,000	70,199
Lundin Energy Finance BV (B)(D)	2.000	07-15-26	208,000	207,254
Lundin Energy Finance BV (D)	3.100	07-15-31	298,000	300,315
MC Brazil Downstream Trading SARL (D)	7.250	06-30-31	209,000	203,365
Midwest Connector Capital Company LLC (B)(D)	3.900	04-01-24	359,000	374,009
MPLX LP	4.000	03-15-28	238,000	261,774
MPLX LP (A)(B)	4.125	03-01-27	79,000	87,116
MPLX LP	4.250	12-01-27	170,000	189,521
MPLX LP (6.875% to 2-15-23, then 3 month LIBOR + 4.652%) (E)	6.875	02-15-23	752,000	763,280
New Fortress Energy, Inc. (D)	6.500	09-30-26	313,000	304,186
Occidental Petroleum Corp.	3.500	08-15-29	55,000	55,825
Parkland Corp. (D)	4.500	10-01-29	678,000	682,238
Petrobras Global Finance BV (A)(B)	6.900	03-19-49	123,000	129,274

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ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Energy (continued)
Oil, gas and consumable fuels (continued)
Sabine Pass Liquefaction LLC	4.200	03-15-28	261,000	$289,398
Sabine Pass Liquefaction LLC	4.500	05-15-30	205,000	233,592
Sabine Pass Liquefaction LLC	5.000	03-15-27	259,000	293,691
Sabine Pass Liquefaction LLC (B)	5.875	06-30-26	344,000	399,256
Sunoco LP	4.500	05-15-29	72,000	72,810
Sunoco LP (D)	4.500	04-30-30	191,000	192,685
Targa Resources Partners LP (A)(B)(D)	4.000	01-15-32	186,000	191,946
Targa Resources Partners LP (A)(B)	5.875	04-15-26	372,000	388,394
The Williams Companies, Inc.	3.750	06-15-27	355,000	386,320
The Williams Companies, Inc.	5.750	06-24-44	114,000	149,864
TransCanada PipeLines, Ltd. (A)(B)	4.250	05-15-28	205,000	231,337
Venture Global Calcasieu Pass LLC (D)	3.875	08-15-29	72,000	73,260
Venture Global Calcasieu Pass LLC (D)	4.125	08-15-31	119,000	123,159
Financials 24.7%				45,746,896
Banks 14.4%
Australia & New Zealand Banking Group, Ltd. (6.750% to 6-15-26, then 5 Year ICE Swap Rate + 5.168%) (A)(B)(D)(E)	6.750	06-15-26	200,000	230,022
Banco Santander SA (A)(B)	4.379	04-12-28	200,000	225,397
Bank of America Corp. (2.087% to 6-14-28, then SOFR + 1.060%) (A)(B)	2.087	06-14-29	447,000	442,004
Bank of America Corp. (2.592% to 4-29-30, then SOFR + 2.150%) (B)	2.592	04-29-31	458,000	463,283
Bank of America Corp. (2.687% to 4-22-31, then SOFR + 1.320%) (B)	2.687	04-22-32	676,000	684,400
Bank of America Corp. (A)(B)	3.248	10-21-27	466,000	496,906
Bank of America Corp. (B)	3.950	04-21-25	925,000	998,825
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	704,855
Barclays PLC (B)	4.375	01-12-26	840,000	925,149
Barclays PLC (4.375% to 3-15-28, then 5 Year CMT + 3.410%) (E)	4.375	03-15-28	296,000	291,205
BPCE SA (B)(D)	4.500	03-15-25	475,000	517,333
Citigroup, Inc. (2.561% to 5-1-31, then SOFR + 1.167%) (A)(B)	2.561	05-01-32	201,000	201,840
Citigroup, Inc. (A)(B)	3.200	10-21-26	970,000	1,031,236
Citigroup, Inc. (B)	4.600	03-09-26	605,000	674,813
Citigroup, Inc. (4.700% to 1-30-25, then SOFR + 3.234%) (E)	4.700	01-30-25	439,000	445,036
Citigroup, Inc. (6.250% to 8-15-26, then 3 month LIBOR + 4.517%) (E)	6.250	08-15-26	525,000	604,380
Citizens Financial Group, Inc. (B)	3.250	04-30-30	448,000	477,516
Credit Agricole SA (B)(D)	3.250	01-14-30	471,000	490,009

JOHN HANCOCK INCOME SECURITIES TRUST | ANNUAL REPORT

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Banks (continued)
Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (A)(B)(D)(E)	7.875	01-23-24	600,000	$663,450
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	898,700
Freedom Mortgage Corp. (D)	8.125	11-15-24	232,000	234,199
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	217,564
JPMorgan Chase & Co. (2.522% to 4-22-30, then SOFR + 2.040%) (A)(B)	2.522	04-22-31	1,007,000	1,019,062
JPMorgan Chase & Co. (A)(B)	2.950	10-01-26	1,053,000	1,114,116
JPMorgan Chase & Co. (2.956% to 5-13-30, then SOFR + 2.515%) (A)(B)	2.956	05-13-31	444,000	458,361
JPMorgan Chase & Co. (3.960% to 1-29-26, then 3 month LIBOR + 1.245%) (B)	3.960	01-29-27	422,000	459,824
JPMorgan Chase & Co. (4.600% to 2-1-25, then SOFR + 3.125%) (B)(E)	4.600	02-01-25	379,000	387,666
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	1,278,857
Lloyds Banking Group PLC (B)	4.450	05-08-25	1,245,000	1,369,913
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (E)	7.500	06-27-24	385,000	425,906
M&T Bank Corp. (5.125% to 11-1-26, then 3 month LIBOR + 3.520%) (E)	5.125	11-01-26	141,000	154,090
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	434,434
NatWest Markets PLC (B)(D)	1.600	09-29-26	439,000	433,225
PNC Bank NA (A)(B)	4.050	07-26-28	891,000	1,007,229
Santander Holdings USA, Inc. (A)(B)	3.244	10-05-26	669,000	704,591
Santander Holdings USA, Inc. (B)	3.450	06-02-25	585,000	620,773
Santander Holdings USA, Inc. (B)	4.400	07-13-27	155,000	172,442
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	285,813
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	431,978
The PNC Financial Services Group, Inc. (3 month LIBOR + 3.678%) (B)(E)(H)	3.804	02-01-22	855,000	860,129
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	229,824
Wells Fargo & Company (2.393% to 6-2-27, then SOFR + 2.100%) (B)	2.393	06-02-28	701,000	712,474
Wells Fargo & Company (2.879% to 10-30-29, then SOFR + 1.432%) (B)	2.879	10-30-30	500,000	518,075

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Banks (continued)
Wells Fargo & Company (3.068% to 4-30-40, then SOFR + 2.530%) (B)	3.068	04-30-41	363,000	$372,578
Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (E)	5.875	06-15-25	1,220,000	1,343,525
Capital markets 4.3%
Ares Capital Corp. (A)(B)	2.150	07-15-26	425,000	420,882
Ares Capital Corp. (A)(B)	2.875	06-15-28	237,000	238,009
Ares Capital Corp. (B)	3.875	01-15-26	305,000	323,520
Ares Capital Corp. (B)	4.200	06-10-24	213,000	226,750
Lazard Group LLC	4.375	03-11-29	230,000	260,047
Macquarie Bank, Ltd. (A)(B)(D)	3.624	06-03-30	246,000	257,549
Macquarie Bank, Ltd. (A)(B)(D)	4.875	06-10-25	520,000	572,624
Morgan Stanley (2.188% to 4-28-25, then SOFR + 1.990%) (A)(B)	2.188	04-28-26	803,000	821,878
Morgan Stanley (2.484% to 9-16-31, then SOFR + 1.360%) (A)(B)	2.484	09-16-36	501,000	486,768
Morgan Stanley (B)	3.875	01-27-26	1,375,000	1,500,962
MSCI, Inc. (D)	3.250	08-15-33	216,000	216,836
The Goldman Sachs Group, Inc. (2.615% to 4-22-31, then SOFR + 1.281%) (B)	2.615	04-22-32	829,000	832,408
The Goldman Sachs Group, Inc. (B)	3.850	01-26-27	1,335,000	1,445,853
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	318,969
Consumer finance 1.0%
Ally Financial, Inc. (A)(B)	5.800	05-01-25	245,000	279,173
Discover Financial Services (B)	4.100	02-09-27	884,000	973,785
Enova International, Inc. (D)	8.500	09-15-25	260,000	267,800
OneMain Finance Corp. (A)(B)	8.875	06-01-25	106,000	114,613
Unifin Financiera SAB de CV (D)	9.875	01-28-29	308,000	285,826
Diversified financial services 1.6%
Brightstar Escrow Corp. (D)	9.750	10-15-25	107,000	114,356
GE Capital International Funding Company (B)	4.418	11-15-35	630,000	766,454
Jefferies Group LLC	4.150	01-23-30	365,000	407,835
Jefferies Group LLC (A)(B)	4.850	01-15-27	432,000	494,185
Operadora de Servicios Mega SA de CV (D)	8.250	02-11-25	226,000	221,482
Voya Financial, Inc. (5.650% to 5-15-23, then 3 month LIBOR + 3.580%)	5.650	05-15-53	868,000	909,230
Insurance 3.2%
Athene Holding, Ltd.	3.500	01-15-31	162,000	172,985
AXA SA	8.600	12-15-30	175,000	257,460
Brighthouse Financial, Inc. (A)(B)	3.700	06-22-27	334,000	362,087
CNA Financial Corp.	2.050	08-15-30	157,000	153,200

JOHN HANCOCK INCOME SECURITIES TRUST | ANNUAL REPORT

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Insurance (continued)
CNO Financial Group, Inc. (B)	5.250	05-30-25	512,000	$571,621
CNO Financial Group, Inc.	5.250	05-30-29	384,000	447,802
Liberty Mutual Group, Inc. (4.125% to 12-15-26, then 5 Year CMT + 3.315%) (A)(B)(D)	4.125	12-15-51	252,000	258,300
MetLife, Inc. (6.400% to 12-15-36, then 3 month LIBOR + 2.205%) (A)(B)	6.400	12-15-36	355,000	452,068
MetLife, Inc. (9.250% to 4-8-38, then 3 month LIBOR + 5.540%) (A)(B)(D)	9.250	04-08-38	315,000	475,085
New York Life Insurance Company (A)(B)(D)	3.750	05-15-50	199,000	228,266
Nippon Life Insurance Company (2.750% to 1-21-31, then 5 Year CMT + 2.653%) (D)	2.750	01-21-51	509,000	494,366
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	398,398
Prudential Financial, Inc. (5.875% to 9-15-22, then 3 month LIBOR + 4.175%)	5.875	09-15-42	662,000	685,298
SBL Holdings, Inc. (B)(D)	5.000	02-18-31	275,000	291,816
Teachers Insurance & Annuity Association of America (B)(D)	4.270	05-15-47	430,000	526,964
Unum Group	4.125	06-15-51	130,000	134,261
Thrifts and mortgage finance 0.2%
Nationstar Mortgage Holdings, Inc. (D)	5.125	12-15-30	136,000	137,068
Nationstar Mortgage Holdings, Inc. (D)	5.500	08-15-28	147,000	150,675
Nationstar Mortgage Holdings, Inc. (D)	6.000	01-15-27	75,000	78,375
Health care 5.5%				10,223,407
Biotechnology 0.8%
AbbVie, Inc. (A)(B)	3.200	11-21-29	1,213,000	1,296,248
Shire Acquisitions Investments Ireland DAC (B)	3.200	09-23-26	139,000	147,924
Health care equipment and supplies 0.0%
Varex Imaging Corp. (D)	7.875	10-15-27	115,000	127,961
Health care providers and services 3.6%
AmerisourceBergen Corp. (A)(B)	2.800	05-15-30	340,000	350,903
Anthem, Inc.	2.250	05-15-30	135,000	134,603
Centene Corp.	3.375	02-15-30	138,000	141,623
Centene Corp.	4.250	12-15-27	92,000	96,370
Centene Corp.	4.625	12-15-29	124,000	133,765
CVS Health Corp. (A)(B)	2.700	08-21-40	235,000	225,314
CVS Health Corp.	3.750	04-01-30	521,000	574,056
CVS Health Corp.	4.300	03-25-28	149,000	168,692
CVS Health Corp.	5.050	03-25-48	400,000	525,890
DaVita, Inc. (D)	3.750	02-15-31	287,000	271,933
DaVita, Inc. (D)	4.625	06-01-30	274,000	275,359

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Health care (continued)
Health care providers and services (continued)
Encompass Health Corp.	4.500	02-01-28	130,000	$132,353
Encompass Health Corp.	4.625	04-01-31	114,000	115,995
Fresenius Medical Care US Finance III, Inc. (B)(D)	2.375	02-16-31	492,000	474,814
HCA, Inc. (B)	4.125	06-15-29	382,000	423,096
HCA, Inc. (B)	5.250	04-15-25	875,000	981,171
HCA, Inc. (B)	5.250	06-15-26	320,000	362,870
MEDNAX, Inc. (A)(B)(D)	6.250	01-15-27	279,000	292,551
Rede D’or Finance Sarl (D)	4.500	01-22-30	203,000	198,942
Select Medical Corp. (D)	6.250	08-15-26	231,000	241,618
Universal Health Services, Inc. (B)(D)	1.650	09-01-26	254,000	250,086
Universal Health Services, Inc. (D)	2.650	10-15-30	275,000	272,913
Pharmaceuticals 1.1%
Bausch Health Companies, Inc. (D)	5.250	01-30-30	140,000	126,353
Bausch Health Companies, Inc. (D)	6.125	04-15-25	268,000	272,963
Bausch Health Companies, Inc. (D)	6.250	02-15-29	296,000	286,750
Catalent Pharma Solutions, Inc. (A)(B)(D)	5.000	07-15-27	62,000	64,015
Organon & Company (D)	5.125	04-30-31	249,000	256,826
Royalty Pharma PLC (A)(B)	1.750	09-02-27	157,000	154,001
Viatris, Inc. (A)(B)	2.300	06-22-27	164,000	163,940
Viatris, Inc. (A)(B)	2.700	06-22-30	328,000	333,800
Viatris, Inc.	4.000	06-22-50	357,000	347,709
Industrials 12.4%				22,865,464
Aerospace and defense 1.6%
DAE Funding LLC (D)	2.625	03-20-25	207,000	209,183
Huntington Ingalls Industries, Inc. (A)(B)	3.844	05-01-25	577,000	620,464
Huntington Ingalls Industries, Inc. (B)	4.200	05-01-30	352,000	395,519
Kratos Defense & Security Solutions, Inc. (D)	6.500	11-30-25	159,000	164,366
The Boeing Company (A)(B)	3.200	03-01-29	298,000	308,612
The Boeing Company	5.040	05-01-27	463,000	525,717
The Boeing Company	5.150	05-01-30	316,000	368,631
The Boeing Company	5.805	05-01-50	254,000	348,261
Air freight and logistics 0.0%
Watco Companies LLC (D)	6.500	06-15-27	41,000	43,563
Airlines 4.6%
Air Canada 2013-1 Class A Pass Through Trust (D)	4.125	05-15-25	176,630	179,442
Air Canada 2017-1 Class B Pass Through Trust (D)	3.700	01-15-26	226,032	218,753
Alaska Airlines 2020-1 Class B Pass Through Trust (B)(D)	8.000	08-15-25	69,502	77,799
American Airlines 2015-1 Class A Pass Through Trust	3.375	05-01-27	724,796	726,608

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Industrials (continued)
Airlines (continued)
American Airlines 2015-1 Class B Pass Through Trust	3.700	05-01-23	298,263	$292,499
American Airlines 2016-1 Class A Pass Through Trust	4.100	01-15-28	314,650	317,469
American Airlines 2017-1 Class A Pass Through Trust (B)	4.000	02-15-29	152,344	152,715
American Airlines 2017-1 Class AA Pass Through Trust (B)	3.650	02-15-29	234,375	245,279
American Airlines 2017-2 Class A Pass Through Trust (B)	3.600	10-15-29	193,726	187,782
American Airlines 2019-1 Class A Pass Through Trust	3.500	02-15-32	293,989	280,854
American Airlines 2019-1 Class AA Pass Through Trust (B)	3.150	02-15-32	237,948	243,063
American Airlines 2021-1 Class A Pass Through Trust (C)	2.875	07-11-34	152,000	152,000
American Airlines 2021-1 Class B Pass Through Trust (C)	3.950	07-11-30	113,000	113,000
British Airways 2013-1 Class A Pass Through Trust (B)(D)	4.625	06-20-24	330,173	346,952
British Airways 2018-1 Class A Pass Through Trust (D)	4.125	09-20-31	120,045	121,328
British Airways 2020-1 Class A Pass Through Trust (D)	4.250	11-15-32	100,934	108,710
British Airways 2020-1 Class B Pass Through Trust (D)	8.375	11-15-28	80,303	93,649
Continental Airlines 2007-1 Class A Pass Through Trust (B)	5.983	04-19-22	84,866	85,927
Delta Air Lines, Inc. (A)(B)	2.900	10-28-24	518,000	529,138
Delta Air Lines, Inc. (A)(B)	4.375	04-19-28	355,000	378,623
Delta Air Lines, Inc. (B)(D)	4.500	10-20-25	79,000	84,298
Delta Air Lines, Inc. (B)(D)	4.750	10-20-28	133,000	147,687
JetBlue 2019-1 Class AA Pass Through Trust	2.750	05-15-32	254,479	261,477
United Airlines 2014-2 Class A Pass Through Trust (B)	3.750	09-03-26	351,983	369,501
United Airlines 2014-2 Class B Pass Through Trust	4.625	09-03-22	224,562	227,873
United Airlines 2016-1 Class A Pass Through Trust (B)	3.450	07-07-28	324,254	328,325
United Airlines 2016-1 Class B Pass Through Trust	3.650	01-07-26	323,507	323,125
United Airlines 2018-1 Class B Pass Through Trust	4.600	03-01-26	88,831	90,581
United Airlines 2019-1 Class A Pass Through Trust	4.550	08-25-31	213,265	230,612
United Airlines 2020-1 Class A Pass Through Trust	5.875	10-15-27	644,956	717,514

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ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Industrials (continued)
Airlines (continued)
United Airlines 2020-1 Class B Pass Through Trust (B)	4.875	01-15-26	152,660	$160,600
United Airlines, Inc. (D)	4.375	04-15-26	23,000	23,793
United Airlines, Inc. (D)	4.625	04-15-29	53,000	54,642
US Airways 2010-1 Class A Pass Through Trust	6.250	04-22-23	170,728	173,417
US Airways 2011-1 Class A Pass Through Trust	7.125	10-22-23	141,166	149,987
US Airways 2012-1 Class A Pass Through Trust	5.900	10-01-24	150,305	158,572
US Airways 2012-2 Class A Pass Through Trust	4.625	06-03-25	134,607	134,270
Building products 0.6%
Builders FirstSource, Inc. (D)	4.250	02-01-32	216,000	217,715
Builders FirstSource, Inc. (D)	5.000	03-01-30	34,000	35,913
Builders FirstSource, Inc. (D)	6.750	06-01-27	51,000	53,741
Owens Corning (A)(B)	3.950	08-15-29	659,000	735,088
Commercial services and supplies 1.0%
APX Group, Inc. (D)	5.750	07-15-29	201,000	199,241
Cimpress PLC (D)	7.000	06-15-26	290,000	301,238
Deluxe Corp. (D)	8.000	06-01-29	95,000	99,988
Garda World Security Corp. (D)	6.000	06-01-29	142,000	138,450
GFL Environmental, Inc. (D)	3.500	09-01-28	272,000	270,640
GFL Environmental, Inc. (A)(B)(D)	4.375	08-15-29	173,000	171,343
GFL Environmental, Inc. (D)	4.750	06-15-29	118,000	119,031
Graphic Packaging International LLC (D)	3.500	03-01-29	204,000	201,960
Legends Hospitality Holding Company LLC (D)	5.000	02-01-26	50,000	50,750
Prime Security Services Borrower LLC (D)	3.375	08-31-27	47,000	45,021
Prime Security Services Borrower LLC (D)	6.250	01-15-28	163,000	167,075
Stericycle, Inc. (D)	3.875	01-15-29	59,000	58,115
Williams Scotsman International, Inc. (D)	4.625	08-15-28	55,000	56,856
Construction and engineering 0.6%
AECOM	5.125	03-15-27	415,000	458,056
Global Infrastructure Solutions, Inc. (D)	5.625	06-01-29	189,000	193,725
MasTec, Inc. (D)	4.500	08-15-28	147,000	150,675
Picasso Finance Sub, Inc. (D)	6.125	06-15-25	28,000	29,470
Tutor Perini Corp. (A)(B)(D)	6.875	05-01-25	228,000	231,420
Electrical equipment 0.0%
Atkore, Inc. (D)	4.250	06-01-31	68,000	68,680
Industrial conglomerates 0.5%
General Electric Company (B)	4.250	05-01-40	404,000	483,280
General Electric Company (B)	5.550	01-05-26	442,000	514,392

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Industrials (continued)
Machinery 0.3%
ATS Automation Tooling Systems, Inc. (A)(B)(D)	4.125	12-15-28	39,000	$39,341
Flowserve Corp. (B)	3.500	10-01-30	184,000	192,599
Hillenbrand, Inc.	3.750	03-01-31	154,000	150,535
JB Poindexter & Company, Inc. (D)	7.125	04-15-26	99,000	104,074
Professional services 0.2%
CoStar Group, Inc. (D)	2.800	07-15-30	412,000	417,462
Road and rail 0.6%
Uber Technologies, Inc. (D)	4.500	08-15-29	353,000	355,268
Uber Technologies, Inc. (D)	7.500	05-15-25	228,000	243,041
Uber Technologies, Inc. (D)	7.500	09-15-27	406,000	444,103
Trading companies and distributors 2.3%
AerCap Ireland Capital DAC	1.650	10-29-24	444,000	445,001
AerCap Ireland Capital DAC (A)(B)	1.750	01-30-26	359,000	353,207
AerCap Ireland Capital DAC	2.450	10-29-26	451,000	455,235
AerCap Ireland Capital DAC	2.875	08-14-24	389,000	403,109
Air Lease Corp.	2.100	09-01-28	158,000	153,413
Air Lease Corp. (A)(B)	2.875	01-15-26	171,000	176,755
Air Lease Corp. (A)(B)	3.625	12-01-27	164,000	174,326
Alta Equipment Group, Inc. (D)	5.625	04-15-26	47,000	48,058
Ashtead Capital, Inc. (D)	2.450	08-12-31	200,000	196,695
Beacon Roofing Supply, Inc. (A)(B)(D)	4.125	05-15-29	149,000	146,579
Boise Cascade Company (D)	4.875	07-01-30	40,000	42,000
H&E Equipment Services, Inc. (D)	3.875	12-15-28	252,000	250,110
United Rentals North America, Inc. (A)(B)	3.875	11-15-27	556,000	582,566
United Rentals North America, Inc.	3.875	02-15-31	125,000	125,925
United Rentals North America, Inc.	4.875	01-15-28	583,000	615,386
Transportation infrastructure 0.1%
Adani Ports & Special Economic Zone, Ltd. (D)	3.100	02-02-31	238,000	226,633
Information technology 9.7%				17,991,682
Communications equipment 0.5%
Motorola Solutions, Inc.	2.300	11-15-30	407,000	397,334
Motorola Solutions, Inc.	2.750	05-24-31	435,000	439,157
Motorola Solutions, Inc.	4.600	05-23-29	96,000	110,497
IT services 1.8%
CGI, Inc. (B)(D)	1.450	09-14-26	287,000	280,914
Gartner, Inc. (D)	3.625	06-15-29	89,000	89,445
Gartner, Inc. (A)(B)(D)	3.750	10-01-30	56,000	56,770
Gartner, Inc. (A)(B)(D)	4.500	07-01-28	285,000	296,742
PayPal Holdings, Inc.	2.850	10-01-29	989,000	1,044,485
Sabre GLBL, Inc. (A)(B)(D)	7.375	09-01-25	641,000	681,063

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ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Information technology (continued)
IT services (continued)
Square, Inc. (D)	3.500	06-01-31	96,000	$98,400
VeriSign, Inc.	2.700	06-15-31	196,000	197,962
VeriSign, Inc. (B)	5.250	04-01-25	510,000	569,925
Semiconductors and semiconductor equipment 5.1%
Broadcom, Inc. (D)	3.419	04-15-33	1,398,000	1,443,456
Broadcom, Inc.	4.750	04-15-29	1,447,000	1,649,619
Broadcom, Inc.	5.000	04-15-30	491,000	569,740
KLA Corp. (A)(B)	4.100	03-15-29	270,000	306,872
Lam Research Corp. (A)(B)	4.875	03-15-49	275,000	373,839
Marvell Technology, Inc. (A)(B)	2.450	04-15-28	414,000	415,611
Marvell Technology, Inc. (B)(D)	4.875	06-22-28	912,000	1,050,284
Micron Technology, Inc. (B)	4.185	02-15-27	980,000	1,080,313
Micron Technology, Inc. (B)	4.975	02-06-26	675,000	758,741
Micron Technology, Inc. (B)	5.327	02-06-29	697,000	822,146
NXP BV (D)	3.250	05-11-41	135,000	137,974
NXP BV (D)	3.875	06-18-26	496,000	540,336
Qorvo, Inc. (D)	3.375	04-01-31	187,000	193,319
Software 1.1%
Autodesk, Inc.	2.850	01-15-30	653,000	677,200
Clarivate Science Holdings Corp. (D)	3.875	07-01-28	74,000	73,168
Clarivate Science Holdings Corp. (A)(B)(D)	4.875	07-01-29	75,000	74,678
Consensus Cloud Solutions, Inc. (D)	6.500	10-15-28	194,000	201,760
Crowdstrike Holdings, Inc.	3.000	02-15-29	43,000	42,463
Infor, Inc. (B)(D)	1.750	07-15-25	113,000	113,885
Oracle Corp. (A)(B)	2.950	04-01-30	666,000	690,392
PTC, Inc. (D)	4.000	02-15-28	57,000	57,784
Ziff Davis, Inc. (D)	4.625	10-15-30	153,000	160,268
Technology hardware, storage and peripherals 1.2%
Atento Luxco 1 SA (D)	8.000	02-10-26	106,000	112,520
CDW LLC	3.250	02-15-29	115,000	116,610
Dell International LLC (B)	4.900	10-01-26	480,000	546,939
Dell International LLC (B)	5.300	10-01-29	462,000	555,717
Dell International LLC (B)	5.850	07-15-25	148,000	170,102
Dell International LLC (B)	8.350	07-15-46	324,000	538,415
Xerox Holdings Corp. (A)(B)(D)	5.500	08-15-28	252,000	254,837
Materials 3.5%				6,485,199
Chemicals 1.2%
Braskem Netherlands Finance BV (8.500% to 10-24-25, then 5 Year CMT + 8.220%) (D)	8.500	01-23-81	280,000	311,713
CVR Partners LP (D)	6.125	06-15-28	84,000	86,940
FS Luxembourg Sarl (D)	10.000	12-15-25	264,000	291,060
LSB Industries, Inc. (D)	6.250	10-15-28	63,000	63,592

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Materials (continued)
Chemicals (continued)
Orbia Advance Corp. SAB de CV (A)(B)(D)	5.500	01-15-48	285,000	$334,661
Sasol Financing USA LLC	5.500	03-18-31	326,000	334,900
Trinseo Materials Operating SCA (D)	5.125	04-01-29	162,000	162,454
Tronox, Inc. (D)	4.625	03-15-29	185,000	181,361
Valvoline, Inc. (D)	3.625	06-15-31	229,000	223,275
WR Grace Holdings LLC (D)	4.875	06-15-27	113,000	114,780
WR Grace Holdings LLC (D)	5.625	08-15-29	101,000	101,884
Construction materials 0.5%
Cemex SAB de CV (D)	3.875	07-11-31	255,000	255,944
Cemex SAB de CV (D)	5.200	09-17-30	256,000	277,171
Standard Industries, Inc. (D)	3.375	01-15-31	109,000	101,072
Standard Industries, Inc. (D)	5.000	02-15-27	54,000	55,418
Vulcan Materials Company	3.500	06-01-30	253,000	275,991
Containers and packaging 0.4%
Graham Packaging Company, Inc. (D)	7.125	08-15-28	18,000	18,517
Mauser Packaging Solutions Holding Company (D)	8.500	04-15-24	40,000	41,200
Owens-Brockway Glass Container, Inc. (D)	6.625	05-13-27	129,000	137,869
Pactiv Evergreen Group Issuer, Inc. (D)	4.000	10-15-27	275,000	269,088
Pactiv Evergreen Group Issuer, Inc. (D)	4.375	10-15-28	133,000	131,171
Trident TPI Holdings, Inc. (A)(B)(D)	6.625	11-01-25	85,000	86,169
Metals and mining 1.4%
Anglo American Capital PLC (D)	4.750	04-10-27	270,000	303,158
Arconic Corp. (D)	6.000	05-15-25	85,000	88,931
Arconic Corp. (D)	6.125	02-15-28	134,000	141,203
Commercial Metals Company	3.875	02-15-31	110,000	108,900
Commercial Metals Company (A)(B)	5.375	07-15-27	92,000	96,140
First Quantum Minerals, Ltd. (A)(B)(D)	6.875	10-15-27	506,000	540,155
FMG Resources August 2006 Pty, Ltd. (A)(B)(D)	4.375	04-01-31	134,000	135,675
Freeport-McMoRan, Inc. (A)(B)	4.625	08-01-30	226,000	244,363
Freeport-McMoRan, Inc.	5.450	03-15-43	208,000	261,664
Hudbay Minerals, Inc. (D)	4.500	04-01-26	52,000	51,870
JW Aluminum Continuous Cast Company (D)	10.250	06-01-26	102,000	106,590
Newmont Corp. (B)	2.800	10-01-29	169,000	174,100
Novelis Corp. (D)	4.750	01-30-30	313,000	325,520
Volcan Cia Minera SAA (D)	4.375	02-11-26	52,000	50,700
Real estate 4.5%				8,296,263
Equity real estate investment trusts 4.5%
American Homes 4 Rent LP	4.250	02-15-28	154,000	172,861
American Tower Corp.	3.550	07-15-27	564,000	608,235
American Tower Corp.	3.800	08-15-29	445,000	488,890

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ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Real estate (continued)
Equity real estate investment trusts (continued)
Crown Castle International Corp.	3.300	07-01-30	336,000	$355,141
Crown Castle International Corp.	3.650	09-01-27	455,000	493,655
Crown Castle International Corp.	3.800	02-15-28	175,000	191,893
CyrusOne LP (A)(B)	2.150	11-01-30	148,000	139,649
CyrusOne LP (A)(B)	3.450	11-15-29	301,000	315,881
Equinix, Inc. (A)(B)	1.550	03-15-28	340,000	329,563
Equinix, Inc. (B)	1.800	07-15-27	201,000	199,661
Equinix, Inc. (B)	2.500	05-15-31	529,000	529,047
Equinix, Inc. (B)	3.200	11-18-29	669,000	704,770
GLP Capital LP	5.375	04-15-26	282,000	318,009
Host Hotels & Resorts LP (B)	3.375	12-15-29	384,000	393,298
Host Hotels & Resorts LP (B)	3.500	09-15-30	268,000	276,418
Host Hotels & Resorts LP (A)(B)	4.500	02-01-26	164,000	177,904
Iron Mountain, Inc. (D)	4.875	09-15-29	150,000	154,965
Iron Mountain, Inc. (D)	5.250	07-15-30	200,000	208,842
MGM Growth Properties Operating Partnership LP (A)(B)(D)	3.875	02-15-29	561,000	594,110
RHP Hotel Properties LP (D)	4.500	02-15-29	258,000	255,420
RLJ Lodging Trust LP (D)	3.750	07-01-26	114,000	115,140
SBA Communications Corp. (A)(B)	3.875	02-15-27	673,000	694,051
Uniti Group LP (D)	6.500	02-15-29	110,000	111,274
VICI Properties LP (D)	4.125	08-15-30	163,000	171,150
VICI Properties LP (D)	4.625	12-01-29	199,000	212,308
XHR LP (D)	4.875	06-01-29	82,000	84,128
Utilities 3.6%				6,583,684
Electric utilities 2.3%
ABY Transmision Sur SA (D)	6.875	04-30-43	240,825	313,675
Emera US Finance LP (B)	3.550	06-15-26	438,000	470,114
FirstEnergy Corp.	2.650	03-01-30	690,000	678,939
Instituto Costarricense de Electricidad (D)	6.375	05-15-43	215,000	182,750
NextEra Energy Capital Holdings, Inc.	3.550	05-01-27	582,000	631,357
NRG Energy, Inc. (D)	2.450	12-02-27	283,000	283,081
NRG Energy, Inc. (D)	3.375	02-15-29	47,000	45,825
NRG Energy, Inc. (D)	3.625	02-15-31	132,000	128,469
NRG Energy, Inc. (D)	3.875	02-15-32	281,000	275,380
NRG Energy, Inc. (D)	4.450	06-15-29	194,000	212,648
Vistra Operations Company LLC (D)	3.700	01-30-27	486,000	505,356
Vistra Operations Company LLC (D)	4.300	07-15-29	406,000	434,517
Gas utilities 0.3%
Infraestructura Energetica Nova SAB de CV (A)(B)(D)	4.750	01-15-51	441,000	450,323
Suburban Propane Partners LP (D)	5.000	06-01-31	134,000	137,350

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Utilities (continued)
Independent power and renewable electricity producers 0.2%
AES Panama Generation Holdings SRL (D)	4.375	05-31-30	233,000	$240,265
NextEra Energy Operating Partners LP (A)(B)(D)	4.500	09-15-27	110,000	117,678
Multi-utilities 0.8%
Berkshire Hathaway Energy Company	8.480	09-15-28	550,000	769,258
Dominion Energy, Inc. (B)	3.375	04-01-30	481,000	517,199

NiSource, Inc.	3.600	05-01-30	174,000	189,500
Municipal bonds 0.4% (0.3% of Total investments)				$819,183
(Cost $781,492)
New Jersey Transportation Trust Fund Authority	4.081	06-15-39	296,000	336,114
New Jersey Transportation Trust Fund Authority	4.131	06-15-42	30,000	34,168

State Board of Administration Finance Corp. (Florida)	1.705	07-01-27	450,000	448,901
Term loans (I) 0.8% (0.6% of Total investments)				$1,571,543
(Cost $1,568,868)
Communication services 0.0%				31,052
Media 0.0%
AP Core Holdings II LLC, High-Yield Term Loan B2 (1 month LIBOR + 5.500%)	6.250	09-01-27	31,000	31,052
Consumer discretionary 0.7%				1,308,665
Specialty retail 0.7%
Specialty Building Products Holdings LLC, 2021 Term Loan B (J)	TBD	10-15-28	1,314,000	1,308,665
Industrials 0.1%				231,826
Professional services 0.1%

CoreLogic, Inc., Term Loan (1 month LIBOR + 3.500%)	4.000	06-02-28	232,000	231,826
Collateralized mortgage obligations 9.7% (6.3% of Total investments)				$18,036,940
(Cost $20,090,695)
Commercial and residential 8.2%				15,157,294
Angel Oak Mortgage Trust LLC
Series 2020-R1, Class A1 (D)(K)	0.990	04-25-53	238,986	238,423
Series 2021-2, Class A1 (D)(K)	0.985	04-25-66	160,723	159,372
Series 2021-4, Class A1 (D)(K)	1.035	01-20-65	316,650	314,334
Series 2021-5, Class A1 (D)(K)	0.951	07-25-66	373,856	371,917
Arroyo Mortgage Trust
Series 2021-1R, Class A1 (D)(K)	1.175	10-25-48	242,044	241,804
BAMLL Commercial Mortgage Securities Trust
Series 2015-200P, Class C (D)(K)	3.596	04-14-33	490,000	513,163
Series 2019-BPR, Class ENM (D)(K)	3.719	11-05-32	175,000	166,966

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ANNUAL REPORT | JOHN HANCOCK INCOME SECURITIES TRUST

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Commercial and residential (continued)
BBCMS Mortgage Trust
Series 2019-C5, Class A2	3.043	11-15-52	241,000	$249,523
Series 2020-C6, Class A2	2.690	02-15-53	155,000	159,984
BBCMS Trust
Series 2015-MSQ, Class D (D)(K)	3.990	09-15-32	480,000	483,749
Series 2015-SRCH, Class D (D)(K)	4.957	08-10-35	295,000	324,112
BRAVO Residential Funding Trust
Series 2021-NQM1, Class A1 (D)(K)	0.941	02-25-49	148,456	148,811
BWAY Mortgage Trust
Series 2015-1740, Class XA IO (D)	0.896	01-10-35	6,885,000	16,806
BX Commercial Mortgage Trust
Series 2018-BIOA, Class D (1 month LIBOR + 1.321%) (D)(H)	1.427	03-15-37	273,000	272,566
Series 2020-VKNG, Class A (1 month LIBOR + 0.930%) (D)(H)	1.036	10-15-37	283,738	284,259
Series 2021-VOLT, Class C (1 month LIBOR + 1.100%) (D)(H)	1.200	09-15-36	223,000	220,898
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class F (1 month LIBOR + 2.550%) (D)(H)	2.623	12-15-37	146,000	145,631
Citigroup Commercial Mortgage Trust
Series 2019-PRM, Class A (D)	3.341	05-10-36	196,000	205,415
Series 2019-SMRT, Class A (D)	4.149	01-10-36	123,000	130,452
COLT Mortgage Loan Trust
Series 2021-2, Class A1 (D)(K)	0.924	08-25-66	267,765	266,152
Series 2021-3, Class A1 (D)(K)	0.956	09-27-66	355,843	352,493
Series 2021-HX1, Class A1 (D)(K)	1.110	10-25-66	313,409	311,824
COLT Trust
Series 2020-RPL1, Class A1 (D)(K)	1.390	01-25-65	470,584	466,494
Commercial Mortgage Trust (Cantor Fitzgerald/Deutsche Bank AG)
Series 2012-CR2, Class XA IO	1.620	08-15-45	1,698,458	7,259
Series 2012-CR3, Class XA IO	1.843	10-15-45	2,497,457	23,021
Commercial Mortgage Trust (Citigroup/Deutsche Bank AG)
Series 2018-COR3, Class XA IO	0.442	05-10-51	3,823,619	98,431
Commercial Mortgage Trust (Deutsche Bank AG)
Series 2013-300P, Class D (D)(K)	4.394	08-10-30	340,000	348,642
Series 2020-CBM, Class A2 (D)	2.896	02-10-37	208,000	212,398
Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class D (1 month LIBOR + 1.600%) (D)(H)	1.706	05-15-36	350,000	350,362
Series 2021-NQM2, Class A1 (D)(K)	1.179	02-25-66	270,164	269,200
Series 2021-NQM3, Class A1 (D)(K)	1.015	04-25-66	210,842	209,592
Series 2021-NQM5, Class A1 (D)(K)	0.938	05-25-66	197,202	195,151
Ellington Financial Mortgage Trust
Series 2021-1, Class A1 (D)(K)	0.797	02-25-66	128,431	127,758
Series 2021-2, Class A1 (D)(K)	0.931	06-25-66	227,201	225,665
Flagstar Mortgage Trust

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Commercial and residential (continued)
Series 2021-1, Class A2 (D)(K)	2.500	02-01-51	436,568	$439,700
GCAT Trust
Series 2021-NQM1, Class A1 (D)(K)	0.874	01-25-66	252,623	251,139
Series 2021-NQM2, Class A1 (D)(K)	1.036	05-25-66	177,484	176,401
Series 2021-NQM3, Class A1 (D)(K)	1.091	05-25-66	293,601	292,306
GS Mortgage Securities Trust
Series 2017-485L, Class C (D)(K)	3.982	02-10-37	240,000	247,830
Series 2020-UPTN, Class A (D)	2.751	02-10-37	192,000	197,017
GS Mortgage-Backed Securities Trust
Series 2020-NQM1, Class A1 (D)(K)	1.382	09-27-60	85,216	85,104
HarborView Mortgage Loan Trust
Series 2007-3, Class ES IO (D)	0.350	05-19-47	3,080,038	32,166
Series 2007-4, Class ES IO	0.350	07-19-47	3,284,983	44,001
Series 2007-6, Class ES IO (D)	0.343	08-19-37	3,206,409	45,662
Imperial Fund Mortgage Trust
Series 2021-NQM1, Class A1 (D)(K)	1.071	06-25-56	173,447	171,707
IMT Trust
Series 2017-APTS, Class CFX (D)(K)	3.497	06-15-34	190,000	196,036
Irvine Core Office Trust
Series 2013-IRV, Class A2 (D)(K)	3.174	05-15-48	245,000	252,877
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-HSBC, Class XA IO (D)	1.431	07-05-32	2,518,908	15,315
Series 2020-NNN, Class AFX (D)	2.812	01-16-37	195,000	200,826
KNDL Mortgage Trust
Series 2019-KNSQ, Class D (1 month LIBOR + 1.350%) (D)(H)	1.456	05-15-36	144,000	143,912
Life Mortgage Trust
Series 2021-BMR, Class A (1 month LIBOR + 0.700%) (D)(H)	0.806	03-15-38	280,000	279,664
Series 2021-BMR, Class D (1 month LIBOR + 1.400%) (D)(H)	1.506	03-15-38	218,000	217,738
MFA Trust
Series 2020-NQM3, Class A1 (D)(K)	1.014	01-26-65	147,659	147,295
Series 2021-NQM1, Class A1 (D)(K)	1.153	04-25-65	203,470	203,067
Morgan Stanley Capital I Trust
Series 2017-CLS, Class D (1 month LIBOR + 1.400%) (D)(H)	1.506	11-15-34	304,000	303,815
Natixis Commercial Mortgage Securities Trust
Series 2018-285M, Class D (D)(K)	3.790	11-15-32	100,000	100,922
Series 2018-ALXA, Class C (D)(K)	4.316	01-15-43	175,000	185,324
OBX Trust
Series 2020-EXP2, Class A3 (D)(K)	2.500	05-25-60	146,049	147,382
Series 2021-NQM2, Class A1 (D)(K)	1.101	05-25-61	309,407	308,770
Series 2021-NQM3, Class A1 (D)(K)	1.054	07-25-61	338,001	335,674
One Market Plaza Trust
Series 2017-1MKT, Class D (D)	4.146	02-10-32	190,000	191,034
Provident Funding Mortgage Trust
Series 2020-F1, Class A2 (D)(K)	2.000	01-25-36	375,911	378,248
SLG Office Trust

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Commercial and residential (continued)
Series 2021-OVA, Class D (D)	2.851	07-15-41	270,000	$266,520
Starwood Mortgage Residential Trust
Series 2020-3, Class A1 (D)(K)	1.486	04-25-65	117,662	117,895
Verus Securitization Trust
Series 2020-5, Class A1 (D)	1.218	05-25-65	110,040	110,044
Series 2021-3, Class A1 (D)(K)	1.046	06-25-66	313,486	311,961
Series 2021-4, Class A1 (D)(K)	0.938	07-25-66	151,071	149,565
Series 2021-5, Class A1 (D)(K)	1.013	09-25-66	267,156	265,093
Series 2021-R1, Class A1 (D)(K)	0.820	10-25-63	201,540	201,222
WF-RBS Commercial Mortgage Trust
Series 2012-C9, Class XA IO (D)	1.874	11-15-45	3,074,969	31,435
U.S. Government Agency 1.5%				2,879,646
Federal Home Loan Mortgage Corp.
Series K017, Class X1 IO	1.550	12-25-21	644,008	50
Series K018, Class X1 IO	1.235	01-25-22	1,725,233	138
Series K021, Class X1 IO	1.400	06-25-22	827,803	2,428
Series K022, Class X1 IO	1.175	07-25-22	3,404,362	19,388
Series K718, Class X1 IO	0.575	01-25-22	6,325,626	2,376
Government National Mortgage Association
Series 2012-114, Class IO	0.692	01-16-53	753,740	15,833
Series 2016-174, Class IO	0.858	11-16-56	1,312,987	68,122
Series 2017-109, Class IO	0.507	04-16-57	1,529,475	52,402
Series 2017-124, Class IO	0.677	01-16-59	1,113,911	50,308
Series 2017-135, Class IO	0.774	10-16-58	1,292,401	63,326
Series 2017-140, Class IO	0.565	02-16-59	642,670	28,006
Series 2017-20, Class IO	0.695	12-16-58	2,422,484	97,019
Series 2017-22, Class IO	0.773	12-16-57	482,828	23,212
Series 2017-46, Class IO	0.641	11-16-57	1,598,753	71,473
Series 2017-61, Class IO	0.698	05-16-59	799,457	40,510
Series 2017-74, Class IO	0.582	09-16-58	1,580,502	55,753
Series 2018-114, Class IO	0.571	04-16-60	1,826,495	95,189
Series 2018-158, Class IO	0.717	05-16-61	1,522,134	97,164
Series 2018-35, Class IO	0.523	03-16-60	1,896,241	94,810
Series 2018-43, Class IO	0.551	05-16-60	3,012,996	140,279
Series 2018-69, Class IO	0.566	04-16-60	842,049	49,056
Series 2018-9, Class IO	0.534	01-16-60	1,780,514	80,155
Series 2019-131, Class IO	0.922	07-16-61	1,153,452	74,761
Series 2020-100, Class IO	0.909	05-16-62	1,225,776	91,015
Series 2020-108, Class IO	0.933	06-16-62	1,427,465	106,723
Series 2020-114, Class IO	0.927	09-16-62	3,103,386	228,810
Series 2020-118, Class IO	1.047	06-16-62	2,154,852	168,422
Series 2020-119, Class IO	0.813	08-16-62	1,301,987	89,902
Series 2020-120, Class IO	0.853	05-16-62	646,999	48,959
Series 2020-137, Class IO	0.844	09-16-62	3,361,794	240,771
Series 2020-150, Class IO	0.984	12-16-62	1,855,256	150,932

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
U.S. Government Agency (continued)
Series 2020-170, Class IO	0.886	11-16-62	2,697,331	$212,757
Series 2021-3, Class IO	0.958	09-16-62	3,241,207	260,697

Series 2021-40, Class IO	0.843	02-16-63	766,400	58,900
Asset backed securities 11.4% (7.3% of Total investments)				$21,062,880
(Cost $20,924,074)
Asset backed securities 11.4%				21,062,880
Aligned Data Centers Issuer LLC
Series 2021-1A, Class A2 (D)	1.937	08-15-46	442,000	439,737
AMSR Trust
Series 2020-SFR4, Class A (D)	1.355	11-17-37	466,000	460,517
Applebee’s Funding LLC
Series 2019-1A, Class A2I (D)	4.194	06-05-49	435,600	440,421
Aqua Finance Trust
Series 2021-A, Class A (D)	1.540	07-17-46	178,000	177,095
Arby’s Funding LLC
Series 2020-1A, Class A2 (D)	3.237	07-30-50	386,100	400,375
Avis Budget Rental Car Funding AESOP LLC
Series 2019-3A, Class A (D)	2.360	03-20-26	378,000	388,996
Series 2020-1A, Class A (D)	2.330	08-20-26	251,000	258,378
Bojangles Issuer LLC
Series 2020-1A, Class A2 (D)	3.832	10-20-50	211,000	217,489
CARS-DB4 LP
Series 2020-1A, Class B1 (D)	4.170	02-15-50	293,000	299,272
CF Hippolyta LLC
Series 2020-1, Class A1 (D)	1.690	07-15-60	378,357	378,346
Series 2021-1A, Class A1 (D)	1.530	03-15-61	376,914	373,172
Chase Auto Credit Linked Notes
Series 2021-3, Class B (D)	0.760	02-26-29	232,129	231,392
CLI Funding VI LLC
Series 2020-1A, Class A (D)	2.080	09-18-45	434,703	433,335
CLI Funding VIII LLC
Series 2021-1A, Class A (D)	1.640	02-18-46	411,695	403,392
ContiMortgage Home Equity Loan Trust
Series 1995-2, Class A5	8.100	08-15-25	16,185	15,949
CWABS Asset-Backed Certificates Trust
Series 2004-10, Class AF5B	4.422	02-25-35	5,101	5,084
DataBank Issuer
Series 2021-1A, Class A2 (D)	2.060	02-27-51	173,000	171,941
DB Master Finance LLC
Series 2017-1A, Class A2II (D)	4.030	11-20-47	164,050	172,342
Diamond Infrastructure Funding LLC
Series 2021-1A, Class C (D)	3.475	04-15-49	80,000	79,429
Domino’s Pizza Master Issuer LLC
Series 2017-1A, Class A23 (D)	4.118	07-25-47	514,938	546,265
Series 2021-1A, Class A2I (D)	2.662	04-25-51	255,715	261,567
Driven Brands Funding LLC
Series 2020-2A, Class A2 (D)	3.237	01-20-51	277,900	283,728
Series 2021-1A, Class A2 (D)	2.791	10-20-51	329,000	327,321
FirstKey Homes Trust

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Asset backed securities (continued)
Series 2020-SFR1, Class A (D)	1.339	08-17-37	449,479	$443,861
Series 2020-SFR2, Class A (D)	1.266	10-19-37	535,472	528,154
Series 2021-SFR1, Class A (D)	1.538	08-17-38	401,879	395,641
Series 2021-SFR1, Class D (D)	2.189	08-17-38	264,000	259,968
Five Guys Funding LLC
Series 2017-1A, Class A2 (D)	4.600	07-25-47	194,530	203,345
FOCUS Brands Funding LLC
Series 2017-1A, Class A2IB (D)	3.857	04-30-47	137,854	140,398
Ford Credit Auto Owner Trust
Series 2020-1, Class A (D)	2.040	08-15-31	466,000	477,822
GM Financial Automobile Leasing Trust
Series 2021-2, Class A4	0.410	05-20-25	96,000	95,296
Golub Capital Partners Funding, Ltd.
Series 2020-1A, Class A2 (D)	3.208	01-22-29	297,000	298,198
Series 2021-1A, Class A2 (D)	2.773	04-20-29	223,000	220,060
Hilton Grand Vacations Trust
Series 2018-AA, Class A (D)	3.540	02-25-32	88,093	91,212
Home Partners of America Trust
Series 2021-2, Class A (D)	1.901	12-17-26	308,000	307,994
Honda Auto Receivables Owner Trust
Series 2021-2, Class A4	0.550	08-16-27	189,000	186,592
Jack in the Box Funding LLC
Series 2019-1A, Class A23 (D)	4.970	08-25-49	173,688	188,840
Series 2019-1A, Class A2I (D)	3.982	08-25-49	179,643	181,343
Laurel Road Prime Student Loan Trust
Series 2019-A, Class A2FX (D)	2.730	10-25-48	41,103	41,754
MVW Owner Trust
Series 2018-1A, Class A (D)	3.450	01-21-36	146,162	150,549
Navient Private Education Refi Loan Trust
Series 2019-FA, Class A2 (D)	2.600	08-15-68	199,491	203,538
Neighborly Issuer LLC
Series 2021-1A, Class A2 (D)	3.584	04-30-51	474,810	487,048
New Economy Assets Phase 1 Sponsor LLC
Series 2021-1, Class A1 (D)	1.910	10-20-61	461,000	458,857
Series 2021-1, Class B1 (D)	2.410	10-20-61	139,000	139,616
NRZ Excess Spread-Collateralized Notes
Series 2018-FNT1, Class A (D)	3.610	05-25-23	79,976	80,016
Series 2018-FNT2, Class A (D)	3.790	07-25-54	58,301	58,430
Series 2021-FHT1, Class A (D)	3.104	07-25-26	92,304	92,414
Oxford Finance Funding LLC
Series 2019-1A, Class A2 (D)	4.459	02-15-27	156,895	160,862
PFS Financing Corp.
Series 2020-E, Class A (D)	1.000	10-15-25	263,000	263,132
Progress Residential Trust
Series 2020-SFR1, Class A (D)	1.732	04-17-37	261,000	262,230
Series 2021-SFR8, Class B (D)	1.681	10-17-38	165,000	161,788
Santander Revolving Auto Loan Trust
Series 2019-A, Class A (D)	2.510	01-26-32	488,000	507,750
ServiceMaster Funding LLC

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Asset backed securities (continued)
Series 2021-1, Class A2I (D)	2.865	07-30-51	313,000	$308,742
Sesac Finance LLC
Series 2019-1, Class A2 (D)	5.216	07-25-49	353,855	372,438
SMB Private Education Loan Trust
Series 2019-B, Class A2A (D)	2.840	06-15-37	331,365	341,868
Series 2020-PTA, Class A2A (D)	1.600	09-15-54	292,177	292,353
Series 2021-A, Class APT2 (D)	1.070	01-15-53	218,000	212,711
Sonic Capital LLC
Series 2020-1A, Class A2I (D)	3.845	01-20-50	313,302	327,742
Series 2021-1A, Class A2I (D)	2.190	08-20-51	238,801	233,526
Sunbird Engine Finance LLC
Series 2020-1A, Class A (D)	3.671	02-15-45	193,993	189,605
Taco Bell Funding LLC
Series 2021-1A, Class A2I (D)	1.946	08-25-51	506,000	501,211
TIF Funding II LLC
Series 2021-1A, Class A (D)	1.650	02-20-46	230,759	223,994
Towd Point Mortgage Trust
Series 2015-1, Class A5 (D)(K)	3.399	10-25-53	125,000	128,811
Series 2015-2, Class 1M2 (D)(K)	3.504	11-25-60	300,000	309,583
Series 2017-2, Class A1 (D)(K)	2.750	04-25-57	31,058	31,406
Series 2018-1, Class A1 (D)(K)	3.000	01-25-58	83,707	84,930
Series 2018-4, Class A1 (D)(K)	3.000	06-25-58	259,131	266,818
Series 2018-5, Class A1A (D)(K)	3.250	07-25-58	52,263	53,142
Series 2019-1, Class A1 (D)(K)	3.735	03-25-58	194,422	202,617
Series 2019-4, Class A1 (D)(K)	2.900	10-25-59	212,896	218,936
Series 2020-4, Class A1 (D)	1.750	10-25-60	236,783	238,125
Triton Container Finance VIII LLC
Series 2020-1A, Class A (D)	2.110	09-20-45	583,790	583,460
Series 2021-1A, Class A (D)	1.860	03-20-46	320,290	315,026
Vantage Data Centers LLC
Series 2020-1A, Class A2 (D)	1.645	09-15-45	341,000	337,086
Series 2020-2A, Class A2 (D)	1.992	09-15-45	239,000	235,403
VR Funding LLC
Series 2020-1A, Class A (D)	2.790	11-15-50	407,778	407,033
Wendy’s Funding LLC
Series 2021-1A, Class A2I (D)	2.370	06-15-51	292,268	292,883
Willis Engine Structured Trust V
Series 2020-A, Class A (D)	3.228	03-15-45	111,938	110,286
Zaxby’s Funding LLC
Series 2021-1A, Class A2 (D)	3.238	07-30-51	384,000	390,894

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Table of Contents

	Shares	Value
Common stocks 0.2% (0.1% of Total investments)		$342,797
(Cost $353,874)
Utilities 0.2%		342,797
Multi-utilities 0.2%
Algonquin Power & Utilities Corp.	6,250	301,327

Dominion Energy, Inc.	414	41,470
Preferred securities 0.8% (0.5% of Total investments)		$1,450,656
(Cost $1,291,243)
Communication services 0.1%		159,780
Wireless telecommunication services 0.1%
Telephone & Data Systems, Inc., 6.625% (B)	5,825	159,780
Consumer staples 0.3%		581,250
Food products 0.3%
Ocean Spray Cranberries, Inc., 6.250% (D)	6,250	581,250
Financials 0.2%		291,834
Banks 0.2%
Wells Fargo & Company, 7.500%	192	291,834
Utilities 0.2%		417,792
Electric utilities 0.1%
NextEra Energy, Inc., 5.279%	4,050	220,604
The Southern Company, 6.750% (A)(B)	624	31,943
Multi-utilities 0.1%
DTE Energy Company, 6.250% (A)(B)	512	25,846
NiSource, Inc., 7.750% (A)(B)	1,300	139,399

	Par value^	Value
Escrow certificates 0.0% (0.0% of Total investments)		$963
(Cost $0)
LSC Communications, Inc. (D)(L)	321,000	963
Short-term investments 8.0% (5.2% of Total investments)		$14,811,000
(Cost $14,811,000)
Repurchase agreement 8.0%		14,811,000
Repurchase Agreement with State Street Corp. dated 10-29-21 at 0.000% to be repurchased at $14,811,000 on 11-1-21, collateralized by $14,285,100 U.S. Treasury Notes, 2.500% due 5-15-24 (valued at $15,107,295)	14,811,000	14,811,000


Total investments (Cost $279,454,435) 154.9%					$286,865,242
Other assets and liabilities, net (54.9%)					(101,703,377)
Total net assets 100.0%					$185,161,865

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Table of Contents

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
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 10-31-21, and is a component of the fund’s leverage under the Liquidity Agreement.
(B)	All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 10-31-21 was $103,141,838. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $44,798,375.
(C)	Security purchased or sold on a when-issued or delayed delivery basis.
(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 $98,369,645 or 53.1% of the fund’s net assets as of 10-31-21.
(E)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(F)	Non-income producing - Issuer is in default.
(G)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Refer to Note 2 to the financial statements.
(H)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(I)	Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.
(J)	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).
(K)	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.
(L)	Non-income producing security.

At 10-31-21, the aggregate cost of investments for federal income tax purposes was $280,629,794. Net unrealized appreciation aggregated to $6,235,448, of which $10,057,545 related to gross unrealized appreciation and $3,822,097 related to gross unrealized depreciation.

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Financial statements

STATEMENT OF ASSETS AND LIABILITIES 10-31-21

Assets
Unaffiliated investments, at value (Cost $279,454,435)	$286,865,242
Cash	519,323
Dividends and interest receivable	2,155,598
Receivable for investments sold	95,681
Other assets	18,259
Total assets	289,654,103
Liabilities
Liquidity agreement	91,300,000
Payable for investments purchased	1,685,590
Payable for delayed delivery securities purchased	11,294,851
Interest payable	53,827
Payable to affiliates
Accounting and legal services fees	10,471
Other liabilities and accrued expenses	147,499
Total liabilities	104,492,238
Net assets	$185,161,865
Net assets consist of
Paid-in capital	$175,067,709
Total distributable earnings (loss)	10,094,156
Net assets	$185,161,865

Net asset value per share
Based on 11,646,585 shares of beneficial interest outstanding - unlimited number of shares authorized with no par value	$15.90

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STATEMENT OF OPERATIONS For the year ended 10-31-21

Investment income
Interest	$10,572,834
Dividends	145,855
Less foreign taxes withheld	(1,830)
Total investment income	10,716,859
Expenses
Investment management fees	1,439,484
Interest expense	654,711
Accounting and legal services fees	28,673
Transfer agent fees	72,440
Trustees’ fees	48,447
Custodian fees	33,468
Printing and postage	64,895
Professional fees	69,167
Stock exchange listing fees	23,733
Other	12,524
Total expenses	2,447,542
Less expense reductions	(24,382)
Net expenses	2,423,160
Net investment income	8,293,699
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	4,274,511
	4,274,511
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	(2,899,177)
	(2,899,177)
Net realized and unrealized gain	1,375,334
Increase in net assets from operations	$9,669,033

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STATEMENTS OF CHANGES IN NET ASSETS

	Year ended 10-31-21	Year ended 10-31-20
Increase (decrease) in net assets
From operations
Net investment income	$8,293,699	$7,513,578
Net realized gain	4,274,511	4,193,763
Change in net unrealized appreciation (depreciation)	(2,899,177)	1,456,897
Increase in net assets resulting from operations	9,669,033	13,164,238
Distributions to shareholders
From earnings	(10,281,607)	(8,743,094)
Total distributions	(10,281,607)	(8,743,094)
Total increase (decrease)	(612,574)	4,421,144
Net assets
Beginning of year	185,774,439	181,353,295
End of year	$185,161,865	$185,774,439
Share activity
Shares outstanding
Beginning of year	11,646,585	11,646,585
End of year	11,646,585	11,646,585

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STATEMENT OF CASH FLOWS For the year ended 10-31-21


Cash flows from operating activities
Net increase in net assets from operations	$9,669,033
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Long-term investments purchased	(164,177,251)
Long-term investments sold	174,666,661
Net purchases and sales in short-term investments	(12,113,815)
Net amortization of premium (discount)	(8,182,947)
(Increase) Decrease in assets:
Dividends and interest receivable	149,478
Receivable for investments sold	143,755
Other assets	4,096
Increase (Decrease) in liabilities:
Payable for investments purchased	682,637
Payable for delayed delivery securities purchased	11,294,851
Interest payable	(4,858)
Payable to affiliates	3,662
Other liabilities and accrued expenses	31,098
Net change in unrealized (appreciation) depreciation on:
Unaffiliated investments	2,899,177
Net realized (gain) loss on:
Unaffiliated investments	(4,274,511)
Net cash provided by operating activities	$10,791,066
Cash flows provided by (used in) financing activities
Distributions to shareholders	$(10,281,607)
Net cash used in financing activities	$(10,281,607)
Net increase in cash	$509,459
Cash at beginning of year	$9,864
Cash at end of year	$519,323
Supplemental disclosure of cash flow information:
Cash paid for interest	$(659,569)

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Financial highlights

Period ended	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	$15.95	$15.57	$14.22	$15.57	$15.49
Net investment income¹	0.71	0.65	0.60	0.66	0.75
Net realized and unrealized gain (loss) on investments	0.12	0.48	1.42	(1.27)	0.14
Total from investment operations	0.83	1.13	2.02	(0.61)	0.89
Less distributions
From net investment income	(0.84)	(0.75)	(0.67)	(0.74)	(0.81)
From net realized gain	(0.04)	—	—	—	—
Total distributions	(0.88)	(0.75)	(0.67)	(0.74)	(0.81)
Net asset value, end of period	$15.90	$15.95	$15.57	$14.22	$15.57
Per share market value, end of period	$15.46	$15.44	$14.58	$13.14	$14.81
Total return at net asset value (%)^2,3	5.36	7.78	14.84	(3.76)	6.28
Total return at market value (%)²	5.83	11.42	16.37	(6.50)	9.82
Ratios and supplemental data
Net assets, end of period (in millions)	$185	$186	$181	$166	$181
Ratios (as a percentage of average net assets):
Expenses before reductions	1.30	1.67	2.55	2.34	1.82
Expenses including reductions⁴	1.29	1.66	2.54	2.32	1.81
Net investment income	4.42	4.15	3.99	4.44	4.87
Portfolio turnover (%)	60	66	50	68	47
Senior securities
Total debt outstanding end of period (in millions)	$91	$91	$91	$91	$91
Asset coverage per $1,000 of debt⁵	$3,028	$3,035	$2,986	$2,814	$2,987

¹	Based on average daily shares outstanding.
²	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.
³	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁴	Expenses including reductions excluding interest expense were 0.94%, 0.95%, 0.98%, 1.01% and 0.99% for the periods ended 10-30-21, 10-31-20, 10-31-19, 10-31-18 and 10-31-17, respectively.
⁵	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.

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Notes to financial statements

Note 1—Organization

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

Note 2—Significant accounting policies

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

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

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

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

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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 October 31, 2021, by major security category or type:

	Total value at 10-31-21	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Investments in securities:
Assets
U.S. Government and Agency obligations	$44,786,358	—	$44,786,358	—
Foreign government obligations	1,276,551	—	1,276,551	—
Corporate bonds	182,706,371	—	182,706,371	—
Municipal bonds	819,183	—	819,183	—
Term loans	1,571,543	—	1,571,543	—
Collateralized mortgage obligations	18,036,940	—	18,036,940	—
Asset backed securities	21,062,880	—	21,062,880	—
Common stocks	342,797	$342,797	—	—
Preferred securities	1,450,656	869,406	581,250	—
Escrow certificates	963	—	963	—
Short-term investments	14,811,000	—	14,811,000	—
Total investments in securities	$286,865,242	$1,212,203	$285,653,039	—
Level 3 includes securities valued at $0. Refer to Fund’s investments.

The fund holds liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of October 31, 2021, 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.

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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 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.

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.

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.

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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.

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.

The tax character of distributions for the years ended October 31, 2021 and 2020 was as follows:

	October 31, 2021	October 31, 2020
Ordinary income	$10,281,607	$8,743,094

As of October 31, 2021, the components of distributable earnings on a tax basis consisted of $2,070,001 of undistributed ordinary income and $1,789,658 of undistributed long-term capital gains.

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to 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 year ended October 31, 2021, this waiver amounted to 0.01% of the fund’s average daily net assets. 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 $24,382 for the year ended October 31, 2021.

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

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the year ended October 31, 2021, were equivalent to a net annual effective rate of 0.51% of the fund’s average daily managed net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred, for the year ended October 31, 2021, amounted to an annual rate of 0.01% of the fund’s average daily managed net assets.

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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, 2021 and December 31, 2021, up to 10% of its outstanding common shares as of December 31, 2021. The current share repurchase plan will remain in effect between January 1, 2021 and December 31, 2021.

During the years ended October 31, 2021 and 2020, 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 October 31, 2021 are shown in the Statement of assets and liabilities as the Liquidity agreement.

The fund pledges its assets as collateral to secure obligations under the LA. The fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities lending and reverse repurchase transactions with SSB acting as the fund’s authorized agent for these transactions. All transactions initiated through SSB are required to be secured with cash collateral received from

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the securities borrower (the Borrower) or cash is received from the reverse repurchase agreement (Reverse Repo) counterparties. Securities lending transactions will be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these transactions. Cash received by SSB from securities lending or Reverse Repo transactions is credited against the amounts borrowed under the line of credit.

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

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

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 October 31, 2021, the fund had an aggregate balance of $91,300,000 at an interest rate of 0.69%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the year ended October 31, 2021, the average balance of the LA and the effective average interest rate were $91,300,000 and 0.72%, 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, is expected to cease publishing most LIBOR maturities, including some US LIBOR maturities, on December 31, 2021, and the remaining and most liquid US LIBOR maturities on June 30, 2023. Before the end of 2021, it is expected that market participants such as the fund and SSB will transition to the use of alternative reference or benchmark rates. 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

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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 $105,507,427 and $128,192,448, respectively, for the year ended October 31, 2021. Purchases and sales of U.S. Treasury obligations aggregated $58,669,824 and $46,474,213, respectively, for the year ended October 31, 2021.

Note 10—Coronavirus (COVID-19) pandemic

The novel 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 11—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 rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the potential impact of ASU 2020-04 to the financial statements.

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the fund’s investments, of John Hancock Income Securities Trust (the "Fund") as of October 31, 2021, the related statements of operations and cash flows for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 8, 2021

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

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Tax information

(Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the fund, if any, paid during its taxable year ended October 31, 2021.

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

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

The fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

The fund reports the maximum amount allowable of its Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

Eligible shareholders will be mailed a 2021 Form 1099-DIV in early 2022. This will reflect the tax character of all distributions paid in calendar year 2021.

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

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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 Ratings Services (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.

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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 novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. 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 selecting investments for 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 investing in instruments that have 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.

Foreign securities risk. Less information may be publicly available regarding foreign 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 foreign securities. Any 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.

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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, is expected to be discontinued at the end of 2021. 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. Liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates. 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.

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

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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.

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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 year ended October 31, 2021, distributions from net investment income totaling $0.8467 per share and distributions from capital gains totaling $0.0361 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment Date	Income Distributions
December 31, 2020	$0.2640
March 31, 2021	0.1968
June 30, 2021	0.1945
September 30, 2021	0.1914
Total	$0.8467

Payment Date	Additional Distributions
December 31, 2020	$0.0361

Total	$0.8828

Dividend reinvestment plan

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

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

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

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

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Shareholders participating in the Plan may buy additional shares of the fund through the Plan at any time in amounts of at least $50 per investment, up to a maximum of $10,000, with a total calendar year limit of $100,000. Shareholders will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. Purchases of additional shares of the fund will be made on the open market. Shareholders who elect to utilize monthly electronic fund transfers to buy additional shares of the fund will be charged a $2 transaction fee plus $0.05 per share brokerage trading fee for each automatic purchase. Shareholders can also sell fund shares held in the Plan account at any time by contacting the Plan Agent by telephone, in writing or by visiting the Plan Agent’s website at www.computershare.com/investor. The Plan Agent will mail a check (less applicable brokerage trading fees) on settlement date. Pursuant to regulatory changes, effective September 5, 2017, the settlement date is changed from three business days after the shares have been sold to two business days after the shares have been sold. If shareholders choose to sell shares through their stockbroker, they will need to request that the Plan Agent electronically transfer those shares to their stockbroker through the Direct Registration System.

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

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

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

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

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

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:

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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.

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Income Securities Trust (the fund) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 22-24, 2021 videoconference¹meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at the videoconference meeting held on May 25-26, 2021. The Trustees who are not “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting firm.

Approval of Advisory and Subadvisory Agreements

At videoconference meetings held on June 22-24, 2021, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the fund under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the fund and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund.

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

¹On June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board’s May and June meetings were held via videoconference in reliance on the Order. This exemptive order supersedes, in part, a similar earlier exemptive order issued by the SEC.

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

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board’s ongoing regular review of fund performance and operations throughout the year.

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

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

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

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

(a)

the skills and competency with which the Advisor has in the past managed the fund’s affairs and its subadvisory relationship, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;

(b)

the background, qualifications and skills of the Advisor’s personnel;

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(c)	the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;
(d)	the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the fund, and bringing loss recovery actions on behalf of the fund;
(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund;
(f)	the Advisor’s initiatives intended to improve various aspects of the fund’s operations and investor experience with the fund; and
(g)	the Advisor’s reputation and experience in serving as an investment advisor to the fund and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

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

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

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

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board noted that, based on its net asset value, the fund outperformed its benchmark index for the one-, three-, five- and ten-year periods ended December 31, 2020. The Board also reviewed comparisons of the fund’s performance to the peer group, but noted the limited size of the peer group. The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that the fund’s performance has generally been in line with or outperformed the fund’s benchmark index.

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

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

The Board took into account management’s discussion of the fund’s expenses. The Board also took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduces management fees as assets increase. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable in light of the nature, extent and quality of the services provided to the fund under the Advisory Agreement.

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

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

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

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

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

Approval of Subadvisory Agreement

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

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

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

The Board considered the Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund’s investment objective, the selection of investment securities and the placement of

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orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.

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

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

Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays subadvisory fees to the Subadvisor. As noted above, the Board also considered the fund’s subadvisory fee as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fee paid by the Advisor to the Subadvisor with respect to the fund and compared them to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

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

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

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

* * *

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

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Trustees and Officers

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

Independent Trustees
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Hassell H. McClellan, Born: 1945	2012	191
Trustee and Chairperson of the Board
Director/Trustee, Virtus Funds (2008-2020); Director, The Barnes Group (2010-2021); Associate Professor, The Wallace E. Carroll School of Management, Boston College (retired 2013). Trustee (since 2005) and Chairperson of the Board (since 2017) of various trusts within the John Hancock Fund Complex.
Charles L. Bardelis,² Born: 1941	2012	191
Trustee
Director, Island Commuter Corp. (marine transport). Trustee of various trusts within the John Hancock Fund Complex (since 1988).
James R. Boyle, Born: 1959	2015	191
Trustee
Chief Executive Officer, Foresters Financial (since 2018); Chairman and Chief Executive Officer, Zillion Group, Inc. (formerly HealthFleet, Inc.) (healthcare) (2014-2018); Executive Vice President and Chief Executive Officer, U.S. Life Insurance Division of Genworth Financial, Inc. (insurance) (January 2014–July 2014); Senior Executive Vice President, Manulife Financial, President and Chief Executive Officer, John Hancock (1999–2012); Chairman and Director, John Hancock Investment Management LLC, John Hancock Investment Management Distributors LLC, and John Hancock Variable Trust Advisers LLC (2005–2010). Trustee of various trusts within the John Hancock Fund Complex (2005–2014 and since 2015).
Peter S. Burgess,² Born: 1942	2012	191
Trustee
Consultant (financial, accounting, and auditing matters) (since 1999); Certified Public Accountant; Partner, Arthur Andersen (independent public accounting firm) (prior to 1999); Director, Lincoln Educational Services Corporation (2004-2021); Director, Symetra Financial Corporation (2010–2016); Director, PMA Capital Corporation (2004–2010). Trustee of various trusts within the John Hancock Fund Complex (since 2005).
William H. Cunningham, Born: 1944	2005	191
Trustee
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System and former President of the University of Texas, Austin, Texas; Chairman (since 2009) and Director (since 2006), Lincoln National Corporation (insurance); Director, Southwest Airlines (since 2000); former Director, LIN Television (2009–2014). Trustee of various trusts within the John Hancock Fund Complex (since 1986).
Grace K. Fey, Born: 1946	2012	191
Trustee
Chief Executive Officer, Grace Fey Advisors (since 2007); Director and Executive Vice President, Frontier Capital Management Company (1988–2007); Director, Fiduciary Trust (since 2009). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

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Independent Trustees (continued)
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Deborah C. Jackson, Born: 1952	2008	191
Trustee
President, Cambridge College, Cambridge, Massachusetts (since 2011); Board of Directors, Amwell Corporation (since 2020); Board of Directors, Massachusetts Women’s Forum (2018-2020); Board of Directors, National Association of Corporate Directors/New England (2015-2020); Board of Directors, Association of Independent Colleges and Universities of Massachusetts (2014-2017); Chief Executive Officer, American Red Cross of Massachusetts Bay (2002–2011); Board of Directors of Eastern Bank Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); Board of Directors of American Student Assistance Corporation (1996–2009); Board of Directors of Boston Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits company) (2007–2011). Trustee of various trusts within the John Hancock Fund Complex (since 2008).
Steven R. Pruchansky, Born: 1944	2005	191
Trustee and Vice Chairperson of the Board
Managing Director, Pru Realty (since 2017); Chairman and Chief Executive Officer, Greenscapes of Southwest Florida, Inc. (2014-2020); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real estate) (since 2000); Partner, Right Funding, LLC (2014-2017); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty Trust (until 1994); President, Maxwell Building Corp. (until 1991). Trustee (since 1992), Chairperson of the Board (2011–2012), and Vice Chairperson of the Board (since 2012) of various trusts within the John Hancock Fund Complex.
Frances G. Rathke,² Born: 1960	2020	191
Trustee
Board Member, Oatly Group AB (plant-based drink company) (since 2021): Director, Northern New England Energy Corporation (since 2017); Director, Audit Committee Chair and Compensation Committee Member, Green Mountain Power Corporation (since 2016); Director, Treasurer and Finance & Audit Committee Chair, Flynn Center for Performing Arts (since 2016); Director, Audit Committee Chair and Compensation Committee Member, Planet Fitness (since 2016); Director, Citizen Cider, Inc. (high-end hard cider and hard seltzer company) (since 2016); Chief Financial Officer and Treasurer, Keurig Green Mountain, Inc. (2003-retired 2015); Independent Financial Consultant, Frances Rathke Consulting (strategic and financial consulting services) (2001-2003); Chief Financial Officer and Secretary, Ben & Jerry’s Homemade, Inc. (1989-2000, including prior positions); Senior Manager, Coopers & Lybrand, LLC (independent public accounting firm) (1982-1989). Trustee of various trusts within the John Hancock Fund Complex (since 2020).
Gregory A. Russo, Born: 1949	2008	191
Trustee
Director and Audit Committee Chairman (2012-2020), and Member, Audit Committee and Finance Committee (2011-2020), NCH Healthcare System, Inc. (holding company for multi-entity healthcare system); Director and Member (2012-2018) and Finance Committee Chairman (2014-2018), The Moorings, Inc. (nonprofit continuing care community); Vice Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial Markets, KPMG (1998–2002); Chairman and Treasurer, Westchester County, New York, Chamber of Commerce (1986–1992); Director, Treasurer, and Chairman of Audit and Finance Committees, Putnam Hospital Center (1989–1995); Director and Chairman of Fundraising Campaign, United Way of Westchester and Putnam Counties, New York (1990–1995). Trustee of various trusts within the John Hancock Fund Complex (since 2008).

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Non-Independent Trustees³
Name, year of birth Position(s) held with fund Principal occupation(s) and other directorships during past 5 years	Trustee of the Trust since¹	Number of John Hancock funds overseen by Trustee
Andrew G. Arnott, Born: 1971	2017	191
President and Non-Independent Trustee
Head of Wealth and Asset Management, United States and Europe, for John Hancock and Manulife (since 2018); Director and Executive Vice President, John Hancock Investment Management LLC (since 2005, including prior positions); Director and Executive Vice President, John Hancock Variable Trust Advisers LLC (since 2006, including prior positions); President, John Hancock Investment Management Distributors LLC (since 2004, including prior positions); President of various trusts within the John Hancock Fund Complex (since 2007, including prior positions). Trustee of various trusts within the John Hancock Fund Complex (since 2017).
Marianne Harrison, Born: 1963	2018	191
Non-Independent Trustee
President and CEO, John Hancock (since 2017); President and CEO, Manulife Canadian Division (2013–2017); Member, Board of Directors, Boston Medical Center (since 2021); Member, Board of Directors, CAE Inc. (since 2019); Member, Board of Directors, MA Competitive Partnership Board (since 2018); Member, Board of Directors, American Council of Life Insurers (ACLI) (since 2018); Member, Board of Directors, Communitech, an industry-led innovation center that fosters technology companies in Canada (2017-2019); Member, Board of Directors, Manulife Assurance Canada (2015-2017); Board Member, St. Mary’s General Hospital Foundation (2014-2017); Member, Board of Directors, Manulife Bank of Canada (2013- 2017); Member, Standing Committee of the Canadian Life & Health Assurance Association (2013-2017); Member, Board of Directors, John Hancock USA, John Hancock Life & Health, John Hancock New York (2012–2013). Trustee of various trusts within the John Hancock Fund Complex (since 2018).

Principal officers who are not Trustees
Name, year of birth Position(s) held with fund Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Charles A. Rizzo, Born: 1957	2007
Chief Financial Officer
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2008); Chief Financial Officer of various trusts within the John Hancock Fund Complex (since 2007).
Salvatore Schiavone, Born: 1965	2010
Treasurer
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2007); Treasurer of various trusts within the John Hancock Fund Complex (since 2007, including prior positions).
Christopher (Kit) Sechler, Born: 1973	2018
Secretary and Chief Legal Officer
Vice President and Deputy Chief Counsel, John Hancock Investment Management (since 2015); Assistant Vice President and Senior Counsel (2009–2015), John Hancock Investment Management; Assistant Secretary of John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2009); Chief Legal Officer and Secretary of various trusts within the John Hancock Fund Complex (since 2009, including prior positions).

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Principal officers who are not Trustees (continued)
Name, year of birth Position(s) held with fund Principal occupation(s) during past 5 years	Current Position(s) with the Trust since
Trevor Swanberg, Born: 1979	2020
Chief Compliance Officer
Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (since 2020); Deputy Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2019–2020); Assistant Chief Compliance Officer, John Hancock Investment Management LLC and John Hancock Variable Trust Advisers LLC (2016–2019); Vice President, State Street Global Advisors (2015–2016); Chief Compliance Officer of various trusts within the John Hancock Fund Complex (since 2016, including prior positions).

The business address for all Trustees and Officers is 200 Berkeley Street, Boston, Massachusetts 02116-5023.

¹	Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation, or removal. Mr. Boyle has served as Trustee at various times prior to the date listed in the table.
²	Member of the Audit Committee.
³	The Trustee is a Non-Independent Trustee due to current or former positions with the Advisor and certain affiliates.

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More information

Trustees

Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott^†
Charles L. Bardelis^*
James R. Boyle
Peter S. Burgess^*
William H. Cunningham
Grace K. Fey
Marianne Harrison^†
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

* Member of the Audit Committee

^† Non-Independent Trustee

Investment advisor

John Hancock Investment Management LLC

Subadvisor

Manulife Investment Management (US) LLC

Portfolio Managers

Jeffrey N. Given, CFA
Howard C. Greene, CFA

Custodian

State Street Bank and Trust Company

Transfer agent

Computershare Shareowner Services, LLC

Legal counsel

K&L Gates LLP

Independent registered public accounting firm

PricewaterhouseCoopers 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 4^th Street, Suite 1600 Louisville, KY 40202

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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 Tax-Free Income

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Opportunistic Fixed Income

Short Duration Bond

Short Duration Credit Opportunities

Strategic Income Opportunities

Tax-Free Bond

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 Investments at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

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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

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

Retirement Income 2040

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.

Table of Contents

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.

MF1901674

P6A 10/21

12/2021

ITEM 2. CODE OF ETHICS.

As of the end of the year, October 31, 2021, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer, Principal Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the "Covered Officers"). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant(s) for John Hancock Income Securities Trust for the audit of the registrant's annual financial statements or services that are normally provided by the accountant(s) in connection with statutory and regulatory filings or engagements amounted to $51,376 for the fiscal year ended October 31, 2021 and $50,115 for the fiscal year ended October 31, 2020. These fees were billed to the registrant and were approved by the registrant's audit committee.

(b) Audit-Related Services

The aggregate fees for John Hancock Income Securities Trust for audit-related fees amounted to $207 for the fiscal year ended October 31, 2021 and $5 for the fiscal year ended October 31, 2020. These fees were billed to the registrant or to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant ("control affiliates"). The nature of the services provided was related to a software licensing fee and internal controls reviews.

The aggregate fees for John Hancock Income Securities Trust billed for professional services rendered by the principal accountant(s) for the tax compliance, tax advice and tax planning ("tax fees") amounted to $3,914 for the fiscal year ended October 31, 2021 and $3,837 for the fiscal year ended October 31, 2020. The nature of the services comprising the tax fees was the review of the registrant's tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant's audit committee.

(d) All Other Fees

All other fees for John Hancock Income Securities Trust billed to the registrant or control affiliates for products and services provided by the principal accountant were $271 for the fiscal year ended October 31, 2021 and $89 for the fiscal year ended October 31, 2020. The nature of the services comprising all other fees is advisory services provided to the investment manager. These fees were approved by the registrant's audit committee.

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

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

The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of audit-related and non-audit services by

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

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

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

Audit-Related Fees, Tax Fees and All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f)According to the registrant's principal accountant, for the fiscal year ended October 31, 2021, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g)The aggregate non-audit fees billed by the registrant's accountant(s) for services rendered to the registrant and rendered to the registrant's control affiliates for each of the last two fiscal years of the registrant were $1,211,415 for the fiscal year ended October 31, 2021 and $1,304,206 for the fiscal year ended October 31, 2020.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

Peter S. Burgess - Chairman

Charles L. Bardelis

Frances G. Rathke

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)Not applicable.

(b)Not applicable.

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

See attached exhibit - Proxy Voting Policies and Procedures.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Information about the Manulife Investment Management (US) LLC ("Manulife IM (US)") portfolio managers

Below is a list of the Manulife Investment Management (US) LLC portfolio managers who share joint responsibility for the day-to-day investment management of the Fund. It provides a brief summary of their business careers over the past five years.

The information provided is as of the filing date of this N-CSR.

Jeffrey N. Given, CFA

Senior Managing Director and Senior Portfolio Manager Manulife Investment Management (US) LLC since 2012

Managing Director, Manulife Investment Management (US) LLC (2005–2012) Second Vice President, John Hancock Investment Management, LLC (1993–2005) Began business career in 1993

Managed the Fund since 1999

Howard C. Greene, CFA

Senior Managing Director and Senior Portfolio Manager

Manulife Investment Management (US) LLC since 2005

Began business career in 1979

Managed the Fund since 2005

Other Accounts the Portfolio Managers are Managing

The table below indicates, for each portfolio manager, information about the accounts over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2021. For purposes of the table, "Other Pooled Investment Vehicles" may include investment partnerships and group trusts, and "Other Accounts" may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts.

	Registered Investment		Other Pooled
	Companies		Investment Vehicles		Other Accounts
	Number	Total	Number	Total	Number	Total
	of	Assets	of	Assets	of	Assets
	Accounts	$Million	Accounts	$Million	Accounts	$Million
Jeffrey N.	19	46,326	31	5,649	20	14,303
Given,
CFA
Howard C.	14	38,257	32	5,650	20	14,303
Greene,
CFA

Number and value of accounts within the total accounts that are subject to a performance-based advisory fee: 0.

Conflicts of Interest. When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the

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

•A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation on the initial public offering. The Subadvisor has policies that require a portfolio manager to allocate such investment opportunities in an equitable manner and generally to allocate such investments proportionately among all accounts with similar investment objectives.

•A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security for more than one account, the policies of the Subadvisor generally require that such trades be "bunched," which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, the Subadvisor will place the order in a manner intended to result in as favorable a price as possible for such client.

•A portfolio manager could favor an account if the portfolio manager's compensation is tied to the performance of that account rather than all accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to have the accounts that determine the portfolio manager's bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if the Subadvisor receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager's compensation. The investment performance on specific accounts is not a factor in determining the portfolio manager's compensation. See "Compensation of Portfolio Managers" below. Neither the Advisor nor the Subadvisor receives a performance-based fee with respect to any of the accounts managed by the portfolio managers.

•A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had

poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. The Subadvisor imposes certain trading restrictions and reporting requirements for accounts in which a portfolio manager or certain family members have a personal interest in order to confirm that such accounts are not favored over other accounts.

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

Compensation of Portfolio Managers. The Subadvisor has adopted a system of compensation for portfolio managers and others involved in the investment process that is applied systematically among investment professionals. At the Subadvisor, the structure of compensation of investment professionals is currently composed of the following basic components: base salary and short- and long-term incentives. The following describes each component of the compensation package for the individuals identified as a portfolio manager for the Funds.

•Base salary. Base compensation is fixed and normally reevaluated on an annual basis. The Subadvisor seeks to set compensation at market rates, taking into account the experience and responsibilities of the investment professional.

•Incentives. Only investment professionals are eligible to participate in the short-and long-term incentive plan. Under the plan, investment professionals are eligible for an annual cash award. The plan is intended to provide a competitive level of annual bonus compensation that is tied to the investment professional achieving superior investment performance and aligns the financial incentives of the Subadvisor and the investment professional. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be well in excess of base salary. Payout of a portion of this bonus may be deferred for up to five years. While the amount of any bonus is discretionary, the following factors are generally used in determining bonuses under the plan:

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

•Financial Performance: The profitability of the Subadvisor and its parent company are also considered in determining bonus awards.

•Non-Investment Performance: To a lesser extent, intangible contributions, including the investment professional's support of client service and sales activities, new fund/strategy idea generation, professional growth and

development, and management, where applicable, are also evaluated when determining bonus awards.

•In addition to the above, compensation may also include a revenue component for an investment team derived from a number of factors including, but not limited to client assets under management, investment performance, and firm metrics.

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

•Deferred Incentives. Investment professionals may receive deferred incentives which are fully invested in strategies managed by the team/individuals as well as other Manulife Asset Management strategies.

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

Share Ownership by Portfolio Managers. The following table indicates as of October 31, 2021, the value of shares beneficially owned by the portfolio managers in the Fund.

		Range of Beneficial
		Ownership in the
	Portfolio Manager	Fund

	Jeffrey N. Given, CFA	$1-$10,000
	Jeffrey N. Given, CFA
	Howard C. Greene,	$1-$10,000
	CFA	$1-$10,000
	CFA

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

(a)Not applicable.

(b)

REGISTRANT PURCHASES OF EQUITY SECURITIES

		Average	Total number of	Maximum number of
	Total number of	Average	shares purchased as	shares that may yet
	Total number of	price per	part of publicly	be purchased under
Period	shares purchased	share	announced plans*	the plans*

Nov-20	-	-	-	1,164,659
Dec-20	-	-	-	1,164,659
Jan-21	-	-	-	1,164,659
Feb-21	-	-	-	1,164,659
Mar-21	-	-	-	1,164,659
Apr-21	-	-	-	1,164,659
May-21	-	-	-	1,164,659
Jun-21	-	-	-	1,164,659
Jul-21	-	-	-	1,164,659
Aug-21	-	-	-	1,164,659
Sep-21	-	-	-	1,164,659
Oct-21	-	-	-	1,164,659
Total	-	-

*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, up to 10% of its outstanding common shares as of December 31, 2020. The current share repurchase plan will remain in effect between January 1, 2021 to December 31, 2021.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

(b)There were no changes in the registrant's internal control over financial reporting that occurred during the 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 the financial statements in Item 1.

ITEM 13. EXHIBITS.

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

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

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

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

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

SIGNATURES

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

John Hancock Income Securities Trust

By:	/s/ Andrew Arnott
	------------------------------
	Andrew Arnott
	President
Date:	December 8, 2021

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

By:	/s/ Andrew Arnott
	-------------------------------
	Andrew Arnott
	President
Date:	December 8, 2021
By:	/s/ Charles A. Rizzo
	--------------------------------
	Charles A. Rizzo
	Chief Financial Officer
Date:	December 8, 2021

John Hancock Income Securities Trust (JHS) N-CSRCertified annual shareholder report (management investment company)