a_incomesecuritiestrust.htm
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
FORM N-Q 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED 
MANAGEMENT INVESTMENT COMPANIES 
 
Investment Company Act file number 811- 4186 
 
John Hancock Income Securities Trust 
(Exact name of registrant as specified in charter) 
 
601 Congress Street, Boston, Massachusetts 02210 
(Address of principal executive offices) (Zip code) 
 
Alfred P. Ouellette, Senior Counsel and Assistant Secretary 
 
601 Congress Street 
 
Boston, Massachusetts 02210 
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: 617-663-4324
 
  Date of fiscal year end:   October 31 
  
  
  Date of reporting period:   January 31, 2009 

ITEM 1. SCHEDULE OF INVESTMENTS


John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Bonds 86.12%               $101,707,195 
(Cost $131,566,485)           
 
Agricultural Products 0.37%          431,347 
Bunge Ltd. Finance Corp.,           
   Gtd Sr Note (Z)  5.350%  04/15/14  BBB-  $555  431,347 
 
Air Freight & Logistics 0.33%          386,506 
Fedex Corp. (Z)  7.375  01/15/14  BBB  370  386,506 
 
Airlines 1.74%          2,051,302 
Continental Airlines, Inc.,           
   Pass Thru Ctf Ser 1999-1 Class A (Z)  6.545  02/02/19  A-  346  294,470 
   Pass Thru Ctf Ser 2000-2 Class B (Z)  8.307  04/02/18  B+  384  268,981 
   Pass Thru Ctf Ser 2001-1 Class C (Z)  7.033  06/15/11  B+  105  75,292 
Delta Air Lines, Inc.,           
   Sec Pass Thru Ctf Ser A (Z)  6.821  08/10/22  A-  743  512,859 
   Sr Pass Thru Ctf Ser 2002-1 (Z)  6.417  07/02/12  AA  825  639,375 
Northwest Airlines, Inc.,           
   Gtd Collateralized Note Ser 2007-1 (Z)  7.027  11/01/19  BBB+  445  260,325 
 
Aluminum 0.59%          700,350 
CII Carbon, LLC,           
   Gtd Sr Sub Note (S)(Z)  11.125  11/15/15  CCC+  1,015  700,350 
 
Auto Parts & Equipment 0.76%          897,400 
Allison Transmission, Inc.,           
   Gtd Sr Note (S)(Z)  11.000  11/01/15  B-  1,000  555,000 
Exide Technologies,           
   Sr Sec Note Ser B (Z)  10.500  03/15/13  B-  395  231,075 
Tenneco, Inc.,           
   Gtd Sr Sub Note (Z)  8.625  11/15/14  B-  365  111,325 
 
Brewers 0.66%          777,970 
Miller Brewing Co. (S)(Z)  5.500  08/15/13  BBB+  365  345,259 
SABmiller PLC,           
   Note (S)(Z)  6.500  07/15/18  BBB+  465  432,711 
 
Broadcasting & Cable TV 2.98%          3,521,234 
Canadian Satellite Radio Holdings, Inc.,           
   Sr Note (G)(Z)  12.750  02/15/14  CCC+  979  230,065 
Charter Communications Holdings II, LLC,           
   Gtd Sr Note (S)(Z)  10.250  10/01/13  C  447  223,500 
Comcast Cable Communications Holdings, Inc.,           
   Sr Note  8.375  03/15/13  BBB+  1,095  1,183,824 
CSC Holdings, Inc. (Z)  7.875  02/15/18  BB  390  360,750 
Nexstar Broadcasting, Inc.,           
   Sr Sub Note (Z)  7.000  01/15/14  CCC  340  151,300 
Rogers Cable, Inc.,           
   Gtd Sr Sec Note (Z)  6.750  03/15/15  BBB-  455  458,027 
Time Warner Cable, Inc.,           
   Gtd Sr Note (Z)  8.750  02/14/19  BBB+  290  322,933 
   Gtd Sr Note (Z)  6.750  07/01/18  BBB+  605  590,835 
 
Casinos & Gaming 3.95%          4,660,252 
Chukchansi Economic Development Authority,           
   Sr Note (S)(Z)  8.000  11/15/13  B+  460  161,000 

Page 1 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Casinos & Gaming (continued)           
Downstream Development Authority of the Quapaw           
   Tribe of Oklahoma,           
   Sr Sec Note (S)(Z)  12.000%  10/15/15  B-  $500  $265,000 
Fontainebleau Las Vegas Holdings LLC,           
   Note (S)(Z)  11.000  06/15/15  CCC  995  109,450 
Greektown Holdings, LLC,           
   Sr Note (G)(H)(S)(Z)  10.750  12/01/13  D  1,015  192,850 
Indianapolis Downs LLC & Capital Corp.,           
   Sr Sec Note (S)(Z)  11.000  11/01/12  CCC  1,010  540,350 
Jacobs Entertainment, Inc.,           
   Gtd Sr Note (Z)  9.750  06/15/14  B-  500  267,500 
Little Traverse Bay Bands of Odawa Indians,           
   Sr Note (S)(Z)  10.250  02/15/14  B-  500  260,000 
MTR Gaming Group, Inc.,           
   Gtd Sr Sub Note Ser B (Z)  9.000  06/01/12  CCC  290  146,450 
Pinnacle Entertainment, Inc.,           
   Sr Sub Note (Z)  7.500  06/15/15  B+  1,000  725,000 
Seminole Hard Rock Entertainment,           
   Sr Sec Note (P)(S)(Z)  4.496  03/15/14  BB  500  237,500 
Seminole Tribe of Florida,           
   Bond (S)(Z)  6.535  10/01/20  BBB  650  497,952 
Turning Stone Casino Resort Enterprise,           
   Sr Note (S)(Z)  9.125  09/15/14  B+  1,540  1,024,100 
Waterford Gaming, LLC,           
   Sr Note (S)(Z)  8.625  09/15/14  BB-  333  233,100 
 
Coal & Consumable Fuels 0.14%          162,400 
Drummond Co., Inc.,           
   Sr Note (S)(Z)  7.375  02/15/16  BB-  290  162,400 
 
Commodity Chemicals 1.36%          1,603,900 
NOVA Chemicals Corp.,           
   Sr Note Ser MTN (Z)  7.400  04/01/09  B+  2,045  1,267,900 
Sterling Chemicals, Inc.,           
   Gtd Sr Sec Note (Z)  10.250  04/01/15  B-  400  336,000 
 
Computer Hardware 0.33%          391,248 
NCR Corp.,           
   Sr Note (Z)  7.125  06/15/09  BBB-  390  391,248 
 
Construction & Farm Machinery & Heavy Trucks 0.66%        781,054 
Caterpillar, Inc. (Z)  7.900  12/15/18  A  340  381,054 
Manitowoc Co., Inc.,           
   Gtd Sr Note (Z)  7.125  11/01/13  BB  500  400,000 
 
Consumer Finance 2.25%          2,663,009 
American Express Credit Co.,           
   Sr Note Ser C (Z)  7.300  08/20/13  A  670  685,418 
Capital One Financial Corp.,           
   Sr Note (Z)  6.750  09/15/17  BBB+  1,000  912,417 
CIT Group, Inc.,           
   Sr Note (Z)  5.125  09/30/14  BBB+  255  165,862 
   Sr Note (Z)  5.000  02/13/14  BBB+  120  81,094 
Ford Motor Credit Co.,           
   Sr Note (Z)  8.000  12/15/16  CCC+  140  83,830 

Page 2 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Consumer Finance (continued)           
Nelnet, Inc.,           
   Note (7.400% to 9-1-11 then variable) (Z)  7.400%  09/29/36  BB+  $715  $219,690 
SLM Corp.,           
   Sr Note Ser MTN (Z)  8.450  06/15/18  BBB-  605  514,698 
 
Data Processing & Outsourced Services 0.34%          405,933 
Fiserv, Inc.,           
   Gtd Sr Note (Z)  6.800  11/20/17  BBB  460  405,933 
 
Department Stores 0.59%          698,216 
J.C. Penney Co., Inc.,           
   Debenture (Z)  7.650  08/15/16  BBB-  445  353,182 
Macy's Retail Holdings, Inc.,           
   Gtd Note (Z)  7.875  07/15/15  BBB-  450  345,034 
 
Diversified Banks 1.99%          2,348,972 
Barclays Bank PLC,           
   Bond (6.860% to 6-15-32 then variable) (S)(Z)  6.860  06/15/32  A  1,655  526,181 
Chuo Mitsui Trust & Banking Co. Ltd.,           
   Jr Sub Note (5.506% to 4-15-15 then variable) (S)(Z)  5.506  04/15/15  A2  940  535,989 
Natixis SA,           
   Sub Bond (10.000% to 4-30-18 then variable) (S)(Z)  10.000  12/18/49  BBB+  420  217,640 
Northern Trust Co.,           
   Sub Note (Z)  6.500  08/15/18  AA-  225  234,895 
Royal Bank of Scotland Group PLC,           
   Jr Sub Bond (7.648% to 9-30-31 then variable)           
   (United Kingdom) (Z)  7.648  08/29/49  BB  650  188,409 
   Jr Sub Bond Ser MTN (7.640% to 9-29-17 then           
   variable) (Z)  7.640  03/31/49  BB  400  61,988 
Wachovia Bank NA,           
   Sub Note (Z)  5.850  02/01/37  AA  390  339,531 
   Sub Note Ser BKNT (Z)  6.600  01/15/38  AA  250  244,339 
 
Diversified Chemicals 0.63%          742,906 
EI Du Pont de Nemours & Co.  5.875  01/15/14  A  695  742,906 
 
Diversified Financial Services 2.49%          2,944,031 
American General Finance Corp.,           
   Sr Note Ser MTN (Z)  6.900  12/15/17  BBB  1,470  659,172 
ERAC USA Finance Co.,           
   Gtd Sr Note (S)(Z)  6.375  10/15/17  BBB  465  302,475 
General Electric Capital Corp. (Z)  6.875  01/10/39  AAA  475  420,864 
NiSource Finance Corp.,           
   Gtd Bond (Z)  6.800  01/15/19  BBB-  440  314,751 
SMFG Preferred Capital,           
   Sub Bond (6.078% to 1-25-17 then variable) (S)(Z) 6.078    01/25/49  BBB+  590  394,209 
Sovereign Capital Trust VI,           
   Gtd Note (Z)  7.908  06/13/36  BB+  480  333,017 
TECO Finance, Inc.,           
   Gtd Sr Note (Z)  6.572  11/01/17  BB+  233  194,945 
   Sr Note (Z)  7.000  05/01/12  BB+  337  324,598 
 
Diversified Metals & Mining 0.36%          423,942 
Rio Tinto Finance (USA) Ltd.,           
   Gtd Note (Z)  6.500  07/15/18  BBB  505  423,942 

Page 3 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Diversified REIT's 0.42%          $492,041 
HRPT Properties Trust,           
   Sr Note (Z)  6.650%  01/15/18  BBB  $285  174,612 
ProLogis,           
   Sr Sec Note (Z)  6.625  05/15/18  BBB-  605  317,429 
 
Drug Retail 0.95%          1,124,879 
CVS Caremark Corp.,           
   Jr Sub Bond (6.302% to 6-1-12 then variable) (Z)  6.302  06/01/37  BBB-  990  539,550 
   Sr Note (Z)  5.750  06/01/17  BBB+  585  585,329 
 
Electric Utilities 8.40%          9,917,575 
AES Eastern Energy LP,           
   Sr Pass Thru Ctf Ser 1999-A (Z)  9.000  01/02/17  BB+  938  868,966 
Beaver Valley Funding,           
   Sec Lease Obligation Bond (Z)  9.000  06/01/17  BBB  680  648,564 
BVPS II Funding Corp.,           
   Collateralized Lease Bond (Z)  8.890  06/01/17  BBB  680  691,817 
Commonwealth Edison Co.,           
   Sec Bond (Z)  5.800  03/15/18  BBB+  705  678,703 
Constellation Energy Group, Inc.,           
   Sr Note (Z)  4.550  06/15/15  BBB  415  324,488 
Duke Energy Carolinas LLC (Z)  5.750  11/15/13  A  1,000  1,070,360 
Duke Energy Corp. (Z)  6.300  02/01/14  BBB+  340  348,723 
FPL Energy National Wind,           
   Sr Sec Note (S)(Z)  5.608  03/10/24  BBB-  323  252,621 
FPL Group Capital, Inc. (Z)  7.875  12/15/15  A-  230  265,128 
Indiantown Cogeneration LP,           
   1st Mtg Note Ser A-9 (Z)  9.260  12/15/10  BB+  212  194,242 
Jersey Central Power & Light Co. (Z)  7.350  02/01/19  BBB  275  282,947 
Midwest Generation LLC,           
   Gtd Pass Thru Ctf (Z)  8.560  01/02/16  BB+  330  321,502 
Monongahela Power Co. (S)(Z)  7.950  12/15/13  BBB+  635  644,781 
Oncor Electric Delivery Co.,           
   Sr Sec Note (Z)  6.375  05/01/12  BBB+  820  816,663 
Pepco Holdings, Inc.,           
   Note (Z)  6.450  08/15/12  BBB-  565  545,829 
PNPP II Funding Corp.,           
   Debenture (Z)  9.120  05/30/16  BBB  387  402,013 
Texas Competitive Electric Holdings Co. LLC,           
   Gtd Sr Note Ser A (S)(Z)  10.250  11/01/15  CCC  1,000  740,000 
   Sec Bond (Z)  7.460  01/01/15  CCC  384  305,878 
Waterford 3 Funding Corp.,           
   Sec Lease Obligation Bond (Z)  8.090  01/02/17  BBB  524  514,350 
 
Electrical Components & Equipment 0.68%          799,669 
Thomas & Betts Corp.,           
   Sr Note (Z)  7.250  06/01/13  BBB  775  799,669 
 
Environmental & Facilities Services 0.09%          112,200 
Blaze Recycling & Metals LLC,           
   Sr Sec Note (G)(S)(Z)  10.875  07/15/12  B  165  112,200 
 
Fertilizers & Agricultural Chemicals 0.38%          451,200 
Mosiac Co.,           
   Sr Note (S)(Z)  7.625  12/01/16  BBB-  480  451,200 

Page 4 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Food Distributors 0.60%          $705,600 
Independencia International Ltd.,           
   Gtd Sr Bond (S)(Z)  9.875%  01/31/17  B  $1,000  630,000 
   Gtd Sr Note (S)(Z)  9.875  05/15/15  B  120  75,600 
 
Gas Utilities 0.20%          240,125 
Southern Union Co.,           
   Jr Sub Note, Ser A (7.200% to 11-1-11 then           
   variable) (Z)  7.200  11/01/66  BB  565  240,125 
 
Health Care Distributors 1.14%          1,349,258 
Covidien International Finance SA,           
   Gtd Sr Note (Z)  5.450  10/15/12  A-  930  937,279 
   Gtd Sr Note (Z)  6.000  10/15/17  A-  405  411,979 
 
Health Care Facilities 0.57%          668,937 
Community Health Systems, Inc.,           
   Gtd Sr Sub Note (Z)  8.875  07/15/15  B  695  668,937 
 
Health Care Services 1.60%          1,890,901 
Humana, Inc.,           
   Sr Note (Z)  8.150  06/15/38  BBB  755  570,215 
Medco Health Solutions, Inc.,           
   Sr Note (Z)  7.250  08/15/13  BBB  440  433,186 
Sun Healthcare Group, Inc.,           
   Gtd Sr Sub Note (Z)  9.125  04/15/15  CCC+  1,000  887,500 
 
Home Improvement Retail 0.20%          239,448 
Home Depot, Inc.,           
   Sr Note (Z)  5.875  12/16/36  BBB+  320  239,448 
 
Household Products 0.18%          218,400 
Yankee Acquisition Corp.,           
   Gtd Sr Sub Note (Z)  8.500  02/15/15  B-  455  218,400 
 
Housewares & Specialties 0.10%          120,000 
Vitro SA de CV,           
   Gtd Sr Note (Z)  9.125  02/01/17  CC  500  120,000 
 
Independent Power Producers & Energy Traders 0.27%        323,375 
IPALCO Enterprises, Inc.,           
   Sr Sec Note (Z)  8.625  11/14/11  BB  325  323,375 
 
Industrial Conglomerates 1.15%          1,359,228 
Hutchison Whampoa International Ltd.,           
   Gtd Sr Note (S)(Z)  6.500  02/13/13  A-  750  760,229 
Tyco Electronics Group SA,           
   Gtd Sr Note (Z)  6.550  10/01/17  BBB-  260  214,778 
   Gtd Sr Note (Z)  6.000  10/01/12  BBB-  415  384,221 
 
Industrial Machinery 0.88%          1,037,082 
Ingersoll-Rand Global Holding Co., Ltd.,           
   Gtd Note (Z)  6.875  08/15/18  BBB+  545  511,865 
   Gtd Note (Z)  6.000  08/15/13  BBB+  540  525,217 

Page 5 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Integrated Oil & Gas 2.00%          $2,359,245 
ConocoPhillips Co.,           
   Gtd Note (Z)  4.400%  05/15/13  A  $1,000  1,015,147 
Petro-Canada,           
   Debenture (Z)  9.250  10/15/21  BBB  1,000  1,014,370 
   Sr Note (Z)  6.050  05/15/18  BBB  400  329,728 
 
Integrated Telecommunication Services 4.46%          5,266,397 
AT&T Inc.,           
   Sr Note  6.700  11/15/13  A  980  1,058,086 
   Sr Note  6.400  05/15/38  A  495  489,899 
Bellsouth Corp.,           
   Debenture  6.300  12/15/15  A  823  853,248 
Cincinnati Bell, Inc.,           
   Gtd Sr Sub Note (Z)  8.375  01/15/14  B-  1,025  917,375 
Qwest Corp.,           
   Sr Note (Z)  7.875  09/01/11  BBB-  445  440,550 
Telecom Italia Capital,           
   Gtd Sr Note (Z)  7.721  06/04/38  BBB  765  714,200 
Verizon Communications, Inc.,           
   Sr Bond (Z)  6.900  04/15/38  A  405  424,489 
West Corp.,           
   Gtd Sr Sub Note (Z)  11.000  10/15/16  B-  630  368,550 
 
Investment Banking & Brokerage 6.27%          7,402,946 
Bear Stearns Cos., Inc.,           
   Sr Note (Z)  7.250  02/01/18  A+  1,000  1,064,451 
Citigroup, Inc.,           
   Jr Sub Bond (8.400% to 4-30-18 then variable) (Z)  8.400  04/30/18  BB  770  281,227 
   Sr Note (Z)  6.875  03/05/38  A  260  233,289 
   Sr Note (Z)  6.125  05/15/18  A  1,790  1,624,101 
Goldman Sachs Group, Inc.,           
   Sr Note (Z)  5.125  01/15/15  A  760  684,804 
JPMorgan Chase & Co.,           
   Jr Sub Note Ser 1 (7.900% to 4-30-18 then variable)           
   (Z)  7.900  12/31/49  A-  655  497,833 
Merrill Lynch & Co., Inc.,           
   Jr Sub Bond (Z)  7.750  05/14/38  A  495  469,130 
   MTN (Z)  6.150  04/25/13  A+  1,000  965,032 
Mizuho Financial Group, Ltd.,           
   Gtd Sub Bond (Z)  8.375  12/29/49  Aa3  750  727,417 
Morgan Stanley Co.,           
   Sr Note (Z)  5.375  10/15/15  A  1,000  855,662 
 
Life & Health Insurance 0.28%          329,376 
Lincoln National Corp.,           
   Jr Sub Bond (6.050% to 4-20-17 then variable) (Z)  6.050  04/20/67  A-  250  112,500 
Symetra Financial Corp.,           
   Jr Sub Bond (8.300% to 10-15-17 then variable) (S)(Z) 8.300    10/15/37  BB+  440  216,876 
 
Marine 0.77%          907,000 
CMA CGM SA,           
   Sr Note (S)(Z)  7.250  02/01/13  BB-  700  322,000 
Navios Maritime Holdings, Inc.,           
   Sr Note (Z)  9.500  12/15/14  B+  1,000  585,000 

Page 6 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Metal & Glass Containers 0.43%          $502,500 
Owens-Brockway Glass Container, Inc.,           
   Gtd Sr Note (Z)  8.250%  05/15/13  BB+  500  502,500 
 
Movies & Entertainment 0.19%          218,969 
Cinemark, Inc.,           
   Sr Disc Note (Zero to 3-15-09 then 9.750%) (Z)  Zero  03/15/14  CCC+  245  218,969 
 
Multi-Line Insurance 1.63%          1,930,407 
Genworth Financial, Inc.,           
   Jr Sub Note (6.150% to 11-15-16 then variable) (Z)  6.150  11/15/66  BBB  430  72,701 
Horace Mann Educators Corp.,           
   Sr Note (Z)  6.850  04/15/16  BBB  395  309,013 
Liberty Mutual Group,           
   Bond (S)(Z)  7.500  08/15/36  BBB-  885  583,142 
   Gtd Bond (S)(Z)  7.800  03/15/37  BB  705  348,360 
   Gtd Bond (S)(Z)  7.300  06/15/14  BBB-  750  617,191 
 
Multi-Media 1.66%          1,965,098 
News America Holdings, Inc.,           
   Gtd Note (Z)  7.750  01/20/24  BBB+  1,020  967,006 
   Gtd Note (Z)  7.600  10/11/15  BBB+  1,000  998,092 
 
Multi-Utilities 0.81%          951,565 
CalEnergy Co., Inc.,           
   Sr Bond (Z)  8.480  09/15/28  BBB+  550  582,716 
Sempra Energy,           
   Sr Bond (Z)  8.900  11/15/13  BBB+  345  368,849 
 
Office Electronics 0.48%          571,175 
Xerox Corp.,           
   Sr Note (Z)  6.750  02/01/17  BBB  670  571,175 
 
Oil & Gas Drilling 0.45%          537,124 
Allis-Chalmers Energy, Inc.,           
   Sr Note (Z)  8.500  03/01/17  B+  335  164,150 
Delek & Avner Yam Tethys Ltd.,           
   Sr Sec Note (S)(Z)  5.326  08/01/13  BBB-  215  194,486 
Nabors Industries, Inc.,           
   Gtd Note (S)(Z)  9.250  01/15/19  BBB+  185  178,488 
 
Oil & Gas Equipment & Services 0.17%          203,558 
Weatherford International, Ltd.,           
   Gtd Note (Z)  9.625  03/01/19  BBB+  200  203,558 
 
Oil & Gas Exploration & Production 2.17%          2,561,538 
Devon Energy Corp.,           
   Sr Note (Z)  6.300  01/15/19  BBB+  465  465,306 
   Sr Note (Z)  5.625  01/15/14  BBB+  1,025  1,043,286 
McMoRan Exploration Co.,           
   Gtd Sr Note (Z)  11.875  11/15/14  B  340  265,200 
Nexen, Inc.,           
   Sr Note (Z)  5.875  03/10/35  BBB-  355  248,672 
XTO Energy, Inc.,           
   Sr Note (Z)  5.900  08/01/12  BBB  545  539,074 

Page 7 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Oil & Gas Refining & Marketing 0.28%          $330,400 
Enterprise Products Operating LP,           
   Gtd Jr Sub Note (7.034% to 1-15-18 then variable) (Z)  7.034%  01/15/68  BB  $590  330,400 
 
Oil & Gas Storage & Transportation 5.21%          6,155,898 
Energy Transfer Partners LP,           
   Sr Note (Z)  9.700  03/15/19  BBB-  330  354,765 
Enterprise Products Operating LP,           
   Gtd Note (Z)  9.750  01/31/14  BBB-  335  364,295 
   Gtd Sr Note, Ser B (Z)  5.600  10/15/14  BBB-  650  605,645 
Kinder Morgan Energy Partners LP,           
   Sr Bond (Z)  7.750  03/15/32  BBB  195  193,938 
   Sr Note (Z)  9.000  02/01/19  BBB  505  548,231 
   Sr Note (Z)  5.125  11/15/14  BBB  240  225,370 
Markwest Energy Partners LP,           
   Gtd Sr Note Ser B (Z)  8.500  07/15/16  B+  545  399,212 
NGPL PipeCo LLC,           
   Sr Note (S)(Z)  7.119  12/15/17  BBB-  1,580  1,471,400 
ONEOK Partners LP,           
   Gtd Sr Note (Z)  6.150  10/01/16  BBB  705  633,371 
Plains All American Pipeline LP,           
   Gtd Sr Note (S)(Z)  6.500  05/01/18  BBB-  345  288,916 
TEPPCO Partners LP,           
   Gtd Jr Sub Note (7.00% to 6-1-17 then variable) (Z) 7.000    06/01/67  BB  695  358,755 
Williams Partners LP,           
   Gtd Sr Note (Z)  7.250  02/01/17  BBB-  800  712,000 
 
Packaged Foods & Meats 2.38%          2,812,421 
General Mills, Inc.,           
   Sr Note  5.650  02/15/19  BBB+  200  203,993 
   Sr Note (Z)  5.200  03/17/15  BBB+  155  154,691 
Kraft Foods, Inc.,           
   Sr Note (Z)  6.875  01/26/39  BBB+  315  320,028 
   Sr Note (Z)  6.125  02/01/18  BBB+  770  785,177 
   Sr Note (Z)  6.000  02/11/13  BBB+  685  722,132 
Minerva Overseas Ltd.,           
   Gtd Note (S)(Z)  9.500  02/01/17  B  1,080  626,400 
 
Paper Packaging 0.50%          594,325 
Graphic Packaging International, Inc.,           
   Gtd Sr Note (Z)  8.500  08/15/11  B-  445  391,600 
Smurfit-Stone Container Corp.,           
   Sr Note (H)(Z)  8.375  07/01/12  D  1,000  105,000 
   Sr Note (H)(Z)  8.000  03/15/17  D  245  25,725 
U.S. Corrugated, Inc.,           
   Sr Sec Note (Z)  10.000  06/01/13  B  160  72,000 
 
Paper Products 0.69%          818,914 
International Paper Co.,           
   Sr Note (Z)  7.950  06/15/18  BBB  505  408,914 
Verso Paper Holdings LLC,           
   Gtd Sr Note Ser B (Z)  9.125  08/01/14  B+  1,000  410,000 
 
Pharmaceuticals 0.20%          232,564 
Wyeth,           
   Sr Sub Note (Z)  5.500  03/15/13  A+  220  232,564 

Page 8 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Property & Casualty Insurance 0.57%          $667,766 
Progressive Corp.,           
   Jr Sub Debenture (6.700% to 6-1-17 then variable) (Z)  6.700%  06/15/37  A-  $330  185,916 
QBE Insurance Group, Ltd.,           
   Sr Note (S)(Z)  9.750  03/14/14  A-  486  481,850 
 
Publishing 0.11%          127,469 
Idearc, Inc.,           
   Gtd Sr Note (Z)  8.000  11/15/16  CCC  1,055  32,969 
R.H. Donnelley Corp.,           
   Sr Disc Note Ser A-1 (Z)  6.875  01/15/13  B-  200  18,000 
   Sr Disc Note Ser A-2 (Z)  6.875  01/15/13  B-  300  27,000 
   Sr Note (Z)  8.875  10/15/17  B-  495  49,500 
 
Railroads 1.34%          1,587,847 
CSX Corp.,           
   Sr Note (Z)  6.300  03/15/12  BBB-  1,000  998,833 
   Sr Note (Z)  5.500  08/01/13  BBB-  620  589,014 
 
Real Estate Management & Development 1.22%          1,444,696 
Health Care Realty Trust, Inc.,           
   Sr Note (Z)  8.125  05/01/11  BBB-  175  161,483 
Health Care REIT, Inc.,           
   Sr Note (Z)  6.200  06/01/16  BBB-  505  379,603 
Post Apartment Homes,           
   Sr Note (Z)  5.125  10/12/11  BBB  870  689,860 
Ventas Realty LP/Capital Corp.,           
   Sr Note (Z)  6.625  10/15/14  BBB-  250  213,750 
 
Semiconductors 0.19%          220,000 
Freescale Semiconductor, Inc.,           
   Gtd Sr Note (Z)  8.875  12/15/14  CCC  1,000  220,000 
 
Soft Drinks 1.15%          1,355,405 
Bottling Group LLC,           
   Gtd Sr Note (Z)  6.950  03/15/14  A  345  394,884 
Coca Cola Enterprises, Inc.,           
   Note (Z)  7.375  03/03/14  A  410  470,657 
Pepsico, Inc.,           
   Sr Note (Z)  7.900  11/01/18  A+  395  489,864 
 
Specialized Consumer Services 0.21%          253,000 
Sotheby's,           
   Sr Note (S)(Z)  7.750  06/15/15  BBB-  460  253,000 
 
Specialized Finance 2.37%          2,794,652 
American Honda Finance Corp.,           
   Note (S)(Z)  7.625  10/01/18  A+  655  617,876 
Astoria Depositor Corp.,           
   Pass Thru Ctf Ser B (G)(S)(Z)  8.144  05/01/21  BB  1,000  801,562 
Bosphorous Financial Services,           
   Sec Floating Rate Note (S)(Z)  3.949  02/15/12  Baa2  406  346,964 
ESI Tractebel Acquisition Corp.,           
   Gtd Sec Bond Ser B (Z)  7.990  12/30/11  BB  688  668,735 
GrafTech Finance, Inc.,           
   Gtd Sr Note (Z)  10.250  02/15/12  BB  41  37,515 

Page 9 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Specialized Finance (continued)           
USB Realty Corp.,           
   Perpetual Bond (6.091% to 1-15-12 then variable)           
   (S)(Z)  6.091%  12/22/49  A+  $800  $322,000 
 
Specialized REIT's 0.25%          290,269 
Plum Creek Timberlands LP,           
   Gtd Note (Z)  5.875  11/15/15  BBB-  365  290,269 
 
Specialty Chemicals 1.06%          1,247,976 
American Pacific Corp.,           
   Gtd Sr Note (Z)  9.000  02/01/15  B+  590  495,600 
Lubrizol Corp.,           
   Sr Note (Z)  8.875  02/01/19  BBB  305  312,376 
Momentive Performance,           
   Gtd Sr Note (Z)  9.750  12/01/14  B-  1,000  440,000 
 
Specialty Stores 0.45%          531,791 
Staples, Inc.,           
   Sr Note (Z)  9.750  01/15/14  BBB  500  531,791 
 
Steel 0.43%          504,961 
Allegheny Technologies, Inc.,           
   Sr Note (Z)  8.375  12/15/11  BBB-  275  262,153 
Commercial Metals Co.,           
   Sr Note (Z)  7.350  08/15/18  BBB  310  242,808 
 
Tires & Rubber 0.38%          448,850 
Goodyear Tire & Rubber Co.,           
   Sr Sec Note (Z)  8.625  12/01/11  BB-  470  448,850 
 
Tobacco 2.33%          2,753,435 
Alliance One International, Inc.,           
   Gtd Sr Note (Z)  8.500  05/15/12  B+  245  193,550 
Altria Group Inc.,           
   Gtd Sr Note (Z)  9.950  11/10/38  BBB  685  733,133 
   Gtd Sr Note (Z)  8.500  11/10/13  BBB  800  879,649 
Reynolds American, Inc.,           
   Sr Sec Note (Z)  7.250  06/01/13  BBB  1,000  947,103 
 
Wireless Telecommunication Services 2.70%          3,185,768 
Crown Castle Towers LLC,           
   Sub Bond Ser 2005-1A Class D (S)(Z)  5.612  06/15/35  Baa2  1,340  938,000 
Digicel Group Ltd.,           
   Sr Note (S)(Z)  8.875  01/15/15  Caa1  1,080  793,800 
Sprint Capital Corp.,           
   Gtd Sr Note (Z)  8.375  03/15/12  BB  500  400,000 
   Gtd Sr Note (Z)  6.900  05/01/19  BB  1,000  670,000 
Verizon Wireless,           
   Sr Note (S)(Z)  7.375  11/15/13  A  355  383,968 

Page 10 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Credit     
Issuer, description  rating (A)  Shares  Value 
   
Preferred Stocks 3.19%       $3,770,603 
(Cost $5,106,105)       
   
Agricultural Products 0.91%      1,075,000 
Ocean Spray Cranberries, Inc.,       
   Ser A (S)(Z)  BBB-  12,500  1,075,000 
   
Diversified Financial Services 0.31%      366,203 
Bank of America Corp. (Z)  A-  26,575  366,203 
   
Real Estate Investment Trusts 0.63%      741,200 
Public Storage REIT, Inc., 6.50%,       
   Depositary Shares, Ser W (Z)  BBB  40,000  741,200 
 
Real Estate Management & Development 0.74%      882,200 
Apartment Investment & Management Co., 8.00%, Ser T (Z)  B+  55,000  882,200 
   
Wireless Telecommunication Services 0.60%      706,000 
Telephone & Data Systems, Inc., 7.60% (Z)  BBB-  40,000  706,000 

  Par value   
Issuer, description, maturity date  (000)  Value 
 
Tranche loans 0.26%     $310,000 
(Cost $495,000)     
 
Hotels, Resorts & Cruise Lines 0.26%    310,000 
East Valley Tourist Development Authority,     
    Tranche (Facility LN5501750) 8-6-12 (Z)  $500  310,000 

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
U.S. Government & agency securities 36.30%          $42,863,865 
(Cost $42,242,852)           
 
U.S. Government 0.67%          786,677 
United States Treasury,           
   Bond (Z)  4.375%  02/15/38  AAA  105  119,011 
   Note (Z)  3.750  11/15/18  AAA  620  667,666 
 
U.S. Government Agency 35.63%          42,077,188 
Federal Home Loan Mortgage Corp.,           
   30 Yr Pass Thru Ctf (Z)  11.250  01/01/16  AAA  11  12,093 
Federal National Mortgage Assn.,           
   15 Yr Pass Thru Ctf (Z)  7.000  09/01/12  AAA  2  2,092 
   30 Yr Pass Thru Ctf (Z)  6.000  09/01/36  AAA  7,095  7,321,020 
   30 Yr Pass Thru Ctf (Z)  5.500  02/01/36  AAA  3,690  3,782,514 
   30 Yr Pass Thru Ctf (Z)  5.500  03/01/37  AAA  2,247  2,301,675 
   30 Yr Pass Thru Ctf (Z)  5.500  06/01/37  AAA  4,698  4,812,480 
   30 Yr Pass Thru Ctf (Z)  5.500  06/01/38  AAA  4,934  5,054,148 
   30 Yr Pass Thru Ctf (Z)  5.500  10/01/38  AAA  9,965  10,208,779 
   30 Yr Pass Thru Ctf  4.500  02/15/39  AAA  3,000  3,018,750 
   Note (Z)  6.000  05/30/25  AAA  1,720  1,709,489 
Government National Mortgage Assn.,           
   30 Yr Pass Thru Ctf (Z)  10.000  11/15/20  AAA  4  4,704 
   30 Yr Pass Thru Ctf (Z)  9.500  01/15/21  AAA  4  4,415 
   30 Yr Pass Thru Ctf (Z)  9.500  02/15/25  AAA  12  13,716 

Page 11 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
U.S. Government Agency (continued)           
   30 Yr Pass Thru Ctf (Z)  5.500%  11/15/38  AAA  $2,993  $3,070,963 
Small Business Administration CMBS Trust,           
   Sub Bond Ser 2005-1A Class D (S)(Z)  6.219  11/15/35  Baa2  225  190,125 
   Sub Bond Ser 2005-1A Class E (S)(Z)  6.706  11/15/35  Baa3  200  161,000 
   Sub Bond Ser 2006-1A Class H (S)(Z)  7.389  11/15/36  Ba3  365  275,575 
   Sub Bond Ser 2006-1A Class J (S)(Z)  7.825  11/15/36  B1  220  133,650 
 
Collateralized mortgage obligations 17.71%          $20,917,235 
(Cost $40,611,882)           
 
Collateralized Mortgage Obligations 17.71%          20,917,235 
American Home Mortgage Assets,           
   Mtg Pass Thru Ctf Ser 2006-6 Class XP IO  2.488%  12/25/46  BBB  $13,356  409,026 
   Mtg Pass Thru Ctf Ser 2007-5 Class XP IO (Z)  2.815  06/25/47  AAA  9,649  488,479 
American Home Mortgage Investment Trust,           
   Mtg Pass Thru Ctf Ser 2007-1 Class GIOP IO (Z)  2.078  05/25/47  AAA  8,002  417,581 
American Tower Trust,           
   Mtg Pass Thru Ctf Ser 2007-1A Class D (S)  5.957  04/15/37  BBB  865  625,571 
Banc of America Commercial Mortgage, Inc.,           
   Mtg Pass Thru Ctf Ser 2005-6 Class A4 (P)(Z)  5.180  09/10/47  AAA  300  255,625 
Banc of America Funding Corp.,           
   Mtg Pass Thru Ctf Ser 2006-B Class 6A1 (Z)  5.886  03/20/36  A  946  554,749 
   Mtg Pass Thru Ctf Ser 2006-D Class 6B2 (Z)  5.928  05/20/36  CCC  1,824  629,485 
Bear Stearns Adjustable Rate Mortgage Trust,           
   Mtg Pass Thru Ctf Ser 2005-1 Class B2 (P)(Z)  5.188  03/25/35  AA+  806  94,844 
Bear Stearns Alt-A Trust,           
   Mtg Pass Thru Ctf Ser 2005-3 Class B2 (P)(Z)  5.395  04/25/35  AA+  553  93,153 
   Mtg Pass Thru Ctf Ser 2006-4 Class 3B1 (P)(Z)  6.250  07/25/36  CCC  2,521  113,356 
Bear Stearns Commercial Mortgage Securities, Inc.,           
   Mtg Pass Thru Ctf Ser 2006-PW14 Class D (S)(Z)  5.412  12/11/38  A  655  92,198 
Citigroup Mortgage Loan Trust, Inc.,           
   Mtg Pass Thru Ctf Ser 2005-10 Class 1A5A (P)(Z)  5.835  12/25/35  AAA  690  396,778 
   Mtg Pass Thru Ctf Ser 2005-5 Class 2A3 (Z)  5.000  08/25/35  AAA  420  346,013 
Citigroup/Deutsche Bank Commercial Mortgage           
   Trust,           
   Mtg Pass Thru Ctf Ser 2005-CD1 Class C (P)(Z)  5.225  07/15/44  AA  295  98,201 
ContiMortgage Home Equity Loan Trust,           
   Mtg Pass Thru Ctf Ser 1995-2 Class A-5 (Z)  8.100  08/15/25  CCC  60  50,987 
Countrywide Alternative Loan Trust,           
   Mtg Pass Thru Ctf Ser 2005-59 Class 2X IO (Z)  3.188  11/20/35  AAA  10,106  296,871 
   Mtg Pass Thru Ctf Ser 2006-0A12 Class X IO (Z)  4.821  09/20/46  AAA  16,929  632,210 
   Mtg Pass Thru Ctf Ser 2006-11CB Class 3A1 (Z)  6.500  05/25/36  A3  2,708  1,490,962 
Crown Castle Towers LLC,           
   Mtg Pass Thru Ctf Ser 2006-1A Class G (S)(Z)  6.795  11/15/36  Ba2  3,000  2,371,868 
DB Master Finance LLC,           
   Mtg Pass Thru Ctf Ser 2006-1-M1 (S)(Z)  8.285  06/20/31  BB  340  205,302 
Dominos Pizza Master Issuer LLC,           
   Mtg Pass Thru Ctf Ser 2007-1-M1 (S)(Z)  7.629  04/25/37  BB  1,000  400,000 
DSLA Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2005-AR5 Class X2 IO (Z)  0.151  08/19/45  AAA  24,571  583,568 

Page 12 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Collateralized Mortgage Obligations (continued)           
First Horizon Alternative Mortgage Securities,           
   Mtg Pass Thru Ctf Ser 2004-AA5 Class B1 (P)(Z)  5.217%  12/25/34  AA  $419  $40,635 
   Mtg Pass Thru Ctf Ser 2006-AA2 Class B1           
   (G)(P)(Z)  6.128  05/25/36  AA  1,543  85,452 
GSR Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2004-9 Class B1 (G)(P)(Z)  4.581  08/25/34  AA  832  304,914 
   Mtg Pass Thru Ctf Ser 2006-4F Class 6A1 (Z)  6.500  05/25/36  BB  3,472  2,053,715 
HarborView Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2005-8 Class 1X IO (Z)  3.684  09/19/35  AAA  7,032  118,673 
   Mtg Pass Thru Ctf Ser 2007-3 Class ES IO (G)(Z)  0.350  05/19/47  AAA  22,394  125,966 
   Mtg Pass Thru Ctf Ser 2007-4 Class ES IO (G)(Z)  0.350  07/19/47  AAA  22,396  132,974 
   Mtg Pass Thru Ctf Ser 2007-6 Class ES IO(G)(S)(Z) 0.343  08/19/37  BB  16,031  90,174 
Harborview NIM Corp.,           
   Mtg Pass Thru Ctf Ser 2006-9A Class N2 (S)(Z)  8.350  11/19/36  AAA  323  808 
Indymac Index Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2004-AR13 Class B1 (Z)  5.296  01/25/35  AA  332  67,608 
   Mtg Pass Thru Ctf Ser 2005-AR18 Class 1X IO (Z)   3.198  10/25/36  AAA  14,574  218,603 
   Mtg Pass Thru Ctf Ser 2005-AR18 Class 2X IO (Z) 2.921  10/25/36  AAA  14,605  182,564 
   Mtg Pass Thru Ctf Ser 2005-AR5 Class B1 (P)(Z)  5.368  05/25/35  AA  440  42,060 
   Mtg Pass Thru Ctf Ser 2006-AR19 Class 1B1 (P)(Z) 5.909  08/25/36  CCC  452  29,516 
JPMorgan Chase Commercial Mortgage Security           
   Corp.,           
   Mtg Pass Thru Ctf Ser 2005-LDP4 Class B (P)(Z)  5.129  10/15/42  Aa2  2,035  673,098 
JPMorgan Mortgage Trust,           
   Mtg Pass Thru Ctf Ser 2005-S3 Class 2A2 (Z)  5.500  01/25/21  AAA  735  610,529 
Luminent Mortgage Trust,           
   Mtg Pass Thru Ctf Ser 2006-1 Class X IO (Z)  4.098  04/25/36  AAA  21,792  354,120 
Merrill Lynch Mortgage Investors Trust,           
   Mtg Pass Thru Ctf Ser 2006-AF1 Class MF1 (P)(Z) 6.158  08/25/36  CCC  1,196  209,081 
MLCC Mortgage Investors, Inc.,           
   Mtg Pass Thru Ctf Ser 2007-3 Class M1 (P)(Z)  5.933  09/25/37  AA  420  90,877 
   Mtg Pass Thru Ctf Ser 2007-3 Class M2 (P)(Z)  5.933  09/25/37  A  155  26,012 
   Mtg Pass Thru Ctf Ser 2007-3 Class M3 (P)(Z)  5.933  09/25/37  BBB  105  13,391 
Morgan Stanley Capital I,           
   Mtg Pass Thru Ctf Ser 2005-HQ7 Class A4 (P)(Z)  5.208  11/14/42  AAA  840  691,651 
   Mtg Pass Thru Ctf Ser 2006-IQ12 Class E (P)(Z)  5.538  12/15/43  A+  640  91,213 
Provident Funding Mortgage Loan Trust,           
   Mtg Pass Thru Ctf Ser 2005-1 Class B1 (P)(Z)  4.775  05/25/35  AA  413  94,525 
Residential Accredit Loans, Inc.,           
   Mtg Pass Thru Ctf Ser 2005-QA12 Class NB5 (P)(Z) 5.949  12/25/35  AAA  3,013  1,783,999 
Washington Mutual, Inc.,           
   Mtg Pass Thru Ctf Ser 2005-6 Class 1CB (Z)  6.500  08/25/35  AAA  431  297,767 
   Mtg Pass Thru Ctf Ser 2005-AR4 Class B1 (P)(Z)  4.668  04/25/35  AA  1,510  661,446 
   Mtg Pass Thru Ctf Ser 2007-0A4 Class XPPP IO (Z) 0.502  04/25/47  Aaa  18,888  144,613 
   Mtg Pass Thru Ctf Ser 2007-0A5 Class 1XPP IO (Z) 1.005  06/25/47  Aaa  43,839  383,587 
   Mtg Pass Thru Ctf Ser 2007-0A5 Class 2XPP IO (Z) 1.538  06/25/47  AAA  51,403  385,526 
   Mtg Pass Thru Ctf Ser 2007-0A6 Class 1XPP IO (Z) 1.166  07/25/47  Aaa  25,820  217,852 
   Mtg Pass Thru Ctf Ser 2007-1 Class B1 (P)(Z)  6.165  02/25/37  CCC  565  47,459 

Page 13 

John Hancock Income Securities Trust
Securities owned by the Fund on
January 31, 2009 (Unaudited)

  Interest  Maturity  Credit  Par value   
Issuer, description  rate  date  rating (A)  (000)  Value 
 
Asset backed securities 0.75%          $882,187 
(Cost $952,002)           
 
Asset Backed Securities 0.75%          882,187 
Global Signal Trust,           
   Sub Bond Ser 2004-2A Class D (P)(S)(Z)  5.093%  12/15/14  Baa2  $495  477,675 
   Sub Bond Ser 2006-1 Class E (P)(S)(Z)  6.495  02/15/36  Baa3  460  404,512 
 
Short-term investments 2.54%          $2,996,676 
(Cost $2,997,228)           
 
U.S. Government Agency 2.54%          2,996,676 
U.S. Treasury Bill,           
   Discount Note (Z)  Zero  06/25/09  AAA  $3,000  2,996,676 
 
Total investments (Cost $223,971,554)† 146.87%          $173,447,761 
 
Other assets and liabilities, net (46.87%)          ($55,352,206) 
 
Total net assets 100.00%          $118,095,555 

The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common shareholders.

IO Interest only (carries notional principal amount)

MTN Medium-Term Note

REIT Real Estate Investment Trust

(A) Credit ratings are unaudited and are rated by Moody’s Investors Service where Standard & Poor’s ratings are not available unless indicated otherwise.

(G) Security rated internally by John Hancock Advisers, LLC.

(H) Non-income-producing issuer filed for protection under the Federal Bankruptcy Code or is in default of interest payment.

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

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $27,528,125 or 23.31% of the net assets of the Fund as of January 31, 2009.

(Z) All or a portion of this security is segregated as collateral for the Revolving Credit Agreement. Total collateral value at January 31, 2009 was $261,214,555.

† At January 31, 2009, the aggregate cost of investment securities for federal income tax purposes was $224,513,340. Net unrealized depreciation aggregated $51,065,579, of which $4,486,465 related to appreciated investment securities and $55,552,044 related to depreciated investment securities.

The Fund had the following interest rate swap contract open on January 31, 2009:

                         RATE TYPE       
  FIXED  VARIABLE       
  PAYMENTS  PAYMENTS       
NOTIONAL  MADE BY  RECEIVED BY  TERMINATION    UNREALIZED 
AMOUNT  FUND  FUND  DATE  COUNTERPARTY  DEPRECIATION 
$29,000,000  4.6875%  3-month LIBOR (a)  Sep 2010  Bank of America  ($1,883,351) 

(a) At January 31, 2009, the 3-month LIBOR rate was 1.184%.

Page 14 

Notes to portfolio of investments

Security valuation
Investments are stated at value as of the close of the regular trading on New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. Equity securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated price if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take 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. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Equity and debt obligations, for which there are no prices available from an independent pricing service, are value based on broker quotes or fair valued as described below. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value.

Other portfolio securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Trust’s Pricing Committee in accordance with procedures adopted by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are generally determined as of such times. Occasionally, significant events that affect the values of such securities may occur between the times at which such values are generally determined and the close of the NYSE. Upon such an occurrence, these securities will be valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. Debt securities whose prices cannot be provided by an independent pricing service are valued at prices provided by broker-dealers.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157 (FAS 157). FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable, such as when there is little or no market activity for an investment, unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors that market participants would use in pricing an investment and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

15 

The following is a summary of the inputs used to value the Fund’s net assets as of January 31, 2009:

  Investments in  Other Financial 
Valuation Inputs  Securities  Instruments* 
    
Level 1 – Quoted Prices  $741,200  - 
Level 2 – Other Significant Observable Inputs  162,893,157  ($1,818,407) 
Level 3 – Significant Unobservable Inputs  7,400,314  - 
Total  $171,034,671  ($1,818,407) 

* Other financial instruments are derivative instruments not reflected in the Fund of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

  Investments in  Other Financial 
  Securities  Instruments 
Balance as of October 31, 2008  $8,643,566  - 
Accrued discounts/premiums  -  - 
Realized gain (loss)  5  - 
Change in unrealized appreciation  (1,056,317)  - 
(depreciation)     
Net purchases (sales)  (667,050)  - 
Transfers in and/or out of Level 3  480,110  - 
Balance as of January 31, 2009  $7,400,314  - 

Swap contracts
The Fund may enter into interest rate, credit default, cross- currency, and other forms of swap transactions to manage its exposure to credit, currency and interest rate risks or to enhance the Fund’s income. Swap agreements are privately negotiated agreements between a Fund and a counterparty to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized appreciation/depreciation of swap contracts on the Statements of Assets and Liabilities. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued at fair value as determined in good faith by the Trust’s Pricing Committee in accordance with procedures adopted by the Board of Trustees.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates. The Fund may also suffer losses if it is unable to terminate outstanding swap contracts or reduce its exposure through offsetting transactions.

Certain Portfolios are parties to International Swap Dealers Association, Inc. Master Agreements (ISDA Master Agreements) with select counterparties that govern over the counter derivative transactions, which may include foreign exchange derivative transactions, entered into by the Portfolios and those counterparties. The ISDA Master Agreements typically include standard representations and warranties as well as provisions outlining the general obligations of the

16 

Portfolios and counterparties relating to collateral, events of default, termination events and other standard provisions. Termination events may include a decline in a Portfolio’s net asset value below a certain point over a certain period of time that is specified in the Schedule to the ISDA Master Agreement; such an event may entitle counterparties to elect to terminate early and calculate damages based on that termination with respect to some or all outstanding transactions under the applicable damage calculation provisions of the ISDA Master Agreement. An election by one or more counterparties to terminate ISDA Master Agreements could have a material impact on the financial statements of the Portfolios. Due to declines in net assets of certain Portfolios during the year ended January 31, 2009, one or more counterparties currently may be entitled to terminate early but none has elected to take such action. The Schedule to the ISDA Master Agreements may give counterparties the right to require that the Portfolios post additional collateral as opposed to giving the counterparties the right to terminate the ISDA Master Agreement.

Interest Rate Swap Agreements
Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the two interest rates, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The Fund settles accrued net receivable or payable under the swap contracts on a periodic basis.

Risks and uncertainties

Concentration risk
The Funds may concentrate investments in a particular industry, sector of the economy or invest in a limited number of companies. Accordingly, the concentration may make the Fund’s value more volatile and investment values may rise and fall more rapidly. In addition, a fund with a concentration is particularly susceptible to the impact of market, economic, regulatory and other factors affecting the specific concentration.

Derivatives and counterparty risk
The use of derivative instruments may involve risk different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, derivative instruments expose a fund to the risk that the counterparty to an over-the-counter (OTC) derivatives contract will be unable or unwilling to make timely settlement payments or otherwise to honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty defaults, the fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations of that, in the event of default, the fund will succeed in enforcing them.

Fixed income risk
Fixed income securities are subject to credit and interest rate risk and involve some risk of default in connection with principal and interest payments.

Mortgage security risk
The Fund may invest a portion of its assets in issuers and/or securities of issuers that hold mortgage securities, including subprime mortgage securities. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Decreases in interest rates may cause prepayments on underlying mortgages to an IO security to accelerate resulting in a lower than anticipated yield and increases the risk of loss on the IO investment.

Leverage utilization risk
The Fund utilizes leverage to increase assets available for investment.

17 


ITEM 2. 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-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

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

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/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: March 20, 2009

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/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: March 20, 2009

By: /s/ Charles A. Rizzo
-------------------------------------
Charles A. Rizzo
Chief Financial Officer

Date: March 20, 2009