John Hancock

Income Securities Trust

Ticker: JHS
Annual report 10/31/16

Dear shareholder,

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

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

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

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

Sincerely,

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

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

John Hancock
Income Securities Trust

Table of contents

2		Your fund at a glance
4		Discussion of fund performance
8		Fund's investments
31		Financial statements
35		Financial highlights
36		Notes to financial statements
44		Auditor's report
45		Tax information
46		Additional information
49		Continuation of investment advisory and subadvisory agreements
54		Trustees and Officers
58		More information

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       1

INVESTMENT OBJECTIVE

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

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

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The Bloomberg Barclays U.S. Government/Credit Bond Index is an unmanaged index of U.S. government bonds, U.S. corporate bonds, and Yankee bonds.

It is not possible to invest directly in an index. Index figures do not reflect expenses or sales charges, which would result in lower returns.

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

The fund's performance at net asset value (NAV) is different from the fund's performance at closing market price because the closing market price is subject to the dynamics of secondary market trading, which could cause the fund to trade at a discount or premium to its NAV at any time.

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

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       2

PERFORMANCE HIGHLIGHTS OVER THE LAST TWELVE MONTHS

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

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

High-yield bond indexes outperformed

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

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

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

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

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A note about risks

As is the case with all closed-end funds, shares of this fund may trade at a discount or a premium to the fund's net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial return of capital, which may increase the potential tax gain or reduce the potential tax loss of a subsequent sale of shares of the fund. Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities are subject to a higher risk of default. An issuer of securities held by the fund may default, have its credit rating downgraded, or otherwise perform poorly, which may affect fund performance. Liquidity—the extent (if at all) to which a security may be sold or a derivative position closed without negatively affecting its market value—may be impaired by reduced trading volume, heightened volatility, rising interest rates, and other market conditions. The fund's use of leverage creates additional risks, including greater volatility of the fund's NAV, market price, and returns. There is no assurance that the fund's leverage strategy will be successful. Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment.

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       3

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

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

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

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

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       4

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

What factors helped and hurt the fund's performance?

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

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

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

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ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       5

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

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

How would you summarize your investment shifts during the period?

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

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

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

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United States	86.7
France	2.7
United Kingdom	2.5
Netherlands	2.0
Canada	1.2
Other countries	4.9
TOTAL	100.0
As a percentage of total investments.

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       6

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

What is your broader view on the investment backdrop?

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

MANAGED BY

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	Jeffrey N. Given, CFA On the fund since 2002 Investing since 1993
	Howard C. Greene, CFA On the fund since 2002 Investing since 1979

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

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       7

 

	As of 10-31-16
										Rate (%)						Maturity date			Par value^									Value
	Corporate bonds 93.2% (62.5% of Total investments)																											$168,226,835
	(Cost $164,115,828)
	Consumer discretionary 10.8%																											19,533,989
	Auto components 0.7%
	Delphi Automotive PLC									4.250						01-15-26									350,000			378,740
	Lear Corp.									5.250						01-15-25									235,000			252,625
	Nemak SAB de CV (S)									5.500						02-28-23									306,000			317,705
	ZF North America Capital, Inc. (S)									4.750						04-29-25									280,000			295,400
	Automobiles 2.5%
	American Honda Finance Corp. (Z)									1.700						02-22-19									475,000			478,129
	Ford Motor Company (Z)									4.750						01-15-43									145,000			145,163
	Ford Motor Credit Company LLC (Z)									2.551						10-05-18									325,000			328,906
	Ford Motor Credit Company LLC (Z)									5.875						08-02-21									928,000			1,052,729
	General Motors Company (L)(Z)									4.875						10-02-23									650,000			700,098
	General Motors Company (L)(Z)									6.250						10-02-43									380,000			435,480
	General Motors Financial Company, Inc.									3.450						04-10-22									430,000			434,862
	General Motors Financial Company, Inc.									4.000						01-15-25									560,000			562,981
	General Motors Financial Company, Inc.									5.250						03-01-26									275,000			299,612
	Diversified consumer services 0.2%
	Service Corp. International									5.375						05-15-24									300,000			315,000
	Hotels, restaurants and leisure 1.2%
	CCM Merger, Inc. (S)(Z)									9.125						05-01-19									380,000			397,100
	Chester Downs & Marina LLC (S)									9.250						02-01-20									225,000			220,500
	Eldorado Resorts, Inc.									7.000						08-01-23									130,000			138,125
	GLP Capital LP									5.375						04-15-26									255,000			270,300
	International Game Technology PLC (S)									6.500						02-15-25									225,000			244,125
	Mohegan Tribal Gaming Authority (S)									7.875						10-15-24									310,000			314,650
	Mohegan Tribal Gaming Authority (L)(Z)									9.750						09-01-21									250,000			268,283
	Seminole Tribe of Florida, Inc. (S)									6.535						10-01-20									400,000			402,000
	Waterford Gaming LLC (H)(S)									8.625						09-15-14									99,739			0
	Household durables 0.5%
	Beazer Homes USA, Inc. (S)									8.750						03-15-22									370,000			393,125
	Newell Brands, Inc.									2.150						10-15-18									192,000			194,111
	Newell Brands, Inc.									4.200						04-01-26									310,000			334,959
	Internet and direct marketing retail 0.9%
	Expedia, Inc. (S)									5.000						02-15-26									670,000			700,843
	QVC, Inc.									4.375						03-15-23									325,000			326,383
	QVC, Inc.									5.125						07-02-22									255,000			267,245
	QVC, Inc.									5.450						08-15-34									315,000			291,465
	Leisure products 0.1%
	Vista Outdoor, Inc.									5.875						10-01-23									255,000			267,776

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       8

										Rate (%)						Maturity date			Par value^									Value
	Consumer discretionary  (continued)
	Media 4.0%
	21st Century Fox America, Inc.									7.750						01-20-24									1,020,000			$1,223,931
	Altice Financing SA (S)									6.625						02-15-23									200,000			206,126
	Cengage Learning, Inc. (L)(S)(Z)									9.500						06-15-24									265,000			246,450
	Charter Communications Operating LLC (S)									6.484						10-23-45									380,000			446,644
	Clear Channel Worldwide Holdings, Inc. (L)(Z)									6.500						11-15-22									260,000			264,940
	LG FinanceCo Corp. (L)(S)(Z)									5.875						11-01-24									50,000			50,469
	McGraw-Hill Global Education Holdings LLC (L)(S)(Z)									7.875						05-15-24									75,000			81,563
	MDC Partners, Inc. (L)(S)(Z)									6.500						05-01-24									270,000			229,500
	Midcontinent Communications (S)									6.875						08-15-23									140,000			149,100
	Myriad International Holdings BV (S)									5.500						07-21-25									400,000			424,032
	Omnicom Group, Inc. (Z)									3.600						04-15-26									285,000			296,196
	Radio One, Inc. (S)									9.250						02-15-20									255,000			229,500
	Sinclair Television Group, Inc. (S)									5.625						08-01-24									335,000			340,863
	Sirius XM Radio, Inc. (S)									5.250						08-15-22									845,000			878,800
	Sirius XM Radio, Inc. (S)									5.375						04-15-25									265,000			270,963
	Sirius XM Radio, Inc. (S)									5.375						07-15-26									375,000			380,977
	Time Warner Cable LLC (L)(Z)									8.250						04-01-19									375,000			428,732
	Viacom, Inc. (Z)									4.375						03-15-43									820,000			755,113
	WMG Acquisition Corp. (S)									6.750						04-15-22									370,000			390,350
	Specialty retail 0.7%
	AutoNation, Inc.									4.500						10-01-25									225,000			235,482
	L Brands, Inc.									6.625						04-01-21									475,000			546,250
	L Brands, Inc.									6.875						11-01-35									250,000			265,000
	WMG Acquisition Corp. (S)									4.875						11-01-24									165,000			164,588
	Consumer staples 5.8%																											10,524,229
	Beverages 2.6%
	Anheuser-Busch InBev Finance, Inc. (Z)									4.900						02-01-46									1,000,000			1,147,155
	Coca-Cola European Partners US LLC (Z)									4.500						09-01-21									1,000,000			1,106,098
	Constellation Brands, Inc. (L)(Z)									4.750						11-15-24									180,000			197,100
	Molson Coors Brewing Company									1.450						07-15-19									165,000			164,003
	Molson Coors Brewing Company									3.000						07-15-26									390,000			386,778
	PepsiCo, Inc. (Z)									1.500						02-22-19									440,000			442,206
	Pernod Ricard SA (S)									5.750						04-07-21									1,125,000			1,285,350
	Food and staples retailing 1.6%
	CVS Health Corp. (Z)									2.875						06-01-26									255,000			253,228
	CVS Health Corp. (Z)									5.125						07-20-45									510,000			593,724
	SUPERVALU, Inc. (L)(Z)									7.750						11-15-22									350,000			355,250
	Tops Holding II Corp.									8.750						06-15-18									140,000			127,400
	Tops Holding LLC (S)									8.000						06-15-22									505,000			444,400
	Walgreens Boots Alliance, Inc. (Z)									1.750						05-30-18									405,000			406,908
	Whole Foods Market, Inc.									5.200						12-03-25									590,000			635,473

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       9

										Rate (%)						Maturity date			Par value^									Value
	Consumer staples  (continued)
	Food products 1.2%
	Bunge, Ltd. Finance Corp. (Z)									8.500						06-15-19									389,000			$453,298
	Kraft Heinz Foods Company									2.000						07-02-18									480,000			483,443
	Kraft Heinz Foods Company (S)									4.875						02-15-25									221,000			242,853
	Kraft Heinz Foods Company									5.200						07-15-45									345,000			390,439
	Mondelez International Holdings Netherlands BV (S)(Z)									1.625						10-28-19									380,000			378,663
	Post Holdings, Inc. (S)									7.750						03-15-24									240,000			263,760
	Personal products 0.3%
	Revlon Consumer Products Corp.									5.750						02-15-21									260,000			262,600
	Revlon Consumer Products Corp. (L)(S)(Z)									6.250						08-01-24									225,000			231,750
	Tobacco 0.1%
	Vector Group, Ltd.									7.750						02-15-21									260,000			272,350
	Energy 9.1%																											16,398,277
	Energy equipment and services 0.5%
	Antero Midstream Partners LP (S)									5.375						09-15-24									275,000			276,891
	Emera US Finance LP (L)(S)(Z)									3.550						06-15-26									205,000			209,473
	MPLX LP (L)(Z)									4.875						12-01-24									345,000			360,944
	Oil, gas and consumable fuels 8.6%
	Cenovus Energy, Inc.									4.450						09-15-42									380,000			333,396
	Cimarex Energy Company (Z)									4.375						06-01-24									235,000			247,754
	Colorado Interstate Gas Company LLC (S)									4.150						08-15-26									233,000			231,350
	Columbia Pipeline Group, Inc. (Z)									4.500						06-01-25									540,000			583,704
	Continental Resources, Inc. (L)(Z)									5.000						09-15-22									548,000			539,780
	DCP Midstream LLC (S)									9.750						03-15-19									405,000			455,625
	DCP Midstream LLC (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (S)									5.850						05-21-43									370,000			314,500
	DCP Midstream Operating LP									2.700						04-01-19									300,000			293,250
	DCP Midstream Operating LP									3.875						03-15-23									290,000			282,025
	Enbridge Energy Partners LP									4.375						10-15-20									260,000			277,427
	Energy Transfer Partners LP									5.150						03-15-45									345,000			321,524
	Energy Transfer Partners LP									9.700						03-15-19									425,000			492,199
	EnLink Midstream Partners LP									4.850						07-15-26									180,000			183,427
	Enterprise Products Operating LLC (8.375% to 8-19-16, then 3 month LIBOR + 3.708%)									4.464						08-01-66									440,000			418,550
	Gulfport Energy Corp. (S)									6.000						10-15-24									55,000			55,963
	Kerr-McGee Corp. (L)(Z)									6.950						07-01-24									1,035,000			1,241,386
	Kinder Morgan Energy Partners LP (L)(Z)									3.500						03-01-21									500,000			514,047
	Kinder Morgan Energy Partners LP									7.750						03-15-32									195,000			238,885
	Kinder Morgan, Inc. (L)(Z)									4.300						06-01-25									220,000			229,018
	Kinder Morgan, Inc.									5.550						06-01-45									450,000			465,639
	Lukoil International Finance BV (S)									3.416						04-24-18									675,000			682,480
	MPLX LP									4.000						02-15-25									150,000			148,335

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       10

										Rate (%)						Maturity date			Par value^									Value
	Energy  (continued)
	Oil, gas and consumable fuels  (continued)
	Newfield Exploration Company									5.625						07-01-24									48,000			$49,920
	Newfield Exploration Company									5.750						01-30-22									115,000			119,888
	Occidental Petroleum Corp. (Z)									3.400						04-15-26									310,000			322,951
	Petro-Canada (Z)									9.250						10-15-21									1,000,000			1,273,928
	Petroleos Mexicanos (L)(Z)									4.875						01-24-22									275,000			281,133
	Regency Energy Partners LP									5.000						10-01-22									95,000			101,956
	Regency Energy Partners LP (Z)									5.500						04-15-23									490,000			504,763
	Regency Energy Partners LP									5.875						03-01-22									90,000			100,812
	Resolute Energy Corp.									8.500						05-01-20									180,000			178,650
	Shell International Finance BV (Z)									4.375						05-11-45									725,000			762,978
	Summit Midstream Holdings LLC									7.500						07-01-21									280,000			291,200
	Sunoco Logistics Partners Operations LP (L)(Z)									3.900						07-15-26									460,000			466,209
	Sunoco Logistics Partners Operations LP (L)(Z)									4.400						04-01-21									377,000			406,743
	Tallgrass Energy Partners LP (S)									5.500						09-15-24									105,000			104,475
	Teekay Offshore Partners LP									6.000						07-30-19									460,000			390,425
	Tesoro Logistics LP									6.125						10-15-21									400,000			418,500
	Tesoro Logistics LP									6.375						05-01-24									265,000			285,538
	Williams Partners LP									4.875						05-15-23									230,000			233,082
	Williams Partners LP (Z)									4.875						03-15-24									690,000			707,554
	Financials 29.9%																											53,954,640
	Banks 14.8%
	Australia & New Zealand Banking Group, Ltd. (6.750% to 6-15-26, then 5 Year U.S. ISDAFIX + 5.168%) (L)(Q)(S)(Z)									6.750						06-15-26									200,000			219,615
	Bank of America Corp.									3.950						04-21-25									135,000			138,643
	Bank of America Corp.									4.200						08-26-24									280,000			292,535
	Bank of America Corp. (Z)									4.250						10-22-26									315,000			330,125
	Bank of America Corp.									4.450						03-03-26									580,000			619,384
	Bank of America Corp. (Z)									6.875						04-25-18									1,000,000			1,074,580
	Bank of America Corp. (6.250% to 9-5-24, then 3 month LIBOR + 3.705%) (Q)									6.250						09-05-24									470,000			492,325
	Bank of America Corp. (6.300% to 3-10-26, then 3 month LIBOR + 4.553%) (L)(Q)(Z)									6.300						03-10-26									220,000			240,053
	Bank of America Corp. (8.000% to 1-30-18, then 3 month LIBOR + 3.630%) (Q)									8.000						01-30-18									440,000			448,250
	BankUnited, Inc.									4.875						11-17-25									455,000			463,018
	Barclays Bank PLC (S)									10.179						06-12-21									575,000			727,140
	Barclays PLC (Z)									4.375						01-12-26									340,000			349,888
	BPCE SA (S)(Z)									4.500						03-15-25									475,000			479,705
	BPCE SA (L)(S)(Z)									5.700						10-22-23									1,145,000			1,240,570
	Citigroup, Inc. (Z)									4.600						03-09-26									430,000			457,413
	Citigroup, Inc. (6.250% to 8-15-26, then 3 month LIBOR + 4.517%) (L)(Q)(Z)									6.250						08-15-26									525,000			565,241

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       11

										Rate (%)						Maturity date			Par value^									Value
	Financials  (continued)
	Banks  (continued)
	Commerzbank AG (S)									8.125						09-19-23									350,000			$402,360
	Cooperatieve Rabobank UA (11.000% to 6-30-19, then 3 month LIBOR + 10.868%) (Q)(S)(Z)									11.000						06-30-19									1,000,000			1,204,900
	Credit Agricole SA (6.625% to 9-23-19, then 5 Year U.S. Swap Rate + 4.697%) (Q)(S)									6.625						09-23-19									450,000			437,625
	Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (L)(Q)(S)(Z)									7.875						01-23-24									600,000			607,968
	Credit Agricole SA (8.125% to 9-19-18, then 5 Year U.S. Swap Rate + 6.283%) (S)(Z)									8.125						09-19-33									250,000			270,625
	Fifth Third Bancorp (5.100% to 6-30-23, then 3 month LIBOR + 3.033%) (L)(Q)(Z)									5.100						06-30-23									420,000			405,384
	HBOS PLC (S)(Z)									6.750						05-21-18									825,000			877,172
	HSBC Holdings PLC (6.375% to 9-17-24, then 5 Year U.S. ISDAFIX + 3.705%) (Q)									6.375						09-17-24									200,000			199,302
	HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (L)(Q)(Z)									6.875						06-01-21									340,000			357,850
	ING Bank NV (S)(Z)									5.800						09-25-23									1,000,000			1,124,922
	JPMorgan Chase & Co. (Z)									3.200						06-15-26									410,000			414,408
	JPMorgan Chase & Co. (Z)									4.625						05-10-21									720,000			792,693
	JPMorgan Chase & Co. (5.300% to 5-1-20, then 3 month LIBOR + 3.800%) (Q)									5.300						05-01-20									465,000			471,975
	JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (L)(Q)(Z)									6.750						02-01-24									805,000			893,550
	Lloyds Banking Group PLC (L)(Z)									4.650						03-24-26									880,000			906,130
	Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (L)(Q)(Z)									7.500						06-27-24									385,000			396,550
	M&T Bank Corp. (5.125% to 11-1-26, then 3 month LIBOR + 3.520%) (P)(Q)									3.520						11-01-26									345,000			347,588
	Manufacturers & Traders Trust Company (5.629% to 12-1-16, then 3 month LIBOR + 6.400%) (Z)									5.629						12-01-21									485,000			476,416
	Mizuho Financial Group Cayman 3, Ltd. (S)									4.600						03-27-24									705,000			765,780
	Popular, Inc.									7.000						07-01-19									260,000			269,425
	Royal Bank of Scotland Group PLC									4.800						04-05-26									320,000			327,917
	Royal Bank of Scotland Group PLC (8.000% to 8-10-25, then 5 Year U.S. Swap Rate + 5.720%) (Q)									8.000						08-10-25									200,000			190,000
	Santander Holdings USA, Inc. (L)(Z)									2.700						05-24-19									635,000			641,181
	Santander UK Group Holdings PLC (L)(S)(Z)									4.750						09-15-25									365,000			363,766
	Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (L)(Q)(S)(Z)									7.375						09-13-21									340,000			337,110
	Societe Generale SA (8.000% to 9-29-25, then 5 Year U.S. ISDAFIX + 5.873%) (L)(Q)(S)(Z)									8.000						09-29-25									420,000			423,675

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       12

										Rate (%)						Maturity date			Par value^									Value
	Financials  (continued)
	Banks  (continued)
	Societe Generale SA (8.250% to 11-29-18, then 5 Year U.S. Swap Rate + 6.394%) (Q)									8.250						11-29-18									385,000			$396,069
	Standard Chartered PLC (S)(Z)									2.100						08-19-19									750,000			749,360
	Sumitomo Mitsui Banking Corp.									2.450						01-10-19									598,000			606,065
	Synovus Financial Corp.									7.875						02-15-19									200,000			221,000
	The PNC Financial Services Group, Inc. (4.850% to 6-1-23, then 3 month LIBOR + 3.040%) (L)(Q)(Z)									4.850						06-01-23									335,000			330,813
	The PNC Financial Services Group, Inc. (6.750% to 8-1-21, then 3 month LIBOR + 3.678%) (Q)(Z)									6.750						08-01-21									520,000			577,200
	Wells Fargo & Company (Z)									4.650						11-04-44									255,000			263,836
	Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (Q)(Z)									5.875						06-15-25									765,000			820,701
	Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (Q)(Z)									5.900						06-15-24									290,000			303,413
	Wells Fargo & Company, Series K (7.980% to 3-15-18, then 3 month LIBOR + 3.770%) (Q)(Z)									7.980						03-15-18									370,000			385,725
	Capital markets 4.4%
	Ares Capital Corp. (Z)									3.875						01-15-20									430,000			442,170
	Credit Suisse Group AG (7.500% to 12-11-23, then 5 Year U.S. Swap Rate + 4.598%) (L)(Q)(S)(Z)									7.500						12-11-23									295,000			305,325
	FS Investment Corp. (Z)									4.000						07-15-19									435,000			440,107
	Jefferies Group LLC									6.875						04-15-21									1,005,000			1,167,216
	Jefferies Group LLC (L)(Z)									8.500						07-15-19									235,000			269,183
	Macquarie Bank, Ltd. (L)(S)(Z)									4.875						06-10-25									520,000			541,565
	Morgan Stanley (Z)									2.450						02-01-19									255,000			258,927
	Morgan Stanley (Z)									3.875						01-27-26									400,000			421,648
	Morgan Stanley (Z)									5.500						01-26-20									450,000			496,148
	Morgan Stanley (Z)									7.300						05-13-19									895,000			1,012,005
	Morgan Stanley (5.550% to 7-15-20, then 3 month LIBOR + 3.810%) (L)(Q)(Z)									5.550						07-15-20									325,000			332,719
	Stifel Financial Corp. (Z)									4.250						07-18-24									315,000			317,933
	The Bear Stearns Companies LLC (Z)									7.250						02-01-18									1,000,000			1,069,464
	The Goldman Sachs Group, Inc. (Z)									2.000						04-25-19									255,000			256,445
	The Goldman Sachs Group, Inc. (Z)									3.750						05-22-25									340,000			353,830
	The Goldman Sachs Group, Inc. (Z)									4.750						10-21-45									245,000			269,732
	Consumer finance 3.8%
	Ally Financial, Inc.									3.250						11-05-18									325,000			325,000
	Ally Financial, Inc. (L)(Z)									5.125						09-30-24									645,000			675,638
	Capital One Financial Corp. (Z)									2.450						04-24-19									275,000			279,652
	Capital One Financial Corp. (Z)									3.500						06-15-23									1,100,000			1,135,495

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       13

										Rate (%)						Maturity date			Par value^									Value
	Financials  (continued)
	Consumer finance  (continued)
	Capital One Financial Corp.									3.750						07-28-26									570,000			$568,349
	Capital One Financial Corp. (Z)									4.200						10-29-25									440,000			457,069
	Capital One Financial Corp. (5.550% to 6-1-20, then 3 month LIBOR + 3.800%) (L)(Q)(Z)									5.550						06-01-20									350,000			353,888
	Capital One NA (Z)									2.350						08-17-18									350,000			353,935
	Credit Acceptance Corp.									6.125						02-15-21									395,000			396,975
	Credito Real SAB de CV SOFOM ER (S)									7.500						03-13-19									325,000			335,156
	Discover Bank									2.600						11-13-18									510,000			518,007
	Discover Financial Services									3.950						11-06-24									750,000			761,099
	Discover Financial Services									5.200						04-27-22									290,000			320,516
	Enova International, Inc.									9.750						06-01-21									390,000			365,625
	Diversified financial services 1.5%
	Doric Nimrod Air Alpha 2013-1 Class B Pass Through Trust (S)									6.125						11-30-21									186,477			195,334
	Leucadia National Corp.									5.500						10-18-23									655,000			688,049
	NewStar Financial, Inc.									7.250						05-01-20									435,000			435,000
	S&P Global, Inc. (Z)									4.000						06-15-25									495,000			531,090
	S&P Global, Inc. (Z)									4.400						02-15-26									340,000			377,161
	Voya Financial, Inc. (5.650% to 5-15-23, then 3 month LIBOR + 3.580%)									5.650						05-15-53									419,000			416,905
	Insurance 3.0%
	Aquarius & Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%)									6.375						09-01-24									235,000			246,672
	Assured Guaranty US Holdings, Inc. (Z)									5.000						07-01-24									510,000			566,005
	AXA SA (Z)									8.600						12-15-30									175,000			245,875
	AXA SA (6.379% to 12-14-36, then 3 month LIBOR + 2.256%) (L)(Q)(S)(Z)									6.379						12-14-36									240,000			261,797
	CNA Financial Corp.									7.250						11-15-23									135,000			164,167
	CNO Financial Group, Inc.									5.250						05-30-25									450,000			457,875
	Liberty Mutual Group, Inc. (7.800% to 3-15-37, then 3 month LIBOR +3.576%) (S)									7.800						03-07-87									705,000			828,375
	MetLife, Inc. (Z)									6.400						12-15-66									355,000			397,600
	Nippon Life Insurance Company (5.100% to 10-16-24, then 5 Year U.S. ISDAFIX + 3.650%) (S)									5.100						10-16-44									365,000			399,445
	Prudential Financial, Inc. (5.200% to 3-15-24, then 3 month LIBOR + 3.040%) (Z)									5.200						03-15-44									270,000			276,075
	Prudential Financial, Inc. (5.875% to 9-15-22, then 3 month LIBOR + 4.175%) (Z)									5.875						09-15-42									267,000			292,365
	Teachers Insurance & Annuity Association of America (S)(Z)									6.850						12-16-39									555,000			747,401
	The Hartford Financial Services Group, Inc. (8.125% to 6-15-18, then 3 month LIBOR + 4.603%)									8.125						06-15-68									505,000			551,713

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       14

										Rate (%)						Maturity date			Par value^									Value
	Financials  (continued)
	Real estate investment trusts 1.0%
	American Tower Corp. (Z)									5.000						02-15-24									500,000			$557,143
	Crown Castle Towers LLC (S)(Z)									4.883						08-15-40									710,000			771,663
	Vereit Operating Partnership LP									4.600						02-06-24									523,000			542,613
	Thrifts and mortgage finance 1.4%
	Flagstar Bancorp, Inc. (S)									6.125						07-15-21									255,000			265,591
	MGIC Investment Corp. (L)(Z)									5.750						08-15-23									70,000			73,850
	Nationstar Mortgage LLC									6.500						07-01-21									295,000			292,788
	Nationstar Mortgage LLC									7.875						10-01-20									340,000			346,800
	Nationstar Mortgage LLC (L)(Z)									9.625						05-01-19									295,000			309,013
	Quicken Loans, Inc. (L)(S)(Z)									5.750						05-01-25									550,000			543,125
	Radian Group, Inc.									5.250						06-15-20									170,000			178,713
	Radian Group, Inc.									7.000						03-15-21									295,000			330,677
	Stearns Holdings LLC (S)									9.375						08-15-20									164,000			164,000
	Health care 5.9%																											10,649,505
	Biotechnology 1.1%
	AbbVie, Inc. (Z)									3.600						05-14-25									420,000			427,613
	Amgen, Inc. (Z)									4.400						05-01-45									240,000			244,280
	Celgene Corp. (Z)									5.000						08-15-45									140,000			150,358
	Shire Acquisitions Investments Ireland DAC (Z)									1.900						09-23-19									470,000			468,901
	Shire Acquisitions Investments Ireland DAC (Z)									3.200						09-23-26									705,000			693,413
	Health care equipment and supplies 0.4%
	Medtronic, Inc. (Z)									4.625						03-15-45									330,000			373,946
	Zimmer Biomet Holdings, Inc.									3.550						04-01-25									435,000			442,740
	Health care providers and services 3.0%
	Express Scripts Holding Company (Z)									4.500						02-25-26									600,000			643,193
	Express Scripts Holding Company (Z)									4.750						11-15-21									1,000,000			1,106,130
	Fresenius US Finance II, Inc. (S)									4.500						01-15-23									255,000			265,838
	HCA, Inc.									5.250						04-15-25									375,000			392,813
	HCA, Inc.									5.250						06-15-26									255,000			266,603
	HCA, Inc.									7.500						02-15-22									300,000			341,250
	LifePoint Health, Inc. (L)(S)(Z)									5.375						05-01-24									285,000			283,233
	Medco Health Solutions, Inc. (Z)									7.125						03-15-18									275,000			295,034
	MEDNAX, Inc. (S)									5.250						12-01-23									260,000			271,700
	Molina Healthcare, Inc. (L)(Z)									5.375						11-15-22									300,000			312,186
	Select Medical Corp. (L)(Z)									6.375						06-01-21									360,000			357,638
	Teva Pharmaceutical Finance Netherlands III BV									3.150						10-01-26									315,000			306,546
	Universal Health Services, Inc. (S)									4.750						08-01-22									240,000			246,480
	WellCare Health Plans, Inc. (L)(Z)									5.750						11-15-20									255,000			262,650
	Pharmaceuticals 1.4%
	Actavis Funding SCS (L)(Z)									3.800						03-15-25									1,000,000			1,038,872
	Mylan NV (S)									2.500						06-07-19									339,000			342,446

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       15

										Rate (%)						Maturity date			Par value^									Value
	Health care  (continued)
	Pharmaceuticals  (continued)
	Mylan NV (S)									3.950						06-15-26									850,000			$848,167
	Quintiles IMS, Inc. (S)									4.875						05-15-23									260,000			267,475
	Industrials 12.0%																											21,657,354
	Aerospace and defense 1.3%
	Huntington Ingalls Industries, Inc. (S)									5.000						12-15-21									350,000			366,625
	Huntington Ingalls Industries, Inc. (S)									5.000						11-15-25									250,000			262,970
	Lockheed Martin Corp. (Z)									2.900						03-01-25									386,000			391,873
	Lockheed Martin Corp. (Z)									4.700						05-15-46									295,000			335,198
	Textron Financial Corp. (6.000% to 2-15-17, then 3 month LIBOR + 1.735%) (S)									6.000						02-15-67									925,000			668,313
	Textron, Inc.									7.250						10-01-19									240,000			272,509
	Air freight and logistics 0.3%
	XPO Logistics, Inc. (L)(S)(Z)									6.500						06-15-22									540,000			561,600
	Airlines 3.9%
	Air Canada 2013-1 Class C Pass Through Trust (S)									6.625						05-15-18									310,000			323,175
	America West Airlines 2000-1 Pass Through Trust									8.057						01-02-22									78,450			88,256
	American Airlines 2011-1 Class B Pass Through Trust (S)									7.000						07-31-19									532,579			560,539
	American Airlines 2013-2 Class A Pass Through Trust (Z)									4.950						07-15-24									351,610			383,695
	American Airlines 2015-1 Class B Pass Through Trust									3.700						11-01-24									572,205			563,622
	American Airlines 2016-1 Class A Pass Through Trust (Z)									4.100						07-15-29									189,422			201,261
	British Airways 2013-1 Class A Pass Through Trust (S)(Z)									4.625						06-20-24									558,834			597,952
	British Airways 2013-1 Class B Pass Through Trust (S)									5.625						12-20-21									170,835			179,377
	Continental Airlines 1997-4 Class A Pass Through Trust									6.900						07-02-19									82,361			83,341
	Continental Airlines 1998-1 Class A Pass Through Trust									6.648						03-15-19									31,230			31,639
	Continental Airlines 1999-1 Class A Pass Through Trust									6.545						08-02-20									127,847			135,122
	Continental Airlines 2000-2 Class B Pass Through Trust									8.307						10-02-19									25,465			26,865
	Continental Airlines 2007-1 Class A Pass Through Trust (Z)									5.983						10-19-23									426,264			480,612
	Continental Airlines 2012-1 Class B Pass Through Trust									6.250						10-11-21									154,864			164,156
	Delta Air Lines 2002-1 Class G-1 Pass Through Trust									6.718						07-02-24									545,866			627,746

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       16

										Rate (%)						Maturity date			Par value^									Value
	Industrials  (continued)
	Airlines  (continued)
	Delta Air Lines 2010-1 Class A Pass Through Trust									6.200						01-02-20									108,107			$115,134
	Delta Air Lines 2011-1 Class A Pass Through Trust									5.300						10-15-20									195,090			208,746
	Northwest Airlines 2007-1 Class A Pass Through Trust									7.027						05-01-21									316,634			356,213
	UAL 2009-1 Pass Through Trust									10.400						05-01-18									32,789			32,891
	UAL 2009-2A Pass Through Trust									9.750						07-15-18									106,404			108,194
	United Airlines 2014-2 Class A Pass Through Trust (Z)									3.750						03-03-28									457,027			480,163
	United Airlines 2014-2 Class B Pass Through Trust									4.625						03-03-24									456,635			464,626
	United Airlines 2016-1 Class A Pass Through Trust (Z)									3.450						01-07-30									245,000			252,350
	US Airways 2010-1 Class A Pass Through Trust									6.250						10-22-24									341,811			387,100
	US Airways 2012-1 Class A Pass Through Trust (Z)									5.900						04-01-26									255,348			292,693
	Building products 1.3%
	Builders FirstSource, Inc. (S)									10.750						08-15-23									215,000			247,250
	Masco Corp.									4.375						04-01-26									255,000			265,200
	Masco Corp.									4.450						04-01-25									275,000			287,031
	Owens Corning									3.400						08-15-26									422,000			417,731
	Owens Corning									4.200						12-15-22									1,095,000			1,162,775
	Commercial services and supplies 0.3%
	LSC Communications, Inc. (S)									8.750						10-15-23									210,000			206,850
	Prime Security Services Borrower LLC (S)									9.250						05-15-23									255,000			270,402
	Construction and engineering 0.2%
	Engility Corp. (S)									8.875						09-01-24									42,000			42,840
	Tutor Perini Corp. (L)(Z)									7.625						11-01-18									395,000			394,803
	Electrical equipment 0.3%
	AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (L)(S)(Z)									6.500						06-15-45									350,000			360,500
	Cortes NP Acquisition Corp. (S)									9.250						10-15-24									95,000			99,513
	EnerSys (S)									5.000						04-30-23									95,000			97,375
	Industrial conglomerates 0.7%
	General Electric Company (5.000% to 1-21-21, then 3 month LIBOR + 3.330%) (Q)(Z)									5.000						01-21-21									1,148,000			1,216,191
	Machinery 0.4%
	SPL Logistics Escrow LLC (S)									8.875						08-01-20									215,000			182,750
	Trinity Industries, Inc.									4.550						10-01-24									555,000			547,534
	Professional services 0.4%
	Verisk Analytics, Inc.									4.000						06-15-25									645,000			673,842

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       17

										Rate (%)						Maturity date			Par value^									Value
	Industrials  (continued)
	Road and rail 0.4%
	Penske Truck Leasing Company LP (S)									3.375						02-01-22									640,000			$661,597
	Trading companies and distributors 2.4%
	AerCap Ireland Capital, Ltd.									4.625						10-30-20									435,000			457,838
	Ahern Rentals, Inc. (S)									7.375						05-15-23									395,000			258,725
	Air Lease Corp. (Z)									3.000						09-15-23									275,000			272,121
	Air Lease Corp. (L)(Z)									3.375						01-15-19									170,000			174,759
	Air Lease Corp. (L)(Z)									3.875						04-01-21									255,000			269,795
	Air Lease Corp. (Z)									5.625						04-01-17									175,000			177,833
	Aircastle, Ltd.									5.000						04-01-23									620,000			641,700
	Aircastle, Ltd.									5.500						02-15-22									215,000			230,588
	Aircastle, Ltd.									6.250						12-01-19									195,000			212,306
	Aircastle, Ltd.									7.625						04-15-20									160,000			182,000
	Ashtead Capital, Inc. (S)									5.625						10-01-24									205,000			215,763
	International Lease Finance Corp.									5.875						04-01-19									240,000			257,923
	International Lease Finance Corp. (S)(Z)									7.125						09-01-18									290,000			315,738
	United Rentals North America, Inc. (L)(Z)									5.500						07-15-25									260,000			263,250
	United Rentals North America, Inc. (L)(Z)									5.750						11-15-24									320,000			332,000
	Transportation infrastructure 0.1%
	Florida East Coast Holdings Corp. (S)									6.750						05-01-19									255,000			256,275
	Information technology 4.1%																											7,460,734
	Communications equipment 0.0%
	Hughes Satellite Systems Corp. (S)									5.250						08-01-26									90,000			88,650
	Electronic equipment, instruments and components 0.3%
	Jabil Circuit, Inc.									4.700						09-15-22									265,000			275,600
	Zebra Technologies Corp. (L)(Z)									7.250						10-15-22									270,000			290,925
	Internet software and services 0.5%
	eBay, Inc. (Z)									2.500						03-09-18									245,000			248,036
	Match Group, Inc.									6.375						06-01-24									260,000			280,800
	VeriSign, Inc.									5.250						04-01-25									270,000			284,850
	IT services 0.6%
	Sixsigma Networks Mexico SA de CV (S)									8.250						11-07-21									200,000			196,000
	Visa, Inc. (Z)									3.150						12-14-25									505,000			527,014
	Visa, Inc. (Z)									4.300						12-14-45									376,000			419,845
	Semiconductors and semiconductor equipment 0.6%
	Micron Technology, Inc. (L)(Z)									5.875						02-15-22									280,000			289,212
	Micron Technology, Inc. (S)									7.500						09-15-23									250,000			275,938
	Qorvo, Inc.									6.750						12-01-23									260,000			284,700
	Qorvo, Inc.									7.000						12-01-25									255,000			279,225
	Software 1.4%
	Activision Blizzard, Inc. (L)(S)(Z)									3.400						09-15-26									400,000			398,860
	Activision Blizzard, Inc. (S)									6.125						09-15-23									365,000			401,956

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT   |   JOHN HANCOCK INCOME SECURITIES TRUST       18

										Rate (%)						Maturity date			Par value^									Value
	Information technology  (continued)
	Software  (continued)
	Electronic Arts, Inc. (L)(Z)									4.800						03-01-26									715,000			$782,221
	Microsoft Corp. (Z)									4.450						11-03-45									535,000			588,860
	Open Text Corp. (S)									5.875						06-01-26									265,000			282,225
	Technology hardware, storage and peripherals 0.7%
	Diamond 1 Finance Corp. (S)									6.020						06-15-26									825,000			898,937
	Diamond 1 Finance Corp. (L)(S)(Z)									7.125						06-15-24									85,000			93,130
	Western Digital Corp. (S)									7.375						04-01-23									250,000			273,750
	Materials 2.9%																											5,185,186
	Chemicals 1.5%
	Braskem Finance, Ltd. (S)									7.000						05-07-20									515,000			566,500
	Incitec Pivot Finance LLC (S)									6.000						12-10-19									345,000			372,500
	NOVA Chemicals Corp. (S)									5.000						05-01-25									535,000			537,006
	Platform Specialty Products Corp. (L)(S)(Z)									6.500						02-01-22									535,000			518,950
	Rain CII Carbon LLC (S)									8.250						01-15-21									315,000			307,125
	The Chemours Company (L)(Z)									6.625						05-15-23									456,000			442,320
	Construction materials 0.3%
	Cemex SAB de CV (L)(S)(Z)									6.125						05-05-25									360,000			372,600
	Eagle Materials, Inc.									4.500						08-01-26									60,000			60,499
	Containers and packaging 0.1%
	Cascades, Inc. (L)(S)(Z)									5.500						07-15-22									233,000			237,807
	Metals and mining 0.8%
	Allegheny Technologies, Inc.									9.375						06-01-19									715,000			750,750
	Arconic, Inc. (L)(Z)									5.125						10-01-24									390,000			406,583
	Novelis Corp. (S)									5.875						09-30-26									70,000			70,875
	Vale Overseas, Ltd. (L)(Z)									6.250						08-10-26									177,000			189,833
	Paper and forest products 0.2%
	Boise Cascade Company (S)									5.625						09-01-24									80,000			80,900
	Norbord, Inc. (S)									6.250						04-15-23									255,000			270,938
	Real estate 3.2%																											5,679,201
	Equity real estate investment trusts 3.2%
	American Tower Corp.									3.400						02-15-19									305,000			316,099
	American Tower Corp. (Z)									4.700						03-15-22									400,000			441,032
	Crown Castle International Corp. (Z)									4.450						02-15-26									335,000			363,046
	Crown Castle Towers LLC (S)(Z)									6.113						01-15-40									451,000			497,585
	Highwoods Realty LP (Z)									5.850						03-15-17									310,000			314,872
	Iron Mountain, Inc. (L)(Z)									5.750						08-15-24									395,000			404,875
	Iron Mountain, Inc.									6.000						08-15-23									440,000			467,500
	MPT Operating Partnership LP									6.375						02-15-22									320,000			332,000
	Omega Healthcare Investors, Inc. (Z)									4.500						01-15-25									295,000			299,937
	Omega Healthcare Investors, Inc.									4.950						04-01-24									350,000			365,240
	Omega Healthcare Investors, Inc. (Z)									5.250						01-15-26									180,000			190,398