JHS - John Hancock Income Securities Trust

What this means for you

Sit Investment and Karpus are known for pushing closed-end funds to narrow the gap between price and value. For now they have told the regulator they are not seeking changes. 1607 Capital specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Aug 14, 2026

   1607 Capital cut its stake to 6.8% (from 10%), as a passive investor.

   Original document →

2. Aug 14, 2026

   Karpus now owns 7.3%, as a passive investor.

   Original document →

3. Feb 13, 2026

   1607 Capital cut its stake to 10% (from 10.4%), as a passive investor.

   Original document →

4. July 7, 2025

   Sit Investment raised its stake to 26.8% (from 21.8%), as a passive investor.

   Original document →

5. March 4, 2025

   1607 Capital raised its stake to 10.4% (from 9.6%), as a passive investor.

   Original document →

About this fund

• Run by John Hancock Investment Management LLC. Part of the John Hancock Group of Funds fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $139 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 40% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 4.4% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 24 charge a lower management fee and 68 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.62 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $12.45. The shares traded at $11.54, about 7.3% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 0.4% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.62 in the fiscal year ended Oct 31, 2025; $0.47 in the year ended Oct 31, 2024; $0.41 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.41% a year in the fiscal year ended Oct 31, 2025; 5.06% a year in the year ended Oct 31, 2024; 4.89% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $145 million at Oct 31, 2025; $141 million at Oct 31, 2024; $128 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 39% on top of its own money at Oct 31, 2025; 40% at Oct 31, 2024; 44% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 11.6 million shares at Oct 31, 2025, about the same as at Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +6.8%, counting payouts; the holdings +8.4%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +21.3%, counting payouts; the holdings +15.3%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -2.8%, counting payouts; the holdings +0.4%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -27.5%, counting payouts; the holdings -23.6%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +5.8%, counting payouts; the holdings +5.4%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -3.3%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $9,670 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +1.7%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 59 funds that invest in bonds with a fiscal year ending within six months of this one, 33 reported a higher share return for that year and 25 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (52%), the rest mortgage bonds and asset-backed bonds. About 91% issued in the U.S.

1. Fannie Mae Pool - 6.7%
2. Freddie Mac Pool Fr 09/52 Fixed 4.5 - 4.8%
3. United States Treasury Note/Bond - 3.9%
4. Freddie Mac Pool Fr 11/52 Fixed 5.5 - 2.2%
5. Cash and short-term - 1.1%
6. Freddie Mac Pool Fr 05/53 Fixed 5 - 0.8%
7. Freddie Mac Pool Fr 01/38 Fixed 4.5 - 0.8%
8. Wells Fargo and Company, WELLS FARGO and CO SR UNSECURED 10/34 VAR - 0.7%
9. Bank of America Corp Sr Unsecured 07/33 Var - 0.7%
10. American Tower Corp Sr Unsecured 02/29 5.2 - 0.6%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →